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5 % interest is 150 bitcoins per month.
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To the Bitcoin community, I want to short sell 3 000 bitcoins, and I will pay 5 % interest per month on the loan. I have my money in Mt.Gox that covers all the loan (hackers f*ck off nothing to get here, I have a Yubikey). I want to make this a secure deal for both parts. I know that there are people in here that don't want to sell, you can make money know.
5 % interest per month gives a annual rate at over 79 %. That is really good terms. I would like to be able to hold it for at least 2 months, and also have the option to close the position before hand.
If anyone is interested, tell me how we can do this in a secure way. Maybe I can contact Mt.Gox and they can take care of it. We really need the opportunity to short sell Bitcoins, it have many benefits, for example more liquidity, people can make money on their bitcoins if they don't want to sell.
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uhhh, all it means is that difficulty is going to drop
That gives more coins/Hash at next difficulty DROP. And that gives the opportunity for miners to sell more bitcoins/day, making even more money from the direct USD (fiat currency) buyer that doesn't understand economics. My new price target is 3 dollars if the difficulty drop continues. |
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Anyone wants to take the other side of the bet at 8 dollars?  |
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I have been told that hellobitcoin gives the trader the opportunity to short sell. The only thing that is missing is the liquidity. https://hellobitcoin.com/trade |
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You sold out at 7 it seems? Lol. We'll see much more topics like this in the months to come. I have never bought any Bitcoins, ever. I have a mining rig. I would like to short sell it, but I cant. |
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Once again the market (the direct buyer) are feeding the mining sector of the Bitcoin economy. And once again Bitcoins are overvalued. The market gives you the chance to sell on high levels. Take the chance.
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Great. What a time to not have any USD on the exchanges.
Maybe you are lucky that you are not buying at this levels. |
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With this speed we will hit 3 dollars tomorrow.
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It took nine days to reach my target price.
Good call. I wasn't sure of the timeline of the crash, but you timed it brilliantly. |
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Another chance to sell at high six dollar, the market is kind.
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It took nine days to reach my target price.
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it does not really matter if there are 10000000 miners or 10.. difficulty will adjust on network speed and about the same amount of BTC will be mined
on average over time until we the reward drops to 25.
correct?
Correct. Look at the increasing hash levels, it shows in a easy way the money that has been invested in mining rigs. Money that they/we will want to get back at the exchanges. |
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Yes, but how many of them are sustainable? It's only a matter of time before someone realizes they are being short changed. It's a zero-sum game.
Read what I wrote, I'm not saying that everyone will mine with free electricity, but many will, and most will mine in the end with a low electricity cost (relative others in the world). |
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Electricity price is dictated by the price of gas and coal and a few other materials and the amount of demand. No one is going to give it away for free or even next to free. The one thing economics and thermodynamics have in common is the law of conservation. Even in places where it is about 1/3 of the cost of that in the US it is certainly still not free, and if suddenly everyone went there and started bitcoin mining the price would go up anyway because the demand for electricity would go up.
Let me tell you why I mine with free electricity. I have my mining rig at my families company. The company have a fixed level electricity cost, they consume a lot of electricity and the mining rig is a small part of it. A real example of how you mine for free. I can promise you that there is many more examples of this in the world. We are talking about a world with more than 6 billion people. |
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Nice looking calculation. I have been saying this for a long time now.
Let me add one important fact, many people as me mine without any electricity cost. In the end (one year from now?) , most of miners will have very low or no electricity cost. Putting even more pressure on the price.
No, that will never happen. What will happen is that electric companies and people who provide power will begin to become much more aware that people are using their power to mine bitcoins and will put a stop to people mining for free, because what it amounts to is theft. With bitcoin, we've basically made a way to produce money from electricity. Once this is more widely known it will be clamped down upon hard, much like marijuana grow-ops that do so are (which operate on the same principle aside from the sale of an inflated black market product). The world is a big place, you are saying it will never happen is not right. There will always be opportunities in many places in the world where you can get very cheap or free electricity (for different reasons). I imagine that you live in US, US is not the whole world, and Bitcoin is a international phenomenon. |
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Nice looking calculation. I have been saying this for a long time now.
Let me add one important fact, many people as me mine without any electricity cost. In the end (one year from now?) , most of miners will have very low or no electricity cost. Putting even more pressure on the price.
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This fact is a bit scary. Reaching 1 dollar in price with 28000 BTC trade on the bid side takes only less then 4 days of mining (7200 x 4). That should get even the most hardcore optimist a feeling of something isn't right.
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There are 6 million coins out there and only 12,000 are needed to wipe out whatever money's in the system.
I saw a sell order for 17,000 earlier today.
7 million, the number of BTC on the bid side looks like this: 28710 bitcoins to reach 1 dollar. Having said that, it looked worse a couple of hours ago. How are you getting market depth to $1? Rows to display: 1000 |
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777, THE NUMBER OF GOD
THE END IS NEAR, EVERYONE SELL!
If it hits $6.66 Bernanke's head will spin 360 degrees |
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