Reasons not to use Bitcoin:
2009: it can't and won't work
2013: it's only used by criminals and money launderers
2017: the price is too volatile
2021: it uses a lot of energy and is a environmental disaster
2025: the Bitcoin distribution is unfair
2009: it can't and won't work
2013: it's only used by criminals and money launderers
2017: the price is too volatile
2021: it uses a lot of energy and is a environmental disaster
2025: the Bitcoin distribution is unfair
Spooky! Bitcoin hash rate is dropping more than 50% from ATH, to mid-2019 levels! The price is gonna crash!
Just another FUD
Just another FUD
Here are the reasons:
1. Mining difficulty is variable: in a very bad scenario, somehow Bitcoin's hashrate dropped 66.7% in one second, right after a difficulty adjustment (which is very pessimistic, and very unlikely IRL) the block time will increase from 10mins to 30mins, and the difficulty adjustment time will change from 2 weeks to 6 weeks (which is 2016 blocks). This will cause slower txns and increased txn fees. However after the adjustment everything will become normal again. Also new players can join because mining is easier.
2. Mining costs are sometimes irrelevant to the hashrate: if the hashrate halves but the price of energy doubles, the final costs will stay the same.
China has a lot of cheap energy sources and people are not aware enough about energy usages so the government doesn't have enough motivation to cut down non-renewable energy usages. This applies to everything rather than just Bitcoin mining. There used to be PX projects (lots of money but lots of pollution) in China that caused city-wide protests and Chinese government will crack down protests if possible.
1. Mining difficulty is variable: in a very bad scenario, somehow Bitcoin's hashrate dropped 66.7% in one second, right after a difficulty adjustment (which is very pessimistic, and very unlikely IRL) the block time will increase from 10mins to 30mins, and the difficulty adjustment time will change from 2 weeks to 6 weeks (which is 2016 blocks). This will cause slower txns and increased txn fees. However after the adjustment everything will become normal again. Also new players can join because mining is easier.
2. Mining costs are sometimes irrelevant to the hashrate: if the hashrate halves but the price of energy doubles, the final costs will stay the same.
China has a lot of cheap energy sources and people are not aware enough about energy usages so the government doesn't have enough motivation to cut down non-renewable energy usages. This applies to everything rather than just Bitcoin mining. There used to be PX projects (lots of money but lots of pollution) in China that caused city-wide protests and Chinese government will crack down protests if possible.
So Bitcoin is dropping below $30,000?
Key support is breached?
Remember: in the crypto world, key support/resistance is just a number
Key support is breached?
Remember: in the crypto world, key support/resistance is just a number
Average Bitcoin News
Photo
For me it's not like $9000. It's more like $5000-6000
https://asiamarkets.com/china-evergrande-subprime-on-steroids-the-greatest-threat-to-markets/
China's Lehman Bros?
China's Lehman Bros?
Asia Markets
China Evergrande: Subprime on steroids, or crisis averted? | Asia Markets
Inside the collapse of China Evergrande - how it has unfolded and where to from here for one of the world's largest property developers?
https://www.reddit.com/r/CryptoCurrency/comments/pkux10/tether_the_collapse_of_chinas_evergrande/
I don't know how many people are HODLing USDT.
USDT is, in every way, absolutely trash
I don't know how many people are HODLing USDT.
USDT is, in every way, absolutely trash
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You don't ban the same piece of technology over and over again
If you do, it means you FAILED and that piece of technology can't be banned
If you do, it means you FAILED and that piece of technology can't be banned
China banned Bitcoin in:
2013
2017-2018
Late 2020
September 2021
So at least 4 times, yet it still failed
2013
2017-2018
Late 2020
September 2021
So at least 4 times, yet it still failed