Do people actually use bitcoin for money? Everyone I speak to who has invested in crypto keeps telling the potential it has and how it will keep growing. But at the end of the day will the gravy train stop? The only time I hear of bitcoin in the news is related to scammers or a wallet hacking heist.
The size of the gravy train is about to get bigger.
This also means the grifting and stealing is likely to increase.
I think some companies use it for in game money. There’s also some use for defi. I see value in the blockchain, but not so much the currency itself. Why use crypto when you can use a credit card or a debit card or cash?
It seems like an answer in search of a solution in many ways.
The grift continues unabated.
Bitcoin is now collapsing. Down to $81k. More to follow.
Its a bit amusing given that people have been treating BTC as an USD FX/inflation hedge.
The reality is that there is nothing counter-cyclical about a BTC position as there are other options now to park your money. People use BTC to move money around outside the main banking system (this is fine with me but lets not pretend otherwise).
He could have said “breathtaking”.
If I’m reading this correctly, it now costs more to mine Bitcoin than Bitcoin is worth…
https://en.macromicro.me/charts/29435/bitcoin-production-total-cost
Now that BTC is crashing, you are going to see so many people lose their shirts because their strategy was pretty much unsustainable.
This guy for example is toast.
I thought that was the case for a while now. Or at least so close as to be not worthwhile.
I also thought that they’d minded all the bitcoin. if not, must be close.
Great. Hopefully this will reduce the massive energy and water resources devoted to this activity.
Quantity-wise, the 93% of the maximum 21M bitcoin has been mined, but they will keep on being available until 2140. It is estimated the last 100 years of mining will produce 1 bitcoin.