Smallish Update -- On Riot Blockchain, And Fiat Currencies...

There have been some developments, here on a sparklingly cold, clear and snow-dusted Sunday morning. . . that will almost certainly send shudders through Riot's NASDAQ trading when the markets re-open on Tuesday -- after the King Day holiday.

Do go read it all, but here is a bit:

. . . .At the head, let us quite soberly note that Riot Blockchain purports to mine bitcoin (and other cryptos, in the future) using Bitmain built boxes (1,200 of them at present). That is -- Riot is in the "raw materials" segment, if we think of bitcoin as a vertically-connected, if not yet integrated market segment.

Even so, all "raw materials" producers -- across all industries, ultimately need to get paid for their "proof of work" in a currency that may be useful -- one that may be used to buy and sell things, out here, in the real world. [And Riot has never officially disclosed whether it has a means to be paid in other than bitcoin, for its efforts. . . .]

A Forbes exclusive story reports that the so-called No. One "Bitcoin banker" -- the one bank most friendly to bitcoin transfer to fiat currency arrangements -- has, as of last Thursday night, placed a moratorium on all wire transfers in, or out, of bitcoins. . . .

Yikes.

This sort of calamity -- even if ameliorated, by other banks stepping in to handle new transactions -- still leaves the current holders in the lurch. And this sort of tom-foolery will scare real-world big businesses enough that many will rethink doing business in bitcoin -- that is my guess.

Let us now, each and all, go out to find our better and more noble selves, this King Day -- despite our small p president. Smiling quite widely, as I eat my potica, sip my fresh OJ, with some piping hot coffee. . . . Onward.

नमस्ते