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10 sats \ 3 replies \ @scampy 10 Nov 2022 \ on: FTX blowup is bad for bitcoin in the short run but great for bitcoin long term bitcoin
This bear market has been quite useful thus far for flushing out bad actors - Do Kwon, Su Zhu, Mashinsky, SBF, and even CSW to an extent.
Unfortunately, there are still many turds left in the bowl. Exchanges offering "yield", miners who leveraged their BTC and ASICs, etc. It's all so tiresome.
Oh well. Nothing to be done I suppose. I confess it's hard to tear my eyes away from this disaster porn, but the best thing we can do now is go back to building cool shit (Bitcoin or otherwise).
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0 sats \ 2 replies \ @petertodd 10 Nov 2022
How do miners leveraging their BTC/ASICs impact anyone but their direct investors? Most likely they go bankrupt and difficulty adjusts.
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10 sats \ 1 reply \ @HardMoney OP 10 Nov 2022
When they get margin called they need to dump bitcoin
Short term cheaper corn, long term it’s free market Darwinism
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0 sats \ 0 replies \ @petertodd 12 Nov 2022
That's a good point.
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