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The Perfect Finishing Attack on $btc

1/6

btc hashrate going parabolic here is very fishy.

There is no financing avaliable in the space and mining is unprofitable.

While it happened before, but the amount of money needed this time is orders of magnitude higher.

2/6

The EV of starting to mine here VS just buying and hodling btc is negative.

The additional competition will put more leveraged btc miners out of business.

3/6

Using FIAT loans to pay your your capex and opex and holding btc was always a ticking timebomb.

What @saylor was suggesting is the perfect FIAT attack on btc. It makes everything weaker.

4/6

If I was a central bank and wanted to attack btc, I'd be doing exactly this.

Buy as much gear as possible, push difficulty up, put miners out of business and buy their rigs.

5/6

The majority of the wars of the last two centuries have been in part for the priviledge of issuing currency and solidifying the 'independant' central bank cartel.

This was always going to happen.

6/6

They now openly say they see crypto as a threat to their monopoly on money and violence.

IMO FTX was an orchestrated attack on crypto and there's good chances they might try to attack btc with hashrate.

TCB on Twitter

7/6

DEFI is easier to attack, while eth's POS system itself is very solid and would be expensive to directly attack, every DEFI protocol's existence is justified by stablecoins.

If they wipe out the stablecoins, they wipe out DEFI.

This post is based on this twitter thread.

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