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Have spoken to Tony in the past
It is unfortunate that Tony has very little power to be able to have any sort of control on the situation
Not getting a seat on the board at the time of investment doesn’t help
Zero trades today
Speaks volumes
It’ll be yet another year down the swanee at Satoshipay at this rate
BLU
Had a look at the finances and this is how I see it
Back in Nov 2021 Pendulum raised $5m (about £4GBP) and since then have received grants of £100k from Stellar for the spacewalk bridge and another 150/200k from Berkely Accelerator (cant remember the exact amount) so raised somewhere around £4.2m.
Since then the launch of Pendulum tokenomics has provided a treasury of 13% PEN tokens and with a fully diluted market cap currently at around $15m the value of the treasury tokens are around £1.5m ( these can be used to support the development of the ecosystem) and obviously the value of these can either go up or down. So all in all over the last two years roughly £5-6m is in the coffers.
We also have the upcoming Nabla launch – we don’t know the tokenomics of this but rest assured Pendulum will retain a sizable chunk of AMBR tokens as well
So from a Satoshipay perspective its safe to assume that Pendulum will be paying Satoshipay for the development costs ie staff costs (and especially for slug the networking/travel costs 😎)
Back in 2021 the staff level was less than 20 and has now been increased to around 30. Its almost impossible to estimate the wage bill. A blockchain developer can earn anything from 30k to 150k, but looking at the staff list it looks like many are working remotely and probably part-time and it is very common in this sector that basic wages are on the low side but with added token incentives - the tokenomics show 16% of tokens have been allocated to the team - (as an extreme example Gavin wood was paid next to nothing developing Ethereum, taking ETH instead -today hes worth £500m)
So my wild guess is that Pendulum will have paid Satoshipay between £2-3m over the last couple of years for development costs.
In addition to this they have 5.5% of PEN tokens currently worth around £800k and will be allocated 5% of Nabla tokens in the next few months. And the December 2021 accounts showed £442k cash at bank. There is also Satoshipay GMBH to take into account but we have no financial info there.
Finally there is also (I assume) limited income still being generated from Dtransfer
So the long and short of it is that Pendulum have at least 2 years of funds to continue paying Satoshipay development to before the need to create revenue from all the relevant partnerships/apps/gas fees etc
And that doesn’t account for the (probable) increase of the PEN/AMBR tokens during the upcoming Crypto bull market next year as well as the option to raise more money from the 10% PEN tokens already allocated for that purpose.
All in all finance is not a concern (to me at least) but I will concede that the development is slower than one would like, albeit often the case in the strange blockchain world.
Hi Ragnarr,
Having red your post, I’d like to add a few comments and observations of my own.
It is great that Pendulum are paying Satoshipay for dev costs, however my point still remains in the fact that all they have ever done since inception is live on handouts.
I would say that your estimation on how long they are funded for is a little on the generous side, however I agree that some bullish crypto price action would positively affect the situation… & when I say on the generous side, I am not referring what they have raised/been granted, I think their monthly cash burn is significantly higher than you or I could imagine.
Lets not forget that the RNS issued circa 10 days ago told the market that it is looking for an investor with some financial clout to support Satoshipay with their aggressive growth plans. Satoshipay have been coining phrases of upscaling quickly for years but all they’ve ever done is talk the talk and not walk the walk. They need to focus on getting the basics completed first.
The company certainly does not strike me as one who is stringent on expenditure. Their photos of them standing around at their blockchain meets around the globe are, I must say, a kick in the nads, especially whilst they are sitting on a nil result.
Results are the thing we are looking out for but all we keep getting is missed deadlines or rehashed roadmaps. Look at the accounts for instance! And readers here wonder why I am pee’d off… They seem to be able to do this time and time again and get away scot free. As Gazzleberry rightly pointed out – if they were a listed company, they would have probably been suspended.
They are also massively letting Tony F down with his pledges to the market.
All that is on my Christmas list is a bidding war of ready, willing and able purchasers to come along and put an end to this misery.
Gaz - how far back are you going - Stellar loaned 550.00 usd in 2020 but cant find info on others ?
Dynasty was supposed to be our silver bullet, and whilst there are some positives in there, the daily volume on the back of the RNS is absolutely atrocious.
It appears as though Mr Market is not impressed by these recurring, hollow updates.
To my mind, the only chance we have left of the share price rising this side of christmas is when Benchmark bowl us over and reveal there are multiple bidders falling over each other to buy the stake in Satoshipay...
Pigs might fly...
Is this honestly the best the investees can produce for Tony after waiting for almost a year ?
If so, I don’t hold much hope for Tony’s 12-18 month pledge.
If his pledge is not going to hit, then surely he must be updating the market with this sooner rather than later ?
Dynasty devotees
Pendulum protectors
Don't all rush in at once to defend the companies you believe are destined for greatness.
Jeez... This radio silence from the investor base is almost as bad as we've had from BLU all year.
I'd say since 2018, in terms of price action, this is the worst year we've had yet.
What are they doing? Setting the bar low in readiness of 2024?
On 28th September 2022, Tony has promised us jam between September 2023 and April 2024
Extract from the 28th September 2022 RNS: "the Board believes there is significant scope for this figure to materially increase over the next twelve to eighteen months."
If the investees have let him down (which it looks like they are doing) then he needs to take this up with them immediately.
As a knock on effect, he will be letting shareholders and the market down.... but at the end of the day.... Tony is the one who made the above pledge to the market!
If you live by the sword, you die by the sword.
Not sure what other people have read but I was quite impressed with what dynasty are doing and the partnerships they have, the groundwork is set for them to do big things. Satoshipay fair enough has taken them forever to produce but if pendulum can get it right.. with crypto who knows with the right wind what that could do.
Yes I'd like nothing more than Tony to rns and say they are both worth a billion here's loads of money, but that I've got no idea how hard it is to try and produce what dynasty and pendulum are trying so I'm willing to wait it out and see as there is a ton more upside to downside likely for this share if they do get it right.
We all know how you feel slug as you like to tell everyone constantly, every couple of days.. as you say, Tony has until April 2024 before his self imposed deadline hits.. maybe chill out and the closer that date is maybe you can start ramping up again with your negativity. Just my thoughts
Some fair points made nightye
However I was told to keep schtum earlier this year by other posters as they warned me that things would be kicking off in Q4.
I've even got post history to prove it.
On 26th August of this year, borne from an exchange of messages between me and other posters on this board, I set a 2 month 'alarm' to see where the share price would be on 26 October.
'Watch this space'... I was told...
Price was 0.12 on 26th August
Price was 0.9p on 26th October
Now I am being told to chill out / keep schtum once again as things will be happening in Q1/Q2 2024.
Of which at that point, I will be making reference back to this post from today.
I understand and accept that I have the unpopular opinion here, however to those people who are in favour of simply upvoting an opinion because it matches their opinion and suits their narrative - Have you ever actually stopped to think and ask yourselves, you know what.... Slugmum might actually be right about this
For every 1 winner in the market there has to be 10, 20, or even hundreds of losers. Thankfully I'm not short on this share.
FYI for the lazy - Tony Fabrizis self imposed 6 months window of "significant scope for this figure to materially increase" STARTED on 28 September 2023 and ends 27 March 2024... but because next year is a leap year we will be generous and give him the rest of that business week meaning his new deadline is Monday 1 April 2024.
What a date to have to work to... April fools day...
Always entitled to your own opinion, and most of the time you have very valid points. Of course everyone wants quicker progress but like i said I don't understand the work that goes on behind the scenes and the stuff I see from dynasty from my layman's perspective looks impressive so willing to see how it plays out. Pendulum and crypto don't mean all that much to me but if they can make me money.. Happy days! Have a good day
Slug - you have made many very valid points and made everyone aware of the negative points to be wary of regarding this stock, but one has to question the relentless need to post the same points over and over again # Ariston :-)
As do i Gazzleberry, but we don't need to hear the same thing 3-4 times a day on repeat.
It's why practically nobody reposes to him anymore.
Thanks
Ah hobsy
Seeing as you brought up the word drivel, let’s take a look a a few of your recent posts
15 Nov 2023 07:22
“Benchmark International clearly don't think Satoshipay is dead wood.”
At the time you write this, you weren’t to know - but the two week nil result since that RNS suggests otherwise. Do Bench mark even have an up to date guide price or are they just peeing in the wind?
10 Nov 2023 12:57
“Slug, Level 2 says the sp is gonna go up.”
This comment aged well
23 Oct 2023 09:41
“Slug, if the price is 2p in 12 months time would you call it a success?”
Your last bit of drivel - 2p?
Are you just plucking figures out of thin air now ? Taking the numbers from your post- you are talking about more than a 2000% increase … in just over 10 months time 😂
There is one person talking drivel here mate and it’s not me
Oh look, a response from you within 6 minutes
Looks like someone has gotten emotional
Perhaps learn not to mix emotions with anything related to financial markets
My response is well reasoned and are based on
facts (what you said)
Timescales
performance up to present day
I’ve got a little exercise for you
Why don’t you go and re-review level 2 and tell us again where the share price is going
You got it so right last time
Slug telling people not to get too emotional. 😂😂😂
Gaz - i've looked back through all RNS back to 2017 and can find no reference to the Stellar Loan notes you mentioned except the £550k USD in 28 May 2020. There was an R&D grant in 2021 for Pendulum development (no figures released) but nothing else that I can find.
Satoshipay are even falling behind on their most recent delayed timetable. There just seems little or no progress against their stated targets. Little wonder BLUs share price is falling to 2 year lows? I thought the Dynasty update was also disappointing.
gazzle, i think you might be right here but surprised if ranarr haven’t found it ! what people need to realise is stellar is not a profit orientated entity ! what ever loans granted, if was going to reduce our holdings we would have heard about long ago ! anyone happy with this **** show support since tony took over is deluded , but he has 6 months left to show his minerals and come through on his promises ! myself and blubutton are pushing pendulum and nabla as hard we can to get some flicking actual progress and adoption. as for dynasty that last rns wasn’t worth a **** ! 50/50 partenership with googly - company who been about nearly as long as the milk in my fridge and going 50:50, glad i spunked a load in tnt otherwise i be bouncing now !
Https://bluestarcapital.co.uk/satoshipay-receives-rd-grant-from-stellar-for-pendulum-blockchain/
Try this - June 2019
Agreed duke
Thanks for pushing them
And yes anyone happy or content with this performance… well… I think I’ve established my views on the situation already
GAZ - Please dont think i am questioning your integrity here you have always proven to be a very balanced contributor which is why i bothered to go back in the first place.
Slug - again thats R&D grant - not a loan.
Tony needs to be on the phone to these investees for an hour every day to review what has been done , and what is being done
He needs daily pledges from them
Every staff member must be held fully accountable for their role within the business . If they are not ‘on the bus’, they need to get off at the next stop
We are in crisis mode
Heard we’re getting an RNS next week
Our ticker is changing to ‘LOL’
Because this is an absolute laughing stock
Everything is relative. The market cap is 3.6 million which is very low for stake we have.
I think this can be a 10 bag from here.
If Dynasty is the largest esport gaming platform in the world then it makes no sense with the stake we hold to be where we are. I am sure they would have done significant projections with Googly and with india being a huge market the merger is likely to be great news. I would just want to know what the exit strategy options would be for Blue though.
From the RNS:
Dynasty's platform has now moved to a single code base, meaning time to launch in new markets has been reduced from at least nine months to one month.
Dynasty has stated that their management team believes it has built the leading and most comprehensive gaming/esports platform globally, which combines the following features, licences, and accreditations in one single platform:
Does the share price action here suggest that Dynasty is the largest gaming platform in the world? Or even top 10?
The share price reminds me of a nose bleed
But gla