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It's so funny how people talk about the price of bitcoin like it's something that's decided by market forces and isn't blatantly manipulated.
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Sep 15, 2017 20:14
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This way it will be more convenient to round them up and take them to the
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Sep 20, 2017 12:23
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scott zoloft posted:hmm even after that news about the chinese exchanges the speculative internet dollars are still going up....
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Oct 10, 2017 07:51
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How much does it cost an established miner to mine a coin these days? I would guess (out of my rear end) much less than the current market price. Therefore... if it's trivial to turn coins into cash, why aren't people selling massively until the price adjusts to the cost of production? I cannot think of a reason, but I'm not financially educated at all, and I'm also kind of dumb with money. I am perfectly willing to hear that I'm wrong and an idiot and I'm asking completely the wrong question, but please then educate me on why I'm wrong so I may understand this. I realize that the people who have been saying that withdrawing cash is difficult to impossible will just tell me that the exchanges are artificially inflating the rate by restricting the flow of cash out of the exchanges, so I'd like to hear primarily from the other side of the debate.
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Oct 14, 2017 07:59
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That assumes most of the market is comprised of money launderers, and not a lot is made up of miners. Is that he case? I understand (maybe?) the difference between the price of bitcoins ($5000 per coin currently, give or take?) and the value of bitcoins ($0) but I'm taking the standpoint of a miner. If mining is profitable, I should sell the coins I mine so I can expand my operations, mine more and make more profits. Sitting on a promise makes no sense. But that's only the case if I can actually get real cash for my coins, not theoretical cash according to some exchange that won't let me cash out. If cashing out is easy, why aren't I cashing out?
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Oct 14, 2017 09:02
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Blade Runner posted:A vast majority of the mining market is made up of Chinese mining farms due to strict regulations on conversions of Chinese money to USD, with the butts coins being a convenient way of sidestepping that. In all seriousness, Chinese peasants don't own bitcoin farms, and a lot of rich Chinese people have relatives abroad. Is getting the wallet passwords out to a trusted family member in Canada really that hard?
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Oct 14, 2017 16:33
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Paladinus posted:But get this, they'll just buy bit pennies, a faster working crypto, with their butts to pay for groceries and stuff. It's like withdrawing cash from your visa, only you have to wait a week to do that. It's extremely cool and is in no way a problem for bitgroins. And evil weasel, thank you for the explanation, but it takes me back to my conundrum. Since Chinese miners want cash, and they have to sell abroad because they want USD, not yuan, and it's trivial to turn coins into cash through the exchanges, how aren't they crashing the US price to the production cost of bitcoins in China or thereabout? I'm still left with three explanations: either the price is manipulated out the wazoo, or it's not so easy to cash out, or miners are a small fraction of the market.
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Oct 14, 2017 18:38
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Why does it have to crash? The coins aren't going anywhere, they don't go bad like tulip bulbs, they're already not anywhere anyway since they're virtual, what's stopping them from sitting, unwanted, in a ghost town of an exchange, forever on offer at a high price nobody will ever pay because nobody even remembers they exist? Asking seriously, here.
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Oct 14, 2017 19:14
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Exactly how many tons of coal does it take to mine a bitcoin these days if a $5000 price tag is a net loss, holy loving poo poo!?
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Oct 14, 2017 19:34
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Uranium 235 posted:Why do you assume that the Chinese want USD and not yuan?
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Oct 14, 2017 20:25
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Lime Tonics posted:so how do i cash out my 2.13 bitcoins without having to buy drugs or let the app access my browsing history? Or maybe it's not that easy because unlike a regular ATM that does these operations routinely and under a minute from card in to cash out, these bitcoin machines require extensive proof of your identity, and take half an hour or more to confirm the transaction because the blockchain stuff is a clunky mess, if they're able to spit cash out at all. If there's no cash in the machine, you're not getting blood from that stone. So, which is it more likely to be?
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Oct 15, 2017 07:48
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On the one hand, by entering the coin trade you relieve another sucker of their position, but by exiting before the music stops and you're left holding the
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Oct 15, 2017 19:34
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Return Of JimmyJars posted:Coinbase.com makes it stupid easy to withdraw and purchase bitcoin. Do you need help wiping your own rear end too? 
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Oct 21, 2017 05:39
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Serious question, if it’s notorious that you can’t get money out of bitinfex, why do people buy into it? I thought it was the same wishful thinking that makes them believe that crypogs will surely be useful for something, some day, but there are other exchanges, presumably some of which allow cash withdrawals right now?
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Oct 21, 2017 09:06
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Liquid Communism posted:Because, as PT Barnum said, there's a sucker born every minute. Same reason people buy into pyramid schemes, or penny stocks, thinking they're the One True Captain Of Industry smart enough to get out with a profit. Why do they drop their cash in that second pit?
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Oct 23, 2017 07:51
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| # ¿ Apr 27, 2024 06:58 |
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400% gain but, agreed, he hasn’t actually made any money until he closes his position and gets the cash.
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Oct 23, 2017 09:19
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