Bitcoin #1 Asset of 2020 But There is ONE HUGE PROBLEM

VIDEO TRANSCRIPT

Today in crypto, bitcoin is the number one performing asset of 2020, but it has a huge problem that it needs to overcome. There are massive forces at work right now on the global economy that could spell big, big trouble for Bitcoin. The crypto lark. This is where you subscribe for all of the hottest and all of the latest happenings out here in the wild, wildlands of crypto. Also, if you are new to crypto and you still need help figuring out all of the basics, then I have got you covered. I made a course to walk you through all of the basics, like how to spend, how to mine, how to store, how to buy bitcoin. All of that stuff with confidence as well as top tips and resources for you to succeed in your investing journey. There is a link down below where you can learn more. So before we look at the charts, just a quick reality check for you about the global economy right now, the economic effects of this current crisis. They are severe and they are growing rapidly worse. More than 30 million people are now unemployed in the United States, which is nearly 20 percent of the U.S. workforce. There are estimates that up to 47 million people could be unemployed by the time the dust settles, giving a thirty-two percent unemployment rate. That’s just the United States as a quick reminder to the Great Depression. That was a 25 percent unemployment rate. Gives you some perspective on the current crisis. And, of course, it goes far beyond the USA. The United Nations now estimates that up to half the world’s workforce could be affected by this crisis. So of the total global working population of three-point three billion people, about two billion people work in the informal economy. Often those are short term contract jobs or simply people who are self-employed, selling things in the street or whatever it might be. These people, on average, have suffered a 60 percent collapse in their wages in just the first month of the crisis. For millions of workers, no income. It means no food, no security. No future. The World Food Program is predicting that an additional hundred and thirty million people around the world could be pushed to the brink of starvation by the end of 2020. And they also say that the world is on the brink of a hunger pandemic. It’s the real pandemic, guys. And look, that’s just the tip of the iceberg. But. I think it sets the tone for the conversation about the damage that is being done right now to the global economy. You see, while this global economic meltdown continues, there is this little orange coin called bitcoin that has once again claimed the title of the best asset of the year. Now, let’s take a quick look at some key markets here just to understand what I mean when I’m talking about this. The Dow Jones is down by 20 percent so far this year. The S&P 500 is down 15 percent. This is trillions of dollars. The value here we’re talking the price of oil is down fifty-eight percent. And some individual companies, they have seen drops of like 80 percent. It’s wild gold, however, is up nearly 12 percent. And then there is Bitcoin. Oh, Bitcoin. Not only has it recovered from the masses massive losses of March, but it’s actually up a nice, cool 25 percent since the start of this year. You see, this tells us a few very, very interesting things. One is that, yes, of course, the equity markets are getting hammered beyond belief. And in spite of the bounce that we have seen in those markets, I strongly doubt that the pain is over for the equity markets. I mean, seriously, just thought about this for a second. Do you honestly think that hundreds of millions of people to billions of people being unemployed globally? Are a billion and a half people losing just everything, potentially complete supply chain meltdown and a hundred and thirty million people potentially being in starvation this year? Do you think that’s completely priced into the market yet? I don’t think things will get way worse for the equity markets and the other thing that we can learn from looking at these charts is that during these times of uncertainty, investors want a way out. They want to wait to protect their wealth. They want gold. They want bitcoin. They want cash. Gold is gold. It’s not Sopoaga. There’s video cash. That’s a tricky one. See, short term cash is okay. A long term. Oh, what a frickin mess. Fiat is just bar. The only thing that has kept the equity markets from an even bigger collapse, though, has been this unlimited fountain of money promised by central bank spending so far is around 20 trillion dollars. It’s hard to keep track. What they keep adding another trillion here. A hundred billion. They’re 200 billion. They’re it’s wild. This is a combination of factors that they’re doing here. So it’s new money printing. It’s providing insane amounts of liquidity to Wall Street. It’s taking on new debt. It’s buying up junk bonds, infinite bailouts for every industry under the sun. But there remains a very, very real risk that all of that will not stop the equity markets from dropping even much further. Like Great Depression levels of bad economic drops. And if so? Well, what about Bitcoin? What happened to Bitcoin? A situation you see right now, the equity markets. They are our big problem because historically, Bitcoin is actually showing a very low level of correlation to the S&P 500. But this chart that I have here on the screen right now. Now, this chart, by the way, assumes that a score of one is a perfect correlation to the S&P 500. You can see for most of Bitcoin’s history, it has had a very low-level correlation to the S&P 500. However, this recent crash has seen that correlation spike up to zero point six, which is dangerously close to being fully correlated with the stock markets, which is a very big problem for Bitcoin right now. So just why has Bitcoin, Ben, so closely correlated to the markets over the last six weeks? Well, Bitcoin is still considered to be a risk asset, meaning that in a liquidity crunch kind of situation like we have been seeing, where big investors, they start getting margin calls and everyone is in big need of cash. Bitcoin will be one of the first things that dropped by these guys. Those same institutional investors and the Wall Street guys in the family offices, those people, they have been surely and slowly creeping into Bitcoin over the last two years. And guess who are the first ones to drop it? Those same players, because they have lots of exposure to different markets and that exposure creeps over into Bitcoin and they drop it in times of trouble. Those people are back. In fact, some of them already are buying back in or have already bought back in the increased Wall Street ization of Bitcoin. It has made it a victim of these wider market moves. Bitcoin needs to be in the hands of regular people, not in the hands of hedge fund managers, man. But what leads me to think that we will actually see Bitcoin move back to those lower levels of correlation and to increasingly act as a systemic hedge. Is that Fiat is slowly but surely falling apart. The scam is unfolding and people are waking up to this reality. What I found to be incredibly curt, encouraging with this recent rally is that immediately after the big crash in Bitcoin, we saw a big wave of new retail buyers showing up. New registrations on exchanges went up and lots of people were getting Bitcoin taken off the exchanges, as evidenced by new addresses as well. Now, sir, some of us, because the having hype, but I think a lot more of it is because people are realizing what Bitcoin is, that it is and has always been a hedge against the insanity of Fiat. Sure, Bitcoin doesn’t have the multi thousand-year history of gold backing it up, but more and more people are waking up to the absolute depravities of the central banking system. Trust in that system is eroding quickly. That goes to 2008. They’ve come back to haunt us once again. And looking at the current situation, if you look at all this and think, wow, this is all cool and normal, you’re crazy, you’re crazy. Trillions of new money, everything too big to fail. Biggest corporate bailouts in history. Mad Men are in charge of the economy and it won’t end well. They won’t end well for any of these fiat currencies. I mean, seriously, how many times do we need to see people standing in lines waiting for a little scrap from their bank to realize that no fiat currency? It’s safe. It’s happened in Zimbabwe. It’s happened in Lebanon has happened in Argentina. It’s happened places all over the world. Your Fiat is not safe. This crisis should be a wakeup call to people. Fiat is one giant gosh darn scam. Infinite money will be printed to save corporate profits, to save the stock markets, to bail out banks. Consequences are damned. And there are consequences. Of course, very little of that money actually goes to help regular people. The more the banks print, the less your dollars are worth until you find herself one day with a garbage bag stuffed full of paper trying to buy a loaf of bread. It has happened before the nice, well-meaning people all over the world, and it will happen again. But is not intended to be a doom and gloom video. So please don’t understand it like that. This is a video about hope. My friends, because things are changing slowly but surely. Every time the central banks print money, bitcoin becomes just a little bit stronger. But to really complete this changeover of getting Bitcoin to break away from its correlation with the stock markets, not just for a few days, but I’m talking over a period of months and years leading forward, we need to see Bitcoin in the hands of people. If you only focus on the day to day, then it’s really easy to get distracted by all the noise out there in crypto land. And look, Bitcoin will do this breakaway moment. It’s just a matter of time. A short term trend will not dictate the long term future of Bitcoin. Look where Bitcoin is going. Bitcoin is a unique asset with fundamental properties that make it just the tip of the spear of a whole new digital economy that is being created without these disgusting middlemen. Well, gold was the hard money of the physical economy. Bitcoin is the gold of the digital economy. The fact that Bitcoin is up 25 percent since the start of the year with all the equity markets are down. Shows you. A lot. Sure, those markets are getting crushed, but Bitcoin just soaring above all of it, even if the correlation does remain high. Look, even a few percent of your portfolio put in Bitcoin. It can be game-changing for you. The real risk is not having any Bitcoin. Not many understand this yet, but you do anyway. Just my two sido. She’s your question for today. Do you think that Bitcoin will break away from its high level of cooperation with the equity markets anytime soon and really finally start acting? Is that systemic hedge of promise or do you think that a wider economic downturn will take Bitcoin right down with it? Maybe it’s just too early for Bitcoin to be the big hedge against Fiat and all that stuff. Or perhaps you are more optimistic about the overall recovery of the global economy. And all this is just the bump on the way to the moon. The equity markets, we find Bitcoin, we find to the moon, baby to the moon. Let me know down below in the comments section. Thank you so much for watching today’s video. As always, you are frickin awesome. Thank you so much tune in and watching today’s video. And of course, if you did appreciate this content, whack that thumbs up. But Mazzilli appreciates. Make sure to subscribe to the channel. If you’re a new round here. Long live the blockchain bend. He’s out. So next time.

Via https://www.cryptosharks.net/bitcoin-asset-one-huge-problem/

source https://cryptosharks.weebly.com/blog/bitcoin-1-asset-of-2020-but-there-is-one-huge-problem

Bitcoin #1 Asset of 2020 – But There is ONE HUGE PROBLEM

VIDEO TRANSCRIPT

Today in crypto, bitcoin is the number one performing asset of 2020, but it has a huge problem that it needs to overcome. There are massive forces at work right now on the global economy that could spell big, big trouble for Bitcoin. The crypto lark. This is where you subscribe for all of the hottest and all of the latest happenings out here in the wild, wildlands of crypto. Also, if you are new to crypto and you still need help figuring out all of the basics, then I have got you covered. I made a course to walk you through all of the basics, like how to spend, how to mine, how to store, how to buy bitcoin. All of that stuff with confidence as well as top tips and resources for you to succeed in your investing journey. There is a link down below where you can learn more. So before we look at the charts, just a quick reality check for you about the global economy right now, the economic effects of this current crisis. They are severe and they are growing rapidly worse. More than 30 million people are now unemployed in the United States, which is nearly 20 percent of the U.S. workforce. There are estimates that up to 47 million people could be unemployed by the time the dust settles, giving a thirty-two percent unemployment rate. That’s just the United States as a quick reminder to the Great Depression. That was a 25 percent unemployment rate. Gives you some perspective on the current crisis. And, of course, it goes far beyond the USA. The United Nations now estimates that up to half the world’s workforce could be affected by this crisis. So of the total global working population of three-point three billion people, about two billion people work in the informal economy. Often those are short term contract jobs or simply people who are self-employed, selling things in the street or whatever it might be. These people, on average, have suffered a 60 percent collapse in their wages in just the first month of the crisis. For millions of workers, no income. It means no food, no security. No future. The World Food Program is predicting that an additional hundred and thirty million people around the world could be pushed to the brink of starvation by the end of 2020. And they also say that the world is on the brink of a hunger pandemic. It’s the real pandemic, guys. And look, that’s just the tip of the iceberg. But. I think it sets the tone for the conversation about the damage that is being done right now to the global economy. You see, while this global economic meltdown continues, there is this little orange coin called bitcoin that has once again claimed the title of the best asset of the year. Now, let’s take a quick look at some key markets here just to understand what I mean when I’m talking about this. The Dow Jones is down by 20 percent so far this year. The S&P 500 is down 15 percent. This is trillions of dollars. The value here we’re talking the price of oil is down fifty-eight percent. And some individual companies, they have seen drops of like 80 percent. It’s wild gold, however, is up nearly 12 percent. And then there is Bitcoin. Oh, Bitcoin. Not only has it recovered from the masses massive losses of March, but it’s actually up a nice, cool 25 percent since the start of this year. You see, this tells us a few very, very interesting things. One is that, yes, of course, the equity markets are getting hammered beyond belief. And in spite of the bounce that we have seen in those markets, I strongly doubt that the pain is over for the equity markets. I mean, seriously, just thought about this for a second. Do you honestly think that hundreds of millions of people to billions of people being unemployed globally? Are a billion and a half people losing just everything, potentially complete supply chain meltdown and a hundred and thirty million people potentially being in starvation this year? Do you think that’s completely priced into the market yet? I don’t think things will get way worse for the equity markets and the other thing that we can learn from looking at these charts is that during these times of uncertainty, investors want a way out. They want to wait to protect their wealth. They want gold. They want bitcoin. They want cash. Gold is gold. It’s not Sopoaga. There’s video cash. That’s a tricky one. See, short term cash is okay. A long term. Oh, what a frickin mess. Fiat is just bar. The only thing that has kept the equity markets from an even bigger collapse, though, has been this unlimited fountain of money promised by central bank spending so far is around 20 trillion dollars. It’s hard to keep track. What they keep adding another trillion here. A hundred billion. They’re 200 billion. They’re it’s wild. This is a combination of factors that they’re doing here. So it’s new money printing. It’s providing insane amounts of liquidity to Wall Street. It’s taking on new debt. It’s buying up junk bonds, infinite bailouts for every industry under the sun. But there remains a very, very real risk that all of that will not stop the equity markets from dropping even much further. Like Great Depression levels of bad economic drops. And if so? Well, what about Bitcoin? What happened to Bitcoin? A situation you see right now, the equity markets. They are our big problem because historically, Bitcoin is actually showing a very low level of correlation to the S&P 500. But this chart that I have here on the screen right now. Now, this chart, by the way, assumes that a score of one is a perfect correlation to the S&P 500. You can see for most of Bitcoin’s history, it has had a very low-level correlation to the S&P 500. However, this recent crash has seen that correlation spike up to zero point six, which is dangerously close to being fully correlated with the stock markets, which is a very big problem for Bitcoin right now. So just why has Bitcoin, Ben, so closely correlated to the markets over the last six weeks? Well, Bitcoin is still considered to be a risk asset, meaning that in a liquidity crunch kind of situation like we have been seeing, where big investors, they start getting margin calls and everyone is in big need of cash. Bitcoin will be one of the first things that dropped by these guys. Those same institutional investors and the Wall Street guys in the family offices, those people, they have been surely and slowly creeping into Bitcoin over the last two years. And guess who are the first ones to drop it? Those same players, because they have lots of exposure to different markets and that exposure creeps over into Bitcoin and they drop it in times of trouble. Those people are back. In fact, some of them already are buying back in or have already bought back in the increased Wall Street ization of Bitcoin. It has made it a victim of these wider market moves. Bitcoin needs to be in the hands of regular people, not in the hands of hedge fund managers, man. But what leads me to think that we will actually see Bitcoin move back to those lower levels of correlation and to increasingly act as a systemic hedge. Is that Fiat is slowly but surely falling apart. The scam is unfolding and people are waking up to this reality. What I found to be incredibly curt, encouraging with this recent rally is that immediately after the big crash in Bitcoin, we saw a big wave of new retail buyers showing up. New registrations on exchanges went up and lots of people were getting Bitcoin taken off the exchanges, as evidenced by new addresses as well. Now, sir, some of us, because the having hype, but I think a lot more of it is because people are realizing what Bitcoin is, that it is and has always been a hedge against the insanity of Fiat. Sure, Bitcoin doesn’t have the multi thousand-year history of gold backing it up, but more and more people are waking up to the absolute depravities of the central banking system. Trust in that system is eroding quickly. That goes to 2008. They’ve come back to haunt us once again. And looking at the current situation, if you look at all this and think, wow, this is all cool and normal, you’re crazy, you’re crazy. Trillions of new money, everything too big to fail. Biggest corporate bailouts in history. Mad Men are in charge of the economy and it won’t end well. They won’t end well for any of these fiat currencies. I mean, seriously, how many times do we need to see people standing in lines waiting for a little scrap from their bank to realize that no fiat currency? It’s safe. It’s happened in Zimbabwe. It’s happened in Lebanon has happened in Argentina. It’s happened places all over the world. Your Fiat is not safe. This crisis should be a wakeup call to people. Fiat is one giant gosh darn scam. Infinite money will be printed to save corporate profits, to save the stock markets, to bail out banks. Consequences are damned. And there are consequences. Of course, very little of that money actually goes to help regular people. The more the banks print, the less your dollars are worth until you find herself one day with a garbage bag stuffed full of paper trying to buy a loaf of bread. It has happened before the nice, well-meaning people all over the world, and it will happen again. But is not intended to be a doom and gloom video. So please don’t understand it like that. This is a video about hope. My friends, because things are changing slowly but surely. Every time the central banks print money, bitcoin becomes just a little bit stronger. But to really complete this changeover of getting Bitcoin to break away from its correlation with the stock markets, not just for a few days, but I’m talking over a period of months and years leading forward, we need to see Bitcoin in the hands of people. If you only focus on the day to day, then it’s really easy to get distracted by all the noise out there in crypto land. And look, Bitcoin will do this breakaway moment. It’s just a matter of time. A short term trend will not dictate the long term future of Bitcoin. Look where Bitcoin is going. Bitcoin is a unique asset with fundamental properties that make it just the tip of the spear of a whole new digital economy that is being created without these disgusting middlemen. Well, gold was the hard money of the physical economy. Bitcoin is the gold of the digital economy. The fact that Bitcoin is up 25 percent since the start of the year with all the equity markets are down. Shows you. A lot. Sure, those markets are getting crushed, but Bitcoin just soaring above all of it, even if the correlation does remain high. Look, even a few percent of your portfolio put in Bitcoin. It can be game-changing for you. The real risk is not having any Bitcoin. Not many understand this yet, but you do anyway. Just my two sido. She’s your question for today. Do you think that Bitcoin will break away from its high level of cooperation with the equity markets anytime soon and really finally start acting? Is that systemic hedge of promise or do you think that a wider economic downturn will take Bitcoin right down with it? Maybe it’s just too early for Bitcoin to be the big hedge against Fiat and all that stuff. Or perhaps you are more optimistic about the overall recovery of the global economy. And all this is just the bump on the way to the moon. The equity markets, we find Bitcoin, we find to the moon, baby to the moon. Let me know down below in the comments section. Thank you so much for watching today’s video. As always, you are frickin awesome. Thank you so much tune in and watching today’s video. And of course, if you did appreciate this content, whack that thumbs up. But Mazzilli appreciates. Make sure to subscribe to the channel. If you’re a new round here. Long live the blockchain bend. He’s out. So next time.

source https://www.cryptosharks.net/bitcoin-asset-one-huge-problem/ source https://cryptosharks1.blogspot.com/2020/05/bitcoin-1-asset-of-2020-but-there-is.html

Bitcoin #1 Asset of 2020 – But There is ONE HUGE PROBLEM

VIDEO TRANSCRIPT

Today in crypto, bitcoin is the number one performing asset of 2020, but it has a huge problem that it needs to overcome. There are massive forces at work right now on the global economy that could spell big, big trouble for Bitcoin. The crypto lark. This is where you subscribe for all of the hottest and all of the latest happenings out here in the wild, wildlands of crypto. Also, if you are new to crypto and you still need help figuring out all of the basics, then I have got you covered. I made a course to walk you through all of the basics, like how to spend, how to mine, how to store, how to buy bitcoin. All of that stuff with confidence as well as top tips and resources for you to succeed in your investing journey. There is a link down below where you can learn more. So before we look at the charts, just a quick reality check for you about the global economy right now, the economic effects of this current crisis. They are severe and they are growing rapidly worse. More than 30 million people are now unemployed in the United States, which is nearly 20 percent of the U.S. workforce. There are estimates that up to 47 million people could be unemployed by the time the dust settles, giving a thirty-two percent unemployment rate. That’s just the United States as a quick reminder to the Great Depression. That was a 25 percent unemployment rate. Gives you some perspective on the current crisis. And, of course, it goes far beyond the USA. The United Nations now estimates that up to half the world’s workforce could be affected by this crisis. So of the total global working population of three-point three billion people, about two billion people work in the informal economy. Often those are short term contract jobs or simply people who are self-employed, selling things in the street or whatever it might be. These people, on average, have suffered a 60 percent collapse in their wages in just the first month of the crisis. For millions of workers, no income. It means no food, no security. No future. The World Food Program is predicting that an additional hundred and thirty million people around the world could be pushed to the brink of starvation by the end of 2020. And they also say that the world is on the brink of a hunger pandemic. It’s the real pandemic, guys. And look, that’s just the tip of the iceberg. But. I think it sets the tone for the conversation about the damage that is being done right now to the global economy. You see, while this global economic meltdown continues, there is this little orange coin called bitcoin that has once again claimed the title of the best asset of the year. Now, let’s take a quick look at some key markets here just to understand what I mean when I’m talking about this. The Dow Jones is down by 20 percent so far this year. The S&P 500 is down 15 percent. This is trillions of dollars. The value here we’re talking the price of oil is down fifty-eight percent. And some individual companies, they have seen drops of like 80 percent. It’s wild gold, however, is up nearly 12 percent. And then there is Bitcoin. Oh, Bitcoin. Not only has it recovered from the masses massive losses of March, but it’s actually up a nice, cool 25 percent since the start of this year. You see, this tells us a few very, very interesting things. One is that, yes, of course, the equity markets are getting hammered beyond belief. And in spite of the bounce that we have seen in those markets, I strongly doubt that the pain is over for the equity markets. I mean, seriously, just thought about this for a second. Do you honestly think that hundreds of millions of people to billions of people being unemployed globally? Are a billion and a half people losing just everything, potentially complete supply chain meltdown and a hundred and thirty million people potentially being in starvation this year? Do you think that’s completely priced into the market yet? I don’t think things will get way worse for the equity markets and the other thing that we can learn from looking at these charts is that during these times of uncertainty, investors want a way out. They want to wait to protect their wealth. They want gold. They want bitcoin. They want cash. Gold is gold. It’s not Sopoaga. There’s video cash. That’s a tricky one. See, short term cash is okay. A long term. Oh, what a frickin mess. Fiat is just bar. The only thing that has kept the equity markets from an even bigger collapse, though, has been this unlimited fountain of money promised by central bank spending so far is around 20 trillion dollars. It’s hard to keep track. What they keep adding another trillion here. A hundred billion. They’re 200 billion. They’re it’s wild. This is a combination of factors that they’re doing here. So it’s new money printing. It’s providing insane amounts of liquidity to Wall Street. It’s taking on new debt. It’s buying up junk bonds, infinite bailouts for every industry under the sun. But there remains a very, very real risk that all of that will not stop the equity markets from dropping even much further. Like Great Depression levels of bad economic drops. And if so? Well, what about Bitcoin? What happened to Bitcoin? A situation you see right now, the equity markets. They are our big problem because historically, Bitcoin is actually showing a very low level of correlation to the S&P 500. But this chart that I have here on the screen right now. Now, this chart, by the way, assumes that a score of one is a perfect correlation to the S&P 500. You can see for most of Bitcoin’s history, it has had a very low-level correlation to the S&P 500. However, this recent crash has seen that correlation spike up to zero point six, which is dangerously close to being fully correlated with the stock markets, which is a very big problem for Bitcoin right now. So just why has Bitcoin, Ben, so closely correlated to the markets over the last six weeks? Well, Bitcoin is still considered to be a risk asset, meaning that in a liquidity crunch kind of situation like we have been seeing, where big investors, they start getting margin calls and everyone is in big need of cash. Bitcoin will be one of the first things that dropped by these guys. Those same institutional investors and the Wall Street guys in the family offices, those people, they have been surely and slowly creeping into Bitcoin over the last two years. And guess who are the first ones to drop it? Those same players, because they have lots of exposure to different markets and that exposure creeps over into Bitcoin and they drop it in times of trouble. Those people are back. In fact, some of them already are buying back in or have already bought back in the increased Wall Street ization of Bitcoin. It has made it a victim of these wider market moves. Bitcoin needs to be in the hands of regular people, not in the hands of hedge fund managers, man. But what leads me to think that we will actually see Bitcoin move back to those lower levels of correlation and to increasingly act as a systemic hedge. Is that Fiat is slowly but surely falling apart. The scam is unfolding and people are waking up to this reality. What I found to be incredibly curt, encouraging with this recent rally is that immediately after the big crash in Bitcoin, we saw a big wave of new retail buyers showing up. New registrations on exchanges went up and lots of people were getting Bitcoin taken off the exchanges, as evidenced by new addresses as well. Now, sir, some of us, because the having hype, but I think a lot more of it is because people are realizing what Bitcoin is, that it is and has always been a hedge against the insanity of Fiat. Sure, Bitcoin doesn’t have the multi thousand-year history of gold backing it up, but more and more people are waking up to the absolute depravities of the central banking system. Trust in that system is eroding quickly. That goes to 2008. They’ve come back to haunt us once again. And looking at the current situation, if you look at all this and think, wow, this is all cool and normal, you’re crazy, you’re crazy. Trillions of new money, everything too big to fail. Biggest corporate bailouts in history. Mad Men are in charge of the economy and it won’t end well. They won’t end well for any of these fiat currencies. I mean, seriously, how many times do we need to see people standing in lines waiting for a little scrap from their bank to realize that no fiat currency? It’s safe. It’s happened in Zimbabwe. It’s happened in Lebanon has happened in Argentina. It’s happened places all over the world. Your Fiat is not safe. This crisis should be a wakeup call to people. Fiat is one giant gosh darn scam. Infinite money will be printed to save corporate profits, to save the stock markets, to bail out banks. Consequences are damned. And there are consequences. Of course, very little of that money actually goes to help regular people. The more the banks print, the less your dollars are worth until you find herself one day with a garbage bag stuffed full of paper trying to buy a loaf of bread. It has happened before the nice, well-meaning people all over the world, and it will happen again. But is not intended to be a doom and gloom video. So please don’t understand it like that. This is a video about hope. My friends, because things are changing slowly but surely. Every time the central banks print money, bitcoin becomes just a little bit stronger. But to really complete this changeover of getting Bitcoin to break away from its correlation with the stock markets, not just for a few days, but I’m talking over a period of months and years leading forward, we need to see Bitcoin in the hands of people. If you only focus on the day to day, then it’s really easy to get distracted by all the noise out there in crypto land. And look, Bitcoin will do this breakaway moment. It’s just a matter of time. A short term trend will not dictate the long term future of Bitcoin. Look where Bitcoin is going. Bitcoin is a unique asset with fundamental properties that make it just the tip of the spear of a whole new digital economy that is being created without these disgusting middlemen. Well, gold was the hard money of the physical economy. Bitcoin is the gold of the digital economy. The fact that Bitcoin is up 25 percent since the start of the year with all the equity markets are down. Shows you. A lot. Sure, those markets are getting crushed, but Bitcoin just soaring above all of it, even if the correlation does remain high. Look, even a few percent of your portfolio put in Bitcoin. It can be game-changing for you. The real risk is not having any Bitcoin. Not many understand this yet, but you do anyway. Just my two sido. She’s your question for today. Do you think that Bitcoin will break away from its high level of cooperation with the equity markets anytime soon and really finally start acting? Is that systemic hedge of promise or do you think that a wider economic downturn will take Bitcoin right down with it? Maybe it’s just too early for Bitcoin to be the big hedge against Fiat and all that stuff. Or perhaps you are more optimistic about the overall recovery of the global economy. And all this is just the bump on the way to the moon. The equity markets, we find Bitcoin, we find to the moon, baby to the moon. Let me know down below in the comments section. Thank you so much for watching today’s video. As always, you are frickin awesome. Thank you so much tune in and watching today’s video. And of course, if you did appreciate this content, whack that thumbs up. But Mazzilli appreciates. Make sure to subscribe to the channel. If you’re a new round here. Long live the blockchain bend. He’s out. So next time.

source https://www.cryptosharks.net/bitcoin-asset-one-huge-problem/ source https://cryptosharks1.tumblr.com/post/617462971682226176

Bitcoin #1 Asset of 2020 – But There is ONE HUGE PROBLEM

VIDEO TRANSCRIPT

Today in crypto, bitcoin is the number one performing asset of 2020, but it has a huge problem that it needs to overcome. There are massive forces at work right now on the global economy that could spell big, big trouble for Bitcoin. The crypto lark. This is where you subscribe for all of the hottest and all of the latest happenings out here in the wild, wildlands of crypto. Also, if you are new to crypto and you still need help figuring out all of the basics, then I have got you covered. I made a course to walk you through all of the basics, like how to spend, how to mine, how to store, how to buy bitcoin. All of that stuff with confidence as well as top tips and resources for you to succeed in your investing journey. There is a link down below where you can learn more. So before we look at the charts, just a quick reality check for you about the global economy right now, the economic effects of this current crisis. They are severe and they are growing rapidly worse. More than 30 million people are now unemployed in the United States, which is nearly 20 percent of the U.S. workforce. There are estimates that up to 47 million people could be unemployed by the time the dust settles, giving a thirty-two percent unemployment rate. That’s just the United States as a quick reminder to the Great Depression. That was a 25 percent unemployment rate. Gives you some perspective on the current crisis. And, of course, it goes far beyond the USA. The United Nations now estimates that up to half the world’s workforce could be affected by this crisis. So of the total global working population of three-point three billion people, about two billion people work in the informal economy. Often those are short term contract jobs or simply people who are self-employed, selling things in the street or whatever it might be. These people, on average, have suffered a 60 percent collapse in their wages in just the first month of the crisis. For millions of workers, no income. It means no food, no security. No future. The World Food Program is predicting that an additional hundred and thirty million people around the world could be pushed to the brink of starvation by the end of 2020. And they also say that the world is on the brink of a hunger pandemic. It’s the real pandemic, guys. And look, that’s just the tip of the iceberg. But. I think it sets the tone for the conversation about the damage that is being done right now to the global economy. You see, while this global economic meltdown continues, there is this little orange coin called bitcoin that has once again claimed the title of the best asset of the year. Now, let’s take a quick look at some key markets here just to understand what I mean when I’m talking about this. The Dow Jones is down by 20 percent so far this year. The S&P 500 is down 15 percent. This is trillions of dollars. The value here we’re talking the price of oil is down fifty-eight percent. And some individual companies, they have seen drops of like 80 percent. It’s wild gold, however, is up nearly 12 percent. And then there is Bitcoin. Oh, Bitcoin. Not only has it recovered from the masses massive losses of March, but it’s actually up a nice, cool 25 percent since the start of this year. You see, this tells us a few very, very interesting things. One is that, yes, of course, the equity markets are getting hammered beyond belief. And in spite of the bounce that we have seen in those markets, I strongly doubt that the pain is over for the equity markets. I mean, seriously, just thought about this for a second. Do you honestly think that hundreds of millions of people to billions of people being unemployed globally? Are a billion and a half people losing just everything, potentially complete supply chain meltdown and a hundred and thirty million people potentially being in starvation this year? Do you think that’s completely priced into the market yet? I don’t think things will get way worse for the equity markets and the other thing that we can learn from looking at these charts is that during these times of uncertainty, investors want a way out. They want to wait to protect their wealth. They want gold. They want bitcoin. They want cash. Gold is gold. It’s not Sopoaga. There’s video cash. That’s a tricky one. See, short term cash is okay. A long term. Oh, what a frickin mess. Fiat is just bar. The only thing that has kept the equity markets from an even bigger collapse, though, has been this unlimited fountain of money promised by central bank spending so far is around 20 trillion dollars. It’s hard to keep track. What they keep adding another trillion here. A hundred billion. They’re 200 billion. They’re it’s wild. This is a combination of factors that they’re doing here. So it’s new money printing. It’s providing insane amounts of liquidity to Wall Street. It’s taking on new debt. It’s buying up junk bonds, infinite bailouts for every industry under the sun. But there remains a very, very real risk that all of that will not stop the equity markets from dropping even much further. Like Great Depression levels of bad economic drops. And if so? Well, what about Bitcoin? What happened to Bitcoin? A situation you see right now, the equity markets. They are our big problem because historically, Bitcoin is actually showing a very low level of correlation to the S&P 500. But this chart that I have here on the screen right now. Now, this chart, by the way, assumes that a score of one is a perfect correlation to the S&P 500. You can see for most of Bitcoin’s history, it has had a very low-level correlation to the S&P 500. However, this recent crash has seen that correlation spike up to zero point six, which is dangerously close to being fully correlated with the stock markets, which is a very big problem for Bitcoin right now. So just why has Bitcoin, Ben, so closely correlated to the markets over the last six weeks? Well, Bitcoin is still considered to be a risk asset, meaning that in a liquidity crunch kind of situation like we have been seeing, where big investors, they start getting margin calls and everyone is in big need of cash. Bitcoin will be one of the first things that dropped by these guys. Those same institutional investors and the Wall Street guys in the family offices, those people, they have been surely and slowly creeping into Bitcoin over the last two years. And guess who are the first ones to drop it? Those same players, because they have lots of exposure to different markets and that exposure creeps over into Bitcoin and they drop it in times of trouble. Those people are back. In fact, some of them already are buying back in or have already bought back in the increased Wall Street ization of Bitcoin. It has made it a victim of these wider market moves. Bitcoin needs to be in the hands of regular people, not in the hands of hedge fund managers, man. But what leads me to think that we will actually see Bitcoin move back to those lower levels of correlation and to increasingly act as a systemic hedge. Is that Fiat is slowly but surely falling apart. The scam is unfolding and people are waking up to this reality. What I found to be incredibly curt, encouraging with this recent rally is that immediately after the big crash in Bitcoin, we saw a big wave of new retail buyers showing up. New registrations on exchanges went up and lots of people were getting Bitcoin taken off the exchanges, as evidenced by new addresses as well. Now, sir, some of us, because the having hype, but I think a lot more of it is because people are realizing what Bitcoin is, that it is and has always been a hedge against the insanity of Fiat. Sure, Bitcoin doesn’t have the multi thousand-year history of gold backing it up, but more and more people are waking up to the absolute depravities of the central banking system. Trust in that system is eroding quickly. That goes to 2008. They’ve come back to haunt us once again. And looking at the current situation, if you look at all this and think, wow, this is all cool and normal, you’re crazy, you’re crazy. Trillions of new money, everything too big to fail. Biggest corporate bailouts in history. Mad Men are in charge of the economy and it won’t end well. They won’t end well for any of these fiat currencies. I mean, seriously, how many times do we need to see people standing in lines waiting for a little scrap from their bank to realize that no fiat currency? It’s safe. It’s happened in Zimbabwe. It’s happened in Lebanon has happened in Argentina. It’s happened places all over the world. Your Fiat is not safe. This crisis should be a wakeup call to people. Fiat is one giant gosh darn scam. Infinite money will be printed to save corporate profits, to save the stock markets, to bail out banks. Consequences are damned. And there are consequences. Of course, very little of that money actually goes to help regular people. The more the banks print, the less your dollars are worth until you find herself one day with a garbage bag stuffed full of paper trying to buy a loaf of bread. It has happened before the nice, well-meaning people all over the world, and it will happen again. But is not intended to be a doom and gloom video. So please don’t understand it like that. This is a video about hope. My friends, because things are changing slowly but surely. Every time the central banks print money, bitcoin becomes just a little bit stronger. But to really complete this changeover of getting Bitcoin to break away from its correlation with the stock markets, not just for a few days, but I’m talking over a period of months and years leading forward, we need to see Bitcoin in the hands of people. If you only focus on the day to day, then it’s really easy to get distracted by all the noise out there in crypto land. And look, Bitcoin will do this breakaway moment. It’s just a matter of time. A short term trend will not dictate the long term future of Bitcoin. Look where Bitcoin is going. Bitcoin is a unique asset with fundamental properties that make it just the tip of the spear of a whole new digital economy that is being created without these disgusting middlemen. Well, gold was the hard money of the physical economy. Bitcoin is the gold of the digital economy. The fact that Bitcoin is up 25 percent since the start of the year with all the equity markets are down. Shows you. A lot. Sure, those markets are getting crushed, but Bitcoin just soaring above all of it, even if the correlation does remain high. Look, even a few percent of your portfolio put in Bitcoin. It can be game-changing for you. The real risk is not having any Bitcoin. Not many understand this yet, but you do anyway. Just my two sido. She’s your question for today. Do you think that Bitcoin will break away from its high level of cooperation with the equity markets anytime soon and really finally start acting? Is that systemic hedge of promise or do you think that a wider economic downturn will take Bitcoin right down with it? Maybe it’s just too early for Bitcoin to be the big hedge against Fiat and all that stuff. Or perhaps you are more optimistic about the overall recovery of the global economy. And all this is just the bump on the way to the moon. The equity markets, we find Bitcoin, we find to the moon, baby to the moon. Let me know down below in the comments section. Thank you so much for watching today’s video. As always, you are frickin awesome. Thank you so much tune in and watching today’s video. And of course, if you did appreciate this content, whack that thumbs up. But Mazzilli appreciates. Make sure to subscribe to the channel. If you’re a new round here. Long live the blockchain bend. He’s out. So next time.

source https://www.cryptosharks.net/bitcoin-asset-one-huge-problem/

Is “Zero-Waste” Bitcoin Mining Achievable?

Mining

Mining is an essential but energy-intensive means of securing the bitcoin network. It is thanks to this process that millions of strangers can transact with complete trust, safe in the knowledge that the information stored on the blockchain is true. Despite this, the energy costs of bitcoin mining have come under scrutiny, prompting calls for a greener way of protecting the network. A new mining company claims to have achieved a breakthrough by devising “the world’s first waste-to-energy crypto mine”, but does this claim withstand scrutiny?

Also read: ”Ludicrous” – Analysts Debate How Much Power Is Consumed per Bitcoin Transaction

Waste Not, Want Not

Like any industrial process, bitcoin mining is energy-intensive. While most of this power is gobbled up by the ASICs that are frantically crunching numbers, some of it is expended in the form of heat. Entrepreneurs have attempted to re-use this wastage, developing miners that will also heat your home or provide hot water. Despite well-meaning attempts to recoup some of the energy lost through mining, running hundreds or thousands of overclocked GPUs still comes at an enormous expense.

Standard American Mining claims to have developed a mining solution, however, that has close to zero waste. Renewable energy is commonly used in bitcoin mining, particularly in regions such as China’s Sichuan province, where a ready supply of cheap hydro power is gleefully lapped up by mining farms. Standard American Mining has taken a different approach, constructing a mining farm on top of a waste plant.

Where There’s Muck There’s Money

The waste-to-energy plant sees car tires fed in at one end and oil, steel, and carbon synthetic gas produced as outputs. The oil and steel are sold as commodities, while the carbon and syngas are used to produce the energy that powers the mining operation. Little is known about Standard American Mining, whose website comprises a holding page. Nevertheless, CEO Anthony Pompliano claims the firm’s mining power is zero-cost “because the rest of the business is profitable without monetizing the power. Only a waste-to-energy business can pull this off”. He stated:

Cryptocurrency mining involves hardware, software, and an energy source. The hardware and software will become commoditized over time, hence why Standard American Mining is focused on creating arbitrage situations with untraditional, near-free energy sources.

How Free is Near-Free?

Pompliano’s comments may be disingenuous, as any company wishing to harness a surplus of power will still be obliged to pay for it; plant operator PRTI weren’t simply going to let this energy go to waste had Standard American Mining not stepped in. Intriguing as the waste-to-energy mine is, there are few details in terms of its outputs, both hashrate and carbon footprint. Nevertheless, the scheme does hint at a possible future for bitcoin mining: large-scale miners striking direct deals with energy suppliers to capture electricity before it’s entered the national grid.

One expert who’s been eyeing the project with interest is cryptocurrency miner and Zencash business developer Rowan Stone. He told news.Bitcoin.com:

I think that sourcing renewable energy will be an essential part of crypto continuing to grow at its current rate. But when we talk about renewable energy, we talk about sources that cannot be depleted. That’s why the miners of tomorrow will power their mines with wind, water and solar energy – not car tyres.

Tires go in, bitcoin comes out.

The UK-based crypto miner has explored a number of renewable energy options including solar, wind, and steam, the latter using spent grain sourced from a local brewery. Each of these options was ruled out however on account of the setup costs or, in the case of steam, the CO2 emissions. Standard American Mining’s venture seems certain to fall foul of that last caveat. But the project raises hope that greener mining solutions may be on the horizon.

The amount of energy that bitcoin uses has been widely misreported, with at least one source claiming it to be significantly lower than stated. Several bitcoiners have countered claims that mining is unnecessarily wasteful by noting that the same can be said of Christmas lights, or bank offices. Bitcoin at least adds measurable value, providing verifiable truth in exchange for energy – a price worth paying for the millions who use the digital currency. “Zero-waste” or otherwise, any innovation that can make bitcoin more environmentally friendly – whilst providing a cheap and plentiful source of energy – is to be welcomed.

Do you think “zero-waste” mining is achievable? Can waste-to-energy plants transform bitcoin mining or are there other environmental concerns to factor in? Let us know in the comments section below.

Images courtesy of Shutterstock, and Standard American Mining.

Tired of those other forums on the subject of Bitcoin? Check forum.Bitcoin.com.

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