Let the dumping begin...

[afbitcoins]

Bann him ore remove his legendary status to newbie and put him in the troll jail ore something.

Hehe made me laugh

[g-unit]

I think he got burned, this is what i can tell based from his past posts:

Grats I picked up 0.6 at 330 didn't have more fiat available atm.

Still putting every free euro i can turn into bitcoin right now. It's a golden opportunity i think.

OP is a legendary member. He has been in bitcoin for nearly 3 years. He should be the knowledgeable enough to know this is the time to buy, before the halving and with the recent uncertainty. He didn't get burnt. He is trolling, wants to buy cheap coins.

Wow...never knew kwukduck used to be a bull....always sad to see a bull-to-bear conversion.

[Pab]

I think we will see sideaway movement longer time,something really big has to happen to move btc price up
lower price will kill mining

[randy8777]

I think we will see sideaway movement longer time,something really big has to happen to move btc price up
lower price will kill mining

lower price will kill mining? the difficulty is only going up. and that while the price has been going down for quite some time now. the only way i can see difficulty going down is when the price drops to low $100

[Amph]

I think we will see sideaway movement longer time,something really big has to happen to move btc price up
lower price will kill mining

lower price will kill mining? the difficulty is only going up. and that while the price has been going down for quite some time now. the only way i can see difficulty going down is when the price drops to low $100

if we stay in this current position for too long then the future miners will be so efficient that it will be profitable for them to mine even at a price below 100

[phoenix1]

I think we will see sideaway movement longer time,something really big has to happen to move btc price up
lower price will kill mining

lower price will kill mining? the difficulty is only going up. and that while the price has been going down for quite some time now. the only way i can see difficulty going down is when the price drops to low $100

if we stay in this current position for too long then the future miners will be so efficient that it will be profitable for them to mine even at a price below 100

Is that supposed to comforting?  

[randy8777]

I think we will see sideaway movement longer time,something really big has to happen to move btc price up
lower price will kill mining

lower price will kill mining? the difficulty is only going up. and that while the price has been going down for quite some time now. the only way i can see difficulty going down is when the price drops to low $100

if we stay in this current position for too long then the future miners will be so efficient that it will be profitable for them to mine even at a price below 100

what exactly do you mean with future miners? people who are going to buy hardware sooner or later to start mining? those who have dirt cheap power rates and already reached roi will always continue no matter what the price is, as long as they make profit.

[Amph]

I think we will see sideaway movement longer time,something really big has to happen to move btc price up
lower price will kill mining

lower price will kill mining? the difficulty is only going up. and that while the price has been going down for quite some time now. the only way i can see difficulty going down is when the price drops to low $100

if we stay in this current position for too long then the future miners will be so efficient that it will be profitable for them to mine even at a price below 100

what exactly do you mean with future miners? people who are going to buy hardware sooner or later to start mining? those who have dirt cheap power rates and already reached roi will always continue no matter what the price is, as long as they make profit.

checks knc, they have announced their 16nm asic, more efficient , therefore less consumption(basically it is like approcing free electricity), it mean that they will make profit even with a lower price

[ElectricMucus]

Yes until everybody else has similar chips in their miners. Then mining chips are going to match the latest production node which only improves according to the now stalling moores law.

[randy8777]

I think we will see sideaway movement longer time,something really big has to happen to move btc price up
lower price will kill mining

lower price will kill mining? the difficulty is only going up. and that while the price has been going down for quite some time now. the only way i can see difficulty going down is when the price drops to low $100

if we stay in this current position for too long then the future miners will be so efficient that it will be profitable for them to mine even at a price below 100

what exactly do you mean with future miners? people who are going to buy hardware sooner or later to start mining? those who have dirt cheap power rates and already reached roi will always continue no matter what the price is, as long as they make profit.

checks knc, they have announced their 16nm asic, more efficient , therefore less consumption(basically it is like approcing free electricity), it mean that they will make profit even with a lower price

just had a look, and yes, they are impressive, but if the difficulty keeps rising the "more profitable" weeks/months will also stop being an advantage. then you have to buy other equipment to stay up to date.

[Fatman3001]

I think we will see sideaway movement longer time,something really big has to happen to move btc price up
lower price will kill mining

lower price will kill mining? the difficulty is only going up. and that while the price has been going down for quite some time now. the only way i can see difficulty going down is when the price drops to low $100

if we stay in this current position for too long then the future miners will be so efficient that it will be profitable for them to mine even at a price below 100

How come I see Hero and Legendary members all the time, who don't understand how mining works?

[Amph]

I think we will see sideaway movement longer time,something really big has to happen to move btc price up
lower price will kill mining

lower price will kill mining? the difficulty is only going up. and that while the price has been going down for quite some time now. the only way i can see difficulty going down is when the price drops to low $100

if we stay in this current position for too long then the future miners will be so efficient that it will be profitable for them to mine even at a price below 100

How come I see Hero and Legendary members all the time, who don't understand how mining works?

well then explain what it is wrong in my statement, and not just "you're wrong" because we aren't going anywhere with your claim

[Fatman3001]

I think we will see sideaway movement longer time,something really big has to happen to move btc price up
lower price will kill mining

lower price will kill mining? the difficulty is only going up. and that while the price has been going down for quite some time now. the only way i can see difficulty going down is when the price drops to low $100

if we stay in this current position for too long then the future miners will be so efficient that it will be profitable for them to mine even at a price below 100

How come I see Hero and Legendary members all the time, who don't understand how mining works?

well then explain what it is wrong in my statement, and not just "you're wrong" because we aren't going anywhere with your claim

Sry, not fair of me. It just happens quite often among the "seniors" and it baffles me.

The hashrate hasn't had a significant increase since november. Since then, the zigzag movement between 40 and 50 billion has been down to unprofitable miners bailing and profitable miners increasing their share and switching to newer gear. But the pain threshold for current tech at $220 is at a difficulty between 40-50billion. If we stay at the $220 mark when 5x more efficient next gen gear is introduced, then the pain threshold will gradually move up from roughly 50 billion to a difficulty of about 200-250billion. The difficulty chases the price+technology advancements. The price doesn't chase the mining costs. Remember, BTC output is fixed. Nor would all the miners turn unprofitable if the price moved below $100, regardless of current gen or next gen. The least profitable ones will bail and the remaining will be the best capitalized ones with the lowest costs. The cost per BTC for the remaining miners will be lowered accordingly due to the lower network hashrate and difficulty.

Admittedly, it is a bit unclear to me with what you mean by "current position". If you worry that price follows mining costs, like it can in other commodities, then that is wrong. If you mean that difficulty will remain unchanged and miners will just make a ton of extra profits, then that is wrong. If you mean that new tech will enable miners to stay profitable when BTC is under $100, while the network would just collapse if we continued to mine with current tech, then that would be wrong. The misunderstanding I see most often is that the price of BTC will fall down to the cost of production, because that's what traders are used to in commodities, and that was what I at first assumed you meant.

[Amph]

I think we will see sideaway movement longer time,something really big has to happen to move btc price up
lower price will kill mining

lower price will kill mining? the difficulty is only going up. and that while the price has been going down for quite some time now. the only way i can see difficulty going down is when the price drops to low $100

if we stay in this current position for too long then the future miners will be so efficient that it will be profitable for them to mine even at a price below 100

How come I see Hero and Legendary members all the time, who don't understand how mining works?

well then explain what it is wrong in my statement, and not just "you're wrong" because we aren't going anywhere with your claim

If you mean that new tech will enable miners to stay profitable when BTC is under $100, while the network would just collapse if we continued to mine with current tech, then that would be wrong.

ok that's better, i meant exactly this, and i can't see how it will be wrong, besides that the network won't collapse, if for them it remains profitable to mine

i don't see any difference if the ratio will be always the same, let's say that now they are doing 2:1 ratio, in the sense of a 100% pure profit at the net of all cost, now,  the price go to, let's say, 1/3 of what it is in this moment, so around 80(just to have a easy number) but their efficience  will be so high that their electricity will be 1/3 too in cost, versus what it is now, so instead of wasting let's say 1GW/h they are wasting 300MW/h

in the end they will earn less yes, but there will be always profit as long as the ratio between profit and electricity cost will remain the same

[Fatman3001]

I think we will see sideaway movement longer time,something really big has to happen to move btc price up
lower price will kill mining

lower price will kill mining? the difficulty is only going up. and that while the price has been going down for quite some time now. the only way i can see difficulty going down is when the price drops to low $100

if we stay in this current position for too long then the future miners will be so efficient that it will be profitable for them to mine even at a price below 100

How come I see Hero and Legendary members all the time, who don't understand how mining works?

well then explain what it is wrong in my statement, and not just "you're wrong" because we aren't going anywhere with your claim

If you mean that new tech will enable miners to stay profitable when BTC is under $100, while the network would just collapse if we continued to mine with current tech, then that would be wrong.

ok that's better, i meant exactly this, and i can't see how it will be wrong, besides that the network won't collapse, if for them it remains profitable to mine

i don't see any difference if the ratio will be always the same, let's say that now they are doing 2:1 ratio, in the sense of a 100% pure profit at the net of all cost, now,  the price go to, let's say, 1/3 of what it is in this moment, so around 80(just to have a easy number) but their efficience  will be so high that their electricity will be 1/3 too in cost, versus what it is now, so instead of wasting let's say 1GW/h they are wasting 300MW/h

in the end they will earn less yes, but there will be always profit as long as the ratio between profit and electricity cost will remain the same

I'm a bit confused by your example. But if a mining company has access to 1MW of continuous power draw (nobody has access to 1GW), that company would max that out on whatever tech is class leading. If they used to run 1Ph they will run 5PH with next gen. What you will see, if the price of BTC drops to $80, is that the network will consume less energy. This is due to that those with the highest costs will fall off the bandwagon and close shop, not because of mining HW efficiency. The same BTCs that are released at a fixed rate still pay for the costs of the network. The process will look the same regardless of the efficiency of the HW. The only difference would be the hashrate and difficulty.

If, however, the price dropped to $80 in the very near future, we might have a bit of a problem. The only 16nm miner in existence is the KnC Solar, and they're not selling them. If KnC keeps pumping out 16nm machines for their data centers, thus not allowing the hashrate to fall, we might get a situation where everyone else become almost instantly unprofitable. This will not be pretty. First of all, KnC will have more than 51% of the network. Secondly, even if they turn off some of their gear to avoid that, almost every other company, who doesn't have access to 16nm HW, will still see further operations as unfeasible. Just the fact that everyone knows that KnC has enough hashing power to kill the network is enough to kill the network. Not to mention what will happen with the price of BTC through all of this.

[phoenix1]

I remember a quote from KnC where they said that there is $Xbn up for grabs (by mining and selling BTC) and they intend to take as much of it as possible. I think they mentioned a target of 40% of the network, and they are not in it for BTC, they want fiat  

[Fatman3001]

I remember a quote from KnC where they said that there is $Xbn up for grabs (by mining and selling BTC) and they intend to take as much of it as possible. I think they mentioned a target of 40% of the network, and they are not in it for BTC, they want fiat  

I hope the rest of the community will deny them that.

[Febo]

For the past week we've seen a lot btc shifting towards unknown addresses and exchange addresses, the sell walls seem to be growing and overall pressure is becoming critical.
We could be looking at a 25% drop this upcoming week.

The week had begun so now you think they will start sell?

So you suggests to those that need bitcoins to wait till Friday to buy and not now?

[waterpile]

For the past week we've seen a lot btc shifting towards unknown addresses and exchange addresses, the sell walls seem to be growing and overall pressure is becoming critical.
We could be looking at a 25% drop this upcoming week.

Its this week now and didn't saw any signs of a 25% drop. You got another additional points for making a wrong prediction

[klee]

Nice dump!