BTC under 6k? | Bitcointalksearch.org

fabrizoc

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Quote from: Caladonian on July 01, 2018, 06:45:24 PM

Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

If BTC fell to that level it will just continue the cycle, whales will buy the dip and pumped it a little, newcomers and short term traders will ride the pumped, then whales will dumped again and wait till how those weak holders will react, as we don't have any assurance what can be the holding ground in terms of value, 6k$ already been break twice but bounce back right away.

The value today is 6.5k dollar before the improvement of price the value was 6.3k dollar and before that the value was 5.8k dollar so here it comes up with a good increase and the value today is 6.5kdollar. We need further improvement like this in the upcoming days so that we may be able to stand in a high market where our investments may earn huge profit for us.

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Quote from: TheHas on June 30, 2018, 07:29:14 PM

Quote from: valentinen39 on June 30, 2018, 04:37:37 PM

Bitcoins under $6k is not a bad news, it was a very good value for people who wants to earn cryptocurrency today because in this way they can invest while the market price is currently dumping

That's right, it all depends on when you 'bought in' or started mining. I mean compared to all time highs in December 2017, Bitcoin has dropped 50 per cent. But compared to a little over a year ago it is still more than double.

So you're right - how much it impacts you depends on when you started being involved in crypto. I wrote an article about this recently, with a graph of how the top 50 coins have performed over the last 6 months: https://steemit.com/cryptocurrency/@hassy/cryptocurrency-price-changes-for-top-coins-since-december-2017

Currently the value is passing between the prices of 5.8k dollar and 6.5k dollar and fluctuating with little increase and decrease. The value is still low and encouraging people to take the ways straight towards itself for investment because one can get a lot of Bitcoin on low amount and this collection of the Bitcoins will benefit in a high market. The benefit at the end depends upon the quantity of coins so collect according to your ability.

samycoin

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Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

Yes bitcoin will surpass 6k as we can see bitcoin down to 5k but bounce immediately in 6k again. I believe bitcoin will be recover in this situation or this down trend.

AnonBitCoiner

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The price of Bitcoin is below 7000$ now.It is not a permanent position of bitcoin.In a week ,it will change.The bitcoin investors will get more profit ,only if they brought at low price.Now you can buy bitcoin at low price,it may be impossible to buy in future at this price.

richardsNY

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Quote from: 1Referee on July 03, 2018, 06:33:18 AM

Retail traders on the other hand don't care about anything. If they have to sell far below miner cost they will do without hesitation. As long as they aren't dumping in large numbers, which they haven't been doing much this year, then there is nothing really to worry about. Let whales do their thing, their actions are calculated and smart.

Agreed. I seriously don't know anyone who's selling at current levels, and reading through social media the sentiment might be bearish, but people do strongly believe that holding is better than selling, and I'm glad they have this bit of common sense. Wish they had that common sense during the peak as well, because it would have prevented them from buying the peak and that capital would now be used to buy the dip. Maybe that the Coinbase index fund will help sucking up the coins whales are playing with right now. On top of that, Coinbase custody is a real thing now, so institutions won't have to worry about that anymore....

player514

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Quote from: BartS on July 04, 2018, 02:31:50 PM

Quote from: jackhdt on July 02, 2018, 06:27:34 AM

Bitcoin mining costs a lot of electricity , time and cost of machines. But the reward is getting less and less. In recent years the exploitation cost has increased significantly . If bitcoin prices continue to decline , this can prevent many people mine bitcoin

Many people cannot mine bitcoin anymore, you need specialized hardware that is very expensive and you need cheap electricity costs, so the majority of bitcoin users cannot mine bitcoin at all, besides miners have gotten such profits in the past that they should be able to operate for a loss for some time and if they are unable to do so then other miners will displaced them or just absorb them, this is not really a complex issue besides it is not like we are close to the point when miners will not be profitable anymore.

I agree with this. The vast majority doesn't depend on mining to get bitcoin. Think of mining like the gold rush. There was a point in time where people who saw the opportunity could go and make some good amounts of money, but when others wanted to hop on the trend it was too late -- a lot of the gold was gone. In a similar sense, miners nowadays have to have huge rigs to cut a profit because of how much harder mining is getting. Before, just about anyone with a decent graphics card could mine. Nowadays, it's pretty different. Price exploitation is still an issue though, with many whales and such around.

BartS

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Quote from: jackhdt on July 02, 2018, 06:27:34 AM

Bitcoin mining costs a lot of electricity , time and cost of machines. But the reward is getting less and less. In recent years the exploitation cost has increased significantly . If bitcoin prices continue to decline , this can prevent many people mine bitcoin

Many people cannot mine bitcoin anymore, you need specialized hardware that is very expensive and you need cheap electricity costs, so the majority of bitcoin users cannot mine bitcoin at all, besides miners have gotten such profits in the past that they should be able to operate for a loss for some time and if they are unable to do so then other miners will displaced them or just absorb them, this is not really a complex issue besides it is not like we are close to the point when miners will not be profitable anymore.

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Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

Bitcoins can absolutely survive, i highly agree that bitcoins under $6k dollars is a decent amount in order to invest in the market because the coin will still grow even more in the future.

Ngemmeng

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will not last long under $ 6K.
yesterday the price of bitcoin trun below $ 6k but in a short time the price back up above $ 6k.
public confidence in bitcoin is still high.

valentine401

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Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

In my own opinion, cryptocurrency or bitcoins will survive under $6k dollars because those big whales are just waiting for the price of bitcoins to dump its prices and they will start investing in order to earn more profit.

prtty2gal2

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Quote from: MGBloomz on June 30, 2018, 03:52:47 AM

Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

Why are you worried if the price will go down under $6K? Remember that last year bitcoin was at $1k and miners were doing good. It's just a psychological effect and everything will follow. Believe in this technology as this will bounce back soon.

Just checked the price of Bitcoin and as of last day when the price was below $6000. Right now the price is above $6300. The rise is more than the fall in the price. This is something that gives an insight to the scale at which the market value fluctuates. So we can say that there is still hope and we might see some good days in the near future when the prices will be far more than what we expect.

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Quote from: J. Cooper on June 30, 2018, 03:54:09 AM

Do you guys think there is a correlation between the sudden pump above $6K and the miners? Since some people claim that bitcoin at this moment costs $6k to produce. Therefore miners could be pumping up the price to be in profit again.

The value is 6.3k dollar which improved from yesterday’s price which was 5.8k dollar so this is a good improvement at this stage and if this improvement follows this way then the value will soon achieve a highest possible value. We are here for high jumps and expect the same in order to make huge profit but this is a long tern investment so we have to stay calm with patience.

Tomahawk One Two

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For me at the moment it is obvious that in the coming months bitcoin will no longer fall in value. the mark of 6000 was a psychological level. all who feared - sold their coins and as we can see - they did it in vain.

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Quote from: andohyeb on July 03, 2018, 10:32:17 AM

The 6000 and below price level won't ever surface and that is the last price bitcoins will ever get that low. Miners don't give full attention to the current price before doing their work, they mined and they can profit in the future price gain.

expect current bitcoin prices to rise away leaving the price $ 6k, and continue to be stable. well, i'm so sure, lots of bitcoin holders are panicking when bitcoin prices become down below $ 6k. although it becomes an opportunity to buy bitcoin, but, most likely a panic will happen.

andohyeb

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The 6000 and below price level won't ever surface and that is the last price bitcoins will ever get that low. Miners don't give full attention to the current price before doing their work, they mined and they can profit in the future price gain.

1Referee

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Quote from: stelee68 on July 02, 2018, 06:38:06 AM

Then i realised the whales don't care about mining cost. They aren't miners, they are whales, and all they care is that this BTC is something that they can manipulate and make a killing.

So, why would they care? You don't mine? Someone else would. Grin

I'm quite certain that whales do actually care about the mining aspect, because less profitability for miners will lead to a drop in hash rate, and that isn't a positive sign in the end, especially if the mainstream media jumps on it as well. It's completely in their favor to not entirely mess with the market like they don't care. If they dump the market down too far, even if it's manipulation, they risk having a bigger whale buy the market up and directly outrule them, and they risk ruining their own game.

Whales rather play safe within a range they consider fair and doesn't work against the ecosystem too much. They are money hungry, but not stupid.

Retail traders on the other hand don't care about anything. If they have to sell far below miner cost they will do without hesitation. As long as they aren't dumping in large numbers, which they haven't been doing much this year, then there is nothing really to worry about. Let whales do their thing, their actions are calculated and smart.

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Quote from: Kemarit on July 02, 2018, 06:03:20 AM

Quote from: michellee on July 02, 2018, 05:44:06 AM

in this situation, I hope that bitcoin is not down under 6k because the price is not going to down too far or increase too high and it stays in the price now. and maybe we can see that bitcoin price can increase higher in this week and in the next week. many people still wait for the bitcoin price to increase again so they can sell the bitcoin in the highest price. but there are many people also wait for the price to go down so they can buy more bitcoin. I think let we see what will happen later.

Good news is that bitcoin has somewhat stablizes above $6000 which mean that we might not see another bottom. I think this July might bring us some new light to say the least and bitcoin will not have to suffer another bottom as most have exited and only the strong hands did stay and just waiting for that elusive bullrun that we all have been waiting.

yes, the price still increases slowly and I think we can try to make a profit this month. and the price in the market still changes to the high and low price until now. and like you say, we have a hope in bitcoin in this month and we can hope that in the next month, the price will increase higher than now and it will be back to the highest price again. I don't want to see another bottom price although we have the possibility to go down again.

Quote from: BlackPanda on July 02, 2018, 06:10:18 AM

Quote from: michellee on July 02, 2018, 05:44:06 AM

in this situation, I hope that bitcoin is not down under 6k because the price is not going to down too far or increase too high and it stays in the price now. and maybe we can see that bitcoin price can increase higher in this week and in the next week. many people still wait for the bitcoin price to increase again so they can sell the bitcoin in the highest price. but there are many people also wait for the price to go down so they can buy more bitcoin. I think let we see what will happen later.

Now that the condition has started to improve and show a positive graph. I feel the price of Bitcoin has regretted the bad phase and now it's time to rise to the value of the better price. Hopefully there will be a wave and ultimately Bitcoin price will experience good stability. I feel naughty with Bitcoin when the price is still in the range of 18,000USD, I want to experience such a moment again and one we have to do is to increase the volume of Bitcoin transactions by using bitcoin in our financial transactions every day.

I think not just that feel naughty with bitcoin when the price can reach the range of 18,000 USD, I also feel the same as you and I am sure that the other people will have the same feeling. I will be glad if finally, the price can increase higher from this month and still getting high in the next year because we are going to make a lot of money from bitcoin.

stelee68

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Quote from: jackhdt on July 02, 2018, 06:27:34 AM

Bitcoin mining costs a lot of electricity , time and cost of machines. But the reward is getting less and less. In recent years the exploitation cost has increased significantly . If bitcoin prices continue to decline , this can prevent many people mine bitcoin

I used to think that too.

Then i realised the whales don't care about mining cost. They aren't miners, they are whales, and all they care is that this BTC is something that they can manipulate and make a killing.

So, why would they care? You don't mine? Someone else would. Grin

jackhdt

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Bitcoin mining costs a lot of electricity , time and cost of machines. But the reward is getting less and less. In recent years the exploitation cost has increased significantly . If bitcoin prices continue to decline , this can prevent many people mine bitcoin

BlackPanda

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Quote from: michellee on July 02, 2018, 05:44:06 AM

in this situation, I hope that bitcoin is not down under 6k because the price is not going to down too far or increase too high and it stays in the price now. and maybe we can see that bitcoin price can increase higher in this week and in the next week. many people still wait for the bitcoin price to increase again so they can sell the bitcoin in the highest price. but there are many people also wait for the price to go down so they can buy more bitcoin. I think let we see what will happen later.

Now that the condition has started to improve and show a positive graph. I feel the price of Bitcoin has regretted the bad phase and now it's time to rise to the value of the better price. Hopefully there will be a wave and ultimately Bitcoin price will experience good stability. I feel naughty with Bitcoin when the price is still in the range of 18,000USD, I want to experience such a moment again and one we have to do is to increase the volume of Bitcoin transactions by using bitcoin in our financial transactions every day.

Kemarit

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Quote from: J. Cooper on June 30, 2018, 03:54:09 AM

Do you guys think there is a correlation between the sudden pump above $6K and the miners? Since some people claim that bitcoin at this moment costs $6k to produce. Therefore miners could be pumping up the price to be in profit again.

Hmm. Maybe another conspiracy theory IMHO. I don't think that miners would pump bitcoin just to gain profit. I'm pretty sure that most of them have profited a lot since they started and it doesn't makes sense at least for me, if they will do such acts.

Quote from: michellee on July 02, 2018, 05:44:06 AM

in this situation, I hope that bitcoin is not down under 6k because the price is not going to down too far or increase too high and it stays in the price now. and maybe we can see that bitcoin price can increase higher in this week and in the next week. many people still wait for the bitcoin price to increase again so they can sell the bitcoin in the highest price. but there are many people also wait for the price to go down so they can buy more bitcoin. I think let we see what will happen later.

Good news is that bitcoin has somewhat stablizes above $6000 which mean that we might not see another bottom. I think this July might bring us some new light to say the least and bitcoin will not have to suffer another bottom as most have exited and only the strong hands did stay and just waiting for that elusive bullrun that we all have been waiting.

michellee

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in this situation, I hope that bitcoin is not down under 6k because the price is not going to down too far or increase too high and it stays in the price now. and maybe we can see that bitcoin price can increase higher in this week and in the next week. many people still wait for the bitcoin price to increase again so they can sell the bitcoin in the highest price. but there are many people also wait for the price to go down so they can buy more bitcoin. I think let we see what will happen later.

JohnJarvis99

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I hope it will appear anymore, up and down make me feel tired at market.

Caladonian

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Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

If BTC fell to that level it will just continue the cycle, whales will buy the dip and pumped it a little, newcomers and short term traders will ride the pumped, then whales will dumped again and wait till how those weak holders will react, as we don't have any assurance what can be the holding ground in terms of value, 6k$ already been break twice but bounce back right away.

Paniudto

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Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

When bitcoin started the value of it is below a dollar and it does not perished. Volatility is the name of the game when you are in crypto. I don't think that bitcoin will die because of the many supporters it had right now. It will survive for a long time.

lablab03

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Quote from: Anhdzai on June 30, 2018, 07:48:22 PM

Bitcoin under 6k is indispensable because the market is down. I wonder if Bitcoin prices will recover or fall further

as of now the price jump back again below 6k after it fluctuate lately in 5k value. And in my view it will not fall further again on this situation 'cause as we noticed its been how many attempts to break 6k resistance and it always bounce back after. perhaps bitcoin growth is picking the right moment to soar again not to collapse.

Anhdzai

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Bitcoin under 6k is indispensable because the market is down. I wonder if Bitcoin prices will recover or fall further

TheHas

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Quote from: valentinen39 on June 30, 2018, 04:37:37 PM

Bitcoins under $6k is not a bad news, it was a very good value for people who wants to earn cryptocurrency today because in this way they can invest while the market price is currently dumping

That's right, it all depends on when you 'bought in' or started mining. I mean compared to all time highs in December 2017, Bitcoin has dropped 50 per cent. But compared to a little over a year ago it is still more than double.

So you're right - how much it impacts you depends on when you started being involved in crypto. I wrote an article about this recently, with a graph of how the top 50 coins have performed over the last 6 months: https://steemit.com/cryptocurrency/@hassy/cryptocurrency-price-changes-for-top-coins-since-december-2017

valentinen39

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Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

Bitcoins under $6k is not a bad news, it was a very good value for people who wants to earn cryptocurrency today because in this way they can invest while the market price is currently dumping

hahahafr

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I dont think that it will be below $6000 again. The price has re-tested, and it is over $6,400 at the moment, it might go up after this (this was a nice reversal after all)

BartS

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Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

There is no problem for bitcoin to survive under those prices not long ago miners were mining for a bitcoin worth 600 dollars the price right now is above 6000, ten times that so yes they can easily survive even if the competition has gotten harder and the costs of electricity went up that is still a good price for the miners so do not worry too much about that, and the psychological impact of bitcoin below that price is not that great, we have seen bitcoin sometimes testing those levels and the price always bounces back.

TheHas

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Quote from: Pursuer on June 30, 2018, 01:09:29 AM

bitcoin will survive any literary any price even at 0 because of the way it is designed.

you can search more about difficulty to learn more about it but basically the profitability of mining and how much it costs depends on difficulty and difficulty itself depends on how many miners or more accurately how much hashing power is mining bitcoin. and that changes with price, it is not a fixed amount. for example if price falls to a point where it becomes unprofitable to mine bitcoin and miners were put under pressure then some miners will stop mining and difficulty will decrease making it profitable again.

miners don't all have the same cost. some have cheaper electricity, cheaper labor,... are in cooler environment so need less cooling so less cost,... some have reached their ROI already and some have started recently,... so you see not all are going to suffer the same from same size of drop. which is why only some leave and difficulty changes a little at a time.
so far hashrate is rising despite the fall which means miners are making a lot of profit that makes them increase their hashing power instead.

Yes - but some parts I think no. Bitcoin wouldn't necessarily survive an extended period at zero because there will always be some costs associated with mining (having a cost to mining is part of the point).

Also the market demands that over a long enough time span we'll keep moving to an overall market breakeven point. This means, on a market level, the COST to produce/mine one unit of a cryptocurrency will be equal to (or at best perhaps slightly less) than the PROFIT generated by that one unit of cryptocurrency.

What differs is the cost at an individual mining operation level. This means that miners that can reduce their costs the most are the ones that will stay the most profitable and expand their operations. So the competition gets more fierce, difficulty goes up, profit margins get squeezed, smaller miners drop out and mining becomes more centralised. This is why large bitcoin mining operations are the most profitable, and everyone else is stuck using nicehash to mine some brand new shtcoin to swap for bitcoin Wink

But anyway, on your point about if Bitcoin was valued at 0 (for an extended period of time), well, then there wouldn't be much of an incentive to mine it and no one can reduce their variable or fixed costs to below 0.

Donotfoolme

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yes BTC under 6K it is better than last week , so we just need to make more patience about it . BTC will rise again it is pretty interesting ,

GreenProfit

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Dont worry even if price will be smaller then 2k$ bitcoin will not die.Bitcoin is brand like Coca Cola,it is first cryptocurrency so many people trust more in bitcoin than any other cryptocurrency,most time people which keep a lot of supply are keeping bitcoin and small fishes are selling for less and traders buy/sell with bitcoin.

ritsel02

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Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

This is a big problem today that BTC encountered. Having the price below to 6k is a disaster which making the investors withdraw their investment to BTC.

Valzzz005

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Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

I think they can survive because as long as there are a lot people that are supporting them the butcoins will survive. And besides rhis is happening because of us I do not think that there are someone that are manipulating the bitcoins it is only us so the reasons why the bitcoins are falling this much is because of those panic sellers that are spreading the fake news that the bitvoins is gonna end soon. They will gonna end if we tend to believe it but if we continue to support and invest then they will gonna rise again.

Romeotom

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Today price 6k$ plus I think now I see already something up bitcoin price today. 2018 year bitcoin always going to up and down not have stable. Cryptocurrency market already big down and many people got him loss.its soon is possible to the last year to recover our Lossing money.

talkbitcoin

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Quote from: SuperD007 on June 30, 2018, 03:26:06 AM

I don't understand why everyone goes into a panic whenever BTC goes down?

most of the things you read on bitcointalk is not "panic" it is instead people FUDing to pretend there is panic and create panic in others while they buy...

Quote from: J. Cooper on June 30, 2018, 03:54:09 AM

Do you guys think there is a correlation between the sudden pump above $6K and the miners? Since some people claim that bitcoin at this moment costs $6k to produce. Therefore miners could be pumping up the price to be in profit again.

there may be a correlation but not the way you said it. miners didn't pump anything. it is all about what people were expecting to happen.
for example as you said people expected the "mining cost" to be X and expected it not to go lower than that X, so when it went below that price, it acted as a buy signal for them so they started buying effectively increasing the price back up.

tanghere02

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Why wouldn’t it survive, bitcoin has dropped to $5k+ and it might even go down more as some experts would say. And it would be the best time to buy coins if it drops even more, but I am pretty sure it wont stay down for long, and might even recover once the last quarter of the year starts.

funchiestz

sr. member

Activity: 1134

Merit: 342

If we take into account the developments that are happening today, I think that 6K is now the limit line. Going down from 6K will be very risky.

Carrelmae10

member

Activity: 588

Merit: 10

..there is no big deal when bitcoin reach $6k..although there are lots of miners..it is still profitable for those who do mining in bitcoin..yeah..there is a price drop of bitcoin..but soon it will going to rise again..so there is no doubt that bitcoin will not going to end to nothing..at some point in time..bitcoins are low in price before it reach its $6k -$20k value..so there is still hope that bitcoin will going to reach this value again..

jamesblue1

jr. member

Activity: 47

Merit: 8

Bitcoin under $6k? it already means that it's time buy. Maybe wait for the lowest price then if it goes up again, then it's the best time to sell it.
But to tell you honestly, It is so far for bitcoin to lose its value just because of this, time will come for it to grow again.

BitRentXx

newbie

Activity: 140

Merit: 0

I think it's hard for bitcoin miners to stop their activities, stopping mining might seem like a job loss and I think the miners will continue to mine even if the bitcoin value is no longer high. But for these traders will be a big loss, those who initially intend to HODL in the long run will surely panic when the BTC value drops to 6k.

Razick

legendary

Activity: 1330

Merit: 1003

It has already gotten down past 6k about twice this week already so there is no saying if it will not go further down than that and even stay there. With bitcoin there is no way to predict what will happen to the price of the coin because it moves irrationally at different points in time. I do believe though that bitcoin will go under 6k at some point in time

J. Cooper

full member

Activity: 294

Merit: 125

Alea iacta est

Do you guys think there is a correlation between the sudden pump above $6K and the miners? Since some people claim that bitcoin at this moment costs $6k to produce. Therefore miners could be pumping up the price to be in profit again.

MGBloomz

member

Activity: 238

Merit: 10

Lead generation one-stop shop platform powered AI

Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

Why are you worried if the price will go down under $6K? Remember that last year bitcoin was at $1k and miners were doing good. It's just a psychological effect and everything will follow. Believe in this technology as this will bounce back soon.

btc_angela

hero member

Activity: 2660

Merit: 551

Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

I can answer the last question based on my what I see. Yes, it has a big psychological impact because if you have invested above $6K then its obvious that you are already losing money here. So who in the world wanted to see their money going down? No one. However, if you know how the market works, so you will know that sooner or later it will make another break out run, so you need to stay relax and hope that everything will turn out on our favor.

batang_bitcoin

hero member

Activity: 3080

Merit: 603

Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

It even survived during early days below $20.

Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

Mining isn't only profitable if you are not serious with it and your machines aren't suitable for it.

Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

[1]What if miners are not profitable? [2]Does that make them stop and thus make BTC transactions less secure? [3]Do they continue mining in hopes of future price raise?

[1] Mining will always be profitable and every transaction is paying for its fee so that's how miners earn.
[2] No. If the difficulty goes down, you'll see a rise to the number of miners.
[3] Yes.

Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

[1]What would be the psychological impact on traders if BTC goes under 6k? [2]That is a huge resistance point and if it brakes how far can price drop?[3] Last time it was more like a test to 5800 which recovered immediately.

[1] Nothing for day traders, it can be a good buy.
[2] No one knows.
[3] That is volatility.

Trangngu

newbie

Activity: 55

Merit: 0

Is this a shark's scam to buy bitcoin at a lower price then push it up?

richminded

sr. member

Activity: 798

Merit: 268

Quote from: AGD on June 30, 2018, 01:42:39 AM

Bitcoin was under 6k yesterday and nothing happened. Shocked

Yeah, and the price bounce back right after it hit the bottom. Miners, traders, and investors knows what to do during the dump, don’t panic it will bounce back for good. So happy to see bitcoin on green and strong candle again.

Vaskiy

legendary

Activity: 2646

Merit: 1106

DGbet.fun - Crypto Sportsbook

The price has fallen low below $6000 in unexpected time period. Once again the price has begun to grow above $6000 reaching close to $6500. Expect this price to continue further reaching around the $7500 mark at the earliest.

SuperD007

member

Activity: 322

Merit: 12

Treat People How You Would Like To Be Treated.

I don't understand why everyone goes into a panic whenever BTC goes down?

All the data is available to us, instead of going into a frenzy and panicking just spend some time and do some research.

EVERY year this happens, several times per year in some cases... Bitcoin will lost 40% / 50% even 80% or whatever.. but it always recovers with a bang! A

Stop looking at daily, weekly, monthly growth and dips. Look at the bigger picture, the annual growth of BTC

Anhdzai

newbie

Activity: 29

Merit: 0

In my opinion the price of Bitcoin will continue to decrease then it will be pumped up very high later this year

Df9898

newbie

Activity: 196

Merit: 0

its a bad if btc under 6k its make value of btc down and make economics down too.

Trangngu

newbie

Activity: 55

Merit: 0

It fell because the whole market was going down from the bad news. This is inevitable. I believe the market recovery Bitcoin will also recover in terms of its value

passivebesiege

hero member

Activity: 854

Merit: 502

CTO & Spokesman

Quote from: Usafstar on June 30, 2018, 01:58:03 AM

Yes the bitcoin is growing and the prices is in $6k which is good as compared to the past week if we show some more patience then we can also get some more profit and slow the bitcoin value will recover. For me the bitcoin holding is beneficial now instead of selling it.

Bitcoin price are still around in $6K and we didn't know on what will be the value of it in the next few months. Hold is better than selling in this situation but there are one question in my mind, what if all people in crypto are hold their assets and didn't use it as a crypto currency? What the possible may happen?

Usafstar

full member

Activity: 378

Merit: 100

Yes the bitcoin is growing and the prices is in $6k which is good as compared to the past week if we show some more patience then we can also get some more profit and slow the bitcoin value will recover. For me the bitcoin holding is beneficial now instead of selling it.

AGD

legendary

Activity: 2070

Merit: 1164

Keeper of the Private Key

Bitcoin was under 6k yesterday and nothing happened. Shocked

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

When the hash rate drop, with miners exiting the scene.. Bitcoin simply auto adjust the difficulty to balance out things. As the hash rate drop, more and more of the miners that has left, would come back again. You would even find that other miners would increase their hashing power to fill the gap of the miners that has left.

A $6000 or $5000 price is definitely not the death blow for Bitcoin.

dohh

jr. member

Activity: 332

Merit: 1

Quote from: genuin on June 30, 2018, 01:17:45 AM

The fall in bitcoin prices to touch the 5000 USD price makes miners feel panicked because they are worried about the loss of bitcoin mining.
But I think when bitcoin prices dropped down the difficulty will also drop so that miners will get more bitcoin in than ever before

Thats impossible, as bitcoin release is halved every 210 000 blocks, but the amount of calculating remains the same.

Actually, I just found one thinking error on myself! Being halved after 210000 blocks is not same as being halved after 4-5 years, as mining has begun much more popular due to price explosion last year.

erichall

full member

Activity: 350

Merit: 107

Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

I imagine that if miners are no longer profitable they may reconsider mining altogether and there may be a handful that drop out, at least temporarily.

genuin

sr. member

Activity: 406

Merit: 251

The fall in bitcoin prices to touch the 5000 USD price makes miners feel panicked because they are worried about the loss of bitcoin mining.
But I think when bitcoin prices dropped down the difficulty will also drop so that miners will get more bitcoin in than ever before

dohh

jr. member

Activity: 332

Merit: 1

Quote from: Pursuer on June 30, 2018, 01:09:29 AM

bitcoin will survive any literary any price even at 0 because of the way it is designed.

you can search more about difficulty to learn more about it but basically the profitability of mining and how much it costs depends on difficulty and difficulty itself depends on how many miners or more accurately how much hashing power is mining bitcoin. and that changes with price, it is not a fixed amount. for example if price falls to a point where it becomes unprofitable to mine bitcoin and miners were put under pressure then some miners will stop mining and difficulty will decrease making it profitable again.

The magic of exponential mathematics.

https://en.bitcoin.it/wiki/File:Controlled_supply-supply_over_block_height.png

This graph shows well, what happens with bitcoin´s supply in future. Everyone, who is at home with math, understands thatm itś not about "miners were put under pressure, some will stop mining". It means, there wll be soon nothing to mine.

coly20032003

full member

Activity: 322

Merit: 113

I am still pretty optimistic about bitcoin. Yes now the price is not that high, but some people will believe it is low price and will buy it, then the price will go up later. And eventually the price will surpass it is once highest price. It is just a matter of time.

Pursuer

legendary

Activity: 1638

Merit: 1163

Where is my ring of blades...

bitcoin will survive any literary any price even at 0 because of the way it is designed.

you can search more about difficulty to learn more about it but basically the profitability of mining and how much it costs depends on difficulty and difficulty itself depends on how many miners or more accurately how much hashing power is mining bitcoin. and that changes with price, it is not a fixed amount. for example if price falls to a point where it becomes unprofitable to mine bitcoin and miners were put under pressure then some miners will stop mining and difficulty will decrease making it profitable again.

miners don't all have the same cost. some have cheaper electricity, cheaper labor,... are in cooler environment so need less cooling so less cost,... some have reached their ROI already and some have started recently,... so you see not all are going to suffer the same from same size of drop. which is why only some leave and difficulty changes a little at a time.
so far hashrate is rising despite the fall which means miners are making a lot of profit that makes them increase their hashing power instead.

dohh

jr. member

Activity: 332

Merit: 1

Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

https://www.marketwatch.com/story/heres-how-much-it-costs-to-mine-a-single-bitcoin-in-your-country-2018-03-06
You can look from here, where it is non-profitable to mine already.

How much of supply comes from miners? What You mean? If You ask how many coins they supply, then 1 coin in every 10 minutes. If You ask, how much of calculations they make, then its 100%. They are the backbone of BTCs claimed product.

I particularly like You 3rd and 4th question. No, it wont make transactions less secure, it will cease the transactions, because calculating the blockchains IS the transactions.

Yes they do continue mining for a while, but not for long. People who believe in god are very... persistent. BTC is their god.

cryptoassistent

newbie

Activity: 34

Merit: 0

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

Topic: BTC under 6k? (Read 521 times)