Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Blockstream bought Spondoolies remnant (people in the know understand what I am talking about).
My concern is that Chinese would stop producing miners. Maybe Blockstream has something lined up.
SOMEONE should step in (Samsung?), the only question is ensuring financing, chip supply and assembly.
It is NOT very easy as all US producers were either bad or went bankrupt.
My concern is that Chinese would stop producing miners. Maybe Blockstream has something lined up.
SOMEONE should step in (Samsung?), the only question is ensuring financing, chip supply and assembly.
It is NOT very easy as all US producers were either bad or went bankrupt.
Miner production is the last aspect that poses a threat to Bitcoin: it is the last centralized aspect of Bitcoin.
A crackdown on ASICS producers and foundries could hurt the system.
But its'...transitory.
In the long run, markets will readjust and new producers would come in to take their slice of the profits.
IT'S HAPPENING!
https://twitter.com/documentingbtc/status/1442955263149887490?s=21
Sorry, in a long run we are all dead, so this argument does not fly very far.
No doubt some might come at some point, but where are they now?
Nobody apart from another Chinese company or two wanted to challenge Bitmain for mass miner production, although there were many billions at stake.
I am not sure why.
All 'investors' on this forum underappreciate the mining aspect and VERY often pooh-pooh it.
However with no miners production for a couple years, I assure you that the price will stagnate as well. Why? Because hashing power is one important aspect to which people always point as a sign of bitcoin network growth. If there would be no growth in hashing power, I fully expect that the price might stagnate as well.
The 'investor' class here might argue that it ain't so and mining reacts to price and not vice versa, but bitcoin network IS based on mining, so I would respectfully disagree with such opinions. Who knows, maybe the price is sniffing out this possibility.
TL;DR with no new miners there will be no significant bitcoin price appreciation (let's make it a proclamation #1).
very bold prediction.
“stagnation” much like the USA congress a lot of shouting and no real legislation.