Bitcoin Price Thread

[Cuddles]

I’d like to hear from BTC Bulls the solution to some of the following weaknesses:

1) Ability to scale; BTC suffers slow transactions speed when volume increases.
2) The high concentration of miners in China - demonstrating the opposite intent of decentralization.
3) Miners gaming the fee schedule for recording transactions.
4) Miners having an entrenched interest thereby thwarting solutions to 3).

1. Use a different crypto. BTC is losing cap for obvious reasons.
2. See number 1 & ASIC resistant coins
3. Stable coins with a fixed fee
4. proof of stake coins

In the short run. But not in the long run, solar panels will save money. Let that sink in

Sure, but miners were ROI'ing in weeks during the frenzy, so looking at several years to break even isn't very appealing. Especially with so much cheap power w/o the hassle. It also centralizes mining since your average home miner isn't going to pave his roof with solar cells to run the 10 miners he owns.

 

[Trader Curt]

Not price competitive. I'd need half a roof to run a single miner @nearly 2k$ usd worth of Chinese panels without accounting for batteries. Let that sink in.

I thought of you when I read this today. I always thought your reasoning was far fetched, and this article just confirms it even more...

https://www-ccn-com.cdn.ampproject....tat-exposes-ridiculous-energy-consumption-fud

 

[schweiz]

I thought of you when I read this today. I always thought your reasoning was far fetched, and this article just confirms it even more...

https://www-ccn-com.cdn.ampproject.org/v/s/www.ccn.com/bitcoin-mining-key-stat-exposes-ridiculous-energy-consumption-fud/amp?fbclid=IwAR1zPPmC2xPYBJiRJEjMlWaSGcBCO6kpxAymDRauJLSO9bokAl-VyYZ-dxQ&amp_js_v=0.1#referrer=https://www.google.com&amp_tf=From %1$s&ampshare=https://www.ccn.com/bitcoin-mining-key-stat-exposes-ridiculous-energy-consumption-fud

I found this on the same website:
According to Tyler Jenks, the president of Lucid Investments, bitcoin could fall back to $4,200 in the near future and may eventually drop to $1,000.

He said:

I have not commented on Bitcoin since we broke up through the $4,000-4,200 resistance zone. I believe we are headed back down to that zone and it will not hold. New lows coming. Target of $1,000 unchanged.

The prediction of Jenks was released as the bitcoin price showed signs of a retracement on April 11.

If the link you posted is the thruth, then this one is too. Or is only good news for the crypto's true and all the rest fake?

I think that not the consumption is the main problem. The main problem is: can the existing infrastructure manage that amount of electricity?
Is there enough space to increase the transport of electricity over the existing network? The fact that the autor speaks about fuel and not electricity gives already a hint for the answer. And why spent huge amounts of energy on crypto's if we can live without crypto's?

 

[Trader Curt]

And why spent huge amounts of energy on crypto's if we can live without crypto's?

The same reason why a miner goes thousands of feet underground with a giant flashlight.....



To get rich. Have a good day

 

[schweiz]

To get rich.

Keep on dreaming with a market capitalisation that dropped from 327 billion to 92 billion. All people that own/owned lost together 235 billion since end 2017.
A strange way of getting rich.To get rich, things should go up, not down (-72%).

 

[Trader Curt]

Keep on dreaming with a market capitalisation that dropped from 327 billion to 92 billion. All people that own/owned lost together 235 billion since end 2017.
A strange way of getting rich.To get rich, things should go up, not down (-72%).

I appreciate the history lesson buddy, but we were talking about mining, not my financial well being. I don't even own Bitcoin, I was talking about why miners mine. Next time try to open up your ears and think about what others are saying before you talk. Have a good day

 

[Cuddles]

I thought of you when I read this today. I always thought your reasoning was far fetched, and this article just confirms it even more...

https://www-ccn-com.cdn.ampproject.org/v/s/www.ccn.com/bitcoin-mining-key-stat-exposes-ridiculous-energy-consumption-fud/amp?fbclid=IwAR1zPPmC2xPYBJiRJEjMlWaSGcBCO6kpxAymDRauJLSO9bokAl-VyYZ-dxQ&amp_js_v=0.1#referrer=https://www.google.com&amp_tf=From %1$s&ampshare=https://www.ccn.com/bitcoin-mining-key-stat-exposes-ridiculous-energy-consumption-fud

Because burning fuel with higher energy content than tnt is not energy intensive.

 

[Trader Curt]

Because burning fuel with higher energy content than tnt is not energy intensive.

In case you haven't noticed, China and most other countries are getting more power from natural resources. Which is where most of the hashrate is for mining. And lets say they weren't getting natural power, and mining rigs were clogging up available power, then regulations will be passed to lower energy consumption. Keep that in mind. So all this crying you're doing like a little baby is for nothing...

 

[Pekelo]

In case you haven't noticed, China and most other countries are getting more power from natural resources.

and what better use for it than waste it on crypto mining. So instead of replacing the coal powered stations, the new, clean electricity is wasted. Right on!!!

 

[Trader Curt]

and what better use for it than waste it on crypto mining. So instead of replacing the coal powered stations, the new, clean electricity is wasted. Right on!!!

If someone is using too much electricity then I'm sure the power companies will do something about it. You realize we have computers and technology for that right? And what my neighbor does and how much power they use has no effect on me or you. If you wanted to keep on with your little hissy fit, then one could argue that they don't like you driving your car because it puts off too much fumes. What makes you think all the power belongs to you?