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Author Topic: It Would be nice...  (Read 1348 times)
MaxSan
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October 18, 2011, 07:13:27 AM
 #1

If all you traders out there just ahad a little faith in bitcoin (put maybe 500USD, more than enough, and try and make as many bitcoins as possible instead of USD.

Would help a much more positive market rathern than USD n cashing out.

Im not very experienced but im sure it would help rather than playing for USD...


Am I wrong? if so, why?
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Edward50
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October 18, 2011, 07:36:41 AM
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I think the output of bitcoins is limited, so makes no difference how many people mine.

Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash. Be water, my friend.
Cluster2k
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October 18, 2011, 08:06:45 AM
 #3

If all you traders out there just ahad a little faith in bitcoin (put maybe 500USD, more than enough, and try and make as many bitcoins as possible instead of USD.

Would help a much more positive market rathern than USD n cashing out.

Im not very experienced but im sure it would help rather than playing for USD...

Am I wrong? if so, why?

Depends on the trader's motivation.  It's in no one's interests to see bitcoin fail.  I would define failure as the value either falling to cents per bitcoin, the depth disappearing or the volume traded per day falling to low levels.  Bitcoin itself won't "fail" as long as 1 miner is left mining.  But it can essentially fail through lack of liquidity.

We could put the question a different way: Do most share market traders actually care about supporting the companies they are trading?  Or are they just there to extract as much money, and as quickly, as possible out of the moving share price?

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MaxSan
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October 18, 2011, 08:26:30 AM
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I compre are it more to forex. When making pips there are traders world wide all aiming for their own currency (adventually I presume). With bitcoin it seems people only want to extract dollars and not make bitcoins to keep, which would be nice for a change.
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October 18, 2011, 08:32:54 PM
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I count my trading returns in Bitcoin. The only reason I trade is that I can obtain more Bitcoin by trading than I can by mining right now.

This!


Minsc
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October 18, 2011, 08:51:22 PM
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Yes but we don't have unlimited money to buy all the coins being dumped.

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322i0n
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October 18, 2011, 09:16:38 PM
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Quote
It's in no one's interests to see bitcoin fail.
it is definitely in the interest of some people to see bitcoin fail/

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adamstgBit
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October 18, 2011, 10:08:20 PM
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OMG OMG its happening! NOW

Vandroiy
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October 19, 2011, 11:25:08 PM
 #9

I think it would be better if people would just chill instead of screaming "OMG BITCOIN IS DEAD" because a price bubble deflates.

Just keep going, and the market will organize itself. Run around in a frenzy and nobody gains.
Cluster2k
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October 20, 2011, 01:06:25 AM
 #10

I'm amazed the hashing rate is still so high.  Once we filter out the power thieves, Libertarian mine-at-any-cost, and fixed (for now) power contract miners, who is left that feels they should be mining right now at a loss?

The people keeping the hash rate high right now are actually hurting bitcoin.  They're keeping other miners out of the market by deliberately losing money.  It has been proven dozens of times on this forum that difficulty does not correlate with bitcoin's price, so keeping the hash rate high (and in turn, keeping difficulty high) in an act of bravado is doing no one any favours.

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druid
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October 20, 2011, 02:12:38 AM
 #11

It has been mentioned many times on these boards....

If you are believer, you mine because you believe that price will go up

if it cost you 3$ and you believe some day it will be 10$, you will not give a single f*ck about the price now
old_engineer
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October 20, 2011, 03:39:43 AM
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I'm amazed the hashing rate is still so high.  Once we filter out the power thieves, Libertarian mine-at-any-cost, and fixed (for now) power contract miners, who is left that feels they should be mining right now at a loss?

The people keeping the hash rate high right now are actually hurting bitcoin.  They're keeping other miners out of the market by deliberately losing money.  It has been proven dozens of times on this forum that difficulty does not correlate with bitcoin's price, so keeping the hash rate high (and in turn, keeping difficulty high) in an act of bravado is doing no one any favours.
With winter coming in the northern hemisphere, mining for bitcoins still pays more than running a space heater.  We'll see what happens in the spring.
helloworld
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October 20, 2011, 03:46:08 AM
 #13

It has been mentioned many times on these boards....

If you are believer, you mine because you believe that price will go up

if it cost you 3$ and you believe some day it will be 10$, you will not give a single f*ck about the price now

If you are a miner, but also a hoarder, then low prices are BETTER because it should mean the difficulty is lower. Then the price should skyrocket just moments before you intend to sell Smiley

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