Post by
ScarletSpider on Nov 27, 2021 5:20am
Accounting For Crypto On the Balance Sheet.
I have been gambling on digiglobal max and in their second quarter financials they were not able to inclued 2.65 million due to it being in crypto so their financials were skewed and the earnings they said was lower than expected with only $47,000.
This was definitely a problem but second quarter is from April to June and it was on June 21st this year that crypto was legalized in the US Canada and Japan so that the gains probably were not realized due to this. As for a poster's comment here about problems with crypto on the balance sheet if the currency or currencies are legal than it should not be a problem. I know bitcoin was so why shouldn't the rest of the currencies?
In any case, until it is recognized yes this is a real problem however i think if bitcoin became legal on June 21 this year the rest must be legal as well it wouldn't make sense for them not to be. And in fact i have said bitcoin is the biggest fraud ever I still do as it like others should be tied to corporate performance not scarcity. People are saying on usage and transactions but that is weak. let the playing field be level although the two should go hand in hand in that if the currency with the platforms is high performance safe and secure it will be used.
This whole crypto thing is yikes but it is definitely not going anywhere and not to have your hands in this pie will clearly put people at a disadvantage in so far as business is concerned but for gamblers there are many other things to gamble on if crypto is not your thing. Like I said I don't have to worry now about finding an ethically sourced mining company i have it right here however as with the poster I had initially invested here in the clean tech and expect that to play a huge part moving forward. I don't think the company is abandoning it at all as it is integrated however the way it makes it sound seems that way and I think that the news releases have to do a way better job making this clear.
When you are saying that the crypto part of the business is the best for building shareholder value that doesn't sound good. The reality is that the tech and the crypto generating ability and utilization is built into the tech it is an additive and should be seen that way not taking away from anything that is my two cents worth on this.
That being said, the company does have to control its spendings it has enough now to work with and needs to really slow down to see revenue flow through realized--let's turn the tap off folks good job now get all loose ends tied up.