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Author Topic: Price halved, miners leaving, is there a future for a market?  (Read 2916 times)
payb.tc
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October 03, 2011, 06:30:18 AM
 #21

Get ready for $1 bitcoins at the end of this month.

If that happens, I will instantly buy 10,000 BTC, and I won't be the only one.

Yeah I'm sure people will, there are a lot of suckers out there. 

you mean the suckers that sell their bitcoins for a dollar each?
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grod
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October 03, 2011, 06:45:31 AM
 #22


you mean the suckers that sell their bitcoins for a dollar each?


If difficulty drops to 400k I'll be happy to sell at $1/BTC, and would continue to do so (but selling 5x as many coins).  $5 only looks good at current difficulty.

Now I'm at 4.6c/kwhr + fees, so the "free electricity" guys and Ukrainian miners can go lower and still be happy.  FPGA miners can go way lower still.

At what point do the bulls provide fresh injections of cash?  If new money doesn't keep coming we have no choice but to eventually make new lows because it's currently costing $1k/hr (or about $720k/month) at US average power rates just to run the network.  I'm sure the exchanges and other related sites have costs of their own they can't pay in BTC.  New price lows may translate to lower difficulty, which in turn would drive lower prices miners are willing to accept.

Bulls really need to step up and start propping up this pyramid, and soon.  And I don't mean by posting here, I mean by cash injection.  Once the downward spiral starts accelerating it may be too late.




S3052
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October 03, 2011, 06:56:37 AM
 #23


you mean the suckers that sell their bitcoins for a dollar each?


If difficulty drops to 400k I'll be happy to sell at $1/BTC, and would continue to do so (but selling 5x as many coins).  $5 only looks good at current difficulty.

Now I'm at 4.6c/kwhr + fees, so the "free electricity" guys and Ukrainian miners can go lower and still be happy.  FPGA miners can go way lower still.

At what point do the bulls provide fresh injections of cash?  If new money doesn't keep coming we have no choice but to eventually make new lows because it's currently costing $1k/hr (or about $720k/month) at US average power rates just to run the network.  I'm sure the exchanges and other related sites have costs of their own they can't pay in BTC.  New price lows may translate to lower difficulty, which in turn would drive lower prices miners are willing to accept.

Bulls really need to step up and start propping up this pyramid, and soon.  And I don't mean by posting here, I mean by cash injection.  Once the downward spiral starts accelerating it may be too late.


I agree with you here.

It needs cash injection by existing bitcoin users and/or getting new people into it.

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zby
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October 03, 2011, 07:59:04 AM
 #24

...

Bulls really need to step up and start propping up this pyramid, and soon.  And I don't mean by posting here, I mean by cash injection.  Once the downward spiral starts accelerating it may be too late.


I agree with you here.

It needs cash injection by existing bitcoin users and/or getting new people into it.


But wasn't bitcoin supposed to be something else then just a pyramid scheme?
Jack of Diamonds
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October 03, 2011, 08:51:44 AM
 #25

I'm mining, just not now. Electricity costs must be paid every month.

not to mention the lost investments that will never be recovered!

Nobody is responsible though. You, me, and everybody else got into the business by personal decision.
We have to bear risks and potential losses alone.

The price crash happened roughly at the same time as other financial instruments began losing value rapidly, even stocks and gold.
It couldn't possibly be anticipated.

Sure, mining hardware will depreciate a bit in value right now, but once difficulty drops, even a $5 btc will be worth mining.

1f3gHNoBodYw1LLs3ndY0UanYB1tC0lnsBec4USeYoU9AREaCH34PBeGgAR67fx
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October 03, 2011, 09:18:19 AM
 #26

Risk wise:

bitcoin > stock > bonds > gold



bulanula
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October 03, 2011, 09:24:52 AM
 #27


you mean the suckers that sell their bitcoins for a dollar each?


If difficulty drops to 400k I'll be happy to sell at $1/BTC, and would continue to do so (but selling 5x as many coins).  $5 only looks good at current difficulty.

Now I'm at 4.6c/kwhr + fees, so the "free electricity" guys and Ukrainian miners can go lower and still be happy.  FPGA miners can go way lower still.

At what point do the bulls provide fresh injections of cash?  If new money doesn't keep coming we have no choice but to eventually make new lows because it's currently costing $1k/hr (or about $720k/month) at US average power rates just to run the network.  I'm sure the exchanges and other related sites have costs of their own they can't pay in BTC.  New price lows may translate to lower difficulty, which in turn would drive lower prices miners are willing to accept.

Bulls really need to step up and start propping up this pyramid, and soon.  And I don't mean by posting here, I mean by cash injection.  Once the downward spiral starts accelerating it may be too late.

You dare imply that Bitcoin is a huge pump and dump pyramid ponzi scheme and Satoshi ( artforz in disguise ) is the master puppeteer / pump+dump master and the whole thing is falling down !?!? NO WAY !!!

Get ready for $1 bitcoins at the end of this month.

If that happens, I will instantly buy 10,000 BTC, and I won't be the only one.

Yeah I'm sure people will, there are a lot of suckers out there. 

you mean the suckers that sell their bitcoins for a dollar each?


I think he means the suckers that are going to pay 10 000 USD for some fairy WOW virtual gold on your computer nobody but nerds use  Grin
Lolcust
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October 03, 2011, 09:27:46 AM
 #28

I am Satoshi.

ArtForz is ArtForz.

I thought we  had that settled Cheesy

Geist Geld, the experimental cryptocurrency, is ready for yet another SolidCoin collapse Wink

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October 07, 2011, 02:29:23 AM
 #29

Quote
Quote from Nagle: Bitcoin has dropped $4 per month for 3 months now.

When Bitcoin hits $3, it will be down 90%, which is effectively dead.

Get your cash out of Mt. Gox. They might not have enough at the end.

According to this "logic" bitcoins will be worth $-2 by january.

idiot

You gotta pay
nighteyes
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October 07, 2011, 08:16:05 PM
 #30

the people who are leaving, failing or giving up are those who are short sighted seeking instant rewards from get rich quick atitude. the community will be much better off without them.

It just lowers the price of gambling for them. They will be replaced with the penny-stock yahoos who will say or do anything to control someone to pay them a higher price. The place will be overrun with trolls.And if the USD price returns, it will return the same type of knuckleheads.

However, the bitcoin network will hold up is my guess. And the one good thing is the hoarders influence should diminsh with bitcoins being circulated much more freely.

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