Flatulenters
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Activity: 71
Merit: 16
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October 14, 2014, 05:29:34 PM |
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Well, I started to talk about Bitcoin to my clients instead of forcing meaningless chat to pass the time. If I think about it, I actually find it strange that I have never ever tried to sell Bitcoins for cash during these home visits. I never offer them anything beyond basic information and my admittedly subjective opinions. Even though this certain side job of mine requires me to meet relatively wealthy strangers at their home (they invite me to visit and do my job, I am not intruding) has absolutely nothing to do with finance, I technically do have a license to talk about finance with people at their home, I just never actually used it for anything (I didn't even pick up that piece of paper from the school, it might lost it's validity by now and/or they throw it away but it was child play to pass the tests, so I could claim it again any time). But for some reason I don't care to do it. I like to talk about Bitcoin, or even world economy but it feels like doing cash trades with Bitcoin would ruin the mood (and I don't think I could sell Bitcoins without braking my other character, so one job-personality would need to suffer).
are you an escort?
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NotLambchop
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October 14, 2014, 05:30:40 PM |
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I have suggested watching the hash rate to find the bottom. Why? Well, if miners start taking machines offline, it affects supply by reducing the coins mined to the normal 3600 daily or less. But more importantly, it indicates the lowest price that miners must sell at to make a profit (of course every miner will have a slightly different level). Any lower and miners must hold and hope for a price increase. To sell would guarantee that they couldn't pay the monthly bills. That behavior could dramatically affect supply.
Won't there on average be 3600 coins mined daily regardless of hashing power? Not sure I understand this argument... The number is approximate. If the hashrate halves now, for instance, fewer blocks will be mined/day until the next difficulty adjustment.
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derpinheimer
Legendary
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Activity: 896
Merit: 1000
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October 14, 2014, 05:31:20 PM |
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I have suggested watching the hash rate to find the bottom. Why? Well, if miners start taking machines offline, it affects supply by reducing the coins mined to the normal 3600 daily or less. But more importantly, it indicates the lowest price that miners must sell at to make a profit (of course every miner will have a slightly different level). Any lower and miners must hold and hope for a price increase. To sell would guarantee that they couldn't pay the monthly bills. That behavior could dramatically affect supply.
Won't there on average be 3600 coins mined daily regardless of hashing power? Not sure I understand this argument... i think he meant that at certain level, miner will hoard instead of selling Well, if I'm not mistaken, we are generating >3600BTC a day right now (Er, were) because hash rate was so far over the difficulty. Probably not too much, like 3800..
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JimboToronto
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Activity: 4088
Merit: 4691
You're never too old to think young.
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October 14, 2014, 05:33:58 PM |
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Please quote a single statement I have made you think is "wrong" ... abortive rally
Answered your own question.
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micalith
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October 14, 2014, 05:34:44 PM |
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BFX swaps are turning around again OCT 7: $18m USD || 10k BTC OCT 10: $21m USD || 15k BTC OCT 14: $22m USD || 11k BTC I have suggested watching the hash rate to find the bottom. Why? Well, if miners start taking machines offline, it affects supply by reducing the coins mined to the normal 3600 daily or less. But more importantly, it indicates the lowest price that miners must sell at to make a profit (of course every miner will have a slightly different level). Any lower and miners must hold and hope for a price increase. To sell would guarantee that they couldn't pay the monthly bills. That behavior could dramatically affect supply. It looks like we are at the point: https://blockchain.info/charts/hash-ratehttps://blockchain.info/charts/difficultyThis isn't a statistical artifact due to a bad luck streak? Not gonna calculate it, but I'm going to guess its somewhere around 99% certainty that this isnt just random chance. there was a similar very small difficulty increase in July, when the bitcoin price was relatively high
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ErisDiscordia
Legendary
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Activity: 1133
Merit: 1163
Imposition of ORder = Escalation of Chaos
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October 14, 2014, 05:35:30 PM |
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406 wall eaten in one gulp
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Plazma
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October 14, 2014, 05:38:05 PM |
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Choo Choo ShroomsKit. Its giving me great pleasure watching you lose money.
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Pala_00
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October 14, 2014, 05:38:11 PM |
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406 wall eaten in one gulp
lol in one gulp
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btcney
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October 14, 2014, 05:38:44 PM |
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ShroomsKit going to miss the train
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NotLambchop
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October 14, 2014, 05:39:38 PM |
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Please quote a single statement I have made you think is "wrong" ... abortive rally
Answered your own question. Lol, rally means going up, not peaking and flopping back down. But you might have better luck in the future, looks like it's been "trending" up again for the last few hours Hold on to your dreams!
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N12
Donator
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Activity: 1610
Merit: 1010
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October 14, 2014, 05:40:20 PM |
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Is Shroomsy going to be ranting about "fucking idiot buyers" now?
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noobtrader
Legendary
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Activity: 1456
Merit: 1000
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October 14, 2014, 05:41:01 PM |
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ShroomsKit going to miss the train hush hush... did you hear that... i think shroomie is crying...
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thezerg
Legendary
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Activity: 1246
Merit: 1010
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October 14, 2014, 05:41:40 PM |
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I have suggested watching the hash rate to find the bottom. Why? Well, if miners start taking machines offline, it affects supply by reducing the coins mined to the normal 3600 daily or less. But more importantly, it indicates the lowest price that miners must sell at to make a profit (of course every miner will have a slightly different level). Any lower and miners must hold and hope for a price increase. To sell would guarantee that they couldn't pay the monthly bills. That behavior could dramatically affect supply.
Won't there on average be 3600 coins mined daily regardless of hashing power? Not sure I understand this argument... i think he meant that at certain level, miner will hoard instead of selling No, hash rate changes every 2 weeks, but meanwhile mining capacity is being added or removed from the network. So we got (IIRC) blocks every 7 minutes on average or (for example) about 4200 coins per day during the big mining rise. Over the last 9 months the market has gotten used to these extra coins. If we drop to steady hashing, 600 coins per day will have a cumulative effect. Sure this is a LOT less then volume but remember the same coin is traded many times. If the hash rate actually drops then for 2 weeks fewer than 3600 coins will be mined.
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derpinheimer
Legendary
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Activity: 896
Merit: 1000
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October 14, 2014, 05:43:06 PM |
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haha gl to the shorters, you're gonna need it Tons of shorts opened ~350-375, and ~450. Lots closed the last few days but you gotta feel for the poor souls who shorted at $275 (JK)
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thezerg
Legendary
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Activity: 1246
Merit: 1010
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October 14, 2014, 05:44:29 PM |
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I have suggested watching the hash rate to find the bottom. Why? Well, if miners start taking machines offline, it affects supply by reducing the coins mined to the normal 3600 daily or less. But more importantly, it indicates the lowest price that miners must sell at to make a profit (of course every miner will have a slightly different level). Any lower and miners must hold and hope for a price increase. To sell would guarantee that they couldn't pay the monthly bills. That behavior could dramatically affect supply. It looks like we are at the point: https://blockchain.info/charts/hash-ratehttps://blockchain.info/charts/difficultyits already known that at todays hasrate, at 0.1 usd per kwh electricity it cost 131 usd per bitcoin, that before the cost ROI of miner. but yes 300 seem to be the bottom. This is a theoretical calculation that does not take into account factors like rent, salaries, AC, and the variety of hashing hardware currently deployed. Seeing the hash rate level off or even drop indicates the true level where a significant fraction of the least efficient hardware is being turned off.
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thezerg
Legendary
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Activity: 1246
Merit: 1010
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October 14, 2014, 05:46:17 PM |
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I have suggested watching the hash rate to find the bottom. Why? Well, if miners start taking machines offline, it affects supply by reducing the coins mined to the normal 3600 daily or less. But more importantly, it indicates the lowest price that miners must sell at to make a profit (of course every miner will have a slightly different level). Any lower and miners must hold and hope for a price increase. To sell would guarantee that they couldn't pay the monthly bills. That behavior could dramatically affect supply. It looks like we are at the point: https://blockchain.info/charts/hash-ratehttps://blockchain.info/charts/difficultyThis isn't a statistical artifact due to a bad luck streak? I'm not going to calculate it either, but the effect was actually visible 2 weeks ago. I held off posting to eliminate statistical artifacts.
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Bittings
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October 14, 2014, 05:46:27 PM |
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Where's Adam... CannabisCoin pump in progress
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Plazma
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October 14, 2014, 05:52:44 PM |
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BUY
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derpinheimer
Legendary
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Activity: 896
Merit: 1000
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October 14, 2014, 05:53:20 PM |
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