ImI
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Activity: 1946
Merit: 1019
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October 17, 2015, 07:07:12 PM |
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People really need to stop being ignorant and childish. Every increase in price is not a 'pump' and every decrease is not a 'dump'. miners have to unload their 3600 coins per day at some point...
Yes. miners attitude has changed over the years. todays miners are not bitcoin-enthusiasts anymore, they sell their coins as fast as they can. therefore the halving will be a big fucking kick in their ass. Demonstrably false. why? |
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brg444
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October 17, 2015, 07:10:24 PM |
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People really need to stop being ignorant and childish. Every increase in price is not a 'pump' and every decrease is not a 'dump'. miners have to unload their 3600 coins per day at some point...
Yes. miners attitude has changed over the years. todays miners are not bitcoin-enthusiasts anymore, they sell their coins as fast as they can. therefore the halving will be a big fucking kick in their ass. Demonstrably false. why? Because the largest solo miner, for example, has publicly said they don't sell their bitcoins. |
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ImI
Legendary
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Activity: 1946
Merit: 1019
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October 17, 2015, 07:11:27 PM |
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People really need to stop being ignorant and childish. Every increase in price is not a 'pump' and every decrease is not a 'dump'. miners have to unload their 3600 coins per day at some point...
Yes. miners attitude has changed over the years. todays miners are not bitcoin-enthusiasts anymore, they sell their coins as fast as they can. therefore the halving will be a big fucking kick in their ass. Demonstrably false. why? Because the largest solo miner, for example, has publicly said they don't sell their bitcoins. "largest solominer" has a marketshare of? |
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brg444
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October 17, 2015, 07:12:52 PM |
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People really need to stop being ignorant and childish. Every increase in price is not a 'pump' and every decrease is not a 'dump'. miners have to unload their 3600 coins per day at some point...
Yes. miners attitude has changed over the years. todays miners are not bitcoin-enthusiasts anymore, they sell their coins as fast as they can. therefore the halving will be a big fucking kick in their ass. Demonstrably false. why? Because the largest solo miner, for example, has publicly said they don't sell their bitcoins. "largest solominer" has a marketshare of? 15% There are numerous other instances where this has been proven wrong. The idea that 3600 coins are being dumped on the market daily is a myth. |
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ImI
Legendary
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Activity: 1946
Merit: 1019
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October 17, 2015, 07:13:21 PM |
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People really need to stop being ignorant and childish. Every increase in price is not a 'pump' and every decrease is not a 'dump'. miners have to unload their 3600 coins per day at some point...
Yes. miners attitude has changed over the years. todays miners are not bitcoin-enthusiasts anymore, they sell their coins as fast as they can. therefore the halving will be a big fucking kick in their ass. Demonstrably false. why? Because the largest solo miner, for example, has publicly said they don't sell their bitcoins. There are numerous other instances where this has been proven wrong. and there are numerous other instances where this has been proven right. i remember knc selling their shit as soon as possible. i also remember a documentary about some chinese farm. they were also selling as fast as they could. giving a shit about what the actual underlying of their business was. edit: i would love to do some analyzing here, were the fresh coins go. but so far i had no luck finding that out. |
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dloghwak
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October 17, 2015, 07:21:19 PM |
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People really need to stop being ignorant and childish. Every increase in price is not a 'pump' and every decrease is not a 'dump'. miners have to unload their 3600 coins per day at some point...
Yes. miners attitude has changed over the years. todays miners are not bitcoin-enthusiasts anymore, they sell their coins as fast as they can. therefore the halving will be a big fucking kick in their ass. Demonstrably false. why? Because the largest solo miner, for example, has publicly said they don't sell their bitcoins. There are numerous other instances where this has been proven wrong. and there are numerous other instances where this has been proven right. i remember knc selling their shit as soon as possible. i also remember a documentary about some chinese farm. they were also selling as fast as they could. giving a shit about what the actual underlying of their business was. edit: i would love to do some analyzing here, were the fresh coins go. but so far i had no luck finding that out. So finally you admit, that you have no idea what miner really do with the fresh coins. |
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tarmi
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Activity: 1232
Merit: 1011
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October 17, 2015, 07:21:31 PM |
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how do they pay electricity if they don't sell their coins? 15 % of the network today is like few MW a month.
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dloghwak
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October 17, 2015, 07:22:38 PM |
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how do they pay the electricity if they don't sell their coins? 15 % of the network today is like few MW a month.
Who says they have to sell all coins to cover the electricity costs? |
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tarmi
Legendary
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Activity: 1232
Merit: 1011
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October 17, 2015, 07:23:58 PM |
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how do they pay the electricity if they don't sell their coins? 15 % of the network today is like few MW a month.
Who says they have to sell all coins to cover the electricity costs? yes, the rest is sold for profit. |
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brg444
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October 17, 2015, 07:24:20 PM |
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how do they pay the electricity if they don't sell their coins? 15 % of the network today is like few MW a month.
The entity I'm referring to is Bitfury 1. They're already wealthy people. 2. They have loads of VC money 3. They used to make what is likely to be ridiculous amounts of profits selling mining gear. |
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natewelt
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October 17, 2015, 07:27:01 PM |
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Looks like we might be in for a retrace from $273 on Stamp. In technical analysis, logic dictates a retest of the breakout area which is the upper trend line in this case. If that doesn't hold then we will likely go back into the channel. Either way, things look bullish unless we fall below the channel. 260-265 seems like a great spot to load up on some more (depending on how quick, if any, pullback occurs), but trade at your own risk. Only time will tell....  That was quick. Currently in my buy zone of 260-265. Stamp bid wall is firming up. I don't expect staying @ 263 for much longer. |
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brg444
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October 17, 2015, 07:29:34 PM |
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People really need to stop being ignorant and childish. Every increase in price is not a 'pump' and every decrease is not a 'dump'. miners have to unload their 3600 coins per day at some point...
Yes. miners attitude has changed over the years. todays miners are not bitcoin-enthusiasts anymore, they sell their coins as fast as they can. therefore the halving will be a big fucking kick in their ass. Demonstrably false. why? Because the largest solo miner, for example, has publicly said they don't sell their bitcoins. There are numerous other instances where this has been proven wrong. and there are numerous other instances where this has been proven right. i remember knc selling their shit as soon as possible. i also remember a documentary about some chinese farm. they were also selling as fast as they could. giving a shit about what the actual underlying of their business was. edit: i would love to do some analyzing here, were the fresh coins go. but so far i had no luck finding that out. I'm convinced KNC is not selling all of their coins. |
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Fatman3001
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Activity: 1554
Merit: 1014
Make Bitcoin glow with ENIAC
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October 17, 2015, 07:43:37 PM |
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how do they pay electricity if they don't sell their coins? 15 % of the network today is like few MW a month.
The entire network probably pulls around 250MW. At 4 cents per kw/h that's $240,000 per day in electricity. Which would be 1000 coins a day when the price is $240. Now at $263 that's 912.5 coins. At $300 that's 800 coins. Now that's just electricity, but if you assume that a large part of the mining community wants to keep as many coins as possible until prices improve, you might expect the supply of coins to tighten as the price moves up. |
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yefi
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October 17, 2015, 07:49:54 PM |
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Because the largest solo miner, for example, has publicly said they don't sell their bitcoins. Source? |
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BlindMayorBitcorn
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Activity: 1260
Merit: 1116
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October 17, 2015, 07:50:38 PM |
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I read something about a vast Russian MMM ponzi currently operating in South Africa buying up Bitcoins. Any news? Bobby Lee, CEO of Chinese exchange BTCC, told CoinDesk his platform has seen a significant volume increase, though he dismissed much of his competitors' volume as "artificial".
Those behind the volume, he said, are not traders but consumers sucked into a Russian ponzi scheme, MMM.
"We have posted warnings on our site and on our social media to warn users to be careful, but they have been coming to our exchange and buying out like crazy," he said, adding:
"This time it's not speculative trading but based on them getting sucked into this ecosystem." https://twitter.com/YourBTCC/status/654273706013798401?lang=en"South Africa" must include a many of the poorest and least educated people there. Ah, bitcoin -- bringing First World financial ruin to the unbanked in the Third World... May you all go broke, and burn in hell... Hehe. Thanks for the cross-post, Professor. https://www.reddit.com/r/Buttcoin/comments/3p2mot/butts_allegedly_being_used_by_sergei_mavrodis/*Waves* Hi Butters! Found this: https://www.facebook.com/MMMGlobalRBThis run may not end well  |
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Meuh6879
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Activity: 1512
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October 17, 2015, 07:51:54 PM |
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solominer = 1 BTC per month ...  so, they don't sell  |
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yolalanda
Newbie
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Activity: 56
Merit: 0
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October 17, 2015, 07:52:14 PM |
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how do they pay electricity if they don't sell their coins? 15 % of the network today is like few MW a month.
The entire network probably pulls around 250MW. At 4 cents per kw/h that's $240,000 per day in electricity. Which would be 1000 coins a day when the price is $240. Now at $263 that's 912.5 coins. At $300 that's 800 coins. Now that's just electricity, but if you assume that a large part of the mining community wants to keep as many coins as possible until prices improve you might expect the supply of coins to tighten as the price moves up. Could you offer TL;DR of how you've arrived at 250MW? Not doubting you, just wondering what that number is meant to represent. As far as miners wishing to sell coins when they're worth less and hold on to them once they're worth more? Seems a bit counterintuitive, can you walk me through your reasoning? |
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JayJuanGee
Legendary
Offline
Activity: 4200
Merit: 12820
Self-Custody is a right. Say no to "non-custodial"
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October 17, 2015, 07:52:28 PM |
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People really need to stop being ignorant and childish. Every increase in price is not a 'pump' and every decrease is not a 'dump'. miners have to unload their 3600 coins per day at some point...
Yes. miners attitude has changed over the years. todays miners are not bitcoin-enthusiasts anymore, they sell their coins as fast as they can. therefore the halving will be a big fucking kick in their ass. Demonstrably false. why? Because the largest solo miner, for example, has publicly said they don't sell their bitcoins. There are numerous other instances where this has been proven wrong. and there are numerous other instances where this has been proven right. i remember knc selling their shit as soon as possible. i also remember a documentary about some chinese farm. they were also selling as fast as they could. giving a shit about what the actual underlying of their business was. edit: i would love to do some analyzing here, were the fresh coins go. but so far i had no luck finding that out. Well, if you do NOT know then why are you spreading FUD to suggest that 3600 BTC is being dumped on the market every day. Most likely there is considerable variance, and such variance may even depending upon ability to HODl the BTC and or expectations of future price, etc etc |
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brg444
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October 17, 2015, 07:57:49 PM |
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solominer = 1 BTC per month ... so, they don't sell Bifury mines a couple blocks on average per day |
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phoenix1
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October 17, 2015, 07:59:57 PM
Last edit: October 17, 2015, 08:11:03 PM by phoenix1 |
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I read something about a vast Russian MMM ponzi currently operating in South Africa buying up Bitcoins. Any news? Bobby Lee, CEO of Chinese exchange BTCC, told CoinDesk his platform has seen a significant volume increase, though he dismissed much of his competitors' volume as "artificial".
Those behind the volume, he said, are not traders but consumers sucked into a Russian ponzi scheme, MMM.
"We have posted warnings on our site and on our social media to warn users to be careful, but they have been coming to our exchange and buying out like crazy," he said, adding:
"This time it's not speculative trading but based on them getting sucked into this ecosystem." https://twitter.com/YourBTCC/status/654273706013798401?lang=en"South Africa" must include a many of the poorest and least educated people there. Ah, bitcoin -- bringing First World financial ruin to the unbanked in the Third World... May you all go broke, and burn in hell... Hehe. Thanks for the cross-post, Professor. https://www.reddit.com/r/Buttcoin/comments/3p2mot/butts_allegedly_being_used_by_sergei_mavrodis/*Waves* Hi Butters! Found this: https://www.facebook.com/MMMGlobalRBThis run may not end well Ouch!! Moderators REQUIRED.
Responsibilities: moderating MMM Extra web-tasks
Working hours: 8 hours a day
Salary: 150$ a month That's abot 60 cents an hour. Any traders need a little extra income ? 20,695 likes
49 visits Is that even possible ?? reddit thread calling for action to advertise and stop this : https://www.reddit.com/r/Bitcoin/comments/3p4kuf/mmm_global_republic_of_bitcoin/ALL exchanges should be posting a warning about this to there customers if they have any sense of decency. Fair play to Bobby Lee for calling it out already |
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