Bitcoin Thread

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SaiyanZ said:
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.
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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!
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Vinny
 
Potentially...I don't see the price breaking though right away.

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Thor said:
Here is the answer I was trying to find the words for.



Vinny
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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.
 
saor said:
Potentially...I don't see the price breaking though right away.
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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.

EMzjfB7d
 
SaiyanZ said:
Zoomed in on the 5min it's through and that line is now supporting it. Spiking as I'm posting.
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Yeah sorry I meant not breaking through the white line in that channel I posted earlier.
It's pushing for it tho :).
Be nice if it does.
 
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.

kKU1aNDS
 
SaiyanZ said:
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.

UrITEbbE
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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.
Lyf82IF1
 
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.

ATmgotZ1


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.

jTt8RKGV
 
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Yuss but this price is choppy the last few days.
Wish it would just get the massive drop over with and start leveling out.
 
I think it's going to drop to about $6400 from here. Head and shoulders formed and it's testing the support.

ZtG0VmCI



Edit: Close enough

P13WtXos
 
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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.

GqrYIcqR
 
SaiyanZ said:
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.
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Nope.
BTC is likely, given the overwhelming centralized mining that already exists in it.
 
Some key price levels if things go down.
Big round numbers.

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Thor said:
5028 is the number
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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.
 
Speaking of when does loadshedding start in city of cape Town, I'll need to make sure the buildings generator works for the rigs.
 
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. '
 
saor said:
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.
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Usual Thor brain farts.
 
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