• You are losing out on amazing benefits because you are not a member. Join for free. Register now.
  • Big Two-Day Giveaway - Win an Amazon Kindle, a Mystery Gadget and Branded Gear. Enter Here.
  • Test your broadband speed and win prizes worth R5,000. Enter here.

Bitcoin Thread - 2018

Thor

Honorary Master
Joined
Jun 5, 2014
Messages
34,858
Apparently the chinese can mine BTC for around $3k currently. So everyone else will switch off but the price can still drop.

Also won't the difficulty be adjusted downwards if there is less miners/hashpower? So the BTC price can keep dropping irrespective of miners. How was mining profitable when the price was $100? If the price drops we just end up having fewer miners like a year ago.
Here is the answer I was trying to find the words for.

The only real risk is if the price goes below $3k and miners leave or sell their hashpower to a third party, exposing a real risk of a 51% attack. The “game theory” that created a second major SHA256 chain may backfire in that case and we would then have 3 chains of significance!
Vinny
 

SaiyanZ

Executive Member
Joined
Jun 5, 2008
Messages
6,315
Here is the answer I was trying to find the words for.



Vinny
Ah yeah, a 51% attack is always a possibility. Though BTC would be the least likely crytpo to ever be in that situation from all the cryptos out there I would think.
 

SaiyanZ

Executive Member
Joined
Jun 5, 2008
Messages
6,315
Potentially...I don't see the price breaking though right away.
Zoomed in on the 5min it's through and that line is now supporting it. Spiking as I'm posting. Though it has come up $250 in the last hour so we might run out of buyers to keep going.

 

SaiyanZ

Executive Member
Joined
Jun 5, 2008
Messages
6,315
I've updated the possible path to $7k based on the last move. Could make an inverse head and shoulders here. Main thing to get to $7k now is for the blue line to hold. The corresponding shaded blue and orange regions should provide the resistance for the drops.

 

SaiyanZ

Executive Member
Joined
Jun 5, 2008
Messages
6,315
One ok indicator to show whether we are close to the bottom is the number of shorts. Currently people aren't shorting like they did in the week before the Feb 6th and April 12th pumps. So there's no rocket fuel from a short squeeze to start a bullish cycle. Shorts need to start increasing quickly I think before we see the next big move up. Those shorting need have their stops hit and then also feel forced to buy afterwards to make up losses.

Just quoting this from a week ago. I haven't been following the shorts much but we had the parabolic move up which triggered the squeeze yesterday. Looking at the chart there's still room for more squeezing in the next couple days.
 

SaiyanZ

Executive Member
Joined
Jun 5, 2008
Messages
6,315
If $6500 breaks we go down. That squeeze up and then straight down was one of moves I've seen often before a big drop. So I took my 5% profit now. Could still go up from here but will watch for the next move. Those big falls onto the resistance usually means it will break.



Edit: Broke below and went back above quickly. Doubt it will hold here though. More likely we drop to around $6440 soon. If that falls then $6350 should be decent support.

 
Last edited:

saor

Honorary Master
Joined
Feb 3, 2012
Messages
17,060
Yuss but this price is choppy the last few days.
Wish it would just get the massive drop over with and start leveling out.
 

SaiyanZ

Executive Member
Joined
Jun 5, 2008
Messages
6,315
I think it's going to drop to about $6400 from here. Head and shoulders formed and it's testing the support.




Edit: Close enough

 
Last edited:

SaiyanZ

Executive Member
Joined
Jun 5, 2008
Messages
6,315
Trying to find other similar situations. Seems like even if it does break upwards from here it won't go too far. $6200 should be revisited at the very least.

 

Thor

Honorary Master
Joined
Jun 5, 2014
Messages
34,858
Ah yeah, a 51% attack is always a possibility. Though BTC would be the least likely crytpo to ever be in that situation from all the cryptos out there I would think.
Nope.
BTC is likely, given the overwhelming centralized mining that already exists in it.
 

saor

Honorary Master
Joined
Feb 3, 2012
Messages
17,060
5028 is the number
Yeah, I got that the first 15 times you said it. Instead of just saying that over and over - why don't you rather explain where you got that number from? Price of bitcoin varies across exchanges and seldom has a target price that specific.
 

Thor

Honorary Master
Joined
Jun 5, 2014
Messages
34,858
Speaking of when does loadshedding start in city of cape Town, I'll need to make sure the buildings generator works for the rigs.
 

broadone

Well-Known Member
Joined
Oct 18, 2011
Messages
173
Quote,`No spoofing or wash trading = Manipulation to push the price down.
Spoofing and wash trading = Yay BTC to the mooon, this is how the market works,
you don't know how the market works, this is the real market.
Natural demand from the public and adoption of BTC. '
 

morkhans

A MyBroadband
Super Moderator
Joined
Jun 22, 2007
Messages
10,493
Yeah, I got that the first 15 times you said it. Instead of just saying that over and over - why don't you rather explain where you got that number from? Price of bitcoin varies across exchanges and seldom has a target price that specific.
Usual Thor brain farts.
 
Top