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As far as I can tell, bitcoin, having no intrinsic value, is priced entirely by vibes. Right now the vibes are generally negative. The latest bubble of interest has faded. I would wait, the world could become interested again but it may be 2 or 3 years. The bottom will probably be around 70k.

discuss

rvnx|1 month ago

What if all these AI companies, are going to mint coins with their idle GPUs, wouldn't that lower value of these coins massively ?

It's not as good as an ASIC, but we talk about millions of GPUs

BJones12|1 month ago

Bitcoin mining on GPUs is generally unprofitable due to the price of electricity.

direwolf20|1 month ago

The rate of coin mining is the same, no matter how many miners there are

Esophagus4|1 month ago

The trouble with vibe-based pricing is it’s really hard to time the vibes. And hard to time the vibe dip.

fallingfrog|28 days ago

Yes this is absolutely true. Difficult to impossible, I would say.. my prediction of "2 to 3 years" could very well be totally wrong.

The dominant narrative around bitcoin right now is "hodl because in the long term it always goes up." Thats the core premise that the bitcoin price is based on. If that premise were to crack, bitcoin could drop to near zero for all we know.