Absolutely. They mined most of them and continue to do use ASICs to this day. China is a known currency manipulator. Globalists bet on China's rise and normies happily handed over their money.
They do. I already said why. It was originally created through graphics cards, but they developed machines to do it 10 times faster, ran them for months, and sold them to the rest of the world while they developed more powerful ones and ran those too. They have done this for almost a decade.
Except problem is the mining difficulty is getting so hard they’re extremely unprofitable. And looking to ETH 2.0, there will be no mining on Ethereum, most people have a 80/20 split on BTC/ETH.
They already have most of them. It doesn't matter. They have most of the hardware made and it can still become profitable if Dorsey and friends pump it enough. They also sell them around the time they are expected to not be profitable. Either way, they have most of them.
Actually you’re completely wrong, and easily proved so, you can head over to Glassnode, they track the blockchain and you can actually look what people are doing with certain amounts of bitcoin. If you look at people with over 1000 Bitcoin, they have sold NOTHING and are buying up every dip that has come today.
The weak retail consumer hands who were lured in during ATH’s and the ever worsening emergency of 0% backed paper IOU’s we have from the government called fiat currency / USD, are the ones selling (44% of sellers were new wallets made in 2021, meaning dumb consumer money)
Not saying the Chinese don’t have new ASIC’s, but if you actually look what their ASIC’s are, they’re garbage, they’re several dozen parallel SOC’s running as a mesh cryptography unit, of super super old refurb from ewaste phone SOC’s from 2017-2018, with a controller hub with simple SHA or whatever the encryption type is, decryption software. Not saying I can build one, but I also wouldn’t mine, you’re looking at 7 month ROI’s for Bitcoin, you can mine alt’s like DASH or Ravencoin but for 99% they’re degenerators that you’re losing money month to month from value degradation.
Also, with BTC we have a fixed 21 million supply, and really 2017 was the last time mining was super profitable because the difficulty was still low enough with mostly NVidia CUDA mining just being over taken by Antminer’s and whatnot. But by the time they hit the market the difficulty was up 6000%.
Bitcoin is all about oversight. It’s a self auditing self regulating system immune to dishonesty. Not all banks are in bitcoin, even if they are, you’re telling me they’ll crash Bitcoin to lose their own money to lose consumers money? That makes total sense.
It is true that a few of the biggest mining pools are in China, but that does not mean all the miners are. Mining is most profitable in countries with low energy costs (generally Russia, China; the countries that do not care about CO2 or have plenty of nuclear power).
However, this does not imply most bitcoins are in Chinese hands: There are plenty of people renting mining power from China and Russia to mine coins, which they then own in their own wallets.
Besides, even if BTC is mostly in Chinese hands, who cares? It is a bull market. It has been for a while now. You can still make a profit, especially looking at the long term. BTC is like any other commodity in that regard.
You can get a mining rig with ASICs for $3-5k and it will turn a profit in under six months. Or you can mine ETH on your GPU. Even moderate GPUs (4GB+ required), will turn a profit fast at current prices. Most people already have such a GPU, at least the gamers, modellers, etc. So nothing is really lost, except for having to pay a higher electric bill.
If you do not want to participate; no one is forcing you.
LOL, a Ponzi scheme. I bought in March, not even a year ago, at THREE THOUSAND. We are at 33,000. I have 10X’d my money, and I’m still not selling. Absolute morons. Bitcoin has 20-30% corrections all the time during parabolic bull runs. Jesus, l2 crypto trade.
Fiat? If the US dollar collapse, We still have a large amount of gold reserve. Why else did Nixon take us out of the gold standard? So other nations can't take our gold, DUH! Nixon literally created the US as the foundation currency for the entire world.
Are you on the right site? Fiat is now ZERO PERCENT BACKED. Dems have a TRILLION DOLLAR DEBT PLAN. Our currency is going to be worthless. Look at the third world countries, second world countries already following, were next!
Absolutely. They mined most of them and continue to do use ASICs to this day. China is a known currency manipulator. Globalists bet on China's rise and normies happily handed over their money.
I heard CCP owns a majority of the bitcoins. That is a concern.
They do. I already said why. It was originally created through graphics cards, but they developed machines to do it 10 times faster, ran them for months, and sold them to the rest of the world while they developed more powerful ones and ran those too. They have done this for almost a decade.
Except problem is the mining difficulty is getting so hard they’re extremely unprofitable. And looking to ETH 2.0, there will be no mining on Ethereum, most people have a 80/20 split on BTC/ETH.
They already have most of them. It doesn't matter. They have most of the hardware made and it can still become profitable if Dorsey and friends pump it enough. They also sell them around the time they are expected to not be profitable. Either way, they have most of them.
Actually you’re completely wrong, and easily proved so, you can head over to Glassnode, they track the blockchain and you can actually look what people are doing with certain amounts of bitcoin. If you look at people with over 1000 Bitcoin, they have sold NOTHING and are buying up every dip that has come today.
The weak retail consumer hands who were lured in during ATH’s and the ever worsening emergency of 0% backed paper IOU’s we have from the government called fiat currency / USD, are the ones selling (44% of sellers were new wallets made in 2021, meaning dumb consumer money)
Not saying the Chinese don’t have new ASIC’s, but if you actually look what their ASIC’s are, they’re garbage, they’re several dozen parallel SOC’s running as a mesh cryptography unit, of super super old refurb from ewaste phone SOC’s from 2017-2018, with a controller hub with simple SHA or whatever the encryption type is, decryption software. Not saying I can build one, but I also wouldn’t mine, you’re looking at 7 month ROI’s for Bitcoin, you can mine alt’s like DASH or Ravencoin but for 99% they’re degenerators that you’re losing money month to month from value degradation.
Also, with BTC we have a fixed 21 million supply, and really 2017 was the last time mining was super profitable because the difficulty was still low enough with mostly NVidia CUDA mining just being over taken by Antminer’s and whatnot. But by the time they hit the market the difficulty was up 6000%.
Overnight too.
BREAKING: Crypto after going parabolic is “volatile” more at 11!
Miners dumping in the mix.
Just pulled all mine out.
Now buy it low and wait for the idiots to pump it again.
Thank you, I was able to buy up yours dirt cheap. Going to be crying when it hits 100k this year.
Since when do banks care about helping customers make a profit? Banks can access the bitcoin market, FYI. No oversite. Good luck.
Bitcoin is all about oversight. It’s a self auditing self regulating system immune to dishonesty. Not all banks are in bitcoin, even if they are, you’re telling me they’ll crash Bitcoin to lose their own money to lose consumers money? That makes total sense.
It is true that a few of the biggest mining pools are in China, but that does not mean all the miners are. Mining is most profitable in countries with low energy costs (generally Russia, China; the countries that do not care about CO2 or have plenty of nuclear power).
However, this does not imply most bitcoins are in Chinese hands: There are plenty of people renting mining power from China and Russia to mine coins, which they then own in their own wallets.
Besides, even if BTC is mostly in Chinese hands, who cares? It is a bull market. It has been for a while now. You can still make a profit, especially looking at the long term. BTC is like any other commodity in that regard.
You can get a mining rig with ASICs for $3-5k and it will turn a profit in under six months. Or you can mine ETH on your GPU. Even moderate GPUs (4GB+ required), will turn a profit fast at current prices. Most people already have such a GPU, at least the gamers, modellers, etc. So nothing is really lost, except for having to pay a higher electric bill.
If you do not want to participate; no one is forcing you.
That's 200 billion extracted
LOL, a Ponzi scheme. I bought in March, not even a year ago, at THREE THOUSAND. We are at 33,000. I have 10X’d my money, and I’m still not selling. Absolute morons. Bitcoin has 20-30% corrections all the time during parabolic bull runs. Jesus, l2 crypto trade.
Have fun with your 0% backed fiat!
I don't buy into Dirty and blood money. I have principles. Just a fair warning, CCP owns most of the coins.
CCP owns a shit ton of US dollar debt and you still use that and not to mention but the US dollar backs militaries that have killed millions.
Bitcoin is a decent hedge against fiat, nothing more nothing less.
Fiat? If the US dollar collapse, We still have a large amount of gold reserve. Why else did Nixon take us out of the gold standard? So other nations can't take our gold, DUH! Nixon literally created the US as the foundation currency for the entire world.
Are you on the right site? Fiat is now ZERO PERCENT BACKED. Dems have a TRILLION DOLLAR DEBT PLAN. Our currency is going to be worthless. Look at the third world countries, second world countries already following, were next!