Following: a great week or two to buy BTC - page 2.

bananaControl

sr. member

Activity: 322

Merit: 250

Decentralize All The Things!

Quote from: bananaControl on June 21, 2014, 03:16:52 PM

Either that or a catastrophic plunge into the abyss. I'm personally buying bitcoins like crazy at the moment and probably more than good is. In any case, this summer ought to be interesting indeed

Also, let me clarify. I don't think bitcoin will die or go to zero, that is simply not possible because some would always use and mine it for fun and not profit, but a really depressing and dark year is not unthinkable. But in the long run I'm a huge bull

DubFX

sr. member

Activity: 434

Merit: 250

Quote from: BTCfan1 on June 22, 2014, 03:10:57 AM

Quote from: bananaControl on June 22, 2014, 03:08:08 AM

Quote from: zimmah on June 21, 2014, 06:08:10 PM

What would be the reason for bitcoin to plunge into the abyss? It survived Silk Road and gox, surely it won't collapse for no reason.

The point is that the price will soon have to go up in order for mining to be profitable, if mining ends up being a bad business for a relatively long period of time it could trigger a snowball effect on the price.

when the block reward halves, won't that essentially FORCE the price up?

It SHOULD but it isn't a rule at all...btw when is the next halving?

BTCfan1

full member

Activity: 196

Merit: 100

Quote from: bananaControl on June 22, 2014, 03:08:08 AM

Quote from: zimmah on June 21, 2014, 06:08:10 PM

What would be the reason for bitcoin to plunge into the abyss? It survived Silk Road and gox, surely it won't collapse for no reason.

The point is that the price will soon have to go up in order for mining to be profitable, if mining ends up being a bad business for a relatively long period of time it could trigger a snowball effect on the price.

when the block reward halves, won't that essentially FORCE the price up?

bananaControl

sr. member

Activity: 322

Merit: 250

Decentralize All The Things!

Quote from: zimmah on June 21, 2014, 06:08:10 PM

What would be the reason for bitcoin to plunge into the abyss? It survived Silk Road and gox, surely it won't collapse for no reason.

The point is that the price will soon have to go up in order for mining to be profitable, if mining ends up being a bad business for a relatively long period of time it could trigger a snowball effect on the price.

zimmah

legendary

Activity: 1106

Merit: 1005

What would be the reason for bitcoin to plunge into the abyss? It survived Silk Road and gox, surely it won't collapse for no reason.

bananaControl

sr. member

Activity: 322

Merit: 250

Decentralize All The Things!

Quote from: Biodom on June 21, 2014, 12:33:07 PM

BTC is currently scraping the bottom of the trend (see graph produced by SlipperySlope):
https://docs.google.com/spreadsheet/ccc?key=0ArD8rjI3DD1WdFIzNDFMeEhVSzhwcEVXZDVzdVpGU2c#gid=7
https://bitcointalksearch.org/topic/stephen-reeds-million-dollar-logistic-model-366214

mining difficulty and network speed increased ≥20 fold since December and keeps growing at the current growth rate of ~20% every 10-11 days.
http://bitcoindifficulty.com/
....but mining efficiency increased only 2-3-fold (in GH/w), jeopardizing mining revenue and, as such, future network growth or at the least, network decentralization.

BTC price, meanwhile, is at the same levels as early November (early bubble).
We will see how it will turns out, but I am speculating that we are about to trend significantly higher (within the next 14-30 days).

Either that or a catastrophic plunge into the abyss. I'm personally buying bitcoins like crazy at the moment and probably more than good is. In any case, this summer ought to be interesting indeed

Biodom

legendary

Activity: 3990

Merit: 4597

BTC is currently scraping the bottom of the trend (see graph produced by SlipperySlope):
https://docs.google.com/spreadsheet/ccc?key=0ArD8rjI3DD1WdFIzNDFMeEhVSzhwcEVXZDVzdVpGU2c#gid=7
https://bitcointalksearch.org/topic/stephen-reeds-million-dollar-logistic-model-366214

mining difficulty and network speed increased ≥20 fold since December and keeps growing at the current growth rate of ~20% every 10-11 days.
http://bitcoindifficulty.com/
....but mining efficiency increased only 2-3-fold (in GH/w), jeopardizing mining revenue and, as such, future network growth or at the least, network decentralization.

BTC price, meanwhile, is at the same levels as early November (early bubble).
We will see how it will turns out, but I am speculating that we are about to trend significantly higher (within the next 14-30 days).

Topic: Following: a great week or two to buy BTC - page 2. (Read 2977 times)