Bitcoin Forum

Looks like we have a heavy amount of bears lol

or bulls want to keep prices low

Same thing lol  :D

sell off is going to happen

sell off already happened

we are just encountering resistance ATM

Bulls are trying to catch more bears around 12$ before launching the ROCKET!

Close poll is close.

Not enough people in poll is not enough people in poll...

to get a good gauge of sentiment.

 :D :D :D

I think the price will rise by a dollar or two for a few days, and then it'll fall back down to $11 or $11.50. Some speculators will expect the price to rise, but this increased price won't actually be sustainable -- the decreased BTC production has already been accounted for by the market at this point.

+1

Until ASICS come out, I find it hard to believe that miners are making reasonable profits. There must still be a surplus of bitcoins in the hands of early adopters and thieves keeping the price down. With the supply growth halving and interest growing, this should be corrected upward.

What's "reasonable"? The initial equipment costs certainly are there, but if you have a 7970 as an example, that will mine at roughly 600Mhash/s while using around 300W of power. You'll create roughly 0.16 BTC per day, which is worth $1.92 if you sell at $12. Your electricity costs will be around $0.72 ($0.10 / kWh). So, every day a single 7970 will earn about $1.20, which is $36 per month, all for doing basically nothing. Plus you get to offset the costs of heating your house in the winter (which is what I'm doing), which almost takes the electricity costs out of the equation. The catch of course is that you'd have to invest $400 for a 7970, which means one year to break even if everything stayed consistent. Then again, if you're a gamer and happen to have a 7970 already for that purpose, it's "free money" of a sort.

Six months ago the BTC rate from a 7970 was more like 0.35 BTC/day, but then the price was lower as well, so we're basically even. When the price broke into $10+ range and we were still at <2mil difficulty, profits might have approached $3/day/7970. Ultimately, though, I agree with you: mining and investing in mining equipment seems like a losing situation, if you have to pay for the hardware and can't sell it when you're done (or break it by stressing it too much). ASICs won't be much better unless you're in early -- and they come out sooner rather than later.

The halving just occurred and I'm no worse for the wear.  Hopefully price increases but I doubt it will; as a matter of fact i'm betting on a short term drop to $8 - $10...

I have a couple BFL Jalepenos on order and as soon as they arrive, I'll move my 1.8 GH over to LTC.  Til then, i'll just keep minin' ... The extra heat definitely does offset the power cost (although not so much this week -- abnormally high temps in my area this time of year)

NOPE

litecoin now more profitable until difficulty doubles

I don't know about before the end of the week, but money that used to go to my electricity bill is going to buying bitcoins (until the price makes mining profitable again), If I'm not the only one going from mining to buying then things should be good for a one way trip to the moon

silly ostrich