January 1st, 2018
If you were to listen to people speak when they are involved in the trading and investing of cryptocurrencies, it is understandable that you will likely be a little confused. For the language used in this market is like no other. Existing words have entirely new meanings and it can take a while for people to get their head around.
Take Lambo for example. We might expect that to be referring to a particular make of car, and in essence this is true; however, when someone says, ‘When Lambo?’ they are asking when they are likely to become rich enough to afford a Lamborghini. So, essentially, they are asking when they will become rich, and if their investments have been wise decisions or not. It has even been referred to as the famous nonsense Lewis Carroll poem, Jabberwocky.
There is a company who is dedicated to following the bizarre terms that are used in this crazy market, Clear Leisure. Just last week, the chairman of the company, Francesco Gardin, raised £600,000 in order to delve into blockchain technology, and in particular, cryptocurrency. Clear Leisure has not been without its drama though, and has been involved in countless legal actions, and the previous chairman, Luke Johnson revealed some revelations about the company upon his leaving. He said;
“…[His investment] appeared to be trading at a fraction of its balance sheet value. Unfortunately the figures were nonsense…I discovered too late why Italy ranks 60th in the Transparency International Corruption Perceptions Index.”
That said, since Gardin has taken over, he has worked hard at unravelling the company’s web of investments and establishing the groups title to assets in order to sell what he can. It was just last year that he steered the company towards Blockchain, and in particular the mining side of things, and has started working with Malta based data centre 64Bit, in order to create a mobile mining centre. At the end of last year, the venture was set to see;
“[An] extraction rate of about 20 Bitcoins per year at a cash break even production cost of $4,752 per coin compared to the current Bitcoin price of approximately $15,500.”
It is still unclear whether his latest venture will see investors asking ‘when Lambo’, especially as we have once again seen the price of Bitcoin fall.