Michael Saylor Says Bitcoin is Hope For Canada

[Pmalek]

Michael Saylor, who has become a bull in the cryptocurrency with the purchase of bitcoin, posted a post from the official bitcoin page on Twitter on his page.

He, like so many, remind me of the shilling Elon Musk did when it favored him for the value of Bitcoin to increase. When he was satisfied, he suddenly changed his opinion. It's great that people are talking about this technology and are in favor of it, but it's also dangerous to influence ones opinion, especially if that opinion can one day change due to business interests.   

He also advises everyone to convert their cash into bitcoins.

A part of your wealth and monthly/yearly income should be in Bitcoin, sure. But if he is suggesting converting everything, that's terrible advice. The "don't keep all your eggs in one basket" saying is still true whether it's Bitcoin or something else.

Canada has been at the forefront since the mass exodus of bitcoin miners from China.

I was not aware of that, is this true? Any independent and official sources that can confirm that? I thought the USA, Kazakhstan, and Russia were more interesting destinations for Chinese miners.

[hitsnorth]

Maybe it's not hope but it's really a good thing. And sure it'll help to BTC and Canada's economics as well.

[stompix]

The company announced that Canada has a capacity of 400 TWh of hydroelectric power. While the country's bitcoin network operates at only 129 TWh.

Capacity of  400 TWh? Somebody skipped physics in school.
The capacity is 81 GW the production is 400 TWh, meaning that tomorrow you could produce 1.9 TWh or ZERO.
Besides it's not like that energy is just sitting around, if that energy will be consumed by miners then others who previously were powered by that will need to switch to a different source.

Lol, Bitcoin mining will save Canada.
As hatshepsut93 said, assuming half of the hashrate moves there will be an income of 365 x 20millions (current daily reward), meaning a full 7 billion in income to the miners there. Canada has a GDP of 1.7 trillion, making $600 billion a year (compared to the whole bitcoin market cap of 800b) just out of oil exports.
I've never seen a country getting saved by adding 0.4 to its GDP.
Let's not even dig what will those 7 billion mean in taxes to the government since the revenue from mining is peanuts compared to the bill in electricity, so if they will be able to extract even 100 million in revenue taxes it will be amazing

Save Canada by running miners, looool!

[terrorJR]

Of course this is a breath of fresh air where people are currently complaining about bitcoin mining which is still hampered by the use of very large electricity that threatens coal supplies but with this kind of anticipation I think it will be very good because we know that Canada has Adequate water supplies and municipal water supplies account for 12% of Canada's water use. Other major water users are cooling water for power generation (64%), manufacturing (14%) and agriculture (9%).

but i totally agree with this

I slightly dislike(I know, I can be petty) those Twitter people who seems to think that Bitcoin is the answer to literally whatever news-trending problem there is.

as if bitcoin is any form of answer to all news.
although it's good to raise the name of bitcoin itself but too much is also not good

[takuma sato]

I slightly dislike(I know, I can be petty) those Twitter people who seems to think that Bitcoin is the answer to literally whatever news-trending problem there is. But "wasted" renewable energy is one good use-case of Bitcoin mining. They contribute to the network, and at the same time they get value in exchange for the supposedly wasted energy. Win-win!

Michael Saylor is overleveraged and continuously doubles down on massive Bitcoin long positions every time it dips. His entire otherwise stagnant business depends on his BTC holdings now. Buying MicroStrategy stock basically means buying BTC under the fiat system. Don't get me wrong I like guy as a fellow Bitcoin, however people so invested on it financially usually become and start seeing Bitcoin as a key that fits on every lock. I think these guys are going to get rekt bigly the moment expected long term bullish models fail.

[Wind_FURY]

I slightly dislike(I know, I can be petty) those Twitter people who seems to think that Bitcoin is the answer to literally whatever news-trending problem there is. But "wasted" renewable energy is one good use-case of Bitcoin mining. They contribute to the network, and at the same time they get value in exchange for the supposedly wasted energy. Win-win!

Plus the energy providers help distribute the Bitcoins to the users, through the miners. Energy providers that power the Bitcoin network are becoming like quasi-central banks, without themselves understanding their role. They are going in it because of the incentives. Satoshi is a Genius.

[NotATether]

Michael Saylor is overleveraged and continuously doubles down on massive Bitcoin long positions every time it dips.

That sounds like a dangerous investing strategy to me, specifically, the "double down" part. It's understandable to inject a little more cash in long positions on each correction, but adding large amounts of BTC unnecessarily increases the risk, especially since it's company money and I don't expect BTC to make more than 66% gains at the current price, which would place it at 75K. But even any profit beyond 33% at 60K is highly unlikely. When you think about how much money that adds up to in terms of net income for Microstrategy it doesn't really make sense.

[oHnK]

Michael Saylor is overleveraged and continuously doubles down on massive Bitcoin long positions every time it dips.

That sounds like a dangerous investing strategy to me, specifically, the "double down" part. It's understandable to inject a little more cash in long positions on each correction, but adding large amounts of BTC unnecessarily increases the risk, especially since it's company money and I don't expect BTC to make more than 66% gains at the current price, which would place it at 75K. But even any profit beyond 33% at 60K is highly unlikely. When you think about how much money that adds up to in terms of net income for Microstrategy it doesn't really make sense.

I'm not worried about Saylor's strategy because she basically believes that BTC is a valuable asset. Loss or gains, are often calculated in conditions that have not been realized, meaning that even if the value of BTC in the future drops, the BTC assets never decrease. So far, MSTR's BTC assets are still in surplus and buying when prices are low, isn't everyone doing the same thing?

[Kittygalore]

That's actually a good thing but how do we migrate everything there, I mean it can probably support the network for about 50 years or so given that it's about 400 Terawatts of energy wasted and the growth for energy consumption rate for bitcoin network is low and slow. Saylor might be onto something here.

[Berk]

This will help Canada's development. They may want to get rid of government control.
However, people consider the power supply in winter and worry about the governance of the green environment. Will resources be wasted.
Because one of Quebec’s main heat sources  afaik is electricity.

If resources are wasted, then this will be banned.

Miners will be encouraged to use green energy in Canada because of these reasons. The electricity is not cheap in Canada because of its isolated location. I think the heat sources are different depending on where you live in Canada if you live in the North then we use wood fires.

[suzanne5223]

Bitcoin does have the potential to be powerful technology of the 21st century and this is what the government sees before they try to create fud about the Bitcoin market. But, I don't think Michael Saylor should be considered as Bitcoin sponsored because these people only cultivate what will benefit them though, it will be nice if the wasted energy in Quebec uses to mine Bitcoin since Canada itself is a welcome country for new technology.

[Wind_FURY]

Michael Saylor is overleveraged and continuously doubles down on massive Bitcoin long positions every time it dips.

That sounds like a dangerous investing strategy to me, specifically, the "double down" part. It's understandable to inject a little more cash in long positions on each correction, but adding large amounts of BTC unnecessarily increases the risk, especially since it's company money and I don't expect BTC to make more than 66% gains at the current price, which would place it at 75K. But even any profit beyond 33% at 60K is highly unlikely. When you think about how much money that adds up to in terms of net income for Microstrategy it doesn't really make sense.

Michael Saylor will either by the biggest loser in Bitcoin Land, or he will be celebrated as making one of the greatest bets in the history of trading/investing. Zoom out, if he can pay the interest until the big surge to 6 digits, then there’s obviously higher probability for his bet to profit him billions.

[stompix]

That's actually a good thing but how do we migrate everything there, I mean it can probably support the network for about 50 years or so given that it's about 400 Terawatts of energy wasted and the growth for energy consumption rate for bitcoin network is low and slow. Saylor might be onto something here.

And where did you come with the idea that is waster energy?
Canda produces 650TWh a year of electric energy out of which around 400 is hydro, if you would be using 100 or 200 out of those for bitcoin mining all the other industries would have to switch to burning fossil fuel. Seriously, just take a second to think before making these claims, why would they have built all those damn if they didn't need that energy in the first place.

This is the same Salvador story, somebody out there really believes they are digging thermal wells to produce energy for miners, yeah right!!! They were building that power plant before they even knew what bitcoin is (the plan was laid down in 2012) and they are doing it because Salvador is a net importer of energy, not for the sake of some miners. The whole story is simply childish, you want people in Canada to start burning more oil and coal so that miners could use cheap hydroelectric produced electric energy? Seriously, how many tequila shots do you need to chuck down before one comes with such ideas.

One more point, why do you believe the growth of energy consumption for bitcoin is low and slow?
Energy demand is following the price as miners get more rewards and plugin more gear to get more $, it went up by 20x times in the last 4 years, do you think it wills still consuming only 100twh if the prices are at 300k next year?

Plus the energy providers help distribute the Bitcoins to the users, through the miners. Energy providers that power the Bitcoin network are becoming like quasi-central banks, without themselves understanding their role. They are going in it because of the incentives. Satoshi is a Genius.

I don't know why you're so enthusiastic about an energy provider having the power to shut down 10-25% of the global hashrate with a click.

[kryptqnick]

Wow, that's very impressive. I didn't know one country had enough eco-friendly electricity to spare (does it, really, by the way?) for the whole Bitcoin network, and Canada is a lovely, economically and politically stable country. IMO Canada is much better than China. It's way more democratic. However, it's definitely not like Canada needs mining, just as hatshepsut93 pointed out.
Hopefully, news like this will convince those who still shout about Bitcoin's environmental impact that it's not an essential issue and can be resolved with redistribution and alternating sources of energy. That being said, I wonder how many miners would actually be willing to move to Canada, and how realistic it is to get proper permits and visas for something like that.

[mindrust]

Michael Saylor is a great bitcoin supporter. If he says Bitcoin is Canada's hope, I am sure he is not saying this without a reason. Why limit yourself only with Canada though? Bitcoin is the only hope for the whole World. The whole world needs sound money.

Look what's happening in Afghanistan. Can you carry huge amounts of with you while you are leaving the country? No. You cannot. Can you carry your FIAT with you? Not unless you are the president.

You can carry your crypto with you because bitcoin has no physical form.

[elisabetheva]

Bitcoin does have the potential to be powerful technology of the 21st century and this is what the government sees before they try to create fud about the Bitcoin market. But, I don't think Michael Saylor should be considered as Bitcoin sponsored because these people only cultivate what will benefit them though, it will be nice if the wasted energy in Quebec uses to mine Bitcoin since Canada itself is a welcome country for new technology.

Michael Saylor as the CEO of MicroStrategy certainly has an interest in what his company does, but it is his right because according to information he holds quite a lot of bitcoin. but it's true, just like you, I also see that bitcoin technology will continue to develop and continue to improve in this century, and many will continue to seek and make very profitable investments, and it's only natural what to say for a country like Canada. because it is likely that many countries will also accept bitcoin as a legal tool to use because it is also very profitable for income for the country's economy.

[Wind_FURY]

Michael Saylor is a great bitcoin supporter. If he says Bitcoin is Canada's hope, I am sure he is not saying this without a reason. Why limit yourself only with Canada though? Bitcoin is the only hope for the whole World. The whole world needs sound money.

For context, he talked about Canada because it was the issue of the day.

Look what's happening in Afghanistan. Can you carry huge amounts of with you while you are leaving the country? No. You cannot. Can you carry your FIAT with you? Not unless you are the president.

Plus what kind of fiat money are you carrying with you? Afghani currency? Literally everyone would laugh at you if you try to exchange that for anything. I believe that demonstrates the need for Bitcoin as a fall back/back up.

You can carry your crypto with you because bitcoin has no physical form.

Where are they?

[mindrust]

Where are they?

That''s the beauty of it.

Nobody knows where their crypto is. Bitcoin is like god. It is nothing but it is also everything and everywhere. I believe Michael Saylor also said something similar.

[Wind_FURY]

Where are they?

That''s the beauty of it.

Nobody knows where their crypto is. Bitcoin is like god. It is nothing but it is also everything and everywhere. I believe Michael Saylor also said something similar.

No, I was asking about the location of those people. Where actually are they? Are they in a ship on the way to be refugees in another country? Is that the actual group of people going to Canada?

Plus Bitcoin will not be like “nothing but also everything, and everywhere” if the network participants/community doesn’t protect itself from scaling in. Hahaha.

[s19 btc to script re-code]

does anyone know how to reconfigure an s17 to work with new hash boards?