Welcome to the Daily Discussion. Please read the disclaimer and rules before participating. Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could…
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As the government of Kazakhstan claims the country’s power services are stabilizing, thus the Bitcoin hashrate could be on its way to recovery. However, is the situation stable enough for Bitcoin mining yet? Will it ever be? A Recap Just a few days after the Bitcoin hashrate reached an All-Time High, thus recovering from the China ban on crypto mining, another authoritarian crisis hit the bitcoin mining industry in Kazakhstan, taking the hash to drop 15% in 10 days. The country has been the second-largest bitcoin mining spot (after the U.S.) with 18% of the global BTC hashrate ever since China’s miners were forced to find new locations with cheap energy costs. Parallel to the crypto market down movement, on Friday 7th the price of BTC dropped to $41,000 while the coin’s mining in Kazakhstan went dark as the government forced a power and internet shutdown to gain control over raising protests, which had turned violent. The protestors were reportedly voicing their anger toward new high fuel costs. The news has been reported everywhere without complete certainty of what’s happening. Borders, the internet, and other means of communication were blocked, so the information doesn’t reach the world so easily. The latest reports had shown that the uprising has been tamed as Russia’s President Putin stood proudly as the military ally who sent paratroopers last week. A demonstration of power through force. President Kassym-Jomart Tokayev called it “an attempted coup d’etat”, Reuters reported. He alleged that “It became clear that the main goal was to undermine the constitutional order and to seize power.” Both countries had referred to the uprising as a foreign-backed insurrection, failing to blame someone –or somewhere– in specific. “Old man out!” was the protestors’ favorite chant referring to the former Nazarbayev who still holds power. “We are ordinary people. We are not terrorists!!” read a banner from 40 activists. Related Reading | Could Kazakhstan Turmoil Cause Another Bitcoin Hash Crash? Is The Crisis Over? The government gave “shoot to kill” orders. In short: no, the real crisis cannot be over. The violence, however, might have stopped. Reportedly, 164 people (3 children) have been killed, over 2,000 injured, 7,939 were detained. “The violence has been by far the worst seen in the country since independence from the Soviet Union in 1991.” The Telegraph reported “One man who had ventured out to find food was shot dead, according to credible reports, and a Kazakh media group said that one of its drivers had been killed.” It wasn’t simply an internet shutdown: they was no way to buy food, banks were closed in central Almaty, going out was too dangerous, even ambulances were too afraid to work past the 7 pm curfew. It also wasn’t simply about a rise in fuel prices, as the UK-based newspaper reported, the citizen’s despair also comes from “frustration at economic stagnation, revulsion at elite corruption and anger at the dilapidated state of social services and healthcare despite Kazakhstan’s oil and mineral wealth”. The National Security Committee of Kazakhstan claimed that the situation has “stabilized and is under control” and declared the date as a day of mourning. However, others report that the protests enter week 2. Bitcoin Mining In Kazakhstan On the miners’ end, the government intends to tighten rules and introduce extra taxes starting this year. Currently, reports are showing mixed signals about the impact of these events on the industry. An analysis by CoinDesk using data from mining pool BTC.com alleged that the lost Bitcoin hashrate of top mining pools had been nearly recovered, narrowing the loss to 2.2%. The portal reported Alan Dordzhiev, head of the Kazakh National Association of Blockchain and Data Center Industry, had told them that the situation had been “almost resolved” and despite the blackouts, crypto mining regions were “totally fine”. However, internet watchdog NetBlocks reported that a new blackout happened: And NetBlocks’ director of research of internet monitor Isik Mater told Forkast that restorations made in the country “are limited, unpredictable and don’t satisfy the requirement for a stable connectivity needed for cryptocurrency mining or blockchain applications,” The current hashrate measured by Blockchain.com reads 176 EH/s, still away from the 208 million EH/s ATH on January 1st –but not endangering. Kazakhstan miners had been facing power restrictions. They might have already started to set their sight overseas, and beyond the service’s stability, the ongoing situation is unlikely to make them feel safe and welcomed. Related Reading | Bitcoin Hashrate Approaches New ATH, What Does It Mean For The Price?
"Hodl is a dangerous cult" "If you sell crypto when it's 50% down, you don't deserve it when it's 1000% up" "BITCOIN can do what it wants, I'm never selling" These are just a few posts of late pushing certain ideals during this dip/crash/bear/buying opportunity or what ever you want to call it. We're all…
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In Retrospect: Very excited for “Ravencoin Halving” which will start in 17 hours. I know that many people who don’t have financial or banking background are concerned from the Federal Reserve decision that it will tighten/taper their holdings which has affected "crypto". Seen this volatility many times before (They announce it, market pulls back then…
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submitted by /u/TheGreatCryptopo [link] [comments]
Let's take a look at the SEC Ethereum ‘Free Pass’ theory and why it’s important: https://www.cryptovantage.com/news/the-sec-ethereum-free-pass-theory-and-why-its-important-for-crypto/ submitted by /u/thecryptovantage [link] [comments]
Bitcoin has been dropping consistently for the past week and the crypto market has lost over $500 billion following this dip. Like with any crash, there have been the expected calls of ‘buy the dip’ from investors who believe that the dips are only temporary and that the digital asset will soon recover all of its lost value. While this advice is sometimes sound, there is no doubt that there are some drawbacks with it, which could range from adding to a losing position that ends up losing more, to sinking more money in projects that may already be doomed to fail. Veteran trader Peter Brandt has addressed these calls of ‘buy the dip’, explaining why investors should not follow it. Related Reading | Melania Trump Congratulates Bitcoin On 13th Anniversary Of Bitcoin Genesis Block You Could Lose More Money Famed trader Peter Brandt responded to a tweet from CEO of Vailshire Capital, Jeff Ross, saying that the price dips that are being experienced by bitcoin presented an opportunity for long-term traders to increase their holdings. Brandt’s tweet was vehemently against this school of thought, proposing instead “a sacred trading rule” for investors during times like these. The veteran trader compared the current movement of bitcoin to the Silver $SI_F of 1980, which had grown to its $50 top after a massive run. It had subsequently sunk to $3.65, leading people to purchase it in the hopes of catching the dip, but the asset ended staying low for more than two decades. https://twitter.com/PeterLBrandt/status/1479433011439362048?s=20 Basically, the investor urged investors to not rush to purchase bitcoin because it is low and they think it will not go lower. BTC continues downward trend | Source: BTCUSD on TradingView.com Comparing Gold And Bitcoin In a subsequent tweet, Brandt did a similar comparison to the price of bitcoin. This time around, he focused his attention on gold, calling out the fact that just like silver in the 1980s, gold experienced a similar trend. He explained that gold had first hit its all-time high of $873 in 1980, followed by a drop in price to $255. The asset which had been the inflation hedge of choice for many decades had remained in this territory for almost three decades following this and would only beat this previous all-time high 27 years later. Related Reading | TA: Bitcoin Key Indicators Suggest A Strengthening Case For More Downsides Brandt admonished the author of the previous tweet by asking, “Is this your definition of a ‘long-term’ investor?” Naturally, Brandt’s comment regarding bitcoin had drawn the ire of bitcoin maximalists who flocked to explain to the older trader why the digital asset would not follow the footsteps of gold and silver. One user tweeted that “Difference is btc is technology, not a rock”, while another pointed out that bitcoin had more utility, saying, “Gold has been a disastrous investment. Not much utility in it. Hard to carry your gold with you in the event of political system or economic collapse. Hence #Bitcoin.” Featured image from Blogtienao, chart from TradingView.com
Originally I was interested in the concept and I wanted to use my raspberry pi to mine it, so I started researching…but then I started seeing red flags. So, at first glance this whole thing seems an awful lot like a crypto-flavored ponzi scheme (an actual ponzi scheme…not the blanket term that airheads usually throw…
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Title says it all, but I know I have to write a bunch of shit here for the post to get some traction. Like many of you, I bought this delicious dip. I'm out of money now, but I have an average ETH buy price of $2984…which I think is pretty good. I'm hodling this…
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Global bitcoin mining company Bitfarms has bought the dip and added 1,000 bitcoins to its balance sheet while the prices of mining hardware remain high. The company’s corporate treasury now holds more than 4,300 bitcoins. Mining Company Buys the Dip Bitfarms Ltd. has taken advantage of the falling price of bitcoin. The publicly traded bitcoin […]
