URGENT, Bitcoin is on the verge of collapse !!!

[BurtW]

It means that very few, if any, miners can make money at this price.

So, some miners will be forced to quit unless the price goes back up.

Igorr is of the mind that the price will continue to go down.

$200 is his prediction if I recall correctly.

[BrewCrewFan]

It means that very few, if any, miners can make money at this price.

So, some miners will be forced to quit unless the price goes back up.

Igorr is of the mind that the price will continue to go down.

$200 is his prediction if I recall correctly.

I have one question about that though, if miners quit because its not profitable to mine, would that not open up the network and make it that much weaker? I mean easier to attack is what I am getting at... so would that not be counter productive?

[BurtW]

It means that very few, if any, miners can make money at this price.

So, some miners will be forced to quit unless the price goes back up.

Igorr is of the mind that the price will continue to go down.

$200 is his prediction if I recall correctly.

I have one question about that though, if miners quit because its not profitable to mine, would that not open up the network and make it that much weaker? I mean easier to attack is what I am getting at... so would that not be counter productive?

Yep, lower hash rate = less security.

[maranello1561]

Where is the bottom, where is the bottom
Oh gawd, make it stop, please for fcuk sake, make it stop

[igorr]

Sorry, my mistake
The mining factor is 0.3 cent/Gh at 24h !!!   (not 3 cents)

[BurtW]

Sorry, my mistake
The mining factor is 0.3 cent/Gh at 24h !!!   (not 3 cents)

In order to get more precision you should change your posts to $/Th per day instead.  $/Gh per day is no longer the correct units as the price drops and the hash rate climbs.

[blitzbad]

Where is the bottom, where is the bottom
Oh gawd, make it stop, please for fcuk sake, make it stop

bitcoin is going to nowhere but down to the final capitulation, it will be lower and lower and hit back to where it came from $0.00001

sell now to cut losses or lose everything

[igorr]

Sorry, my mistake
The mining factor is 0.3 cent/Gh at 24h !!!   (not 3 cents)

In order to get more precision you should change your posts to $/Th per day instead.  $/Gh per day is no longer the correct units as the price drops and the hash rate climbs.

Just come back to 15th feb 2014, mining factor was 9 cents/gh at 24h,
https://bitcointalk.org/index.php?topic=467191.0

Now and  15th feb 2014 year was used the same genaration ASIC chips, power consumption 0.5W per Gh !
Mining factor ratio of 15th feb and today is,  9 cents/0.3 cents = 30x  

factor is decreased 30x from 15th feb, while the mining hardware stayed the same. (0.5W/Gh)

[JorgeStolfi]

I have one question about that though, if miners quit because its not profitable to mine, would that not open up the network and make it that much weaker? I mean easier to attack is what I am getting at... so would that not be counter productive?

As I understand it, it makes it easier for an independent entity to amass more hashpower than the entire network combined, at which point they would have a chance to double-spend coins (a "51% attack").  Worse, the mining equipment that has been turned off for being unprofitable could be used for that attack (or could be bought, well below cost, by someone who intends to do that attack).

If the mining equipment cannot recover the electricity cost, at current market price, even miners who believe that bitcoin will eventually "go to the moon" will prefer to turn the equipment off, and buy bitcoins on the market with the money they would spend on electricity otherwise.  Few people would keep losing money every day just to protect some worthy project.  Very few investors would tolerate such a decision from the managers of a company they invested in.

[igorr]

This does not look good,blue and green line break red difficulty line.
first time in the mining history, and it is not good for bitcoin, just +1.29%,
and I think here is the culmination mining.

https://bitcoinwisdom.com/bitcoin/difficulty


View Screen Capture

[Bit_Happy]

You can be a loser and sell at ~$300 and buy at ~$600 or you can be brave and Buy while BTC is really low. 

[OgNasty]

This does not look good,blue and green line break red difficulty line.
first time in the mining history

That is not true.  Many of us have been around for difficulty decreases in the past.  Typically this happens for a few weeks before a breakout to the upside as weak hands are forced from the market.

[igorr]

You can be a loser and sell at ~$300 and buy at ~$600 or you can be brave and Buy while BTC is really low. 

?

[igorr]

Today low $275 !

View Screen Capture

[Oscilson]

Today low $275 !

View Screen Capture

Is it still higher than this time last year?

[igorr]

not for long.

Check,  http://bitcoincharts.com/charts/bitstampUSD#rg360ztgSzm1g10zm2g25

[fewcoins]

This does not look good,blue and green line break red difficulty line.
first time in the mining history

That is not true.  Many of us have been around for difficulty decreases in the past.  Typically this happens for a few weeks before a breakout to the upside as weak hands are forced from the market.

Yea this typically happened WAY before bitcoin was over bought, over manipulated, and over mined!

[maok]

Where is the bottom, where is the bottom
Oh gawd, make it stop, please for fcuk sake, make it stop

bitcoin is going to nowhere but down to the final capitulation, it will be lower and lower and hit back to where it came from $0.00001

sell now to cut losses or lose everything

Nice advice, I hope you sold

[JorgeStolfi]

Is it still higher than this time last year?

It was 120$ on October 10, 2013 and passed 300$ on the way up on November 8, 2013.  So it is higer than a year ago, lower than 11 months ago.

[igorr]

I said a year ago,
Mining companies came out of the game and mining is cooled, bitcoin dies.......

Mining factor is 0.2 cents/Gh at 24h

View Screen Capture