<a big snip>
JJG
mining sets the floor price.
I have followed for years and bottoms come in just about right on spot to :
5-6 cent power
and top of the line gear.
basically we hit that in november .
I 100% agree that mining does not set the top of the bull run.
But time and time again mining is what set the foundation level for the bottom.
please note flash crashes are excluded as the have been followed by v style recovery.
1. Approximately..and typically one mo of declining difficulty sets the bottom (during usual markets, not a calamity).
2. I still hold readily deploy-able funds to buy the flash crash or a sudden dip...it is much more my style vs DCAing, but to each their own.