Bitcoin Price Thread

johnarb said:
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.
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all this stuff about mining, plus the lightening network, etc... are just smoke and mirror stuff that the whales put in front of the public as distractions.

none of this stuff matters. we've discussed before.. it's a scam...I'd pull money out and buy some real stuff like the qqq.
 
Maverick74 said:
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.
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this time is different. this run to $20k and coming back down.. this put the public all-in... I posted the retail sentiment on this many times.... 4:1 long:short ratio among retail.... certain death sentence when the house has distributed this much to the public.
 
Maverick74 said:
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.
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Yikes, I don't know where I said that I was not affected by previous bitcoin price crashes and I'll say it now at the risk of contradicting myself, it always affected me, but not to the point of giving up and selling all my cryptos. Even now, I have no plans of cashing out even if 5,000 hits and goes even lower.

Something is different starting late last year, as that's when I started to spend bitcoin. Year to date (I have to keep track for Tax purposes), I've spent over $15,000 using bitcoin ranging from computers to hotel stays. If it goes below $5,000, I will literally not spend anymore bitcoin same as in previous years when I was only a buyer.
 
johnarb said:
Yikes, I don't know where I said that I was not affected by previous bitcoin price crashes and I'll say it now at the risk of contradicting myself, it always affected me, but not to the point of giving up and selling all my cryptos. Even now, I have no plans of cashing out even if 5,000 hits and goes even lower.

Something is different starting late last year, as that's when I started to spend bitcoin. Year to date (I have to keep track for Tax purposes), I've spent over $15,000 using bitcoin ranging from computers to hotel stays. If it goes below $5,000, I will literally not spend anymore bitcoin same as in previous years when I was only a buyer.
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Let me ask you this question, are you adding here?
 
johnarb said:
No, I am not buying additional at this price. I await your follow up question.
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OK. LOL. Why not? I'm genuinely curious. I mean even if we eliminate all the bullshit "it's going to a million hype", I'm sure it will re-test the highs which make it a 3 bagger from these levels.
 
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