Price halved, miners leaving, is there a future for a market?

nighteyes

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Quote from: 322i0n on October 01, 2011, 03:15:08 AM

the people who are leaving, failing or giving up are those who are short sighted seeking instant rewards from get rich quick atitude. the community will be much better off without them.

It just lowers the price of gambling for them. They will be replaced with the penny-stock yahoos who will say or do anything to control someone to pay them a higher price. The place will be overrun with trolls.And if the USD price returns, it will return the same type of knuckleheads.

However, the bitcoin network will hold up is my guess. And the one good thing is the hoarders influence should diminsh with bitcoins being circulated much more freely.

Troll Toll

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Quote

Quote from Nagle: Bitcoin has dropped $4 per month for 3 months now.

When Bitcoin hits $3, it will be down 90%, which is effectively dead.

Get your cash out of Mt. Gox. They might not have enough at the end.

According to this "logic" bitcoins will be worth $-2 by january.

idiot

Lolcust

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Hillariously voracious

I am Satoshi.

ArtForz is ArtForz.

I thought we had that settled Cheesy

bulanula

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Quote from: grod on October 03, 2011, 01:45:31 AM

Quote from: payb.tc on October 03, 2011, 01:30:18 AM

you mean the suckers that sell their bitcoins for a dollar each?

If difficulty drops to 400k I'll be happy to sell at $1/BTC, and would continue to do so (but selling 5x as many coins). $5 only looks good at current difficulty.

Now I'm at 4.6c/kwhr + fees, so the "free electricity" guys and Ukrainian miners can go lower and still be happy. FPGA miners can go way lower still.

At what point do the bulls provide fresh injections of cash? If new money doesn't keep coming we have no choice but to eventually make new lows because it's currently costing $1k/hr (or about $720k/month) at US average power rates just to run the network. I'm sure the exchanges and other related sites have costs of their own they can't pay in BTC. New price lows may translate to lower difficulty, which in turn would drive lower prices miners are willing to accept.

Bulls really need to step up and start propping up this pyramid, and soon. And I don't mean by posting here, I mean by cash injection. Once the downward spiral starts accelerating it may be too late.

You dare imply that Bitcoin is a huge pump and dump pyramid ponzi scheme and Satoshi ( artforz in disguise ) is the master puppeteer / pump+dump master and the whole thing is falling down !?!? NO WAY !!!

Quote from: payb.tc on October 03, 2011, 01:30:18 AM

Quote from: Gerken on October 03, 2011, 01:19:38 AM

Quote from: GoWest on October 02, 2011, 10:45:48 PM

Quote from: proudhon on October 02, 2011, 10:30:14 PM

Get ready for $1 bitcoins at the end of this month.

If that happens, I will instantly buy 10,000 BTC, and I won't be the only one.

Yeah I'm sure people will, there are a lot of suckers out there.

you mean the suckers that sell their bitcoins for a dollar each?

I think he means the suckers that are going to pay 10 000 USD for some fairy WOW virtual gold on your computer nobody but nerds use Grin

Frozenace

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Risk wise:

bitcoin > stock > bonds > gold

Jack of Diamonds

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Quote from: walidzohair on October 01, 2011, 07:20:55 AM

Quote from: Jack of Diamonds on October 01, 2011, 06:39:48 AM

I'm mining, just not now. Electricity costs must be paid every month.

not to mention the lost investments that will never be recovered!

Nobody is responsible though. You, me, and everybody else got into the business by personal decision.
We have to bear risks and potential losses alone.

The price crash happened roughly at the same time as other financial instruments began losing value rapidly, even stocks and gold.
It couldn't possibly be anticipated.

Sure, mining hardware will depreciate a bit in value right now, but once difficulty drops, even a $5 btc will be worth mining.

zby

legendary

Activity: 1594

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Quote from: S3052 on October 03, 2011, 01:56:37 AM

Quote from: grod on October 03, 2011, 01:45:31 AM

...

Bulls really need to step up and start propping up this pyramid, and soon. And I don't mean by posting here, I mean by cash injection. Once the downward spiral starts accelerating it may be too late.

I agree with you here.

It needs cash injection by existing bitcoin users and/or getting new people into it.

But wasn't bitcoin supposed to be something else then just a pyramid scheme?

S3052

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Merit: 1000

Quote from: grod on October 03, 2011, 01:45:31 AM

Quote from: payb.tc on October 03, 2011, 01:30:18 AM

you mean the suckers that sell their bitcoins for a dollar each?

If difficulty drops to 400k I'll be happy to sell at $1/BTC, and would continue to do so (but selling 5x as many coins). $5 only looks good at current difficulty.

Now I'm at 4.6c/kwhr + fees, so the "free electricity" guys and Ukrainian miners can go lower and still be happy. FPGA miners can go way lower still.

At what point do the bulls provide fresh injections of cash? If new money doesn't keep coming we have no choice but to eventually make new lows because it's currently costing $1k/hr (or about $720k/month) at US average power rates just to run the network. I'm sure the exchanges and other related sites have costs of their own they can't pay in BTC. New price lows may translate to lower difficulty, which in turn would drive lower prices miners are willing to accept.

Bulls really need to step up and start propping up this pyramid, and soon. And I don't mean by posting here, I mean by cash injection. Once the downward spiral starts accelerating it may be too late.

I agree with you here.

It needs cash injection by existing bitcoin users and/or getting new people into it.

grod

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Activity: 154

Merit: 100

Quote from: payb.tc on October 03, 2011, 01:30:18 AM

you mean the suckers that sell their bitcoins for a dollar each?

If difficulty drops to 400k I'll be happy to sell at $1/BTC, and would continue to do so (but selling 5x as many coins). $5 only looks good at current difficulty.

Now I'm at 4.6c/kwhr + fees, so the "free electricity" guys and Ukrainian miners can go lower and still be happy. FPGA miners can go way lower still.

At what point do the bulls provide fresh injections of cash? If new money doesn't keep coming we have no choice but to eventually make new lows because it's currently costing $1k/hr (or about $720k/month) at US average power rates just to run the network. I'm sure the exchanges and other related sites have costs of their own they can't pay in BTC. New price lows may translate to lower difficulty, which in turn would drive lower prices miners are willing to accept.

Bulls really need to step up and start propping up this pyramid, and soon. And I don't mean by posting here, I mean by cash injection. Once the downward spiral starts accelerating it may be too late.

payb.tc

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Quote from: Gerken on October 03, 2011, 01:19:38 AM

Quote from: GoWest on October 02, 2011, 10:45:48 PM

Quote from: proudhon on October 02, 2011, 10:30:14 PM

Get ready for $1 bitcoins at the end of this month.

If that happens, I will instantly buy 10,000 BTC, and I won't be the only one.

Yeah I'm sure people will, there are a lot of suckers out there.

you mean the suckers that sell their bitcoins for a dollar each?

Gerken

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Activity: 126

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Quote from: GoWest on October 02, 2011, 10:45:48 PM

Quote from: proudhon on October 02, 2011, 10:30:14 PM

Get ready for $1 bitcoins at the end of this month.

If that happens, I will instantly buy 10,000 BTC, and I won't be the only one.

Yeah I'm sure people will, there are a lot of suckers out there.

grod

full member

Activity: 154

Merit: 100

I'll agree 90% is completely arbitrary and meaningless. Doubly so when not associated with a timeframe.

IMO bitcoin has more similarities to a publicly traded security than a commodity or government backed currency. There are capital expenditures, operations, investors and ongoing sales of stock to finance operations. Far closer to a precious metals mining company than the precious metal itself.

grod

full member

Activity: 154

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Quote from: ?? on ??

'Dead' like Bank of America right?

You think BoA would be around if it wasn't for a government bailout? I'm not sure good old Uncle Sam is going to pop out of the woodwork to save bitcoin. Has Satoshi's been contributing enough to various campaign funds?

In all seriousness I don't think we need to wheel out the plague cart until $1.25 or so. And that's assuming no widespread FPGA adoption. Assuming FPGAs we can do much, much lower before the corpse stops twitching. Thanksgiving and xmas/newyears seem to line up with around the time we would be testing those lows.

GoWest

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betwithbtc.com

Quote from: proudhon on October 02, 2011, 10:30:14 PM

Get ready for $1 bitcoins at the end of this month.

If that happens, I will instantly buy 10,000 BTC, and I won't be the only one.

proudhon

legendary

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Quote from: Nagle on October 02, 2011, 10:00:28 PM

Bitcoin, last 3 months.

As I keep pointing out, much to the annoyance of the more delusional enthusiasts, Bitcoin has dropped $4 per month for 3 months now. The 30-day moving average is close to a straight line. There are never more than 3 "up" days in a row.

When Bitcoin hits $3, it will be down 90%, which is effectively dead.

Get your cash out of Mt. Gox. They might not have enough at the end.

Get ready for $1 bitcoins at the end of this month.

Nagle

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Bitcoin, last 3 months.

As I keep pointing out, much to the annoyance of the more delusional enthusiasts, Bitcoin has dropped $4 per month for 3 months now. The 30-day moving average is close to a straight line. There are never more than 3 "up" days in a row.

When Bitcoin hits $3, it will be down 90%, which is effectively dead.

Get your cash out of Mt. Gox. They might not have enough at the end.

tacotime

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Hash rate is going up this weekend... With rises in hash rate comes rises in price

Bull it up guys

infofront

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Shitcoin Minimalist

The market cap of bitcoin was (and still is) tiny. A huge bubble was easily formed earlier this summer, and a lot of people panicked when the inevitable correction came. I think we oversold after the bubble burst. Keep in mind that many bitcoin owners, and probably miners especially, know little to nothing about markets, which only exacerbated the bubble inflation and subsequent overcorrection. The longer the market stays stable, the more confidence investors will gain back, and the more they'll start buying.

walidzohair

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Quote from: Jack of Diamonds on October 01, 2011, 06:39:48 AM

I'm mining, just not now. Electricity costs must be paid every month.

not to mention the lost investments that will never be recovered!

worldinacoin

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Activity: 756

Merit: 500

It depends on each circumstances, for me electricity etc are pre paid for the building so whatever I used I still pay the same fees, that's why bitcoins are a bonus. If you are in a country where electricity costs are at a premium, mining may not be for you. But still that does not discourage one from using bitcoins.

Topic: Price halved, miners leaving, is there a future for a market? (Read 3251 times)