Where are the SELLERS??!?

[InwardContour]

It's the summer effect.

People are taking a break from cryptos.

Every major pump which happened, it happened in November ( If I'm not wrong ).

Nah, what about the March/April 2013 bubble? But you're right that people are most probably taking a summer break or similar. When do you people think they'll be back and ready to throw some money at BTC again? I believe it could very well be late summer rather than fall already!

The previous bubbles didn't started all in the same period of the year and when it happened was just a coincidence.
There is always a real reason which trigger the rally, maybe the next will be the wall street big guys, who knows.

[harlenadler]

It's the summer effect.

This!

Well, last summer we bottomed ~ July 4th..... how about this year?

[windjc]

What if you have free electricity

Oh, thats simple.
Then you sell electricity and take over the global power business. Why go through the hassle to do anything else?

and develop your own chips?

Then you will have to use them yourself when you run out of suckers to sell them to and see and it works out.
Cough.

Ooohhh. What then?

Next question please.

The fact that you think all miners operate at the same price point is misguided. They do not. This can be proven by reading comments and interviews with miners. Some are in the red. Some are very much in the black.

[DjPxH]

It's the summer effect.

People are taking a break from cryptos.

Every major pump which happened, it happened in November ( If I'm not wrong ).

Nah, what about the March/April 2013 bubble? But you're right that people are most probably taking a summer break or similar. When do you people think they'll be back and ready to throw some money at BTC again? I believe it could very well be late summer rather than fall already!

The previous bubbles didn't started all in the same period of the year and when it happened was just a coincidence.
There is always a real reason which trigger the rally, maybe the next will be the wall street big guys, who knows.

I really thought the SR US-Marshalls auction would be this year's trigger. The price actually went up quite a bit, but not enough to call it a major uptrend or the beginning of a new bubble. Also, unfortunately we went down a couple percent since this and are stagnating around the current level...

[dropt]

What if you have free electricity

Oh, thats simple.
Then you sell electricity and take over the global power business. Why go through the hassle to do anything else?

Having free power and generating power are two very different things.

and develop your own chips?

Then you will have to use them yourself when you run out of suckers to sell them to and see and it works out.
Cough.

Ooohhh. What then?

Next question please.

Alydian is a joke.  How about you re-evaluate that question using KnC, Bitfury, or Bitmain instead?  Hell, even BFL likely has a largeish private farm.

[kireinaha]

It's the summer effect.

People are taking a break from cryptos.

Every major pump which happened, it happened in November ( If I'm not wrong ).

I got into bitcoin during the spring 2013 rally, so that definitely wasn't a November pump. Now we're just getting into "astrology" again, reading tea leaves. Are we to believe because some people are taking a road trip, that suddenly bitcoin is a non-issue again? What type of unique occurrence could possibly come into play during summer only that dampens demand?

Most bitcoiners are median age of 30 years and above, and like me, sit in front of a computer all day for work, so summer doesn't mean anything special to them.

[harlenadler]

It's the summer effect.

People are taking a break from cryptos.

Every major pump which happened, it happened in November ( If I'm not wrong ).

What about the April bubble? Didn't that start in January/February?

[An amorous cow-herder]

What if you have free electricity

Oh, thats simple.
Then you sell electricity and take over the global power business. Why go through the hassle to do anything else?

Having free power and generating power are two very different things.

There is no such thing as "free power". You might have the electricity fee including in the rent for a flat, but there is no way to anyone will get the power to run a largish mining farm for free.

Alydian is a joke.  How about you re-evaluate that question using KnC, Bitfury, or Bitmain instead?  Hell, even BFL likely has a largeish private farm.

Just go the mining sections in this forum, or check something like this calculator. No available gear will break even at current rates.
And dont get me started about BFL. Those Monarchs are overdue by half a year and would only barely break even if they would cost about a third of what they sell for. No idea how high the markup is, but i really kind of doubt those are profitable even just counting R&D and production costs.

[harlenadler]

I'd say the sellers are keeping the price capped here quite nicely....

[dropt]

There is no such thing as "free power". You might have the electricity fee including in the rent for a flat, but there is no way to anyone will get the power to run a largish mining farm for free.

I'm not arguing the validity of "free power", I'm merely stating that the idea of a miner having "free" power doesn't necessarily mean they've got power to sell for mad profit as you so suggested.

Alydian is a joke.  How about you re-evaluate that question using KnC, Bitfury, or Bitmain instead?  Hell, even BFL likely has a largeish private farm.

Just go the mining sections in this forum, or check something like this calculator. No available gear will break even at current rates.
And dont get me started about BFL. Those Monarchs are overdue by half a year and would only barely break even if they would cost about a third of what they sell for. No idea how high the markup is, but i really kind of doubt those are profitable even just counting R&D and production costs.

Don't deflect.  The point stands that "miners" as in KnC, Bitfury, Bitmain, etc can all produce hardware that reaches an ROI, they may not sell it to you, the end-user in a manner that earns you a profit, but they certainly can manufacture HW that creates a return.

[windjc]

There is no such thing as "free power". You might have the electricity fee including in the rent for a flat, but there is no way to anyone will get the power to run a largish mining farm for free.

I'm not arguing the validity of "free power", I'm merely stating that the idea of a miner having "free" power doesn't necessarily mean they've got power to sell for mad profit as you so suggested.

Alydian is a joke.  How about you re-evaluate that question using KnC, Bitfury, or Bitmain instead?  Hell, even BFL likely has a largeish private farm.

Just go the mining sections in this forum, or check something like this calculator. No available gear will break even at current rates.
And dont get me started about BFL. Those Monarchs are overdue by half a year and would only barely break even if they would cost about a third of what they sell for. No idea how high the markup is, but i really kind of doubt those are profitable even just counting R&D and production costs.

Don't deflect.  The point stands that "miners" as in KnC, Bitfury, Bitmain, etc can all produce hardware that reaches an ROI, they may not sell it to you, the end-user in a manner that earns you a profit, but they certainly can manufacture HW that creates a return.

Exactly. Some of them have suggested their cost for BTC are in the $400 range.

[negafen]

Volume has gone down quite a bit compare to a few months ago.

If I have to guess, it is cash strap miner and payment processing company selling at this level.

[azguard]

It's the summer effect.

People are taking a break from cryptos.

Every major pump which happened, it happened in November ( If I'm not wrong ).

Last year was November and it was huge. There are tread here with voting most voted that will happen in end of August or in September.


Hard to now when will this occur but seem like the more people are talking about it the are chances that it will happen sooner then later.

Dont you agree all?

[phelix]

I think c) is happening to some extend. Some whale speculators are scared because price is stagnating. Sharks are buying off exchange and then dump a percentage on the exchanges to keep the price low. At some point there will be no more scared whale speculators and the price will rise.

Also there is no "story" so there is little news about Bitcoin in the mainstream media.

[DjPxH]

I'd say the sellers are keeping the price capped here quite nicely....

Yeah, but it's only the people who have to liquidate regularly. Like miners, businesses, etc.! Bears can't seem to be doing anything to bring the price down at the moment.

[Febo]

Nooen wants to sell since they bought to get rich.
Bag holders allready sold, and dont real need more money.

[RobertDJ]

I'd say the sellers are keeping the price capped here quite nicely....

Yeah, but it's only the people who have to liquidate regularly. Like miners, businesses, etc.! Bears can't seem to be doing anything to bring the price down at the moment.

I think that a lot of the price pressure lately is coming from the large businesses that are selling the bitcoin they receive from sales in bitcoin

[An amorous cow-herder]

Don't deflect.  The point stands that "miners" as in KnC, Bitfury, Bitmain, etc can all produce hardware that reaches an ROI,

Citation required.
Lets just use KnC as an example, they used to be the poster child of the mining scene.
Sure doesnt look that bright anymore.
Interpreting Q1/Q2 as end of June, trying to wiggle out of promises. Cutting warranties. Declaring customers as business instead of consumers to wiggle out of consumer protection laws. Oh, and no more refunds obviously, the money is tied in datacenters and R&D after all.
But that doesnt matter, after all they mine themselves. And every one knows that only clean coins are going to be worth a lot. Those filthy stinkin coins you got, probably been used for crimes, drugs and/or stolen. Dont touch those stinkin coins. But keep those "clean" coins. Whatever you do, dont sell them. Dont bring the price down even further, aeh, i mean, its not about keeping the price up to keep the sales of hardware going, its just that only "clean" coins are going to be worth a lot. Promised  .

No, definately doesnt smell of despair.

[dennydotco]

I'd say the sellers are keeping the price capped here quite nicely....

Yeah, but it's only the people who have to liquidate regularly. Like miners, businesses, etc.! Bears can't seem to be doing anything to bring the price down at the moment.

I think that a lot of the price pressure lately is coming from the large businesses that are selling the bitcoin they receive from sales in bitcoin

I agree. 18 months ago there were a lot of people who had very modest to "All-in" bets on Bitcoin, but still had to work their day jobs to pay bills. In the last year and acquired some serious purchasing power and are probably spending some of it whether or not they are still working their jobs. I know after we go another 10x I will definitely be spending, but right now I'm hodling.

[BittBurger]

wouldn't you agree, though, that there is some hefty resistance above? it seems every time we try to push into the $630s, $650s, $680s, we keep getting smacked down by sellers. or is that just a lack of buyers?javascript:void(0);

Well all of you day trader folks are frothing at the mouth to "SELL" at the first sign of raised prices, so you can make that $10 you've been dying to make.  I've always said its the traders that are the main cause for volatility and lack of price increases overall.  Its you guys trying to play the system that cause the lack of your own profit.  And everyone elses.  Stop day trading Bitcoin.

-B-