FYI, Fidelity started mining crypto back in 2014. This looks interesting, I know I hate playing around with the Ledger.
This market is so weak, it's like a sword hanging by a thread. When it inevitably breaks, it will be fatal. There are more liquidations till $63K Bitcoin than there were from $60K -> $70K. Maybe it is but it doesn't look like a top just yet. It's just a game where they are trying to squeeze the shorters and sucker in more retail and ETF funds before the rug gets pulled. Don't fool yourself. It's a ponzi pump&dump scheme, there is no underlying value. If you are right on timing (and many who bought early have been) you can make a lot of money. But it's at the expanse of those who come in later and then everyone loses. Shorters are some of the most kind and genuine people on earth. They try to expose the frauds before they can hurt more people. It is unfortunate that the fraudsters usually have more capital and can easily squeeze the shorters, creating an even larger bubble. But that's how it is. A nice and honest review of the bitcoin mining business by Sahm Adrangi. He seems like such a nice and honest guy, wish there were more people like this!
Shorted Bitcoin and lost. Now refers to himself and the other shorters as 'the most kind and genuine people on earth'. Shamelessly implies that he is shorting in order to save people from fraud and not to try and profit. LOL.You cant make this stuff up! LOL Sometimes you just know youre on the right side.
Has to be one of the stupidest statement made in the past 15 years:- “Bitcoin mining is one of the stupidest business models we’ve come across in our time short selling over the past 15 years.”
What really gets me about this is that a really intelligent person needs to think a few steps ahead to really determine if this is in fact true or not. I'm only gonna write this out for the casual readers so they understand and see the light, but obviously us bitcoin guys will know this. The reason why bitcoin cannot be "hacked" or corrupted, is exactly because of the mining. It takes a shit ton of energy to produce these blocks. If it was easy to produce blocks, the US government or any other entity could easily take over the mining operation and kill bitcoin, very much the same way the US military goes into middle eastern countries to take over the regime and kill the leader if they don't like their oil policies. To be fully decentralized means that its impossible for any company or country to change the functioning of bitcoin. Since money is central to every single decision that is made in this world, money has to be impervious to being fucked with. Because of the combo of the Fed and US government spending, USD is 100% fuckery, and we get the messed up world that we have right now. When people can 100% trust the money they use to work exactly as intended without anyone being able to fuck with it, everyone is forced to make better decisions. Now one can argue about businesses practices of some miners, and maybe some have a horrible business model, and so let them go bankrupt. But the whole idea behind bitcoin mining protecting one of the most important resources that every needs, sound money, along with true free market capitalism forces at play that ensure only the best run miners survive, is exactly why this business model will continue to thrive. There are no subsidies in bitcoin, there is no way to fake energy, you either have the hardware to do mining or you don't, etc. Its all a wonderful model based on truth.
Number of countries is meaningless. Companies, not countries are doing the mining. Anyway I see 11-12 circles over that map covering the U.S. And those are prolly just the biggies. Notice importantly none in Iran or North Korea.
You have a point there -- big governments never do anything bad because they always follow the will of the people. The map snapshot also shows the top four mining pools had 79.61% of the hash power which looks a lot like oligarchydemocracy at work to me. There is no disputing bitcoin mining is very centralized. I don't know if that is good or bad, but it shouldn't be argued that decentralization is one of the great qualities of bitcoin.
I agree that it would be nice if there was more in other countries, but I don't worry that anyone has enough mining power to launch any kind of attack. Now saying all that, I also know that the few big mining pools having control over templates is problematic, and I'd love to see so much more hashrate going to Ocean. But the fact that nobody can do with Bitcoin what other countries do with their currency is the important part. Funds can't be seized, like US did with Russian reserves, and nobody can print Bitcoin, which is what every fiat currency suffers from. Bitcoin may not be perfect, but right now, it's the most honest and impenetrable system we have.