We control the prices... Not these bears. We got what they can't have... - page 2.

wolftaur

member

Activity: 112

Merit: 10

Quote from: Cluster2k on August 03, 2011, 10:15:02 PM

I wouldn't sell a bitcoin for $5 either. It costs more in electricity to produce at the current difficulty rate. The problem is no one really knows how many people are out there with bitcoins mined when difficulty was 1/10th what it is today, or speculators/investors who bought in at 50c a bitcoin. They would be quite happy to sell a bitcoin at $5 if they thought the price wasn't going to go higher.

The number of coins mined at 1/10th current difficulty, and bought by speculators at 50 cents each, is finite. Sure, those people might end up selling at $5, but when those coins are gone, then miners have a majority of potential supply.

pennytrader

sr. member

Activity: 254

Merit: 250

just put up a sell order @ $11.1, 10 BTC. Hopefully somebody takes it.

Cluster2k

legendary

Activity: 1692

Merit: 1018

Quote from: FlipPro on August 03, 2011, 10:09:30 PM

Bitcoins can only drop to $5 a coin, if the miners decide to sell them at that price... Grin

. I for one won't sell you my Bitcoins for five bucks. No way, they are worth way more than that, and me and you both know that

.

I wouldn't sell a bitcoin for $5 either. It costs more in electricity to produce at the current difficulty rate. The problem is no one really knows how many people are out there with bitcoins mined when difficulty was 1/10th what it is today, or speculators/investors who bought in at 50c a bitcoin. They would be quite happy to sell a bitcoin at $5 if they thought the price wasn't going to go higher.

FlipPro

legendary

Activity: 1764

Merit: 1015

Quote from: Cluster2k on August 03, 2011, 10:07:21 PM

Quote from: FlipPro on August 03, 2011, 09:15:47 PM

Miners you SEE... YOU CONTROL THE PRICES!!! PULL ALL YOUR SELL ORDERS NOW!!

You sound a little desperate. Bold text and capitalised. Have you paid off your mining rigs yet? I think we know the answer to that question.

Miners do not control bitcoin's value. The market does. Bitcoins could fall to $5 tomorrow and there's nothing miners could do about it. There are already more than enough bitcoins out there for investors and speculators to play with. Even if every miner pulled out tomorrow there would be no upward change in value. If anything, value would suddenly plummet as transactions would take days to process. It's a fundamental point that's often lost on these forums. People thinking mining activity and difficulty drive price upwards.

I have a transaction coming in from DeepBit at the moment. 6 hours and zero confirmations. Imagine running a business this way. "Thank you for your payment sir, please wait a day at the checkout"

Bitcoins can only drop to $5 a coin, if the miners decide to sell them at that price... Grin

. I for one won't sell you my Bitcoins for five bucks. No way, they are worth way more than that, and me and you both know that

.

Cluster2k

legendary

Activity: 1692

Merit: 1018

Quote from: FlipPro on August 03, 2011, 09:15:47 PM

Miners you SEE... YOU CONTROL THE PRICES!!! PULL ALL YOUR SELL ORDERS NOW!!

You sound a little desperate. Bold text and capitalised. Have you paid off your mining rigs yet? I think we know the answer to that question.

Miners do not control bitcoin's value. The market does. Bitcoins could fall to $5 tomorrow and there's nothing miners could do about it. There are already more than enough bitcoins out there for investors and speculators to play with. Even if every miner pulled out tomorrow there would be no upward change in value. If anything, value would suddenly plummet as transactions would take days to process. It's a fundamental point that's often lost on these forums. People thinking mining activity and difficulty drive price upwards.

I have a transaction coming in from DeepBit at the moment. 6 hours and zero confirmations. Imagine running a business this way. "Thank you for your payment sir, please wait a day at the checkout"

GeniuSxBoY

hero member

Activity: 616

Merit: 500

warren buffet also admits the dynamics have recently changed and he has no clue what's going on

nafai

member

Activity: 112

Merit: 10

Quote

Lets see how good of an idea this is. Say your a miner and you pull your sell order out, will all other miners do the same?
With bitcoins price that continues to fall, you will hold your bitcoins and they will become worthless. Do you really want your mining operations to actually cost you money? Sell as fast as you can in a falling market, or somebody else will sell and take money that could have been yours.

Respectfully, I disagree. Your mining profit over the next 6 months, year, 2 years, is far more important than your profit over the next few days. It is actually smart to wait out a panic sell, and not follow the lemmings. Remember, the name of the game is buy low sell high, not the reverse.

Even Warren Buffet says, "Be fearful when others are greedy, and greedy when others are fearful."

Edward50

hero member

Activity: 602

Merit: 500

Lets see how good of an idea this is. Say your a miner and you pull your sell order out, will all other miners do the same?
With bitcoins price that continues to fall, you will hold your bitcoins and they will become worthless. Do you really want your mining operations to actually cost you money? Sell as fast as you can in a falling market, or somebody else will sell and take money that could have been yours.

Zem

member

Activity: 70

Merit: 10

What about people that have tens of thousands of coins to play and manipulate with?

FlipPro

legendary

Activity: 1764

Merit: 1015

Miners you SEE... YOU CONTROL THE PRICES!!! PULL ALL YOUR SELL ORDERS NOW!!

Topic: We control the prices... Not these bears. We got what they can't have... - page 2. (Read 2535 times)