The price of Bitcoin is going down because the price is going down,

[killat]

Bitcoin's price is directly influenced by the demand and offering. As demand decreased a lot compared with late 2017 it was normal to see the correction from 2018.

However, when demand will increase, don't forget that btc's supply is very limited, so the price might go up easily.

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[nutildah]

people want to find the cheapest way to obtain bitcoin. either on the market or by mining it.
when its cheap to mine it, the price goes down becasue people mine it, and if profitable they sell some on the market.
when its expensive to mine it, people buy it and the price goes up

I don't know how you can continue to believe in this dynamic. It seems like something out of 2011-12. First of all, most people can't just suddenly decide to take up bitcoin mining. The general public is reliant upon miners who are deeply invested in it and in it for the long term. Second of all, the price has been consistently lower than the average cost to mine it for quite some time now. Most mining operations have been taking a loss for months. BTC isn't going to magically rise because of what's going on with the miners.

https://www.chepicap.com/en/news/4275/the-cost-of-mining-bitcoin-has-overtaken-the-profit.html

If your assertion was correct, BTC would be back above $5,000 by now.

[franky1]

people want to find the cheapest way to obtain bitcoin. either on the market or by mining it.
when its cheap to mine it, the price goes down becasue people mine it, and if profitable they sell some on the market.
when its expensive to mine it, people buy it and the price goes up

I don't know how you can continue to believe in this dynamic. It seems like something out of 2011-12. First of all, most people can't just suddenly decide to take up bitcoin mining. The general public is reliant upon miners who are deeply invested in it and in it for the long term. Second of all, the price has been consistently lower than the average cost to mine it for quite some time now. Most mining operations have been taking a loss for months. BTC isn't going to magically rise because of what's going on with the miners.

https://www.chepicap.com/en/news/4275/the-cost-of-mining-bitcoin-has-overtaken-the-profit.html

If your assertion was correct, BTC would be back above $5,000 by now.

1. is not a sudden reaction..
2. the UNDERLYING VALUE is not the same as PRICE
3. the mining dynamic is not a predictor of ATH or sudden movements daily.
4. the cost of mining/overtaken profit link just reading the links wording suggests they have no clue*
5. might be worth you going deper and researching beyond high school level stuff

*i clicked the link and seen data of 2018. and yet if you compare it to 2019 its actually cheaper to mine in january than it is to min in september 2018.. so might be worth you updating your sources.
tip. not only did hashrate drop in october..(lower electric) but as of christmas, new EFFICIENT miners were released which even further dropped the cost.

[nutildah]

I still don't know how you can continue to push this narrative after being wrong for so many months in a row.

1. is not a sudden reaction..

Yeah I guess not because it hasn't happened in 4 months.

2. the UNDERLYING VALUE is not the same as PRICE

Has nothing to do with this discussion.

3. the mining dynamic is not a predictor of ATH or sudden movements daily.

OK I agree.

4. the cost of mining/overtaken profit link just reading the links wording suggests they have no clue*

There's several stories that all come to the same conclusion, because its a very real phenomenon. I understand mining costs vary tremendously from region to region but we're talking about a mass average here.

5. might be worth you going deper and researching beyond high school level stuff

You're an asshole. What makes it worse is the fact that you're wrong.

[franky1]

You're an asshole. What makes it worse is the fact that you're wrong.

well you just continue looking at chart data and think thats all you ned to look at.
while smarter people look at real causations and real events.

but i do find it funny how you made a meme that trend anals(TA) but then you flip flop to then think the price is just based on price
without understanding where peoples common support levels come from

trend anals that only look at the price are the foolish people that ignore technicals.
it really might be worth you looking beyond chart data

[coinwizard_]

The price is going down because bitcoin cash split and diluted the community. Looking at the charts we are hovering around the bottom so it's still time to accumulate before the bull run begins

[franky1]

Lets do some High School economics

you have not done much research.
have a nice month

seeing as your comparing bitcoin to paypal shows how little you know
then by you not understanding how mining farms function shows you dont understand their 'survival' methods
you really are stuck in 2 dimensional highschool level theories

it might be worth you researching more and theorising less

[nutildah]

You're an asshole. What makes it worse is the fact that you're wrong.

well you just continue looking at chart data and think thats all you ned to look at.
while smarter people look at real causations and real events.

but i do find it funny how you made a meme that trend anals(TA) but then you flip flop to then think the price is just based on price
without understanding where peoples common support levels come from

trend anals that only look at the price are the foolish people that ignore technicals.
it really might be worth you looking beyond chart data

Dude. I don't look at chart data, other than its quite obvious BTC was overbought near its ATH. I never said "price is just based on price." You're just pulling stuff out of your ass now.

"Smarter people look at real causations and real events."

You're looking at the wrong ones. Earlier you referenced you've been buying bits throughout last year. That's why you're so incredibly sour right now, because you're obviously sitting on a loss. So your own analysis never helped you.

[nutildah]

This article was published today:

https://fossbytes.com/bitcoin-mining-costs-now-exceeds-its-worth-jp-morgan/

In the fourth quarter, the cost of mining a Bitcoin averaged around $4,060 while the trading cost is $3,600. However, there is a varied range for which a Bitcoin can be mined. For example, Chinese miners can get a Bitcoin by spending just $2,400 in the mining process.

Now, instead of just attacking the source and everybody's intelligence, maybe come up with your own numbers and evidence to support them?

The idea that price correlates to mining cost is ludicrous. Well before the price sank below $4,000, you were telling everybody on this board that it would never fall below the cost of mining. You were wrong. You've been wrong for quite some time, and you're wrong now.

Edit: Furthermore, if "new miners" was the reason for the drop in price, why has the difficulty being going _down_ since October? It should be going up!

https://www.blockchain.com/charts/difficulty

[Broly46]

Nothing goes up in life, dollar value, salary, income, food price, smart phone price, everything going down. The doomsday is near.

The prices of food,smartphones,etc. are going up because the US dollar value is going down.
I can't agree with the statement in the thread's title.The price of bitcoin does down because the btc buyers are less and the btc sellers are more.That's the real reason.We don't need a crypto "guru" to tell us this shit.

Everything goes down with the dollar, the price for tortilla was $2 in 2016 and it is $2 today, it may look like the same, after including the inflation, it is actually going down in value. The same for smart phone which is priced in dollar.

[Harlot]

Lets do some High School economics

you have not done much research.
have a nice month

seeing as your comparing bitcoin to paypal shows how little you know
then by you not understanding how mining farms function shows you dont understand their 'survival' methods
you really are stuck in 2 dimensional highschool level theories

it might be worth you researching more and theorising less

The problem when I see Khaos77's post is that he didn't factor in too much on why miners even though BTC prices are low are still running their operations. He forgot to mention anything about the level of difficulty Bitcoin mining has that adjust depending on how many miners are active mining Bitcoin. Before 2019 even started the level of difficulty of Bitcoin dropped significantly at the same time BTC prices are going down which means miners now have an easier time getting a block reward, which I think will compensate to the latest price drop we have.

[pooya87]

Difficulty is only relevant in regards to PoW security.

and also it relates to profitability. the higher the difficulty the harder it would be for a single miner with 1 ASIC to earn the same amount so less profit. depending on where they are located and how much electricity cost they have, they may give up soon or they may stay. those that give up sooner because of higher costs are the reason why difficulty drops.

as it is still unprofitable at the present time.

it is not a general thing. not everyone has the same costs. if you mine at the heart of New York City, if bitcoin price goes to $25000 you still may not make any profit but if you are in a place with cheap electricity then even if it drops to $1000 you are still making profit.

Also continued loss of miners only further centralizes bitcoin , which was already overly centralized before the price drop crisis.

it has nothing to do with that.

[jonas5222000]

Everything was changing,i think the cause of dropping price of bitcoin is the community,they're probably a big cause of dropping the price of it,but the volume of it will be comeback and this is what i am asure,because also the holders of bitcoin they can control the price of it.

[$anounimus$]

lol, what makes the price of bitcoin go down is traders who panic and don't control the panic because of bad news so the condition of the cryptocurrency price at the exchange place falls as it is today.

[marjil]

Nothing goes up in life, dollar value, salary, income, food price, smart phone price, everything going down. The doomsday is near.

That's not totally accurate. Inflation keeps going up so that prices of goods are always increasing every year. And actually you mention dollar value but that has also increased over the past year as well.

[St4yInTh3D4rk]

Nothing goes up in life, dollar value, salary, income, food price, smart phone price, everything going down. The doomsday is near.

That's not totally accurate. Inflation keeps going up so that prices of goods are always increasing every year. And actually you mention dollar value but that has also increased over the past year as well.

What about bitcoin,the prices keep increasing every year right.

Bitcoin can kill inflation that is why we need decentralization to be implemented everywhere but still people are concerning about the prices compared to USD.

[gabmen]

Nothing goes up in life, dollar value, salary, income, food price, smart phone price, everything going down. The doomsday is near.

That's not totally accurate. Inflation keeps going up so that prices of goods are always increasing every year. And actually you mention dollar value but that has also increased over the past year as well.

What about bitcoin,the prices keep increasing every year right.

Bitcoin can kill inflation that is why we need decentralization to be implemented everywhere but still people are concerning about the prices compared to USD.

Yup bitcoin keeps increasing every year, that is until 2017. Obviously last year and this year isn't living up to that trend. I think it's now time to look at the bigger picture and stop making expectations from a short term standpoint.

[aditya6997]

Water is wet because water is wet.

[pat4cryptoreal]

I read this topic and I have being pondering over it for a while. I have realize that this statement is true. The price of bitcoin is going down because the market is driven by demand . If the price is going down globally where will people have money to purchase bitcoin which will cause a high demand that will make the price to go high. Bitcoin will go up when price goes up.

[cubevtc]

No more people investing in btc so is normal down a bit,But for sure up again in next month