Quote from: AirWolf on January 04, 2015, 01:21:05 PM

Quote from: galdur on January 03, 2015, 11:39:50 PM

Quote from: xilatleo on January 03, 2015, 11:23:14 PM

BTC price = 287 on Bitstamp. Are we facing a bump upcoming or BTC is dying. Cry

$ 286.81 (-8.98 %)

Estimated Next Difficulty: 45,872,728,865 (+12.87%)
Adjust time: After 1337 Blocks, About 8.4 days

"These are the times that try men's souls." like the man said.

The market is always right. For a year it has been trying to wash out

excess mining capacity. But still it balloons. The question is what it takes.

Maybe $250, 225, 200 who knows. Something has got to give.

I concur with Galdur, the main reason bitcoin keeps devaluing is that it is being over mined, now if all the major mines would come together in a guild or pact to limit the damage to the bitcoing ecosystem and keep the mining capacity at some calculated level, the result will be that mining contracts prices will rise, difficulty will decrease and bitcoin price will rise.

The original intention of the mining was to be rewarded for processing transactions, Satoshi Nakamoto knew of this and there are some references around that says that in the end mining for the profit will become irrelevant and the reward should come from the transaction processing, of course that will happen if the transaction volume will rise 10 fold of what it is today, but the hard cold truth is that the greedy Chinese looks incapable to grasp this wise view of the ecosystem.

They know that they have until mid-2016 to mine the shit out of bitcoin, after that, mining becomes economically unpractical at the difficult levels we are seeing just today, coupled with electricity prices and maintenance, so the Ragnarok will surely come when reward halves in mid-2016.

Until then, bitcoin will lose more value and supporters, the general faith will erode, and the Chinese will keep pumping more money into new mines to get even less money back and then we will be left with a bitcoin which average price is about $150 or less.

Bleak... again the only constant in the Universe is human stupidity...

If you really believe in Bitcoin then the USD is irrelevant long term...atleast I keep telling myself that Huh