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

[JorgeStolfi]

You know what I wonder: with all these guys with all this money at stake, you'd think they would pay some anti-NLC types to defend the reputation of their investment. Why aren't there more everything is rainbows trolls?

They already support the major bitcoin "news" sites and conferences, pay for advertorials on WSJ and Forbes, buy time on Bloomberg and CNN,  hire lobbyists, and contribute to politicians.  Why should they waste time with forums, where there are already plenty of "anti-NLC types" doing the job for free, out of self-interest?

A month or two ago there was an announcement in some bitcoin news site of several bitcoin companies pooling their resources and hiring a major marketing company to "improve the public image of bitcoin".

[1714587131]

1714587131

[Fatman3001]

Dump failed

Starting to think $220 is to bears what $300 was to bulls

Kind of surprised

[Norway]

I have to say, I really like that bid at GBTC that came this morning. 5,000 coins at 350 USD/BTC. About half the volume of BTC-e spike, but at the same time it's just their first bid...

You have to wonder how many is sitting on the fence waiting to see where the price will go when trading commences.

Yeah! Silbert is talking tomorrow on the last day of the huge 3 day bitcoin conference in NY. Would be embarrasing if nobody puts up an ask before that moment.  

[hdbuck]

[Wandererfromthenorth]

[stackoverflow]

back to previous channel, all that lousy btc-e move did is replenish momentum indicators for another shot at sub 220!

[JorgeStolfi]

some Chinese electricity company must surely realise soon that accepting and holding bitcoin would be a ridiculously successful strategy. Or is that banned?

Apart from the Chinese government's ban on using bitcoin as currency, the utilities (like all major merchants that "accept bitcoin", everywhere) will want to be paid in the national currency, promptly.  They certainly do not want to invest in bitcoins; not  even Overstock is doing that anymore.  ASIC manufacturers and workers will want yuan, too.  So the bitcoins corresponding to those expenses will have to be sold at the exchanges anyway.

The Chinese government presumably would be happier if the miners sold their bitcoins in the "Western" exchanges, thus adding to the effective Chinese foreign trade balance.  

EDIT: Since we are on the topic, albeit off-topic: it was on news sites recently that some New England Mississippi electricity company is suing John Garza's GAWminers for a ~300'000 $ unpaid electricity bill.

EDIT2: fixed Mississippi not New England.

[luckygenough56]

fuck this coin !

[LFC_Bitcoin]

I have to say, I really like that bid at GBTC that came this morning. 5,000 coins at 350 USD/BTC. About half the volume of BTC-e spike, but at the same time it's just their first bid...

You have to wonder how many is sitting on the fence waiting to see where the price will go when trading commences.

Yeah! Silbert is talking tomorrow on the last day of the huge 3 day bitcoin conference in NY. Would be embarrasing if nobody puts up an ask before that moment.  

Yes, somebody needs to ask him wtf is going on.

[Wings1987]

Dump failed

Starting to think $220 is to bears what $300 was to bulls

Kind of surprised

I think a lot of you forget that $220 or so is mining cost for a lot of operations. It would be surprising to me if we went lower for a long period of time. If you truly believe that is the case you should not be invested. Everyone remember how much hash rate dropped off the network in the Jan 15 drop to $166? If we had stayed at those levels and the hash stayed shut down there would have been major network problems for weeks. Block times/transaction times would have been a disaster. Watch the media coverage if that happens. It will not be good for anyone. Bear or Bull.

And before anyone argues that the Chinese miners have costs lower than that. ASIC development and deployment has slowed to a crawl compared to most of last year. If there really was money to be made in China wouldn't we be seeing huge farms coming online? It wouldn't take much to push the rest of the world out of mining if that were the case.

[ChartBuddy]

Coin
Explanation

[Norway]

I have to say, I really like that bid at GBTC that came this morning. 5,000 coins at 350 USD/BTC. About half the volume of BTC-e spike, but at the same time it's just their first bid...

You have to wonder how many is sitting on the fence waiting to see where the price will go when trading commences.

Yeah! Silbert is talking tomorrow on the last day of the huge 3 day bitcoin conference in NY. Would be embarrasing if nobody puts up an ask before that moment.  

Yes, somebody needs to ask him wtf is going on.

It will be hard for him to avoid the question. Does anybody have a link to streaming of the "Inside Bitcoins New York" event?

[hdbuck]

I think a lot of you forget that $220 or so is mining cost for a lot of operations.

says who?


ps: @Wandererfromthenorth awesome Uranus meme!

[xcrabber]

some Chinese electricity company must surely realise soon that accepting and holding bitcoin would be a ridiculously successful strategy. Or is that banned?

 

EDIT: Since we are on the topic, albeit off-topic: it was on news sites recently that some New England electricity company is suing John Garza's GAWminers for a ~300'000 $ unpaid electricity bill.

t
That is Mississippi Power who is suing, the mining facility is in Purvis, MS.  I believe Garza had/has some sort of telecom business up in the New England area.

[Wandererfromthenorth]

I think a lot of you forget that $220 or so is mining cost for a lot of operations.

says who?


ps: @Wandererfromthenorth awesome Uranus meme!

[JorgeStolfi]

EDIT: Since we are on the topic, albeit off-topic: it was on news sites recently that some New England electricity company is suing John Garza's GAWminers for a ~300'000 $ unpaid electricity bill.

That is Mississippi Power who is suing, the mining facility is in Purvis, MS.  I believe Garza had/has some sort of telecom business up in the New England area.

Thanks, fixed. But Mississippi, Massachusetts -- it's all the same thing, humpf.

[stackoverflow]

Dump failed

Starting to think $220 is to bears what $300 was to bulls

Kind of surprised

I think a lot of you forget that $220 or so is mining cost for a lot of operations. It would be surprising to me if we went lower for a long period of time. If you truly believe that is the case you should not be invested. Everyone remember how much hash rate dropped off the network in the Jan 15 drop to $166? If we had stayed at those levels and the hash stayed shut down there would have been major network problems for weeks. Block times/transaction times would have been a disaster. Watch the media coverage if that happens. It will not be good for anyone. Bear or Bull.

And before anyone argues that the Chinese miners have costs lower than that. ASIC development and deployment has slowed to a crawl compared to most of last year. If there really was money to be made in China wouldn't we be seeing huge farms coming online? It wouldn't take much to push the rest of the world out of mining if that were the case.

Actually difficulty/hashrate does not affect the working of the blockchain, difficulty is made artificially high when the hashrate rises to keep block time stable. The blockchain will move the same regardless of high or low hashrate (drastic drops in hashrate can cause high block time until it adjusts, but that's all).

[Wandererfromthenorth]

Dump failed

Starting to think $220 is to bears what $300 was to bulls

Kind of surprised

I think a lot of you forget that $220 or so is mining cost for a lot of operations. It would be surprising to me if we went lower for a long period of time. If you truly believe that is the case you should not be invested. Everyone remember how much hash rate dropped off the network in the Jan 15 drop to $166? If we had stayed at those levels and the hash stayed shut down there would have been major network problems for weeks. Block times/transaction times would have been a disaster. Watch the media coverage if that happens. It will not be good for anyone. Bear or Bull.

And before anyone argues that the Chinese miners have costs lower than that. ASIC development and deployment has slowed to a crawl compared to most of last year. If there really was money to be made in China wouldn't we be seeing huge farms coming online? It wouldn't take much to push the rest of the world out of mining if that were the case.

Frankly I have heard everything regarding mining costs.
Some people were saying that it was at around $400 last year, with miners like David Pate (https://twitter.com/davidpate8) saying they were underwater at around $300-$400 already. Difficulty only increased since then...


I have heard Tim Swanson say that BitFury currently has a mining cost of basically $180 BTC, the best performing western miners I guess (the others have been squeezed out while only the biggest chinese pools remained).

Overall claims such as "price cannot go below X because that's the mining cost" makes no sense tbh IMHO.


I'm no expert in this so if somebody has better info feel free to chime in.

[aliro38]

It wouldn't doesn't take much to push the rest of the world out of mining if that were, which is the case.

Edited that for you.

[Cassius]

Dump failed

Starting to think $220 is to bears what $300 was to bulls

Kind of surprised

I think a lot of you forget that $220 or so is mining cost for a lot of operations. It would be surprising to me if we went lower for a long period of time. If you truly believe that is the case you should not be invested. Everyone remember how much hash rate dropped off the network in the Jan 15 drop to $166? If we had stayed at those levels and the hash stayed shut down there would have been major network problems for weeks. Block times/transaction times would have been a disaster. Watch the media coverage if that happens. It will not be good for anyone. Bear or Bull.

And before anyone argues that the Chinese miners have costs lower than that. ASIC development and deployment has slowed to a crawl compared to most of last year. If there really was money to be made in China wouldn't we be seeing huge farms coming online? It wouldn't take much to push the rest of the world out of mining if that were the case.

Actually difficulty/hashrate does not affect the working of the blockchain, difficulty is made artificially high when the hashrate rises to keep block time stable. The blockchain will move the same regardless of high or low hashrate (drastic drops in hashrate can cause high block time until it adjusts, but that's all).

This. You might get one long block, that's all though. Difficulty adjusts and you're back to 10 minute average. The network functioned just fine when hashrate was much lower. Personally I'd like to see less institutional mining anyway, so I won't cry if big miners have to switch off because they're not making ends meet.