Hey so uhh I always hear people talking about the bitcoin difficulty increase meaning it HAS to increase the price of bitcoin because of bitcoin becoming more scarce....but isn't that only HALF of the most basic equation in economics....supply and DEMAND? Who cares how tiny the supply gets. If demand doesn't increase substantially then the mining difficulty increase won't mean shit, and you'll never have a $100k BTC. You can sit and watch the difficulty increase----but you can't just sit and pray for demand for BTC to increase. Because it's not. If the economy crashes, BTC will crash hard too...its no "safe haven". Nobody is going to care that BTC has become more scarce due to an increase in difficulty when there is an economic crisis going on.
Blockchain is a fake technology, a buzzword filled with even more buzzword's in its definition. "Bro if you write the word POOP on the back of this Bitcoin, then everyone else has to verify that it says POOP therefore....its verified POOP!"
Post all the TA and meme lines you want, here's the only chart that matters. Can you feel the demand for bitcoin rising? I can't either.
I wonder what happens to your graph when you use a fixed supply... you need to account for surplus demand and deficits to figure out the equilibrium price and go from there.
bitcoin won't become more SCARCE retard. difficulty increase correlates how hard it is to get and how much work (hash rate) has to be done before getting a bitcoin. it's not a coin burn. it'll definitely lower profits of miners though.
Brandon Watson
I'll give you an A for effort in trying to keep this bait thread going. But, you are really presenting such shallow facts and basically just looking to argue with someone about bullshit points that, are meaningless in the grand scheme of things. Hope it works out for you.
Hudson Myers
Wow, this makes no sense what so ever. Are you saying that if it's harder for me to supply a market with something it has no effect on price? >Fuck, this is obvious shit post material
Ian Howard
is this bait?
the fact that offer dimminishes with time means the price wises if the demand remains the same
if offer dimminishes and demand goes up price skyrockets
Noah Lewis
Bitcoin supply is fixed and determined by the protocol. The difficulty adjustment ensures the supply is predictable. Increasing difficulty directly indicates increasing demand for Bitcoin. This is entirely dependant on the behavior of participants in the Bitcoin mining industry.
Asher Torres
>Increasing difficulty directly indicates increasing demand for Bitcoin >
Lol no it fucking doesn't
Jeremiah Wood
People left on this board arw delusional bagholders and no coiners who are just here to laugh. Anyone who was here since at least 2016 and was half smart sold in december/ january and is probably having fun with their money
Robert Turner
>muh demand is determined by plebs, not the powerful mining cartels.
Logan Turner
We are those who will hold during next bull rally to 100K You faggots will come to us, we have all the patience in the world
Robert Taylor
Bitcoin is unironically napster.
Chase Brooks
I agree with you. Bitcoin has no demand since it can't be used as currency. A secondary blockchain (ETH, BCH, NANO) will take over
Isaac Hall
The mining cartel puts the product out to be sold. There has to be buyers....DEMAND....for BTC @ $100k for it to be sold at that price. How is that scenario supposed to play out?
>normies see BTC pump and dump, get scared from it >it pumps highest ever---to $100k >"okay normies, BTC pumped to $100k we promise it won't dump!" >"ok thx I bought 100k btc @ $100k"
Sounds like Pajeet's wet dream
Eli Smith
>implying normies have memory capacity
Jason Price
This is exactly how it will happen.
Jaxson Cooper
Whats going to make normies want to buy $100k BTC when they can buy everything they want with fiat?
Gavin Morgan
OP you realize supply and demand determines the current price as well...
Christopher Jones
Exactly, and what I'm saying is that we have already reached near peak demand. At $19k, even your grandpa was talking about bitcoin. That's near or already peak demand. So, peak demand could hold BTC @ $19k for a little bit. Therefore, demand is going sideways or lower since then. BTC supply is going sideways. They're both going sideways, therefore $19k is the approximate top if we get another bullrun again. But even that is not going to happen.
Lincoln Thomas
Dude just let it go and don't bother looking for reasoning. You're right, but at the same time, coiners have their legitimate reasons why they are right. It's all a ponzi. Bitcoin is dumb. The cryptocurrency noobs act like a cult because > muh decentralization > muh control your own money
meanwhile, BTC is completely centralized with a few chink mining groups owning all the hashpower. And normies will never give a shit when they just use Venmo.
B-b-b cross border payments in 3rd world countries. Oh yeah, who is doing that? Fucking nobody.
This argument is tired and played out. Both sides are correct and both sides are wrong too. We just have to see what happens. At the end of the day, we all know it's a ponzi and hope to make money and dump our bags on some other noob. No one really gives a shit about this.
Daniel Hall
>peak demand >difficulty keeps rising Do you still not understand how this shit works? The block reward schedule is able to remain the same regardless of any increase or decrease in hashpower by an automatic difficulty adjustment. Increasing difficulty indicates that miners are willing to expend more effort to obtain the same block reward.
>B-but muh normies Normies are fucking stupid. They believe whatever you tell them, remember what you want them to, and promptly forget anything that is not kept on a reinforcement regimen. There are powerful interests that have adopted cryptocurrency as a transition into a new paradigm. Any struggles relating to this has absolute nigger dick to do with what muh literal pubic louse normie wagecuck happens to think at any given time.
Jonathan Reed
>centralized with a few chink mining groups owning all the hashpower centralization is control of an activity or organization under a single authority - which is clearly not what is going on you fucking retard. they don't "own" alll the hashpower either there's nothing stopping you (besides money) from mining and become 30% of the network, etc.
>B-b-b cross border payments in 3rd world countries. Oh yeah, who is doing that? Fucking nobody. ....... Venezuela.
Wyatt Johnson
mining difficulty will adjust downwards when price drops, due to inefficient miners going offline.
>mining difficulty will adjust downwards when price drops, due to inefficient miners going offline. Apparently, Bitcoin price has increased since December bitcoinwisdom.com/bitcoin/difficulty
Brody Richardson
no you absolute turbo faggot, i've been to venezuela and seen this shit myself, plus there are several other countries where this is prominent. i've been telling people about this way before faggots like you have been reading articles about this on reddit.
and look at you, you deleted you post yourself you fucking tard.
Jacob Harris
it's still profitable.
Alexander Taylor
>In history, Bitcoin mining has never been on-paper unprofitable.
Ian Phillips
Technically you’re wrong though. If btc mining difficulty CONTINUES to go up that means more and more is being invested in mining equipment, since these businesses can not afford to run at a loss indefinitely then there is no scenario in which say ten years from now BTC difficulty has steadily gone up and price has gone down
Angel Torres
>Technically you’re wrong though.
Wrong.
Jason Thomas
Wouldn’t the supply curve shift to the left making a higher price?
Gabriel Phillips
>bitcoin >supply manipulation Yes, bitcoins can be burned. How about you start by volunteering to burn yours.
