The market has been repaired for the fourth consecutive day. Some DeFi currencies with high volatility, such as DEX leader Uniswap (UNI), have doubled their lower point (13 to 28 dollars). When others are afraid, they have the courage to hold the Bazi Jue to buy against the trend. My friend, although I won’t receive the UNI for 13 dollars accurately, there is still enough time to place orders for about 16 dollars. Now, in just a few days, the return has been nearly doubled. I may be wondering why UNI fell so much worse than BTC? The answer is that volatility is two sides of yield. The high volatility is a manifestation of its youth and vitality. Without volatility, it also loses the possibility of future growth. Don’t mistake the varieties with sharp declines and slow rises for high volatility, the ones that are not high volatility, the ones that have dealers cutting leeks. High volatility must be based on Bitcoin, and the decline will be more violent and the rise will be more violent.
People who cannot dare to predict the market but rely on lagging technical indicators will not only fail to grasp the volatility, but will incur losses. When the technical indicators confirm the downward trend, it is too late to sell; when the technical indicators do indeed rise, it is too late to buy. The result is inevitably selling low and buying high, but it is not as good as holding the currency. The coward dared not act, and the weak died on the way, leaving us to move forward. Long-termists who are not afraid of volatility can enjoy the high-growth future returns brought about by high volatility if they stay still.
The overwhelming Tesla CEO Musk (5/14 “The Rain and the Rain Musk”) played a beautiful battle for industry dominance in the name of the environmental protection banner. For a long time, the main power distribution of the Bitcoin mining industry has been in China, and the main power of the surrounding chips, hardware, and infrastructure construction has also been in China. Of course, the actual dominance of Bitcoin production is also in the hands of Chinese miners. . This is the reason why Chinese miners and the Bitcoin core development team continued to fight on the issue of large blocks from 2015 to 2017, and compete for the dominance of Bitcoin development. Of course, the miners failed, and some people forked BCH. The facts proved that their dominant technical route also failed. Instead of doing a good job in the construction of your own computing power industry and formulating international standards, you have to go over and over, infighting, and robbing developers of code dominance. Is this enough to support, or is the structure not enough and short-sighted?
In the bull market of 2021, when American institutions enter the market, Chinese retail investors will naturally have to hand over pricing power. But the miner still holds the coinage right in his hand, which is equivalent to collecting the seigniorage tax from American institutions. How can American capital tolerate this? So Musk suddenly launched an attack on May 13, blaming Bitcoin mining energy consumption and environmental protection issues, and cancelled the Bitcoin payment channel that Tesla had just opened recently. How many plans are behind Musk’s seemingly nonsensical reversal of Trump? Heiner’s theorem tells us that the behavior of top players looks as unreasonable as nonsensical random walks in front of low-level players. It’s not that the top players are stupid, but the low-level players can’t see through the game.
The market began to turn down. On May 19, there was an inexplicable plunge. On May 21st, articles with the title “Combating Bitcoin Mining” were flying all over the Chinese media. On May 23, rumors abounded, and the market plunged again and bottomed out. On Monday, May 24th, Americans started to work, and various organizations came out to sing a lot to stabilize the hearts of the people. On May 25th, Musk reversed again and tweeted that he had cooperated with a number of Bitcoin mining companies in the United States to form a “Bitcoin Mining Committee” to improve the transparency of energy use and accelerate Bitcoin worldwide. The sustainable development plan for bitcoin mining, to achieve the standardization of the disclosure of bitcoin mining energy consumption, to set environmental, corporate and social governance goals related to bitcoin mining, and to conduct market education, etc. On the same day, Coinbase, a compliant digital currency exchange in the United States, issued a document to clarify five misunderstandings about Bitcoin mining, pointing out that Bitcoin is the promoter of clean energy adoption. Some of the main facts listed include:
* Miners are motivated to find the cheapest energy. This usually means that these energy sources come from excess electricity (electricity that will be wasted if not used) and/or sustainable energy sources whose prices are plummeting. *Half of the world’s bitcoin mining takes place in Sichuan, China, where excess hydropower can make 95% of the mining energy consumed by renewable energy. *5% of miners have used renewable energy as part of their energy structure. *Most importantly, the researchers behind the Cambridge Bitcoin Power Consumption Index concluded: “At present, Bitcoin’s environmental impact is still insignificant.”
Moreover, in many cases, Bitcoin mining uses waste energy, and its energy consumption is greatly reduced compared to other financial systems. such as:
*Renewable energy is often over-supply. When the grid cannot support the energy supply, this electricity is wasted. *Natural gas producers use a process called “combustion” to simply burn excess products, harming the environment and no one benefits. Bitcoin can convert this excess energy into value without increasing net emissions. *In the United States alone, the energy wasted every year due to inactive household equipment can provide power for Bitcoin mining for 1.5 years. *It has been found that Bitcoin consumes much less energy than other financial systems: only half of the energy consumption of gold mining, and not one-fifth of the energy consumption of bank branches and ATMs.
Friends in the industry often hear a saying that third-rate companies do sales, second-rate companies do products, and first-rate companies do standards. Tesla did not make money from selling cars in the first quarter, and it made a lot of money by selling carbon emission rights. It is not that Bitcoin mining is not environmentally friendly, but that Chinese mining is not environmentally friendly, and American mining is environmentally friendly. Environmental protection is not environmental protection, isn’t it just a reference? When you want to say that you consume a lot of energy, put a total amount of electricity consumption, saying that it exceeds the electricity consumption of a certain country. When you want to talk about energy saving, compare mining and gold mining industries. It’s a lot more environmentally friendly at once. Not only is it green, but I think Musk has to be rewarded with a bunch of carbon emission rights points! Nothing has changed. The only thing that has changed is to move the industry from China to the United States, and then change the term. What does Musk want this for? It’s so useful. Take a look at Tesla’s first quarter earnings report. It is losing money by selling electric cars, but it makes a lot of money by defining itself as green and selling carbon emission points to other “non-environmental” companies.
The unenvironmental bitcoin mining industry, the culprit that affects the carbon neutral strategy, the bitcoin miners who are screaming for the rat crossing the street, as long as they take the guys and defect to the United States and Musk, they will immediately be “enlightened.” “It has become “green” and “environmental protection”. It has changed from reduced points to bonus points. Not only are points added, the added points can be sold for money, and they are sold to China, which is desperately trying to buy points to offset the deductions. people.
Who is spreading the rumors, instigating them both inside and outside, eating steamed buns dipped in beheaded blood with relish? Those who have a conscience are all angry. The instructor has said that who is our enemy and who is our friend is an important question. More than a hundred years have passed, but lack of lackeys of foreign capital are still shouting for their masters, and those who have eaten blood buns are stupid and bad. The instructor said that without investigation, there is no right to speak. Some critics have no spirit of seeking truth from facts, and they do their best to fan the flames. Looking at their background, they couldn’t help but chuckle. It turned out to be an eagle dog raised by an old-fashioned harvester. These minions and lackeys literati represent the noisy gold masters behind them. They want to kill Bitcoin and hurry up. Nothing else, because leeks are a scarce resource, they all ran to the Bitcoin refuge, and they couldn’t be harvested. They were eager to attack their hearts. Such a villain would harm the country and the people. If the country loses key strategic opportunities in the era of digital currency pre-emptive because of their flag-raising and nonsense, these historical and national sinners will surely be left stinking for thousands of years.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.