Too much mining? As in coins are getting created faster suddenly?
all mega mines as far as I know like knc etc dumpt to usd the same day for accounting
and all mega mines in USA pretty much have to do so due to IRS any holding of coin
is considered capital gains and if sold within 1 year 40% plus 25% taxed on what you mine
so if they cash out the same day to usd they get around this rule
ie....too much selling not enough holding nor useage
again i LIKELY don't know wtf I'm talking about..but seems lopsided compared to use of bitcoin
and/or holding as an investment
Searing
I don't like saying this...but my view (likely wrong) is it will drop to 400 or below....imho just too much 'mining' via all the methods including
cloud hashing etc and just not enough use nor will to buy at this time...just sell asap ....hopefully this is short term...but just 'feels' like too much BTC being
converted directly to USD on all these mega farms and/or what few merchants like overstock.com etc are taking bitcoin...thus again imho we
are in this slump till around 400 usd or below...till some other aspects of use etc on Bitcoin return...(hopefully)
hoping the ETF by the facebook twins or just plain....expense of mining...glut stops and .shortens this 'slump period' again in my view ...but again i just
have a feeling that too much currency vs use and too much of that currency is being converted directly...thus an ugly pattern of bad news
or frak any news on BTC lately seems to be seen in the most negative light...and thus over reaction in my view to dump (at this time)
hope I'm wrong ...wanna be a bull......having identity crisis
anyway my view but don't mind me...I bought from BFL and Alpha Tech (got full refunds on both) and a NO ROI TITAN from KNC on order
so obviously I don't know WTF I'm talking about and am quite likely certifiably ready for a rubber room
but if BTC is a 3 legged stool mining/buying & selling/ use .... using BTC seems way back of the pack compared to the other two processes imho
just my demented view
Searing
Searing...
You are stating that you have a feeling that BTC prices will be going down into the $300s and you are jaded, and maybe you are even attributing your being jaded to the fact that you are being squeezed in the miner world. Accordingly you seem likely to be over-extended in your BTC investment and not enough fiat cash flow and you are feeling unable to hodl.. .and you seem to be forced to sell BTC at these low prices and you are NOT able to mine enough BTC to be profitable.
I believe that in your above post that you are attempting to be honest with us regarding your perspective, but I also believe that you are wrong about the direction of bitcoin prices... There is a possibility that you could be correct and BTC prices will be manipulated further down - but really there just seems to be too few people willing to continue to sell BTC at these low prices, and a large number of the well-to-do whales who had been buying into BTC between $680 and $480 are going to want to get their paydays and they are going to want to manipulate the BTC prices upward as far as they can pump it and then take some profits. This upward pump is likely going to be in the $3k to $5k territory and it could go further than that with the right kinds of pushing upward and piling on of the masses that will want to get in on the deal while it is moving upward in prices.
This upward pump may not occur in the coming weeks, but surely it is going to come sooner or later.. probably in no more than a year from now.. but seemingly within the coming months and before the middle of 2015 is more likely b/c big people and investors into BTC are likely going to be running out of patience soon and are going to want some upward price movement to cash out some of the profits.... which are much more easily to manipulate upward than downward... especially once the upward momentum starts.
In other words, I would NOT bank on such ability for downward BTC price manipulation in to the $300s, but I would maintain some cash on hand just in case there is some success in such downward BTC price manipulations in the coming months. I am betting that the likelihood is greater that BTC's price movement is going to be upward rather than continuing to go downward.
I am holding am not selling nor likely too...just saying that what I see as stagnation....(probably stated my views badly ...likely) but some gov't actions like China etc do have meaning
on bitcoin price..again speculating but imho if china had taken more of a USA approach to bitcoin...likely we'd be at 1.5k a coin now...so between the press/media FUD and
the fact of all the centralization of mining etc....(a lot of the proponents of BTC were home miners...ie the cheerleaders...pushing the coin..they now seemed pushed out) and the likely bubble that was china...well
just feeling melancholy
that and the fact today I had a mess of contractors and others thru my house in that it is being remodeled and they asked what the KNC jupiter miner was in the basement (5 seperate occasions as I lead plumber/electrican/contractor for estimates thru the house and one other neighbor who chased me down in the basement for me to fix her laptop...)
well in each individual instance...they asked about setup i said it was a Bitcoin miner KNC Jupiter (minnesota usa) well in each instance they all acted like they found me growing pot in the basement
so from the looks on faces and rapid change of context after stating this ...I asked if they heard of it ..universally they had heard it was for drug deals and illegal was it not?
no sh*t...so i got them to come around to the view of it is independent xfer of $$$ w/o banks etc...which I'm not sure they bought...again this was 5 diff people on 5 diff occasions
in my basement seeing the miner...and stating the above...
so I guess I need lock my door and next time i troop a mess of contractors thru the basement etc ....i should throw a box over the miner...was very awkward and not just 1x ..5x I went thru this
thinking about it this evening i realized that everyone (with the exception of my brothers who speculate in markets) act like when they hear I'm in Bitcoin the same way you hear
of someone in Amway...sure people may make money with amway ..but no one wants anything to do with it...same jibe..again with the exception of my two brothers who speculate
in stocks (one for a living) since last summer NO ONE with the exception of them has NOT thought it was a scam/ponzi or illegal...all FUD...and of course you try to change their mind
but they get that closed look on face that the media/news would not spread FUD look ..ie there must be something to the bitcoin scam or they would have heard otherwise...
then again I'm so far in the sticks this may just be the way it is till the press/media do less FUD on bitcoin...so anyone I talk to about bitcoin universally in my limited view
thinks it is everything the press/media says it is ...ie a scam..
just maybe having a bad day...but I mean really Ebay announces it is taking bitcoin and nothing happens in the market....price wise it goes sideways?
well anyway will hold till btc is worth zip ...made all of it mining...still have my 1st btc....just having the beanie babies heebie jeebies after today
anyway.....the suspense of this stagnation slow drip downward is just getting to me I guess...todays little escapade did not help my view it is going to be accepted quickly either
then again they all probably think the apple pay plan is a scam too...
Searing
Poll
