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Author Topic: The Bitcoin Selloff Continues  (Read 2786 times)
franky1
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October 05, 2014, 12:33:34 PM
 #21

Maybe miners outside of the US have this luxury but US based miners have to pay their power bills and then their tax bills based on price at time of mining so they're basically forced to sell off.  My hosting costs are $2500+ a month.

mining should be aimed at those that are FIAT rich and want to get into bitcoin..

if your doing mining just to run back to FIAT to pay for a fiat lifestyle and living.. then your missing the point of bitcoin.

i got nothing against people selling bitcoin, dont get me wrong. but if your selling more then 50% of bitcoin earnings... then you need a new plan, as you prefer the fiat life.

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October 05, 2014, 03:14:19 PM
 #22

People are shutting down from spending Bitcoin which resulting in this price scarcity. We need to spend more.

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October 05, 2014, 03:28:16 PM
 #23

crappy exchanges are not where people are "selling off" to then grab real FIAT into their bank accounts.

its day trader manipulation for profit. wake up sheeple for the last 2 weeks all i have seen is the same 0.011 lists of small orders, and then a max of 200coin wall order. thus its the same players manipulating the main exchanges.

miners and investors/whales are not even touching exchanges, they are trading privately.

stop panicking over exchange prices. they are about as fake as when mtgox was at $100, and everywhere else was still at $450.

the amount of real bank account movements of exchanges is SMALL. so stop sheep following the manipulated exchanges.

+1 .
agree , most people dont realize this . The price is manipulated by exchanges
BTCmoons
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October 05, 2014, 04:51:00 PM
 #24

This price collapse is causing serious problems for any miners who have held a significant number of bitcoins since their income is counted on the day of mining but now if they sell it off they can only get half what they "earned" which is horrible.  The IRS tax rules on bitcoin have basically forced all miners to dump as soon as the coins as mined.  Well, whatever, maybe it'll be an opportunity to get in on the cheap now.

wrong..
i mentioned why in multiple topics panicking about the price drop. so ill just paste this snippit


as for miners. out of the 3600 coins produced a day, estimates are that only 600 is cashed out to fiat. the rest is hoarded. and of that 600 cashed out very little of it is done on the public crappy exchanges.
example of 2 separate miners on different block rewards
https://blockchain.info/address/19vvtxUpbidB8MT5CsSYYTBEjMRnowSZj4
~6000 coins earned from mining
~5000 coins NOT SPENT

https://blockchain.info/address/1GcF7j3YH8Qs8hvNEe7zbrQZftMU6sRLfu
~5000 coins earned from mining
~3500 coins not spent


miners are HOARDING not selling. the reason:
if i had $10million and wanted bitcoin. i cant simply throw it into a crappy exchange and buy coins. so i by rigs and pay my electric with the $10mill. and keep the coins.

anyone selling bitcoins after mining are dumb, and definitely not bitcoin investors.. infact you should treat them as electric company investors as the end result is no bitcoins, no fiat. and only a piece of paper that says they paid a large amount of money to an electric company.

so if your one of these people cashing out over 50% of your hoard... slap yourself with a wet fish and change your mindset
Most miners have reached their investment limit when they purchase their machines and are unable to invest more. As a result they have to sell enough bitcoin to pay for their electric costs.

Also it is much more risky to invest in a miner with the intention of using it to buy bitcoin because the difficulty will rise (most likely) and will eventually make it so it costs more electricity then a miner can produce in bitcoin making it rational to stop mining (as the miner could buy on an exchange instead of continuing to mine)
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October 05, 2014, 05:09:25 PM
 #25

bitcoin down but honey badger is dancing:



 Grin

Damn, they are pretty good dancers! ...better than me anyway haha

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Some1else0
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October 05, 2014, 05:13:10 PM
 #26

crappy exchanges are not where people are "selling off" to then grab real FIAT into their bank accounts.

its day trader manipulation for profit. wake up sheeple for the last 2 weeks all i have seen is the same 0.011 lists of small orders, and then a max of 200coin wall order. thus its the same players manipulating the main exchanges.

miners and investors/whales are not even touching exchanges, they are trading privately.

stop panicking over exchange prices. they are about as fake as when mtgox was at $100, and everywhere else was still at $450.

the amount of real bank account movements of exchanges is SMALL. so stop sheep following the manipulated exchanges.

Wasn't the low Mt.Gox price due to the fact that they weren't processing withdrawals at the time?
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October 05, 2014, 10:21:24 PM
 #27

The selloff will continue for a long time....... no end in sight.
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October 06, 2014, 02:35:23 AM
 #28

The selloff will continue for a long time....... no end in sight.

I'm thinking $100 and honestly I liked $100 Bitcoins....


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fewcoins
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October 06, 2014, 06:28:09 AM
 #29

Yea when BTC is $10 you will like them a lot then too
BayAreaCoins
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October 06, 2014, 06:29:17 AM
 #30

Yea when BTC is $10 you will like them a lot then too

Frankly I'd cum my pants.

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October 06, 2014, 08:14:43 AM
 #31

The number of mined bitcoins is not dropping at current difficulty level as the exchange rate with dollar is declining dramatically.

The number of mined bitcoins doesn't change, on average, except on a block halving.
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October 06, 2014, 09:52:56 AM
 #32

Maybe miners outside of the US have this luxury but US based miners have to pay their power bills and then their tax bills based on price at time of mining so they're basically forced to sell off.  My hosting costs are $2500+ a month.

mining should be aimed at those that are FIAT rich and want to get into bitcoin..

if your doing mining just to run back to FIAT to pay for a fiat lifestyle and living.. then your missing the point of bitcoin.

i got nothing against people selling bitcoin, dont get me wrong. but if your selling more then 50% of bitcoin earnings... then you need a new plan, as you prefer the fiat life.
I've never sold any of my mined bitcoins actually, but my tax bills are coming so I will likely be forced to liquidate to pay taxes.  And frankly you don't have to treat everything as some ideological war.  I've been plowing my other income into my bitcoin mining business but right now it's all red ink.

I did just average down though by purchasing a large position when bitcoin hit ~$300 but damn if I'm not in a pretty risky position now.
fewcoins
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October 06, 2014, 01:38:24 PM
 #33

Yea when BTC is $10 you will like them a lot then too

Frankly I'd cum my pants.

You don't create enough cum for all the price drops that will ensue
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