Quote from: Merribourne on November 07, 2014, 11:26:06 AM

Quote from: MarkLyford on November 06, 2014, 03:39:05 PM

re the $290, no no other reason than my own feeling.

Im personally confident we will see a $1,000 steady bitcoin in the coming months.

In my opinion we need to see bitcoin break $500 and stay above it for a reasonable amount of time before it can be considered a "buy". It's definitely a sell at present looking at the trend but I admire your confidence!

Quote from: MarkLyford on November 06, 2014, 03:39:05 PM

re mining, its a changeable thing, our entire business model is and going into 2015 everything is designed to be fluid.

Re our current mining, we run of wind power so our overheads are very low, we are about to scale up our mining in a new location too

Wind power is a great idea. I guess you are mining as part of a pool because your total bitcoins mined was around 4? Am I right in saying that if you were mining on your own you would have to get bitcoins in multiples of 25?

I'll keep watching the bitcoin price and perhaps make a move when/if we see $500 but for now I can't invest.

With regards to the bitcoin price there are multiple views for it... There is talk in our forum of it being good for bitcoin as a whole if the price drops to around $100 as it would mean all the big mining farms are unprofitable so they would shut down and the difficulty would drop enabling the smaller miners to come back in and there would be more adoption in general which would push the price back up again... I am no professional trader but I do know some and looking at their fan graphs they are saying it is a good time to buy at the moment...

Yes we are mining into a pool, there are VERY few people mining solo these days as it is virtually impossible to "win" a block on your own unless you have the computing power of CERN, Google, Apple and Microsoft combined and even then it would still be hard!

My advice is to not just monitor the price yourself but try and find some of the higher level traders and get in touch with them to see what they are doing... As any trader will know money can be made when the market is going down or up, it just depends how you play it.

However with Banx we are VERY diverse so we have a lot of bases covered for multiple eventualities. If mining dies off we will stop and the funds will be diverted to other areas for example... There are many arms to the business and this holds us in a much stronger position than a company purely focussed on mining or any other single element. Diversity is our key strength here at Banx.

Hope that helps

Simon