Bitcoin crash coming?

[Wayne 962]

Reuters confirmed the notice according to their report:
https://www.reuters.com/technology/chinas-cryptocurrency-mining-crackdown-spreads-yunnan-southwest-media-2021-06-12/

Seems more reliable than two crypto fan sites.

-Wayne

[gerald]

I can not say btc can crush soon. I have already started some own business with blockchain. My project is not so popular now and I have not much clients. So I want to use bitcoin ad platform for searching new people into my work. Its good way of promotion too.

[ShopCat]

Reuters article says basically nothing of note and does not refute the news I posted that there are illegal and legal mining operations. A crackdown is true, but thinking in black and white will get you nowhere. Nothing is as black and white as you believe Bitcoin and crypto to be.

[Wayne 962]

Originally Posted by red-beard

What I suggested to my partners was to install a Bitcoin Mining rig and use the power (3.2 MW) for Bitcoin Mining. And this was back when Bitcoin was trading about $8000. The effective value for the power at Bitcoin $8K, using the equipment for sale at a reasonable price, was about 14 cents per kWh. We would have doubled our yearly revenue, which would have paid off the mining equipment in 7 months.

Interesting thread on this over on reddit: https://www.reddit.com/r/Bitcoin/comments/nzrzmo/this_portable_bitcoin_mine_is_eating_up_the/

There's lots of the same nonsense being spewed from the typical Bitcoin fanboys, but it's an interesting discussion that is actually a bit more balanced than usual.

-Wayne

[ShopCat]

So do we still believe the environment was behind china's bitcoin crackdown after recent news? Now it was clearly a coordinated effort to limit wealth transfers once they announced the new regulatory actions on free markets.

[Skillet83]

Boys and girls, now is the time to be stacking BTC, ETH, ADA, Link and some other alts. Smartlands, SLT is a moon shot (tokenizing of real estate). The fever has ceased. There will be another BTC halving at the end of 2023. Mad bull run coming into 2024. I hold rentals, equities, but my gains here are amazing.

[Wayne 962]

One year after this thread was started, Bitcoin is technically higher in value, but momentum (particularly after today) appears to be slipping. The extreme volatility of Bitcoin is perhaps one of the number one arguments against it's adoption. Currencies should be stable in the long run. I do predict that the next version of Crypto (whatever that will be), will a) use much less energy, and b) have built-in mechanisms that will reduce volatility. In general, I think the next version should expand and contract based upon the number of people who are using / investing it. The creator of Bitcoin purposefully made it inflationary - the more people who got i, the more the value would go up. Great for speculators, poor for long-term adoption. Cardano ADA seems to have some potential, but it's a bit early to truly tell if this will be "the future".

One thing is still fairly certain - Ether and Bitcoin consume way too much energy to be successful with mainstream (corporate) adoption in the long run.

-Wayne

[Wayne 962]

Oh, and nearly everyone I speak with agrees that Tether is a humongous fraud and scam, but they still trade in and out of it in order to facilitate transactions. We'll see what happens with that.

Refresher:
https://www.bloomberg.com/news/features/2021-10-07/crypto-mystery-where-s-the-69-billion-backing-the-stablecoin-tether?sref=OIIo8i2e

https://medium.com/predict/usd-tether-the-largest-ticking-time-bomb-in-modern-financial-history-8ac839c9aea

https://medium.com/the-capital/ethereums-buterin-says-tether-is-bitcoin-s-ticking-time-bomb-demon-9d2138621145

-Wayne

[Fast Freddy 944]

Bit coins are dicey, you can have all of you cash deleted at a key stroke or a mouse click. Gold and Silver are a wise investement, tech bull crap is a roll of the dice, or Russian roulette with the cylinder full of bullets. Your choice.

[Rapewta]

I agree.....
Silver is not expensive right now and a lot of ongoing speculation that it will take off when U.S.
currency goes south. Don't hold your breath but I think investing 10% of your worth in silver is a smart investment. Not the bigger bars but just 1 oz rounds. Easy to use for purchases if it ever
comes to that.

[Wayne 962]

So, my last post was about 24 hours ago, and Bitcoin was just a bit shy of $39K or so. 24 hours later, it's now down about 10% to $35,725.90. When the Nasdaq fell almost 78% in the year 2000, it took almost eight months to do that. With "the new age" of trading where everything is instantaneous and 24/7, it would appear that things like panic selling may happen and the lack of time-outs (that exist on the major exchanges) may accelerate it.

I'm sure there's a *lot* of crypto people up right now drinking a lot of coffee...

They are all here right now: https://www.reddit.com/r/Bitcoin/

-Wayne

[Crowbob]

Originally Posted by Wayne 962

One year after this thread was started, Bitcoin is technically higher in value, but momentum (particularly after today) appears to be slipping. The extreme volatility of Bitcoin is perhaps one of the number one arguments against it's adoption. Currencies should be stable in the long run. I do predict that the next version of Crypto (whatever that will be), will a) use much less energy, and b) have built-in mechanisms that will reduce volatility. In general, I think the next version should expand and contract based upon the number of people who are using / investing it. The creator of Bitcoin purposefully made it inflationary - the more people who got i, the more the value would go up. Great for speculators, poor for long-term adoption. Cardano ADA seems to have some potential, but it's a bit early to truly tell if this will be "the future".

One thing is still fairly certain - Ether and Bitcoin consume way too much energy to be successful with mainstream (corporate) adoption in the long run.

-Wayne

Isn’t that the classic definition of a pyramid scheme?

[svandamme]

yep

[GH85Carrera]

I saw the other day that little company from Arkansas, Wal Mart is starting their own new crypto currency. The 900 pound gorilla always makes things interesting in any business it goes into.

[Por_sha911]

The problem with bad financial decisions is that they don't usually show up immediately. Deficit spending of the 1960's didn't hurt at all even in the 70's. Now we have a massive national debt that cannot be paid.

[svandamme]

Originally Posted by GH85Carrera

I saw the other day that little company from Arkansas, Wal Mart is starting their own new crypto currency. The 900 pound gorilla always makes things interesting in any business it goes into.

unless they are willing to fork up the electricity and computing power to bother with the exchange processing... It won't be worth a damn.

Governements all over are getting ready to ban mining like the chinese have already done because it destroys any and all hopes of reducing CO2 output if the miners burn off all the eco friendly and nuke energy with endless mining ops (which is what makes the crypto exchanges work).

It won't last
it's unregulated
it's used by criminals to transfer illicit money for payment of illicit goods.
and other then that, it's hot air , it doesn't produce anything other then hot air, litterally the mining converts energy into hot air as the cpu's need to be cooled

Clearly none of it is at all ethically, morally, ecologically or economically sound.
And the gubmints will kill it off sooner rather then later.

None of it is compatible with what gubmints are trying to do (like energy and emissions and crime reduction)

[speeder]

Originally Posted by svandamme

unless they are willing to fork up the electricity and computing power to bother with the exchange processing... It won't be worth a damn.

Governements all over are getting ready to ban mining like the chinese have already done because it destroys any and all hopes of reducing CO2 output if the miners burn off all the eco friendly and nuke energy with endless mining ops (which is what makes the crypto exchanges work).

It won't last
it's unregulated
it's used by criminals to transfer illicit money for payment of illicit goods.
and other then that, it's hot air , it doesn't produce anything other then hot air, litterally the mining converts energy into hot air as the cpu's need to be cooled

Clearly none of it is at all ethically, morally, ecologically or economically sound.
And the gubmints will kill it off sooner rather then later.

None of it is compatible with what gubmints are trying to do (like energy and emissions and crime reduction)

I agree with every word and very well put but damn, I wish I'd gotten in on the scam.

[Crowbob]

Can somebody explain to me in second grade English, first grade math and primary school computer what cryptomining, or whatever it is, is?

[svandamme]

Originally Posted by Crowbob

Can somebody explain to me in second grade English, first grade math and primary school computer what cryptomining, or whatever it is, is?

They solve complicated maths with massive computing power (energy intensive)
The only reason for doing it, is to keep a fully encrypted and safe transactional record of every coin payment bought and sold.

And for doing that, they get coins

it's like a self fullfilling prophecy, except that it's built on hot air and has no merit. So short term yes, Long term No, it won't fullfill because it is a pure waste of resources.

[svandamme]

Originally Posted by speeder

I wish I'd gotten in on the scam.

yeah ,agreed, I never had any cash to spare so never did.
I was getting ready to have some spare cash, dabbled with it in november to december
actually made some profit, but then soon saw where it was heading and got out with my profits.

I called it right on the money because it's been free fall ever since.