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Author Topic: Are you expecting a crash when Avalon Asics will be released?  (Read 2803 times)
FTWbitcoinFTW
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April 21, 2013, 11:21:29 PM
 #21

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OP please try to understand Bitcoin before you talk OK?

This ! Hahahaha

Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.
it has lots of buttery taste..
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NikolaTesla
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April 21, 2013, 11:21:37 PM
 #22

The supply will not increase, the amount of coins created will be the same.
This

Do as thou wilt shall be the whole of the law.
Kazu
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April 21, 2013, 11:22:04 PM
 #23

When the first device will be received, the owner will mine like crazy, and the supply will increase.

Please. The difficulty adjusts so that the same number of coins are adjusted per unit of time. The supply will not increase.

More hashing power can only be good for the network.

It will increase in the extreme short term. The first few blocks would be generated faster so for a short period of time there would be marginally more bitcoins. Of course its unlikely that everybody turns on their asics at the same time.

A small increase in the extreme short term before the network corrects will do precisely nothing. Even if every newly mined coin was immediately sold at market prices the effect would be between minor and insignificant.


Agreed, but still to be fair it was necessary to point it out.

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johnwhitestar
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April 21, 2013, 11:39:08 PM
 #24

You are right in a way, from my point of view.
I guess that as much Asics there are as much the owners of the asics will have to sell bitcoins to cover their expenses and initial investments.
By now it seems like they are not selling all the BTCs they are mining because they don't need to, they are making 46% of profit at the moment (at least I read so in blockchain.info statistics). But once there are a lot of asics sold being the number of mined BTCs each month the same, they will have to sell more and more BTCs, or the price of BTCs has to go on rising. Let's see.
 
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April 23, 2013, 02:06:23 AM
 #25

No. There is actually a very strong argument against a crash as a result of the Avalon ASIC release in particular in the case of batch #3. Why? Because I would not be surprised if in many cases the BTC that the ASIC will produce have already been sold., and their owners are in many cases flush with fiat and effectively "short" BTC.  They will look at their ASICs as a way to replace their BTC that were, in some cases, prematurely sold during the boom. On the other hand the GPU miners they displace had substantial electricity costs payable in fiat. The net effect can very well be less BTC hitting the market than before.

In short I would expect that the Avalon ASICs may end up in some of Bitcoin's strongest hands, or even in hands that are weak because they have to few BTC.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
bitcon
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April 23, 2013, 04:15:48 AM
 #26

many miners mine and hold to sell at higher prices later.


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Bitsaurus
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April 23, 2013, 08:54:06 AM
 #27

Seems OP is still recovering from 420
naphto
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April 23, 2013, 09:19:17 AM
 #28

You are right in a way, from my point of view.
I guess that as much Asics there are as much the owners of the asics will have to sell bitcoins to cover their expenses and initial investments.
By now it seems like they are not selling all the BTCs they are mining because they don't need to, they are making 46% of profit at the moment (at least I read so in blockchain.info statistics). But once there are a lot of asics sold being the number of mined BTCs each month the same, they will have to sell more and more BTCs, or the price of BTCs has to go on rising. Let's see.
 


Seems like it's not a good idea to invest in all those Asic shares now ... Most of them will probably lost money at the end of the year, prolly overrated.
But people are going crazy about it, and it must be taken into account.
johnwhitestar
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April 23, 2013, 01:01:23 PM
 #29

You are right in a way, from my point of view.
I guess that as much Asics there are as much the owners of the asics will have to sell bitcoins to cover their expenses and initial investments.
By now it seems like they are not selling all the BTCs they are mining because they don't need to, they are making 46% of profit at the moment (at least I read so in blockchain.info statistics). But once there are a lot of asics sold being the number of mined BTCs each month the same, they will have to sell more and more BTCs, or the price of BTCs has to go on rising. Let's see.
 


Seems like it's not a good idea to invest in all those Asic shares now ... Most of them will probably lost money at the end of the year, prolly overrated.
But people are going crazy about it, and it must be taken into account.

Generally speaking I'm afraid that because of the huge bubble we experienced at the beginning of this year, it might be that everything: altcoins, Ascics shares and even bitcoins themselves will slowly go down for the rest of the year.

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