Post
Topic
Board Bitcoin Discussion
Re: How Low Does Bitcoin's Price Need Get to Make People Stop Believing?
by
googlemaster1
on 05/10/2014, 04:59:44 UTC
The miners are taking way too much money out of this system anyway.

To maintain a healthy market, we need the miners to get compensated fairly, sure, but the drastic increase of efficiency in mining gear has made producing bitcoins much cheaper.  A high bitcoin price does nothing but compensate those miners for the risks they took, and whoever happens to be on the winning side of that trade (and hodlers ofc)  Most mining gear from Bitmain and other companies should be close, or have already ROI'd by now, if purchased at an appropriate time.  Institutional miners can stop the dumpfest and wait for the price to recover and get enthusiasm up again (because this is a permabull market, need I remind everyone here, that at this point, the bulls remain unshaken, and the people with large stakes of coins can't afford to be bears anymore, and where the hell else is the downward pressure going to come from?  Miners will stop selling, bears are ready to jump off the bandwagon, they are already setting their SL's closer and closer together....

At some point, for all those invested in bitcoin, even if it means climbing on razor thin volume, the dumping will stop.  You can bet on that.  After all, miners have millions of dollars worth of hardware, they aren't going to just shut the shit off....