Also, the casino nature of the "crypto" market, leads to great volitility and the association of Bitcoin as a "tech product" has it firmly in step with the Nasdaq chart at times.
Filed under, “Teach people that
Bitcoin is not a stock—Bitcoin is nothing like a stock.” It is a very large file.
Its no secret that bitcoin has been tracking the stock market latelty and becoming more and more intertwined with political and macroeconomic factors,So it may actually be beneficial to treat it as a "stock" as this will allow for better models and price predictions.
On another note: how long do yall think we can hold this 20k support,and is there any major support under it incase we break it ?
Miner support at 15-17k ranges
Question:
At what point would falling BTC price suppress hashrate sufficiently to make it difficult to reach the next difficulty adjustment?
This has been on my mind since I saw your above-quoted post. An economic attack on Bitcoin is also a security attack,
and a DoS if the price can be crashed fast enough that the network grinds to a halt. If “TPTB” want to force a switch to POS, this is an interesting feature.
Explaining for newbies, not for phil: In November 2017, hostile miners attempted the Bcash “flippening”. Some Bcashers proclaimed they could make it infeasible for Bitcoin to reach the next adjustment. But Bitcoin’s economics constrained them in the direction opposite of what now concerns me. They could not afford only to mine Bcash. They tried to pump the BCH market—it went wild, spiked and then crashed. That could only work as a pump-and-dump on clueless Bcashers. The hostile miners had to return to Bitcoin, if they wanted to pay their own bills.
(Some POW altcoins have a DAA that adjusts after every block. In my casual observation, it seems a little bit unstable; and in theory, I guess it may be easier to game some ways. Maybe. I am not an expert on this question—far from it! But if there is a sudden, drastic loss of hashrate, the remaining hashrate only needs to find ~1 more block for things to begin to return to normal.)
Some miners have low enough energy costs, they could probably keep going at ridiculously low BTC prices. Flared natural gas, areas with high electricity production and low demand, etc. But I guess not those in New Jersey. How much of a % of global hashrate?
I know much of the theory here. (Including the Poisson process and its exponential distribution of arrival times. About 99% of Bitcoiners get this wrong, including many forum Legendaries.) But I have no experience with mining; and mining is in many ways an experiential thing. Especially the business side of mining. I would appreciate your insights.