1 and 2 will FUD the shit out of this. 3 will be skeptical. 4 and 5 will be keen to listen because what I'm about to tell you is undeniable truth: Bitcoin is treading on very thin ice. I will explain.
As of a few days ago it cost ~$6,200 to mine one bitcoin and the mining power is now rivaling the power consumption of the entire country of Argentina. (This is the 20th largest country by GDP in the world, just so we're clear we're not talking about some African shithole). This cost is only getting higher.
Upwards of 80% of the hashpower of bitcoin is centered in China. For all you noobs & basement dwellers i want to stress something: China is a COMMUNIST nation. Capitalism does not apply. They can shut down bitcoin mining for any number of reasons: namely excessive power consumption - which they have already started (scmp.com/business/banking-finance/article/2126776/china-plans-curb-electricity-usage-drive-cryptocurrency)
Why does this matter? I'll tell you. If the current hashpower suddenly falls below 50% Bitcoin will enter what is called "chain death spiral". The remaining miners will not have enough hashpower to reach the next difficulty adjustment and this will create a domino effect - bitcoin miners will continue to drop off as bitcoin becomes unprofitable to mine, making the difficulty adjustment all that harder to obtain. It is a fatal flaw in bitcoin... the blockchain will grind to a halt. It won't matter if you have $100 million in BTC - you won't be able to move it.
If you think it can't happen, I refer you to this very board in mid Nov 2017 when BCASH nearly stole the show due the fact it was more profitable to mine. Biz was awash in wojaks and purists losing their fucking minds because BTC was nearly destroyed. Check the archives, and the hashpower graph here: cointelegraph.com/news/how-close-did-bitcoin-get-to-disastrous-chain-death-spiral . BTC was only saved by BCH's own difficulty readjustment. This went to show that miners only cared about the profit, not the tech.
Finally - a big chunk of that profit bitcoin miner make? It's from the transaction fees. The "lightning network" will not save bitcoin because it only subtracts from the miner's profits. Think about it - who are you paying those fees to? The fucking miners! If you take that source of revenue away, it makes them that much more likely to jump ship. Lightning is not the savior of bitcoin, it is the death knell.
Now watch the REEEEEEEEE's that follow this post. They'll call it bullshit, FUD, etc. But it remains an immutable truth. Invest wisely anons.
Owen Ramirez
whale here, buy BNT it's pumping today
Aaron Cook
And people will move on to ETH, and it's like nothing ever happened. Market dominance of BTC has been steadily declining anyway. Won t take long now
Sebastian Sanders
I don't disagree with this.
Jack Hernandez
“potential” scenario but not likely. I don’t think thats gonna happen for a multitude of reasona im not gonna explain in detail.
t. experienced guy
Jace Nelson
I don't hold any BTC but this epic death spiral thing is literal FUD. Miners just increase fees if block rewards reduce.
