1) Busting the Myth: “Bitcoin has zero value & is backed by nothing.”
#Bitcoin is backed by the resilience of a decentralized network of miners that maintain block validation which establishes a consistent Financial System. Monetary Policy is dictated by code, NOT the
#Bitcoin is backed by the resilience of a decentralized network of miners that maintain block validation which establishes a consistent Financial System. Monetary Policy is dictated by code, NOT the
2) opinions of Central Bankers.
#Bitcoin Miners spend $BILLIONS on Electricity, Mining Rigs, Repurposed Facilities, Electrical Infrastructure & own some of the most valuable Energy Assets/Contracts in the World. They have astonishing CONVICTION in their Bitcoin Financial System.
#Bitcoin Miners spend $BILLIONS on Electricity, Mining Rigs, Repurposed Facilities, Electrical Infrastructure & own some of the most valuable Energy Assets/Contracts in the World. They have astonishing CONVICTION in their Bitcoin Financial System.
3) Miners are the backbone of the Bitcoin Blockchain. It is important to understand that Bitcoin is a Global Phenomenon. To end the network, you must shut off every miner (hobbyist & large farm) in 100+ Sovereign Countries. It may be the most difficult network to end.
4) Ultimately, the market determines Bitcoin’s price. Bitcoin has a liquid, secondary market that is subject to price discovery. Anyone can participate and put their money where their mouth is. Those with the best information will lead the price and discount the future.
5) The Bitcoin Network’s resilience and survivability improves everyday. The risk I identify are exchanges. The failure point is if governments disrupted on/off ramps to fiat by shutting down or prohibiting exchanges. Killing liquidity, Kills price.
6) The market would likely adapt and recover (eventually) but this would disrupt miners. If miners cannot off ramp their rewards to pay their expenses, they would have to shut down their operations.
7) I want to emphasize, the Bitcoin Network is a Global Phenomenon. There are OTC Desks & Off Ramp Exchanges in dozens of Sovereign Countries so the Bitcoin Network again is insulated from the power of any 1 government.
I dive deeper next week with .@MartyBent on @TFTC21 Podcast
I dive deeper next week with .@MartyBent on @TFTC21 Podcast
