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Author Topic: BTC under 6k?  (Read 301 times)
cryptoassistent
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June 30, 2018, 05:59:11 AM
 #1

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.
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June 30, 2018, 06:06:24 AM
 #2

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

https://www.marketwatch.com/story/heres-how-much-it-costs-to-mine-a-single-bitcoin-in-your-country-2018-03-06
You can look from here, where it is non-profitable to mine already.

How much of supply comes from miners? What You mean? If You ask how many coins they supply, then 1 coin in every 10 minutes. If You ask, how much of calculations they make, then its 100%. They are the backbone of BTCs claimed product.

I particularly like You 3rd and 4th question. No, it wont make transactions less secure, it will cease the transactions, because calculating the blockchains IS the transactions.

Yes they do continue mining for a while, but not for long. People who believe in god are very... persistent. BTC is their god.
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June 30, 2018, 06:09:29 AM
Merited by Welsh (1), Lutpin (1), LeGaulois (1)
 #3

bitcoin will survive any literary any price even at 0 because of the way it is designed.

you can search more about difficulty to learn more about it but basically the profitability of mining and how much it costs depends on difficulty and difficulty itself depends on how many miners or more accurately how much hashing power is mining bitcoin. and that changes with price, it is not a fixed amount. for example if price falls to a point where it becomes unprofitable to mine bitcoin and miners were put under pressure then some miners will stop mining  and difficulty will decrease making it profitable again.

miners don't all have the same cost. some have cheaper electricity, cheaper labor,... are in cooler environment so need less cooling so less cost,... some have reached their ROI already and some have started recently,... so you see not all are going to suffer the same from same size of drop. which is why only some leave and difficulty changes a little at a time.
so far hashrate is rising despite the fall which means miners are making a lot of profit that makes them increase their hashing power instead.

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June 30, 2018, 06:13:24 AM
 #4

I am still pretty optimistic about bitcoin. Yes now the price is not that high, but some people will believe it is low price and will buy it, then the price will go up later. And eventually the price will surpass it is once highest price. It is just a matter of time.

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June 30, 2018, 06:15:33 AM
 #5

bitcoin will survive any literary any price even at 0 because of the way it is designed.

you can search more about difficulty to learn more about it but basically the profitability of mining and how much it costs depends on difficulty and difficulty itself depends on how many miners or more accurately how much hashing power is mining bitcoin. and that changes with price, it is not a fixed amount. for example if price falls to a point where it becomes unprofitable to mine bitcoin and miners were put under pressure then some miners will stop mining  and difficulty will decrease making it profitable again.

The magic of exponential mathematics.

https://en.bitcoin.it/wiki/File:Controlled_supply-supply_over_block_height.png

This graph shows well, what happens with bitcoin´s supply in future. Everyone, who is at home with math, understands thatm itś not about "miners were put under pressure, some will stop mining". It means, there wll be soon nothing to mine.
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June 30, 2018, 06:17:45 AM
 #6

The fall in bitcoin prices to touch the 5000 USD price makes miners feel panicked because they are worried about the loss of bitcoin mining.
But I think when bitcoin prices dropped down the difficulty will also drop so that miners will get more bitcoin in than ever before
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June 30, 2018, 06:20:21 AM
 #7

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

I imagine that if miners are no longer profitable they may reconsider mining altogether and there may be a handful that drop out, at least temporarily.
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June 30, 2018, 06:23:16 AM
 #8

The fall in bitcoin prices to touch the 5000 USD price makes miners feel panicked because they are worried about the loss of bitcoin mining.
But I think when bitcoin prices dropped down the difficulty will also drop so that miners will get more bitcoin in than ever before

Thats impossible, as bitcoin release is halved every 210 000 blocks, but the amount of calculating remains the same.

Actually, I just found one thinking error on myself! Being halved after 210000 blocks is not same as being halved after 4-5 years, as mining has begun much more popular due to price explosion last year.

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June 30, 2018, 06:40:42 AM
 #9

When the hash rate drop, with miners exiting the scene.. Bitcoin simply auto adjust the difficulty to balance out things. As the hash rate drop, more and more of the miners that has left, would come back again. You would even find that other miners would increase their hashing power to fill the gap of the miners that has left. <because they have more streamlined mining operations>

A $6000 or $5000 price is definitely not the death blow for Bitcoin.

 
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June 30, 2018, 06:42:39 AM
 #10

Bitcoin was under 6k yesterday and nothing happened.  Shocked

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June 30, 2018, 06:58:03 AM
 #11

Yes the bitcoin is growing and the prices is in $6k which is good as compared to the past week if we show some more patience then we can also get some more profit and slow the bitcoin value will recover. For me the bitcoin holding is beneficial now instead of selling it.

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June 30, 2018, 08:15:24 AM
 #12

Yes the bitcoin is growing and the prices is in $6k which is good as compared to the past week if we show some more patience then we can also get some more profit and slow the bitcoin value will recover. For me the bitcoin holding is beneficial now instead of selling it.

Bitcoin price are still around in $6K and we didn't know on what will be the value of it in the next few months. Hold is better than selling in this situation but there are one question in my mind, what if all people in crypto are hold their assets and didn't use it as a crypto currency? What the possible may happen?
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June 30, 2018, 08:22:28 AM
 #13

It fell because the whole market was going down from the bad news. This is inevitable. I believe the market recovery Bitcoin will also recover in terms of its value
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June 30, 2018, 08:24:21 AM
 #14

its a bad if btc under 6k its make value of btc down and make economics down too.
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June 30, 2018, 08:24:53 AM
 #15

In my opinion the price of Bitcoin will continue to decrease then it will be pumped up very high later this year
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June 30, 2018, 08:26:06 AM
 #16

I don't understand why everyone goes into a panic whenever BTC goes down?

All the data is available to us, instead of going into a frenzy and panicking just spend some time and do some research.

EVERY year this happens, several times per year in some cases... Bitcoin will lost 40% / 50% even 80% or whatever.. but it  always recovers with a bang! A

Stop looking at daily, weekly, monthly growth and dips. Look at the bigger picture, the annual growth of BTC
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June 30, 2018, 08:30:04 AM
 #17

The price has fallen low below $6000 in unexpected time period. Once again the price has begun to grow above $6000 reaching close to $6500. Expect this price to continue further reaching around the $7500 mark at the earliest.




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June 30, 2018, 08:32:41 AM
 #18

Bitcoin was under 6k yesterday and nothing happened.  Shocked
Yeah, and the price bounce back right after it hit the bottom. Miners, traders, and investors knows what to do during the dump, don’t panic it will bounce back for good. So happy to see bitcoin on green and strong candle again. Smiley
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June 30, 2018, 08:37:36 AM
 #19

Is this a shark's scam to buy bitcoin at a lower price then push it up?
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June 30, 2018, 08:42:12 AM
Merited by Lutpin (1)
 #20

Can BTC technically survive under 6k?
It even survived during early days below $20.

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?
Mining isn't only profitable if you are not serious with it and your machines aren't suitable for it.

[1]What if miners are not profitable? [2]Does that make them stop and thus make BTC transactions less secure? [3]Do they continue mining in hopes of future price raise?
[1] Mining will always be profitable and every transaction is paying for its fee so that's how miners earn.
[2] No. If the difficulty goes down, you'll see a rise to the number of miners.
[3] Yes.

[1]What would be the psychological impact on traders if BTC goes under 6k? [2]That is a huge resistance point and if it brakes how far can price drop?[3] Last time it was more like a test to 5800 which recovered immediately.
[1] Nothing for day traders, it can be a good buy.
[2] No one knows.
[3] That is volatility.




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