Mining strike

[Sjalq]

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.

[SmokeAndMirrors]

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.

[Sjalq]

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.

[d.james]

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.

[Sjalq]

tru.dat, I just liked the controversial title

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

[Bitcoin Swami]

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. 

[Sjalq]

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. 

I totally can't wait for anonymous p2p exchanges

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.

[SmokeAndMirrors]

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.

[true]

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!

[KedP]

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.

[vector76]

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_]

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.

[_s3v3n_]

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.

[Sjalq]

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.

[Sjalq]

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

[Gabi]

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

[Sjalq]

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

[Gabi]

I voted before 

[Sjalq]

I voted before 

Vote early vote often citizen.

[Sjalq]

lol

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

lol