Bitcoin at $112!

[worldinacoin]

It has gone to $110, hopefully it won't break $100 as what one post suggested.   

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[SGExodus]

I think it's due to the amount of people selling off their Bitcoins which they earn from ASIC mining. So they are depositing it into fiat money, to keep it at that value so they are benefiting from it.

I don't understand your logic.  The speed at which bitcoins are mined overall doesn't change.  All the ASIC rigs do is take a share of something that is already there.  Nothing is changing in that regard

If it's the folks who took all the pre-order money/bitcoin to develop those ASIC rigs, but instead of shipping the products, they are using the same RIG to mine for bitcoin.   To these people, their bitcoin are produce at virtually no cost.    They can delay the shipment of the pre-order as much as they want, and sell the mined bitcoin at whatever price as they felt like.

When the bitcoin price fell too low, they will just shipped the ASIC rig, otherwise, they continue mining with it.  At some point, they will announce the next generation, say 32nm ASIC rig, and start the whole pre-order cycle again.

[viboracecata]

gosh, it drops slowly and stablely

[worldinacoin]

At least there isn't any panic selling.   I can see about 20k Bitcoin buy at $106.23, I guess this will form some kind of support level

[hl5460]

At least there isn't any panic selling.   I can see about 20k Bitcoin buy at $106.23, I guess this will form some kind of support level

What if avalon want to sell 67,185 Btc......

[worldinacoin]

At least there isn't any panic selling.   I can see about 20k Bitcoin buy at $106.23, I guess this will form some kind of support level

What if avalon want to sell 67,185 Btc......

They would normally wait for the best price isn't it?  I dun think they will participate in the mass selling especially if driving the prices down will harm it too.

[lucas.sev]

At least there isn't any panic selling.   I can see about 20k Bitcoin buy at $106.23, I guess this will form some kind of support level

What if avalon want to sell 67,185 Btc......

They would normally wait for the best price isn't it?  I dun think they will participate in the mass selling especially if driving the prices down will harm it too.

Or sell and rebuy?

[SGExodus]

When Avalon started their pre-order. bitcoin price is in the $10-$14 range... Selling anything above that is just extra profit for them.

[Impaler]

Gosh you people are dense, what were seeing is the inevitable result of less dollars flowing into the purchase of coin.

Over the last 20 days the depth of USD orders on Gox has declined by nearly 9 and a half MILLION dollars.  It is now under 15 million total and lower then the point when BTC briefly broke below $80.  During most of that period the BTC depth was also declining in synch indicating neither coins nor dollars were moving into gox (likely out of fear of confiscation/shutdown following the dwolla and later Liberty reserve events), just existing coins and dollars were matching up and we saw declining volume of trades too which makes sense as neither buyers or sellers had the upper hand to push the price around.  But at the beginning of June the coin depth trend reversed and began to grow slightly even as dollars continued to decline.  If the current trends continue it will only take a month to drain away the dollar depth down to it's pre-bubble level, and build up coins to a depth equal to about 2 months worth of mining.  That would imply a$20 price as the BTC price is almost ALWAYS the dollar depth divided by the coin depth.  Some overshoot is likely so my buy price would be at $10 if your looking for an immediate return, or $30 if your willing to hold for longer as $30 reflects the likely plateau we will see once the current bubble has finally run its course, it is simply the pre-bubble price adjusted for the reduced reward quantity.

[D35TR0Y3R]

Bitpay is cashing out kncminer's pre-order bitcoin for USD, i guess that's in the magnitudes of millions of USD

that´s what i would call counter productive.

all the millions of dollars going into mining projects in the last couple of months -- what affects could this have on the bitcoin price?

crash crash crash

buy litecoin

[Pokerfan]

I think it's a good buying opportunity for the people who believe in bitcoin fundamentals.

[johnyj]

I think this is the last time that such kind of price movement happens due to ASIC manufacturer dumping pre-order bitcoin

Currently there is a huge demand for ASIC devices, therefore many previous bitcoin owners re-investing their bitcoin for ASIC devices, but ASIC chip manufacturer still do not accept bitcoin, so all these coins must be sold on exchange for dollar

But soon they will find out that ASIC devices are everywhere, these bitcoin investment will almost never ROI after skyrocketed difficulty, then in future they will not risk that much of bitcoin anymore

ASIC is the last step in hardware developement, from ASIC forward, there will never be a 40x increase in efficiency, any kind of future upgrading is more gradual

[worldinacoin]

That is hard to say, remember Moore's law

Moore's law is the observation that, over the history of computing hardware, the number of transistors on integrated circuits doubles approximately every two years.

[KSV]

109 . . .

[notme]

That is hard to say, remember Moore's law

Moore's law is the observation that, over the history of computing hardware, the number of transistors on integrated circuits doubles approximately every two years.

Right, that's a doubling of efficiency every 18 months (not 2 years).  That is a far stretch from a 40X increase in efficiency.

Edit: The 2 year figure is correct for halving transistor size, but other improvements in transistor technology have led to a doubling in performance/watt every 18 months.

[NewLiberty]

109 . . .

They are on sale.

[sohum]

I think this is the last time that such kind of price movement happens due to ASIC manufacturer dumping pre-order bitcoin

Currently there is a huge demand for ASIC devices, therefore many previous bitcoin owners re-investing their bitcoin for ASIC devices, but ASIC chip manufacturer still do not accept bitcoin, so all these coins must be sold on exchange for dollar

But soon they will find out that ASIC devices are everywhere, these bitcoin investment will almost never ROI after skyrocketed difficulty, then in future they will not risk that much of bitcoin anymore

ASIC is the last step in hardware developement, from ASIC forward, there will never be a 40x increase in efficiency, any kind of future upgrading is more gradual

Quantum Computing is next.