Bitcoins/Litecoins/Virtual Currencies

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Jive Turkey

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Sanrith Descartes

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Right, but the significance of the "death cross" doesn't mean anything. The cross itself is an arbitrary point that only holds significance in that humans like round numbers. Switch the number of days used to calculate the moving averages and the cross has already happened or will be delayed or will not happen at all. In other words, nothing special happens at the cross. And by using the cross as some sort of signifier, you're actually encouraging people to act differently after that point, which exasperates the down trend.

I'm still open to being retarded though
We are but slaves to the machines. It doesn't matter what we think. What matters is how the algos are programmed.
 
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Asshat wormie

2023 Asshat Award Winner
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Since i am too lazy and too busy to do look into it myself, someone give me some ideas as to me why Faulty Armor farming being banned is causing a drop? Does that not decrease the supply of coins being mined?
 

Haus

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Since i am too lazy and too busy to do look into it myself, someone give me some ideas as to me why Faulty Armor farming being banned is causing a drop? Does that not decrease the supply of coins being mined?

It represents one of the largest countries in the world taking an active stance against bitcoin within their borders, unlike their previous bloviating about it, this is actual action. I would expect it to have a marketwide negative impact much larger than a tiny country saying they're going to accept it as legal tender.

With that said, there's a much scarier potential here which is that they're doing this so the government can effectively seize control of all the mining operations. Which would effectively undermine any level of confidence in bitcoin as then it would be willfully manipulated by a state actor.
 

Haus

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Just watched this. For those who like the trend and cycle analysis he does a great job of showing both the bearish and bullish cases in the medium/longer terms. Still this is in the realm of "trader" rather than "investor" as the latter is still in the camp of "If you hold it more than 2 years you will be in profit, period".

 

Torrid

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Dunno what 'faulty armor farming' is but in regards to Bitcoin mining, dropped hash rate only causes a very temporary drop in the rate of produced blocks because the difficulty of the 'puzzle' (the media likes this word) is adjusted every 2 weeks in order to keep the block rate at a 10 minute average. So the rate at which new coins are produced will return to a 10 minute average every two weeks regardless of how much hash rate joins or leaves the network. This is how the network scaled from 1 CPU mining it to warehouses of ASICs while maintaining a predictable rate of increasing supply. This is how the network could lose half its hash power overnight (i.e. by China kicking miners out) without significant service disruption. This is also why it's dumb to say that a single transaction causes X amount of pollution/power use: because the hash rate would remain virtually the same whether or not the blocks had 200 transactions in them or 2000 (at least until TX fees become the primary source of miner revenue) and the network could lose 99% of its hash power and still process the same TX rate in two weeks. (probably 4 weeks in that extreme case if it happened instantly)
 
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Torrid

Molten Core Raider
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Lol. "The study's authors, for the first time, quantify the share of Bitcoin's emissions attributable to Tesla" -- they literally just multiplied an estimate of Bitcoin's carbon emissions (with ZERO discussion of energy mix which is the single most important factor) with the percentage of coins Tesla posses relative to the total circulating supply. Bitcoin's energy use is extremely transparent and easily estimated and has been for years, which is why it is easy to attack in the press, because it's hard to estimate how much carbon pollution banks put out for example.

It's also silly because using that methodology, the energy use estimate would change dramatically in any given year. Is somebody who bought 100,000 bitcoins in 2011 for like $30,000 or whatever responsible for 586,000 metric tons of carbon emissions annually? After all they own 0.65% of the supply. (I'm sure their carbon estimate is equally bullshit)

All this concern over the environment but I still see Christmas lights every year. Only bitcoiners are required to make sacrifices I guess. America's Christmas lights use about 5% of BTC's yearly energy use. (OMG more than countries!) So at Christmas time, inside those 5 or whatever weeks in the USA alone, the energy use from those lights is something like half Bitcoin's energy use. And that's how you can know the press is full of shit.
 
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Big Phoenix

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That doesnt change everything surrounding the mining of coins is one of the largest waste of resources ever.
 
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Sanrith Descartes

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They bought at 37k. They are currently down almost 75 million dollars just on this purchase as of current price. Shareholders going to love this.

ps.. buying near the top of the trough is just plain stupid. I guess these guys dont know how to read a chart.

 
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Haus

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They bought at 37k. They are currently down almost 75 million dollars just on this purchase as of current price. Shareholders going to love this.

ps.. buying near the top of the trough is just plain stupid. I guess these guys dont know how to read a chart.


They'll play out the "long term asset" story....

Although the more I'm looking the more feasible $25k BTC, and $1500 ETC are looking in the short term. (i.e. probably through end of the Summer)
 

Sanrith Descartes

Veteran of a thousand threadban wars
<Aristocrat╭ರ_•́>
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They'll play out the "long term asset" story....

Although the more I'm looking the more feasible $25k BTC, and $1500 ETC are looking in the short term. (i.e. probably through end of the Summer)
BTC has some support around 31k and it has been bouncing off it for a few months. If that ever fails then yeah 24-25k is the next real support level.