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Author Topic: This is all it would take for bitcoin to become a worthless cryptocurrency  (Read 126 times)
orions.belt19
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April 13, 2018, 03:22:37 AM
 #1

This is from an opinionated article, but according to the writer bitcoin’s recent decline could be reason to worry. Some excerpts from the article:

Quote
Given the current state of the technology, bitcoin’s current price of around $7,000 — although still high compared to most of its history — is a relative disappointment. And this disappointment could lead to the demise of bitcoin.


Quote
If the price of bitcoin falls below its cost of mining, it will quickly go to zero. The real concern is that if the price of bitcoin continues to fall, mining will become infeasible, and without enough participants providing the computing power to record the transactions, the transactions will be infeasible and bitcoin will become worthless.

You can read more of it here: https://www.marketwatch.com/story/this-is-all-it-would-take-for-bitcoin-to-become-a-worthless-cryptocurrency-2018-04-12

Not here to spread any negativity or FUD but the author suggests that the current price drop is greater as compared to the ones in the past (is it worse than Mt. Gox?) Also, those early investors who came in during the hype last 2017 aren't likely to invest again after experiencing great losses, and this may make the price go down continuously then eventually go even lower than mining costs. Is it possible to happen?
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April 13, 2018, 03:32:30 AM
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 #2

Article is complete garbage. Author compares Bitcoin to Myspace...yawn.

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April 13, 2018, 03:40:59 AM
 #3

This is from an opinionated article, but according to the writer bitcoin’s recent decline could be reason to worry. Some excerpts from the article:

Quote
Given the current state of the technology, bitcoin’s current price of around $7,000 — although still high compared to most of its history — is a relative disappointment. And this disappointment could lead to the demise of bitcoin.


Quote
If the price of bitcoin falls below its cost of mining, it will quickly go to zero. The real concern is that if the price of bitcoin continues to fall, mining will become infeasible, and without enough participants providing the computing power to record the transactions, the transactions will be infeasible and bitcoin will become worthless.

You can read more of it here: https://www.marketwatch.com/story/this-is-all-it-would-take-for-bitcoin-to-become-a-worthless-cryptocurrency-2018-04-12

Not here to spread any negativity or FUD but the author suggests that the current price drop is greater as compared to the ones in the past (is it worse than Mt. Gox?) Also, those early investors who came in during the hype last 2017 aren't likely to invest again after experiencing great losses, and this may make the price go down continuously then eventually go even lower than mining costs. Is it possible to happen?

The Mt.Gox fiasco took prices down 90%, this crash should have gone down to 2k to compare it to Mt.Gox. But yeah, bullshit article.
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April 13, 2018, 03:42:55 AM
 #4

It's not so much FUD as ignorant reporting.

The cost of mining fluctuates with the price of Bitcoin. Here's a source link.

Quote
Perhaps not surprisingly given that the Bitcoin system was designed to mimic gold in some respects, the relationship between the bitcoin mining cost and the bitcoin price is the same as the relationship between the cost of mining gold and the gold price. That is, the average cost of mining a bitcoin moves up and down with the price. That’s why, several years ago, it was profitable to mine bitcoins when the price was less than $1 and why the average cost of mining a bitcoin has since risen to around US$5,000.

So talk or worry about the price of bitcoin dropping below the cost is bunk.

 
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April 15, 2018, 07:47:01 AM
 #5

I really do wonder how some reporters got their job in the first place. Of course, they are looking for ways to gain some popularity by shit talking right ? At least, if that is to be done, it should be done with some common sense and I really do not see any common sense in that article or one filled with proper information.

Apparently, he must not have done his assignment about the MtGox, but whichever way, it is normal to see bullshit opinions like this in a bull market anyway.
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April 15, 2018, 08:56:34 AM
 #6

If he thinks that $7k per bitcoin is a disappointment then I have absolutely nothing to say. Bitcoin has risen from being worthless, to where it is right now. You won't find any assets that would outperform bitcoin in a 10 year period, perhaps in all of history. I don't see how that is disappointing.

Let's be clear here - bitcoin is in a bear market, following the bust of the bull market. Everyone knows that.

That's completely normal, and can be expected when prices rose as high as last year. There was no way the growth was going to be sustained like that for another whole year, otherwise we'd end up with an unrealistic 6 figures by the year. Bitcoin won't become a worthless cryptocurrency. We're just in a bear market for a few months, and we see articles like this. Even if the demand for bitcoin somehow completely dies down which is extremely unlikely, I can't see it going below $1000 to be honest, which is far from worthless and was the highest point of the 2013 pump.

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April 15, 2018, 09:26:20 AM
 #7

Those who won't invest again because of their lost are the cause of their own problem.They rush into cryptocurrency thinking 'oh, let's make quick money '. It doesn't work that way! Cause you need more patience. Last year, when the price of bitcoin was pumping so high, many people did awkward stuffs like getting loans to buy bitcoin, selling off their property to buy bitcoin. Now that's foolishness. You invest with money you're can spear.
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April 15, 2018, 09:38:33 AM
 #8

The article states that if the price of Bitcoin falls below the cost of mining, mining will stop and Bitcoin will meet its end. What this fails to recognise is that there is no one cost of mining. Miners will continue to mine as long as their marginal costs are covered.


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April 15, 2018, 10:05:42 AM
 #9

I really do wonder how some reporters got their job in the first place. Of course, they are looking for ways to gain some popularity by shit talking right ? At least, if that is to be done, it should be done with some common sense and I really do not see any common sense in that article or one filled with proper information.

Apparently, he must not have done his assignment about the MtGox, but whichever way, it is normal to see bullshit opinions like this in a bull market anyway.

Don't be surprise mate. There are a lot of crypto analyst today but if you look at how they wrote articles you will really find it that they don't have a clue as to what they are writing. It looks like they are just riding the hype of crypto.

As far as the cost of mining a bitcoin, I read some articles that it cost of mining is around $8K, but I don't know if this play a significant role as there are still a lot of mining farms and bitmain still releasing new mining hardware and GMO also jumping to join the picture. So for me, the cost of mining a bitcoin is irrelevant even if it falls to $2K or even $1K.

Just like most of you guys have said, this article is completely rubbish. Nothing of value to add to crypto discussion.

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April 15, 2018, 11:06:24 AM
 #10

This is from an opinionated article, but according to the writer bitcoin’s recent decline could be reason to worry. Some excerpts from the article:

Quote
Given the current state of the technology, bitcoin’s current price of around $7,000 — although still high compared to most of its history — is a relative disappointment. And this disappointment could lead to the demise of bitcoin.


Quote
If the price of bitcoin falls below its cost of mining, it will quickly go to zero. The real concern is that if the price of bitcoin continues to fall, mining will become infeasible, and without enough participants providing the computing power to record the transactions, the transactions will be infeasible and bitcoin will become worthless.

You can read more of it here: https://www.marketwatch.com/story/this-is-all-it-would-take-for-bitcoin-to-become-a-worthless-cryptocurrency-2018-04-12

Not here to spread any negativity or FUD but the author suggests that the current price drop is greater as compared to the ones in the past (is it worse than Mt. Gox?) Also, those early investors who came in during the hype last 2017 aren't likely to invest again after experiencing great losses, and this may make the price go down continuously then eventually go even lower than mining costs. Is it possible to happen?
What the article is saying is not possible to happen. What he said about mining infeasible is not true. It will still be feasible if some miners decided to leave mining bitcoin, then the difficulty will also lessen and will adjust making mining feasible again for other miners left. He is also making a FUD which is obvious to anyone who is involved in the market earlier than 2017 before the bullish trend happens.
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April 15, 2018, 11:26:51 AM
 #11

This is from an opinionated article, but according to the writer bitcoin’s recent decline could be reason to worry. Some excerpts from the article:

Quote
Given the current state of the technology, bitcoin’s current price of around $7,000 — although still high compared to most of its history — is a relative disappointment. And this disappointment could lead to the demise of bitcoin.


Quote
If the price of bitcoin falls below its cost of mining, it will quickly go to zero. The real concern is that if the price of bitcoin continues to fall, mining will become infeasible, and without enough participants providing the computing power to record the transactions, the transactions will be infeasible and bitcoin will become worthless.

You can read more of it here: https://www.marketwatch.com/story/this-is-all-it-would-take-for-bitcoin-to-become-a-worthless-cryptocurrency-2018-04-12

Not here to spread any negativity or FUD but the author suggests that the current price drop is greater as compared to the ones in the past (is it worse than Mt. Gox?) Also, those early investors who came in during the hype last 2017 aren't likely to invest again after experiencing great losses, and this may make the price go down continuously then eventually go even lower than mining costs. Is it possible to happen?

Seriously...?  You took his word so seriously and thought it desrves its own thread here at BCT?  Rofl.

That's obviously pure FUD and you know it.  I mean look at it.  'Disappointment could lead to the demise of Bitcoin'...  LOL.  He doesn't know sh*t so he's scamming himself into thinking that his 'disappointment bs' could become true.

And if the price of BTC goes below the cost of mining then the less profitable miners would have to leave.  That's it.  But then the price could go up again...  Wink

Edit:  I didn't even bother reading that sh*t article.

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April 15, 2018, 01:00:41 PM
 #12

......................
Edit:  I didn't even bother reading that sh*t article.
Didn't even bother reading more than a couple of comments, then skipping the link.
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thecodebear
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April 15, 2018, 01:35:22 PM
 #13

The problem with almost every doom and gloom article written about Bitcoin is that to get to their pre-formed conclusion of bitcoin failing they either start out with a false premise or they get the technicals of bitcoin completely wrong. A few minutes ago I just read an article that starts off with the most common false premise which is that Bitcoin has no intrinsic value so it can't be worth anything but zero (and you have to entirely disregard the entire history of the bitcoin market and it's price above zero to agree with this idea). However this article gets makes the other fatal mistake of getting the technicals of bitcoin wrong. The author doesn't understand how mining works. Bitcoin mining has been profitable at every price, because the mining difficulty adjusts with the hash power, and obviously if it becomes unprofitable to mine on a price drop then some people will stop mining, which will make it profitable to mine again soon after. Mining keeps an equilibrium in which it is never not profitable to mine for more than a very short amount of time. And under this knowledge the entire argument of that article falls apart.
Torque
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April 15, 2018, 02:11:04 PM
 #14

This is from an opinionated article, but according to the writer bitcoin’s recent decline could be reason to worry. Some excerpts from the article:

Quote
If the price of bitcoin falls below its cost of mining, it will quickly go to zero.

Dead wrong. Price fell below cost of mining in 2015, and it didn't cause Bitcoin to go to zero.

Miners will just stop selling and hold, and exchanges will just wash trade the float until buying pressure picks up again.
Whosdaddy
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April 15, 2018, 04:44:54 PM
 #15

Article is complete garbage. Author compares Bitcoin to Myspace...yawn.
It really deserves some yawning indeed Grin. It is obvious the author really has no single idea what he was even talking about and therefore decided to waste his time writing a shitty article, he must really have been jobless or bored.

In fact, saying it is a relative disappointment just because of a downtrend shows how dumb he is and he is actually no different than those newbie investors who ask strange questions on the forum. He should really be going back to do more research next time before he even posts further rubbish. So downtrend now makes bitcoin worthless? As in for real? SMH. That dude must have been high on something.
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