Meuh6879
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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
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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
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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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ChartBuddy
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Merit: 1804
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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October 17, 2015, 08:02:00 PM |
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brg444
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October 17, 2015, 08:02:13 PM |
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Because the largest solo miner, for example, has publicly said they don't sell their bitcoins. Source? Vavilov told CoinDesk that it decided not to tap its bitcoin reserves as it remains bullish on the long-term value of bitcoin.
"We believe in the long-term perspective [the price of bitcoin] will grow and we decided to not to sell [our bitcoin] at such a low price," Vavilov added. |
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BlindMayorBitcorn
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October 17, 2015, 08:03:29 PM |
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tarmi
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October 17, 2015, 08:05:17 PM |
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My name is Randy, and I'm a member of MMM Global Bitcoin.
"Helping more people."
sounds like any bulltard here. ... when will the panic start? 220? |
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ImI
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October 17, 2015, 08:07:57 PM |
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nice discussion we got going here. no i don't know exactly were freshly mined coins are going. nobody knows. everybody has just hear-and-say informations. i personally did some business some time ago with mining farm folks and my impression was they gave a shit about bitcoin. privately they held no more than a handful of coins maybe. for them it was just a better kind of investment as into high-yield-bonds or something. but i accept that bitfury may keep them, quite possible. nevertheless the market has to absorb 1 mioUS$ everyday, thats a fucking lot and halving will kick some ass. |
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phoenix1
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October 17, 2015, 08:14:19 PM |
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Because the largest solo miner, for example, has publicly said they don't sell their bitcoins. Source? Vavilov told CoinDesk that it decided not to tap its bitcoin reserves as it remains bullish on the long-term value of bitcoin.
"We believe in the long-term perspective [the price of bitcoin] will grow and we decided to not to sell [our bitcoin] at such a low price," Vavilov added. So, their funding rounds are basically to pay for their costs while they hold their coins. How could that possibly go wrong? |
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brg444
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October 17, 2015, 08:17:25 PM |
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nice discussion we got going here. no i don't know exactly were freshly mined coins are going. nobody knows. everybody has just hear-and-say informations. i personally did some business some time ago with mining farm folks and my impression was they gave a shit about bitcoin. privately they held no more than a handful of coins maybe. for them it was just a better kind of investment as into high-yield-bonds or something. but i accept that bitfury may keep them, quite possible. nevertheless the market has to absorb 1 mioUS$ everyday, thats a fucking lot and halving will kick some ass. Make it half that |
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brg444
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October 17, 2015, 08:21:09 PM |
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Because the largest solo miner, for example, has publicly said they don't sell their bitcoins. Source? Vavilov told CoinDesk that it decided not to tap its bitcoin reserves as it remains bullish on the long-term value of bitcoin.
"We believe in the long-term perspective [the price of bitcoin] will grow and we decided to not to sell [our bitcoin] at such a low price," Vavilov added. So, their funding rounds are basically to pay for their costs while they hold their coins. How could that possibly go wrong? No, their funding round is likely to develop new ASIC technology and develop their infrastructure. As I've said previously they've had other revenue sources in the past which might still pay for their existing costs. Moreover I'm quite confident their energy costs are absurdly low since they seem to have quite a special relation with the government where their farms are set up (Georgia) |
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brg444
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October 17, 2015, 08:22:54 PM |
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... can you read? "We believe in the long-term perspective [the price of bitcoin] will grow and we decided to not to sell [our bitcoin] at such a low price," Vavilov added. If 350-400$ was a low price back then what do you believe they consider 250 nowadays? Spare me with your trolling... |
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phoenix1
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October 17, 2015, 08:32:05 PM |
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nice discussion we got going here. no i don't know exactly were freshly mined coins are going. nobody knows. everybody has just hear-and-say informations. i personally did some business some time ago with mining farm folks and my impression was they gave a shit about bitcoin. privately they held no more than a handful of coins maybe. for them it was just a better kind of investment as into high-yield-bonds or something. but i accept that bitfury may keep them, quite possible. nevertheless the market has to absorb 1 mioUS$ everyday, thats a fucking lot and halving will kick some ass. Make it half that If they are not selling their coins, then they need to raise *an* amount of fresh capital (or use reserves) every day to cover production costs and keep the lights on. Either way, the money has to come into the system unless they have 'free' electricity. If they are not selling the production it is hard to see how much of the new funding can go into development of infrastructure in an environment of falling prices (which presumably means they are even more reluctant to sell ...) Well, I guess we know now where the VC money is really going. Whether that was their intention or not is another matter ... Probably gives them a bit of extra leeway to 'massage' the market ... can't believe they would sit on their hands and not buy more if it they were too cheap to sell at $350-$400 ish ... |
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yolalanda
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October 17, 2015, 08:33:10 PM |
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If 350-400$ was a low price back then what do you believe they consider 250 nowadays?
They don't care, because 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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yefi
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October 17, 2015, 08:33:57 PM |
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If 350-400$ was a low price back then what do you believe they consider 250 nowadays? A lesson? |
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molecular
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October 17, 2015, 08:42:58 PM |
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todays miners are not bitcoin-enthusiasts anymore, they sell their coins as fast as they can.
I've been making that assumption. But is there any evidence? therefore the halving will be a big fucking kick in their ass.
are you suggesting they should start to HODL more? (I agree of course) but that would make the price go up in anticipation of the halving!?! |
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