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As Bitcoin goes bust, one classic market signal is pointing to more pain
- arisAlexis 9y agofor sure an asset exactly 700% on the year is bust. It is obvious
- SirLJ 9y agoNot this year....
- arisAlexis 9y agoyear to year
- dragontamer 9y agoIs it too surprising that BTC is in Contango? As the article explains: BTC has energy cost to "mine". So in effect, BTC in the future is worth less than the promise of BTC in the future. Future BTC requires a LOT of energy to create. So the Contago simply is correlated to the energy costs. Unless there's a "bigger problem" here that I'm missing??
- downrightmike 9y agoIt only costs more power because of how many miners there are. The difficulty increases the more people there are to mine in order to keep the block finding time somewhat consistent. If we had 50% of the miners go away today, it would still take about the same amount of time to find a block because the overall difficulty would be lower too. Just one company in China, bitmain, has over 28% of the entire network. They are also the company that makes the best ASICs and they appear to be liquidating their equipment in China and starting to move to the US and Switzerland.