I know that there may be people that mined btc long before and havent sold, but if the current price to mine bitcoin is over 30k, no new miners are going to sell or they are going to stop mining completely.
So basically Bitcoin unironically goes to 0 or the floor price is genuinely whatever the mining cost is and that hashribbon bullshit is legit.
Is there some flaw in this logic? Basically everyone stops mining bitcoin because it gets too expensive or people mine as a way to bet that bitcoin will go up. I'm make the assumption they arent retarded enough to mine and sell at a loss like biz though lmao.
Point is, I just realized bitcoin has a set floor price based off electricity. Bitcoin doesnt care about the macroeconomics, the jews outside, the niggers, or polcels. at 69k it was too high. At 20k its too low.
Dont be a bull, dont be a bear. Both are brown and black just like a nigger. Be white like a logical man.
No it's not, dumbass. You think every fucking bart was done by miners? LMFAO the whole shit is manipulated. What a shit thread
Gavin Clark
yea but thats not the fair price. Thats the manipulated price. When things readjust, similar to how BTC was NOT worth 69k due to all the leverage, it went back down to 20k.
But this 20k is now too low, and in theory we should pop back up at a more accurate price of circa 30k now that leverage has been removed from celsius, luna, the retard institutions
Gavin Walker
Difficulty adjustment doesn't solve the problem of negative profits All it does is turn profit into speculated profit, which will lead to greater sell offs if the prices begin to tank even more than they already are You essentially create the opportunity for a runaway death spiral of BTC and the only offered solution is that a small minority of ASIC miners who can afford to operate at a loss will continue
Cameron Fisher
There is no demand, because this Ponzi never traded under macro bearish environment before.
So yeah it is going to zero
Xavier Wright
difficulty going down reduces mining costs which increases supply and dumps the price until a new equilibrium is reached.
Aaron Young
retard, btc liquidity at exchanges is going down faster than during 2020-2021 it's just that with dxy going up so much everything that acts like commodity is going down in price minus european gas.
Lincoln Harris
What I'm saying is that this will work for a period of time in anticipation of a pump, but those same people who were once mining at a profit will end up selling if the price continues to go down, and eventually sell their mining rigs The only people who won't do this can afford to mine at a loss while this shakes out, and they will be the only ones profiting from the dump
Sebastian Jones
>bitcoin dead i read a lot about this lately
Adam Morgan
true if big
Asher Taylor
You would have a fine theory there, except the majority of selling is from short selling and traders. Not from miners. Miners are the least important, literally. Just because something is undervalued, doesn't mean it won't go even lower.
Parker Brown
> brainlet mentions death spiral for BTC you're an idiot
Owen Sullivan
already happened multiple times, difficulty going down for months is what happened after every previous bullrun
Josiah Wright
Great argument I don't even know how to respond
Wyatt Bennett
>average cost to mine isn't that a useless metric? miners probably move/resell their hardware to a low cost area when they lose money
Basically it's a scale for how much electricity a civilization can harness.
Bitcoin is the game that allows it to play out.
Cantillon effect is those closest to the money creation benefit the most. Bitcoin replaces the Fed with powerplants.
Powerplants will probably begin to be jointly owned by bitcoiners so that they have energy security in the future.
There's always wasted electricity too from hot water heaters to gas wells scattered across the country.
Christopher Jenkins
>hashribbon The hash ribbon follows the price, not the other way round
Juan Miller
Also mining hardware is retarded expensive there's a long way to go for that shit. The asic manufacturers gatekeep and set prices so that Mr. Home miner struggles for 4 years to break even.
A miners squeeze would be nice for the network.
A "junk" asic could be put in every hot water heater, and mining pools have lightning compatibility that could be connected to a home node
Kevin Watson
Tfw when you realise the coof was engineered by central banks to cause a scamdemic and subsequent inflation of energy to kill bitcoin and stay in control
Julian Baker
>everyone stop mining BTC >i boot-up an old bueberry >i get hundreds of BTC per day Meanwhile back in real-life, no one is going to stop mining BTC since that's the only real crypto, all others being PoS, pre-mined, centralised fiat shit..
Jackson Foster
I read that it now costs $11k to mine a bit coin. Which is it?
