ON-TOPIC apologies,
100+ buy wall spotted @ Bitfinex @ $2490
Small part of the wall swallowed, large part pulled. Looks like the whale didn't get there in time. |
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ON-TOPIC apologies,
100+ buy wall spotted @ Bitfinex @ $2490
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Pleeeeeaaaaase mods unlock our beloved thread!
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Can you describe the mechanism that "they" would use to drag the price floor of a Bitcoin to $1? Who is "they"?
Already did, war of attrition. Miners will not mine at a loss forever. They just tank the price on exchanges and then miners either immediately turn off their machines or do a few weeks later. If you look at things like litecoin hash rate vs price lately, these Chinese are turning on and off machines almost immediately as price fluctuates. Once they tank the price on exchanges either with real coins or synthetic derivatives, even if cost of production of a coin was once $10,000, there is no reason to pay that anymore since you can mine a never ending stream of coins as transaction fees for however low they want to tank the cost of production to. It doesn't take a rocket scientist to figure out that bitcoin has no price floor, does not function as a store of value, and is much easier to destroy by financial manipulation than gold or silver are. Lol when those chinese bastards are outta game my CPU will gratefully do the job. While there are perhaps some hundreds of thousands of AntMiners there are BILLIONS of CPUs and GPUs happily waiting to start mining Bitcoins and the only tradeoff will be a minor increase in energy bill. You would need more than 5 billion gaming computers to even come close to the current hash rate. Only got 5 million? Expect each block to take a year or more for you to mine. And I'm being generous on assuming that your high end gaming rigs can hash a gig per second. Better hope the next difficulty adjustment is a few blocks away...(BTW I'm using the American definition of million and billion.) AFAIK every two weeks the difficulty is recalculated, so the worst scenario would be 2 weeks with no blocks mined. After that the difficulty would be affordable for GPUS. Also it is unlikely that all the Asics would switch off at the same time so the diff level will hopefully decline at a softer rate and blocks would continue to be solved albeit, at a slower rate. Exactly! |
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Can you describe the mechanism that "they" would use to drag the price floor of a Bitcoin to $1? Who is "they"?
Already did, war of attrition. Miners will not mine at a loss forever. They just tank the price on exchanges and then miners either immediately turn off their machines or do a few weeks later. If you look at things like litecoin hash rate vs price lately, these Chinese are turning on and off machines almost immediately as price fluctuates. Once they tank the price on exchanges either with real coins or synthetic derivatives, even if cost of production of a coin was once $10,000, there is no reason to pay that anymore since you can mine a never ending stream of coins as transaction fees for however low they want to tank the cost of production to. It doesn't take a rocket scientist to figure out that bitcoin has no price floor, does not function as a store of value, and is much easier to destroy by financial manipulation than gold or silver are. Lol when those chinese bastards are outta game my CPU will gratefully do the job. While there are perhaps some hundreds of thousands of AntMiners there are BILLIONS of CPUs and GPUs happily waiting to start mining Bitcoins and the only tradeoff will be a minor increase in energy bill. You would need more than 5 billion gaming computers to even come close to the current hash rate. Only got 5 million? Expect each block to take a year or more for you to mine. And I'm being generous on assuming that your high end gaming rigs can hash a gig per second. Better hope the next difficulty adjustment is a few blocks away...(BTW I'm using the American definition of million and billion.) AFAIK every two weeks the difficulty is recalculated, so the worst scenario would be 2 weeks with no blocks mined. After that the difficulty would be affordable for GPUS. |
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Don't be fooled, cockroach!
The Bitcoin dynamics are more complex than any of us, for smarter he could be, would predict.
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Can you describe the mechanism that "they" would use to drag the price floor of a Bitcoin to $1? Who is "they"?
Already did, war of attrition. Miners will not mine at a loss forever. They just tank the price on exchanges and then miners either immediately turn off their machines or do a few weeks later. If you look at things like litecoin hash rate vs price lately, these Chinese are turning on and off machines almost immediately as price fluctuates. Once they tank the price on exchanges either with real coins or synthetic derivatives, even if cost of production of a coin was once $10,000, there is no reason to pay that anymore since you can mine a never ending stream of coins as transaction fees for however low they want to tank the cost of production to. It doesn't take a rocket scientist to figure out that bitcoin has no price floor, does not function as a store of value, and is much easier to destroy by financial manipulation than gold or silver are. Lol when those chinese bastards are outta game my CPU will gratefully do the job. While there are perhaps some hundreds of thousands of AntMiners there are BILLIONS of CPUs and GPUs happily waiting to start mining Bitcoins and the only tradeoff will be a minor increase in energy bill. |
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I guess a technology to detect densely stored metals is already well developed, isn't it they use to find deposit fields inside mountains to mine it then?
If they can develop such a detector, that would be not impossible to make something to detect the 2,000 Kg of silver you buried in your backyard.
But I think it would be harder to involuntarily extract a 12-words seed from your memory...
It would probably only take a $5.00 wrench to extract that from your memory.   Sheeeeet! |
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I guess a technology to detect densely stored metals is already well developed, isn't it they use to find deposit fields inside mountains to mine it then?
If they can develop such a detector, that would be not impossible to make something to detect the 2,000 Kg of silver you buried in your backyard.
But I think it would be harder to involuntarily extract a 12-words seed from your memory...
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Wow, what is going on lol...
Either this has been a massive bear trap and the bull run resumes upward from here, or this is a bull trap coming. Flip a coin and take your pick.  (Personally I don't think the downtrend is finished though)You've been warning about Total Market Cap, but it's already back to $100 Billion+. Even this is cannot be the end of downtrend sign? |
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Has Bitfinex got past that loss?
Some continued weakness I think, below $2500 I think shows lost momentum upwards. Kraken has regained some of its trend, but only beating a previous downtrend line in its reversal. Huobi looks like its forming some path down for now at least to a lower level of support. Putting in a lower higher is more bearish looking but thats not yet completed just looks to be doing that.
I drew in a regular channel down for bitstamp, if it breaks out Im more positive then
This is Bitcon, kicking TA's asses since 2009. 17 hours after the quoted statement, right now almost beating $2500 @ Bitfinex and $2505 @ Bitstamp. |
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Write down your wallet's seed hidden in a book. Show the book cover and those twelve words to your siblings, explain them how to re-create a wallet with these words. Show them how to find the book in your shelf. Don't involve lawyers or anybody strange to your family.
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Ugh so i got a new account, lost my old one years ago.
Been out of the bitcoin world for a few years as I had to sell my stash about 1.5 years ago as I needed the money, knew I would regret it but thats life.
Anyway Im back now and have a small stash of about £300 in various altcoins. My aim is to get back a nice BTC stash.
Just wondering if there is any point in trying to daytrade (not that I ever have, need to learn) with this small amount or am I better to wait until I have thousands in FIAT/coins?
Any feedback would be much welcome
Stop here. No daytrade! You wanna make some crypto? Buy some RX Vegas GPUs, start mining Ethash coins and automatically trade for Bitcoin. And HODL those sweat Bitcoins you'll earn. Never sell again. I hope you learned a lesson (I once learned that). Never sell. |
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You never know. ETH went through a flash crash. There's always the chance that real Satoshi (if it is indeed one person and not a foundation) dies and the estate will have to liquidate to pay the estate taxes. (If Satoshi is a citizen of one of the countries that imposes such ridiculous taxes. US citizen would be bad. Japanese citizen would be even worse.) People forget that we have Satoshi's massive holdings hanging over our heads. Maybe Satoshi would never destroy his creation, but do you really think a government is going to care if they crash the market or not when demanding their estate taxes?
Are you retarded to the point you think the creator of the most disruptive technology EVER will have a to pay any estate tax? Even if he was from USA or Japan or EVEN Brasil (which is not likely to forgive any unpaid tax) do you really think he is as dumb as you to leave declared money to his heirs? If he could just leave a private key, WHY for God's sake would he leave a Will? Are you missing something about crypto? Are you in the right place? Did you buy this Legendary account? Because it sounds as retarded as a tax collector conjecturing how to not step off the line. If crypto was about NOT stepping off the line it would be called Visa or Paypal. Please respect your mates in this thread, we're here to disrupt, we're here to change the world, not to pay taxes to a corrupt "estate". |
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I'm not sure a back test of those levels are entirely needed. Why do I think so? Bitcoin received acceptance from fortune 500"s to mom and pop shops plus many new developments during the climb to support its value changes. Bitcoin as a whole is just starting to be understood by the early majority for its potentials beyond an early adopters investment vehicle. Its clear that the people want it but also have fear. If fear wins we go back to a prescribed debt bubble banking system and wait for that to show more results. I think we'll follow above the trend line given the gravity of development. Imagine the feeding frenzy if it went to 1100  Once Roger Ver and Jihan Wu are under arrested for some years we'll see things get back to normal. |
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Insert montage here of Marcus pushing the kid's bike, flying a kite with him, etc.
You once had my respect. Anytime you post this kind of thing you lose some more. |
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i think invest in bitcoin is much more safe and profitable because bitcoin price rising to higher value and we do not face to any risk when we invest our money in bitcoin and i if we invest our money in bitcoin we will be get a good profit from bitcoin in the future so i think bitcoin is much more profitable currency than altcoins.
have you just been hacked? that reads like every second post by cut and paste google translate noobs. There are many people that will buy other peoples' accounts. Legendary folks can make some decent money. I was offered somewhere around what would be over $2 per post for a signature campaign. I started doing the calculations of just logging and posting 10 posts a day from Thailand with $600 per month of extra spending money with no work. I could be like these other signature campaigners and post tons of shit posts or start arguments just for the money. But I know that would compromise my posts and make posting on here work instead of fun. I also got an estimate on selling my account outright that was over half a bitcoin. Plenty of people want the quick money. You increase my respect for you anytime you post. Never get sold, for God's sake! |
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Holding up pretty well on Stamp. Currently 2532 and some large buy walls just behind 2500. Lookin good for now.
I don't understand the continual optimism on the price in the near term. Bitcoin can go all the way down to 1300 and still be following its bull run from Mid 2015. Price near term means very little and frankly the charts are complete garbage if you are hoping Bitcoin goes up from here. I think you need to be long on Bitcoin another 3 years before selling and you should only be hoping that it continues to correct so you can buy more bitcoin for your dollar. This guy has a point. |
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