Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[noobtrader]

Till now my bitcoin adventure has been short and painful

The bitcoin mining network costs over 1 million dollars per day.  That money can only come from one place: the pockets of people who buy bitcoins now and hold them, or sell them at a loss.

So, be proud of having done your part in this noble enterprise. 

Um it only costs money to those that freely choose to pay, not forced at gunpoint.

i wonder where 1 million dollars counted from

what if miner only sell 10% of there mined coin every month

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[molecular]

The Greater Rule of Thirds will not give in to a Lesser Rule of Thirds below 270. It would kill the arbitrage and altcoin markets. Superstition, emotion, and margin trading will drive price up to 360 because the short sellers have run out of space.

btc swap liquidity on bfx is drying up.



only expensive coins can be borrowed

will be interesting to watch...

[cbeast]

Till now my bitcoin adventure has been short and painful

The bitcoin mining network costs over 1 million dollars per day.  That money can only come from one place: the pockets of people who buy bitcoins now and hold them, or sell them at a loss.

So, be proud of having done your part in this noble enterprise. 

Um it only costs money to those that freely choose to pay, not forced at gunpoint.

i wonder where 1 million dollars counted from

what if miner only sell 10% of there mined coin every month

Bitcoin would survive just fine with one dollar a day's worth of mining. Go ahead, turn off your miners. If you can convince everyone else then I'll pay the buck and mine like hell.

[molecular]

cup'n'handle ?

[ChartBuddy]

Explanation

[cbeast]

330 was a Rule of Thirds test. Investors are supporting the bottom of the Greater Rule of Thirds. Will the investors beat the traders in this Lessor Rule of Thirds cycle? Not likely with the current exchanges. Serious money needs serious exchanges.

[sherbyspark]

cup'n'handle ?

Maybe a broken handle,pointing down.
Impossible to predict for now.

[ChartBuddy]

Explanation

[ChartBuddy]

Explanation

[BitAddict]

Till now my bitcoin adventure has been short and painful

The bitcoin mining network costs over 1 million dollars per day.  That money can only come from one place: the pockets of people who buy bitcoins now and hold them, or sell them at a loss.

So, be proud of having done your part in this noble enterprise.  

Um it only costs money to those that freely choose to pay, not forced at gunpoint.

i wonder where 1 million dollars counted from

what if miner only sell 10% of there mined coin every month

Because miners need to pay electricity bills, maintenance expenses,  cover initial investment, they don't have a high margin nowadays (just go and check how mining difficulty is going down) and most of them don't want to hold in this bearish trend.

Probably most of the miners have, at least, expenses around 80-90% of what they mine including all previous points. (And I'm not counting a lot of miners who are doing it at a loss if you count initial investment, and will never recover that money). Some miners, even if they sell 100% of what they mine, they will be at a loss.

There is no way miners are dumping less than that. And of course 10% is impossible, that would mean miners are doing it at a huge fiat loss for a year. I'm sure if some of them were holding expecting higher price, they already run out of liquidity and are forced to liquidate their bitcoins in order to pay their bills every month.

[Fatman3001]

Till now my bitcoin adventure has been short and painful

The bitcoin mining network costs over 1 million dollars per day.  That money can only come from one place: the pockets of people who buy bitcoins now and hold them, or sell them at a loss.

So, be proud of having done your part in this noble enterprise.  

Um it only costs money to those that freely choose to pay, not forced at gunpoint.

i wonder where 1 million dollars counted from

what if miner only sell 10% of there mined coin every month

Because miners need to pay electricity bills, maintenance expenses,  cover initial investment, they don't have a high margin nowadays (just go and check how mining difficulty is going down) and most of them don't want to hold in this bearish trend.

Probably most of the miners have, at least, expenses around 80-90% of what they mine including all previous points. (And I'm not counting a lot of miners who are doing it at a loss if you count initial investment, and will never recover that money). Some miners, even if they sell 100% of what they mine, they will be at a loss.

There is no way miners are dumping less than that. And of course 10% is impossible, that would mean miners are doing it at a huge fiat loss for a year. I'm sure if some of them were holding expecting higher price, they already run out of liquidity and are forced to liquidate their bitcoins in order to pay their bills every month.

And those that are doing OK are saving coins and waiting for the next gen 14/16nm FinFet machines to hit the market in early to mid 2015. As long as difficulty goes down that is a quite comfortable position. But it also means we might have a wave of coins on the market in 2-3 months time.

[Elwar]

Mining is just a different way to buy bitcoins.

You could deal with the exchanges, pay a premium at localbitcoins, use your credit card on various sites paying 10-20% or buy some Bitcoin miners and slowly accumulate bitcoins over time.

"Waahh...they have to pay for electricity". Ya...I have to pay the exchange to get my bitcoins. What's the difference?

Do you think it's all poor people with no incomes mining bitcoins? My co-worker who I know mines bitcoins has a six figure income. He mines because he wants to get a lot of bitcoins and enjoys hardware and technology. He can certainly afford to pay for electricity without cashing out his bitcoins.

[noobtrader]

The Greater Rule of Thirds will not give in to a Lesser Rule of Thirds below 270. It would kill the arbitrage and altcoin markets. Superstition, emotion, and margin trading will drive price up to 360 because the short sellers have run out of space.

btc swap liquidity on bfx is drying up.



only expensive coins can be borrowed

will be interesting to watch...

wow...

0.08% per day, thats like 28% per year..., in bitcoin...  that is very nice. Gentlemen

[BitAddict]

Mining is just a different way to buy bitcoins.

You could deal with the exchanges, pay a premium at localbitcoins, use your credit card on various sites paying 10-20% or buy some Bitcoin miners and slowly accumulate bitcoins over time.

"Waahh...they have to pay for electricity". Ya...I have to pay the exchange to get my bitcoins. What's the difference?

Do you think it's all poor people with no incomes mining bitcoins? My co-worker who I know mines bitcoins has a six figure income. He mines because he wants to get a lot of bitcoins and enjoys hardware and technology. He can certainly afford to pay for electricity without cashing out his bitcoins.

Or you can just send your money to an exchange and pay only a maximum of 0.5% fee... lol. Don't be denial.
If you are mining as an individual you will end up paying more than 20%, some individuals only recovered 25% of what they invested in mining equipment...

And those that are doing OK are saving coins and waiting for the next gen 14/16nm FinFet machines to hit the market in early to mid 2015. As long as difficulty goes down that is a quite comfortable position. But it also means we might have a wave of coins on the market in 2-3 months time.

Those who are doing OK are probably cashing out, staying in fiat and then they will buy that new chips when they come to the market.
There is not point to hold bitcoin as an investment until this bear trend is over, if your plan is to sell them in a few months in order to get equipment. (And not holding longterm)

Unless you don't have a bank account (should not be a problem if you have enough money to pay for a lot a miners), or you are illegaly avoiding taxes.

[4ever]

The Greater Rule of Thirds will not give in to a Lesser Rule of Thirds below 270. It would kill the arbitrage and altcoin markets. Superstition, emotion, and margin trading will drive price up to 360 because the short sellers have run out of space.

btc swap liquidity on bfx is drying up.



only expensive coins can be borrowed

will be interesting to watch...

wow...

0.08% per day, thats like 28% per year..., in bitcoin...  that is very nice. Gentlemen

You should include the drops in that as well.

[ChartBuddy]

Explanation

[Fatman3001]

Mining is just a different way to buy bitcoins.

You could deal with the exchanges, pay a premium at localbitcoins, use your credit card on various sites paying 10-20% or buy some Bitcoin miners and slowly accumulate bitcoins over time.

"Waahh...they have to pay for electricity". Ya...I have to pay the exchange to get my bitcoins. What's the difference?

Do you think it's all poor people with no incomes mining bitcoins? My co-worker who I know mines bitcoins has a six figure income. He mines because he wants to get a lot of bitcoins and enjoys hardware and technology. He can certainly afford to pay for electricity without cashing out his bitcoins.

Or you can just send your money to an exchange and pay only a maximum of 0.5% fee... lol. Don't be denial.
If you are mining as an individual you will end up paying more than 20%, some individuals only recovered 25% of what they invested in mining equipment...

And those that are doing OK are saving coins and waiting for the next gen 14/16nm FinFet machines to hit the market in early to mid 2015. As long as difficulty goes down that is a quite comfortable position. But it also means we might have a wave of coins on the market in 2-3 months time.

Those who are doing OK are probably cashing out, staying in fiat and then they will buy that new chips when they come to the market.
There is not point to hold bitcoin as an investment until this bear trend is over, if your plan is to sell them in a few months in order to get equipment. (And not holding longterm)

Unless you don't have a bank account (should not be a problem if you have enough money to pay for a lot a miners), or you are illegaly avoiding taxes.

Different countries deal with mining differently. If bitcoin is seen as a commodity you have to declare your inventory, but you don't need to clear your inventory for the new years. If a miner believes in his business he wouldn't see any need to dump immediately just because we might be in a bear market. Miners are truly committed to bitcoin with physical HW in physical buildings with real bills. They can't just jump over to ripple whenever the wind changes. They will have to ride the waves anyway. So they have an eye on the market. And right now they see that we are still above the early October low of $275. It all makes sense.

[inca]

18k shorts on Bitfinex. Nothing to see here !

[Elwar]

Mining is just a different way to buy bitcoins.

You could deal with the exchanges, pay a premium at localbitcoins, use your credit card on various sites paying 10-20% or buy some Bitcoin miners and slowly accumulate bitcoins over time.

"Waahh...they have to pay for electricity". Ya...I have to pay the exchange to get my bitcoins. What's the difference?

Do you think it's all poor people with no incomes mining bitcoins? My co-worker who I know mines bitcoins has a six figure income. He mines because he wants to get a lot of bitcoins and enjoys hardware and technology. He can certainly afford to pay for electricity without cashing out his bitcoins.

Or you can just send your money to an exchange and pay only a maximum of 0.5% fee... lol. Don't be denial.
If you are mining as an individual you will end up paying more than 20%, some individuals only recovered 25% of what they invested in mining equipment...

Or you could deal with the exchanges... 

When you buy your miner you get an estimate of how many bitcoins you will get based upon difficulty. You purchase and mine. You are essentially paying for bitcoins.

Who are these extremely poor individuals that know how to set up very specific complicated hardware setup that cannot afford electricity?

Why not calculate the amount of people that own bitcoins and say "300,000 people own bitcoins, they have to pay for food, rent, electricity, water, gas, etc... this all comes out to $2 billion per month that people will need to sell their bitcoins to pay for. Bitcoin to -$1000 in 3 months".

[grappa_barricata]