We can see the price of Bitcoin is going down gradually but no one wants to understand it depends on your stock market it is also a digital currency through digital transactions and it is currently in bad condition Elon Musk said in 1 reply on Twitter. Bitcoin is as cold as winter you have to wait for this of course bitcoin price may go up at the end of this winter so be patient everyone. So if we all wait and if we all hold on to what we have, it's going to get $30,000 to $40,000 by the middle of the year and get to a very good price and it could get to a hundred if we hold it tight, so everybody's disappointed. Let's save Bitcoin by holding instead.
....or it could continue down. Save your money by selling instead. |
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you can even make the argument that Bitcoin mining is a positive for the environment.
Like I said, an echo chamber. |
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Its not just greenpeace. Basically anyone who knows how much power is wasted by mining btc would agree. This forum is a bit of an echo chamber though so doubt my option will hold much sway.
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It's banned to protect idiots and to stop wasting electricity.
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There is no doubt there is a recession coming. Shares are down 20% or so from their highs of 6 months ago.
The 20% fall is a good indicator of the average sentiment is. i.e. People expect businesses to make 20% less profit or so due to inflationary pressures or whatever and so the share prices fall.
Remember, most shares pay a dividend, so a share is always going to have people wanting to buy it if the price is right if they believe that they will get a return on their investment.
Problem with cryptos is there is no fundamental value, just that you might sell it to someone else for more later. Hence bitcoin went from 1 cent to $70k while shares maybe doubled over the same period.
So what is the fundamental support for bitcoin? There isn't one. Get out while you can, people are selling because they need the money, there will be more distressed sellers until this recession is over. Do not think this is a buying opportunity, it isn't.
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The tulip mania history is different with Bitcoin, tulip have an infinite supply since you can grow it and collect the seeds, while Bitcoin do have limited supply. Both of them are valuable because of the high demand and speculative asset, but the high demand of tulip only on Dutch, while Bitcoin are worldwide. The use cases also completely different, tulip is never considered as a future, while Bitcoin is considered as a future of both currency and decentralization.
The most comparable with Bitcoin is gold, but Bitcoin way more better than gold and I don't see anytime Bitcoin will go down as $1K.
There is an infinite supply of cryptos, btc is just one tulip. |
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So bitcoin buys about 3 pizzas every year.
Visa must be getting very worried
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Welcome to many peoples ignore lists!
Yeah, but there's not so many on here these days is there? |
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What are you even doing here if you think that bitcoin is the same as tulips? If you're in this forum and you still haven't understood how and why bitcoin is different I'm very sorry for you.
You are correct, tulips do have some value if you want something pretty in your garden. BTC doesn't, come back in 10 years and see if I'm right |
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Sounds like BTC is exactly like Tulips
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One tulip is still worth 1 tulip. Good job I didn't sell at the peak and buy a house
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Hi,
What is the true value of BTC. If we take aside supply/demand and focus on the amount it costs to produce 1 BTC in terms of mining costs, what is that value and how do we calculate that?
Thanks
It's the same as ethereum and dogecoin. Not sure if its more or less than an NFT |
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Some people believe in God
Some people believe 911 was caused by the US Government
Some people believe the earth if flat
Some people believe Ethereum is awesome
Some people believe Tether is not a scan
Some people believe Bitcoin is going to take over the world
Fact is, humans are extremely gullible, make sure you are correct about your own beliefs before criticising others.
But, I doubt most of you reading this are capable of that as you are already in your own cult.
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If you spend $99 dollars and get $100 back then its worth mining.
So generally speaking, the amount of money wasted mining bitcoin is roughly equivalent to the amount of coins generated by mining.
This actually puts a cap on the value of bitcoin which is why its never going to get to a million like some people claim
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You could also argue its a cult.
When people start ranting that btc is the one and only true crypto, above all else, amen lol.
Just like religion, only the atheist is right and will go to heaven.
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Honestly, i see btc back in the $20K region before the end of the month.
I can see it getting there later today  |
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Sometimes I feel like an atheist walking into a church.
I know I'm right, but nobody has an open mind.
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First, I think you hugely overestimate the price miners pay for electricity.
My assumption is based on if you can spend $1 and earn $2 then most people would spend more. If you have a more accurate method that says people wouldn't spend that then please share. Second, as many articles in my post demonstrated, the energy is not produced BECAUSE of the miners, but rather the other way round: there are miners because there is plenty of energy.
Are you smoking pot? People mine to make money. Third, this reasoning can be applied to everything, why only to mining? "Any cut in indoor lightning will be pretty much a cut in hydro-carbons", so why concentrate on mining?
It does apply to everything, that's why we use leds these days. Bitcoin uses thousands (or millions) more energy per transaction then visa/debit systems. Fourth, fossil fuels generated electricity is only a brief accident in history, soon, very soon, electricity will be entirely based on renewable energy.
Well at least you got one point right. But its not there yet, and won't be for 10 years at least. |
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Currently there are about 900 bitcoins generated each day by mining worth about $50 million dollars.
Miners must be spending at least half of that on electric so say 25 million a day.
Back of the envelope calculations but I bet I'm pretty close.
Since the world isn't 100% powered by green energy, any cut in mining will be pretty much a cut in hydro-carbons.
I bet you disagree with this though
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