Post
Topic
Board Bitcoin Discussion
Re: Miners are killing bitcoin
by
Soros Shorts
on 16/01/2015, 15:18:24 UTC
Miners are the reason bitcoin are getting into the chain at the first place, how;s that killing, isn't that the opposite?

The problem supposedly is that currently there are too many miners operating in marginally profitable conditions and allegedly dumping coins on the market.

Well the mining ecosystem was designed to be a closed-loop feedback system with an inherent lag. Anyone who has studied control engineering will understand what is happening now. Eventually some miners will bail out and close shop and there may be less dumping of coins. I say may, because I don't really believe it is the miners doing the dumping. I am a small miner myself, with just under 50 TH/s and I have not sold a single coin since November.