If you had nothing then someone would have to provide you with something a charity or government welfare or your family would have to foot the bill for you if possible.
When one has something then you consume petrol, clothes, soap, food, anything you regularly use to go about your daily business. as a consumer you feed the machine which generates taxes and creates billionaires, then you are taxed again directly by the government.
So I would definitely think “they” would want you working and contributing, the more you can contribute the better i guess.
Most of them will not come back dude, they will literally burn down. Always happens in crypto bear markets. It’s extremely hard to say what coin apart from BTC and maybe ETH will make it.
You’re right, I guess these are testing times. Everyone wants their assets to be stable and accessible because the future is uncertain.
It might depend what these coins were used for, if there is a popular vendor of sorts that is still accepting one of these coins then perhaps the motivation might still be there for the miners.
It is interesting that lots of people are dumping their BTC, this would enable investors to help stock up crypto exchanges with crypto assets at a cheaper cost and then they sit back and wait for the next boom in crypto and make good money from the sale of it and the associated fees.
I’m not scared, I’m still buying GPU’s for my rigs even though my daily earning amount is lower.
You’re right about some people, many states in the USA are actually embracing BTC mining and earning good money from taxing it, a couple of states have gone as far as to buy a couple of BTC miners themselves, The fact so many people are selling means that their understanding of BTC was limited.
In my opinion the smart people are the ones still investing in crypto exchanges.
" * Fort Worth, Texas recently became the first city to start mining bitcoin, after the city council unanimously approved an experimental program that will use three mines (worth $600 each) donated by the Texas Blockchain Council. The mines, which will run 24 hours per day, will add BTC to the city’s balance sheet for the first time and will operate in a climate-controlled room in Fort Worth’s City Hall."
That’s the benefit of bottom up, distributed, diffused and local democracy. You can compete and be first or more favourable to innovation, this is something that centralised top down command authority is slow and bad at. You can react in policy faster and more regional.
Well this isn’t only about mining Bitcoin to get the coins. They also have miners to stabilize the grid. Bitcoin mining doesn’t cause supply chain issues down the line if you just shut it off at a moments notice because you need the power somewhere else.
Bitcoin is basically a energy buyer of last resort in that scenario. They just use the energy no one else wants and would otherwise go to waste. This is especially powerful and necessary the more renewable sources like wind or solar that are weather dependent you add to the mix. It also makes the renewables more profitable, because instead of shutting them down in times of less consumption and good weather conditions, you can now let them run and sell to miners.
TerraUSD and Luna were bad ideas, the fact so many invested in it shows me the lack of understanding that exists among the crypto market. If people are going to create crypto or digital currencies then they need a superior understanding of economics.
It’s funny to see people selling their BTC, these are the same people who will re-invest in BTC when the price picks up again. BTC is at a great low price and now is a good time to invest, I am very confident in BTC, it has survived recessions, pandemics, and seems to be holding up well in a time of war.
It’s current value of £24,157 which is slowly rising shows me there is still a very strong demand in the world for BTC.
They haven’t seen panic yet, wait for them to wake up to the stock market collapsing. They will be waiting for the Buffet metric to fall below 100% to reenter.
Don’t worry, it’s just a little market rout. Coinbase junk bonds fell.
Panic exits are good for flushing out risk. Look for the mountain of volume, you can only sell once.
Well that is pretty much the case for all crypto. When it comes to crypto as money, the circumstances of Bitcoins creations where so special, I don’t think it can be repeated without it getting corrupted before it reaches the decentralization to become resistant to this corruption.
As for crypto or “blockchain” for other things than money, I haven’t seen anything that actually has a reasonable use case or even necessarily makes sense. Money is a special case because the ledger entry itself represents the balance and creates the digital asset. It all lives on the ledger. If the is even remotely any other information or data involved you collide with the oracle problem.
All this will become more apparent over the following months, as all this shitcoins fail and get washed out, as it happens in every bear market
There is always a risk of corruption, there was talk previously of the top mining blocks rolling back a few to recover lost funds. They decided against it out of fear of losing their value. The risk is always there, it could happen in the future.
Bitcoin won’t be forever. It’s not a forever ever coin. Bitcoin and some small subset of alts are a manifestation / realisation of our distrust and dislike of the fait alternative. Bitcoin is also fait but not by state decree, but by market decree. It will just take one blackswan corruption event to break that trust and faith.
A lot of people suggest dumb stuff. That doesn’t mean there is even the possibility of this happening. This would require a hard fork, and this would cause a chain split. You would automatically have two chains, one with the intact history and one with the modified one.
If you run a node it will still be on the original chain. You would have to actively switch to the modified node software to get on the fork. Good luck convincing even a fraction of the estimated 100k nodes to switch. And then the market would decide which one is valued more.
Something far more trivial has already been attempted by what is now called Bitcoin Cash in the block size wars. It failed miserably.
No form of money survived particularly long. Except gold maybe, but it’s not a very practical form of money if used directly.
All money is fail, and all of them can fail, even gold.
It’s very possible he may default for now, but in the future El salvador could be very rich.
Also the debt payment for El Salvador seems to be 800m due in January, Him spending 25m on BTC shouldn’t affect his ability to pay this. So if he does fail to pay then it won’t be because he’s spent money on BTC and associated electricity farming it will be because the country was in bad shape anyway.
Unless some country pressures SWIFT to cut them off and steal their currency and gold reserves forcing a default by economic warfare. Don’t worry, it only happens to somebody else. Until…
BIS, IMF et al are not amused so… cui bono
There’s no bigger organised pirate than the state. The notion of property ownership went out the window. They can come along and take whatever they like under any pretence they make up to justify it.
Don’t worry, it’s all good, until… it’s happens to you.
