Since I've started this thread, the price of bitcoin didnt go under 400 as mentioned in the beginning of our discussion here , simply because there is no more "room" under 400$.

How?

Because the difficulty factor and the COST$ for mining one bitcoin in electricity is about 400$ or higher.

I mean all the miners in the world ( and 400$ is an average between theyr electrical costs, some may mine with free electricity , but most would have to cover theyr monthly bills)

therefor there is no incentive for miners to sell below a certain level , this creates a strong wall at a certain value, review what happened when bitcoin crashed all the way from 1200 to 200 , when it met the producing cost the decline STOPPED.(at around 200$),and the difficulty instead of declining it Tanked.

Now with that difficulty more than tripled we shouldve been in the 600$ area but at the same time more COST effective miners roll out bringing the average cost of production lower.

Toughts?

So you say that bitcoin price may get to 230$? If so, do you expect the hashrate to halve? Thx

Amph thank you for your arguments , i cant say you are wrong because you are not , but i dont believe that in a milion times that you wrote this argument noone argued back that there is not only antminers on the market,there is lots of miners wich consume much more elctricity than the antminers, miners that actually produced ROI for them owners , not like the antminers today that barely break even, or maybe dont.

I was a miner myself since the Jupiter of KNC

So even if the s7 mines bitcoin for 45$ / month and this is the case where you pay only 0.05 cents on elec.
Other miners out there dont cost 45$/month but more, and 0.05 is best case scenario for mining.

So if you start to take into consideration the other miners that are out there that 45$ is going to get bigger and bigger.

Thanks for your answer , I find it valid but incomplete .

I have a question for you , how many miners out of all , like a %, do you believe antminer s7 represents??
So What % of all hashing power currently on the network represents antminer s7?
I dont know the answer thats why im asking.

I refer to production cost as the average between all mining costs everywhere. Ofc a large mine will have significantly lower power costs versus the average Joe.

If the average power cost for bitcoin mining is representative of bitcoins bottom value// then when halving kicks in all the miners in the world will be -50% less effective at the same cost as when they were before the halving

If price is 500$ and the cost for producing that bitcoin is 400$ , or 350$ , miners wil pay 800$ or 700$ for the production of one bitcoin the first month after the halving occurs. And i dont believe the difficulty will halve also, rather the price will rally.

hello bitcoiners.

-----BITCOIN PRICE AND WHY?

It is known that the price is made by offer/demand no doubt. In BTC there is another variable wich is called Production costs.And like in any business in order to profit you have to sell your stuff for more than you pay for it in the first place.

since 2013 bubble popped the price hit this hard floor in wich production cost is equal(more or less) to the price of bitcoin.

Recent price gains made bitcoin go up from 250 to 500 , that made additional room for miners to profit so more miners bought into the game and because of that they more than doubled the difficulty since its 250$ levels.

based on the above assumptions the price of Bitcoin cant go any lower and if it does it will rebound quickly above 400$ level.

-----HALVING

Ive come across many people wanting to know what will happen to price when halving kicks in. My toughts:

in any market where there is a constant supply and demand like in Bitcoin if the supply halves the price will go up because the demand is still the same , in this case where supply cuts in half it is not wrong to assume that the price will double in my personal view.

many people say that the halvin is priced in   ?!?!?!? how is that possible i dont know because right now it costs you about 330-350$ at least to mine a bitcoin with the latest hardware and after the halvind that cost will efectively double. (correct me if im wrong)


-----FUTURE

Simply put : MOON

For now price tanks 400, watch the price closely as I still believe there is a link between cost of production and actual price .

If its not profitable for a miner to mine then he will buy BTC so miner that shut down , become buy pressure, so price even if it goes below the average cost for production eventually it will get back on the resistance thats formed around the average cost for production.

Regarding miners that shut down when bitcoin becomes cheap, The only time I saw difficulty drop was when it met the average cost for production back when it struck 200.

And the difficulty dropped very little before stagnating for a period.(as price did)

Of Course the price has plenty of room to the upside , but for the downside part I personally dont see any space left.

Im done with mining since august. With the halving just around the corner I dont consider mining a good choice for me ATM.

Thanks for all the replys guys , enjoyed reading them.

Valid points of view presented here but we still have to take into consideration that not every miner is a big farm , and not every miner lives in the same country with same electricity costs.


I just gave you my example , wich would have been in my case ,

For me personally one bitcoin would cost over 400$ to produce here in my country with a neptune wich still is one of the best miners on the market.

hi guys , I was thinking about this and im asking, what are your toughts on this matter?


--When bitcoin fell from ATH it hit the bottom when the price for PRODUCING 1 bitcoin was equal to 1 bitcoin.where i live that was about 200$.

    in my country in september 2015  , with a neptune at 54mm difficulty (half of now) I was able to mine one bitcoin per month and the electricity cost would've been 200$. Bitcoin was about 230$ at that time.

--Now with the recent price gains , and with recent increase in difficulty , im not mining anymore but it would go like this :

With a neptune it would cost me 200$ per 0.42 btc per month, So i would need to pay at least 400$ per bitcoin to produce it and sell it for profit.


***So to be profitable the price of bitcoin should stay anywhere in that area of 400$.
               
                Is the AVERAGE PRODUCING COST of 1 Bitcoin representative of the lowest PRICE 1 bitcoin could be??

Dont know you guys... , some days ago I was like "ha, bitstake really showed those who screamed scam all along"

And now this. LOL i must admit.

Who is up for a lawsuite against bitstake.co and that roy carlo and whoever may be behind this waste?
What happens here is clearly something that can be sorted out in court?

Still waiting for an answer from bitstake.

Well that was not the answer I was looking for , what happens with all the money that went into xbs?

You just advertised how you could buy xbs with naira , some time ago , and now you are telling everyone that they bought something that was about to get discontinued , what kind of weird shit is that??

Could you please clarify.

And why discontinue xbs?Why removing xbs support?

Now that the exchange is out we can continue talking about the coin here in peace. hopefully the fudstorm has come to an end. Dev , where do we go to now? is there any news on when the lending platform will become operational?

I also bought some more xbs.

Looking forward.

hello bitcointalk users, i want to share with you my story with DogeKing betting site not for me but for you.

Ive been investing my dogecoins for the last month in DogeKing. I withdrew once 7 mil 400k DogeCoins and a couple of days later i invested back 6 mil 400k.
the house lost a bit then and my remaining Dogecoins were 5 mil 800k.

I decided to cash out dogecoins since the price increased from 25 satoshi to 100 satoshi, and so I did.(sent them to cryptsy wallet).

Received the confirmation mail and confirmed 5 mil 800k doge withdrawal.only to find out only 3 mil 600k dogecoin really made it to cryptsy wallet. Where are the rest 2mil 200k? thats the question.
i contacted cryptsy and they ran an audit of my account but no luck in seeing the other 2mil 200k doges anywhere. So it had to be DogeKings fault.

Sent an email to DogeKing and asking where are my dogecoin, a polite reply came back. SO this is how it went :

DogeKing <info@dogeking.com>
Sep 27 (6 days ago)

to me
Hi,

We received a withdrawal request from your DogeKing
account [tonyp.1992@gmail.com]!

Amount: 5814925.00000000 D
Wallet address: DAcdL25vRoTiBo5nR1NBQprJHP681xDbkN

--------------------------------------------------------

To confirm this withdrawal, click the link below:
>> http://dogeking.com/?wd=1&wid=7cbab9617b85ebbb1eab4681c1cc525046bf2177a4d5217c02ce6c4588477cf8

--------------------------------------------------------

Feel free to contact us anytime you need at
info@dogeking.com

Thank you for using DogeKing
DogeKing.com

---------------------->this is the confirmation email that i got.

---------------------->After realising that only 3 mil 600k doges went through, i contacted DogeKing again:

Hello dogeking i would like you to help me with my issue , never had any issue like this before with your site .

I withdraw 5 800 000 ( 5 mil 800k) doge coins a day or 2 ago and received the email and confirmed it.

I got only 3 600 000 on cryptsy out of 5 800 000 and i belive maybe you process withdrwals manually and something maybe went wrong on your side.

Please look into it and help me with this.

----------------------> polite answer came back :

DogeKing
Sep 30 (3 days ago)

to me
Hi Anthony,

I will check this first thing in the morning and give you an update.

If the situation change from now to tomorrow please let me know.

Jason
DogeKing

Le 2014-09-28 21:06, "Anthony" <tonyp.1992@gmail.com> a écrit

-------------------->After this email nothing was ever mentioned by DogeKing again. this is the email that ive sent after but for nothing.

Anthony <tonyp.1992@gmail.com>
Sep 30 (3 days ago)

to DogeKing
Hello dogeKing , its same thing its been like this for the last few days , i got 3 810 000 out of 5 800 000 that i wanted to transfer. Its 2 milion doge missing , lost in transfer.

Please look into it , i wanted to cash out the money on doge since im in need of fiat but this issue occurred.

Thank you

Sent from my iPad

------------------------->


P Anthony <tonyp.1992@gmail.com>
Oct 1 (2 days ago)

to DogeKing
Hello dogeKing you told me youll look into my problem , please do it as im in need of that money , its 2 mil dogecoin lost. You said your gonna check it , the missing dogecoin never arrived on my cryptsy account and I already talked with them and its not theyr fault.

----------------------->

Anthony <tonyp.1992@gmail.com>
Oct 2 (1 day ago)

to DogeKing
Hello dogeKing , i wish to know what happened with my dogecoins , why dont you give me an answer , did you steal my dogecoins , and dont want to talk to me anymore?

Should i post to forums what happened to me , should i take legal action regarding this issue?
You said youll be back with an answer in the morning and its been 3 long days for me and i still dont have my money.


So fellow shibes i think this would be enough to prove my point and maybe help you not lose your dogecoin to DogeKing.
Have a great experience with cryptocurrency.

that was a good one indeed.

The price is for 1 miner

Thank you

Want to sell some day 1, day 2 preorders of kncminer neptune in the first PRIVATE BATCH
Price is minimum 36 000$

If you belive the price is too high please dont bother to contact me.

Thank you

Hello everyone , i would like to sell some day 1 and day 2 preorders for knc miner neptune in the PRIVATE BATCH,
The price is minimum of 36 000$ each.

For the people that belive the price is too high , please dont even bother to contact me.

Thank you

thank you for all answers , that was quick.

Hello members of bitcointalk!

I am interested in buying 60 BTC for me and would like to know the best and cheapest way to do so.I tought that maybe some of you here sell Bitcoins.

And if i really want to buy bitcoins from you , what is my guarantee that it is not a scam. THX.