It'll be insanity not to buy bitcoin at sub $500 - page 2.

yayayo

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Quote from: troisky on September 06, 2014, 08:49:54 AM

You have to be half autistic to not see the power of BTC in the future, it doesnt matter how low it goes now.

Yes, exactly half autistic. But if you're full autistic, you'll take one look at the hot air ventilated out of your miner and will know the exact price on 24th December 2024 midnight.

Personally I'm not sure which ones of the calculations presented are right. However, what I'm sure about is that price will not stay substantially below mining costs forever. I'm also sure that the cost of mining is constantly rising due to difficulty increases. Therefore Bitcoin price will also rise sooner or later.

ya.ya.yo!

troisky

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You have to be half autistic to not see the power of BTC in the future, it doesnt matter how low it goes now.

nuff

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Quote from: Asrael999 on September 03, 2014, 03:54:29 AM

Quote from: nuff on September 02, 2014, 01:14:46 PM

Actual production cost of one single bicoin is aroundt $530-$550. Any price below $500 is a steal. Buy now or regret years later. With difficulty ever increasing miners are getting screwed now cause anyone mining now is running at a loss.

Evidence Please? This might be true of people who have to buy overly expensive miners - this is not true for those who have desigened and built their own chips.

Take an antminer s1 running 180 Ghs @ 400w taking 303 days to mine 1 full btc,

Price of Antminer S1: $200
Electricity cost : 400w x $0.12 /kW x 24h x 303 days = $349
Total: $549

Note that is still not factoring in the difficulty increase every 2 weeks which actually means it'll actually take more than 303 days to mine 1 single btc.

ensurance982

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Trust me!

Quote from: nuff on September 02, 2014, 01:14:46 PM

Actual production cost of one single bicoin is aroundt $530-$550. Any price below $500 is a steal. Buy now or regret years later. With difficulty ever increasing miners are getting screwed now cause anyone mining now is running at a loss.

Could very well be. People were devastated that they bought at $200 during the April 2013 bubble, but they'd still be up 150% today! If we look back at these prices when we're at $3500 or so, we'll regret not having bought more coins. Then again, we may go to $10 again...

JimNastics

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Quote from: JerryCurlzzz on September 02, 2014, 02:29:32 PM

Quote from: JimboToronto on September 02, 2014, 02:20:46 PM

Quote from: JerryCurlzzz on September 02, 2014, 02:17:06 PM

Seems some respected analysts here are calling for a revisit to the mid-300s.

Respected by whom? Cheesy

You may disagree, but I'd say that masterluc and RyNinDaCleM both command some respect on this forum. Most analysts here are pretty half-assed, but not them.

Add WaveAddict to that list... it's definitely doom and gloom from all the respected analysts. I do think you'd have to be a bit of mug to invest heavily at the moment.

Timetwister

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Quote from: asganauei on September 05, 2014, 11:10:36 AM

Quote from: MichaelBliss on September 05, 2014, 11:05:30 AM

Quote from: nuff on September 02, 2014, 01:14:46 PM

Actual production cost of one single bicoin is aroundt $530-$550. Any price below $500 is a steal. Buy now or regret years later. With difficulty ever increasing miners are getting screwed now cause anyone mining now is running at a loss.

Exactly. I don't think the day trading speculators have any clue what the cost of production is (they seem to consider lines on a chart and various other less important factors first).

How can the cost of production be calculated, it's a nice indicator to know the mid term value of bitcoins.

Costs aren't the same for everyone. Electricity costs change from one place to another. The same for labor, land, taxes, etc.

lyth0s

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World Class Cryptonaire

Hobby miners with small farms can mine essentially forever at a small loss. Big miners will not be able to mine for long at a cost due to space and electricity cost (assuming they already paid for their hardware and it wasn't on credit). If big miners fail they could sell off all of their reserve coins, tank the price of BTC and in the end all we would have left are the small hobby miners again.

MichaelBliss

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Quote from: twiifm on September 05, 2014, 12:43:45 PM

Quote from: exocytosis on September 05, 2014, 12:25:05 PM

Quote from: MichaelBliss on September 05, 2014, 11:05:30 AM

Quote from: nuff on September 02, 2014, 01:14:46 PM

Actual production cost of one single bicoin is aroundt $530-$550. Any price below $500 is a steal. Buy now or regret years later. With difficulty ever increasing miners are getting screwed now cause anyone mining now is running at a loss.

Exactly. I don't think the day trading speculators have any clue what the cost of production is (they seem to consider lines on a chart and various other less important factors first).

Quote

I think your logic is the wrong way round.
If something costs more to produce than its worth doesnt mean its a good idea to buy the product, just thats it a bad idea to produce it.

Most of the people here never had a business so they don't get it

The miners are already operating on razor thin margins if COGS is $550 and they are willing to sell for $600. If price drops to $500 then the liability of their inventory will become unbearable at some point. They would be insolvent & have no choice but to stop mining

Good thing I had several business and aren't one of those "most people" you're referring to. The point was that the "price" being below cost of production makes it a little less likely that miners would sell at these prices. I agree, something has got to give, either the exchange rate or the miners (i.e. network). I'm betting it's the low price that will give, as it has the last 4 times we were in a similar situation.

twiifm

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Quote from: exocytosis on September 05, 2014, 12:25:05 PM

Quote from: MichaelBliss on September 05, 2014, 11:05:30 AM

Quote from: nuff on September 02, 2014, 01:14:46 PM

Actual production cost of one single bicoin is aroundt $530-$550. Any price below $500 is a steal. Buy now or regret years later. With difficulty ever increasing miners are getting screwed now cause anyone mining now is running at a loss.

Exactly. I don't think the day trading speculators have any clue what the cost of production is (they seem to consider lines on a chart and various other less important factors first).

Quote

I think your logic is the wrong way round.
If something costs more to produce than its worth doesnt mean its a good idea to buy the product, just thats it a bad idea to produce it.

Most of the people here never had a business so they don't get it

The miners are already operating on razor thin margins if COGS is $550 and they are willing to sell for $600. If price drops to $500 then the liability of their inventory will become unbearable at some point. They would be insolvent & have no choice but to stop mining

culexevilman

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Bitcoin is too valuable to be used as a currency

I would not say its insanity to not buy now around 500, brought some around 400+ and thought it was a good buy...

exocytosis

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Quote from: MichaelBliss on September 05, 2014, 11:05:30 AM

Quote from: nuff on September 02, 2014, 01:14:46 PM

Actual production cost of one single bicoin is aroundt $530-$550. Any price below $500 is a steal. Buy now or regret years later. With difficulty ever increasing miners are getting screwed now cause anyone mining now is running at a loss.

Exactly. I don't think the day trading speculators have any clue what the cost of production is (they seem to consider lines on a chart and various other less important factors first).

Quote

I think your logic is the wrong way round.
If something costs more to produce than its worth doesnt mean its a good idea to buy the product, just thats it a bad idea to produce it.

asganauei

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Quote from: MichaelBliss on September 05, 2014, 11:05:30 AM

Quote from: nuff on September 02, 2014, 01:14:46 PM

Actual production cost of one single bicoin is aroundt $530-$550. Any price below $500 is a steal. Buy now or regret years later. With difficulty ever increasing miners are getting screwed now cause anyone mining now is running at a loss.

Exactly. I don't think the day trading speculators have any clue what the cost of production is (they seem to consider lines on a chart and various other less important factors first).

How can the cost of production be calculated, it's a nice indicator to know the mid term value of bitcoins.

cypherdoc

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Quote from: falllling on September 05, 2014, 10:55:13 AM

Quote from: cypherdoc on September 05, 2014, 10:50:09 AM

yesterday's pop off up at a slightly higher low since April, then May, then August, is indicative of bulls increasing confidence to step in and buy in an attempt to pick a bottom in this long overstretched down cycle. this will occur with increasing frequency until or unless we crack a new low which is looking increasingly less likely.

bitcoin is going to nowhere but down! next target $300

up!

MichaelBliss

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Quote from: nuff on September 02, 2014, 01:14:46 PM

Actual production cost of one single bicoin is aroundt $530-$550. Any price below $500 is a steal. Buy now or regret years later. With difficulty ever increasing miners are getting screwed now cause anyone mining now is running at a loss.

Exactly. I don't think the day trading speculators have any clue what the cost of production is (they seem to consider lines on a chart and various other less important factors first).

falllling

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Quote from: cypherdoc on September 05, 2014, 10:50:09 AM

yesterday's pop off up at a slightly higher low since April, then May, then August, is indicative of bulls increasing confidence to step in and buy in an attempt to pick a bottom in this long overstretched down cycle. this will occur with increasing frequency until or unless we crack a new low which is looking increasingly less likely.

bitcoin is going to nowhere but down! next target $300

cypherdoc

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yesterday's pop off up at a slightly higher low since April, then May, then August, is indicative of bulls increasing confidence to step in and buy in an attempt to pick a bottom in this long overstretched down cycle. this will occur with increasing frequency until or unless we crack a new low which is looking increasingly less likely.

Rakitich

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You have to be mentally retarded (as in actual problem with the brain) to not buy sub ATH BTC at any time and cost until next year.

exocytosis

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For the next couple of months, it will be a struggle for BTC to sustain a price above 450.

cypherdoc

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it makes sense to buy sub 500 now especially since we're at what i think is the tail end of the longest pullback in Bitcoin's history. sure, it could go lower but the next rally should blow by this point in time. this is how cycles work, peaks and troughs. we're still above April's low with higher lows. bears are getting weaker and the turnover in coins has been immense. those new holders are going to wait for their own special bubble ramp before even considering selling.

thehappybtc

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I'm insane because I haven't bought at sub $500, but all in all I'm not too much insane, I have some $650 coins.

Topic: It'll be insanity not to buy bitcoin at sub $500 - page 2. (Read 5297 times)