Might seem counter-intuitive but it is mining difficulty that drives price not the other way around.
How on earth did you come to such an erroneous conclusion? That makes zero sense.
Makes sense to me.
Mining ⛏ difficulty is the backbone of btc.
That does not mean that the BTC price follows mining or mining difficulties. You can wish that all that you like, but makes hardly any sense and it's going to lead you to the wrong conclusions on a variety of occasions if you continue to believe such and especially if you make your BTC allocation or reallocation decisions based on such a lagging indicator.. even though for sure, there are some good aspects to be monitoring the role of mining, especially if you are in the business of mining... and figuring out the extent that mining might be profitable or not or more profitable than buying bitcoin directly without getting involved in mining.
btc is created by converting energy to coin.
more difficulty means more power is needed to mine a coin.
thus the base value of a coin is determined by power needed to mine it.
He is making perfect sense.
Does not make sense to me.
Any one that does not agree simply should go for pos coins and leave this thread 🧵
Yes.. it is bullshit.. including your attempt to make a nonsense framework that either BTC price is lead by hashrate or otherwise anyone who does not believe in that believes in POS...
You are showing your own ignorance and leading into arrogance with those kinds of lacking in insight claims.
how is that for fighting words.
Now I stand by that.
Yes.. stand behind a bullshit claim.. that makes a lot of sense.
edit if you don't it means you don’t belong here as a btc person or a pow person or a satoshi person
Fuck off with that nonsense.
second edit ✍️ it is okay if you don’t believe in the POW 💥 concept that satoshi coined when he first set btc into motion.
But the whole idea is energy is used to create wealth.
POW
not POS
You are repeating yourself, and also you seem to not even understand what you are talking about...
It should be pretty clear that quite a few folks who are longer term bitcoiners already understand that bitcoin has brought POW to the space... so you are creating some kind of false dichotomy if you are proclaiming that miners are leading bitcoin's price blah blah blah..