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Its the way exchanges have been set up since 2012. The majority of altcoins volume is done on ALT/BTC pairs and not ALT/USD pairs. Therefore the price of alts is tethered to the price of bitcoin. In addition, crypto coin is one asset class and all coins are affected by some of the same market forces, such as tether scam and whatever clusterfuck is going on in the stock market today.
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Theres no such thing as a cost of production for bitcoin. The bitcoin difficult is adjusted every 10 minutes to account for network competition. Mining doesnt affect price - other way around.
That's like saying that there is no cost for mining gold or other valuables because the price is determined when you sell it. Sounds a bit like Schrodingers Cat. Current Bitcoin difficulty and available mining gear does represent the cost of a Bitcoin. No the price of mining gold is pretty fixed. You have tractors and digging and labor etc. and it's always the same regardless of the price of gold. The cost of mining gold is not a variable in a computer. You absolutely need a certain amount of money to mine gold regardless of how many people are mining gold. With bitcoin, on the other hand, if all the other miners except you stopped mining, then the cost of mining bitcoins would be 0 for you. Cost of mining is, at a bare minimum, your electricity. So no, not 0. Its essentially 0. If youre the only one mining then difficulty levels would approach 0 and no matter how much power you used every 10 minutes you would get 12.5 bitcoins. You could be using 1hz or your cpu on your ipad, and your cost of mining one bitcoin is 1 cent. I dont think you can describe any kind of similar situation with gold - its strictly a feature of the bitcoin protocol in which bitcoin will survive and work exactly the same way no matter how many miners there are. Oh and some places have free power, but thats beside the point. |
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Theres no such thing as a cost of production for bitcoin. The bitcoin difficult is adjusted every 10 minutes to account for network competition. Mining doesnt affect price - other way around.
That's like saying that there is no cost for mining gold or other valuables because the price is determined when you sell it. Sounds a bit like Schrodingers Cat. Current Bitcoin difficulty and available mining gear does represent the cost of a Bitcoin. No the price of mining gold is pretty fixed. You have tractors and digging and labor etc. and it's always the same regardless of the price of gold. The cost of mining gold is not a variable in a computer. You absolutely need a certain amount of money to mine gold regardless of how many people are mining gold. With bitcoin, on the other hand, if all the other miners except you stopped mining, then the cost of mining bitcoins would be 0 for you. |
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Yes, it is not looking bad. But neither is it looking like we are finally out of the woods. Could be nothing but a glade.
Hello glade expert. I dont know wtf a glade is (an air freshener?) but you were right about it. Now can you tell us if the current chart is just another glade or is it the real deal? |
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This picture isnt accurate because all these shitcoins are going to rally even more than bitcoin.
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Im doing amateur necromancing, I revived a 10 week old thread. I'm not quite raising the dead yet.
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Theres no such thing as a cost of production for bitcoin. The bitcoin difficult is adjusted every 10 minutes to account for network competition. Mining doesnt affect price - other way around.
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I dont care what kind of fud is going around, theres no reason to panic sell at a 70% drop from 2 months ago. The U.S. senate is not in the whitepaper.
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More pain coming? Is karhu not pleased?
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I'm so sorry for this horrible thread.
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Step 1: Click 12H
Step 2: Look at the volume
Step 3: Compare the volume to the last 6 months
Step 4: Become bullish and post train memes
Repeat with 1D tonight at closing
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Where are all the ridiculous bears who told me I was wrong and it was going straight to $2k
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Why does bitcoin follow stocks? Are people using stocks as margin equity for bitcoin?
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Look at the volume. Look at it.
It looks pitiful. But is that your point? Beacuse it's eclipsing everything else in the chart? |
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 Look at the volume. Look at it. |
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its funny when bitcoin was at 20K I always see these ads on the sidebar of 'wisdom saying 'DONT BUY BITCOIN'. I guess it was right for once.
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It doesnt matter what happens here. In a few days or weeks youre going to be drawing these lines from the tops at 17K and 12K or the tops at 20K and 17K trying to justify and will the crazy bounce to stop.
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*holds champagne bottle in confusion*
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damnit missed one of my orders by $10
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Theres no way it could go to straight to 2.5K. That would be unprecedented magnitude and speed in the entire history of bitcoin. Look at the log chart and compare it to the history. We are already geared up for a 100%+ bounce
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