Who is so stupid to sell so many bitcoins in that low prices?? - page 2.

Elwar

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Viva Ut Vivas

Quote from: kokojie on October 05, 2014, 12:30:48 PM

What is so hard to understand? Bitcoin currently spends $500 million per year on PoW mining, so without inflow of new capital, the price of Bitcoin will perpetually decline, due to value being sucked out of the eco-system by PoW miners.

If it were not PoW it would be "Bitcoin currently spends $500 million per year on "

If it did not cost a lot, anyone could pay cheap prices to either destroy Bitcoin or get all of the bitcoins.

chek2fire

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Ιntergalactic Conciliator

I have an advice to keep selling. We need more Grin

robinwilliams

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easy answer ... people who bought at $2

chek2fire

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Great strategy... buy high sell low Tongue

. Best wishes to all that morons. Now we can have many bitcoins in our wallets. Thank you all! Grin

CryptoCarmen

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Quote from: chek2fire on October 05, 2014, 12:29:12 PM

I see massive sales in Bitstamp and other exchange and my question is simply. Who is so stupid to sell so many bitcoins in that prices?? I cant understand this.

I am sure those people are hackers. No one would be so stupid to buy at $700 USD and sell at $350. They go tthem for free.

bcmine

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Quote from: kokojie on October 05, 2014, 12:43:56 PM

Quote from: chek2fire on October 05, 2014, 12:42:42 PM

But you know that you don't have a roi in that prices. So why they don't just unplug the machines? Is better to keep selling until all their ecosystem to collapse? In my opinion this is still a stupid action.

Why would they unplug the machine if they could still extract value out of the Bitcoin eco-system? As long as they could earn more than electricity cost, they will mine and sell in hope for ROI. They will only unplug if electricity cost > mining income.

Electricitiy costs are not every where equal, so they will sell it and another one will plug it on again. That cause fluctuation. A miner has to make money for storage place, ventilation so electricity costs back is for the most to less. And one day the pcb are dying too and then its definitly over. All that means some will unplug their hardware.

dmz241

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there are many stupid people I guess they are trying to cover losses...I dont know how though

ebliever

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I've kind of been expecting this (not hoping for, but expecting). Miners without deep pockets need to keep selling their BTC to pay for electricity and other expenses. The lower BTC goes, the more they have to sell, creating a vicious circle until they've sold all their BTC and have been run out of business. So expect continuing downward pressure until you see the total network hashrate start dropping and word of major mining concerns dropping out. (The hashrate drop may likely be temporary as equipment is then leased/sold to others, but the point is, the upward trend in hashrate is going to get real choppy for a while).

Once there is enough blood in the streets, things will start to recover. Or a black swan event like Cyprus could hit any time and send people scurrying for BTC. I admit I'm looking forward to buying, but will wait a bit for a bottom. Until then, HODL.....

chek2fire

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I think they can't earn money in that prices especially the middle power miners

btbrae

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The price will go low enough to shake the speculators out like in every other market. If you can't handle double digits, then you're a speculator.

kokojie

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Quote from: chek2fire on October 05, 2014, 12:42:42 PM

But you know that you don't have a roi in that prices. So why they don't just unplug the machines? Is better to keep selling until all their ecosystem to collapse? In my opinion this is still a stupid action.

Why would they unplug the machine if they could still extract value out of the Bitcoin eco-system? As long as they could earn more than electricity cost, they will mine and sell in hope for ROI. They will only unplug if electricity cost > mining income.

bornil267645

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AltoCenter.com

If all of us smartly don't sell Bitcoin, then this price will never recover.

chek2fire

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But you know that you don't have a roi in that prices. So why they don't just unplug the machines? Is better to keep selling until all their ecosystem to collapse? In my opinion this is still a stupid action.

kokojie

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Quote from: chek2fire on October 05, 2014, 12:39:24 PM

But when you sell when the prices in a day is about 50% that is a fool action especially in bitcoin ecosystem with that volatility when you know that everything can change in days or in a hour.
Is fool action to sell low and buy high

Miners didn't buy high, they have invested in the hardware already, they will sell at ANY price in hope for ROI. Also electricity bill has to be paid, miners aren't going to pay these with additional funds out of pocket.

chek2fire

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But when you sell when the prices in a day is about 50% that is a fool action especially in bitcoin ecosystem with that volatility when you know that everything can change in days or in a hour.
Is fool action to sell low and buy high

farlack

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Quote from: kokojie on October 05, 2014, 12:30:48 PM

What is so hard to understand? Bitcoin currently spends $500 million per year on PoW mining, so without inflow of new capital, the price of Bitcoin will perpetually decline, due to value being sucked out of the eco-system by PoW miners.

Not only this, but the question isn't why sell, but why would you hold? If you're about to lose 33% of your money it's better to sell. Unfortunately it hurts everyone but when it comes to money who cares about everyone else.

kokojie

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What is so hard to understand? Bitcoin currently spends $500 million per year on PoW mining, so without inflow of new capital, the price of Bitcoin will perpetually decline, due to value being sucked out of the eco-system by PoW miners.

chek2fire

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I see massive sales in Bitstamp and other exchange and my question is simply. Who is so stupid to sell so many bitcoins in that prices?? I cant understand this.

Topic: Who is so stupid to sell so many bitcoins in that low prices?? - page 2. (Read 2630 times)