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I am not sure who in their right mind will buy BTC at $48K a piece! There's nothing major that's has happened, yet, the bubble has inflated from $6K to $47K onl

I am not sure who in their right mind will buy BTC at $48K a piece! There's nothing major that's has happened, yet, the bubble has inflated from $6K to $47K only because it's now harder to steal electricity in China and the rest of the world to mine bitcoins. Every week in Bulgaria we hear for a new electricity thieves who got caught and have stolen electricity for millions - often in the middle of nowhere like in small villages, farms, etc. Didn't China started to crackdown on miners last summer [0]? And, yes, all marketplaces are manipulated by the same miner cartels. I am not sure how China has allow this so far - especially when many used Bitcoin as a vehicle to export capital. So far, Bitcoin is wasting as much electricity as Argentina, but if this bubble keeps inflated so that the Chinese miners can stay in business, where are we going to end up soon? [0]: https://news.bitcoin.com/chinese-government-crackdowns-and-cheap-hydropower-miners-migrate-from-north-to-south-china/ https://news.bitcoin.com/chinese-government-crackdowns-and-c...

zionic 6y ago
Mining participation does not change the issuance of new bitcoin. If there was 1 miner in the entire world the issuance would be the same. Please educate yourself more about crypto in general, understanding the core concepts only takes a few minutes of research.
- nikolay 6y ago
  Why would I want to touch something laden with crime with a 10-foot pole?! And something so detrimental to climate? Bitcoin didn't, isn't, and is not gonna change anything - it's nothing but a speculation tool! Can we please stop inflating its bubble? Yes, there are meaningful cryptocurrencies, but Bitcoin holds no future - it's like sticking to VHS when there's Bluray or to a 3.5-inch floppy when there's MicroSD.
  - hanniabu 6y ago
    > Why would I want to touch something laden with crime with a 10-foot pole?! So I guess you should get rid of your USD....
- RealityVoid 6y ago
  While you are right, I do not think truly understanding it is as easy as a few minutes of research. It was quite mind bending for me the first time I read about BTC.
  - nikolay 6y ago
    I don't think you still get it. Do you?
    - RealityVoid 6y ago
      Honestly, I think you really do not get it. Why would the loss of ability to mine lead to a price increase of Bitcoin? The mining efforts are driven by the price, not viceversa. I am certain you are familiar with it for a long time, but the way you put the problem kind of points out you are missing something.
      - nikolay 6y ago
        Being rewarded coins or earning fees is the same thing - without the incentive to mine, the whole system collapses.
        RealityVoid 6y ago
        This is correct, but you did not address what I was saying - why would a reduction in hashing power lead to an increase in Bitcoin price, as you were suggesting here: " the bubble has inflated from $6K to $47K only because it's now harder to steal electricity in China and the rest of the world to mine bitcoins. " Also, I know who Paul LeRoux is but I find I highly unlikely he is satoshi.
- nikolay 6y ago
  When I was mining Bitcoin when it was possible, maybe you were in diapers. Your response is so typical: "you don't get it." In fact, I do get it, and you don't. Educate yourself, because exposing your ignorance publicly!
  - axiosgunnar 6y ago
    While I agree with your sentiment, saying „maybe you were in diapers“ makes your argument look weak.
    - nikolay 6y ago
      Well, I'm tired of this "you just don't get it". If they keep this argument, it means they are new to it as for years, I kept hearing it over and over again. Instead if sending to the mandatory "whitepaper", they should at least learn who Paul Le Roux is.

zionic 6y ago

Mining participation does not change the issuance of new bitcoin. If there was 1 miner in the entire world the issuance would be the same. Please educate yourself more about crypto in general, understanding the core concepts only takes a few minutes of research.

nikolay 6y ago
Why would I want to touch something laden with crime with a 10-foot pole?! And something so detrimental to climate? Bitcoin didn't, isn't, and is not gonna change anything - it's nothing but a speculation tool! Can we please stop inflating its bubble? Yes, there are meaningful cryptocurrencies, but Bitcoin holds no future - it's like sticking to VHS when there's Bluray or to a 3.5-inch floppy when there's MicroSD.
- hanniabu 6y ago
  > Why would I want to touch something laden with crime with a 10-foot pole?! So I guess you should get rid of your USD....
RealityVoid 6y ago
While you are right, I do not think truly understanding it is as easy as a few minutes of research. It was quite mind bending for me the first time I read about BTC.
- nikolay 6y ago
  I don't think you still get it. Do you?
  - RealityVoid 6y ago
    Honestly, I think you really do not get it. Why would the loss of ability to mine lead to a price increase of Bitcoin? The mining efforts are driven by the price, not viceversa. I am certain you are familiar with it for a long time, but the way you put the problem kind of points out you are missing something.
    - nikolay 6y ago
      Being rewarded coins or earning fees is the same thing - without the incentive to mine, the whole system collapses.
      - RealityVoid 6y ago
        This is correct, but you did not address what I was saying - why would a reduction in hashing power lead to an increase in Bitcoin price, as you were suggesting here: " the bubble has inflated from $6K to $47K only because it's now harder to steal electricity in China and the rest of the world to mine bitcoins. " Also, I know who Paul LeRoux is but I find I highly unlikely he is satoshi.
nikolay 6y ago
When I was mining Bitcoin when it was possible, maybe you were in diapers. Your response is so typical: "you don't get it." In fact, I do get it, and you don't. Educate yourself, because exposing your ignorance publicly!
- axiosgunnar 6y ago
  While I agree with your sentiment, saying „maybe you were in diapers“ makes your argument look weak.
  - nikolay 6y ago
    Well, I'm tired of this "you just don't get it". If they keep this argument, it means they are new to it as for years, I kept hearing it over and over again. Instead if sending to the mandatory "whitepaper", they should at least learn who Paul Le Roux is.