Bitcoin Forum
December 08, 2016, 06:18:45 AM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Poll
Question: Would you join a 2-3 day sales halt to determine market sensitivity to mining sales?
Yes - 60 (61.9%)
No - 37 (38.1%)
Total Voters: 96

Pages: [1]
  Print  
Author Topic: Mining strike  (Read 4756 times)
Sjalq
Sr. Member
****
Offline Offline

Activity: 280


View Profile WWW
June 23, 2011, 11:29:32 PM
 #1

Judging by this poll

http://forum.bitcoin.org/index.php?topic=21658.0

If all the miners were to not sell their freshly mined BTC for a day or two it would have a very significant impact on the price.

Now the exchanges are mostly down but I think it would be really interesting to see how the market behaves sans the mining community for 2 or 3 days.

Cheesy mine mine mine mine mine mine mine Cheesy
*Image Removed*
18WMxaHsxx6FuvbQbeA33UZud1bnmD7xY3
1481177925
Hero Member
*
Offline Offline

Posts: 1481177925

View Profile Personal Message (Offline)

Ignore
1481177925
Reply with quote  #2

1481177925
Report to moderator
1481177925
Hero Member
*
Offline Offline

Posts: 1481177925

View Profile Personal Message (Offline)

Ignore
1481177925
Reply with quote  #2

1481177925
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481177925
Hero Member
*
Offline Offline

Posts: 1481177925

View Profile Personal Message (Offline)

Ignore
1481177925
Reply with quote  #2

1481177925
Report to moderator
1481177925
Hero Member
*
Offline Offline

Posts: 1481177925

View Profile Personal Message (Offline)

Ignore
1481177925
Reply with quote  #2

1481177925
Report to moderator
1481177925
Hero Member
*
Offline Offline

Posts: 1481177925

View Profile Personal Message (Offline)

Ignore
1481177925
Reply with quote  #2

1481177925
Report to moderator
SmokeAndMirrors
Full Member
***
Offline Offline

Activity: 168


View Profile
June 23, 2011, 11:48:49 PM
 #2

Couldn't hurt.

What I think will end up happening after a few days of everyone holding though, would be that there would be a pretty big backlog of coins waiting to be sold. Might end up lowering the price in the end.

Help Bitcoins by buying clothes, technology, books, etc. through people/stores that accept BTC. This will increase overall value of BTC as well as mitigate unnecessary bank transaction fees.

My address -
1EM9HGg1SEa5Bux1rVEPxGqGSfNTTc9EkC
Sjalq
Sr. Member
****
Offline Offline

Activity: 280


View Profile WWW
June 23, 2011, 11:53:04 PM
 #3

Been thinking the same thing, if enough people want to try, might post how we could set this up.

IE 3 tests.
1. Planned and announced 3 day hold then free action.
2. Unplanned 3 day hold, use a random process to determine commencement date.
3. Unplanned 1-6 day hold, same as 2 but each miner rolls a dice for when he will sell again.

1. Would probably have the price spike to its value before the actual test as people buy in anticipation.
2. Price would spike then drop day 1.5 before the end of the test if people figure it out.
3. Same as 2 but on day 2.333 or something.

Cheesy mine mine mine mine mine mine mine Cheesy
*Image Removed*
18WMxaHsxx6FuvbQbeA33UZud1bnmD7xY3
d.james
Sr. Member
****
Offline Offline

Activity: 280

Firstbits: 12pqwk


View Profile
June 24, 2011, 12:01:22 AM
 #4

That's not a Mining Strike!!

A Mining strike would be stop mining all together.

If 90% of the miner stops mining at the start of a difficulty,
it will take the rest 10% miner like 10 Months to get to the next difficulty.

Now we need a miner's union to pull off such stunts.

You can not roll a BitCoin, but you can rollback some. Cheesy
Roll me back: 1NxMkvbYn8o7kKCWPsnWR4FDvH7L9TJqGG
Sjalq
Sr. Member
****
Offline Offline

Activity: 280


View Profile WWW
June 24, 2011, 12:09:21 AM
 #5

tru.dat, I just liked the controversial title Smiley

A true strike would be real interesting though. Not profitable or fun, but educational.

Cheesy mine mine mine mine mine mine mine Cheesy
*Image Removed*
18WMxaHsxx6FuvbQbeA33UZud1bnmD7xY3
Bitcoin Swami
Full Member
***
Offline Offline

Activity: 168


View Profile
June 24, 2011, 12:15:23 AM
 #6

I like the idea but in the meantime try selling your bitcoins locally and keep them off the exchanges.  Craigslist, btcnearme.com, little announcements on the coffeeshop bulletin board.  Smiley
Sjalq
Sr. Member
****
Offline Offline

Activity: 280


View Profile WWW
June 24, 2011, 12:23:29 AM
 #7

I like the idea but in the meantime try selling your bitcoins locally and keep them off the exchanges.  Craigslist, btcnearme.com, little announcements on the coffeeshop bulletin board.  Smiley

I totally can't wait for anonymous p2p exchanges Smiley

If we do "strike" though, selling to the dude at the coffee shop might have to be halted too as he might go a-speculating.

Cheesy mine mine mine mine mine mine mine Cheesy
*Image Removed*
18WMxaHsxx6FuvbQbeA33UZud1bnmD7xY3
SmokeAndMirrors
Full Member
***
Offline Offline

Activity: 168


View Profile
June 24, 2011, 12:36:45 AM
 #8

A miners union? No, just convince pool operators to shut down for a week or two. I bet over %50 of people wouldn't even mine due to lack of hardware or chance at finding a block in 2 weeks.

Help Bitcoins by buying clothes, technology, books, etc. through people/stores that accept BTC. This will increase overall value of BTC as well as mitigate unnecessary bank transaction fees.

My address -
1EM9HGg1SEa5Bux1rVEPxGqGSfNTTc9EkC
true
Jr. Member
*
Offline Offline

Activity: 56


View Profile
June 24, 2011, 02:01:12 AM
 #9

I suggest a strike against mining.

Temps are ~110F here, my house with A/C blasting barely goes below 100F while mining...I can't take the heat, and nobody else should either. STRIKE!

did you know that the internet is not a 1ATWN2bMDRRfo7Z2P8Fefvq791X6FT88WQ ?
calling me a troll gives me a massive raging boner
KedP
Jr. Member
*
Offline Offline

Activity: 45

^_^;


View Profile WWW
June 24, 2011, 06:18:05 AM
 #10

Any kind of cartel action to raise mining prices will just encourage more mining.

Higher prices = more investment in mining. Artificially raising the price through collusion would just result in lost profits due to more competition.

What you really need to have a good cartel are barriers to entry.

Like my post: 1DvQzs6zaE4HR2gjRRDd6dfu6mJJaCQv7Z
vector76
Member
**
Offline Offline

Activity: 70


View Profile
June 24, 2011, 06:22:19 AM
 #11

You know exactly how many bitcoins are created.  You can offset the creation by simply buying 50 BTC every ten minutes or so for a few days lol.
_s3v3n_
Member
**
Offline Offline

Activity: 110


View Profile
June 24, 2011, 06:27:19 PM
 #12

I'm thinking about this same thing. Will mine until I drop and then when I have enough, maybe 100+ BTC, and then I'll start selling. But you'll never know when is the price gonna up to it's peak again (like the 30$ value) OR worse comes to worst, price goes down to single digit but the latter is unlikely to happen.


RDD RjBUYX75fvQ1yeSDJPkuB5wU35etvZ9JES
_s3v3n_
Member
**
Offline Offline

Activity: 110


View Profile
June 24, 2011, 07:16:28 PM
 #13

I'm thinking about this same thing. Will mine until I drop and then when I have enough, maybe 100+ BTC, and then I'll start selling. But you'll never know when is the price gonna up to it's peak again (like the 30$ value) OR worse comes to worst, price goes down to single digit but the latter is unlikely to happen.



If I had to guess I would say you probably calculate your profits in Dollars instead of Bitcoins... You might want to re-evaluate that methodology.

No, in Bitcoins. But just like I said, once the price goes up to a figure that's good to my eyes, I won't hesitate to sell my coins anytime.

RDD RjBUYX75fvQ1yeSDJPkuB5wU35etvZ9JES
Sjalq
Sr. Member
****
Offline Offline

Activity: 280


View Profile WWW
June 25, 2011, 02:24:13 PM
 #14

OK, so 50% of miners would join a 3 day strike....

I think it would have a compound effect on market volume (since the same BTC circulates more than once) but I don't know how long it would take to see that effect.

Cheesy mine mine mine mine mine mine mine Cheesy
*Image Removed*
18WMxaHsxx6FuvbQbeA33UZud1bnmD7xY3
Sjalq
Sr. Member
****
Offline Offline

Activity: 280


View Profile WWW
June 25, 2011, 04:03:13 PM
 #15

hmmm, I think that's what a lot of folks are doing, this is more relevant to those who mine and sell immediately.

Cheesy mine mine mine mine mine mine mine Cheesy
*Image Removed*
18WMxaHsxx6FuvbQbeA33UZud1bnmD7xY3
Gabi
Legendary
*
Offline Offline

Activity: 1050


View Profile
June 25, 2011, 04:10:20 PM
 #16

I think most miners just keep their bitcoins, after all the price is increasing. So a strike won't really matter
Sjalq
Sr. Member
****
Offline Offline

Activity: 280


View Profile WWW
June 25, 2011, 04:11:42 PM
 #17

I think most miners just keep their bitcoins, after all the price is increasing. So a strike won't really matter

http://forum.bitcoin.org/index.php?topic=21658.0

Cheesy mine mine mine mine mine mine mine Cheesy
*Image Removed*
18WMxaHsxx6FuvbQbeA33UZud1bnmD7xY3
Gabi
Legendary
*
Offline Offline

Activity: 1050


View Profile
June 25, 2011, 04:15:24 PM
 #18

I voted before  Cheesy
Sjalq
Sr. Member
****
Offline Offline

Activity: 280


View Profile WWW
June 28, 2011, 02:46:58 PM
 #19

I voted before  Cheesy

Vote early vote often citizen.

Cheesy mine mine mine mine mine mine mine Cheesy
*Image Removed*
18WMxaHsxx6FuvbQbeA33UZud1bnmD7xY3
Sjalq
Sr. Member
****
Offline Offline

Activity: 280


View Profile WWW
June 28, 2011, 02:47:31 PM
 #20

lol

http://www.bitcoinminingaccidents.com/?p=335

lol

Cheesy mine mine mine mine mine mine mine Cheesy
*Image Removed*
18WMxaHsxx6FuvbQbeA33UZud1bnmD7xY3
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!