Quote from: Pursuer on September 10, 2018, 05:36:39 AM

Quote from: figmentofmyass on September 10, 2018, 05:29:56 AM

the cost to miners doesn't matter.

it does matter, the same way something completely irrelevant such as Goldman Sachs nonsense matters for bitcoin and the price of it. it is all about speculation and what the investors think. when enough people think the cost of mining matters and is a factor to look into, then it means it matters a lot for determining the price.

ok fair enough---but that all boils down to investor demand. the actual cost doesn't matter---only the perceptual effect on buying/selling pressure. there is a flip side to that: if the market holds below the perceived "price where miners will prop the market" then that could reinforce fear and increase sell pressure. i could easily see price crashing to the $2000s or $3000s, miner costs be damned.

all that is to say, there is no magical bottom like franky1's $5800. there is only supply and demand. and the lower we go towards miner's true pain points, the more likely they will capitulate at high volumes far, far below $5800 or any other magic number.

in the same sense, the news from goldman sachs didn't actually do anything. at most, it just helped trigger a down move that was already going to happen eventually. the reason a selloff like that occurs is because people are ready to sell; sentiment is negative and the market is bearish.

last year during the bull run, nobody would give a shit what goldman sachs was doing. it would have been an afterthought. it's only because the market dropped $1000+ in a day or two that people are searching for a cause, after the fact. "oh, it must have been the goldman sachs news!" no, i doubt it!