Is Bitcoin dead or not?
Cryptocurrency market is now down. Bitcoin dropped significantly (from 20 000 USD to 3600 USD). Network hashrate started to decline and the twitter is a lot of new show Chinese miners are liquidated their ASICs miners, because the bitcoin mining is not profitable. Look at this tweet:
https://twitter.com/cryptofun1/status/1065141437711437824
This video can be true, but what kind o ASICs miners are there? Yes. This is the right question. I think there are not profitable ASICs miners like AntMiner S7. Look at this hashrate chart:
Decreasing hashrate do not forecast good news. Do not be blind, look around and listen. There is a lot of good news. Ohio Becomes first US State to allow taxes to be paid in bitcoin.
https://twitter.com/coindesk/status/1066999058726825984
Look into the European Parliament:
https://twitter.com/APompliano/status/1064141922183335936
And also Nasdaq still planning bitcoin futures launch in 2019:
https://www.coindesk.com/bloomberg-nasdaq-still-planning-bitcoin-futures-launch-in-2019
Bitcoin payments come to Canadian jewelry stalwart Birks Group
https://twitter.com/Cointelegraph/status/1067778904910372864
Compare the price today and year before and compare hashrate today and year before, compare how many people know bitcoin today and how many the year before. Do not afraid about hashrate. Look at Bitmain, the manufacturer of ASICs miners. The ASICs performance is growing, costs of energy per GH are decreasing and the difficulty of mining started to decrease. Please wait few weeks and than look at bitcoin hashate again. It will grow, price will grow. I think, now is the best time to buy bitcoin.
I just wrote a little about this in my post today. Basically we are below the cost of production for many miners but not all. This will cause a "shortage" of supply in the market as there will be fewer miners being rewarded and more retail/institutional investors over time. This will eventually result in a run up in price as speculation takes ahold again.
I don`t know why this post was not rewarded? His points were so convincing.
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