It is just so many hooked up with this myth that mining costs somehow influence bitcoin prices. They are not.
... all empirical evidence to the contrary. Just keep telling yourself whatever myth you like to keep yourself inside your comfort zone. Regardless, money is what does and if you aren't well enough informed with the money markets you'll most likely lose 'money' speculating on bitcoin. Start here http://szabo.best.vwh.net/shell.html for some insight to get rid of all that bullshit confusion you just spread everywhere Good morning:) Thanks, i have read it like a year ago, it is a fascinating read(!), i think i even linked it somewhere in a reply long ago. Still, i think Szabo's whole point is that money is an abstraction, a creation of the human mind for "...to solve problems of cooperation that other animals cannot.." and cryptos are the ultimate proof, that this abstraction can exist purely as information, completely detached from the physical form. That is precisely why i am saying that it can not have a traditional production cost, because it is pure information, a number only - actually, more like an entropic state. The empirical evidence is this: buyers/sellers on the market does not care, how much computing went to the same bitcoin units of 2010, or 2016, 1 bitcoin= 1 bitcoin, regardless of electricity burned to "compute" it - as i have written here: https://bitcointalk.org/index.php?topic=178336.msg15108324#msg15108324, there is no production, every new block will enable a new UTXO in the coinbase transaction, DESPITE the computational power used - the same with 1 laptop humming on the desk, or a gigantic asic farm factory, 1 block will release the same amount of BTC/as defined by the blockheight as unspent transaction output. Saying that "production costs" - whatever that would mean to generate a random number basically - reflecting in the market value of BTC is saying people are checking price tags in a supermarket by calculating how much it cost the producer to make a bottle of milk. They do not care. They will check the competing MARGINAL UTILITY of the goods satisfying their needs, they could not care - or has the ability to calculate - about production costs. Same with bitcoin. Does anyone care, if that bitcoin was mined with 100 Ghash/sec machine, or 1,4 Exahash/sec gigafarm? Does that by itself make bitcoin more $value in the open market? It does not. Yep understandably people are struggling with the concept of fixed supply. In real life if production costs are much less than the market price of the item, you got a huge profit margin so either you or someone will increases the supply, considering constant demand, this will cause the price to go down. Works the other way around too, it's not sustainable if production costs are greater than the market price, so business will go bankrupt thus decreasing the supply, with constant demand price goes up. In bitcoin land, instead of supply we adjust difficulty. If mining is very profitable, noobs will start buying USB miners at the retail stores cause a rise in hashrate which will increase difficulty. When mining costs are greater than price, electricity bills pile up, business with higher production costs go bankrupt causing the hashrate to drop and difficulty to adjust down. |
|
|
|
Complete degenerate page. Bullish! There's psychiatric help available if you so choose. Adam won't even show up here because he's embarrassed at what "the help" has to say at this point.
After BMB yours is the next post that's not ignored on this whole page, i figured trolls are having a blast trolling each other |
|
|
|
4000 CNY and especially 4444 will be huge psychological resistances in the middle kingdom. 4 in chinese is "sì" (四) and it sounds a lot like "sî" (死) which means death... The chinese people don't like it and try to avoid using it. In elevators for example you might find floor 3a and 3b and floor 5 but no floor 4. Not really comparable to 13 in the west but you can get the idea. ( Most of the airplanes i have been flying with did not have a seat with that number). So there could be some trouble if we do not get past that cursed number quick... On the other hand we might just overshoot it to 5000 cny which would be really great if the western exchanges just follow. My next target is +760$.
Now you can enjoy the rest of the nlc show i guess. kthxbye
i can't imagine dragons being so superstitious. On the other hand a ton of coins on finex for sale till $600 it'll take some volume to push through |
|
|
|
The market is behaving funny. It's as if someone is trying to corner in  O.k. I will bite. What is "corner in"? Is that another way of saying manipulation? Or is that a way of saying inability to get passed resistance? We already realize that sometimes consolidation involves an attempt at a kind of holding pattern until such point that it cannot be held in the consolidation range. That's no kind of new phenomenon. Someone is digging their feet in? Playing both sides of the market to keep the price in a certain range? O.k. thanks for that explanation.. Hey DaRude. What's an overview of your personal bitcoin related story? Did you start buying bitcoins around the time of your registration in March 2013? What kind of view did you hold? Did your thinking evolve over the past few years? Did you own any bitcoin's during either or both of the 2013 price surges? No, started buying before that sometime in 2012. Hodled and accumulated since then through all the bubbles, gox, BTC26k bearwhale etc... Was inspired by user Loaded  As far as view, kind of surprised that the price is where it's at now. I do see it as a binary outcome, it clearly hasn't reached its critical mass, but yet not gone under even with BTC3600 daily supply. Almost lost faith when adoption slowed down and we were trading in $240 range, but hodled through it and now think outlook looks as bright as ever, and gets brighter every day. Buy some BTC and forget about it for 6months, market is way too thin and easily moved to pretend you can trade the patterns Oh... thanks for providing that. It is nice to hear real individual perspectives from time to time. Of course, we do not need to agree or even share the same view, exactly, but there still may be some aspects of our history that we have in common. Regarding your last point about trading... especially, if we may experience some kind of exponential growth period or two, I believe that there are ways to structure such trading, and really investors should consider approaches beyond the buy and HODL approach. Certainly, I am not going to advise anyone or to suggest that anyone attempt to do anything that is outside of his/her comfort zone. Even though I don't agree with the extensively mathematical approach of Rptiela, nonetheless, I think that he provides a good start for conceptualizing going beyond a buy and HODL approach. https://bitcointalk.org/index.php?topic=345065.0More or less the concept is that from time to time investors in BTC need to have a plan for taking some profits off the table from time to time. In the end, probably, you are correct with a suggestion that either reinvesting or any kind of trading has too many screw up potentials, and so just removing some profits, from time to time, could be an intermediate compromise approach, for some folks. How's Rptiela doing haven't heard from him since he started pushing monero too hard and left this sub, does he still have that castle? As far as trading it's a wild wild west, you tell me how much of your strategy accounts for a major exchange going under, or Dell announcing that they'll start accepting BTC, or China banning BTC, or BTC170k sale by US masrshals, or BTC24k sale by E&Y, or 10% spread with Chinese exchanges, or China banning BTC again, or some trader just putting up a sudden BTC26k ask wall, or Adam getting drunk and leaving this sub etc etc etc fundamentals can only be traded very long term on such thin market and long term fundamentals say HODL |
|
|
|
Bitcoin Block Reward Halving Countdown:
Only 35 more days!
I don't think it will matter much... If anything it well be sell the "news" .. If you can call it news at all since everybody knows about it for years. It should generate a lot of buzz and coverage, on the other hand finex's longs are at $32.5MM (although how much of that is in etherpoop is unknown?) while shorts are pretty modest. Think we should see some swings next 2-3months on speculation and then true effects should be start settle in after that. Lambie can you post that Wile E Coyote gif and add $580 to it? We need a target |
|
|
|
The market is behaving funny. It's as if someone is trying to corner in O.k. I will bite. What is "corner in"? Is that another way of saying manipulation? Or is that a way of saying inability to get passed resistance? We already realize that sometimes consolidation involves an attempt at a kind of holding pattern until such point that it cannot be held in the consolidation range. That's no kind of new phenomenon. Someone is digging their feet in? Playing both sides of the market to keep the price in a certain range? O.k. thanks for that explanation.. Hey DaRude. What's an overview of your personal bitcoin related story? Did you start buying bitcoins around the time of your registration in March 2013? What kind of view did you hold? Did your thinking evolve over the past few years? Did you own any bitcoin's during either or both of the 2013 price surges? No, started buying before that sometime in 2012. Hodled and accumulated since then through all the bubbles, gox, BTC26k bearwhale etc... Was inspired by user Loaded As far as view, kind of surprised that the price is where it's at now. I do see it as a binary outcome, it clearly hasn't reached its critical mass, but yet not gone under even with BTC3600 daily supply. Almost lost faith when adoption slowed down and we were trading in $240 range, but hodled through it and now think outlook looks as bright as ever, and gets brighter every day. Buy some BTC and forget about it for 6months, market is way too thin and easily moved to pretend you can trade the patterns |
|
|
|
The market is behaving funny. It's as if someone is trying to corner in O.k. I will bite. What is "corner in"? Is that another way of saying manipulation? Or is that a way of saying inability to get passed resistance? We already realize that sometimes consolidation involves an attempt at a kind of holding pattern until such point that it cannot be held in the consolidation range. That's no kind of new phenomenon. Someone is digging their feet in? Playing both sides of the market to keep the price in a certain range? |
|
|
|
The market is behaving funny. It's as if someone is trying to corner in |
|
|
|
|
LOL at OKCoin chart the dump from 3829 to 3780 was only on BTC364 volume/min and then they ramp up the volume. They need to adjust their fudged volume algorithm
|
|
|
|
Breakout denied! Only the first attempt |
|
|
|
 Well that was interesting. West doesn't want to move up without a fight
|
|
|
|
Correction... lets see how much time it takes
With some volume too |
|
|
|
I thought the polls here had a history of being insanely inaccurate? Still, I guess it's gonna come at some point kinda soon.
they are often not properly posed: <100 is also <500 and <1000. Intervals should be like: 500-600, 600-700, with extremes open like <100 and >1000. Shhhh as long as we're under $1000 i'm always right |
|
|
|
btc dump incoming btw....  Ok, so now you've provided something solid. Let's see if it pans out. Ah, okay. I thought he'd say something different this time. He managed to fail at a 50/50 outcome BRAVO, or given the lack of time frame you can always try to claim one of the corrections |
|
|
|
551 on Stamp, keep going my beauty. Hope this doesn't get dumped on.
Better they dump now |
|
|
|
And so it was. Guess market liked that news, or the west at least |
|
|
|
Only 5 weeks to halving. The price will stay at this point below $600, but in August o September it will go up hard pushed by miners.
If you rush, you lose. Stay calm and follow the market, never fight against it and you will earn money.
It amazes me how many still think that miners set the price for BTC. Miners have no control over the price OR supply, they can't produce less, and when some go out of business supply still doesn't get reduced. The difficulty is the element that adjusts to miners profitability (i.e. when some go out of business due to costs, hashrate drops and difficulty adjust not supply!!!) |
|
|
|
|
Spread closed, west stopped giving up cheap coins to the dragon. And might actually want some of them back (at a premium)
|
|
|
|
|
Now that we're back in sync, no we go up? Jusdging by a BTC666.66 buy order on whoboi @ 3523.93 dragon might just not be done
|
|
|
|
|
Show Posts
