#riotblockchain — Public Fediverse posts on home.social

@mcnees tbh that's not the half of it... the co. the economist discusses is #RiotPlatforms FKA #RiotBlockchain FKA "Bioptix" (that last one may give you an idea where this is going).

#RIOT has been on the radar of sceptical short sellers for a long time & it's not bc they managed to find a way to get paid for not processing #bitcoin txns (some call it "mining"). for instance here's a #HindenburgResearch short report from 2018 (!) about Riot's shady af accounting:

https://hindenburgresearch.com/riot-blockchain-yet-another-suspicious-cash-depleting-transaction/

Other fun facts:
1. CEO's only listed work experience is ~10 yrs as a professional poker player
2. In the last 5 years the # of RIOT shares in existence has gone up over 1,250%. so they diluted 92% of their shareholders' equity (+ they're showing no signs of slowing down)
3. they tried to pay their execs ~$90 mil/yr when the the whole company was worth $400-500 mil
4. they're in a LOT of debt (from where???)
5. the ASICs they buy from China seem to mysteriously either not get turned on or not exist