BITCOIN IS DEAD! PoW FAILURE! ENERGY COLLAPSE!

[Apocollapse]

I think this is Deja vu because I remember back on 2020 when pandemic happen, many people are keep saying Bitcoin is dead many times. Well nothing new here, there's always people who keep saying Bitcoin is dead when the price is much lower than the previous ATH and there's always people who keep support Bitcoin since they trust Bitcoin price could reach many times higher.

Since I'm a Bitcoin enthusiast, so I will choose the option two and that's why I always say keep accumulate every dip of Bitcoin!

[pawanjain]

So does that mean the next best crypto i.e., ETH is going take the first spot since it is getting the upgrade to PoS ?
But we see that ETH price is falling too and that is because the entire market is falling.
We have seen such posts previously as well and we just have to wait until the next bull run to prove you wrong.
Just keep waiting to see bitcoin rising again.

[8rch7]

In my personal opinion, people who say bitcoin is dead, bitcoin has been buried and will not last until 2023 and there are also those who say bitcoin will be defeated by xrp, doge coin, and so on. I think people who say all of that are just people who want to find attention, maybe forever in his life he has never felt love and care from others, so he made a controversial argument so he could get rid of the boredom in his life, I am also sure what he said from his mouth must be against his conscience.

[DooMAD]

I am also sure what he said from his mouth must be against his conscience.

You're giving them too much credit.  OP couldn't possibly have a conscience.  They exhibit delight in supporting a renowned identity thief who wants to line their pockets at the expense of their victims by hyping up their scamcoin.  It doesn't matter how many lives they ruin, they will still sleep soundly at night.  All BSV supporters are literal human garbage.

[Bazzu]

very interesting topic, is it true that bitcoin will die? if I personally don't know, because I am a beginner in bitcoin and crypto, will bitcoin die or not, but like this? if bitcoin is dead, why are so many people buying it now? if I think bitcoin will not die, the proof is that now more and more people are buying bitcoin.

[goldkingcoiner]

The energy problem is not a bitcoin problem, Faketoshi.

You might not be able to understand this just like you cannot understand the difference between shitcoins and Bitcoin. So let me help you out a little:

Yes, energy consumption is a problem for the environment. And yes, POW consumes a lot of energy. But that does not mean that Bitcoin is at fault just because it consumes a lot of electricity, it just means that we need to stop licking the shoes of big oil and switch to green energies. (Yes, green energy would more than easily provide for the worlds energy needs, if fully implemented).

But the oil/gas lobbyists do not want that. They influence politics to keep the pockets of influencial politicians filled with their lobbyist bribe money. Does this seem right to you?

So anyone blaming Bitcoin is not looking at the bigger picture here. They just want to point fingers without solving the real problem.

At some point in time, we will be forced to make the switch to 100% green energy. And at that point, the POW energy consumption problem will disappear.

[Bitcoin SV]

Yes, energy consumption is a problem for the environment. And yes, POW consumes a lot of energy.

GOTCHA.

very interesting topic, is it true that bitcoin will die? if I personally don't know, because I am a beginner in bitcoin and crypto, will bitcoin die or not, but like this? if bitcoin is dead, why are so many people buying it now? if I think bitcoin will not die, the proof is that now more and more people are buying bitcoin.

Helloooo, bitcoin is dead. People are fool, that's why they are still buying bitcoin

OP couldn't possibly have a conscience.  They exhibit delight in supporting a renowned identity thief who wants to line their pockets at the expense of their victims by hyping up their scamcoin.  It doesn't matter how many lives they ruin, they will still sleep soundly at night.  All BSV supporters are literal human garbage.

It's you bitcoiners have no conscience. Hey bitcoin enthusiasts, stop polluting environment with your obsolete bitcoin. Make way for green cryptocurrencies

In my personal opinion, people who say bitcoin is dead, bitcoin has been buried and will not last until 2023 and there are also those who say bitcoin will be defeated by xrp, doge coin, and so on. I think people who say all of that are just people who want to find attention, maybe forever in his life he has never felt love and care from others, so he made a controversial argument so he could get rid of the boredom in his life, I am also sure what he said from his mouth must be against his conscience.

Now is another time. Bitcoin will not survive this time

So does that mean the next best crypto i.e., ETH is going take the first spot since it is getting the upgrade to PoS ?
But we see that ETH price is falling too and that is because the entire market is falling.
We have seen such posts previously as well and we just have to wait until the next bull run to prove you wrong.
Just keep waiting to see bitcoin rising again.

PoS is a future. PoW is a past

I think this is Deja vu because I remember back on 2020 when pandemic happen, many people are keep saying Bitcoin is dead many times. Well nothing new here, there's always people who keep saying Bitcoin is dead when the price is much lower than the previous ATH and there's always people who keep support Bitcoin since they trust Bitcoin price could reach many times higher.

Since I'm a Bitcoin enthusiast, so I will choose the option two and that's why I always say keep accumulate every dip of Bitcoin!

It won't help you. If bitcoin does not switch to PoS, then you will loss all your accumulations

[NotATether]

I think this is Deja vu because I remember back on 2020 when pandemic happen, many people are keep saying Bitcoin is dead many times. Well nothing new here, there's always people who keep saying Bitcoin is dead when the price is much lower than the previous ATH and there's always people who keep support Bitcoin since they trust Bitcoin price could reach many times higher.

Since I'm a Bitcoin enthusiast, so I will choose the option two and that's why I always say keep accumulate every dip of Bitcoin!

It won't help you. If bitcoin does not switch to PoS, then you will loss all your accumulations

Your fantasy shitcoin will not survive such non-action either, ever thought of that?

Can't really migrate to proof-of-stake when the only miner that wants to follow you is CoinGeek...

[djangofan]

Proof Of Work is solid.  Bitcoin will be just fine.  Chill peeps.

"Bitcoin runs (only) on stranded, excess energy, generated at the edge of the grid, in places where there is no other demand, at times when no one else needs the electricity.  Retail & commercial consumers of electricity in major population areas pay 5-10x more per kwH (10-20 cents per kwH) than bitcoin miners, who should be thought of as wholesale consumers of energy (normally budgeting 2-3 cents per kwH). The world produces more energy than it needs, and approximately a third of this energy is wasted. The last 15 basis points of energy power the entire Bitcoin Network - this is the least valued, cheapest margin of energy left after 99.85% of the energy in the world is allocated to other uses." - Michael Sayor @ michael.com

[LegendaryK]

Proof Of Work is solid.  Bitcoin will be just fine.  Chill peeps.

"Bitcoin runs (only) on stranded, excess energy, generated at the edge of the grid, in places where there is no other demand, at times when no one else needs the electricity.  Retail & commercial consumers of electricity in major population areas pay 5-10x more per kwH (10-20 cents per kwH) than bitcoin miners, who should be thought of as wholesale consumers of energy (normally budgeting 2-3 cents per kwH). The world produces more energy than it needs, and approximately a third of this energy is wasted. The last 15 basis points of energy power the entire Bitcoin Network - this is the least valued, cheapest margin of energy left after 99.85% of the energy in the world is allocated to other uses." - Michael Sayor @ michael.com

Dude , what fairy tale world do you live in?
Because the one the rest of us are in, the world has less energy than it needs not more.

Rolling blackouts are plaguing the US, Europe and China.
https://www.washingtonpost.com/business/2022/06/02/blackout-states-summer-heat/
https://www.bloomberg.com/news/articles/2022-08-26/europe-energy-crisis-kosovo-learns-to-live-with-rolling-power-blackouts-again
https://www.bloomberg.com/news/articles/2022-08-17/chinese-factories-close-as-drought-hurts-hydropower

The Office of Science and Technology in the US is recommending that PoW be eliminated, to protect the US power grids.

Proof of Waste is on it's last legs, expect the worldwide PoW ban by the end of 2024.

[WeThePe0ple]

That's why BTC is Dead. In the conditions of the world energy crisis, it is becoming more and more difficult to mine BTC (especcially on PoW model)

It should be the way you think, if Bitcoin can't be mined because of the energy crisis, Bitcoin will be increasingly difficult to obtain, then most likely the price of Bitcoin will be higher. Is it logical?

What if bitcoin can't be mined because governments and their climate change agendas will fight against it with regulation?
They can't regulate blockchain technology but they can regulate the exchanges. This is what MiCA law is currently outlining as part of the regulation by the EU.
Not a lot has been leaked. This is expected in 4 weeks. But what if the regulation says "Since bitcoin mining is energy consuming, exchanges must now prevent transactions in BTC"

The EU will also ask exchanges to verify all transactions and stop money laundering.
If they can't live up to those demands, I expect some to be taken out of business.
Which I think will lead to an ubercrash of cryptos.

I'm not investing anything before regulation is out there, and analyzed thoroughly.

[NotATether]

What if bitcoin can't be mined because governments and their climate change agendas will fight against it with regulation?
They can't regulate blockchain technology but they can regulate the exchanges. This is what MiCA law is currently outlining as part of the regulation by the EU.
~
I'm not investing anything before regulation is out there, and analyzed thoroughly.

Personally, I can't imagine all of the big crypto exchanges crashing out at once because that means their founders lose everything, and they are probably determined to use every available resource to prevent that from happening.

EU can't really stand against a bunch of companies especially when they have lobbyists inside it.

[samuraijin]

I think this is Deja vu because I remember back on 2020 when pandemic happen, many people are keep saying Bitcoin is dead many times. Well nothing new here, there's always people who keep saying Bitcoin is dead when the price is much lower than the previous ATH and there's always people who keep support Bitcoin since they trust Bitcoin price could reach many times higher.

Since I'm a Bitcoin enthusiast, so I will choose the option two and that's why I always say keep accumulate every dip of Bitcoin!

It won't help you. If bitcoin does not switch to PoS, then you will loss all your accumulations

Your fantasy shitcoin will not survive such non-action either, ever thought of that?

Can't really migrate to proof-of-stake when the only miner that wants to follow you is CoinGeek...

Actually I don't want to bother if someone says that Bitcoin is dead, whatever it is it will not affect the growth of bitcoin in the eyes of the public, without us realizing that Bitcoin still has a strong community, even though the current Bitcoin price is falling, it's not without reason bitcoin will disappear just like that, even we will see in the next few years. that bitcoin will make everyone feel like a dream, with a very significant move..

[theedm09ka]

Bitcoin will not die, not until the next 5 years at least. I do agree that we need to do something to improve Bitcoin's PoW mechanism so it will use less energy, but Bitcoin itself has too much of a big name at this point

[takuma sato]

TL;DR, but I see OP has a "Bitcoin SV" nickname with a "dragon" logo. Is this guy a BSV shill? If so, does it mean that BSV is moving to PoS or any other system for him to say PoW is doomed? Or somehow BSV's PoW is safe from this according to him? I don't have time to waste with CSW loonies anymore but im curious to see what rhetoric are they used to FUD BTC while shilling BSV when BSV is just another BTC clone without the hashrate or at least that's how it went last time I checked this and most altcoins.

[DooMAD]

TL;DR, but I see OP has a "Bitcoin SV" nickname with a "dragon" logo. Is this guy a BSV shill? If so, does it mean that BSV is moving to PoS or any other system for him to say PoW is doomed? Or somehow BSV's PoW is safe from this according to him? I don't have time to waste with CSW loonies anymore but im curious to see what rhetoric are they used to FUD BTC while shilling BSV when BSV is just another BTC clone without the hashrate or at least that's how it went last time I checked this and most altcoins.

If no one wants to mine a Proof-of-Work coin, it won't use much energy.  So every time I see this user saying their BSV scamcoin is environmentally friendly, I just take it as an admission from them that they know their chain isn't worth mining.

[jostorres]

Bitcoin will not die, not until the next 5 years at least. I do agree that we need to do something to improve Bitcoin's PoW mechanism so it will use less energy, but Bitcoin itself has too much of a big name at this point

Next 5 years is too early for the death of btc but are you a time traveler and you see that the world is going to end that day? Because that is the only reason I can see for btc to die and not any other major crisis or something that is similar to that. I don't think btc has an issue but it was only the people who are anti btc are thinking that btc has an issue. This is why btc devs, miners and its supporters didn't do anything or any other changes against btc because for us btc is perfectly fine.

TL;DR, but I see OP has a "Bitcoin SV" nickname with a "dragon" logo. Is this guy a BSV shill? If so, does it mean that BSV is moving to PoS or any other system for him to say PoW is doomed? Or somehow BSV's PoW is safe from this according to him? I don't have time to waste with CSW loonies anymore but im curious to see what rhetoric are they used to FUD BTC while shilling BSV when BSV is just another BTC clone without the hashrate or at least that's how it went last time I checked this and most altcoins.

Obviously he is and maybe you are right that bsv is going to move in pos because why would he talk like this when bsv is also like btc that has a pow mechanism?

[Bitcoin SV]

Proof bitcoin is finally dead

Bitcoin users are beginning to wonder if the blockchain is officially dead after its ninth consecutive month of languishing.

In a scathing opinion piece on Tuesday, Bloomberg writer Jake Lloyd-Smith brutally tore down the digital token.

Calling BTC a “train wreck” and “absolutely dire”, the author pointed out it was possible the coin could plunge so low as four digits in the near future.

Bitcoin is currently worth five figures, at US$19,566 (A$29,000) at time of writing.

That’s a significant decline when you consider that the crypto hit an all time high in November last year of US$69,000 (A$99,000) per coin.

Overall, that means the digital asset has plunged more than 70 per cent since then. So far this year, it is down 60 per cent in terms of its return on investment.

In fact, all bitcoin’s gains over the last two years of the pandemic have pretty much been wiped.

Mr Lloyd-Smith also said bitcoin’s difficult year had ruined any notion that it could be used as a way to hedge against inflation.

“It’s safe to say that right now, it’s definitely not for preservation of wealth,” he wrote.

He even compared cryptocurrency to the Dutch ‘tulip mania” phenomenon of the 1600s, when tulips became so hyped up and highly sought after that people would spend their fortunes to buy a single flower.

Inevitably, the craze crashed, leaving a few unlucky souls penniless and with nothing but a dying flower to show for it.

Cryptocurrency is closely aligned with the traditional stock market and it has not been a great year for stocks as the Ukraine-Russian war, inflation and fears of a global recession markets like Dow Jones have tanked and entered a bear run.

Mr Lloyd-Smith noted: ‘With delicious irony, the same week it (bitcoin) registered a record, the Fed warned of perilous plunges for risky assets should the economy take a turn for the worse. As the US central bank responded belatedly to inflation, Bitcoin tanked.”


Mr Lloyd-Smith wasn’t the only bitcoin proponent to hit the token while it was down.

On Tuesday morning, a Kenyan economist, Patrick Njoroge, said through a now-viral tweet that he should be put in a mental asylum if he ever poured his cash into bitcoin.

“I can assure you that I have a lot of people who have been pushing me to put our reserves in bitcoin. If I do that, please put me in Kamiti (a jail) and throw away the key because I’ll be out of my mind”.

Investing pro Warren Buffett is also not a fan of cryptocurrency.

https://www.news.com.au/finance/markets/world-markets/expert-savages-bitcoin-and-claims-it-is-basically-dead/news-story/e4b26637fc8eb3a543b0088d8f500ba4

[NotATether]

Proof bitcoin is finally dead

On Tuesday morning, a Kenyan economist, Patrick Njoroge, said through a now-viral tweet that he should be put in a mental asylum if he ever poured his cash into bitcoin.

You two would make good company with Aleksei Sytsevich.

[Bitcoin SV]

Bitcoin Falls to $19k as Federal Reserve Announces 75 BPS Rate Hike

Following a two-day Federal Open Markets Committee (FOMC) meeting, the Federal Reserve has risen its benchmark interest rate by another 75 BPS.

Bitcoin’s price reacted erratically to the news, dropping by $1000 mere moments after the announcement.

The hike, revealed at 18:00 UST on Wednesday, takes the central bank’s new policy rate up between 3.0% to 3.5%.
Most investors expected a 75-point rise heading into the meeting, but markets had priced in a roughly 15% chance of a full percentage point rate increase.
Merely 1 minute after the announcement, Bitcoin fell from roughly $19,700 to $18,700. It’s since recovered to about $18,946, at the time of writing.
Volatility following a Federal Reserve decision is familiar territory for Bitcoin. The price fluctuated rapidly after Fed Chairman Jerome Powell’s speech at Jackson Hole last month, where he reiterated his commitment to addressing inflation.
Reducing inflation has been the theme of Fed policy for months, as inflation has marked historic highs throughout 2022. August CPI came in at 8.3% last week – higher than analysts were expecting.
Tightening monetary policy has caused both stocks and crypto to plummet throughout the year. Bitcoin is now 70% down from its November high of $69,000, while the NASDAQ is down 28% year to date.

https://cryptopotato.com/bitcoin-falls-to-19k-as-federal-reserve-announces-75-bps-rate-hike/