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Bitcoin Plummets Below $8,000 For First Time Since November (axios.com)
Bitcoin's value dipped $8,000 this morning -- the first time since November 24, according to CNBC -- just hours after the cryptocurrency made news after going under $9,000. From a report: After the news that Bitcoin had headed south of $9,000, CNBC branded the range of $9,000 to $10,000 as "a difficult one for bitcoin to break below" after its surge over $10,000 last year.
CNBC branded the range of $9,000 to $10,000 as "a difficult one for bitcoin to break below" after its surge over $10,000 last year.
I know CNBC has fantastic track record. No matter how unlikely the event is, it would predict it just minutes after it has happened. Just minutes.
How can it be a prediction if it has already happened? The lesser mortals might want to know. So, I will come down from the heights and mingle with the commoners as Scar would like to put it.
Just seconds after an event the fantastic AI powered search will go through the archival footage of CNBC and find one talking head who predicted it. Within one minute that guy will be called. Within 3 minutes the video link would be set up. Within 5 minutes he (or sometimes she) would be on air, looking very intelligent and knowledgeable and explain how he predicted it.
People who fancy themselves to be intelligent, people who worship Scientific Method would ask stupid questions like, "on the same session when this talking head predicted it there were six other talking heads predicted the opposite. What happened to them? Why don't you call for their explanation? How many predictions by this talking head has been proven right?" etc etc ad nauseum.
To them, I say, "You are an index fund investing guy. Why are you even watching CNBC? Just chill, and get lost. CNBC owes you nothing. "
sed -e 's/Chuck Norris/Rajnikant/g' joke > fact
Can't tell if you are serious or not.
What happens when the cost of mining (processing transactions) drops below the amount you would make in new coins? If it costs $4000 in energy to mine a coin and the cost of bitcoin drops below that price $4000, and intelligent miners turn off their rigs or switch to other coins, and the entire house of cards that is bitcoin will collapse.