This is institutional investors driving up price and then pulling out. Bitcoin is propped up by absolutely nothing other than betting. It has no use outside holding a value. Someone will be a bag holder. It’s just a matter of time.
this post was submitted on 09 Mar 2024
113 points (84.2% liked)
News
23287 readers
3694 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
It's estimated that Bitcoin uses the same amount of energy as the entire Internet. Just to put that in perspective that's roughly 2% of all the energy generated by America every year.
America produces roughly 14,000,000,000,000 pounds of greenhouse gases in a year and 2% of that is 280,000,000,000 pounds...
I did some maths back on another thread here: https://feddit.nl/comment/6632730
The internet is around 40 times bigger than crypto as a whole. Feel free to check it and tell me if I missed the mark.
However, Buttcoin still eats a disgusting amount of electricity, being 2.5% of the whole internet. All the while, its only utility has so far been to create a completely unregulated commodity market that is unsurprisingly dominated by private equity doing pump and dumps.
The interesting thing someone brought up in that discussion though is that half of all consumer internet traffic is ads. Which is scary, and I don't know (or rather do exactly know) why we don't talk about that.
It’s estimated that Bitcoin uses the same amount of energy as the entire Internet.
I checked out of the bitcoin hype years ago but is there a source for this? On it's face, it sounds outlandish.
load more comments
(2 replies)
load more comments
(3 replies)
At least tulips exist...
So what is blowing up the bubble this time?
People not selling since before the crash. There will be a fall of about 10% from people wanting to get out after being scared by the last crash, then it will rebound and climb as FOMO sets in with the confidence climb after the dip.
I bought $276 on the cash app for fun. It's now worth $1200. Should i cash it out or wait? I really have no idea. I feel bad that I'm part of a super weird system of fake money, but I'm also happy to see an extra $k.
Ask yourself this: has Bitcoin had - or is it trending towards - a net positive impact on our world? In other words, is it worth investing in long term? If it isn't you should treat it as a short term investment and get out as soon as you've made a profit - and you've literally 4x'd your investment. The fact that we're talking about the price in c/News is already a bad bubble sign and reminiscent of all the other times we've had crypto bubbles.
load more comments
(2 replies)
The halving soon.
This thread has been great for identifying and blocking cryptobros.
view more: next ›