Discussion on the ETH bloodbath (+)

Despair incoming.

By my calculations, for RVN to carry even 10% of the gpu mining from ETH, it would need to reach $0.70. Just because it needs to, doesn't mean it will. So we have two problems, one is that more gpus needing to switch to RVN shifts the ratio of raven mined per unit of electricity spent. Now, we are going to assume the cost of electricity will act as a bottom to the price, as miners will turn their devices off if it gets to that point. But that means:

1. RVN doesn't skyrocket like many hoped, so they give up on their long trade and start selling;
2. With prices stuck at a level where no real profit is possible, miners start losing interest in the coin, the hype train loses fuel;
3. A lot of miners will need to quit because the equilibrium point between electricity cost and difficulty doesn't allow for all of the hashrate to flood over all the coins at current prices.

I suppose with more miners, you might have more people with a vested interest in pumping/pimping the coin(s). That is a big unknown as a single person doing the right thing can have a massive impact on demand.

Longer term we also have to watch out for the green agenda, which seems to be gaining speed. What happens if governments start going after people using "more than their fair share" of electricity? I mean they already do, but what happens if that keeps getting worse, which is literally what governments are promising to do? You can move a bitcoin mine, but how is a network of mostly domestic miners going to just pick up and move? So regardless of what you may think of POS vs POW, governments might literally make POW illegal and only tolerate POS networks, which would crash demand while crippling the mining network as it drivers miners underground, where it won't be that easy to hide as you still need massive amounts of electricity.

We still have massive demand flooding into crypto as governments mismanage their fiat currencies into oblivion. But that is with them tolerating crypto. What we've learned over the last two years is that there is no limit to the level of authoritarianism these governments are willing to go and people are more than willing to go along with it (they won't revolt). A massive surveillance state is being built. While we had some freedom, it was possible to fit crypto in. But they are literally making it illegal to enter a shop without your qr code. Things are being rolled out at different speeds in different places but the destination seems to be the same everywhere, which is an impressive level of global coordination that implies there is no real competition between nation states, which means nowhere to run/hide.

So the only solution is for everyone to sell their RVN and crash the price hard, so I can buy a ton of it. I'm sorry guys, there is no other way. You just have to sell.