Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
philipma1957
on 20/08/2024, 14:38:47 UTC
Lagging around daily EMA 200 again  Lips sealed

What is that supposed to mean?

Personally, I am kind of looking forward to getting the BTC price back into the top 100 weight-traded average days (including the table that some of us are continuing to monitor), but we still have another $5k or so to get back to a weight traded average of $64.5k-ish.

Frequently we cannot really work ourselves up in regards to how long it might take to get back into the top 100 weight-traded, and I am not really too overly concerned that it is going to take a long time, yet at the same time, it does not hurt to be prepared for a variety of scenarios that includes taking longer than expected (or preferred).  We are still pushing the 200-WMA around $34-ish per day.

it's important to remember that the average electricity cost of Bitcoin is around 60k. the likelihood of Bitcoin staying below these price levels for the long term is not very high


Fair enough point about some potential for the incentives to want to push BTC prices above the cost of production, even though hashrate does not really dictate BTC prices (which seems to be a point that our buddy Phillipma1957 and a few others like to unconvincingly make from time to time), and also even though I was not able to find that chart:  https://capriole.com/charts/.. which I should not have to try to verify from where ever it might have had originated. .

as long as it's the right direction I don't mind buddy doing a streak

That is also a fair point.. None of us should be too overly concerned about buddy streaking, so long as s/he/it is streaking UPpity rather than some other less exciting direction. .not that I am acknowledging buddy to be "sexy" in any kind of a commital way.

it's important to remember that the average electricity cost of Bitcoin is around 60k. the likelihood of Bitcoin staying below these price levels for the long term is not very high
Miners don't decide the price, the market does. If it's not worth mining, some will quit, the difficulty will drop, and the electricity cost per mined Bitcoin goes down.

Hey good point Loyce.

I was kind of thinking some kind of a thingie-ma-jiggie like that my lil selfie, but I was a wee bit fraidy kitty cat to speak up, you know shy in a kind of broken record kind of a way.. it happens sometimes, even to blabber-mouths, not that I fit within those kind of descriptors  the best of us   [I ask myself: "Self?  should I try to be a wee bit moar humble?"].

big snip


Mining btc is not like mining gold.

The btc that is mined needs mining to exsist.
mined gold does not need mining to continue its existence.

Btc is totally dependent on continuing mining. gold is not.

to think mining has no effect on price and only demand moves price is to dent the fundamentals of btc as compare to gold or silver or any precious metal.