And here we go in the red zone again. BTC under $220 .WTF s going on?

[Mikestang]

Most of cloud mining services and most of ordinary miners are entering the red zone of potential shut down when BTC goes under $220.
Comments? Where do we go from here?

The blockchain is a self regulating entity. So fucking what if a lot of companies give up? There is always someone out there that is going to profit from that. Less people mining: More profit for those that stay mining.

I agree, I'd love nothing more than to see the 300PH of miners from big farms/clouds get shut down and the difficulty drop down to where an individual with an average home mining setup are the ones finding the majority of the blocks.  It will be a healthier system if we can get back to that point.  Bitcoin shouldn't be an industrial endeavor, it was meant for "the little guy", and in the end the network and bitcoin's value will reflect that.

[crazyivan]

I also have a feeling whenever we face one of these large dumps, it might be something to do with some illegitimate companies closing their doors and just running away. This time I have not been able to identify a company which might ve done this. Also, do not forget we still have lots of early adopters owning hundreds of thousands BTC. Selling 2-3k to buy a new car or an apartment s not a problem for them and it does affect the price.

If we suppose an early adopter sell all his bitcoin for buy a lot of when they will be more cheap, and after the price will be slowly high. What will you think? The result will be that those early adopter will have more and more bitcoin (if we suppose this scenario).

It s holding for now at this price. Where to from here?

[Mikestang]

I also have a feeling whenever we face one of these large dumps, it might be something to do with some illegitimate companies closing their doors and just running away. This time I have not been able to identify a company which might ve done this. Also, do not forget we still have lots of early adopters owning hundreds of thousands BTC. Selling 2-3k to buy a new car or an apartment s not a problem for them and it does affect the price.

If we suppose an early adopter sell all his bitcoin for buy a lot of when they will be more cheap, and after the price will be slowly high. What will you think? The result will be that those early adopter will have more and more bitcoin (if we suppose this scenario).

It s holding for now at this price. Where to from here?

If you follow the trend lines, down down down.

[damiano]

next wave down should be starting anytime

[chesthing]

I wish btc would either pump or die, this slow death shit is getting really fucking old.

[ParabellumLite]

next wave down should be starting anytime

Could you give a rough timetable. An estimate of course, but I want to check out whether we are thinking the same. Or someone else for that matter.

[yefi]

I agree, I'd love nothing more than to see the 300PH of miners from big farms/clouds get shut down and the difficulty drop down to where an individual with an average home mining setup are the ones finding the majority of the blocks.  It will be a healthier system if we can get back to that point.  Bitcoin shouldn't be an industrial endeavor, it was meant for "the little guy", and in the end the network and bitcoin's value will reflect that.

It will never reflect that. This is survival of the most efficient. The miners that remain will use the least watts per hash or have access to cheaper electricity. Like the strange lifeforms of the Cambrian period, the sun has set on the little guy mining at home.

[flyingplows]

Big farms are just hashing and selling, hashing and selling.. no matter what.. and it's a constant selling pressure. If they manage to sell cloudmining tha maybe investors don't sell their mined btc, but if not than all mined ntc are on the exchanges I guess

[Amph]

Big farms are just hashing and selling, hashing and selling.. no matter what.. and it's a constant selling pressure. If they manage to sell cloudmining tha maybe investors don't sell their mined btc, but if not than all mined ntc are on the exchanges I guess

i still think it is not farm fault, farms always existed in bitcoin world, and before was even worse because of the block reward at 50 btc, they are surely not the real reason for any big drop...

real reason is a combination of hacker/rich guy that bought when btc was young(now they are dumping), poors that can't buy other bitcoin and they are stuck at 600-1200 price, and others small factors

i would add that a red zone now would be considered sub 200, anything above is still a safe value for the btc price, in the sense that it shouldn't be seen as a big crash or whatever...,

[Q7]

A complete shutdown? Have we seen the hash rate dropping after the recent lows dropping to 150 few weeks ago? I think we all underestimated the actual mining cost especially in countries where electricity is so cheap and new hardware can be churned out so fast.

[ninjapug]

okcoin settlements glitch might be the reason for the price drop.

[Tugbit]

http://www.hln.be/hln/nl/960/Buitenland/article/detail/2290212/2015/04/17/Grieken-halen-steeds-meer-geld-af-bij-de-banken-Balkan-bereidt-zich-voor-op-failliet.dhtml

Article in our newspaper today (Dutch) :

Summary:
Greece peeps are taking their money out of the banks at a rising pace, Greek banks are bleeding dead, in need for another rescue operation, Balkan region is preparing for default.

I like it when fiat ponzi schemes get in trouble