Bitcoin just keeps getting more and more secure by the week
So much for a miner and hash rate death spiral!
It appears the death of bitcoin was greatly exaggerated following the most recent halving, not that I actually believed any of that garbage for one second.
But not only were they wrong, they were dead wrong.
Just about every week we are back to making new highs in total network hash rate.
And here we are now, making new highs yet again:
(Source: ~~~ embed:1304987586058948608/photo/1) twitter metadata:QlRDaXphdGlvbnx8aHR0cHM6Ly90d2l0dGVyLmNvbS9CVENpemF0aW9uL3N0YXR1cy8xMzA0OTg3NTg2MDU4OTQ4NjA4L3Bob3RvLzEpfA== ~~~
Cool, so what does this mean exactly?
It means that more resources are being put in to secure the bitcoin network than ever before.
More specifically, the rising hash rate means miners are probably still able to earn considerable profits from mining bitcoin at current prices.
Which means we are due for an adjustment...
Difficulty rate going to go up again:
(Source: ~~~ embed:1305060672460464128/photo/2) twitter metadata:Qml0Y29pbl9Xb29kc3x8aHR0cHM6Ly90d2l0dGVyLmNvbS9CaXRjb2luX1dvb2RzL3N0YXR1cy8xMzA1MDYwNjcyNDYwNDY0MTI4L3Bob3RvLzIpfA== ~~~
Looking pretty bullish...
Along with the fundamentals getting better and better, the order books are pretty interesting as well.
Especially from a zoomed out perspective.
Normally an order book gets heavier the further out you look because less and less coins equal more and more dollar value as the price goes up.
However, this is interesting:
(Source: ~~~ embed:1305060662234828806/photo/1) twitter metadata:U25lZ01hcmt8fGh0dHBzOi8vdHdpdHRlci5jb20vU25lZ01hcmsvc3RhdHVzLzEzMDUwNjA2NjIyMzQ4Mjg4MDYvcGhvdG8vMSl8 ~~~
A lot more money sitting on the bid...
Interesting.
Onwards and upwards!
The next 12-18 months are going to be a lot of fun around here!
Stay informed my friends.
-Doc
Posted Using LeoFinance
WHAT is your pick for peak price of btc? Im picking it to go over 100k in the next 18 months, before crashing... picking the selling point will be the trick!
That is pretty close to mine as well. I think we will $100k BTC at some point within the next 18 months. It's a number a lot of patterns are pointing to as well. However, I am not sure where the eventual peak might be during this cycle. PlanB says it will be north of $250k at some point prior to the end of this cycle but I don't think it will get that high, at least not yet.
Thanks for the very informative analysis.
Looking forward to seeing what happens the next 12-18 months.
Posted using Dapplr
Same here. But it today and check again a year later. It should be a nice surprise. :)
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STOPTo support your work, I also upvoted your post!
Thanks.
You're welcome @jrcornel🐝🐝🐝
Did you hear about microstrategy? If they spark a trend then I think the big bull run could come much earlier than expected. Do you think we will close the CME gap? Is there any reason we’d have to other than precedence?
Yes I did hear about them. Very bold move.
We didn't quite close the gap, but we sure got close. Time will tell if that was "close enough" for the market or we have one more leg down after our bounce here. Personally I could see either one. Things may get volatile as we get closer to the election...
And the IRS is putting out a reward to test bitcoin and monero.
Well, i guess the reward is technically for anyone who breaks either of them.
Lots of luck IRS.
Yea did that reward seem a little small to you???
If i was actually going to try. As in hire a small team of the brightest... i wouldn't even bother trying for that miniscule amount.
So, that leaves the people already trying to crack it.
Dilemma:
I don't think the vast majority with that kind of ability would chose option number two... Maybe it was more like $10 million or something large enough to never have to worry about money again, then perhaps it would be different.
Yeah all the predictions of Bitcoin dying were very hyperbolic lol. As long as their is real-world use and utility of BTC, it's value will never go to 0. It's great also that we're seeing the price bounce back now 👌
I honestly thinking providing a hedge against central bank money printing is a great use case, some people don't seem to realize that.