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

[JimboToronto]

Is this a new meme

New word, old image.

[JorgeStolfi]

I make that decision monthly when I get my power bill. I have a watt-hr meter tracking energy used by miners. When I get the bill, I calculate the BTC mined over the same period covered by the bill. I calculate the incoming revenue from amount of BTC mined based on it's current value. From that I subtract the electricity cost to determine the profit or loss (old miners are all paid off and have ROI'd). As long as there is a profit I will continue mining. Current cost to mine for me is about $275/BTC. I will shut down if ratio becomes unprofitable due to low BTC value or too high/BTC energy cost.

I suppose that, even if the equipment is not yet paid off, it is worth mining as long as the mined coins are worth more than the electricity bill (and other running costs, like cooling and salaries for large mines).  Even if there is no prospect of recovering the investment, mining will reduce the final loss.  Is this correct?

[tarmi]

I make that decision monthly when I get my power bill. I have a watt-hr meter tracking energy used by miners. When I get the bill, I calculate the BTC mined over the same period covered by the bill. I calculate the incoming revenue from amount of BTC mined based on it's current value. From that I subtract the electricity cost to determine the profit or loss (old miners are all paid off and have ROI'd). As long as there is a profit I will continue mining. Current cost to mine for me is about $275/BTC. I will shut down if ratio becomes unprofitable due to low BTC value or too high/BTC energy cost.

I suppose that, even if the equipment is not yet paid off, it is worth mining as long as the mined coins are worth more than the electricity bill (and other running costs, like cooling and salaries for large mines).  Even if there is no prospect of recovering the investment, mining will reduce the final loss.  Is this correct?

yes

[NotLambchop]

...
I'm one of many miners not selling at a loss but did have to reduce hash rate to stay profitable...

When you say "profitable," do you mean to say it costs you less in electricity to mine a coin than you could get for it at the current exchange rate?  If so, what do you mean by "not selling at a loss"?

yes, he is saying that it is still cheaper to mine.
not for too long, because by undervolting/underclocking his gear and he is squeezing it. but only because he is paying electricity 0.13 $/kWh.
there are a lot of places on earth with cheap 0.06 $/kWh.

Then I'm confused about the "not selling at a loss" bit.  If it's cheaper for him to mine, then he's "not selling at a profit."
Or does "profit" mean recouping the money from the hardware investment?

[dyland]

There was a tiny dead cat bounce. Now we're heading down to sub 450.

Sell now or loose everything bagholders.

Edit: Oops, I forgot to mention "final capitulation".

You are fallling!

LOL. Better get your sarcasm meter checked.

....this was funny

[adamstgBit]

omg theres a risk to holding bitcoin, everyone sell sell sell!! how could you possibly hold coins if there any chance it won't go to the moon!?

[adamstgBit]

http://www.telegraph.co.uk/finance/comment/liamhalligan/10978178/The-dollars-70-year-dominance-is-coming-to-an-end.html

bitcoin mentioned at the end.

[empowering]

Ok the people who said, "2014 will be shit" were right.

Of course BTC isn't done, it's gonna blow, but it's gonna do it in it's own time. I suggest, as always, that you hodl.

There's 3.5 month left. We can go to the moon and come back again in that time

According to Harvey Organ, the monetary game will be over before january 2015
Although they are talking about gold and silver, bitcoin is playing the same game. We just don't know who's gonna win.
Will it be a barbaric relic?
Or can the world postpone the barbaric relic and function with bitcoin as well.
(which gives big entities the time to buy all the gold and silver again before they pull the crypto plug)

tick tock.

COMEX on its ass will be something to behold... long time coming.

The end of the year is often when such events unfold and markets could get a nasty "surprise"

[ChartBuddy]

Explanation

[grappa_barricata]

It is the dollar-zombie-pocalypse, presented to you by the Rest of the World™

[TheJuice]

Ok the people who said, "2014 will be shit" were right.

Of course BTC isn't done, it's gonna blow, but it's gonna do it in it's own time. I suggest, as always, that you hodl.

There's 3.5 month left. We can go to the moon and come back again in that time

Look at last year. In september we were nobodies. In November we were everybodys

[soullyG]

New reports from the Bank of England about Bitcoin have been released:

http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q3digitalcurrenciesbitcoin1.pdf
http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q3digitalcurrenciesbitcoin2.pdf

[Bagatell]

New reports from the Bank of England about Bitcoin have been released:

http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q3digitalcurrenciesbitcoin1.pdf
http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q3digitalcurrenciesbitcoin2.pdf

The video is ... odd.

http://youtu.be/rGNNiTaC2xs

[findftp]

New reports from the Bank of England about Bitcoin have been released:

http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q3digitalcurrenciesbitcoin1.pdf
http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q3digitalcurrenciesbitcoin2.pdf

The video is ... odd.

http://youtu.be/rGNNiTaC2xs

WTF, they say central banks are not involved in the creation of bitcoin.
You know what they said about official denial! Then it's often true 

[femmecoins]

New reports from the Bank of England about Bitcoin have been released:

http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q3digitalcurrenciesbitcoin1.pdf
http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q3digitalcurrenciesbitcoin2.pdf

They start with...

"Modern electronic payment systems rely on trusted, central third parties to process payments securely. Recent developments have seen the creation of digital currencies like Bitcoin, which combine new currencies with decentralised payment systems."

MODERN? Well... Should be expected I guess. Muppets.

[NotLambchop]

...
WTF, they say central banks are not involved in the creation of bitcoin.
You know what they said about official denial! Then it's often true  

Bitcoin is internet money, impossible without it.
Who brought us internet?  Thaaat's right, DARPA.
And who funds DARPA?  You got it, the gubermint.
And whose bitch is the gubermint?  The bankers', that's whose!
100% banksters' trick!

[KarmaShark]

Ok the people who said, "2014 will be shit" were right.

Of course BTC isn't done, it's gonna blow, but it's gonna do it in it's own time. I suggest, as always, that you hodl.

There's 3.5 month left. We can go to the moon and come back again in that time

Look at last year. In september we were nobodies. In November we were everybodys

It can and will change in a heartbeat. We have had all the positive news we could have begged for, so now we wait for the market to mature while adoption fills out. The good times are returning, you can feel it in the air mon.

[ChartBuddy]

Explanation

[pinky]

It can and will change in a heartbeat. We have had all the positive news we could have begged for, so now we wait for the market to mature while adoption fills out. The good times are returning, you can feel it in the air mon.

True, we had very positive news and yet price didn't react which is very bearish and confirms we are still in a long downtrend. Good news only slowed the rate of falling, that's why I think we won't see any significant rally for quite a while. The most optimistic must sell and abandon their hopes before we can go to new highs.

[inca]

It can and will change in a heartbeat. We have had all the positive news we could have begged for, so now we wait for the market to mature while adoption fills out. The good times are returning, you can feel it in the air mon.

True, we had very positive news and yet price didn't react which is very bearish and confirms we are still in a long downtrend. Good news only slowed the rate of falling, that's why I think we won't see any significant rally for quite a while. The most optimistic must sell and abandon their hopes before we can go to new highs.

So you can buy in?