The point is everybody is selling BTC, nobody is BUYING bitcoins and this will make the price go down until people panic & make the price decline even further! Endless cycle!!!
By definition, there are as many people buying BTC as selling. When there are more sellers than buyers, the price drops. When there are more buyers than sellers, the price increases.Price is based on BID / ASK prices, You're reffering to how to move a order book that's closed but an open order book is constantly changing! Hence the flash crashes where peope get BTC for $100!
Soo Im sorry but that's not how it works... The people that own the most BTC can easily raise the price by refusing to sell for less than $1,000 (which is what we should all be doing) & BOOM all of a sudden the last price(which is what we get shown for "quotes") is $1,000 and since all the ASK prices are $1,000 or more the buy orders will have to start to follow. Yes, some people can go rogue and ask for 800 or whatever less but since most of us won't budge for less than 1,000 the price will eventually (and very quickly) hit 1,000 because we the HOLDERS of BTC decide the price. Right now the holders are the miners that are deciding dollars sound better than some digital currency!
In my opinion, BTC is doomed without home mining.
Well isn't home mining also doomed when everyone is unable to get a decent return on their investment in mining equipment? Then, if we can't get ahead ourselves, how do we manage to convince new people to get involved with bitcoin.
Just because we can't make $2 a day mining at home anymore doesn't mean we still shouldn't show evceryone how amazing bitcoin is, stop being so greedy, we can all make $ in the future if we promote bitcoin from NOW!
