Yeah - I just saw this morning - prices went from .85 GHS to .9 GHS - still every good. Can someone tell me why it went up? I guess I'll just hold onto the bitcoin payouts for now...waiting for it go down before I reinvest.
It's because bitcoiners (for the most part) are inexperienced n00bs/idiots who don't know how do do a basic cost/benefit analysis. They want to convert everything back into USD, even though their "profits" will only ever be in Bitcoin.
They don't understand that if it doesn't break even in BTC, it's a bad investment strategy, but they're only capable in thinking in terms of $. So when BTC is cheaper, they think "I can afford to invest more BTC". Not realizing that they're better off just buying btc and sitting on it if they're expecting BTC to go back up.
I've tried explaning this concept to a lot of people, but the truth is, most of them are idiots.
If people were intelligent, the price of hashing power would decrease with difficulty increase. It wouldn't fluctuate with the USD exchange rate like it does when the morons are involved. Then again, the real money is with playing in a market of morons. They're uber predictable, so day trading is far more profitable than mining, if you play your cards right.
