Even Jihan Wu, thinks the price of bitcoin is going below $6k , which is why he wants to lay off more staff.
It the Bitmain CEO does not have a good grasp of market movements considering he has access to asics purchase data and actual costs,
then what makes you think you know more than him.
It the Bitmain CEO does not have a good grasp of market movements considering he has access to asics purchase data and actual costs,
then what makes you think you know more than him.
That may not speak to Jihan Wu's price predictions. Bitmain might just be performing poorly and are tightening their belt.
Jihan Wu, and Bitmain sold their Bitcoin hoard to buy Bitcoin Cash, which lost more value compared to Bitcoin. They would have saved 50% of their staff if they HODL Bitcoin.
Think about it, why is Jihan Wu showing more support for bitcoin cash than bitcoin.
It is because he knows the rewards are dropping and he will earn more in transaction fees from bitcoin cash than bitcoin.
Because BCH has a larger file size more transactions , Jihan Wu does not care if you are running a node or not, he only cares about profit.
Which should scare you, as it directly shows the miner's interests/support is wavering for btc and moving toward other ASIC friendly networks.
You are missing the point , the fact is less blocks will be found which will also decrease rewards.
Franky1 pointed out many time , currently Miners care little for transactions fees as they earn the majority from the bitcoin rewards,
This means even if the fees skyrocket , this will not cover the cost of the loss in rewards prices.
In other words, the higher fees won't offset the difference and bitcoin is still fucked.
Franky1 pointed out many time , currently Miners care little for transactions fees as they earn the majority from the bitcoin rewards,
This means even if the fees skyrocket , this will not cover the cost of the loss in rewards prices.
In other words, the higher fees won't offset the difference and bitcoin is still fucked.
For a few weeks, until difficulty adjusts.
You think if block time increases, miners everywhere will just immediately give up and abandon their operations?
Miners can't afford to keep mining without profit,
It is not that they want to quit, but the utility company turns off their power due to non-payment.
Profit matters.
franky1 has the right to be concerned, but his solution is not the right solution.
Franky1 Solution helps the miners earn more profits from transaction fees , so they remain profitable and financial interests/support remain with btc not toward BCH or other ASICS friendly networks.
LN steals transaction fees from BTC for it's offchain network, it is definitely not the solution for the miners profit margin anyway.
That is why the miners are colluding behind your backs preparing to switch networks at one of the next halvings,
because the majority are ignoring their financial concerns and they plan on staying profitable with or without btc.
And when you think about , would you really do any different if you were in their shoes.
