empowering
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Merit: 1441
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July 28, 2014, 11:44:29 PM |
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ChartBuddy
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Activity: 2310
Merit: 1801
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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July 29, 2014, 12:00:02 AM |
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minerpumpkin
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July 29, 2014, 12:06:36 AM |
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What are they going to do? Is this a day for green or red candles? We'll see...
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JayJuanGee
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Activity: 3850
Merit: 10879
Self-Custody is a right. Say no to"Non-custodial"
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July 29, 2014, 12:14:00 AM |
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What are they going to do? Is this a day for green or red candles? We'll see... Where is this place? looks very smoggy, no?
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empowering
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Activity: 1078
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July 29, 2014, 12:21:16 AM |
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What are they going to do? Is this a day for green or red candles? We'll see... Where is this place? looks very smoggy, no? Tis Shanghai - and yes it is.
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adamstgBit
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Activity: 1904
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Trusted Bitcoiner
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July 29, 2014, 12:21:39 AM |
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place bids at 586.23 and pray to wtv god you believe in.
make that 587.23 holy shit it worked! one of you must be praying to the one and only true god!
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lightfoot
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Activity: 3164
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I fix broken miners. And make holes in teeth :-)
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July 29, 2014, 12:39:36 AM |
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Well, it is flat-lining the mining difficulty. So I think we have hit the equilibrium where bitcoin price=power to mine.
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kodtycoon
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July 29, 2014, 12:44:09 AM |
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Well, it is flat-lining the mining difficulty. So I think we have hit the equilibrium where bitcoin price=power to mine.
is that good, bad or indifferent?
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derpinheimer
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Activity: 896
Merit: 1000
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July 29, 2014, 12:51:46 AM |
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Well, it is flat-lining the mining difficulty. So I think we have hit the equilibrium where bitcoin price=power to mine.
is that good, bad or indifferent? Bad
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Raystonn
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July 29, 2014, 12:52:23 AM |
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Well, it is flat-lining the mining difficulty. So I think we have hit the equilibrium where bitcoin price=power to mine.
is that good, bad or indifferent? If true, that would mean any further drops would result in miners reinvesting with purchases of Bitcoin and holding onto mined coins instead of buying fresh mining equipment. It would essentially mean massive support.
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adamstgBit
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July 29, 2014, 12:55:39 AM |
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Well, it is flat-lining the mining difficulty. So I think we have hit the equilibrium where bitcoin price=power to mine.
is that good, bad or indifferent? indifferent because price dictates mining power not the other way around. and besides, this is pure speculation, diff. has been and will probably continues to rise. thats what i see anyway.
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lightfoot
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I fix broken miners. And make holes in teeth :-)
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July 29, 2014, 12:57:22 AM |
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If true, that would mean any further drops would result in miners reinvesting with purchases of Bitcoin and holding onto mined coins instead of buying fresh mining equipment. It would essentially mean massive support.
What it means is if the price continues to drop it will be illogical to mine bitcoins with current equipment. The first to drop out will be the most inefficient, then the more efficient stuff. However this will cause the difficulty to drop which will encourage mining again, etc. What this means in practicality is one could look to the opinions of the miners as another data point on price. If difficulty goes up, it indicates miners are bullish (or insane). If it drops, it is bearish (or likewise insane). If mining goes way off the line with respect to price, it means either something really interesting is up, or miners have lost their fucking minds. C
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ChartBuddy
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July 29, 2014, 01:00:00 AM |
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chriswilmer
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Merit: 1000
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July 29, 2014, 01:02:36 AM |
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If true, that would mean any further drops would result in miners reinvesting with purchases of Bitcoin and holding onto mined coins instead of buying fresh mining equipment. It would essentially mean massive support.
What it means is if the price continues to drop it will be illogical to mine bitcoins with current equipment. The first to drop out will be the most inefficient, then the more efficient stuff. However this will cause the difficulty to drop which will encourage mining again, etc. What this means in practicality is one could look to the opinions of the miners as another data point on price. If difficulty goes up, it indicates miners are bullish (or insane). If it drops, it is bearish (or likewise insane). If mining goes way off the line with respect to price, it means either something really interesting is up, or miners have lost their fucking minds. C No, Raystonn is right. Before now, it was possible for miners, or wealthy investors that have hired miners, to "buy" bitcoins below market price by mining them. If it's indeed true that the hashrate is leveling out because the cost of power + hardware is equal to current market price at the current difficulty, then that means miners/investors need to actually buy bitcoins at the market price to get them now. It would be quite bullish.
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derpinheimer
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July 29, 2014, 01:03:14 AM |
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Bitstamp bid/ask updated again 3PM 6PM 1AM 620 1540 620 1316 620 2377 615 1535 615 1163 615 1806 610 1341 610 969 610 1615 605 1009 605 596 605 985 600 824 600 358 600 796 595 550 595 123 595 196 590 364 590 27 590 34 585 115 585 -203 585 -35
580 57 580 364 580 902 575 149 575 2721 575 2845 570 972 570 3092 570 3118 565 1669 565 3481 565 3574 560 4282 560 4553 560 4663 555 5116 555 5355 555 5100 550 6547 550 5583 550 5207 545 6752 545 7081 545 7205
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lightfoot
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Activity: 3164
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I fix broken miners. And make holes in teeth :-)
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July 29, 2014, 01:07:00 AM |
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No, Raystonn is right. Before now, it was possible for miners, or wealthy investors that have hired miners, to "buy" bitcoins below market price by mining them. If it's indeed true that the hashrate is leveling out because the cost of power + hardware is equal to current market price at the current difficulty, then that means miners/investors need to actually buy bitcoins at the market price to get them now. It would be quite bullish.
No, that effect would be self correcting: If the price goes up then difficulty should go up as miners bring equipment online to close the gap. Ibid down. The question is could the miners be a predictive datapoint because: 1) They are more invested than the average bear and follow the bitcoin market closely. or 2) They are dumber than rocks because they bought miners. Time will tell. I'm going to grab a box of popcorn and look into this. Good luck!
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adamstgBit
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Activity: 1904
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July 29, 2014, 01:14:28 AM |
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other threads still think we are heading down, hahaha we are one step ahead!
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justusranvier
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Merit: 1013
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July 29, 2014, 01:38:52 AM |
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other threads still think we are heading down, hahaha we are one step ahead!
I don't think we can go down very far. Looks like support above 7777 is holding.
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ChartBuddy
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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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July 29, 2014, 02:00:01 AM |
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InstantBitcoin
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+░░+Legendary Bitcoiner+░░
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July 29, 2014, 02:08:15 AM |
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other threads still think we are heading down, hahaha we are one step ahead!
IF IT TOUCHES 550 BUYING VOLUME WILL SOARRRRR+
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