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Edward50
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August 02, 2011, 07:07:57 PM |
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THis is great, bitcoins should be cheap and affordable for all!
Shore up the Ask wall into the $12's, don't let them force the price back into the 12's, we need the new psychological level to stay in the $11's for a while.
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Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash. Be water, my friend.
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Zem (OP)
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August 02, 2011, 07:09:57 PM |
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Big sell wall at 12....gonna dip lower....
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GenTarkin
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August 02, 2011, 07:11:04 PM |
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But, if they go too low mining will become unprofitable =( grrrrrr...hopefully miners start droppin off and difficulty lowers for those that still continue to mine hehehe..
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bitclown
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August 02, 2011, 07:12:03 PM |
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Don't forget that someone is actually buying these coins, they're not evaporating. Those who still buy in on the way down aren't day traders or fiat loving miners...
Well, at least no-one is moaning about deflationary spirals anymore.
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FlipPro
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August 02, 2011, 07:12:14 PM |
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But, if they go too low mining will become unprofitable =( grrrrrr...hopefully miners start droppin off and difficulty lowers for those that still continue to mine hehehe..
Mining is dead... Unless you have some customized gear, and thousands of dollars... And even then you may never pay back your equipment. |
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Oldminer
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August 02, 2011, 07:12:19 PM |
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THis is great, bitcoins should be cheap and affordable for all!
Well on a positive note if the price drops low enough it will push some of the big mining operations out of business. Less miners = lower difficulty. |
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RandyMarsh
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August 02, 2011, 07:13:34 PM |
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Any guesses as to when its gonna stop? 10.5?
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Stan?! STAN?!?!
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Edward50
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August 02, 2011, 07:14:29 PM |
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But, if they go too low mining will become unprofitable =( grrrrrr...hopefully miners start droppin off and difficulty lowers for those that still continue to mine hehehe..
Mining is dead... Unless you have some customized gear, and thousands of dollars... And even then you may never pay back your equipment. How is mining dead? Last I looked as long as the bitcoin was above a few dollars which was about the cost of electricity mining was still profitable. There is no easy way to make money in this world, you just can't run a stupid computer and expect it to generate you money so easily. |
Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash. Be water, my friend.
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Oldminer
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August 02, 2011, 07:14:37 PM |
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Any guesses as to when its gonna stop? 10.5?
Hard to say. This trend has a LOT of momentum and its still building... |
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Zem (OP)
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August 02, 2011, 07:15:05 PM |
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Depends if that buy wall at 11.5 is fake or not.
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FlipPro
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August 02, 2011, 07:15:20 PM |
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THis is great, bitcoins should be cheap and affordable for all!
Well on a positive note if the price drops low enough it will push some of the big mining operations out of business. Less miners = lower difficulty. Why would they go out of business? They have the equipment already, and remember most people who run these big operations are most likely doing it from a place where cheap electricity is available, so even if they are breaking even after electricity, why would they sell? I honestly just don't see difficulty dropping to a reasonable point ever... |
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FlipPro
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August 02, 2011, 07:17:11 PM |
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But, if they go too low mining will become unprofitable =( grrrrrr...hopefully miners start droppin off and difficulty lowers for those that still continue to mine hehehe..
Mining is dead... Unless you have some customized gear, and thousands of dollars... And even then you may never pay back your equipment. How is mining dead? Last I looked as long as the bitcoin was above a few dollars which was about the cost of electricity mining was still profitable. There is no easy way to make money in this world, you just can't run a stupid computer and expect it to generate you money so easily. From a short-term money making perspective it's dead. I agree with you though, that mining (even at a loss now) can render profits in the future. Which goes back to my original point of difficulty never dropping back to "easy" levels... |
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Elwar
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Viva Ut Vivas
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August 02, 2011, 07:17:26 PM |
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Cheaper goods for people to buy in BTC I suppose.
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First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin. |
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Zem (OP)
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August 02, 2011, 07:18:47 PM |
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I only reason I'd mine right now is to hold long term. Short term just isn't worth it at the moment.
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dub0matic
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August 02, 2011, 07:21:39 PM |
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soo sad what is going on now is this really all cause of mybitcoins
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make it rain haha
btc 176MrZ3CCXGb1GqFiGaoqQpaynzYqZsW6n
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Oldminer
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August 02, 2011, 07:21:43 PM |
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Why would they go out of business? They have the equipment already, and remember most people who run these big operations are most likely doing it from a place where cheap electricity is available, so even if they are breaking even after electricity, why would they sell?
I honestly just don't see difficulty dropping to a reasonable point ever...
I'm not so sure all the big mining operations have the benefit of cheap electricity. Im sure there's a lot of players out there that are operating on slim margins @ $13. And no matter whether electricity is cheap or not, you still need to turn a profit to make mining worthwhile. With regards difficulty - granted I don't suspect it will drop too much (if at all) but it could put the brakes on it a bit. |
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Zem (OP)
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August 02, 2011, 07:25:39 PM |
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New Low: 11.5
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Edward50
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August 02, 2011, 07:27:24 PM |
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Depends if that buy wall at 11.5 is fake or not.
What wall at 11.5? there is no wall? Seems like they are building their defences at the $11.00 dollars with over 5000 bitcoins bid wall. That seems the last wall that they can put up now, they are losing the battle for the single digits. |
Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash. Be water, my friend.
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FlipPro
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August 02, 2011, 07:27:32 PM |
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The Presidents pen started this crash. The moment he signed the debt deal, people suddenly realized they liked their USD alot more than Bitcoins.
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Zem (OP)
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August 02, 2011, 07:29:26 PM |
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Depends if that buy wall at 11.5 is fake or not.
What wall at 11.5? there is no wall? Seems like they are building their defences at the $11.00 dollars with over 5000 bitcoins bid wall. That seems the last wall that they can put up now, they are losing the battle for the single digits. There was a decent sized wall there. It was removed just a minute ago though. Edit: it's back now, not very big though compared to the 11 wall. |
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