Miners are killing bitcoin

[ujka]

I have a lot to lose, when Bitcoin fails, but I still enjoy this threads. A lot to laugh about.

A lot to laugh about, indeed.
But I'm getting a little irritated by the uninformed making statement like 'Unless difficulty drops significantly, I don't see any incentive on why miners would be taking a loss'. What is this? I read that over 10 times, thinking I misread something.

[turvarya]

I have a lot to lose, when Bitcoin fails, but I still enjoy this threads. A lot to laugh about.

A lot to laugh about, indeed.
But I'm getting a little irritated by the uninformed making statement like 'Unless difficulty drops significantly, I don't see any incentive on why miners would be taking a loss'. What is this? I read that over 10 times, thinking I misread something.

I don't know, there are always a lot of opinions out there, that don't make sense to me, but are repeated a lot.
If you look at it from a mathematical perspective, the statement make sense. If you have the same hardware and are currently at a loss, there are 3 ways to get back in the winning zone:
1. price goes up: you can sell your btc for more money
2. difficulty goes down: you produce more btc
3. you pay less for your energy

Why people think, it has to be number 2, I have no idea.

[mayax]

Bitcoin price is going down. When the price will reach 1 BTC = 100 USD, the miners won't be on profit and they will stop their working.

[tins]

Bitcoin price is going down. When the price will reach 1 BTC = 100 USD, the miners won't be on profit and they will stop their working.

Seems like a reasonable floor. I'd take it to re-buy in.

[mayax]

Bitcoin price is going down. When the price will reach 1 BTC = 100 USD, the miners won't be on profit and they will stop their working.

Seems like a reasonable floor. I'd take it to re-buy in.

there are people who talk about 10 USD because nobody is buying at this time and there are no BIG stupids whales anymore

[jubalix]

No miners, no Bitcoin.

cough cough, BTC adopts POS so theres that, it would work without miners.

[lihuajkl]

No, miners are securing the network! The lower price is caused by recent events which are undermining the confidence of bitcoin holders, such as the missing coins in bitstamp and BlockChain, the random number issues etc!there are endless issues coming out every day!

[Flashman]

I have a lot to lose, when Bitcoin fails, but I still enjoy this threads. A lot to laugh about.

A lot to laugh about, indeed.
But I'm getting a little irritated by the uninformed making statement like 'Unless difficulty drops significantly, I don't see any incentive on why miners would be taking a loss'. What is this? I read that over 10 times, thinking I misread something.

Well that does make a bit of sense in that, difficulty is a proxy for the number of miners/amount of hash, if the 3600 BTC a day pie is shared between less miners then they get more pie each.

[Q7]

They are the one maintaining the network so why blame them? If for any reason bitcoin fails, it is purely the design and fault in the system that allow people to manipulate.

[mayax]

CEX.io  suspended their services. So, the miners are jumping from boat

[rofllmao]

this is ridiculous, you are guys are so overwhelmed by greed that are putting the blame on the backbone of this thing, the miners that gives you the last argument to keep using bitcoin, muh network, its over there is better tech than bitcoin.

[sandykho47]

Miners keep bitcoin alive while killing bitcoin too

[sandykho47]

Miners keep bitcoin alive while killing bitcoin too

[flipstyle]

I have a lot to lose, when Bitcoin fails, but I still enjoy this threads. A lot to laugh about.

A lot to laugh about, indeed.
But I'm getting a little irritated by the uninformed making statement like 'Unless difficulty drops significantly, I don't see any incentive on why miners would be taking a loss'. What is this? I read that over 10 times, thinking I misread something.

Well that does make a bit of sense in that, difficulty is a proxy for the number of miners/amount of hash, if the 3600 BTC a day pie is shared between less miners then they get more pie each.

Shhh.  Don't let him in on that little fundamental secret.  It appears he's quite confident in his own ignorance.

[avw1982]

No miners, no Bitcoin.

This!

[ujka]

I have a lot to lose, when Bitcoin fails, but I still enjoy this threads. A lot to laugh about.

A lot to laugh about, indeed.
But I'm getting a little irritated by the uninformed making statement like 'Unless difficulty drops significantly, I don't see any incentive on why miners would be taking a loss'. What is this? I read that over 10 times, thinking I misread something.

Well that does make a bit of sense in that, difficulty is a proxy for the number of miners/amount of hash, if the 3600 BTC a day pie is shared between less miners then they get more pie each.

Shhh.  Don't let him in on that little fundamental secret.  It appears he's quite confident in his own ignorance.

and irritated with post like this (if he=me). I know that 'secret', see my previous post https://bitcointalk.org/index.php?topic=923018.msg10135314#msg10135314

Difficulty doesn't drop by some king of magic, or God intervention. If mining is not profitable for some miners, they will stop mining. Less hashrate on the network - difficulty drops, and miners that are still mining get more coins.

Pay attention, please.

[mayax]

there will no profitable for any miner because the expenses will be higher than the revenue

[flipstyle]

I have a lot to lose, when Bitcoin fails, but I still enjoy this threads. A lot to laugh about.

A lot to laugh about, indeed.
But I'm getting a little irritated by the uninformed making statement like 'Unless difficulty drops significantly, I don't see any incentive on why miners would be taking a loss'. What is this? I read that over 10 times, thinking I misread something.

Well that does make a bit of sense in that, difficulty is a proxy for the number of miners/amount of hash, if the 3600 BTC a day pie is shared between less miners then they get more pie each.

Shhh.  Don't let him in on that little fundamental secret.  It appears he's quite confident in his own ignorance.

and irritated with post like this (if he=me). I know that 'secret', see my previous post https://bitcointalk.org/index.php?topic=923018.msg10135314#msg10135314

Difficulty doesn't drop by some king of magic, or God intervention. If mining is not profitable for some miners, they will stop mining. Less hashrate on the network - difficulty drops, and miners that are still mining get more coins.

Pay attention, please.

Uhh.  You realize you re-iterated what I said in my excerpt that you claimed was false. Lol.  I don't even know where you're going with this....I clearly stated dropping price forces miners out, and the price may not recover if miners drop out unless the difficulty drops enough for miners to jump back in.

Reading is fundamental, my friend.

[ujka]

^
Ok, NOW you are clearly stating that we indeed are telling the same thing. Your previous wording was confusing (english is my 3rd language, and I really did read that over 10 times), that I tought you are saying difficulty is kind of changing on it's own will.

[saddampbuh]

they have no choice but to sell coins to meet costs, the question on my mind is how does anyone still think proof of work was a good idea