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by fallingfrog 132 days ago
As far as I can tell, bitcoin, having no intrinsic value, is priced entirely by vibes. Right now the vibes are generally negative. The latest bubble of interest has faded. I would wait, the world could become interested again but it may be 2 or 3 years. The bottom will probably be around 70k.
2 comments
rvnx 132 days ago
What if all these AI companies, are going to mint coins with their idle GPUs, wouldn't that lower value of these coins massively ?

It's not as good as an ASIC, but we talk about millions of GPUs

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BJones12 132 days ago
Bitcoin mining on GPUs is generally unprofitable due to the price of electricity.
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direwolf20 132 days ago
The rate of coin mining is the same, no matter how many miners there are
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Esophagus4 132 days ago
The trouble with vibe-based pricing is it’s really hard to time the vibes. And hard to time the vibe dip.
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fallingfrog 130 days ago
Yes this is absolutely true. Difficult to impossible, I would say.. my prediction of "2 to 3 years" could very well be totally wrong.

The dominant narrative around bitcoin right now is "hodl because in the long term it always goes up." Thats the core premise that the bitcoin price is based on. If that premise were to crack, bitcoin could drop to near zero for all we know.

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Esophagus4 130 days ago
Yeah, exactly.

While I’ve been watching it, it seems like the narrative of value has rotated between:

- BTC will be a global currency (this has only proven true for illicit activity)

- BTC will be a hedge against inflation like gold (this has also not been correct recently)

- BTC is a store of value??? Which is just circular reasoning… you should buy it because other people are buying it

Idk man, what do I know

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