When I was a young lad, I spent the holidays with friends in Detroit. My buddy’s Dad comes up to me at a party and says I want you to meet somebody. We chat with the old geezer. Then the Dad tells me: “That’s the guy who coined the phrase ‘There’s no such thing as bad press’ when he was head of marketing at GM”. It was like a scene from The Graduate.
NEM is taking a page from that “no-bad-pub” playbook by telling the world “Hey, by the way, we’re flat broke.” The coin plunged 15% on the news and has fallen 30% in the past week; it’s down 98% from its ATHs.
NEM’s got a whole new team, with a whole new structure and discipline and – in fact – they’re going to obliterate their wasteful marketing-spending ways, yes sirree.
Is it too late?
They say they need $7 million to keep NEM’s “Foundation” lights on. Foundations are essentially boards. The market cap of the coin is still an impressive $360 million. I’m no math whiz but what happens to all their stuff – and the price of the coin – if they run out of cash. I hope posing questions is still OK. Please DYOR.
Cryptos need an investment banking function. Bankers are tough but isn’t a little tough love needed when you’ve given up almost 100% of previous gains. I don’t wanna sound like a curmudgeon – or an old geezer. But come on.