Genuine question, I keep hearing some retarded bullshit about "miners won't allow bitcoin to go below 6000"...

YOU are the fucking retard. Exchanges purchase bitcoins directly from the miners you sniveling prepubescent little girl. You know nothing about how any of this works.

the 6000 is the number where if you mine you can make profit

anything below 6k and after paying for miner and electricity. There is no profit to it.

you see, the more miners on one coin, the harder it is to mine coins.

There are so many bit coin miners. that you need bitcoin to be at 6k or higher to bother running the miner.

this retard thinks everyone mined at a loss until 5999.999$

>The people depositing them retard. You don't buy from the exchange, then it would be a store.
Do you literally not know what an exchange is? IF ONLY THERE WAS A WAY TO BUY BITCOIN OUTSIDE OF MINERS!!

Businesses run in the red on purpose all the time. Miners are no different. OP is a fag.

the 6000 may be in the level where it's still profitable to mine
for many miners it can mean that if we go below the level and we will stay for months below the level where it is profitable to mine then it is game over for them

see teenagespacer

>for many miners it can mean that if we go below the level and we will stay for months below the level where it is profitable to mine then it is game over for them
yeah, so?

What if btc is mined less or even mined not at all, will transfers stop? Deposits and withdrawal?

literally 99.9999999...% of hashing power goes to beating difficulty instead of processing transactions. If it's mined less then difficulty goes down and more transactions are processed with less power.
If literally nobody in the entire world mines then yes, BTC stops outside of exchanges and private transactions.

Yea
Difficulty would go down eventually but it'd take quite some time of mining at a loss

are you retarded ? you asked question so i'm answering for some of these big player its may mean end of the game so they of course have some interest that the market stay above the level where it still profitable to mine for them

Your answer is retarded and wrong
1. There still isn't some magical level at 6000.000 where it turns from profit > loss
2. You can't burn profits to stay profitable retard.
3. If these "big players" could just magically stop the price falling they would have done so in january.

i give up ok you are right... no more magical numbers please
also of course they will rather burn the profits for months or years rather that hold the key level

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>Do you literally not know what an exchange is?
Um, I have top tier on Gemini, Kraken, GDAX and Poloniex. I only have the 2 btc limit on Binance... so, yes son, I know what an exchange is. And I'm telling you that these exchanges purchase large amounts of coins (any coin) directly from the miners. Perhaps sometime an intermediary (read: middleman) There are not enough people who deposit bitcoin into the exchange to cover ALL of the liquidity needed for ALL of the other users who want to purchase bitcoins and remove them out of the exchange. You really should get out of your mom's basement more often.

>they would rather burn profits than just shutting off and keeping the profits
retard
>3. If these "big players" could just magically stop the price falling they would have done so in january.

>IF ONLY THERE WAS A WAY TO BUY BITCOIN OUTSIDE OF MINERS!!

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Nice larp

I don't understand what you think this comment means... would you please elaborate? Gemini has OTC and auction desks as well as Kraken.

fuck off dick face... I have nothing to prove to you. larp my ass. motherfucker I'm chad boomer bitch

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don't miners have any intention to hold their bitcoins? Does it really matter if they currently mine at a loss, they still get bitcoins. Who wouldn't mine at a loss for a couple of months, and then suddenly ur buttcoins are worth a buttload

>who wouldn't mine at a loss
rational players?

well retard, you seem to imply that if miners don't sell below 6000 then there's magically no other way of acquiring BTC at 5999, even if you run A FUCKING BITCOIN EXCHANGE
because you can just buy the same amount for less money than you spend on mining

They're just IOU's until you withdraw. I would like to see a case study of total number of botcoins vs. number of botcoins held across exchanges. The numbers might be illuminating.

Oof, defensive lol

it may not be couple of months it can take year or two
anyway does it really mater who hold the support? as trader you can make money anyway

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just build a huge mining facility in africa and run it with solar energy. Free of cost buttcoins.

>all those countries under 6000$
FUCKING LMAO BTFO'D YOUR OWN ARGUMENT
Thanks for proving my own point

But then you're not mining at a loss retard. That's what you asked about.

pic is from last year iirc. Diff has gone up exponentially lately

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these are old prices anyway i argument WHY some of them may try holding the level not that they necessary doing it

yeah no shit. the problem solves itself. You don't have to worry about bitcoin's X price to cover Y cost. Why doesn't some rich faggot do this already, or the chinese

What they mean is that if BTC stays sub $6000K for long it instantly goes to ZERO, since there will be no one left to sustain it.
So, on a day like today, we are actually $200 from BTC crashing to nothing. Exciting, no?

we wen't below 6k in february fagboi

Diff has always gone up exponentially dummy
Diff does not neccecarily mean increased electricity cost
Diff can go down

>these are old prices anyway
And now they're all magically 5999.999?
>WHY some of them may try holding the level not that they necessary doing it
Well yeah, that's exactly what I said in point 3 here . I'm glad you finally agree that there isn't a magical unbreakable 6000 limit.

it may be close not necessary 6k but if we go below 6k to anyone who is not retarded must be clear that we will go a lot lower

>Why doesn't some rich faggot do this already, or the chinese
Because they're not retards like you who think solar panels are free and last forever.

>there will be no one left to sustain it.
but that's just factually wrong.

>if we go below 6k
Like I said: I'm glad you finally agree that there isn't a magical unbreakable 6000 limit. That was what I said to begin with.

It's just wishful thinking, most miners will continue to dump to market to pay their bills/operate. If their profits dwindle they may slow their rate of expansion.

>Diff goes up
>requires more hashpower to mine the block
>Buy more better mining gear
>Competition keeps buying more hashpower
>somehow running and investment costs decline
Welcome to Perpetual faggot world

anyway what i your point ? i´m kinda drunk and just want shitposting so what it matters why there is strong resistance for 6k ?

Yes? That's what has been happening since day 1.

anyway what i your point ?
I have no point. I asked a question in the OP and your answer was wrong.

For all I know the miners have contracted price agreements with the exchanges. If they don't then they are operating outside of the normal operation of most manufacturer - retailer arrangements. Think of it like a futures contract. If the exchange agrees (signs a contract) to buy 1000 bitcoins from xyz pool @ $8500 a pop then the "spot" price on the exchange flash crashes to $6500 the exchange will have to purchace those 1000 bitcoins for $2000 each over spot.

as my highly asteamed colleague points out these exchanges have trading bots running. You can bet your ass that the exchange will not be purchasing for $2000 over spot for very long. And thanks to a little thing called arbitrage what happens on one exchange quickly catches up on all of them.

My argument is you seem to think that miners cannot name their price or influence the price on the exchange. That is like saying the producers of crude oil have no impact on the price of gas at the pump. You are an idiot.

If only there was a place where people who owned bitcoins could meet up with people who wanted to own bitcoins, then we wouldn't have to buy them from an exchange.

If btc goes to 2k and the difficulty goes up, why even mine at a horrible loss?

it was not wrong? i answered why some of these miners may look at certain level and dont want to go below?

>miners cannot name their price or influence the price on the exchange
1. this is obviously correct, their influence is marginal at best. Otherwise bitcoin wouldn't be down 70% or whatever it is now.
2. the point was about the magical 6000.000 level. It seems you've backpedaled from this now.

people stop mining until the people left aren't mining at a loss.

The question was about 6000 being a magical level. It seems you didn't even understand the question.

For a second before spiking over $7K.

Listen to me, cum rag, if we keep sub-$6K for a single month, every miner will start to dump their shit and cancel operations.
That will reduce prices even lower, as people that have been holding since $2K start to get nervous and sell a piece of their stack for profit.
Now at $5K, miners dump faster, as well as institutions, we have some insane shorterm bulls a bear traps for some weeks, while losing 10% value each week until BTC is at $300 and kept afloat by a few libertarians and cokeheads.

Also good to remember that advances in computers have not been following Moore's law for a while.

well the answer for the question why it is 6k is the same it may be the key level where it is still profitable to mine

>sub-$6K for a single month, every miner will start to dump their shit and cancel operations.
but that's factually wrong.

see point 1

>backpedaled
please feel free to reread any of my posts... I never once said anything about there being a "magic" number. You seem to think that the exchanges simply use their member's liquidity to operate. This is dead wrong. 100% dead wrong. I know for a fact that exchanges purchase the bulk of their liquidity either directly or indirectly from miners. I speculate that there is some sort of "futures" style contract arrangement which "lock" in prices, which is the normal business practices of almost every manufacture - retail arrangement. Most wholesale vendor - retail operations also work in a similar fashion.

im not sure if its because im drunk or it is you who is retarded
well thanks for this shitposting i'm going to bed

No one of that matters after the awakening of KARABOGA COIN.

>I never once said anything about there being a "magic" number.
The question you tried to answer was about that. Please work on your reading comprehension.
Also funny that you completely ignored point 1

>What's even the logic about that?
you are a fucking nigger... I'm over it
/sage

Your explanation for the logic was wrong. I already pointed that out.
I assume you ran out of arguments

>I pointed out your flawed logic
Oh yeah? where? was it...
>The people depositing them retard
or
>>IF ONLY THERE WAS A WAY TO BUY BITCOIN OUTSIDE OF MINERS!!
or
>you seem to imply ... blah blah blah something that you never said

you, newfriend need to work on the reading comprehension ... I have a real question for YOU. If you were to find a place, outside of an exchange, to purchase bitcoins from, say a friend or craigslist ad or whatever. Do you think that that person will honor the "spot" price that is listed on the exchange?

>where?
1. IF ONLY THERE WAS A WAY TO BUY BITCOIN OUTSIDE OF MINERS!!
2. see point 1

> 6000 is the floor because electricity and other business costs are exactly the same for all miners everywhere in the world, and the bitcoin software doesn't have a mechanism to make mining easier and more profitable if there are less miners on the network.

It’s not just energy cost, but initial miner costs. If you’re a small miner you have less incentive to mine bitcoin if it’s depreciating and may switch to another coin that you can still profit after energy cost and trade for bitcoin. If you’re a large miner you can probably have more economical energy costs and more capital to buy more cheap miners. They can effectively take the positions of fleeing smaller miners, while keeping the hashrate and difficulty up, preventing them from entering again.

Wealthy individual or group of investors don’t like where the network power is consolidated. XRP CEO says bitcoin won’t take off because it is ran by the chinese and nobody wants to use it for that reason. If you have a lot of money you can buy coins, dump them, and repeat until it’s not profitable for the miners. You do this for as long as possible to shake weak hands. If you are someone like bitmain you can stay alive longer till the price inevitably crashes or reverses direction. In the first case, it could lead to flip to BCH

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1. is this a rhetorical question or do you have some kind of answer for this.
The miners make the bitcoin. It is in the whitepaper that mining the hash algo also awards the winner with coins. It's simply going to be the cheapest source outside of random bankrupt hodlers to purchase the desired product. Anyone outside of miners, (other than perhaps early adopters who are selling I imagine those are few and far between these days) have purchased their bitcoins at an earlier "spot" price. so, their ask will generally be at or above their purchase price. In other words too expensive to buy in bulk.

>bitcoin wouldn't be down 70% or whatever it is now.

2. and GE wouldn't be going out of business and fucking Martin Shkreli would sell $10,000 viagra. you fail to comprehend the "demand" side of supply and demand. or even what "fair market value" means.

Look, the $6000 magic number was never my talking point. You asking what the logic behind thinking miners can set the price is my pivot. The "supply" portion of the supply and demand very much so influences the price of said goods. You can bet your ass that the miners will not sell to the exchanges if the price isn't what they want. Most businesses have liquidity pools that they can use that will cover their overhead for a while until they can source their asking price. It is in the miner's best interest to do so, hold onto their "supply" until the "demand" meets their expectations. So, that being said, if $6000 is the "magic" number that you think that a bitcoin is mined at, and the miners would risk selling at too big of a loss if they sold below $6000, they would simply hold their product. it really is very simple son.

"hey guys we cant let the bitcoin price to go below 6k, so we will just shut down and wait for price to recover until then when the landlord wants to collect our warehouse rent we'll tell them how they should just wait a few months because we are waiting for the price to get better"

Great logic, price floorers.

Anyway, see you all at 3k

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>The miners make the bitcoin
>It's simply going to be the cheapest source
crypto is not oil that gets consumed and needs to be replenished retard. Bitcoin is cheapest from whoever is selling it for cheapest. That's it.
>and GE wouldn't be going out of business and fucking Martin Shkreli would sell $10,000 viagra
Exactly, they can't control stock/asset price any more or less than miners. Good thing you understand this now.

Meme

>Bitcoin is cheapest from whoever is selling it for cheapest.
those may be few and far between. this is not how businesses operate. An exchange cannot "hope to get lucky" and find some bankrupt ATH hodler and hope they deposit 1000 bitcoins a month in their exchange. Especially when they offer OTC/bulk desks. You may be referencing auctions, which are also not consistent enough for an enterprise with an accounting department. You are living in a fantasy world and you have no idea how a real enterprise operates. fiduciary responsibility means that they cannot rely solely on street market bitcoins. again you are an inflamed vaginal yeast infection. you are starting to smell funky. you might want to get some cream.
>Good thing you understand this now.
I understand that your meat curtains are diseased from all the nigger cocks but, as far as your business logic goes ... NO. you fail.

By your retarded logic stock exchanges can't work because nobody mines stock and sells it to stock exchanges. Again, crypto is not oil retard, not even 1% of supply comes from miners.

It was obvious from the start you don't even know how an asset/exchange works.

ITT people start to understand who the Bitcoin futures contracts were created for. Miners can go short on futures and lock in that price.

>stock exchanges
you're funny... tinfoil hat guy. I forgot this is Jow Forums alt-right conspiracy theory land.
>you think those stawks are REAL!
>you think those bitcoins are REAL!
>it's all fake
>the jews want you all dead.
>cuck
>retard
you are another deluded tin foil hat basement dweller. you will always be a mouth breathing involuntary celibate loser.

Jeez there's that reading comprehension again. I said it's retarded to think stock exchanges do NOT work.
This is the second time you ran out of arguments and started calling me names.