Bitcoin Price Thread
- Thread starter Magna
- Start date
$6700. Ouch.
What's wrong with futures?
well nothing really...just this below, but they will get it sorted out.
https://www.financemagnates.com/cry...tures-price-manipulation-subpoenas-exchanges/
https://www.financemagnates.com/cry...tures-price-manipulation-subpoenas-exchanges/
One man views this price drop to a triple bottom in the 6500 range as a death sentence for Bitcoin. Another man view this price level (even if its does go lower from here) as a tremendous buying opportunity before the next move up. Once the elites create a bear market in stocks to try to derail Trump, (or when we just get a natural bear market) the investment class will be desperately seeking a non-correlated asset that is not going down with everything else. We will see 100K BTC so back up the truck as ole Jim would say.
the death sentence was referring to an earlier post somewhere
not to the 6500 range itself, but the fact that the house has shorted so many contracts to retail... and when retail is this crowded on one side, it's a certain death sentence.
https://www.dailyfx.com/sentiment
and death sentence to gold for that matter as well.
Just went below $6500. Bear market in cryptos (led by bitcoin). I'm worried if it hits $5000 and doesn't hold...
A HODLer is actually worried? Wow. This is interesting. Supposedly 5000 is the level that mining will come to a halt as the economics of it start to get ugly. Not that this is a supply issue but mining is the backbone of the crypto economy right now since it's not being used for anything else.
Unfortunately the bitcoin price does affect me financially even if I'm a long term hodler.
I'm not sure I understand what you meant with regards to mining. I was a bitcoin miner for about 6 months in 2013-2014 and the reason I stopped was because it was cheaper to buy bitcoin than to mine it.
As the price of bitcoin goes down to a level that it becomes cheaper to buy bitcoin on the exchange (a small mining farm has different cost structure than a big mining farm), the machines will be physically shut down, thus causing the difficulty to go down (the bitcoin software protocols readjust difficulty every 10 days based on the network hashrate to keep the block frequency at a target time of 10 minutes). When bitcoin price goes up, the miners will be powered back on.
I'm just surprised. It's had plenty of 30% to 50% selloffs and you were never phased by it. Why does this level bother you? If something moves as much as this does, you just get immune to it after awhile. I just find it interesting being that you are one of the biggest bulls here and it seems to be affecting you psychologically. I wonder if this level is causing the same amount of grief as others in the community.