Ursium
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Activity: 149
Merit: 100
Ethereum
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October 08, 2014, 10:16:55 PM |
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No. Why: we use darkpools. Also: we sold very little of what we moved out of exodus in order to not dip anything, as crashing btc is going against our own employees and ourselves, who hold BTC. Also: this story is just as funny as it's ludicrous, even if we had sold everything we had moved out of exodus on the open market, it still wouldn't have dipped the market the way it went. Look at the volumes on bitstamp alone, 2k btc is a fraction of what they move a day. TL;DR: Not us, and we're rather see BTC go up, not down. Thanks for not spreading disinformation.
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Syke
Legendary
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Activity: 3878
Merit: 1193
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October 08, 2014, 10:27:56 PM |
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Yep, its my educated guess based on how mining has evolved these past two years. I used that word intentionally because there is no way to know for sure what it is. I don think its low as miners have real costs that they need to recover.
Sure, they have "real costs", but not everyone has to recoup them. Mining is also a way to accumulate coins, not just profit. For instance, I mine, and have significant energy costs, but I don't sell the mined coins to cover the energy costs. This is one way I invest USD to obtain BTC.
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Buy & Hold
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Oblodo
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October 08, 2014, 11:27:01 PM |
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I mine, I do not sell. I hodl. I have a few TH/s so I have a few coins... So not all miners sell. I do however do a bit of alt trading and used to mine a lesser coin. But I am now all in BTC. I lost quite a lot of Gox coins.. I am lucky, and have my own waterfall that produce power, I even sell a bit of power back to the grid. (Norway) so only investment was mining rigs, and I got in to BTC before 2012, but forgot about my wallet until 2013 and the bubble. So going beond gpu mining was a pretty easy decision. The idea that power is expensive can be wrong.. I do not think I am alone. BTW, I quit my day job in April 2013... I love to read all the fantasy stories on this board. Whales and manipulators. Paranoid, simple minded people is fun at times.. We do not need fiat, we have BTC. Once people understand what I am talking about, you will be free. Forget the fiat. I do buy BTC with fiat, and have not lost a cent, or pardon me, a santoshi so far. I trade on Bitstamp, and BTC-e and OTC. But not like I did on Gox.. I am a bearbullrabbit...
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fewcoins
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October 09, 2014, 02:02:38 AM |
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I mine, I do not sell. I hodl. I have a few TH/s so I have a few coins... So not all miners sell. I do however do a bit of alt trading and used to mine a lesser coin. But I am now all in BTC. I lost quite a lot of Gox coins.. I am lucky, and have my own waterfall that produce power, I even sell a bit of power back to the grid. (Norway) so only investment was mining rigs, and I got in to BTC before 2012, but forgot about my wallet until 2013 and the bubble. So going beond gpu mining was a pretty easy decision. The idea that power is expensive can be wrong.. I do not think I am alone. BTW, I quit my day job in April 2013... I love to read all the fantasy stories on this board. Whales and manipulators. Paranoid, simple minded people is fun at times.. We do not need fiat, we have BTC. Once people understand what I am talking about, you will be free. Forget the fiat. I do buy BTC with fiat, and have not lost a cent, or pardon me, a santoshi so far. I trade on Bitstamp, and BTC-e and OTC. But not like I did on Gox.. I am a bearbullrabbit...
Same! Except I don't have a waterfall & I have sold everything I mined today @ $352 on bitstamp. Im watching out for the correction tomorrow! What do you do to pay the bills now that you left your day job?!
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Oblodo
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October 09, 2014, 11:11:46 AM |
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Sell BTC otc if I need cash. But I have enough Fiat to last me and my family until I am gone from this earth....rental income...
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fewcoins
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October 10, 2014, 02:21:02 AM |
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Sell BTC otc if I need cash. But I have enough Fiat to last me and my family until I am gone from this earth....rental income...
Thank god man, god bless... This is why real estate tends to always pay off! Hopefully bitcoin does too!!!
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halfawake
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October 10, 2014, 03:13:36 AM |
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Here's my explanation of why: it's actually good news, sort of. This is definitely oversimplifying matters, but I think it's fairly accurate. The bitcoin price has so much downward pressure because there's been a ton of bitcoin adoption by businesses and people are actually buying. The bad news is that, obviously, most of the buyers aren't immediately buying more bitcoins to match their purchase, and there isn't enough speculation demand these days to bring the price up after factoring in the businesses immediately cashing out bitcoin purchases. So, yeah, short term it sucks, because the value of bitcoin has dropped by like half in the last several months. But I'm still optimistic long term because of merchant adoption. I'm just going to leave this here. If you want to help prevent further price drops, you have the power to do this as a buyer: immediately repurchase bitcoins to replace any purchase you make. And if you're a miner, try not to sell your bitcoins these days. Obviously, if you have to sell to pay rent or whatever, go for it, but if the price keeps dropping, it may not be economical for a lot of people to mine.
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BTC: 13kJEpqhkW5MnQhWLvum7N5v8LbTAhzeWj
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xcapator
Sr. Member
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Activity: 322
Merit: 252
Here I Am !!
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November 29, 2014, 09:52:26 AM |
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Here's my explanation of why: it's actually good news, sort of. This is definitely oversimplifying matters, but I think it's fairly accurate. The bitcoin price has so much downward pressure because there's been a ton of bitcoin adoption by businesses and people are actually buying. The bad news is that, obviously, most of the buyers aren't immediately buying more bitcoins to match their purchase, and there isn't enough speculation demand these days to bring the price up after factoring in the businesses immediately cashing out bitcoin purchases. So, yeah, short term it sucks, because the value of bitcoin has dropped by like half in the last several months. But I'm still optimistic long term because of merchant adoption. I'm just going to leave this here. If you want to help prevent further price drops, you have the power to do this as a buyer: immediately repurchase bitcoins to replace any purchase you make. And if you're a miner, try not to sell your bitcoins these days. Obviously, if you have to sell to pay rent or whatever, go for it, but if the price keeps dropping, it may not be economical for a lot of people to mine. Good point. Also the constant sell pressure of businesses accepting Bitcoin and then selling right away is part of the problem.
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dinofelis
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November 29, 2014, 11:23:38 AM |
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Good point. Also the constant sell pressure of businesses accepting Bitcoin and then selling right away is part of the problem.
It is not part of the problem. It is a fundamental of bitcoin as a currency. The velocity of bitcoin lowers the price which is way too high today as compared to its currency fundamental. There are 3 components to the bitcoin price: - the currency fundamental (the demand for coins to hold between acquiring them and spending them, to buy stuff with). I think that fundamental is quite low today, and comes mainly from the black market usage of bitcoin as a currency. - the "store of value" fundamental (the market share of the gold market and a few similar markets). I think that's also pretty low today. - the speculation for higher fundamentals in the future (near or far). I think that's the main component of the bitcoin price.
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galbros
Legendary
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Activity: 1022
Merit: 1000
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November 30, 2014, 11:13:14 PM |
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I really think a big part of the problem is that the exchanges are essentially running on fractional reserves. They can just credit their accounts with BTC and no one is the wiser until there is a "run" on them. This was a concern on the move down from the $600 level earlier in the year. Another article has appeared about this today.
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cexylikepie
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November 30, 2014, 11:26:51 PM |
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I really think a big part of the problem is that the exchanges are essentially running on fractional reserves. They can just credit their accounts with BTC and no one is the wiser until there is a "run" on them. This was a concern on the move down from the $600 level earlier in the year. Another article has appeared about this today. exactly this. i have a feeling another tragedy is on the horizon.
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grappa_barricata
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Activity: 154
Merit: 100
playing pasta and eating mandolinos
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December 01, 2014, 09:34:36 PM |
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Sometimes, market makers wishing to sell very big amount have little option left but to lower the price. In the process selling some, and then selling the majority at the new (lower) price level, where people are more willing to buy (due to lower price). This also work on the opposite way. I'm not saying that this was the case for bitcoin last year, only that it may be the case sometimes.
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Fortune cannot take away what she has not given.
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riiiiising
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December 01, 2014, 10:14:16 PM |
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Right, the best way to get people interested in an asset is to have it drop in value steadily for over a year.
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grappa_barricata
Full Member
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Activity: 154
Merit: 100
playing pasta and eating mandolinos
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December 01, 2014, 10:43:31 PM |
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Right, the best way to get people interested in an asset is to have it drop in value steadily for over a year. What i'm saying is that for someone it is better to be able to sell 500k BTC at ~350$ than 100k at ~400$.
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Fortune cannot take away what she has not given.
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cexylikepie
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December 01, 2014, 10:44:46 PM |
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Right, the best way to get people interested in an asset is to have it drop in value steadily for over a year. its the only year it's ever done that though...
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Habeler876
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December 01, 2014, 10:56:48 PM |
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Right, the best way to get people interested in an asset is to have it drop in value steadily for over a year. its the only year it's ever done that though... Out of what, 5 years? Not much history there....
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