This has been taken in part from another post so in quote marks: “When you look at the difficulty of mining and the price of bitcoin, it is way off whack, so the price has to go up, that is how it always is, like when the halving happens, the price goes up. Right now I don’t know how the price has been suppressed so much, because if you look at January, the difficulty was like 1 trillion and now the difficulty is 7 trillion and the price is like 35% of what it was, so it has gone down 65% in price and the difficulty has gone up times 7, like who can forecast that?
That is why BCN said from the beginning that nobody knows what is going to happen.
Ponzi schemes, tell lies but real business state the facts. That is just the way mining is. Everybody that is in mining is feeling the crunch right now.
This is a real business, and if they have employee mentality, where they don’t understand how a real business is and how it runs, they just want their pay check every week or every month and let the company take all the risk, this is a business. Anybody that puts any money into any business as an investment is inherently taking a risk. We didn’t know the price would go down this much and the difficulty was going to go up that much. There was no way anyone could have seen that. At the same time, who knows what is going to happen in the next three months. It can completely turn around where all of a sudden the price of bitcoin goes up. And now it takes a lot less bitcoin to pay for electricity and there is a lot more bitcoin to pay out to everybody. It is just the way business is. Some people can’t handle it, they need to go and do their regular jobs. Other people go from scam to scam to scam promising huge pay outs until it stops paying out. We just do everything legit. That is just the way it is. I don’t know what else to tell people except welcome to a real business”.
Here is a question to ask.
If the cost to mine a single bitcoin is estimated to be between $5000 and $7000, and the price is $6600, how in reality can you produce a guaranteed pay out matrix? You can’t, unless you are getting your money from some other source, like a Ponzi scheme. In a Ponzi scheme you are promised a huge pay out to hook you in, but you can only get that pay out if Paul keeps recruiting their Peters to keep the coffers full. Once you can’t recruit anymore Peters, Paul cannot get paid, the money runs out and bang you are left up the creek without a paddle.
Opportunities that make promises of huge regular pay-outs, and promise the bigger your investment the bigger your pay out, are clearly robbing Peter to pay Paul.
I will get abuse for this view, I know that, I will also stand by my view until you can prove otherwise. Don’t show me a photo of a miner or mining data centre to prove you are doing what you profess, show me figures, show me where you are on the Blockchain, show me your hashing power. I don’t care if you say you have 4 mining centres on 3 continents, which means zip, without proof of what you are mining. Show me that you understand how the Blockchain works, show me you understand how bitcoin is created, and show me you understand how difficulty and luck works before showing me how you can pay me a huge return. Until then, don’t judge me, don’t ridicule me for punching holes in your argument. Don’t attack me with personal attacks about what I am doing. Show me the facts. I will show you mine
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