RE: someone said14 Jun 2022 14:28
@hopeful i disagree reason being i was mining bitcoin back in the early days when it was $500 per coin, like you just said the cost of electricity out weighed the running of the mining rig, so i gave in...... MISTAKE
if i had carried on i would made a fortune, those who have vision and take risks are the ones who make our futures for right or for wrong, Bitcoin will come back bigger and badder, a lot of the smaller coins may fall by the way side but bitcoin wont. The recent crash is a lot more sinnister than people realise.
Terra stable coin which started off the recent crypto crash was taken out by a hedge fund, it was a stable coin pegged at the same price of the dollar, so for those investor wanting low crypto risk with 20% interest payment, it was a way to dip your toe safely into the supposedly safety of crytpo stable coin market and get some decent returns.
The Terra Luna\UDT Stable Coin was always pegged at same rate as the dollar, so 1 coin = 1 dollar, it works by having two pots one for the UDT stable coin pegged at $1 and one for the Terra Luna coin, when the terra luna came out of sink it would generate more coins sell it to the market and vice verser to keep it in sink with the UDT/dollar.
A hedge fund worked out the inner workings of how the coin was funded and sent the algorithm into spiral death loop down, they overloaded the amount it would drop triggering stops and the algorithm just kept generating more coins till it went from $1 to less than 1 cent over night, 45 Billion wiped off the coin and most peoples life savings.
This has badly spooked the market but as ever it is a buying oppurtunity, just last night Bitcoin dropped to less than $20,000 per coin from recent highs of 67,000 per coin. Bitcoin is here to stay others well they will come and go just like small cap shares, the pi's will be the ones to lose out as ever.