Circle opening its doors means we're close to the bottom?

[benjamindees]

I mean, that's what I would do if I were them.  Their business model seems to have a lot of risk if the price of Bitcoin fluctuates, what with the chargebacks and no conversion fees and storing balances in fiat and insurance and such.

Based on what I've seen, they make more money as the price of Bitcoin rises.  And they have a chunk of money backing them.  So, I would guess that they are making a bet the market will be on the upswing soon by choosing to open now.  Sound reasonable, or no?

[Ibian]

I'm more concerned with miners. If they really are dumping more as the price drops to remain solvent, the bottom could be close to whatever it costs to make a coin in electricity. Which is a number I don't have, but based on other posts it might be lower than where we are. Of course, difficulty also keeps climbing pushing price up, so maybe we are close already.

[pitham1]

I'm more concerned with miners. If they really are dumping more as the price drops to remain solvent, the bottom could be close to whatever it costs to make a coin in electricity. Which is a number I don't have, but based on other posts it might be lower than where we are. Of course, difficulty also keeps climbing pushing price up, so maybe we are close already.

There are some miners operating on free/ subsidized electricity... So you never know.