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RE: Opinion: Bitcoin is close to becoming worthless

in #bitcoin5 years ago (edited)

Same old argument that completely ignores the difficulty adjustment algorithm. It also ignores that not all miners pay for electricity the same way, meaning their threshold for shutting down equipment in advance of an adjustment will vary greatly. It also ignores incentive, not all miners mine to sell BTC immediately on the open market, so the short term price matters less to them. BCH and SV miners have been throwing hash power at their respective coins for ideological reasons. I have no reason to believe the amount of potential ideological miners of BTC for a two week span wouldn't dwarf them.

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