It recovered when it became evident that China won't be banning Bitcoin outright and now it's below $400 again. Any theories as to why?
It's simple: Because more BTC we're sold then bought  |
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10k is the beginning.
Think about it this way. 7 billion people and 21 million bitcoin. If you hold 1 BTC you hold the share of 333 people if evenly distributed and all bitcoins are mined and not lost.
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The best time to plant a tree is 30 years ago. The second best time is today. -Warren Buffet
The Oracle of Omaha. Beautiful really...I had not heard that particular quote..thank you. It is definitely not a Buffet quote. It's "The best time to plant a tree is 20 years ago. The second best time is today." and it's a chinese proverb according to my first google attempt. |
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Slaughtering all the weak hands on Mars   |
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this is not predictable dude.. a person can sudden set a new order or a person selling can suddently cancel his order..
looking at the order table dont work 100% LOL things changes look at the number of bitcoins 12mil+ and look at the number of people in this world.. and look at the number of wallets that is being created in blockchain alone tells u how strong bitcoin is..
99.9% of people here, for the sake of personal profit, Nobody is interested in Bitcoin, everyone wants pure cash. Whole world is spinning around money, it is the old rules.  No we want to buy stuff in the long run like Islands, private jets, cars, etc. We do not need $$ for that, you can already buy Islands, Yachts, Cars, Jets, etc. with BTC. Yes we are all here for personal profit |
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Ok let's not do the obvious ... $15k |
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My wife encouraged me to buy more. I <3 my wife  |
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Ok the question remains where did Mark leave those coins?
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There will be a major shift drom gox to other exchanges or cold wallets. This means sideways initially. After that the people who got their coins back will resume trading on other exchanges making the price go up. Some people will HODL making the price go up since less coins available. MtGOX will then shut down for good and Mark goes to jail... and everyone else lives happily ever after  |
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I'm waiting for 100K euros a coin |
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So, another exchange bites the dust and runs away with people's money?
Niiiice!
When will people will stop trusting these scamchanges and stop fucking bitcoin? Because that's what they do, fuck it. Decentralized protocol with centralized wallets. You deserve it. Your coins will belong to somebody else.
What do you suggest for exchanging coins and trading? You only use cash and no bank? The problem with the current exchanges is that they we're built when bitcoin had a low price. Centralization is not the real problem it introduces risk that should be addressed properly. Now they should consider themselves as banks or exchanges and up their security. These people have no idea what it takes to run a bank or money business. Also people are against regulation but regulations can stop incompetent people from running money businesses and stop people goxxing. Anarchy is no better than regulation. Also bitcoin is a new ballgame, there have always be exchanges/banks losing money, it's all part of the game it should be taken into account. Exchanges should encorporate strict security rules around available money and offline wallets. They should reserve funds for losses instead of fixing it after the hack. IMO atleast 90% of funds should be offline and offsite. Offline funds should be retreivable within a short period to allow withdrawls within 24-48 hours. 5% of the total capital should be reserved for incidents. As a last note, exchanges have made bitcoin trade-able and accessible making the price what it is today. |
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I think it's time to start upping the fees and create an insurance trust fund.
Double the trade fee and apply 50% of all fees to a cold wallet designated for insurance. Publish the wallet address for transparency.
+1 every company should insure themselves. I bet proving that all or most BTC are insured will put customers at ease and make them willing to pay slightly higher fees. |
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Although it is crappy news atleast they communicate upfront and with honest intentions of paying back. Hope they don't end up goxxed. P.S. Is bitcoinbuilder already running on this one  |
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Just like all crashes seen before. BTC and the world will take some time to break away from this bad fiat.
Maybe US citizens will flee towards BTC, gold and silver making the price go sky high due to scarcity.
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I'd wait a few weeks before buying. Even if it doesn't go down much, it's unlikely the price is going to climb up substantially in the next few months, so we may be presented with a better buying opportunity than this.
Quoted for future reference |
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I'd assume a good flow of money gives stability in price. We are seeing a stable price so maybe it's a good thing. Hope we go to da moon again |
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Based on my pull-out-of-arse TA method I believe that we will go sideways for a while longer +/- 10% oscillation. Once secondmarket and other wallstreet ideas come online, prices will start to steadily go up and then we go for a new ATH. Wallstreet has the potential of pushing up bitcoin to 10K but I beleive 10K will only be reached after the bitcoin halving in 2016 I have seen some interresting solo-movements of LTC which means LTC might go it's own way |
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If you had bought btc at that time, you would have made EVEN more than mining at lost.
When you pay electrical cost of mining every month, you're essentially "buying" btc every month. If the cost is higher than the market value of btc, you're a sucker for paying above the market value. Ask anyone that calculated mining carefully, if they want btc, would they rather buy or mine? you will get the answer.
I think that markets needs to compensate miners more than pure speculators. Right now, mining is marginally profitable, but it will not be at ~$350 per BTC (average for industry). The situation where essential activity for the whole ecosystem is not supported will be untenable long term and will result either in severe coin scarcity or high transaction costs (eventually). Remember that mining is essential, but speculation is not. In other words, continued difficulty rise with declining bitcoin price is detrimental to Bitcoin as a whole. The difficulty can also drop/retarget this makes bitcoin mining just profitable enough so people/companies want to keep mining. Also miners get transaction fees, if I'm not mistaken, making mining worth while even after the last bitcoin is mined. Bitcoin mining is a technology driver since better SHA256 and SCRYPT chips arise In the end we will have solar driven transaction farms in the Sahara desert  (Are we going off topic here?!?) Mining more coins does not push the price down since work has been done to get the BTC. Analogy with gold. If we dig are asses off for gold it will not bring the price down. What will bring the price down is if we find an method to turn lead into pure gold, it can now be easily obtained by anyone and the value crashes to the price that represents the amount of work. |
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I still mine on GPUs and mining is still very very profitable in my opinion even though many say it is not. I mine altcoins and exchange for bitcoin and I live in an expensive electricity country.
The OP is simply looking at mining the wrong way I made that mistake long ago when BTC was around the $100 mark and I broke even.
Most people look at the coin value when they mint the coins. Yes this will break even or become a loss but if you look at the future value of bitcoin mining can be very cheap.
If a BTC becomes 2-10K then electricity is cheap and mining equipment too. If I had kept on mining then I would have much more coins now.
Miners are no longer pure miners but also speculators. Since the long term trend is still up then mining is still profitable!!
On the comment "btc mined out of thin air": Yes a minted BTC is generated by the network out of thin air, this does not mean no work had to be done for it to fall out of the air.
My $0.02
We went over this in 2011 MANY times, if you speculate on the future price of bitcoin, you better buy btc at current exchange rate. Because mining at lost mean you paid more.... terrible thinking. If you had bought btc at that time, you would have made EVEN more than mining at lost. When you pay electrical cost of mining every month, you're essentially "buying" btc every month. If the cost is higher than the market value of btc, you're a sucker for paying above the market value. Ask anyone that calculated mining carefully, if they want btc, would they rather buy or mine? you will get the answer. Very good point but buying bitcoin isn't/wasn't always possible. How many times did you try to buy bitcoin and either the coins were all gone or you have to wait for 2 months to get money into your account. Some countries block transactions to bitcoin companies. Some bitcoin companies are scams. Mining guarantees an income of small amounts so it is a way to invest in small portions of money + free heating Mining is also fun to do. Mining altcoins can still be profitable. I also buy coins by the way |
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