Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
I voted "disagree" on the poll, because i believe there is more HODLING and real economic activity ( BTC is chasing all kinds of goods services, altcoins, bitcoin company stocks ... etc..) then ever b4. the BTC/USD market just dosnt have a big enough float to paint this "high volume" bottom. we'd need some truly horrific news to see this happen, blokchina.info bugging just dosnt cut it.
@stolfi: its always the chinese.
You said it.
I think you may be right tho this time:
How Discus Fish Became Chinas Largest Bitcoin Mining Pool
http://www.coindesk.com/chinese-mining-pool-discus-fish-bitcoin/
Lemme guess... AM?!
http://www.coindesk.com/chinese-mining-pool-discus-fish-bitcoin/
Lemme guess... AM?!
AM franchises maybe...
Even the Wall Street Journal is considering this rumor:
http://blogs.wsj.com/moneybeat/2014/09/19/bitbeat-more-pain-for-bitcoin-prices-are-chinese-miners-to-blame/
Excerpt: "Still, it is the China theory and it is only a theory that is most intriguing, in part because it explains a striking anomaly in the bitcoin system: That the summer-long price fall has coincided with an explosion in bitcoin mining. Over the same three-month period in which the price dropped from above $600 to below $400, there has been a doubling in the hashrate, a measure of the network-wide computational power with which bitcoin miners compete to solve a mathematical puzzle and win the right to a fresh issuance of 25 new coins at 10-minute intervals. Theres an arms race going on in bitcoin mining. But that begs the question: why would anyone rush to buy mining rigs and pay for ever-greater electricity consumption when both the proportional share and value of the bitcoins you can earn are plummeting?"
Mining company killing the competition.. ^^
That is believable. They are running into a central issue though: if the price falls too far, it takes too many coins to move money. Forget free equipment and free power, if they are escaping currency regulation: to move a USD, it would take 3x more coins today than in November. Since they apparently can't repurchase from exchanges, they can only sell a coin once.
In their own interests, I would expect there is a high price that allows them to both gain coins from mining and have enough coins to move a significant amount of money out of China.
i dont think so if your pockets are deep enough.
you instant dump everything you mine to kill the competition then afterwards when you control a big chunk of the nethash you pump the price.