fillippone
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Activity: 2156
Merit: 15499
Fully fledged Merit Cycler - Golden Feather 22-23
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March 12, 2020, 10:41:51 AM Last edit: May 16, 2023, 06:28:29 AM by fillippone |
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Hello WO Gang. Observing corn @6,700 All is good. 1BTC=1BTC Fillippone still not COVID positive (this is a success for the moment) I re read my post, and I am still convinced this is the true reason of the fall. Some miners are capitulating, as difficulty is now going to be revised down to -5%! Interesting times ahead Let me just elaborate a little bit more on this idea for explaining the dump. So the idea is the following: - Difficulty is increasing steadily over the last adjustments according to https://btc.com/stats/diff. Hash rate has already grown more than 20% YtD.
- Next expected difficulty adjustment is still expected upwards. It is too early to call for a reliable estimante , but according to https://diff.cryptothis.com/ will be between+0.5% and + 7.50%
- Bitmain has just introduced the S19 and S19 PRO miners, which are going to destroy the s9 miners.
- Halving is exactly two months time (according to https://www.bitcoinblockhalf.com/). This will put a lot of pressure on less efficient miners, pushing their mining profitability below the survivor ship minimum threshold.
- Market is thin and nervous around critical supports, a whale selling could trigger lower levels to profit from
- As brillantly pointed out by @plutosky in the italian board, the move didn't start from the bad fincancial world. True, BTC derivatives experienced record volumes during the past hours, but Open interest actually declined. This is a strong hint that the volumes were caused by longs being stopped out. Of course it could also meaning shorts taking profits, but in the end this means derivatives didn't originate the move, as they are now with reduced positions.
As you can see volumes were steady before the movement:
Suddenly there were a lot of liquidations:
That led to a reduced open interest:
So yes, this is a reasonable explanation in my opinion, why miners could have been actually selling this market. I doubt however they had the firing power, or the interest, to start this movement.
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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somac.
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Activity: 2058
Merit: 1196
Never selling
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March 12, 2020, 10:43:19 AM |
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big volume, wonder if its those plustokens everyone is on about.
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aesma
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March 12, 2020, 10:43:43 AM |
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RED RED RED it's crazy !
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qwizzie
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Activity: 2548
Merit: 1245
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March 12, 2020, 10:44:06 AM |
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thats one red dildo pointing south $6420
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El duderino_
Legendary
Online
Activity: 2506
Merit: 12095
BTC + Crossfit, living life.
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March 12, 2020, 10:44:18 AM |
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LFC_Bitcoin
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Activity: 3528
Merit: 9560
#1 VIP Crypto Casino
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March 12, 2020, 10:45:05 AM |
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WHAT THE FUCK IS GOING ON!
What caused this?
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somac.
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Activity: 2058
Merit: 1196
Never selling
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March 12, 2020, 10:45:12 AM |
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It ain't stopping. This has to be some kind of ploy to manipulate ahead of the halving.
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qwizzie
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Activity: 2548
Merit: 1245
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March 12, 2020, 10:46:06 AM |
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Looks like the whales are done playing around and are getting serious.
$6309
Now would be a good time to keep an eye on altcoins.
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goldkingcoiner
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Activity: 2044
Merit: 1723
Verified Bitcoin Hodler
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March 12, 2020, 10:47:19 AM |
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holy fuck
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Dakustaking76
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March 12, 2020, 10:47:34 AM |
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Bitcoin dead? This time?
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El duderino_
Legendary
Online
Activity: 2506
Merit: 12095
BTC + Crossfit, living life.
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March 12, 2020, 10:47:43 AM |
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Is it now officially open to say........... All TA is flawed most of the times?
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OutOfMemory
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Activity: 1540
Merit: 3009
Man who stares at charts
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March 12, 2020, 10:47:45 AM |
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bargain timez
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aesma
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March 12, 2020, 10:47:51 AM |
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It's not stopping.
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podyx
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Activity: 2338
Merit: 1035
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March 12, 2020, 10:47:54 AM |
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somac.
Legendary
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Activity: 2058
Merit: 1196
Never selling
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March 12, 2020, 10:48:00 AM |
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fuck! this is insane
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strawbs
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Activity: 868
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March 12, 2020, 10:48:14 AM |
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Is it now officially open to say........... All TA is flawed most of the times? And always has been
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nutildah
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Activity: 2982
Merit: 7986
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March 12, 2020, 10:48:23 AM |
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big volume, wonder if its those plustokens everyone is on about.
It must be. This is beyond usual whale fuckery, stock market jitters and covid fears. I'm calling it: officially blood on the streets. $5900. Buying time. But if we go down to $4000, don't sue me.
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bitcoinPsycho
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Activity: 2478
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$120000 in 2024 Confirmed
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It's the btc to tp flipping
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Bitcoinaire
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March 12, 2020, 10:48:55 AM |
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$5600 on coinbase wow!
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