Economist Harry Dent Expects Biggest Crash in Our Lifetime to Hit Between Now and Mid-June

But bitcoin went up past $30,000!!!
\ \ \

He's been saying that since about 2009.

True but he makes a good point here.

He explained that the biggest crash that he is predicting is what the 2008-2009 crash should have been, noting that the S&P 500 was down 57% at that time. “About a year and a half into that crash, central banks just stepped in and just started printing money at unprecedented rates … So that recession didn’t really do its job of flushing out the greatest debt bubble in history,”

if Bitcoin falls 95%, it's dead. Period. there will be
no miners to supply the network. It's not far off right
now. Close to 50% of miners were washed out in the past
year and $30K price is almost breakeven.

.

30k is breakeven because of the energy cost to mine a bitcoin? Its really that high?

Yep, that silver is looking good right now.

[link to broward.ghost.io (secure)]

those numbers are almost a year old, a significant
number of miners relocated to Russia in the past year
for lower energy costs but the Bitcoin network is
probably still eating around $12B to $15B per year.

it's not just the mining cost. there's a cost to
support 200 wallets that need constant updates,
and there's ISP costs for network traffic.

.

the real problem is that the annual mined coins
must be halved every four years, otherwise the
coinage is exhausted in a few years. this doubles
the operating cost. here's an easy exercise...

imagine the remaining 1.7 million coins were
mined in four years instead of 100.

1.7 million X $30K = $51 billion of income, total.

$15 billion energy cost for 4 years = $60 billion cost.

You see the problem?



.

Nothing could surprise me. Nothing.

I thought it was capped with how many bitcoins could be mined each year?

I heard, on Fox Business News, that the S&P 500 will drop to at least 3000. That's at least a 20% drop. We shall see when the 1st quarter numbers come out. Inflation is increasing and the Fed will have another 25 basis point hike. Banking crisis is not over with and more banks will go under. The economy is tanking. Long shore men may very well strike on July 1st. This will Close down many ports. Next few months will be very precarious with markets falling at least 20%...

If you have any stocks or mutual funds in Value Stocks, then get it out now...

there's a cap that halves every four years.

it's currently at 330K, it goes to 165K in 1st qtr, 2024.

the network cost of $15 billion is basically fixed.

so 1/2 as many coins mean those coins must double in price.

bitcoin has to be around $55K by 1st qtr of 2024 for miners
to reach breakeven.

.

He predicted gold at $500

Still waiting

same error he made in 2008. Feds have the same
demographic data as he does. he underestimated
their planning and resolve (i did, too).

.

2 more weeks!

Silver is a good idea, but ammo is better. We are eventually headed for inflationary collapse.

Btc, gold, silver, fiat and food. Diversify. I can tell you now that btc will likely hit 1m USD as this mess heats up.

Bought my ammo years ago. It's keeping just fine.

What difference does it make if it’s being mined or not? How does that affect its value? They don’t all disappear when the mining stops.

A bitcoin is a bitcoin isnt it, regardless of whether new ones are being mined or not?

the network itself is costing $12b to $15b to
operate. that is disguised from end users
because it's paid out of coin profits. no
coin sales means no network.

.

So the miners pay $12-$15b per year for the network to operate?

Right after we finalize the WHO pandemic treaty?

Is he related to dick dent? He has a history of getting hit by bass guitars.

yes, theyre using 120 terawatts annually right now.

[link to news.climate.columbia.edu (secure)]

here's a realtime estimate.

[link to ccaf.io (secure)]

currently reads 139 twatts.
last month is was 120 twatts.

that 15% increase is a function of the burst of
activity last month as money left banks.

see fast it grew? that's a real problem. if
bitcoin grows, it uses progressively more energy.

.

[link to www.saveonenergy.com (secure)]

"The latest commercial Texas electricity rates are 34.25% lower than the national average, at 9.05 cents per kWh."

at 10 cents per kwatt, 139 twatts is $13.9 billion.

.

330k coins x $30k per coin = $9.9 billion.

even at $30k price, miners probably have a
net loss of several billion ($13b - $9.9b).

next year, there will be 165k coins mined.

do the math.

He also said silver to $9.
I don't see it.

What would happen if all the miners stopped mining tomorrow?