Bitcoin Forum

Ok, the bitcoin mining manufacturers are destroying the market price of btc.  They are mining a bulk load of btc and dump them on the market.

We should quit and let not touch btc anymore.  This will cause btc to crash to $100.  At this price manufacturers will not get into the mining business, then we get back into home mining.

What do you think?

who is this big collective of we?  the small miners?

That's how I read it.  I'd have the biggest shit eating grin on my face if the huge private corpo mines went bankrupt, but that's just my bitterness showing  ;D

we = home miners

This was my theory back when avalon (And others) started taking preorders. We would send BTCs to the companies and then they would be sold on the markets for fiat.

Definitely looking like there is serious downward pressure. But my motto is when people are afriad, buy.

I'm adding to my position.

I think it sound like a excellent idea, lets start !  I love to get in to the home mining and mine bitcoins !

Assuming the BTC are coming from the large miners, then they must be in a position they must sell in order to meet operating costs. They are faced with the return from mining dropping every 12-13 days and BTC price declining. At $400, 0.10 power, not considering any other operating costs - the S3s go negative in January (with 12% bumps). 1W/GHS goes negative in December and 2W/GHS goes negative in October.

The smaller miners can mine in expectation of BTC going to $1000 and gut it out.

will be fun to watch, some of the larger ones should go bankrupt at some point. just sit back with some popcorn and watch the hashrate explode  ;D

Remember, in the grand scheme of things we are still early in the game where bitcoins are "easy" to get, with an inflation rate near 10%, and large amounts of confiscated and hacked bitcoins are floating around.

i guess what i am saying is do not watch the prices every day and start thinking on a longer term scale.

We should look at all this for a bigger time frame, but i can not see any good signs if more manufacters will keep adding hashrate.

If the chips are not already in the pipeline, then the hash rate may start to level out. IMHO, now investment in chips is becoming iffy for the manufacturers.

Price doesnt matter, acceptance does. Period. We are in the "bit" era where now services and products are sold for fractions of a BTC.

How much you pay for your bits doesnt really matter if you plan on spending them quickly.

USD/BTC only affects people who buy and hold, and hoarders who dont spend at all, ever arent helping BTC price - hoarding hurts the price.

When everyone and their grandmother is buying and selling stuff with BTC, it will rise against fiat. If we all just buy, hold, and pray, this ship isnt leaving its dock - let alone going the moon.

Why does it have to be hoarding? Why not saving?

Further, I disagree.  The only reason the value is what it is, is because of "hoarders".  There are >13MM BTC out there, what do you think would happen if all of the people who are holding don't?   

That sounds fine and dandy except that without the ability to mine BTC at home, people actually have to buy BTC with fiat and credit cards or trade goods and services for BTC. And I honestly believe that will never happen on a grand scale, i.e. grannies and other non-techy folks adopting BTC as a preferred form of currency.

Seriously, who buys bitcoin so they can order a tablet from NewEgg when it's so much easier just to use a credit card?! And with CC purchases you have buyer's protection. I've loved being able to make big purchases online with my mined BTC. But I'll never buy BTC to spend BTC. It makes no frickin' sense to me.

In my opinion, BTC is doomed without home mining.

I get 1% rewards on my credit card, but I get 3% discount or more when I use bitcoins. I chose bitcoins a lot.

The point is everybody is selling BTC, nobody is BUYING bitcoins and this will make the price go down until people panic & make the price decline even further! Endless cycle!!!

It sucks, but it's the truth... Everyone is just buying BTC to get rich quick and this coin will never take off because of that. Facts are without demand and $2m worth of supply getting created per day the price will only go lower, think about it BTC never really went up after it hit $1,100 obviously not counting a few wild swings in the middle.

By definition, there are as many people buying BTC as selling. When there are more sellers than buyers, the price drops. When there are more buyers than sellers, the price increases.

Well isn't home mining also doomed when everyone is unable to get a decent return on their investment in mining equipment?  Then, if we can't get ahead ourselves, how do we manage to convince new people to get involved with bitcoin.

Price is based on BID / ASK prices, You're reffering to how to move a order book that's closed but an open order book is constantly changing! Hence the flash crashes where peope get BTC for $100!
Soo Im sorry but that's not how it works... The people that own the most BTC can easily raise the price by refusing to sell for less than $1,000 (which is what we should all be doing) & BOOM all of a sudden the last price(which is what we get shown for "quotes") is $1,000 and since all the ASK prices are $1,000 or more the buy orders will have to start to follow. Yes, some people can go rogue and ask for 800 or whatever less but since most of us won't budge for less than 1,000 the price will eventually (and very quickly) hit 1,000 because we the HOLDERS of BTC decide the price. Right now the holders are the miners that are deciding dollars sound better than some digital currency!


Just because we can't make $2 a day mining at home anymore doesn't mean we still shouldn't show evceryone how amazing bitcoin is, stop being so greedy, we can all make $ in the future if we promote bitcoin from NOW!