Bitcoin price discussion and analysis

[noirua]

City in North Dakota now accepts cryptocurrency for utility payments

The city of Williston, North Dakota is joining the cryptocurrency adoption race in the United States by starting to accept crypto payments.

cointelegraph.com

Hercules Cummings, finance director for the City of Williston, announced Thursday that the city administration has partnered with crypto payment firm BitPay to start accepting cryptocurrencies like Bitcoin (BTC) as payment for utility bills.

 

[ducati916]

And

Fact-Check: This Bitcoin Selloff is Nothing Like the Others

The most common thing bitcoin bulls say during drawdowns is that volatility is normal. "It's just a routine selloff.

www.linkedin.com

jog on
duc

 

[sptrawler]

I think this is the article, we are looking for. May just be a bit of a scare tactic, or may get the pitchfork crew wound up, who knows.

176,000,000,000,000,000,000 per second: The reason Elon Musk is moving away from Bitcoin

Elon Musk says Bitcoin is bad for the environment, and some very big numbers are behind it.

www.abc.net.au

From the article:
The issue is that all these computer farms working overtime to mine bitcoin use up a lot of real-world energy.

The grunt work of adding to the block chain has computers run guessing games involving an astronomically large number of guesses each second.

To be more precise, the network is currently estimated as being able to handle 176,000,000,000,000,000,000 (that's 176 quintillion) computations every single second.

All those numbers are energy intensive, so the power consumption of the Bitcoin network is huge.

According to the University of Cambridge's Centre for Alternative Finance, the estimated annualised consumption of electricity by the Bitcoin network is 149.6 terawatt hours and growing.

That's more than countries like Sweden, Pakistan and Malaysia, and about 61 per cent of Australia's total energy consumption.
A report from the centre noted that miners "have long competed on accessing the cheapest energy source".

Many of those sources are fossil fuels.

According to German research published in the academic paper Joule in 2019, Bitcoin was responsible for up to 51 megatons of CO2 emissions annually.

 

[Smurf1976]

the estimated annualised consumption of electricity by the Bitcoin network is 149.6 terawatt hours and growing.

It's a lot of energy no matter how it's expressed and comes with a very real cost - at heavy industrial energy industrial prices that's roughly $12 billion a year worth of electricity (will vary with location but that's a ballpark figure).

That's a decent sized energy overhead given the tiny market share Bitcoin has in terms of being a payment method for real world goods and services of any sort.

 

[qldfrog]

It's a lot of energy no matter how it's expressed and comes with a very real cost - at heavy industrial energy industrial prices that's roughly $12 billion a year worth of electricity (will vary with location but that's a ballpark figure).

That's a decent sized energy overhead given the tiny market share Bitcoin has in terms of being a payment method for real world goods and services of any sort.

Another way of seeing btc is as a real world non digital srorage of used energy.as such, it has a value.
Look at it as a statue taking 200h of an artist time.
May not even be nice but the effort in creating it can be seen as a justification for its price,whereas many would find it hard to pay $ for a white A4 piece of paper sold as" a dot "artpiece
Aluminium was once seen as gold and a store of value without use.
This disappeared when manufacturing process changed and we were able to extract it.
While this argument is used by the save the planet narrative, this is a fake problem IMHO
What is the power consumption of FB..which is not a store of value...?
Disclaimer i own some bits of btc

 

[qldfrog]

Another way of seeing btc is as a real world non digital srorage of used energy.as such, it has a value.
Look at it as a statue taking 200h of an artist time.
May not even be nice but the effort in creating it can be seen as a justification for its price,whereas many would find it hard to pay $ for a white A4 piece of paper sold as" a dot "artpiece
Aluminium was once seen as gold and a store of value without use.
This disappeared when manufacturing process changed and we were able to extract it.
While this argument is used by the save the planet narrative, this is a fake problem IMHO
What is the power consumption of FB..which is not a store of value...?
Disclaimer i own some bits of btc

For info
FB data server alone were using 5 terawatt h in 2019
Obviously, a small part of FB useage as every phone and computer using it plus the internet inc storage and data center required is the lion share of the consumption for FB so orobably comparable..hard to know in a 5min check..
Back to crypto

 

[over9k]

"Bitcoin consumes more energy than Argentina"

Bitcoin consumes 'more electricity than Argentina'

The rising value of Bitcoin leads to ever-higher energy consumption, researchers say.

www.bbc.com

"The data from the Cambridge Center for Alternative Finance shows that Bitcoin's electricity consumption of 121.05 terawatt-hours (TWh) surpasses that of Argentina at 121 TWh and the United Arab Emirates at 113.20 TWh, and it close to that of Norway with a consumption of 122.20 TWh per year".

 

[sptrawler]

Of more concern for bitcoin IMO, is when the 'woke' brigade take exception to the power usage and apply the climate change pressure on it.

 

[over9k]

I'd love to see how they're going to do that. Have you not seen those youtube videos of the massive warehouses with rows and rows and rows of mining rigs set up up in the chinese mountains?



This is just one of many.

 

[qldfrog]

Of more concern for bitcoin IMO, is when the 'woke' brigade take exception to the power usage and apply the climate change pressure on it.

Yes, not a problem a pretext, as often discussed, it has to be firty money: so dirty crime, dirty environment, dirty morally, etc.
If we had printed BTC banknotes, i can bet you that these would be blamed for Covid.
Governments can not let BTC grow.

 

[Smurf1976]

Of more concern for bitcoin IMO, is when the 'woke' brigade take exception to the power usage and apply the climate change pressure on it.

Personally I'm looking at it purely in financial terms.

High energy consumption is a real economic cost and creates an incentive for someone to come up with an alternative that doesn't have such high costs.

It's a possible trigger for negative public perception and so on which would advantage a lower energy competitor. Whether that actually happens is uncertain but it's possible.

The big one though is more about what I'll refer to in generic terms as "the financial establishment" or "Wall Street banks" or anything else of that generic nature. I can't see why they'd be even slightly keen on something that's outside the realm of traditional finance and which to the extent it has a "natural" home, that home is nowhere even remotely close to New York or London.

That aspect leads me to think there'll be some very powerful entities keen to not have it go too far and while that's a bit on the "tin foil hat" side, I don't doubt that "big finance" does have at least some influence.

All that says nothing about the short term price action but it makes me cautious about the longer term situation with Bitcoin. I wouldn't be surprised if the concept ends up being a big thing but not actual Bitcoin itself.

 

[sptrawler]

Personally I'm looking at it purely in financial terms.

High energy consumption is a real economic cost and creates an incentive for someone to come up with an alternative that doesn't have such high costs.

It's a possible trigger for negative public perception and so on which would advantage a lower energy competitor. Whether that actually happens is uncertain but it's possible.

The big one though is more about what I'll refer to in generic terms as "the financial establishment" or "Wall Street banks" or anything else of that generic nature. I can't see why they'd be even slightly keen on something that's outside the realm of traditional finance and which to the extent it has a "natural" home, that home is nowhere even remotely close to New York or London.

That aspect leads me to think there'll be some very powerful entities keen to not have it go too far and while that's a bit on the "tin foil hat" side, I don't doubt that "big finance" does have at least some influence.

All that says nothing about the short term price action but it makes me cautious about the longer term situation with Bitcoin. I wouldn't be surprised if the concept ends up being a big thing but not actual Bitcoin itself.

As you know the governments aren't going to allow a 'black market' currency to exist, but would love to introduce a digital currency where every dollar can be traced.
A win/win situation for governments ATM, digital currency is becoming accepted as a trusted and reliable medium, if the governments tried to introduce it there would be a lot of backlash.
It is all good PR and free advertising for the governments ATM, no point popping the bubble yet.
Just my opinion.

 

[noirua]

15 May 2021

 

[noirua]

Data shows the ‘Bitcoin price drops ahead of CME expiries’ claim is a myth

Many traders believe the narrative that Bitcoin price drops ahead of CME BTC futures expiries, but data shows the trend is all bark and no bite.

cointelegraph.com

Historically, activity surrounding the Bitcoin (BTC) monthly futures and options expiry has been blamed for weakening bullish momentum. A few studies from 2019 found a 2.3% average drop in BTC price 40 hours before the CME futures settlement date.

 

[gartley]

Bulls will be in disbelief in the weeks ahead, post # 710 and subsequent posts thereafter suggested this was a high probability sell based completed EW count and cycles.. The initial leg down was impressive, now the nasty wave C down is upon us. The target range for this leg down: 36750-42186 and direction probably in line where the broader indices will head.
That range should present another buying opportunity for good rally, how much and how sustainable of a rally remains to be seen....

 

[ducati916]

Technically, BTC looks like toast.



The problem with stuff that goes straight up is that it builds no natural support levels once it stops going straight up. The support level for this is attached to a 12 handle.

The next problem, assuming this takes a bit of time to trade down as the kool-aid drinkers fight it all the way, is that as time passes, the Sovereigns will be that much closer to issuing their own 'legal' cryptos and BTC/etc will have regulatory issues.


jog on
duc

 

[againsthegrain]

On previous dips all the other crypto got dragged down, this time looks different everybody is running to hills (alt coins) after all that is what most btc bulls know

 

[Garpal Gumnut]

I was speaking to a fellow drinker at the hotel today who's mate's, ex's, cousin's, gardener's, barber made $300,000 three weeks ago out of selling his bitcoin which he'd bought early in the piece.

If that is not a bubble in crypto, I don't know what is.

gg

 

[Dark1975]

Well btc dominance has dropped to 40% ... So

As predicted, 12hrs later as I posted i purchased bitcoin cash it has gained 50% , and cardano and other alt coins are now are on the move, should see massive moves other the next couple of weeks
This is not finacial advice. Pls DYOR

As mentioned from my previous posts ...Cardino (ada) Xrp / xlm and other alt coins are on the move..
As we still are in alt coin season.
Btc looks cooked atm , This looks to confirm on a technical and with recent media on energy usage and ellon musks tweets.
To be honest I've never invested in Btc for this reason, And i find it hilarious that people were not aware of btc's energy consumption before ellon musk tweeted this.

My trading plan has altered a little due to btc looking shaky.
Tho 85% of my portfolio is still in the alt coins. ( which 70 % of my porfolio with xrp /cardino and xlm have made 15% in the last 24hrs).

So hence i see money still flowing in the alt coins, Although Btc will start to correct like 2017, Money will go in to the alt coins.
I don't see a collapse in the crypto market atm,
Nor do i see i collapse in the stock market ,
Purely trade the trend on the weekly chart, Use stop loss /
With the endless printing of money and low interest rates , I intend to keep day trading with trend.
And people don't plan to fail. They fail to plan .
Pls this isn't financial advice . Pls DYOR

 

[over9k]

Just in case anyone wants a quick & easy infographic they can ragepost all over social media with.