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Or it could act as economic stimulus, as the exit dollars get invested in productive endeavours, rekt coiners have to get a job, and electricity and electronics
by meltedcapacitor 5y ago
Or it could act as economic stimulus, as the exit dollars get invested in productive endeavours, rekt coiners have to get a job, and electricity and electronics become cheaper due to the capacity being freed from cryptomining.
- zwirbl 5y agoDon't let a crisis go to waste
- lvl100 5y agoYou are assuming everyone can get out at the same time at price X. That’s not going to happen. Generally in crashes/drawdowns, 2/3 will see 1/3 of the price in liquidation.
- KptMarchewa 5y agoHe mentioned >rekt coiners have to get a job
- jack_pp 5y agoAs mining bitcoin is only worthwhile with ASICS there will be no flood of electronics entering the market at low prices, being used for something more "worthwhile". You could argue this is a feature and not a bug. I, as many people before me, thought about a cryptocurrency with a "useful" PoW like protein folding but if you would create such a thing it would be very susceptible to attack by govt or any big private actor because if you could mine cryptocurrency with general hardware then acquiring said hardware for an attack has 0 cost. You could acquire hardware for the attack, crash the currency then just use it for the protein folding. So the fact that the mining hardware can't be used for anything else is a feature which makes bitcoin more secure against attack.
- em3rgent0rdr 5y agoThe input resources used to create ASICs still would become available to be used to create other electronics, including other types of ASICs.