Post
Topic
Board Development & Technical Discussion
Re: Miner Question
by
Khaos77
on 08/01/2020, 14:36:37 UTC
See, I KNOW for a FACT that bitcoin will NEVER drop below an exchange rate of 100 BTC per $0.01.  I KNOW this because, at that price I will buy every bitcoin I can find.  This creates a permanent floor at that exchange rate, and creates a scarcity such that if ANYONE else wants ANY bitcoins at all, they'll have to pay AT LEAST that much.  I'm pretty confident that there are others with more resources that are willing to do the same at a higher exchange rate.  Therefore, there will be competition for the scarce bitcoins, and the price WILL eventually rise again.

The majority of greater fools can buy a large chunk of bitcoin at $0.01 ,
but can you afford the hashrate to keep running it securely.
Answer there is no.

 Cool

FYI:
Miners can't survive a month at $1000 per bitcoin, $.01 is laughable.
At the next halving , watch how many miners declare bankruptcy at over $7000 per bitcoin, and now you see the failure of the PoW design.



which worst case means diff wait of 13 or 14 days will stretch to only 25 - 30 days.

You are assuming that bitcoin has excess transaction capacity, and we all know that to be false.
Transaction fees would skyrocket to $100 in the frantic cash out that would occur and the price per coins dives lower.
The majority of users would have their money frozen by excessive fees, odds are the network dies before they could even withdraw it.