Let me sum it up for you people.

[mmeijeri]

I'm not saying it's a bad thing, just observing that I think it's what's behind the recent decline.

[RealMalatesta]

I'm not saying it's a bad thing, just observing that I think it's what's behind the recent decline.

Could be - they and all the small miners need to pay electricity, and if they focus on mining, their only source of income is - mining. And in combination with traders and their stop-loss orders, the price may go down a bit. Self-regulation I'd call this.... :-)

[fewcoins]

Yes, but unlike two years ago most of these coins are now probably being sold off immediately. It seems probable that's what's behind the long downward slide we've seen.

So what? Bitcoin wouldn't work if everybody just would sit on them. Gosh, if I had kept all my Bitcoins I ever mined, I would be millionaire (don't tell my wife! PLEASE!) But I've spent basically all of them. A t-shirt here, a book there, paying some developers - through this, you can populate Bitcoins. Which gives them a value.

Lmfao you're an idiot... Do you know what the owner of the store who you bought books from did with the bitcoin??? HE SOLD IT INSTANTLY! What about the t-shirt companies & developers?! SOLD! SOLD! SOLD!! You really think you're helping the bitcoin economy but if you would have just held on, there would be less coins being dumped on the market. You think you're helping bitcoin when you're really helping destroy it.

[RodeoX]

Yes, but unlike two years ago most of these coins are now probably being sold off immediately. It seems probable that's what's behind the long downward slide we've seen.

So what? Bitcoin wouldn't work if everybody just would sit on them. Gosh, if I had kept all my Bitcoins I ever mined, I would be millionaire (don't tell my wife! PLEASE!) But I've spent basically all of them. A t-shirt here, a book there, paying some developers - through this, you can populate Bitcoins. Which gives them a value.

Lmfao you're an idiot... Do you know what the owner of the store who you bought books from did with the bitcoin??? HE SOLD IT INSTANTLY! What about the t-shirt companies & developers?! SOLD! SOLD! SOLD!! You really think you're helping the bitcoin economy but if you would have just held on, there would be less coins being dumped on the market. You think you're helping bitcoin when you're really helping destroy it.

Oh I think he is helping the market. Holding coins does nothing to advance the market. Spending coins moves us forward. Sure hoarding may take those coins out of the market and can cause the price to climb. But it just crashes back down to a logical level. I spend all the time and most coins are likely converted to fiat by the buyer. But without active use of bitcoin it has little value and no reason to be adopted.
 You don't really think we can just buy and sell coins to each other? There is no rational growth in that strategy. That is why I love a good crash. It get's out the dead wood and the starry eyed "investors". It's sad that they take a bath, but when they are gone we see the real BTC economy.

[RealMalatesta]

Yes, but unlike two years ago most of these coins are now probably being sold off immediately. It seems probable that's what's behind the long downward slide we've seen.

So what? Bitcoin wouldn't work if everybody just would sit on them. Gosh, if I had kept all my Bitcoins I ever mined, I would be millionaire (don't tell my wife! PLEASE!) But I've spent basically all of them. A t-shirt here, a book there, paying some developers - through this, you can populate Bitcoins. Which gives them a value.

Lmfao you're an idiot... Do you know what the owner of the store who you bought books from did with the bitcoin??? HE SOLD IT INSTANTLY! What about the t-shirt companies & developers?! SOLD! SOLD! SOLD!! You really think you're helping the bitcoin economy but if you would have just held on, there would be less coins being dumped on the market. You think you're helping bitcoin when you're really helping destroy it.

I prefer being an idiot instead of a troll 

[fewcoins]

Yes, but unlike two years ago most of these coins are now probably being sold off immediately. It seems probable that's what's behind the long downward slide we've seen.

So what? Bitcoin wouldn't work if everybody just would sit on them. Gosh, if I had kept all my Bitcoins I ever mined, I would be millionaire (don't tell my wife! PLEASE!) But I've spent basically all of them. A t-shirt here, a book there, paying some developers - through this, you can populate Bitcoins. Which gives them a value.

Lmfao you're an idiot... Do you know what the owner of the store who you bought books from did with the bitcoin??? HE SOLD IT INSTANTLY! What about the t-shirt companies & developers?! SOLD! SOLD! SOLD!! You really think you're helping the bitcoin economy but if you would have just held on, there would be less coins being dumped on the market. You think you're helping bitcoin when you're really helping destroy it.

I prefer being an idiot instead of a troll 

Nobody is trolling here. I am very involved in this "bitcoin economy" and I will continue to profit regardless if it goes up or down... Thanks for your opinion, What I say is not meant as a personal attack but rather to wake more people up to the fact that this isn't just a get rich quick scheme and there is a huge potential to lose money.

Yes, but unlike two years ago most of these coins are now probably being sold off immediately. It seems probable that's what's behind the long downward slide we've seen.

So what? Bitcoin wouldn't work if everybody just would sit on them. Gosh, if I had kept all my Bitcoins I ever mined, I would be millionaire (don't tell my wife! PLEASE!) But I've spent basically all of them. A t-shirt here, a book there, paying some developers - through this, you can populate Bitcoins. Which gives them a value.

Lmfao you're an idiot... Do you know what the owner of the store who you bought books from did with the bitcoin??? HE SOLD IT INSTANTLY! What about the t-shirt companies & developers?! SOLD! SOLD! SOLD!! You really think you're helping the bitcoin economy but if you would have just held on, there would be less coins being dumped on the market. You think you're helping bitcoin when you're really helping destroy it.

Oh I think he is helping the market. Holding coins does nothing to advance the market. Spending coins moves us forward. Sure hoarding may take those coins out of the market and can cause the price to climb. But it just crashes back down to a logical level. I spend all the time and most coins are likely converted to fiat by the buyer. But without active use of bitcoin it has little value and no reason to be adopted.
 You don't really think we can just buy and sell coins to each other? There is no rational growth in that strategy. That is why I love a good crash. It get's out the dead wood and the starry eyed "investors". It's sad that they take a bath, but when they are gone we see the real BTC economy.

No I don't think we should be buying and selling coins for fiat! What helps the BTC economy is when we just continue to use bitcoin no matter what and don't even make it into meaningless useless fiat paper. That's when we will get real value. For example, I own a foodmart, deli, and other shops of all kinds & I am accepting bitcoin... so if I can get paid fully in BTC & I am able to buy food for my family, gas, cars, houses, etc with my bitcoin then I don't need that useless dollar anyway & I have no need to dump my coins for fiat or change my lifestyle. We are trusting huge corporations with this technology and hoping they will play far LOL! They want that meaningless dollar ONLY! That's the only reason why they even accept BTC. We need to have all mom and pop stores accepting bitcoin so we can drive away all these dumpers of our beloved currency. I bet he could have got the same books and t-shirts from somebody out there that would have actually held the coins instead of trading for fiat. You guys are destroying this currency. Keep this community tight & we will fly to new levels!

[TheJuice]

I could easily see difficulty drop in the not so distant future, once electrical and operation costs exceed miner earnings for the large mining farms.

The big boys will be forced to shut down or scale operations, we'll see a negative difficulty jump, network hash rate will flat line or lower, and the home miners will jump in again to confirm the transactions.

Could easily see this cycle happen around 2015-2016, probably closer to the halving.

I love how you all bet on these mega farms to close when more are opening and they're bringing their cost down substantially! THEY WILL NOT CLOSE UNTIL BTC CRASHES FAR BELOW $100 !!! Even then most of these farms will still earn a few bucks a day (sound like us home miners right?) but point is they'll keep on doing it!!! Difficulty will never drop from one adjustment to the next... maybe the hash rate will drop here and there but it will NEVER drop mark my words!!! I have literally seen millions of ASIC chips just waiting to be bought up... Since nobody wants them & they have so much supply they're mining themselves and doing huge discounts for big purchases! But wait, who didn't know this already???

Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming

Facts : Difficulty will never lower.

What to bet 10 btc on this? You win if diff doesn't go down (on 1 adjustment) over the next 2 years. Otherwise I win.

LMFAO!!! Send the 10coins to 1FJcA7cCLeFiEAeMg4QPKfSqTt2nQvT5SM but pleaseee you wouldn't dare bet! I love how you say 2 yrs because you're hoping the mining reward going down to 12.5btc will have a huge effect on large mining operations, not realizing they'll be far past the breakeven point at that time & they could care less what happens to BTC! Hence why they're bombing the price down in front of your eyes everyday!!! & you think $1.8m in mining revenue PER DAY will stop or slow down why?! They're the ones dumping the coins! They can still do it at a profit when BTC is sub $100 

Deal. Let's find a fair agreed upon intermediate. I'll take the bet a decrease before the halving of rewards.

[RodeoX]

I don't even understand what your saying? Bitcoin is going to crhash, but difficulty is never going down? So miners will be mining as a hobby or a community service?

[fewcoins]

I don't even understand what your saying? Bitcoin is going to crhash, but difficulty is never going down? So miners will be mining as a hobby or a community service?

Dude miners will be way past profit at that point in time... They're crashing the price just because its a race to see who gets more fiat faster. The mining farms are literally racing each other to get the most fiat & this will continue to crash the price down. Just remember at double digits per coin, they sstill make a profit!

[xstr8guy]

I don't even understand what your saying? Bitcoin is going to crhash, but difficulty is never going down? So miners will be mining as a hobby or a community service?

Dude miners will be way past profit at that point in time... They're crashing the price just because its a race to see who gets more fiat faster. The mining farms are literally racing each other to get the most fiat & this will continue to crash the price down. Just remember at double digits per coin, they sstill make a profit!

Your "newbie" title is deceiving. You're one of the few people here who knows what he's talking about.

[xstr8guy]

What happens to the price of Bitcoin if the top 3 new block generators get together and agree to not dump their BTC for a period of time?

This is what scares me about the centralization of BTC mining. The big players can manipulate the price to their advantage and screw everyone else in the process. The insiders hold all of the marbles.

BTC is doomed.

[Feneusens]

What happens to the price of Bitcoin if the top 3 new block generators get together and agree to not dump their BTC for a period of time?

This is what scares me about the centralization of BTC mining. The big players can manipulate the price to their advantage and screw everyone else in the process. The insiders hold all of the marbles.

BTC is doomed.

Then the price would go to $1200, but only if you can get them to cooperate..

[xstr8guy]

What happens to the price of Bitcoin if the top 3 new block generators get together and agree to not dump their BTC for a period of time?

This is what scares me about the centralization of BTC mining. The big players can manipulate the price to their advantage and screw everyone else in the process. The insiders hold all of the marbles.

BTC is doomed.

Then the price would go to $1200, but only if you can get them to cooperate..

But they couldn't afford to hold forever. They would eventually have a coordinated dump on the bag holders buyers and make a fortune while everybody else got dry-fucked.

Lather, rinse, repeat.

Bitcoin, dead.

[-ck]

Coins are made at virtually the same rate regardless of how much they throw at it...

What are you talking about? We're up to like 3,600 btc a day being mined and dumped for anything they can get

Learn something about mining and consider who you're trying to "correct".

The network adapts to maintain approximately the same number of bitcoin produced every day regardless of how much hashrate you throw at it. It's always going to be ~3600 bitcoin per day until the next block halving.

[BlindMayorBitcorn]

Coins are made at virtually the same rate regardless of how much they throw at it...

What are you talking about? We're up to like 3,600 btc a day being mined and dumped for anything they can get

Learn something about mining and consider who you're trying to "correct".

The network adapts to maintain approximately the same number of bitcoin produced every day regardless of how much hashrate you throw at it. It's always going to be ~3600 bitcoin per day until the next block halving.

Meh. Bitcoin is dead anyway:P

[seriouscoin]

Coins are made at virtually the same rate regardless of how much they throw at it...

What are you talking about? We're up to like 3,600 btc a day being mined and dumped for anything they can get

Learn something about mining and consider who you're trying to "correct".

The network adapts to maintain approximately the same number of bitcoin produced every day regardless of how much hashrate you throw at it. It's always going to be ~3600 bitcoin per day until the next block halving.

Meh. Bitcoin is dead anyway:P

Translation : I'm just a fucking retard anyway.

[fewcoins]

I don't even understand what your saying? Bitcoin is going to crhash, but difficulty is never going down? So miners will be mining as a hobby or a community service?

Dude miners will be way past profit at that point in time... They're crashing the price just because its a race to see who gets more fiat faster. The mining farms are literally racing each other to get the most fiat & this will continue to crash the price down. Just remember at double digits per coin, they sstill make a profit!

Your "newbie" title is deceiving. You're one of the few people here who knows what he's talking about.

Thanks bro... As I said in other post, Im not really a forum person, I only signed up on here because I see a massive robbery taking place on the entire community. I have been in BTC since the beginning.

[Hazir]

Btc price drops 18%
Difficulty jumps 18%


Your mining profit got shafted 36% ...

But who cares, keep donating money to hardware vendors, they need your help.

Actually profit drop more then 36% if expenses is included .

The end is nigh? This is what I was afraid of. Bitcoin market is easily manipulated. There is no stability here.

[mtwelve]

Shouldn't it go the other way? If BTC price drops, more people turn off their miners which leads to lower difficulty? Well, i guess greed is all consuming

Facts : Difficulty will never lower.

https://bitcoinwisdom.com/bitcoin/difficulty