if it costs you $350 in electric to make a bitcoin you are seriously stupid to sell for $200... you might aswell not mine and be $150 better off..
the thing is that while smart miners are trading privately behind the scenes for cost prices, alot of them have given up even caring about public exchanges and thus the trade volume of public exchanges has dropped 90% since last year.
but stupid, noobs and sheeple still think that public exchanges that now only play with bots and day traders of small dust amounts, being the valuer of bitcoin.
this is not the case, the crappy public exchanges are dying and should not be the indicator of true value.. public exchanges are just the stirring caldron of the day traders, stirring coins in circles and pretending the exchange value has true 'supply/demand' value.
anyone with just 200 coins can tank or pump a public exchange and send the entire market cap from $4billion either to $3billion or upto $5billion.
once people ignore public exchanges to value their coins and instead only sell coins based on their personal costs of mining or buying.. then the sheeple will become whales
the thing is that while smart miners are trading privately behind the scenes for cost prices, alot of them have given up even caring about public exchanges and thus the trade volume of public exchanges has dropped 90% since last year.
but stupid, noobs and sheeple still think that public exchanges that now only play with bots and day traders of small dust amounts, being the valuer of bitcoin.
this is not the case, the crappy public exchanges are dying and should not be the indicator of true value.. public exchanges are just the stirring caldron of the day traders, stirring coins in circles and pretending the exchange value has true 'supply/demand' value.
anyone with just 200 coins can tank or pump a public exchange and send the entire market cap from $4billion either to $3billion or upto $5billion.
once people ignore public exchanges to value their coins and instead only sell coins based on their personal costs of mining or buying.. then the sheeple will become whales
I reckon the best way to determine the current price of bitcoin is to see how much it costs to produce 1 bitcoin at any given time. Not to say that the cost of production determines the price, its more of an indicator of what people are willing to pay at that time.
I agree, there is manipulation on most bitcoin exchanges because its just so easy to do.
