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Author Topic: New ASIC mined coins "Greed Wall"?  (Read 1724 times)
Grantmo
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May 14, 2013, 03:46:41 PM
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Forget charts for a minute and consider greed.  The 266 bubble popped due to the pressure of the price being so high that people who mined coins from early on, and had a large stockpile of them, were ready to "cash out".  These people are not guilty of "not believing" in bitcoin, they think it's a great concept.  They are also not immune to greed or making some money for themselves.

If the the above is true, or had an impact at 266, then the bitcoin price may be affected again with this greed factor.  There are a "few" new happy owners of ASIC miners currently mining BTC.  These people should be gathering large amounts of BTC. There will be a point at which the Greed Factor will come into play and they will start dumping large amounts of coins.  This could hold the price for the next few months at under $140 or even lower. 

This is not going to cause a crash, but could hold the price from crossing the $120, $130 or the $140 mark for a while, roughly 3 - 6 months.   
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May 14, 2013, 04:02:06 PM
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Doesn't the concept of greed and selling apply to anyone who owns coins?

ManBearPig
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May 15, 2013, 02:36:55 PM
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Doesn't the concept of greed and selling apply to anyone who owns coins?

Indeed. The word greed implies some sort of moral superiority. Why work in a job that pays more than minimum wage if not for greed? Why speculate in altcoins if not for greed.

Debt used for anything other than emergencies: is that not greed too?

I accept your point though, it's a game-changer for a short while but is ultimately a war of attrition based on Mh/S.

On the point of the crash: I think you are underestimating the infrastructure fail (Gox lag whether DDoS or otherwise) that compounded the fall from $230 (or $266 if you don't believe in using the more useful daily close price).

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May 15, 2013, 02:54:30 PM
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Doesn't the concept of greed and selling apply to anyone who owns coins?

Indeed. The word greed implies some sort of moral superiority. Why work in a job that pays more than minimum wage if not for greed? Why speculate in altcoins if not for greed.

Debt used for anything other than emergencies: is that not greed too?

I accept your point though, it's a game-changer for a short while but is ultimately a war of attrition based on Mh/S.

On the point of the crash: I think you are underestimating the infrastructure fail (Gox lag whether DDoS or otherwise) that compounded the fall from $230 (or $266 if you don't believe in using the more useful daily close price).

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Grantmo
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May 15, 2013, 03:46:38 PM
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Doesn't the concept of greed and selling apply to anyone who owns coins?

Sure, greed and fear impact all of us.  My greed and fear with my limited number of BTC does not affect much of anything at all, up or down. But my point is that someone who is newly mining with an ASIC, stocking up on 500+ BTC in a short period of time, or several of these people at once, could find the $120 price too attractive and choose to sell.  This could create some sort of wall over the next few months. 

On the flip side...  I was surprised that yesterday's drop did not go below 103.  Yet another wall of sorts in resistance.
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May 15, 2013, 04:03:20 PM
 #6

Sorry, this is off-topic, but...

(From Merriam-Webster Dictionary)
Greed: a selfish and excessive desire for more of something (as money) than is needed

Although I agree with your analysis about prices staying in the 120-140 range, greed is the incorrect term because it is an opinion. In fact, it is more applicable to descibing someone in a socialist society that takes more than needed from the free supply. In a capatalist society, everything has a cost, so I maintain that no one can truly be greedy unless they are infringing on property rights to physically steal something.
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May 15, 2013, 06:13:19 PM
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Meh

Those who sold just thought that the price was growing too quickly and expected a crash.

The natural thing then is to sell some of your holding in the hope of buying it back or expand it at a lower price.

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May 15, 2013, 07:34:57 PM
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