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Alan
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Re: End of bitcoin?

July 18th, 2021, 3:16 pm

"A lot of mining" is coming to the US Cathie Wood declared on CNBC (that I recommend although Kudlow is not with them any longer), where electricity is green (oh babe, yes!) she argued and making BTC attractive from an ESG standpoint which I didn't see coming to be honest. This supported BTC, crushing my high-precision 30K floor hitting time forecast. SO BTC trading.

Well, of course, she's just talking up her book. The only redeeming scenario I can see is that increased BTC mining demand in the US will/should force an increase in the electricity supply. Then, in the case of grid instability due to bad weather and/or unreliable wind/solar, the grid operators can cut out the supply to the miners, relieving the pressure. Of course, to be fair, large miners should be on notice that this could happen. And, maybe they should pay an "infra-structure tax" to finance the building of new supply. 

I wonder if you could raise money on Wall Street to build a combo "btc mining + advanced nuclear plant". That would be quite interesting!  :D 
 
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bearish
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Joined: February 3rd, 2011, 2:19 pm

Re: End of bitcoin?

July 18th, 2021, 4:13 pm

Umm, why wouldn’t the miners want to kill the grid in order to destroy the old economy and the government they hate?
 
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Alan
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Joined: December 19th, 2001, 4:01 am
Location: California
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Re: End of bitcoin?

July 18th, 2021, 4:44 pm

So, your thesis is that bitcoin miners, who depend upon the internet and the electricity grid, would like to kill those off? I can't see any assumptions under which that is coherent. What am I missing?
 
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bearish
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Re: End of bitcoin?

July 19th, 2021, 2:19 am

There are those for whom the value of bitcoins is irrelevant, perhaps associated with the PLA (or the GOP), and then you have those who heard “bubble” and made a run for it. The latter would generally obey your (perfectly rational) logic. I’m less sure about the former. We should keep in mind that this is a singularly destructive force without a single redeeming quality.
 
 
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tagoma
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Re: End of bitcoin?

July 20th, 2021, 6:18 am

For the record, btc crossed below 30k this morning around 3:15am GMT
 
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bearish
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Joined: February 3rd, 2011, 2:19 pm

Re: End of bitcoin?

July 20th, 2021, 2:22 pm