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Author Topic: Miners, sell higher!  (Read 4739 times)
pwnyboy
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May 19, 2011, 06:24:50 PM
 #41

I agree with the notion of "Miners, sell higher!".  If BTCs were worth their high of $8.90ish before the difficulty increase, they ought to be worth at least $8 plus the proportion of increased difficulty, so just shy of $11 each, in my estimation.  However, let's not forget that the market is already overpriced (obviously, as prices have been flat-to-descending for a while).  It's fundamentals are hard to ascertain, as it's somewhat like gold, but better, yet not as well known and not as well traded. 

I made projections back in late April as to what I think the current BTC value would be now, based on the supply/demand fundamentals of difficulty increases and other predicted (even if only psychological) fundamentals.  My original prediction for today's date was $3.23, vastly different from the $6.90 to $7 that we're seeing today.  About a week later I revised that prediction (based on more information) upward to $4.76.  Still a far cry from $7 Smiley

Given that current prices are 47% higher than my last prediction, that'd put us at $8.62 by May 25th, $9.03 by May 31st and $11.55 by June 11th.  As always, we'll see...
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SgtSpike
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May 19, 2011, 06:34:56 PM
 #42

I'm still in the black at about $0.80/BTC at the current difficulty level in the summer, and $0.30/BTC at the current difficulty level in the winter.

Not worried.
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May 19, 2011, 08:23:42 PM
 #43

I think the price is headed lower as some of the speculators get disappointed by the recent price drop and want out.  The days of making large profits speculating are over.  That is ok, I am here to use bitcoin as a currency not as an investment vehicle. 

I am looking forward to the days that I can use a site like biddingpond.com (but with more traffic as is slowly increasing there) to sell stuff with small cut going to the the auction site but nothing like the 10% ebay is charging. 

TurboK
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May 19, 2011, 08:36:15 PM
 #44

It doesn't matter how high miners sell (I have 60btc for 12$ right now), what you need is people buying higher. If no one wants to buy coins, price will plummet very fast.

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martok
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May 19, 2011, 11:55:35 PM
 #45

I think the price is headed lower as some of the speculators get disappointed by the recent price drop and want out.  The days of making large profits speculating are over. 

For what it's worth, I thought BTC was overvalued at $0.8 at that difficulty since one could go out and buy a GPU and mine profitably. As long as btc mined > cost(depreciation+electricity), BTC.USD should fall or difficulty should increase. Thus far, it hasn't happened, difficulty is increasing but BTC.USD still keeps mining profitable. It is not sustainable.
IlbiStarz
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May 20, 2011, 12:15:08 AM
 #46

This is stupid, how can you just say "sell higher"? No one will buy them if you think that way. The buyers are also thinking "buy lower". The difficulty has no relationship with the cost.

It's better to be pissed off, than to be pissed on.
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