121–130 of 310 posts
I was shocked the other day on the Ethereum PoS announcement by the energy consumption per transaction metrics. It threw the whole crypto market into a new light for me. BTC is using over a megawatt hour PER transaction! That's almost 5000 miles in a Tesla model 3. BTC is using about 2/3 of the power of every data center on the planet! Many, many people have been imprisoned or executed for creating less societal harm…
Also, people in China would call it "unplug" when exchanges going down. It's a popular meme because people find every time the market crashes those Chinese exchanges would go down as well, thus many people believe they intentionally did that to let oligarchs sell their crypto in back channels first.
Earlier quoted context omitted.
> to lock in their customers while the exchange liquidates its positions. Not an expert in legal and financial matters, but that sounds like it would start a FBI inquiry and even prison-time for all those involved.
so many FBI inquiries started from the GME fiasco, right?
Shaaaaady. The NYGA report on Tether is due today. Tether is completely insolvent, and once the rug is pulled, all of the exchanges are going to realize that all of their "stable" reserves are worthless and they can't pay out what they're storing for customers, and the price will tumble all the way down as there's a run on the pseudo-banks that can't payout. Or not, what do I know.
I've been hearing the same thing about tether for about half a decade now. We all know it's insolvent. Apparently it doesn't matter.
I recommend to look at the tether trading volume. If too many people are requesting their dollars at the same time, tether will go bankrupt and with it the bulk of the 'value' of the crypto empire. (hard to get a site that is up and has a good chart for that rn..)
https://crypto-anonymous-2021.medium.com/the-bit-short-insid... Posted on HN a while back. "To be crystal clear: every time you sell Tethers on Kraken, you are forcing Tether Ltd. to pay you in US dollars. If you can manage to sell enough Tethers for USD on Kraken, then Tether Ltd. will run out of dollars and this whole machine — which currently undergirds 70% of all crypto trading flows — will fall apart. Well-capit…
I recommend to look at the tether trading volume. If too many people are requesting their dollars at the same time, tether will go bankrupt and with it the bulk of the 'value' of the crypto empire. (hard to get a site that is up and has a good chart for that rn..)
I was shocked the other day on the Ethereum PoS announcement by the energy consumption per transaction metrics. It threw the whole crypto market into a new light for me. BTC is using over a megawatt hour PER transaction! That's almost 5000 miles in a Tesla model 3. BTC is using about 2/3 of the power of every data center on the planet! Many, many people have been imprisoned or executed for creating less societal harm…
Maybe take a longer view.
deleting due to quality of replies
Estimates put 65-75% of BTC mining in China. That just became a pretty shaky foundation.