Weirdly, as Bitcoin has no fundamentals at all (it is the purest Ponzi), I have never had a serious urge to ever short it. Whereas any stock that gets disconnected from future cash flows starts tugging at the back of my brain at some point. Maybe I can learn something from this. https://twitter.com/2170cell/status/1345592981877706753 …
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nah, i think your model would correlate until it suddenly doesn't. different, but related, from our letter this month:pic.twitter.com/LLcypFV8Zp
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I remember ppl saying after the BTC crash last time that the floor on the price ended up being near the cost of the electricity in China where most of it is mined.
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Bitcoin price drives mining, not the other way around. If BTC price is driven by fundamentals, power cost isn't the driver. You could make a strong case that power pricing is driven by BTC in these areas tho.
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