DaRude
Legendary
Offline
Activity: 2778
Merit: 1789
In order to dump coins one must have coins
|
|
September 04, 2018, 01:48:41 AM |
|
BTC vs ETH So he took off his shirt but then still managed to get it in the water with him brilliant!
|
|
|
|
|
|
|
"Governments are good at cutting off the heads of a centrally
controlled
networks like Napster, but pure P2P networks like Gnutella and Tor seem
to be holding their own." -- Satoshi
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
DaRude
Legendary
Offline
Activity: 2778
Merit: 1789
In order to dump coins one must have coins
|
|
September 04, 2018, 01:55:39 AM |
|
Really hope that’s true. It would definitely be bullish for the price of bitcoin. Kinda checks out with my maths This is all Bitmain. The biggest whale. Can turn market wherever direction it wants to.
Feel the wrath of Bitmain!
Whale? According to their pre-IPO deck (has it been confirmed? proudhon??) they went from BTC36.877 in Dec to 22.082 in March. That's 3months or 90 days. That means they're burning through BTC164 per day ((36877-22082)/90) at this rate they'd have enough for 134 days (22.082/164) that would last them till August 12th thnx for playing
|
|
|
|
goldkingcoiner
Legendary
Offline
Activity: 2030
Merit: 1645
Verified Bitcoin Hodler
|
|
September 04, 2018, 02:28:42 AM |
|
|
|
|
|
windjc
Legendary
Offline
Activity: 2156
Merit: 1070
|
|
September 04, 2018, 02:42:22 AM |
|
Really hope that’s true. It would definitely be bullish for the price of bitcoin. Kinda checks out with my maths This is all Bitmain. The biggest whale. Can turn market wherever direction it wants to.
Feel the wrath of Bitmain!
Whale? According to their pre-IPO deck (has it been confirmed? proudhon??) they went from BTC36.877 in Dec to 22.082 in March. That's 3months or 90 days. That means they're burning through BTC164 per day ((36877-22082)/90) at this rate they'd have enough for 134 days (22.082/164) that would last them till August 12th thnx for playing I never understood this idea that Bitmain was BUYING BCH. I believe they have only been accepting BCH as PAYMENT for their machines for a while now. So, if you are selling a crap ton of machines and receiving BCH for it, then the amount of BCH you OWN is going to go up significantly. YES??
|
|
|
|
windjc
Legendary
Offline
Activity: 2156
Merit: 1070
|
|
September 04, 2018, 02:44:05 AM |
|
It is hard to HODL. That is why hodlers EARN their money. Its one of the most difficult of all disciplines.
|
|
|
|
lightfoot
Legendary
Offline
Activity: 3094
Merit: 2239
I fix broken miners. And make holes in teeth :-)
|
|
September 04, 2018, 02:51:52 AM |
|
Tell me about it: I had to drill a small hole in my head and do a micro-lobotomy so I wouldn't remember where I left my bitcoins :-) :-)
|
|
|
|
bones261
Legendary
Offline
Activity: 1806
Merit: 1826
|
|
September 04, 2018, 02:52:41 AM |
|
I never understood this idea that Bitmain was BUYING BCH. I believe they have only been accepting BCH as PAYMENT for their machines for a while now. So, if you are selling a crap ton of machines and receiving BCH for it, then the amount of BCH you OWN is going to go up significantly. YES??
Well, for quite a few months now, they are back to accepting other forms of payments. However, a good chunk of the BCH stash that they had back in March can probably be attributed to mining and proceeds from sales. Also, they likely sold most of their BTC to keep their operations going, which have included several failed attempts to get a new SHA256 chip developed. I doubt they did much buying of BCH off of the markets, like some people accuse them of. The reason that I doubt it is because they can accumulate for much cheaper by selling their equipment for BCH and mining.
|
|
|
|
Anon136
Legendary
Offline
Activity: 1722
Merit: 1217
|
|
September 04, 2018, 03:04:31 AM |
|
Tell me about it: I had to drill a small hole in my head and do a micro-lobotomy so I wouldn't remember where I left my bitcoins :-) :-)
Does anyone know if anyone has ever time locked a substantial chunk of bitcoin for a decade or more? People in 2010 would be glad they had, perhaps each any every one of us would be glad if we did right now for the same reasons.
|
|
|
|
HairyMaclairy
Legendary
Offline
Activity: 1414
Merit: 2174
Degenerate bull hatter & Bitcoin monotheist
|
|
September 04, 2018, 03:12:42 AM |
|
I never understood this idea that Bitmain was BUYING BCH. I believe they have only been accepting BCH as PAYMENT for their machines for a while now. So, if you are selling a crap ton of machines and receiving BCH for it, then the amount of BCH you OWN is going to go up significantly. YES??
Well, for quite a few months now, they are back to accepting other forms of payments. However, a good chunk of the BCH stash that they had back in March can probably be attributed to mining and proceeds from sales. Also, they likely sold most of their BTC to keep their operations going, which have included several failed attempts to get a new SHA256 chip developed. I doubt they did much buying of BCH off of the markets, like some people accuse them of. The reason that I doubt it is because they can accumulate for much cheaper by selling their equipment for BCH and mining. Bitmain has never sold a single BCH they have mined. This has artificially supported the price of BCH which has close to zero organic demand. They have sold their BTC to pay the electricity bills.
|
|
|
|
windjc
Legendary
Offline
Activity: 2156
Merit: 1070
|
|
September 04, 2018, 03:26:02 AM |
|
I never understood this idea that Bitmain was BUYING BCH. I believe they have only been accepting BCH as PAYMENT for their machines for a while now. So, if you are selling a crap ton of machines and receiving BCH for it, then the amount of BCH you OWN is going to go up significantly. YES??
Well, for quite a few months now, they are back to accepting other forms of payments. However, a good chunk of the BCH stash that they had back in March can probably be attributed to mining and proceeds from sales. Also, they likely sold most of their BTC to keep their operations going, which have included several failed attempts to get a new SHA256 chip developed. I doubt they did much buying of BCH off of the markets, like some people accuse them of. The reason that I doubt it is because they can accumulate for much cheaper by selling their equipment for BCH and mining. Bitmain has never sold a single BCH they have mined. This has artificially supported the price of BCH which has close to zero organic demand. They have sold their BTC to pay the electricity bills. Well if that is true, although its hard to prove, it may have something to do with the fact that its pretty easy to sell tons of BTC over-the-counter. But I bet the demand for BCH OTC is pretty low.
|
|
|
|
bones261
Legendary
Offline
Activity: 1806
Merit: 1826
|
|
September 04, 2018, 03:29:33 AM |
|
I never understood this idea that Bitmain was BUYING BCH. I believe they have only been accepting BCH as PAYMENT for their machines for a while now. So, if you are selling a crap ton of machines and receiving BCH for it, then the amount of BCH you OWN is going to go up significantly. YES??
Well, for quite a few months now, they are back to accepting other forms of payments. However, a good chunk of the BCH stash that they had back in March can probably be attributed to mining and proceeds from sales. Also, they likely sold most of their BTC to keep their operations going, which have included several failed attempts to get a new SHA256 chip developed. I doubt they did much buying of BCH off of the markets, like some people accuse them of. The reason that I doubt it is because they can accumulate for much cheaper by selling their equipment for BCH and mining. Bitmain has never sold a single BCH they have mined. This has artificially supported the price of BCH which has close to zero organic demand. They have sold their BTC to pay the electricity bills. Since when is mining and HODL "artificial" support? They can do whatever the hell they want with the coins that they mine. And now they have plenty of BCH to burn for their Wormhole project. Don't worry. If things keep going like they are going, Bitmain should be REKT pretty soon.
|
|
|
|
HairyMaclairy
Legendary
Offline
Activity: 1414
Merit: 2174
Degenerate bull hatter & Bitcoin monotheist
|
|
September 04, 2018, 03:33:44 AM Last edit: September 04, 2018, 03:44:35 AM by HairyMaclairy Merited by JayJuanGee (1) |
|
If you are a miner and never sell the coins mined, of course that restricts supply and pushes the price up. This is the slide from their IPO deck showing they are well on their way to a million BCH in March. At that rate they should have 1.2 million BCH now. Meanwhile the Bitfinex BCH order book is only 5,000 coins deep. This is a BCH overhang that is completely illiquid and cannot be sold. Very different from Bitcoin which is a highly liquid asset. The IPO is basically their attempt at a giant BCH OTC sale, with some dumb retail investors to be left with a bag that cannot be sold. The interesting analysis is how much of the 2017 Bitcoin spike was miners holding back supply? I would love to see Bitmains books historically and compare to a price chart. More mining competition should cause the cartel to break down and stabilize the Bitcoin price.
|
|
|
|
bones261
Legendary
Offline
Activity: 1806
Merit: 1826
|
|
September 04, 2018, 04:00:05 AM |
|
If you are a miner and never sell the coins mined, of course that restricts supply and pushes the price up. This is the slide from their IPO deck showing they are well on their way to a million BCH in March. At that rate they should have 1.2 million BCH now. Meanwhile the Bitfinex BCH order book is only 5,000 coins deep. This is a BCH overhang that is completely illiquid and cannot be sold. Very different from Bitcoin which is a highly liquid asset. The IPO is basically their attempt at a giant OTC sale. Only ~280k BCH have been mined since the end of March. Plus, they have stopped only accepting BCH for their equipment. Also, they now have competitors that are putting out better equipment then they are putting out. I doubt that they have accumulated 1.2 million BCH. They are strapped for cash and it does not appear their IPO is going to go over very well. I really doubt that they are in any position to attempt to buy more BCH. However, BCH has a few more billionaires who probably do have the resources to bolster the price of BCH. I'm afraid antminer's days are numbered unless they can get something going their way ASAP.
|
|
|
|
Last of the V8s
Legendary
Offline
Activity: 1652
Merit: 4392
Be a bank
|
|
September 04, 2018, 04:34:52 AM Last edit: September 04, 2018, 04:45:53 AM by Last of the V8s |
|
but muh 'bitmex: shitty platform, xclnt research though'
|
|
|
|
HairyMaclairy
Legendary
Offline
Activity: 1414
Merit: 2174
Degenerate bull hatter & Bitcoin monotheist
|
|
September 04, 2018, 04:45:58 AM |
|
Only ~280k BCH have been mined since the end of March. Plus, they have stopped only accepting BCH for their equipment. Also, they now have competitors that are putting out better equipment then they are putting out. I doubt that they have accumulated 1.2 million BCH. They are strapped for cash and it does not appear their IPO is going to go over very well. I really doubt that they are in any position to attempt to buy more BCH. However, BCH has a few more billionaires who probably do have the resources to bolster the price of BCH. I'm afraid antminer's days are numbered unless they can get something going their way ASAP.
Ok your math checks out. So the increase in BCH from Dec 31 to March 31 is ~162,00 for mining. 214,000 - 162,000 leaves 52,000 acquired by other means. Hardware sales of 52,000 x $1500 average price = $78 million in sales in first quarter? I don’t know if that is realistic or not.
|
|
|
|
bones261
Legendary
Offline
Activity: 1806
Merit: 1826
|
|
September 04, 2018, 04:55:54 AM |
|
Only ~280k BCH have been mined since the end of March. Plus, they have stopped only accepting BCH for their equipment. Also, they now have competitors that are putting out better equipment then they are putting out. I doubt that they have accumulated 1.2 million BCH. They are strapped for cash and it does not appear their IPO is going to go over very well. I really doubt that they are in any position to attempt to buy more BCH. However, BCH has a few more billionaires who probably do have the resources to bolster the price of BCH. I'm afraid antminer's days are numbered unless they can get something going their way ASAP.
Ok your math checks out. So the increase in BCH from Dec 31 to March 31 is ~162,00 for mining. 214,000 - 162,000 leaves 52,000 acquired by other means. Hardware sales of 52,000 x $1500 average price = $78 million in sales in first quarter? I don’t know if that is realistic or not. this is a good article on the topic. they made a good deal of BCH from sales of ASICs. https://medium.com/@btcWolves/a-bch-update-bitmain-bch-the-ipo-what-it-all-actually-means-354220b86ac3
|
|
|
|
windjc
Legendary
Offline
Activity: 2156
Merit: 1070
|
|
September 04, 2018, 05:05:49 AM |
|
Only ~280k BCH have been mined since the end of March. Plus, they have stopped only accepting BCH for their equipment. Also, they now have competitors that are putting out better equipment then they are putting out. I doubt that they have accumulated 1.2 million BCH. They are strapped for cash and it does not appear their IPO is going to go over very well. I really doubt that they are in any position to attempt to buy more BCH. However, BCH has a few more billionaires who probably do have the resources to bolster the price of BCH. I'm afraid antminer's days are numbered unless they can get something going their way ASAP.
Ok your math checks out. So the increase in BCH from Dec 31 to March 31 is ~162,00 for mining. 214,000 - 162,000 leaves 52,000 acquired by other means. Hardware sales of 52,000 x $1500 average price = $78 million in sales in first quarter? I don’t know if that is realistic or not. 78 million is low. they sold a lot more than that.
|
|
|
|
elrippos friend
Full Member
Offline
Activity: 1179
Merit: 210
only hodl what you understand and love!
|
|
September 04, 2018, 05:12:15 AM |
|
|
|
|
|
Last of the V8s
Legendary
Offline
Activity: 1652
Merit: 4392
Be a bank
|
4am >yip >yap dogs ever more convinced the French are invading woof woof geese and horses are quiet though mrs: 'they must be in the house' wander round with torch and crutches a Springer thinks they're holed up in my study open door, dogs rush in wagging their tails? grandson and girl fucking on my desk emotions and laughter rapid retreat back to bedroom me: 'nothing, darling, just J and girl having midnight feast, forgot they were staying tbh' mrs: 'disgusting man come here' new hip still too painful 4:15 dogs are up now: 'let's go out' yard starts waking up crashing noises, giggling from study fml not a good start to the day shout at them to clear out coffee and btc price: same old shit = good logs, teamspeak, wall obs, twitter: same old shit = good 5:15 three hours ahead of self, what do? wait, what? same old shit = good? in a rut, can't rut, shoutyman devil: buy a shiny to cheer self, watch tonevays live angel: do something different upshot: logging off for a bit
|
|
|
|
becoin
Legendary
Offline
Activity: 3431
Merit: 1233
|
|
September 04, 2018, 06:33:33 AM |
|
More mining competition should cause the cartel to break down and stabilize the Bitcoin price.
On the contrary! Cartel break down will remove the ceiling to current bitcoin price as they sell all mined bitcoins to prevent bitmain cash price from complete collapse.
|
|
|
|
|