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btc_angela
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June 30, 2018, 08:48:28 AM |
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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 can answer the last question based on my what I see. Yes, it has a big psychological impact because if you have invested above $6K then its obvious that you are already losing money here. So who in the world wanted to see their money going down? No one. However, if you know how the market works, so you will know that sooner or later it will make another break out run, so you need to stay relax and hope that everything will turn out on our favor. |
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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MGBloomz
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Lead generation one-stop shop platform powered AI
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June 30, 2018, 08:52:47 AM |
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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?
Why are you worried if the price will go down under $6K? Remember that last year bitcoin was at $1k and miners were doing good. It's just a psychological effect and everything will follow. Believe in this technology as this will bounce back soon. |
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J. Cooper
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Alea iacta est
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June 30, 2018, 08:54:09 AM |
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Do you guys think there is a correlation between the sudden pump above $6K and the miners? Since some people claim that bitcoin at this moment costs $6k to produce. Therefore miners could be pumping up the price to be in profit again.
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Razick
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June 30, 2018, 09:00:52 AM |
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It has already gotten down past 6k about twice this week already so there is no saying if it will not go further down than that and even stay there. With bitcoin there is no way to predict what will happen to the price of the coin because it moves irrationally at different points in time. I do believe though that bitcoin will go under 6k at some point in time
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BitRentXx
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June 30, 2018, 09:08:38 AM |
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I think it's hard for bitcoin miners to stop their activities, stopping mining might seem like a job loss and I think the miners will continue to mine even if the bitcoin value is no longer high. But for these traders will be a big loss, those who initially intend to HODL in the long run will surely panic when the BTC value drops to 6k.
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jamesblue1
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June 30, 2018, 09:08:53 AM |
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Bitcoin under $6k? it already means that it's time buy. Maybe wait for the lowest price then if it goes up again, then it's the best time to sell it.
But to tell you honestly, It is so far for bitcoin to lose its value just because of this, time will come for it to grow again.
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Carrelmae10
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June 30, 2018, 09:10:42 AM |
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..there is no big deal when bitcoin reach $6k..although there are lots of miners..it is still profitable for those who do mining in bitcoin..yeah..there is a price drop of bitcoin..but soon it will going to rise again..so there is no doubt that bitcoin will not going to end to nothing..at some point in time..bitcoins are low in price before it reach its $6k -$20k value..so there is still hope that bitcoin will going to reach this value again..
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funchiestz
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June 30, 2018, 09:14:18 AM |
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If we take into account the developments that are happening today, I think that 6K is now the limit line. Going down from 6K will be very risky.
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tanghere02
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June 30, 2018, 09:18:28 AM |
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Why wouldn’t it survive, bitcoin has dropped to $5k+ and it might even go down more as some experts would say. And it would be the best time to buy coins if it drops even more, but I am pretty sure it wont stay down for long, and might even recover once the last quarter of the year starts.
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talkbitcoin
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All I know is that I know nothing.
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June 30, 2018, 09:25:27 AM |
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I don't understand why everyone goes into a panic whenever BTC goes down?
most of the things you read on bitcointalk is not "panic" it is instead people FUDing to pretend there is panic and create panic in others while they buy... Do you guys think there is a correlation between the sudden pump above $6K and the miners? Since some people claim that bitcoin at this moment costs $6k to produce. Therefore miners could be pumping up the price to be in profit again.
there may be a correlation but not the way you said it. miners didn't pump anything. it is all about what people were expecting to happen. for example as you said people expected the "mining cost" to be X and expected it not to go lower than that X, so when it went below that price, it acted as a buy signal for them so they started buying effectively increasing the price back up. |
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Romeotom
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June 30, 2018, 09:32:17 AM |
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Today price 6k$ plus I think now I see already something up bitcoin price today. 2018 year bitcoin always going to up and down not have stable. Cryptocurrency market already big down and many people got him loss.its soon is possible to the last year to recover our Lossing money.
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Valzzz005
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June 30, 2018, 09:39:44 AM |
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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 think they can survive because as long as there are a lot people that are supporting them the butcoins will survive. And besides rhis is happening because of us I do not think that there are someone that are manipulating the bitcoins it is only us so the reasons why the bitcoins are falling this much is because of those panic sellers that are spreading the fake news that the bitvoins is gonna end soon. They will gonna end if we tend to believe it but if we continue to support and invest then they will gonna rise again. |
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ritsel02
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June 30, 2018, 09:41:46 AM |
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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.
This is a big problem today that BTC encountered. Having the price below to 6k is a disaster which making the investors withdraw their investment to BTC. |
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GreenProfit
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June 30, 2018, 09:47:46 AM |
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Dont worry even if price will be smaller then 2k$ bitcoin will not die.Bitcoin is brand like Coca Cola,it is first cryptocurrency so many people trust more in bitcoin than any other cryptocurrency,most time people which keep a lot of supply are keeping bitcoin and small fishes are selling for less and traders buy/sell with bitcoin.
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Donotfoolme
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June 30, 2018, 09:52:33 AM |
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yes BTC under 6K it is better than last week , so we just need to make more patience about it . BTC will rise again it is pretty interesting ,
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TheHas
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June 30, 2018, 10:33:47 AM |
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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.
Yes - but some parts I think no. Bitcoin wouldn't necessarily survive an extended period at zero because there will always be some costs associated with mining (having a cost to mining is part of the point). Also the market demands that over a long enough time span we'll keep moving to an overall market breakeven point. This means, on a market level, the COST to produce/mine one unit of a cryptocurrency will be equal to (or at best perhaps slightly less) than the PROFIT generated by that one unit of cryptocurrency. What differs is the cost at an individual mining operation level. This means that miners that can reduce their costs the most are the ones that will stay the most profitable and expand their operations. So the competition gets more fierce, difficulty goes up, profit margins get squeezed, smaller miners drop out and mining becomes more centralised. This is why large bitcoin mining operations are the most profitable, and everyone else is stuck using nicehash to mine some brand new shtcoin to swap for bitcoin  But anyway, on your point about if Bitcoin was valued at 0 (for an extended period of time), well, then there wouldn't be much of an incentive to mine it and no one can reduce their variable or fixed costs to below 0. |
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BartS
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June 30, 2018, 07:50:48 PM |
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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.
There is no problem for bitcoin to survive under those prices not long ago miners were mining for a bitcoin worth 600 dollars the price right now is above 6000, ten times that so yes they can easily survive even if the competition has gotten harder and the costs of electricity went up that is still a good price for the miners so do not worry too much about that, and the psychological impact of bitcoin below that price is not that great, we have seen bitcoin sometimes testing those levels and the price always bounces back. |
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hahahafr
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June 30, 2018, 09:22:40 PM |
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I dont think that it will be below $6000 again. The price has re-tested, and it is over $6,400 at the moment, it might go up after this (this was a nice reversal after all)
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valentinen39
Member
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June 30, 2018, 09:37:37 PM |
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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.
Bitcoins under $6k is not a bad news, it was a very good value for people who wants to earn cryptocurrency today because in this way they can invest while the market price is currently dumping |
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TheHas
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July 01, 2018, 12:29:14 AM |
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Bitcoins under $6k is not a bad news, it was a very good value for people who wants to earn cryptocurrency today because in this way they can invest while the market price is currently dumping
That's right, it all depends on when you 'bought in' or started mining. I mean compared to all time highs in December 2017, Bitcoin has dropped 50 per cent. But compared to a little over a year ago it is still more than double. So you're right - how much it impacts you depends on when you started being involved in crypto. I wrote an article about this recently, with a graph of how the top 50 coins have performed over the last 6 months: https://steemit.com/cryptocurrency/@hassy/cryptocurrency-price-changes-for-top-coins-since-december-2017 |
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