It's crunch time Bulls.

[Kazu]

Its clear we're in a slide, but personally I won't panic unless we break the low at $57 or whatever it was.

[1714765661]

1714765661

[Crypt_Current]

Well a lot of the money (BTC) being sent to the manufacturer's, is in turn going over seas for boards/chips and components etc. Some of which Im sure is being hoarded. But in the short term, the ROI for miners investing in Asics is great, but it wont last long, unless we are willing to re-invest over and over to keep up with difficulty, so its sometimes hard to see that return. I am not a speculator with BTC, I just sell what I mine as many others. But often I wonder if I wouldn't be better off buying BTC low and selling high But without mining, BTC stops and perhaps that would in fact grow the value, no supply and all demand BTC goes up   but yes, right now asics are probably hurting the market, but it will level off.

If a lot of miners stopped mining, you'd still have the same supply, just a much less secure network.
ftfy

[vokain]

Its clear we're in a slide, but personally I won't panic unless we break the low at $57 or whatever it was.

why panic when you can buy

[MinermanNC]

Well a lot of the money (BTC) being sent to the manufacturer's, is in turn going over seas for boards/chips and components etc. Some of which Im sure is being hoarded. But in the short term, the ROI for miners investing in Asics is great, but it wont last long, unless we are willing to re-invest over and over to keep up with difficulty, so its sometimes hard to see that return. I am not a speculator with BTC, I just sell what I mine as many others. But often I wonder if I wouldn't be better off buying BTC low and selling high But without mining, BTC stops and perhaps that would in fact grow the value, no supply and all demand BTC goes up   but yes, right now asics are probably hurting the market, but it will level off.

If a lot of miners stopped mining, you'd still have the same supply, just a much less secure network.
ftfy

Yes that is true, same supply, but it would be held by the elite few mining companys at that point with the most powerfull hashing,,,then they would set the market value,,,,lol

[Kazu]

Its clear we're in a slide, but personally I won't panic unless we break the low at $57 or whatever it was.

why panic when you can buy

Becuause if it breaks $57 It'll probably go down to like $20 or something.

IMO the support levels are:

$85ish (the low following the bounce off $57)
$57
$17 (won't actually hit it, likely stay like $20ish or something)

Currently I'm thinking a bounce off of $57 is most likely, probably never actually hitting $57 again, though we'll likely see $60. I've been wrong plenty before though so I could easily be wrong again.

[Crypt_Current]

Well a lot of the money (BTC) being sent to the manufacturer's, is in turn going over seas for boards/chips and components etc. Some of which Im sure is being hoarded. But in the short term, the ROI for miners investing in Asics is great, but it wont last long, unless we are willing to re-invest over and over to keep up with difficulty, so its sometimes hard to see that return. I am not a speculator with BTC, I just sell what I mine as many others. But often I wonder if I wouldn't be better off buying BTC low and selling high But without mining, BTC stops and perhaps that would in fact grow the value, no supply and all demand BTC goes up   but yes, right now asics are probably hurting the market, but it will level off.

If a lot of miners stopped mining, you'd still have the same supply, just a much less secure network.
ftfy

Yes that is true, same supply, but it would be held by the elite few mining companys at that point with the most powerfull hashing,,,then they would set the market value,,,,lol

Probably not completely true.  Counterexample:  I get "free" electricity ... No event outside of a freak accident is going to stop me from mining for the foreseeable future.

[MinermanNC]

Its clear we're in a slide, but personally I won't panic unless we break the low at $57 or whatever it was.

You wont' be alone sweating if it dips that low! I have quite a bit tied up in new asic gear and calmly waiting for its arrival as I watch the value in that gear,,,slip slidng away"

[Crypt_Current]

Its clear we're in a slide, but personally I won't panic unless we break the low at $57 or whatever it was.

why panic when you can buy

Becuause if it breaks $57 It'll probably go down to like $20 or something.

IMO the support levels are:

$85ish (the low following the bounce off $57)
$57
$17 (won't actually hit it, likely stay like $20ish or something)

Currently I'm thinking a bounce off of $57 is most likely, probably never actually hitting $57 again, though we'll likely see $60. I've been wrong plenty before though so I could easily be wrong again.

prices won't go below $70-$75 unless Gox breaks below $88 before they start allowing USD withdrawals again.  If it doesn't break below that, we will have a trend reversal, likely a fantastic one.

[MinermanNC]

Well a lot of the money (BTC) being sent to the manufacturer's, is in turn going over seas for boards/chips and components etc. Some of which Im sure is being hoarded. But in the short term, the ROI for miners investing in Asics is great, but it wont last long, unless we are willing to re-invest over and over to keep up with difficulty, so its sometimes hard to see that return. I am not a speculator with BTC, I just sell what I mine as many others. But often I wonder if I wouldn't be better off buying BTC low and selling high But without mining, BTC stops and perhaps that would in fact grow the value, no supply and all demand BTC goes up   but yes, right now asics are probably hurting the market, but it will level off.

If a lot of miners stopped mining, you'd still have the same supply, just a much less secure network.
ftfy

Yes that is true, same supply, but it would be held by the elite few mining companys at that point with the most powerfull hashing,,,then they would set the market value,,,,lol

Probably not completely true.  Counterexample:  I get "free" electricity ... No event outside of a freak accident is going to stop me from mining for the foreseeable future.

Agreed. I have no plans in stopping, but the value in hashing is dropping like a led balloon and before you know it, to maintain a substainable income for it all, its time to buy more gear...The only hope we have is for BTC to rise at a rate that out paces the difficulty, if so then its all good in theory it should go that way.... but so much depends on the regulators sticking their noses in it etc etc...who knows?

[Crypt_Current]

... and it just broke.

"if you're not out, get out" lol

seriously, all downhill from here.

[MinermanNC]

... and it just broke.

"if you're not out, get out" lol

seriously, all downhill from here.

lol 

[Kazu]

Why am I seeing Bitcoinity at $92 etc... etc...

[Crypt_Current]

Why am I seeing Bitcoinity at $92 etc... etc...

which market are you watching?  did you refresh?  last gox price for me on that site was 87.xx ...

[CMMPro]

Bitcoinity has a 3 minute delay due to lag at Gox...

[MinermanNC]

Bitcoinity has a 3 minute delay due to lag at Gox...

87.00 now

[Kazu]

Bitcoinity is looking so nooby right now to me...

I'm seeing:

   92.59 USD / BTC
bid: 98.18    ask: 87.80

WTF, Bid > Ask, and the supposed price higher than both?

Literally wtf: https://i.imgur.com/19xXlLa.png

[Crypt_Current]

Bitcoinity is looking so nooby right now to me...

I'm seeing:

   92.59 USD / BTC
bid: 98.18    ask: 87.80

WTF, Bid > Ask, and the supposed price higher than both?

Literally wtf: https://i.imgur.com/19xXlLa.png

my view is much different than that.  maybe zoom in a bit on the top will do something for you?  i dunno

[Jozzaboy]

We must hold 85-86. It is the last significant support in the 80s. After that, I expect to see a small panic down to 70s. Not good.

[ElectricMucus]

BTC-e is already at 75 btw.

[Inedible]

... and it just broke.

"if you're not out, get out" lol

seriously, all downhill from here.

Don't panic, it's going back up