Elwar (OP)
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Activity: 3598
Merit: 2384
Viva Ut Vivas
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July 18, 2011, 06:02:59 PM |
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The market is about to skyrocket tomorrow.
The mining difficulty is about to go up tomorrow, July 19th. Which means less bitcoins being created by miners and less supply which means a huge upturn.
Plus, most people can not get their Dwolla money processed until around 6PM EST after the weekend so they are all sitting there wishing that Dwolla would get them their money already so they could buy in this downswing.
I did the same thing last Monday waiting until just before close of business for Dwolla before my funds were available.
Wish I had bought this Monday instead of last, right before the rise in difficulty.
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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SlipperySlope
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July 18, 2011, 07:21:35 PM |
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It is very likely that the downdraft from 14 to 12.5 and below will rebound - but probably not back up to 14, as the bitcoin valuation bubble deflates. Recall that back in April, one could buy a bitcoin for a dollar.
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Oldminer
Legendary
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Activity: 1022
Merit: 1001
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July 18, 2011, 07:25:04 PM |
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Yea European transfers will be coming back online and $$ from Dwolla accounts will be coming back in so I'm predicting a reversal...but thats still some hours away..
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CurbsideProphet
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July 18, 2011, 07:36:10 PM |
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The market is about to skyrocket tomorrow.
The mining difficulty is about to go up tomorrow, July 19th. Which means less bitcoins being created by miners and less supply which means a huge upturn.
Plus, most people can not get their Dwolla money processed until around 6PM EST after the weekend so they are all sitting there wishing that Dwolla would get them their money already so they could buy in this downswing.
I did the same thing last Monday waiting until just before close of business for Dwolla before my funds were available.
Wish I had bought this Monday instead of last, right before the rise in difficulty.
And 17 was a floor.... No 16... No wait 15.... No 14, really.... Okay strong support at 13. But Bitcoins always drop on weekends. Except its Monday, and we're at $12.5..... We may see a short sucker rally but the writing is all over the wall. |
1ProphetnvP8ju2SxxRvVvyzCtTXDgLPJV
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wndrbr3d
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July 18, 2011, 07:38:19 PM |
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Correct me if I'm wrong, but difficulty increases are used to stabilize the number of blocks generated per-day. So the rate of bitcoins being generated remains pretty consistent with each difficulty increase.
Until we see block payments being halved, I think block generation will maintain pace.
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whitemist
Newbie
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Activity: 14
Merit: 0
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July 18, 2011, 09:16:34 PM |
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This is not the end of bitcoin... it comes and goes in waves
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GeniuSxBoY
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July 18, 2011, 09:21:41 PM |
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This is not the end of bitcoin... it comes and goes in waves
Like it's waving goodbye to us  |
Be humble!
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pennytrader
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July 18, 2011, 09:49:28 PM |
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Correct me if I'm wrong, but difficulty increases are used to stabilize the number of blocks generated per-day. So the rate of bitcoins being generated remains pretty consistent with each difficulty increase.
Until we see block payments being halved, I think block generation will maintain pace.
Now you understnad how hard it is to argue with people who don't know basic math  |
please donate to 1P3m2resGCP2o2sFX324DP1mfqHgGPA8BL
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opticbit
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July 18, 2011, 11:36:18 PM |
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Correct me if I'm wrong, but difficulty increases are used to stabilize the number of blocks generated per-day. So the rate of bitcoins being generated remains pretty consistent with each difficulty increase.
Until we see block payments being halved, I think block generation will maintain pace.
Now you understnad how hard it is to argue with people who don't know basic math 5 out of 4 people are bad at statistics gotta wonder how many are bad at easier math. |
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Cluster2k
Legendary
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Activity: 1692
Merit: 1018
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July 19, 2011, 12:17:04 AM |
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The market is about to skyrocket tomorrow.
The mining difficulty is about to go up tomorrow, July 19th. Which means less bitcoins being created by miners and less supply which means a huge upturn.
Check out the last 3 difficulty increases. The price did not move up and in fact fell after each move. Plus, most people can not get their Dwolla money processed until around 6PM EST after the weekend so they are all sitting there wishing that Dwolla would get them their money already so they could buy in this downswing.
The weekend effect is now very weak. Everyone expects it to happen, so by definition it won't happen the same way as it did before. It also seems mondays have been lumped into the weekend too. I wonder when Fridays and Tuesdays will become a part of it. |
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grod
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July 20, 2011, 02:22:57 AM |
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Yup, miners have wisened up to the weekend effect and simply don't sell until Monday, extending the effect. People change their trading strategies to take new information into account, they adapt. Or become extinct.
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TraderTimm
Legendary
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Activity: 2408
Merit: 1121
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July 20, 2011, 07:20:41 PM |
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The past increase in difficulty to 1,690,906 was one of the smallest in a while. This may change a few things when it comes to the 'cash out' or 'turn off rig' expectations.
I'm very interested to see what the next increase/decrease will bring.
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fortitudinem multis - catenum regit omnia
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AlexWaters
Member
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Activity: 77
Merit: 11
Twitter:@watersNYC
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July 20, 2011, 09:49:11 PM |
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The market is about to skyrocket tomorrow.
Meh, wouldn't call that a skyrocket =/ Sitting at 13.4 right now feelsbad |
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Cluster2k
Legendary
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Activity: 1692
Merit: 1018
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July 21, 2011, 12:28:45 AM |
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The past increase in difficulty to 1,690,906 was one of the smallest in a while. This may change a few things when it comes to the 'cash out' or 'turn off rig' expectations.
It seems there are not as many people using free to 0.10kWh power as is often claimed on these forums. If someone is mining with US 10 cent power they should still be adding as much capacity as possible. |
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grod
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July 22, 2011, 02:58:26 AM |
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I've been holding my seat for a week now. Can I let go yet?
Oh, and my power is .046 + tax, or roughly 6 cents a kw/hr. I'm not adding capacity because I really don't see even $130 5830s paying for themselves any time soon. I'll possibly add at 2 million difficulty and $6 BTC.
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proudhon
Legendary
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Activity: 2198
Merit: 1311
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July 22, 2011, 03:07:50 AM |
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I've been holding my seat for a week now. Can I let go yet?
Oh, and my power is .046 + tax, or roughly 6 cents a kw/hr. I'm not adding capacity because I really don't see even $130 5830s paying for themselves any time soon. I'll possibly add at 2 million difficulty and $6 BTC.
Wait, what? You don't want to add now, but you might add when the difficulty is higher and the price is lower? |
Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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grod
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July 22, 2011, 03:14:51 AM |
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Wait, what? You don't want to add now, but you might add when the difficulty is higher and the price is lower?
Exactly. At that point the risk will be lower and income more projectable. I will have a better idea of my competition's limits, in other words. ATM it's just faith-based gambling on BTC price going to ludicrous levels and a big question mark re: how low of a return other miners are willing to accept. I suspect the 7 series will be out or at least announced, so that question mark will also be addressed. |
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Jaime Frontero
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July 22, 2011, 05:39:49 AM |
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I've been holding my seat for a week now. Can I let go yet?
Oh, and my power is .046 + tax, or roughly 6 cents a kw/hr. I'm not adding capacity because I really don't see even $130 5830s paying for themselves any time soon. I'll possibly add at 2 million difficulty and $6 BTC.
Wait, what? You don't want to add now, but you might add when the difficulty is higher and the price is lower? hit the "MEMBERS" link, go back and read grod's posts, proudhon. all of them. seriously. |
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