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Comment on The stock market looks like the Bitcoin economy, and that’s not a good thing in ~finance
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Comment on What games have you been playing, and what's your opinion on them? in ~games
ParmuTownley Linkred dead redemption 2. tip: don't rust this game. It's meant to be immersed into.red dead redemption 2.
tip: don't rust this game. It's meant to be immersed into.
The author doesn't seem like a person who really understand bitcoin.
This may have been true in 2017 but with Lightning Network the usage is higher than it has ever been. Places like https://bitrefill.com wouldn't survive if people weren't spending their bitcoin. But still since it's deflationary by design, people will also use it as store of value.
I don't understand him completely on this but, Bitcoin mining will always be profitable to some. If the price of bitcoin drops to say 1$. Many miners would stop mining it. But bitcoin readjusts its difficulty every 210,000 blocks (~2 weeks). The down fall in miner hash rate will make it easier to mine. So people can mine it with low powered machines and still be profitable. Sure, the network will be less secure, but if bitcoin hashrate drops to 1/10th of what it is today it'll still be secure enough.
The real concern is why is bitcoin's price so corelated to the stock market and not gold? Fundamentally Bitcoin is more like Gold than Stock. But investor sentiment takes over fundamentals.