BTC to 50K, China banned miners - page 3.

okala

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Quote from: alexey14 on May 13, 2019, 03:08:31 PM

35 days ago I started a thread and I told you btc will go 9k$ bcz china banned miners, but some of you dont believed me, Today BTC is 8100$ in some exchange, Here is that thread:
https://bitcointalksearch.org/topic/m.50545198
Now I have a good news , BTC to 50k$ bcz china banned miner, my friend in China confirmed 90% of miner in china are shutdown. BTC can easy go to 50K$ and more.
Less miners = More Demand = increasing price, as simple as that.

I don't think so that the Ban of miners will only result in the congestion of the bitcoin network which may even lead to high transactions fees being charge on bitcoin transactions. I love this stage of bitcoin price at lest bitcoin is stable and correct back to a point at each period. The only thing that can result into price rise in bitcoin is the level of demands.

rdluffy

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I don't know, in theory you are right, but all miners who have hardware in China will move to another country, they will not leave cryptos easy
Let's see what happens, I'm curious to see how market is going to react

DatKing

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I don't think that Bitcoin will reach 50k this time but who knows. Bitcoin suddenly started to rise quickly and reached 8k dollars. I think Bitcoin will reach a value between 25k-30k and set a new record.

hulla

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With our without the Chinese miners ban Bitcoin will surge in price but the ban will be a process to make the surge faster and that doesn't mean the price of the Bitcoin market will reach the 50K price for it not possible except if the whales manipulate the market and it could to another early blood bath or market correction.

lupinvn

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Quote from: tegarp90 on May 18, 2019, 11:50:57 AM

I think if btc mined more the supply will be less.
and the price will be high, so if it's not mine by many people, the difficulty is not high and miners will get many btc

Indeed it is, but on the other hand, if there are fewer miners, don't know if the speed of decoding 1 block will be longer? The idea is that it will cause slow confirmation of 1 hash. Gradually users will find it inconvenient to use and trade with BTC, then gradually will users abandon BTC and choose other crypto?

ZenMaster1975

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BTC to the moon!

tegarp90

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I think if btc mined more the supply will be less.
and the price will be high, so if it's not mine by many people, the difficulty is not high and miners will get many btc

buddynuno

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Quote from: alexey14 on May 13, 2019, 03:08:31 PM

35 days ago I started a thread and I told you btc will go 9k$ bcz china banned miners, but some of you dont believed me, Today BTC is 8100$ in some exchange, Here is that thread:
https://bitcointalksearch.org/topic/m.50545198
Now I have a good news , BTC to 50k$ bcz china banned miner, my friend in China confirmed 90% of miner in china are shutdown. BTC can easy go to 50K$ and more.
Less miners = More Demand = increasing price, as simple as that.

How do you figure that with less miners the demand will be higher? As the price of bitcoin goes higher the more people want to mine it. If China have less miners, other countries will gain more miners. Bitmain has mining farms outsider of China. I don't see bitcoin having less miners because of any China ban. The only reason I see for bitcoin to have less miners in the future is if the demand for bitcoin decreases over time.

onrise

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Quote from: Carry_Me_Hoome on May 15, 2019, 03:31:36 PM

BTC could indeed easily go to 50k, but I think it will take at least two years before we see this happening

Btc first point will be crossing 10k so that it can reach 5 digit mark and second to steadily grow from that point and does not fall back to something like 5k levels or so . So better that it grows slowly and steadily and not to worry about 50k at present time .

posi

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Quote from: lupinvn on May 15, 2019, 10:44:28 AM

I'm not sure about this issue. In fact, if the majority of miners in China are shut down, more than 50% of Bitcoin's power is lost. That leads to a sluggish, slow process in the confirmation process. So you think people will feel the need to buy BTC just because it is harder to create (<50% of the generated rate) or feel frustrated and gradually boycott Bitcoin because the transaction fee is too high and it takes too much time to handle a transaction?

Believe me, I will never disagree with you when you said the Chinese banning miners will lead to increase in the price of the Bitcoin market because.
1) Bitcoin market have been showing some resistance to dump in price for weeks.
2) A lot of senior crypto market price analysts like Mati of etoro etc predicted the Bitcoin market to surge after China miners ban but for the market to reach 50K what seems not right.

DreamStage

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Quote from: lupinvn on May 15, 2019, 10:44:28 AM

I'm not sure about this issue. In fact, if the majority of miners in China are shut down, more than 50% of Bitcoin's power is lost. That leads to a sluggish, slow process in the confirmation process. So you think people will feel the need to buy BTC just because it is harder to create (<50% of the generated rate) or feel frustrated and gradually boycott Bitcoin because the transaction fee is too high and it takes too much time to handle a transaction?

Because more investors will try to get their hands onto new mining capabilities thus buying is necessary.
So by buying they will essentially make bitcoin price increase even more.

Carry_Me_Hoome

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BTC could indeed easily go to 50k, but I think it will take at least two years before we see this happening

jakelyson

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Quote from: alexey14 on May 13, 2019, 03:08:31 PM

Less miners = More Demand = increasing price, as simple as that.

The way I see it, Less Miners == Less Secure == Less Trust == Less Investors == Less Price. Bitcoin will still produce 12.5 BTC per block even with less miners, so how will that contribute to more demand?

lupinvn

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I'm not sure about this issue. In fact, if the majority of miners in China are shut down, more than 50% of Bitcoin's power is lost. That leads to a sluggish, slow process in the confirmation process. So you think people will feel the need to buy BTC just because it is harder to create (<50% of the generated rate) or feel frustrated and gradually boycott Bitcoin because the transaction fee is too high and it takes too much time to handle a transaction?

CryptoBry

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Quote from: muratsink on May 13, 2019, 05:13:05 PM

Do you think about the negative effects of mining restrictions in China? how the system can confirm millions of blocks without miners? but on the other side, this is good news. because China is greedy and they want to create a monopoly market. when you make a thread about BTC price speculation. and your predictions are correct like todsy. what is the basis of your prediction?

In my opinion, Bitcoin actually just ignored any news with the China ban of the miners. I am sure that soon these miners can find suitable locations for their business so for now the impact is not given much weight by the market. Having less miners does not mean that Bitcoin can go high there is no connection with that I think and having more miners does not mean that Bitcoin can go down.

pundit

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Whenever there is a strong trend many predictions come in the way. As per thread starter statement if there are lesser miners then BTC price will go high which does not seem logical. Market runs in cycles,there are downtrends, sideways and bull trend. BTC was in bear trend since last year till 3K range and then there was a sideways trend. After sideways trend it may go down further or reverse from there, since it was a long bear trend it was expected to rise BTC from there. If you are riding this bull run better manage your positions wisely instead of waiting for BTC to reach $50K.

vit05

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People will start to say they have predicted the prices would go up because of this, and that. But the truth is, you could predicted only 2 scenarios. Go up, or go down. And there was a lot of people saying Bitcoin would go below 3k. I personally thought was a great moment to cumulating. And that was what I did.

Today we have many great news. Especially about Bitcoin futures and institucional investidors. And I do not think China ban is a great motive to this bull run.

Mike Mayor

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Quote from: alexey14 on May 13, 2019, 03:08:31 PM

35 days ago I started a thread and I told you btc will go 9k$ bcz china banned miners, but some of you dont believed me, Today BTC is 8100$ in some exchange, Here is that thread:
https://bitcointalksearch.org/topic/m.50545198
Now I have a good news , BTC to 50k$ bcz china banned miner, my friend in China confirmed 90% of miner in china are shutdown. BTC can easy go to 50K$ and more.
Less miners = More Demand = increasing price, as simple as that.

You don't need your friend in China to confirm anything. Bitcoin runs on the blockchain which allows anyone to check what pools are mining where and with what hash power. You can look at the Chinese mining pools and check that way. Then you know it is a fact and not the word of a friend. Are you sure they have banned mining in China? Where is this info from? So much of this sort of this is FUD so who knows what to believe.

In any case when has banning anything ever done any good or really affected much? People will mine. I don't even know how they managed to mine for free for so long before the government changed that. It was so unfair on the rest of the miners for Chinese miners to get basically free electricity so its pure profit. The rest of us right now struggle to break even. Electricity just went up again so it's insane. If miners in China managed to mine for free for so long then I am sure they will find a way around this.

BeManga

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Quote from: alexey14 on May 13, 2019, 03:08:31 PM

35 days ago I started a thread and I told you btc will go 9k$ bcz china banned miners, but some of you dont believed me, Today BTC is 8100$ in some exchange, Here is that thread:
https://bitcointalksearch.org/topic/m.50545198
Now I have a good news , BTC to 50k$ bcz china banned miner, my friend in China confirmed 90% of miner in china are shutdown. BTC can easy go to 50K$ and more.
Less miners = More Demand = increasing price, as simple as that.

in my opinion its the opposite when there are less miner mining difficulty will drop there will be less competitor
the miner will have better chance to earn more bitcoin
if miner can earn more bitcoin they will sell it for profit and price will drop
in my opinion the price rise because of the incoming halving
when it occur block reward will be divided by two instead of 12.5 it will be 6.25
so for some people if they buy this year they can get cheaper bitcoin today than mining next year.

NeuroticFish

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Quote from: niisarearning on May 15, 2019, 03:15:54 AM

Quote from: alexey14 on May 13, 2019, 03:08:31 PM

Less miners = More Demand = increasing price, as simple as that.

As a newbie your having good speculation skill .

No. Less miners = Lower difficulty = cheaper coins for the other miners -> possibility to actually see the price falling.
So imho the "speculation skill" was simply luck. Starbucks and the others accepting Bitcoin may have had much bigger effect that the alleged mining stop.
And I say alleged because the hash rate didn't show a significant drop that could back OP's theory.

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