Asic devaluating bitcoin

[Crypt_Current]

https://en.wikipedia.org/wiki/K%C3%BCbler-Ross_model#Stages

Looks like we are at Stage 2. Blame the miners, blame the traders, blame the mod.

Remember the episode of the Simpsons where Homer ate the Fugu?  lol sorry, off-topic...

EDIT:  As a miner, and having been here about as long as notme, I concur with his above statements.  We periodically hear OP's jibber jabber:  been there, done that, have many tshirts about it that will not sell.

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[dxtwo]

Maybe the demand for ASICs was what pumped BTC so high in the first place. Now that the difficulty is skyrocketing the demand for ASICs is going back down and BTC is going back to its normal value.

Indeed it was asic demand that drove btc price up.

I agree. However, I believe it will ultimately drive it down (for a short period). If you look at it from a miner's perspective, if one of their primary reasons for bitcoin use was due to it being profitable for them, they are less likely to utilize bitcoin when they are no longer able to make profit from it. Think of it as a job. If your job is taken from you or you lose it, you no longer have funds to spend on it.

Additionally, I think of it similar to the way of once owning a factory and being able to produce goods at far lower prices. Now that the owner no longer has the factory and must pay retail pricing, they somewhat shun it and perhaps even are saddened by it. They may lack the necessary skillsets to attain it from other means such as trading.

This is specifically in regards to non-asic miners.

[tokeweed]

Hello, i think asics are devaluating bitcoin and will continue to do so because they are extremely cost efficient (i mean electricity per gh). Can some1 with math skills count this: Compare the  price of btc(not the 250 buble)/electricity price per gh from gpu era (until Feb 2013) to today bitcoin price/electricity price per gh from asic era.

nope.  it's trading that's making btc price going down.

[Cluster2k]

D; Speaking of the US, isn't bitcoin usage, and mining a worldwide endeavor? So what does the legality in the US have to do with BTC price as a whole?

The USA has a habit of projecting its own laws onto other nations.  If a bank dealing with bitcoin exchanges is locked out of the USA market it pretty much automatically gets locked out of the whole international market when the EU and allies follow. 

Take note of the recent sudden airspace refusal for the Bolivian president's plane from France, Portugal, Italy, etc.  Permission was suddenly, mysteriously revoked when the USA thought Edward Snowden might be on the plane.  The USA gets what it wants from its allies, and right now the USA is very interested in choking off the money supply to MtGox.  Where is MtGox located?  Japan.  All the USA has to do is remind Japan whose forces are stationed on their soil, and how said forces might not intervene in a conflict with China.  I am quite frankly surprised MtGox is still around today.

[atlosas]

Hello, i think asics are devaluating bitcoin and will continue to do so because they are extremely cost efficient (i mean electricity per gh). Can some1 with math skills count this: Compare the  price of btc(not the 250 buble)/electricity price per gh from gpu era (until Feb 2013) to today bitcoin price/electricity price per gh from asic era.

nope.  it's trading that's making btc price going down.

Yes, but they can afford to trade at very low price and still be profitable

[notme]

I'm a miner.  I don't sell my btc as soon as they are produced, and in fact, as a US citizen it would be illegal for me to do so without registering with FinCEN as a money transmitter.  It stands to reason you are just making shit up.

Yeah we all know that all bitcoiners scrupulously follow all financial regulations!

I make an effort to follow all financial regulations, and unless you enjoy having your property seized, I suggest you do the same.

Is it really that hard to spend your bitcoins rather than sell them for cash?

[bitcryptonit]

I'm a miner.  I don't sell my btc as soon as they are produced, and in fact, as a US citizen it would be illegal for me to do so without registering with FinCEN as a money transmitter.  It stands to reason you are just making shit up.

Yeah we all know that all bitcoiners scrupulously follow all financial regulations!

I make an effort to follow all financial regulations, and unless you enjoy having your property seized, I suggest you do the same.

Is it really that hard to spend your bitcoins rather than sell them for cash?

enjoy your slave role. and btw your property is your leash.

[cryptograd]

Im probably the only one qualified to comment on this in this thread so far.

YES Asic miners are depreciating the speculation value of BTCitcoin

The problem is the difficulty is increasing for the individual miner who can not attain more ASIC's. they are mass selling immediately because large ASIC farms/firms are rolling out 100's of terahashes at a time. The individual Asic miners are going to be totally squeezed out by years end, so they are hastily trying to recoup their investment cost and secure some kind of profit.

Water under the bridge for BTCitcoin

It will adjust like it always has

My main concern is the ASIC sellers that accept paypal and CC

THEY SHOULD ONLY BE ACCEPTING BTCITCOIN!

Yifu Gou from Avalon accepted only BTCitcoin for his units and that propelled the value from 28 in feb to 80 by March

[notme]

I'm a miner.  I don't sell my btc as soon as they are produced, and in fact, as a US citizen it would be illegal for me to do so without registering with FinCEN as a money transmitter.  It stands to reason you are just making shit up.

Yeah we all know that all bitcoiners scrupulously follow all financial regulations!

I make an effort to follow all financial regulations, and unless you enjoy having your property seized, I suggest you do the same.

Is it really that hard to spend your bitcoins rather than sell them for cash?

enjoy your slave role. and btw your property is your leash.

You surely don't utilize public roads or government subsidized telecommunications, water, or energy.

Oh, and BTW, I follow all laws and regulations and still pay no taxes.

Also, I own my own home and property and do not owe monthly payments.  I consider this far less of a leash than paying mortgage and rent every month.  So who's the slave here?