I am an oldfag from mtgoy. People often talked about how it can't go below mining cost. That it would mean the death of bitcoin. Much of it was fear mongering. As you can see, we are here. So why aren't we dead? The miners still believe it could go up again, so they mine for speculation. While many investors gave up, the miners have not been mining at a loss as long. They still have optimism, like the investors in the "denial" stage of a bubble. "My money will come back" they think. But if it continues to drop, they will capitulate eventually. They are just not as REKT as the investors at the moment.
Now, when/if the miners truly capitulate, then you will see some serious fucking shit. Beyond miner capitulation lies the absolute end. Everything will crash to fucking pieces with red wojaks for days. If the miners accept they will not be able to sell high EVER and they are just throwing money away on electricity, it will go to fucking meme levels of rekt. All that will be left are the hobbyists who do it for the tech unironically. I'm not even going to say long/short at the moment. Maybe it will hold. But I do want to fucking warn you. If it drops below 3000, get the fuck out of everything. Do not fall for sunk cost fallacy and TA. Just get the fuck out with the few dollars you have, because it will be a fucking bloodbath to make 4k a distant dream. You have unironically been fucking warned.
i am pretty sure chinese miner are at break even right now or even at a little profit. this $6k mark was just thrown into crypto and everyone just repeated it....
John Parker
So what, no new bitcoins will be created. Even more value for bitcoin.
Thomas Baker
Remember that this man died for your sins. When you put it into perspective, who really cares about meme money in this cultural marxist post-modern shithole?
eventually shorting btc for btc wont be worth...will flip, 2750 bottom,
Dylan Martinez
If you are not larping nice thread, but why 3k? Do you have any data to back your claims? The already obliterated "5,8k support based on mining costs" says we could go lower than we expect
Jackson Walker
this it can go straight down to 1K
Zachary Wood
>oldfag >doesn't understand difficulty adjustment if hash rate dramatically drops off Bitcoin used to be mined with CPUs dickhead. Yeah I understand that was before and isn't adequate to secure the value of the network currently, but the mining thing is a fucking meme
PoS is the future. PoW is not sustainable when a retard like fake Satoshi can take down the whole market with fear
Josiah Kelly
What are the odds the coin is going to its gravesite one year after we began seeing real-world applications for it? Unless Mr. Goldstein and all of his friends plan on shorting it into fucking oblivion, then I guess there's not much we can do.
Jackson Ross
Capitulation is usually happens below the -50% mark for people. It is just an estimate based on it being a round number around 50% of current mining cost. I don't know for sure. It could even be earlier but I suspect 3k to be around breaking point if it goes below and doesn't bounce.
Lucas Turner
A very ignorant question but one that needs an answer:
Can BTC survive without miners? Are miners necessary to process transactions or does it just create new coins and that's it?
Because if miners are needed and the cost of mining doesn't decrease when the number of miners decreases, miners will be losing money from now on and will most likely stop mining. If things are truly this way, did they really expect the price of BTC to rise endlessly with every halving for no reason at all? Sounds stupid even to say.
Please Jow Forums explain to me that when some miners leave the network the cost of mining also goes down or some other way in which this all made sense all along.
Brandon Robinson
how did you find this place user ?
miners are needed to process transactions.
more miners means it becomes more difficult to mine coins, less miners means it becomes easier to mine coins. This is called the difficulty adjustment and its an inbuilt feature.
Gavin Brown
>it can't go below mining cost. That it would mean the death of bitcoin. iff the only real use is buying drugs on the dark web so long as btc are accepted to buy drugs on the darkweb people will buy them, but individual value doesn't matter, only exchange value matters and drug buyers won't give much toss if they lose a few bucks
Nathaniel Perry
So as long as 1 person remains mining that person will mine at a veeeeery cheap cost and the network can keep working?
Also, does this mean that with all the miners that stopped mining due to the price fall, mining costs have also been reduced?
Someone mentioned Jow Forums on a chat and I came to take a look a few weeks ago.
Joseph Gray
Ugh,I just looked at the historic hashrate chart, it's really terrible
My mouth is watering as is at this dip please baby capitulate further
William Smith
Beyond those who have yet to capitulate given the state of the current downtrend, there is a significant proportion of the mining population which sees it is an ethical responsibility to maintain the mining pools. I can't say for certain what portion of miners will supposedly mine 'no matter what' but much of that sentiment is combined with a faith that the rewards will offset electricity costs once the market recovers and that now is the time to take advantage of Joe six pack miners shutting down due to the inability to cope.
Wyatt Howard
>there is a significant proportion of the mining population which sees it is an ethical responsibility to maintain the mining pools Bitcoin users have ethics? Anybody still mining will be doing it because they are delusional and still think they're getting a lambo
as an interesting side note, you should know that a 51% has always been theoretically possible to achieve by certain groups, but they have chosen to relinquish mining power in order to keep their hashrate below 50%, so a majority attack isn't as infeasible as it seems
Isaac Wright
google some of devotion behind old school miners. I once read a story about a guy coding bible verses into the blockchain, their are zealots out there.
Kevin Anderson
this guy is in every thread fudding BSV like his children are being held hostage. bsv is bitcoin, don't get attached to btc. these things are rocks man, also get a fucking life you clog up every thread with this sub par meme.
Jason Cruz
Sure, but are they a "significant proportion" (w/r/t hashrate)?
Camden Sanchez
this. "Religious miners" are probably a small percentage compared to "businesses", who hedged by shorting bitcoin at higher prices after last year's insane run.
That's basically equivalent to letting them sell future mined bitcoins at last year's parabolic prices, it's just sound business, no speculation involved.
This is some mongeloid tier thinking going on wow. Just kys mate, im dead serious.
Zachary Jackson
I certainly agree that zealots don't represent close to a majority of miners. However, given the political roots of Bitcoin combined with the proclivity for people in this space to look to the future with rose tinted glasses, I'm not convinced that we'll see a mining apocalypse in the near term due to price declines alone. Granted this is just my opinion, but I feel as though a concentrated sign of government/societal rejection of Bitcoin would have to occur to cause such widespread capitulation of miners. Something along the lines of an international ban on cryptocurrencies, SEC rejection of Bakkt, or an organic online anti-crypto consensus across social media.
Noah Cox
Well, my coin ditched the broken concept of mining. Let BTC burn. Those that understood its flaws and adapted will carry on its legacy and reign in its place. BTC will never be forgotten tho
Nolan Nguyen
>Red Letter >Red Pic >Red ID I don't know about you guys, but this struck a deep fear within me. Something is going to happen to crypto and BTC. I think everybody holding bags deep down think they're going to outsmart one another but they're the ones that's going to get swallowed up.
That was my point here Miners don't have to capitulate. If the spot price is above mining price, they short. Then they cover the short with newly mined bitcoin.
Then once spot price falls below mining price, they just turn off miners. Blocks will be mined slower, and they resume mining once difficulty (and mining cost) has lowered enough that mining is profitable again.
ZERO speculation involved.
Speculating as a business is actually VERY irresponsible, and now that Bitmain is a publicly listed business, I don't see how speculation would EVER be authorized by a board of directors or such.
Jack Hughes
I see your point, miners do have a significant leg up on shorts compared to the average investor given their ability to cover their positions with rewards. As for the business side of industrial miners such as Bitmain, ultimately I see them in a comparable situation with their competitors and small time miners: none of us know what the long term value of Bitcoin will be, but nearly everyone agrees that their is inherent demand for permission-less money. Tbh it seems like a proper cost benefits analysis of continued mining is out of the question given all of the uncertainty in the market across a multitude of considerations. Yet, even with Bobo recking us in this bear market you can't deny the sweet sweet potential gains of a recovery.
Justin Smith
oldfags are suppose to be pretty cool, but you..you’re a faggot.
Owen Thompson
It will also be practically impossible to transfer them due to a lack of a network and the 51% attacks will be cake
Adam James
this faggot op really wants you goys to sell your precious bitcoins, I wonder why...
Kevin Hill
>precious
Hunter Roberts
and how are PoS coins distributed you bloody fag shit satoshi mined every coin he has using work on top starting this entire economy
Jonathan Anderson
as long as people believe the meme and there is money to be made with short dead cat bounces the decline will be slow, like a stair..see it struggling at 3400? it will dump a floor lower soon probably. People buying at 3k simply means some boomers still use myspace
Isaiah Hall
Many stiffs, many moons. Official bitcoin of pajeets everywhere
Chase Mitchell
>t. newfag who doesn't know what difficulty is and just finished his first larp
Asher Allen
I'm sure your coin is doing great right now or it's somehow bitcoin's fault for its decline
Luis Harris
You're technically right, but you're assuming that miners act rational. There's a big chance that irrational miners already mined at a loss at 6k and thought it would go back up, then when it crashed to 5k they had to capitulate, sell all coins and turn off the miners to avert bankruptcy.
Of course they want you to believe that so other miners will throw their rigs away. Remember this, chinese are made to cheat and lie.
Tyler Ross
> an absolutely retarded post > 55 replies
Cameron Barnes
>people forget that the point of maximum opportunity is also the point of maximum risk. no free meals maybe if you are a brainlet. point of maximum risk is at highs
Luis Torres
I have 5btc, I’m not getting rich off that. I need full blown capitulation to buy a shitload and then walk away for a few years. And if it goes to zero, so be it.
based
Dominic Diaz
good luck man. Just a word of advice that most people that has this attitude (myself included 100% of the time) always ends up buying back higher. Try pick a local high, sell and place a stop loss at break even Hopefully you'll pick a good point in the down trend and can get some comfy btc
Juan Thomas
which coin you dumbfuck mongloid. it is different for each. not a checkmate. god you are stupid
Adam Hughes
Buy NANO or IOTA fuck miners.
Hudson Thompson
That's cute
EXCEPT mining power is down 20% in the past 2 weeks and steadily decreasing the death spiral prophecy is a meme and the current timeline proves it since nobody uses the network, nobody can even tell that it's shittier than usual.
Tyler Cooper
>if i swear a lot my post is credible!
Sebastian Jackson
And then ETH will step in to take the throne with PoS
Landon Lewis
staked coins are all unfairly distributed you stupid nigger PoW and scheduled inflation pattern is the only way everything else is centralized garbage
Brandon Sullivan
He was a Rothschild bastard working for the big corps of his era you fucking dunce
bitmain crashing his company by buying bcash is some retard tier shit
any respectable mining operation will judge profit margin off difficulty and electricity prices and short the difference to ensure profitability these are the miners who will survive the bear
the days of miners trying to influence code and speculate are gone
Logan Gutierrez
Sure
Lol
Meanwhile choynese government preparing for a 51% attack.
Get rekt
Jason Price
>ethical responsibility hahaha GTFO of here with that nonsense
James Johnson
>"Religious miners" are probably the CIA and are not really mining, also google could do the whole mining thing in a heartbeat, any big outfit with a lot of cray machines could
Liam Butler
stop get some financial advice
Nolan Martinez
>cray machines can mine bitcoin better than asics
Gtfo brainlet
Leo Gomez
Miners will just short, in fact that have the most reason to do So, if you did any reading into this, u would have known this, I mean YouTube's even know this fact. Think about it, but miners know when to short before a big dump. You are a retard. you fucking cunt for brains. Thank you for buying my bags.
