Feb

11

Alex Castaldo writes:

what does dr burry mean by his btc mining tweet today

(20) Cassandra on Twitter: "70% of $BTC is mined in sanctioned countries, China, Iran, Russia. Crypto is in a race - add enough reputable agents of commerce to counter and overcome the inevitable coordinated actions of the ECB/BoJ/Fed/IMF/WorldBank-level powers-that-be to crush it. https://t.co/glYdmeTJ4g." / Twitter

70% of $BTC is mined in sanctioned countries, China, Iran, Russia. Crypto is in a race - add enough reputable agents of commerce to counter and overcome the inevitable coordinated actions of the ECB/BoJ/Fed/IMF/WorldBank-level powers-that-be to crush it. 

Pete Earle writes:

He's saying that BTC needs to grow its network and become a more compelling medium of exchange in order to survive the likely outcome of the governments and monetary authorities in China and Russia (Iran?) putting severe criminal penalties on its mining and usage. Meh. 

Does not follow that if mining were quashed in those countries other miners elsewhere wouldn't fill the gap, but it would be a bumpy ride and the price would almost definitely suffer. (There's also the remote chance that in the tumult that would follow miners going offline there could be a 51% attack.) But it strikes me that when an illicit enterprise becomes big enough (gambling, marijuana, etc.) governments would rather become privileged providers and gatekeepers than suppressors. 

Jayson Pifer writes:

Burry seems to be missing that cheap electricity wins.  It's not a matter of simply adding reputable agents when they will not be able to scale to compete with Chinese miners.  Not to mention that those sanctioned countries are incentivized to mine heavily and therefore keep the security of the network high.  I don't really see this changing.

I'm curious what sort of coordinated actions he supposes will be taken by the power-that-be.  For the foreseeable future it appears to be concurrent debasement of currencies to the benefit of cryptos.

I forget who on the list was running a mining operation, the information shared was valuable.  Perhaps we could get some recent insight.


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