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Newlaptop 4 days ago [-]
I've been surprised that the news that Strategy (formerly Microstrategy) bought 3x the total amount of mined bitcoin in the past year didn't cause bigger waves.
A single corporation is issuing debt at 11% interest to buy all the bitcoin being produced and a huge chunk of the additional sales. That's such an obviously precarious situation that I figured the news would cause a crash as people tried to get out of bitcoin before Strategy has to start liquidating, but it looks like there's still some runway left.
DANmode 4 days ago [-]
The broader market still sees it as a speculative investment.
&
This is a recession period.
chistev 4 days ago [-]
Are they still buying?
swarnie 3 days ago [-]
Still buying, currently 12.5 billys underwater.
If they sold today it would be comparable to the largest banking losses from the 2008 kerfuffle
iamleppert 4 days ago [-]
Outflows into AI. I wouldn’t be shocked if it goes down to $20k soon.
icf80 4 days ago [-]
at least with AI you produce some results
cyanydeez 3 days ago [-]
probably has more to do with them using the same hardware basis. You can't talk to your AI Girlfriend about how to take over the world and mine bitcoin.
rndjdifi358 4 days ago [-]
Has anyone calculated what effect swapping AI datacenter calculation to bitcoin mining would have? They’re not asics, but this is a lot of hardware that’s been bought
phendrenad2 4 days ago [-]
I wonder how much of this is investment flowing out of everything and into factories and mining other industries that the current regime is de-regulating.
rdwrrr 4 days ago [-]
Just a little bit lower before it can go up again.
A single corporation is issuing debt at 11% interest to buy all the bitcoin being produced and a huge chunk of the additional sales. That's such an obviously precarious situation that I figured the news would cause a crash as people tried to get out of bitcoin before Strategy has to start liquidating, but it looks like there's still some runway left.
&
This is a recession period.
If they sold today it would be comparable to the largest banking losses from the 2008 kerfuffle