The Squeeze is comin! [official thread for panicking]

[rifleman74]

So whose idea was it to tank the exchange some more? Bitcoin's price drop in the last ten days has cancelled out all my sales revenue from the last three months, right before I needed it for the next project.

Didn't have any sell orders in there, just to protect your profits? 

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[NotFuzzyWarm]

So whose idea was it to tank the exchange some more? Bitcoin's price drop in the last ten days has cancelled out all my sales revenue from the last three months, right before I needed it for the next project.

Sorry, I cashed out $2k worth of BTC at $7100 near its peak yesterday and must have killed the bull run....

[sidehack]

No, no sell orders. If I was that worried about profits I'd have gotten a different job ages ago, but greed is not among my motivations.
The majority of my BTC savings, about 90% of my capital at present, were taken in when coin was well above $10k. I think I can out-of-pocket what I need for a first batch of something new without having to dip too heavily into BTC savings, and hopefully revenue from the first batch would more than pay for the second and so on. And then when BTC goes back up after a while it'll start to cancel out all the ridiculous losses from Christmas season sales at $15k.

One of the good things about hosting others' miners instead of mining on my own is I'm insulated somewhat from the spikes. I get paid the same amount every month regardless. Hosting just covers building overhead though, not payroll or R&D or anything else.

[Thetaj]

So I shorted 2 BTC as a hedge against a down market at 8.1k because I couldn't access my cold storage for a week (was out of country). I came back to 4btc lol. But overall I think I still have the same amount of USD. Damn it I wish I wasn't reasonable all the time and just shorted everything. Would have been rich.

[Thetaj]

Honestly, Solo mining is not that bad. I got a block in 2 weeks.........but it was a BCH tho

To solo mine with any consistency in these times? around 5-10PH at the very least.

But if you wanted to play the lottery maybe 1PH would be a good start. That is IF you got enough cash to front electricity for 2-3 months.

[sidehack]

If you can afford to drop $150k on gear, you can probably afford to drop another $10k on electric.

[minefarmbuy]

If you can afford to drop $150k on gear, you can probably afford to drop another $10k on electric.

Just a couple BTC's anyway, right? What are the probabilities for 1 PH solo?

[rifleman74]

Do we bounce off or slice through 6k? BTCBTCBTC

[minefarmbuy]

Do we bounce off or slice through 6k? BTCBTCBTC

Well we know for now.

[sidehack]

No, because when some miners shut down the difficulty will drop and the remaining miners will get a larger proportional reward, thus retaining profitability. There is no price so low that the system will stop working entirely.


Also, to everyone who's ever thought I was joking when I warned friends that the price was about to tank because I am, as a rule, on the losing end of every market shift, two days ago I was told first of next week I'd have a big invoice to pay in BTC. So expect the price to keep going down until about an hour after that invoice has been paid, and I'll let y'all know when to buy in at the bottom.

[Thetaj]

No, because when some miners shut down the difficulty will drop and the remaining miners will get a larger proportional reward, thus retaining profitability. There is no price so low that the system will stop working entirely.


Also, to everyone who's ever thought I was joking when I warned friends that the price was about to tank because I am, as a rule, on the losing end of every market shift, two days ago I was told first of next week I'd have a big invoice to pay in BTC. So expect the price to keep going down until about an hour after that invoice has been paid, and I'll let y'all know when to buy in at the bottom.

Hey, if we both sell on the same day we might be able to crash btc to 5k lol

[sidehack]

Why, is your luck that bad too?

The first time I had to cash out for a big project was February 2014, when I first got started and had zero money. Remember when that Gox bubble burst? Stalled a server supply breakout project for almost a month before I caught a brief spike and sold without losing too much.

I have no interest in deliberately crashing BTC. The opportunistic market jackoffs buying in would be the only ones to benefit, and the rest of us who actually work for a living will keep getting screwed. I'd like to see it back above about $8k and actually hold steady for a while, but stability will only happen when bitcoins are used more as a currency than as a stock. Margin sale profiteers love that volatility for their short-sighted gains, but that cripples confidence in reliable spending power necessary for the long-term economy.

[Thetaj]

I wasn't here for Gox, only started in 2015 when my friend fomo'd me into mining bitcoin because he needed to offload some s7.

But yea, my luck is pretty bad. I did manage to claw back earnings by trading though so I got that going for me.......which is nice.

And yes, being a Bitcoin miner is very much now becoming like real miners..........we get screwed by big corporation.......yet we do it for some unknown reason.

[sidehack]

Piad that big ol' invoice just a bit ago, so normally I'd say we've hit the bottom and y'all should start buying but it occurred to me I'll have to cash out some coins in the next few days for a big PCB purchase or two so the exchange rate might not start to rebound until about Friday. Sorry, the squeeze is still squeezing.

[Thetaj]

I sold 0.1btc today to make ends meet. I sold at 6.3k went to sleep, woke up and wtf 5.9k

[philipma1957]

I sold 0.1btc today to make ends meet. I sold at 6.3k went to sleep, woke up and wtf 5.9k

Maybe it should drop to 3500.

That should knock most miners out.

[ConnerM]

Maybe it should drop to 3500.
That should knock most miners out.

One of my guys here was doing a lot of hand-wringing a couple of weeks ago (when coin was around 8k) and asked me how low I thought it could go. I told him that I didn't think BTC had any chance to get out of this bear market and realize any organic price growth again until there was total capitulation of the interests that invested during the bull run last year. I mean idiots were buying coin with their credits cards and FASA funds for Christs sake. All of last years speculative malinvestment needs to be wiped out before there can be a turn around. I speculated that perhaps it would require a $3000 price level to do that. That's usually how a healthy business cycle re-establishes itself after a big speculative run-up / bubble burst.

Just wake me up when its over.

[Thetaj]

Maybe it should drop to 3500.

That should knock most miners out.

I think we may see that honestly. Which is why I'm selling most of my btc for now. No point in keeping them since the diff is likely to go down.

[buwaytress]

The opportunistic market jackoffs buying in would be the only ones to benefit, and the rest of us who actually work for a living will keep getting screwed. I'd like to see it back above about $8k and actually hold steady for a while, but stability will only happen when bitcoins are used more as a currency than as a stock. Margin sale profiteers love that volatility for their short-sighted gains, but that cripples confidence in reliable spending power necessary for the long-term economy.

Couldn't agree more than you, since I'm self-employed and practically earning 100% crypto now. I generally don't lose or gain much, since I earn and have to sell regularly/periodically. Last year I'd almost always be selling at some profit from the Bitcoin I'd gain from payments, but this year, I'm almost always selling for a loss. Three consecutive invoices now worth 5-15% less by the time I received payment and are able to use them to pay bills, buy stuff or sell for cash. Don't want to do the numbers but I suspect I might now be approaching net loss.

Not really stopping me from spending BTC, I still believe the economy needs to move, but it is a bit of a bigger wince each time I'm paying for that weekly pizza (figuratively and literally).

I'll let y'all know when to buy in at the bottom.

Cool. I'm saving a couple of big invoices but can't realistically hold them too long so yeah floor anytime this month would be neat Need to eat and stuff.

Maybe it should drop to 3500.

That should knock most miners out.

That might even tempt me to revisit some alts I ignored last year.

[philipma1957]

I always have the solar array to drop back to.

about 13kwatts cost for me is ½ the coins

so 130th  is like 65th with no power cost

Most all other mining is now turned off.