⚡️The Lightning Torch has been passed to @keithammon. Keith is the man who introduced me to #Bitcoin in May 2011, and it is a great honor to pass this torch to him today. This technology is changing money, which is to say, changing the world. Thank you Keith! #LNTrustChain
$247T of total global debt.
$90T of broad currency.
$37T of narrow currency.
$13T of household debt.
A giant con-fidence game built from an undefined monetary unit with no limits on emission & *no viable alternative* for capital hostages.
Then came #Bitcoin. Not optional! 😯
@TenaciousBTC@TraceMayer@peterktodd Trace has some great logical visions 4 ppl 2 get behind, but u r correct imho @TenaciousBTC it's easier 4 him 2 say some things when he has his stake at 25c & 50c or $2 not at $500 or $3k etc.. or 4 many more at $4-5k who were still in b4 the "crazy" & it's more serious 4 them 😥
@TenaciousBTC@TraceMayer@peterktodd It's why I respect how Buffet does his trade but actually DON'T like WHAT he does most of the time.
Ie. Monopolies in industries, or buys half dead companies and sells them for parts instead of trying to rebuild them. No honour in either of those things.
But he is good at it?🤔😭
@TenaciousBTC@TraceMayer@peterktodd This is actually a really great point about Trace. I think he's got such an amazing insight into the way he looks at things but you are correct. He looks at them from his point of view it won't always suit everyone's position.
I hope so ,
The average global cost is estimated around 6k USD today.
Perhaps this is why the bounce has always come off this line?
Normally a 3rd hit on analysis would break that trend line, but not with BTC!???
Mining bottom?🤔🧐
@TraceMayer@peterktodd Mining will find a market equilibrium where it is marginally profitable for the most efficient miners before price bottoms and reverses IMO, has the difficulty gotten ahead of the price before?
@TraderThinking@TraceMayer@peterktodd 💯 nailed it!
It's a VERY dangerous situation!
Sure the difficulty level drops of the trades slow, but this doesn't mean the big players don't NOW KNOW the value in it. So they can weather the storm unlike smaller miners.
= Monopoly mining 😭😭😭
Terrible if that happens
@Brendan_Baker@optictopic@TraceMayer@peterktodd Not true! A HODLER also looks at the asset. Miners will go broke at 3k leaving a few big ones. Bitmain could well get a monopoly on btc at that kind of price. I think 3k is terrible! I don't care if it stays where it is for 2 years but Miners can't LOSE money or we get a monopoly
@LightningHardw1 @TraceMayer@peterktodd I actually agree with this. Because on the flip side u will find now KNOWING what we do. If it falls it's simply an opportunity for the smaller mining companies 2 die off leaving bitmain with a FAR GREATER chance at a mining monopoly on btc if costs cannot be covered short term
@davthewave@TraceMayer@peterktodd Trace says that to voice his opinion that long bear markets are great for bitcoin, but I doubt he thinks the probability of 3k is high.