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Comment by rastapasta42 | Hacker News Reader

This price drop indicates too much faith in Fed's tapering efforts. Markets are underestimating the rate of inflation, and the price will bounce back like it always does.

On another note, what's the update on the proof of stake?

It's insane that we're using 0.55% of global electricity production for a decentralized spreadsheet.

Phasing out coal power might be detrimental to lives of millions of people who depend on coal to power their dwellings, but shutting down coal power plants used for crypto mining sounds like a reasonable compromise.

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Bitcoin will probably never move to Proof of Stake, they couldn't even increase the block size and that caused the whole BCH fork situation.

But Ethereum is still on schedule for Q2 this year. It already uses far less electricity than Bitcoin does, but will do so much better as PoS.

Good to hear, and I hope Ethereum team will be able to complete a smooth transition.

I've been hearing about Ethereum POS for many years, and almost started losing hope at this point.

If the markets are underestimating inflation, then the Fed will need to be even more aggressive with the interest rate increases, meaning the price of speculative assets like BTC will drop even more.

Too many people are invested in the speculative stock market, so I'm skeptical on whether the Fed has the courage to ruin American worker's 401k.

If the supply chain issues persist, there's also a chance that raising interest rates will fail to deflate commodity and product prices, in which case we might be overestimating Fed's ability to control inflation.

Let's hope China decides to stick with dollar as the reserve currency and doesn't decide to suddenly cut off the flow of goods, or things might turn very ugly.

A global digital ledger of record which nobody controls and everybody agrees has never existed. It just might be worth all the electricity.

Win/win cooperative deals are being made between cities and miners to establish predictable baseload and to turn off under prearranged conditions. BTC mining is becoming integrated with society at the municipal level.

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