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rPevoFz8AGV3vENJjoem5i5VTWjpNb2TRb
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With the very high price of bitcoin last days, I suspect they have a problem when someone wants to cash in a larger BTC accounts. They just don't have that money. They force the price to drop... Happens ones, happens twice, it will happen again.
Mt. Gox is an exchange, if you want to sell your BTC for USD there must be a willing buyer available. Mt. Gox only role is to match buyers and sellers. Normally, every buy/sell order only happens in their system. Probably, the real money is invested somewhere, like every normal bank does (they want to make money, don't they?). If however, certain people with large BTC accounts are announcing that they will cash, Gox has to reclaim that money. Delaying trades (faking lag) and thus dropping the price redistributes the bitcoin to people who are not intending to cash on short term. The guys wanting to buy-out just get paid less... |
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With the very high price of bitcoin last days, I suspect they have a problem when someone wants to cash in a larger BTC accounts. They just don't have that money. They force the price to drop... Happens ones, happens twice, it will happen again.
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By the time the 21 million bitcoins are mined, how many will be lost?
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Since BFL is not delivering, Avalon seems to have a monopoly in the consumer ASIC market, and the lucky receivers of their second batch are making far too much bitcoin in a short period, effectively giving them too much power in the bitcoin economy. There should have been more ASICS, or none at all... The current situation is not good IMO.
It would be helpful if the mining algorithm could be modified to minimize the impact of processor type. Supposedly litecoin was designed in address this. It might not be feasible for bitcoin to change that much at this point, but it's possible that Satoshi considered this early on and isn't concerned with the implications. Only if we see the network hash rate really spike, and make the difficulty jump with it, will we know the impact on the network as a whole. Smaller miners, like myself, might just bail if the block mining expectancy jumps by years. I was a smaller GPU miner myself, however the current difficulty combined with the electricity prices here in the Netherlands, make mining unprofitable with a bitcoin below approx. $180. If BFL would deliver a 5GH/s box for $250, that would only consume some 5W power, mining would be profitable again for people not willing to spend a fortune on hardware. However, I don't think BFL will ever deliver... |
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I find that MtGox is actually manipulating prices by suspending trading like they do now. By controlling 80% of the trades, their power over bitcoin and it's value is just too large. I will soon move my bitcoin to another trader...
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Since traders at MtGox that really wanted to sell could transfer their bitcoin to another trader and sell there, I don't suppose that large scale selling will occur. We'll see...
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Since BFL is not delivering, Avalon seems to have a monopoly in the consumer ASIC market, and the lucky receivers of their second batch are making far too much bitcoin in a short period, effectively giving them too much power in the bitcoin economy. There should have been more ASICS, or none at all... The current situation is not good IMO.
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I'm robert, owner of some bitcoin since a couple of weeks before the crash of 2011.
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