I agree that there are many people like Rojer Ver who delibarately sold tens and hundreds of thousands of Bitcoins to pump their beecash etc. shitcoins. But there are other whales as well - mining whales mostly with short fat fingers which love to hit sell button on bitfinex. Each day 1800 new bitcoins are mined. For a week they gather 12600, for 1 month 50400, etc. Not so long time ago (5-6 months) they had enough profit to do so - like 20$ per asic s9 per day. But now, thanks to the many new s9's (and equivalent) plugged in, their profit is only 2.8$ per day with 0.1$ elecricity price. In the last 3 months the mining difficulty rose by 43% (meaning 43% less profit with the same price of Bitcoin). In 3 months the expected difficulty is almost the same 35-40%, so their revenue will drop from 6 to 3-4$ meaning the profit will be around 0$. I am curious if they will be happy to hit the sell button then. I guess not. That said, what can we expect to happen in the next 3 months? When 0.1$ el. price asics are turned off, this will buy some time (but not much) for the 0.04-0.06$ el. price asics to mine on profit. In another 3-6 months even with the lowest el. price asics will have to be turned off. This is very bad news for Bitmain and its competition, but not for the hodlers! Despite the hatred of Jihan Wu for Bitcoin team and supporters, he will be FORCED to pump the price at least 4x, if he wants to continue to manifacture asics and run his pool. The fact that the moderators in bitcoin mining forums ban me for posting these stats, proves how afraid are of the truth they. And those who buy new asics s9 are completely unaware of the mining difficulty charts: https://whattomine.com/asichttps://www.coinwarz.com/difficulty-charts/bitcoin-difficulty-charthttps://diff.cryptothis.com/Why would Bitmain be forced to pump the price up? It has been quite sometime since the S9 came out. I am quite certain that they have already developed the next generation of ASIC chip and are mining with those for themselves. If not, they are probably pretty far along the process. Also, BCH is basically Jihan Wu's creation. If Bitmain isn't far along creating a better ASIC chip, or the new chip isn't enough an improvement, I suspect Bitmain is more likely to prop up the price of BCH rather than BTC. We will see. The reason Bitmain is now so dominate in the mining sector is because they were one of the few that managed to survive and thrive after the 2014/2015 bear market. The development of new generation asic takes months and millions of investment. Let's say that Jihan will be ready to produce the next s11 with the 10nm Samsung chip in 2019. If the price of Bitcoin is the same, all s9's will be useless in 6 months tops from now. How are all supposed to start buying the new devices, provided that they didn't return their money for s9s? (43% increase for the last 3 monts speaks of the number of new devices bought). Even with s11, in 2019 their profit will be near 0, so to speak DOA. Who will buy a 3000$ device with a near 0 profit and old devices with no ROI? Regarding the BeeCasH - the hashrate is 10x less. Any increase in the price of BeeCasH attracts miners, raises the difficulty (remember it is daily adjusted) and the profit at the end of the day is the same as with mining bitcoin. We had a fresh example - BeeCasH price was 5x pumped but the profit was only equal to the profit of bitcoin - 10-50% increase during the pump. Only if the price of BeeCasH is 10x compared to the present, the profit may become bigger permanently. This is ridiculous btw. So most of the miners will prefer to hold and even buy bitcoins in order to reach better price. With or without Jihan - they need at least 4x times increase i.e. around 30K price, to keep the hopes of ROI and further profit. |
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I agree that there are many people like Rojer Ver who delibarately sold tens and hundreds of thousands of Bitcoins to pump their beecash etc. shitcoins. But there are other whales as well - mining whales mostly with short fat fingers which love to hit sell button on bitfinex. Each day 1800 new bitcoins are mined. For a week they gather 12600, for 1 month 50400, etc. Not so long time ago (5-6 months) they had enough profit to do so - like 20$ per asic s9 per day. But now, thanks to the many new s9's (and equivalent) plugged in, their profit is only 2.8$ per day with 0.1$ elecricity price. In the last 3 months the mining difficulty rose by 43% (meaning 43% less profit with the same price of Bitcoin). In 3 months the expected difficulty is almost the same 35-40%, so their revenue will drop from 6 to 3-4$ meaning the profit will be around 0$. I am curious if they will be happy to hit the sell button then. I guess not. That said, what can we expect to happen in the next 3 months? When 0.1$ el. price asics are turned off, this will buy some time (but not much) for the 0.04-0.06$ el. price asics to mine on profit. In another 3-6 months even with the lowest el. price asics will have to be turned off. This is very bad news for Bitmain and its competition, but not for the hodlers! Despite the hatred of Jihan Wu for Bitcoin team and supporters, he will be FORCED to pump the price at least 4x, if he wants to continue to manifacture asics and run his pool. The fact that the moderators in bitcoin mining forums ban me for posting these stats, proves how afraid are of the truth they. And those who buy new asics s9 are completely unaware of the mining difficulty charts: https://whattomine.com/asichttps://www.coinwarz.com/difficulty-charts/bitcoin-difficulty-charthttps://diff.cryptothis.com/ |
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For the last 90 days the difficulty rose by 43%. Yesterday for example at the end of the 13 day epoch it rose 4%. More and more miners are plugged in and the difficulty will continue to rise. In 3 months with the current price of Bitcoin the revenue will be less than the electricity cost 0.06$ (which is the best price miners can get in most places). There are a few places with 0.04$ but I am not sure how many asics are there. In other words, Jihan Wu must stop the production of s9's for good. Even if he invests tens and hundred of millions in the next generation 10nm Samsung chips, at the time it reaches the market, they will be DOA. The only way out for him is to stop pumping bcash and start pumping Bitcoin. bcash will never be more profitable for more than a day, this shitcoin is bought only by Wu's puppet Rojer Ver.
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I am starting to like this guy!  |
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Rick just came home from work and asked "What the fuck is going on with Bitcoin, man ?"
I just shrugged and replied with "No idea, dude."
What do I tell him about this dump ?
I have no idea what's going on.
I think you already gave him a honest assessment. You've set enough aside to carry you to the next halvening. Light some candles, pour a drink, cuddle, and forget about it for a while. Nothing to worry about for the long term guys. I assume you’re both willing to HODL until 6-12 months after the next halving? That’s when the real fun will start, what we’ll see until then is just posturing & whales playing around. 6-12 months after the next halving - 1 bitcoin = over $50,000 We are in a unique situation now. Due to the rising difficulty the reward of the miners is the lowest in history. In 3-5 months their profit will be near 0 or a negative number, which means those with an expensive electricity will have to stop mining. Then the difficulty will drop a bit and those with cheap electricity will continue to mine with a very small profit in therm of cents. They will prefer to hold the new bitcoins waiting for much better price. My prediciton is that a new storm of ATH's will come out of this situation long before the next halvening. |
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I have a dream... This year to see Bitcoin ATH and beecash below 200$.  |
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I am panic buying with my last fiat reserve  Currently Bitcoin mining revenue is around 0.5$ per Th, meaning that s9 revenue is around 7$ (x14) per day with cost of electricity 1.7-3.4$ depending on the price (0.05$ - 0.1$). Not to mentioin the price of the rent/cooling etc. Last month the revenue dropped to 0.45$ - the lowest in the last 5 years. According to the diff. chart in 6 monts with the current price the revenue will be around 0,125$ per Th, i.e., 1.75$ per day, which is not enough to cover the electricity price. Of course, when this price is reached many miners will switch on/off their asics depending on their price of electricity. So the big mining farm whales are preparing to raise the price 2x-5x in the coming months. This is a child play for them, considering the income of Bitmain only. And we are talking only about miner whales. Wall street is just to enter massively the market, knowing that the time to buy cheap is running away. |
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They say sell in May and go away. I bought (quite a lot) and I am here to stay: always the sum I am not afraid to lose. We will see how this unfolds: still bullish
I panic-bought TFD at $8340 so I can sleep better this weekend. Not that it matters a year from now. I seem to get quite good at calling the bottoms. And then totally fuck up the tops :-) I think I found the bottom!  |
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It's too bad zcash team is corrupted and don't want to fork to make Zcash asic resistant. New asic miners are 10 times more efficient than a gpu rig with the same price. They are already accesible by some and soon will be available for sales. The developer Zooko is a paid by Ver/Wu shill. He deleted Peter Todd's Asic resistance code. Peter Todd is a famous Bitcoin Core developer, and as we know Ver is in open war with them. We all know that the money in zcahs team came exclusively by Ver, so no doubt what is going on. Here are links of Todd's twits: https://twitter.com/peterktodd/status/992309206572138496https://twitter.com/peterktodd/status/993108684585644038 |
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Zokko is a paid by Ver/Wu shill. He deleted Peter Todd's Asic resistance code. Peter Todd is a famous Bitcoin Core developer, and as we know Ver is in open war with them. We all know that the money in zcahs team came exclusively by Ver, so no doubt what is going on. I am moving to mine other coins and I will never ever look at the zcash again.
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Zokko is a paid by Ver/Wu shill. He deleted Peter Todd's Asic resistance code. Peter Todd is a famous Bitcoin Core developer, and as we know Ver is in open war with them. We all know that the money in zcahs team came exclusively by Ver, so no doubt what is going on.
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Neither traders, nor miners will make profits if we stay longer at 7-9K range. Btw, the revenue for the antminer s9 dropped again below 7.5$ per day. In comparison, in November 2017, when the price was in the same range, the revenue was 28$. In August, when the price was 3K, the revenue was 16$. The always rising difficulty will bring to a negative number the profit very soon. Perhaps in 4-5 months the revenue would be 1$, if we stay in the range 7-9K. Provided that s9 needs 3.3$ if the electricity is 0.1$ (resp. 1.65$ if it is true that in China the electricity is 0.05$), the miners will have to shut down their s9's, not to mention the previous models. From my experience, the price NEVER stays long around the breakeven point.
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Some of you just don't get it, it seems. The price started to fall right after Kobayashi started moving the funds, not one day before and not one day after (excepting the Gates/Warren interviews). Now, he might be selling most of the coins OTC, but that still doesn't matter to the beartards, because they are looking even for a mosquito to cling on and justify their short-game.
The price is not going down because of the fundamentals or because it is overpriced. It's going down because of idiotic short-term FUD. In fact, the reasons for shorting this revolutionary technology are becoming more and more ridiculous, up until a point where nobody will give a fuck anymore and just buy regardless. And that moment could come just as unexpected (once kobayashi is done selling) as the 2017 20x pump event.
In general I agree with you. I am just doubtful that the trustee sold the coins 20h later and exatcly on Bitfinex. I think that the remaining whales (with 1K BTC and more) like to short them on Bitfinex hitting the sell button and causing pleasant for them drop in the price. You know, it hurts when you sold thousands of BTC and the price doubles in matter of days. The pain is so real that some of them will be on the brink of suicide. And of course the price will continue to rise despite their pathetic atempts. |
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kobyashi's back in the game?? ... I thought he was on the sidelines until the civil rehabiliation question was decided by the judge?
He has already raised sufficient funds to bring Mt. Gox out of bankruptcy so he has no further authority to be trading in any remaining liquid assets until the civil rehabilitation question is settled.
smells like FUD to get some bankster cheap coins ... probably buffet trying to get bankster dick out of his mouth and mumbled something incoherent.
I'm surprised he continues to sell coins considering he apparently has enough JPY to cover all claims and lawsuits. Todays dip has nothing to do with Kobyashi, I'm pretty certain of that. Only 8000 coins moved out of the MtGox addresses yesterday. I also think that the trustee is not involved. In Bitfinex for the last 16 hours were traded 35K BTC, while for the previous 24 hours only 16K. Too much people still with thousands of BTC were hoping to sell above 10K, and when they saw it didn't happen for the last 24h, decided to pull the trigger. The volume is much less than the previous dumps, however, so I still expect the bull run from the last month to continue. |
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It is funny watching how after each bullish post, the bear trolls post in a matter of seconds maid up shit posts. Epecially Terra and her multiple newbie accounts praising her own wisdom Sure, Wall Street buying thousands of Bitcoins is a bear news, why not, if you say so. Is there anyone who can't tell the difference between shorting fiat settled futures and actually buying enourmous amounts of bitcoins, say for a pension fund? Only noobs can fall for that nonsense. |
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If this is not bullish, I don't know what is: Some of the biggest names on Wall Street are warming up to bitcoin, a virtual currency that for nearly a decade has been consigned to the unregulated fringes of the financial world. The parent company of the New York Stock Exchange has been working on an online trading platform that would allow large investors to buy and hold bitcoin, according to emails and documents viewed by The New York Times and four people briefed on the effort who asked to remain anonymous because the plans were still confidential. .... Goldman will initially only be trading futures contracts linked to bitcoin’s price. But Goldman executives said they were looking at moving in the direction of buying and selling actual bitcoins. The Intercontinental Exchange’s effort, if it pans out, could make bitcoin available to a much wider and more influential customer base, including other financial firms. ... Read the whole NYT article at: https://economictimes.indiatimes.com/markets/stocks/news/coming-soon-bitcoin-trades-on-wall-street/articleshow/64076979.cms |
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