Re:Just 137 crypto miners use 2.3% of total U.S. power
by pton_xd on Friday February 09, 2024 @12:33PM
(#39317674)
> According to the graph below, BTC goes up when inflation goes down. That is the opposite of a hedge! It proves that Bitcoin is not valuable due to "not having sound monetary systems."
> https://charts.woobull.com/bitcoin-inflation/
That graph is charting BTC price to BTC supply inflation, not general economic inflation (which is what I'm talking about).
Re:Just 137 crypto miners use 2.3% of total U.S. power
by teachrdan on Friday February 09, 2024 @01:30PM
(#39318428)
I apologize, I think you may be correct there.
Could you please refer me to a graph showing the relationship between BTC and inflation? Because inflation over the last 12 months is relatively low, at 3.4%, while BTC is very high, at $47,621. Then again, BTC hit a high of $65,000 back in November of 2021, when inflation rates were indeed high at 6.8%.
This seems to suggest a weak relationship at best between BTC and inflation rates.
You are completely ignorant. I'm not saying that in a mean way, I mean it in the purest sense possible: You have no idea what you are talking about.
According to the graph below, BTC goes up when inflation goes down. That is the opposite of a hedge! It proves that Bitcoin is not valuable due to "not having sound monetary systems."
Bitcoin is obviously a speculative asset whose value goes up when inflation is low and people have money to spend on speculative assets. The fact that we use 2.3% of our nation's electricity on it is unjustifiable.
https://charts.woobull.com/bitcoin-inflation/