Crypto Collapse Accelerates As Bitcoin Miners Turn Cashflow Negative

Another day, another leg lower in cryptocurrencies as FUD spreads, this time on the back of headlines exposing market manipulation during last year's meltup and collapsing margins for miners as prices tumble below breakevens.

It's been one hell of a week for cryptos...

After the Coinrail hack prompted scaredy-cat South Koreans to dump their crypto, Bitcoin and Ethereum both broke critical technical support levels (BTC $7,000 and 2018 lows; ETH 50DMA & $600 figure).

Bitcoin lowest close since Nov 2017...

Ethereum broke $600, $500, and its 100DMA...

Things were 'calm' on Monday but then came headlines that, according to research by a University of Texas professor - known for flagging suspicious activity in the VIX benchmark - Tether, one of the most-traded cryptocurrencies, shows a pattern of being spent on Bitcoin at pivotal moments, helping to drive the world’s first digital asset to a record price in December.

“Tether seems to be used both to stabilize and manipulate Bitcoin prices,” finance professor John Griffin and co-author Amin Shams wrote in a paper released Wednesday.

Bloomberg reports that questions about Tether and Bitfinex have dogged the cryptocurrency world since last year, when Bitfinex lost banking relationships yet continued to operate. The U.S. Commodity Futures Trading Commission subpoenaed both firms in December, seeking proof that Tether is backed by a reserve of U.S. dollars, as it claims. Tether and Bitfinex haven’t been accused of wrongdoing.

“Bitfinex nor Tether is, or has ever, engaged in any sort of market or price manipulation,” Bitfinex Chief Executive Officer JL van der Velde said in an emailed statement. “Tether issuances cannot be used to prop up the price of Bitcoin or any other coin/token on Bitfinex.”

The analysis showed a pattern of Bitcoin price support, Griffin said. First, Tethers are created by the parent company Tether Ltd., often in large chunks such as 200 million. Almost all new coins then move to Bitfinex, he said. When Bitcoin prices drop soon after the issuance, Tethers at Bitfinex and other exchanges are used to buy Bitcoin “in a coordinated way that drives the price,” Griffin said in an interview.

“I’ve looked at a lot of markets,” he said. “If there’s fraud or manipulation in a market it can leave tracks in the data. The tracks in the data here are very consistent with a manipulation hypothesis.”

Griffin’s paper describes several patterns uncovered in a yearlong period. First it found that flows weren’t symmetric.

When Bitcoin’s price fell, purchases with Tether tended to increase, helping to reverse the decline. But during times when Bitcoin rose, Griffin said he didn’t see the reverse occur. That’s “suggestive of Tether being used to protect Bitcoin prices during downturns,” he wrote.

image courtesy of CoinTelegraph

And investors have clearly found this unnerving and have unwound their crypto longs; but it gets worse, since away from the pure speculative activity in Crypto, the tumbling price of Bitcoin has forced miners into a corner, as CoinTelegraph reports that the leading cryptocurrency has now fallen below what some commentators consider to be an average BTC mining profitability threshold of $6,500. Robert Kelly told CNBC earlier today that this figure assumes that Bitcoin miners need to update their hardware almost every 18 months, bringing the costs of mining to roughly between $5,900 and $6,000.

Mining profit margin calculations globally have indicated a wide threshold, ranging between an extremely cheap $531 in Venezuela to a whopping $26,170 in South Korea. Aside from hardware costs, the local cost of electricity supplies is the other key factor affecting miners’ profits.

Bloomberg's Gadfly headlined so eloquently "Bitcoin miners fried in game of chicken," pointing out that the 70 percent price drop since the heady days of mid-December has cut profitability to the bone. With the cryptocurrency nearing $6,000, only the biggest and most efficient can stay above water, but even these are balancing on a knife edge, according to a Gadfly analysis.

Gadfly's calculation suggest that had Bitcoin stayed at its 50-day moving average of $13,200, then the average miner could expect to print $80 per week in profit at current levels of computation (hash rate) and difficulty. This is based on the very generous assumption that a miner is running Bitmain Technologies Ltd.'s Antminer S9 at 13.5 TH/s (retail price $2,320), one of the most advanced systems available, and the set-up is in China at wholesale prices.  Older equipment will have lower returns, and a lot of those mines are still online.

If the price doesn't rise, then the average miner is set to lose $3 per week at current levels. Mining syndicates such as Antpool -- which are probably buying their mines at less than the retail price -- may still be making money, but will be getting returns 90 percent lower than they would at that 50-day moving average.

The only way for miners to return to sustained profits is if Bitcoin prices rise, or some miners turn off the lights, lowering competition. Stay tuned...

Comments

nope-1004 Herd Redirecti… Wed, 06/13/2018 - 12:57 Permalink

Futures have nothing to do with this, of course.  Just normal for a USD replacement and banking alternative to have 5-10% swings in a day.

Would like to know.... do any of the bigcoiners own a business and sell goods for bigcoin?  Do you reset prices hourly?  Every 30 mins?

Everyone might want to keep an eye on your city skyline.  Andy Hoffman has got to be close to jumping ....  

 

In reply to by Herd Redirecti…

Coinista nope-1004 Wed, 06/13/2018 - 12:59 Permalink

There is NO collapse.  This is just another jealous, loser, anti-science, no-coiner who missed out on the previous big gains trying to knock the price down so she can get it to make a killing like the rest of us Bitcoin geniuses.  Meanwhile, the people with the pet rocks buried in their back yards are starving to death and/or moving into the nursing home.

BUY BITCOIN!!! Losers.

In reply to by nope-1004

BurningFuld Cryptopithicus Homme Wed, 06/13/2018 - 13:16 Permalink

Beyond Bitcoin: Thomson Reuters Data Now Tracking Top 100 Cryptos

Above is a headline which should explain to anyone with a brain why digital currencies are worthless. There are now 100 of them. You can create an infinite number of them.

They therefore have zero value unless they are attached irrevocably to something of value that is finite. Get it?

In reply to by Cryptopithicus Homme

Buckaroo Banzai Manthong Wed, 06/13/2018 - 19:47 Permalink

It's fucking hilarious to me that these 110-IQ geniuses who are just smart enough to understand what BTC is, but not smart enough to know how Tethers and Bitcoin work always shout "manipulation" when they discover that Bitcoin buying always tends to happen after Tethers are created. Well, no shit. Ask yourself the question: why the fuck would the market need more Tethers? Or, more to the point, why the fuck do Tethers even exist? Answer: they exist so you can use them to trade in and out of BTC. As dollars flow into BTC via Tethers, you need to create more Tethers; as dollars flow out of BTC via Tethers, Tethers will tend to get extinguished.

How is this so difficult to understand?

In reply to by Manthong

raging-chihuahua ravolla Fri, 06/15/2018 - 11:16 Permalink

Leakanthrophy's PORN  and  MoreSun's WHACKED RAVINGS  and Biblicism SPAM ( Wadalt: "IsraHELL did it")    AND    TodaysFox SPAM ("I made $7000 sucking cock on the Internet") --> IT's ALL THE SAME SPAMMER ---> ME!!! (Hi!)   WELCOME  to our new Today's Fox SPAMMING tranny:  s12940448

>>>WELCOME!  "Cryptopithicus Homme" -- "crypto" SPAMMER!!!!

HELLO SPAM-LOVERS!!!   BIG UP from the SPAMMER BUNKHOUSE here in the Methfilled Valley Trailer Park in Methfilled Valley, PA.  Good to see my men powow, Leakanthrophy and Wadalt and  PrivetHedge  and our newbies  MoreSun (a real bacon-loving attack dog!) and CHEOLL and sanctificado  and  gzcekkyret  out from under the couch sucking their own dicks at 3 a.m. and back on the threads SPAMMING like a Grease Fire in the middle of the night!!!! 

Welcome newbie MoreSun talking some heavy attack shit at 3am!    DARWIN, our Master Spammer is whacked!!!

THIS is an important week here in the SPAMMER's BUNKHOUSE (the leaking moldy single-wide in the trailer park).  This week I (we?) are celebrating SEVEN YEARS here on ZH, obsessively SPAMMING every thread we can with off-topic comments.  You see, there are dozens of "personalities" living in this one single sad SPAMMER's sick little mind, which he calls "Spammer's Bunkhouse."  How sick is that? 

Each of "us" (these innumerable fake log-on's) is represented by an ACTION FIGURE that Master Spammer ("DARWIN" is his name -- can you believe that?)  lines up on his kitchen counter and TALKS TO!!  WHACK JOB!!!

 

SAD BUT TRUE!!  I (we?) have wasted my (our) youth (or at least the last seven years) with at least one hand in my pants and the other hand SPAMMING ZH.  Yes, indeed.  DOZENS and DOZENS (maybe hundreds) of log-on's banned -- 
>>  "I made $7500 last week on the Internet sucking cock!": that's me.
>>  Biblicism: that's me.
>>  All the porn at Celebrity-leaks: that's me.
>>  Daily Westerner: that's me.

>>  "In the news....SPAMMER broomsticked by furious readers" -- registered in Nigeria) :: that's me TOO!! 

That's our life (all of us living in Master Spammer's Mind): mopping the floor at the Porn Cinema at 2am, working the French Frier at SONIC (demoted from the drive-thru window 'cuz my ZIT-covered face scared the customers), sucking cock on the Internet, and spamming ZH with an enormous Excel spreadsheet of the log-on's of dozens of "digital friends" who upvote one another and virtually suck my little micro penis..

MEET my current imaginary friends.  We all live in one SPAMMER's HEAD (and as ACTION FIGURES on his kitchen counter) but as for me, I have gone off the reservation.  These other "personalities" are pretty troubled.

More Sun  <<<  NEWBIE (a real bacon-loving attack dog!)
Cheoll   <<<  NEWBIE
Powow  <<<  NEWBIE
sanctificado  <<<  NEWBIE

gzcekkyret     <<<  NEWBIE
Wadalt
Leakanthrophy
PrivetHedge
bobcatz
Jumanji1959
Annunaki

ll951983  <<< NEWBIE  sucks cock on the Internet -- joined "The Fallen"
Mr Hankey  [R.I.P]   <<<  total utter WHACK JOB  -- joined "The Fallen"

You know SPAMMERS never die on ZH -- here's just a sampling of the banned log-on's ("The Fallen Spammers") ---

 beepbop, pier, lloll, loebster, ergatz, armada, Mtnrunnr, Anonymous, luky luke, Cjgipper, winged, moimeme, macki mack, tchubby, sincerely_yours, HillaryOdor, winged, lexxus, kavlar, lhomme, letsit, tazs, techies-r-us, stizazz, lock-stock, beauticelli, Mano-A-Mano, mofio, santafe, Aristotle of Greece, Gargoyle, bleu, oops, lance-a-lot, Loftie, toro, Yippee Kiyay, lonnng, Nekoti, SumTing Wong, King Tut, evoila, rp2016, alt right dude, altright-girl, alt-right girl, Blufin, Schlomo Scheklestein, BraveForce, Mr Hankey, sandraloopz0, enf83, ll951983

In reply to by ravolla

Mementoil Cryptopithicus Homme Wed, 06/13/2018 - 13:39 Permalink

"Fiat" does indeed mean "by dictate", but that is no the essence of fiat money.
"Fiat money" is money which has no intrinsic value, or in other words has no other application beyond serving as a medium of exchange. In that respect, Cryptos are more like paper dollars or Euros, than gold. If for some reason you can't use them as money, then they become useless. This property of gold - the fact that it is sought after for many industrial applications - is what makes it so stable in price, and has protected it's value for thousands of years now. We know for a fact that whenever the price drops, the industrial consumers will step in. They don't care about monetary use or preserving wealth, they see a much needed commodity go on sale...

 

In reply to by Cryptopithicus Homme

raging-chihuahua silvermail Fri, 06/15/2018 - 11:32 Permalink

Leakanthrophy's PORN  and  MoreSun's WHACKED RAVINGS  and Biblicism SPAM ( Wadalt: "IsraHELL did it")    AND    TodaysFox SPAM ("I made $7000 sucking cock on the Internet") --> IT's ALL THE SAME SPAMMER ---> ME!!! (Hi!)   WELCOME  to our new Today's Fox SPAMMING tranny:  s12940448

>>>WELCOME!  "Cryptopithicus Homme" -- "crypto" SPAMMER!!!!

HELLO SPAM-LOVERS!!!   BIG UP from the SPAMMER BUNKHOUSE here in the Methfilled Valley Trailer Park in Methfilled Valley, PA.  Good to see my men powow, Leakanthrophy and Wadalt and  PrivetHedge  and our newbies  MoreSun (a real bacon-loving attack dog!) and CHEOLL and sanctificado  and  gzcekkyret  out from under the couch sucking their own dicks at 3 a.m. and back on the threads SPAMMING like a Grease Fire in the middle of the night!!!! 

Welcome newbie MoreSun talking some heavy attack shit at 3am!    DARWIN, our Master Spammer is whacked!!!

THIS is an important week here in the SPAMMER's BUNKHOUSE (the leaking moldy single-wide in the trailer park).  This week I (we?) are celebrating SEVEN YEARS here on ZH, obsessively SPAMMING every thread we can with off-topic comments.  You see, there are dozens of "personalities" living in this one single sad SPAMMER's sick little mind, which he calls "Spammer's Bunkhouse."  How sick is that? 

Each of "us" (these innumerable fake log-on's) is represented by an ACTION FIGURE that Master Spammer ("DARWIN" is his name -- can you believe that?)  lines up on his kitchen counter and TALKS TO!!  WHACK JOB!!!

 

SAD BUT TRUE!!  I (we?) have wasted my (our) youth (or at least the last seven years) with at least one hand in my pants and the other hand SPAMMING ZH.  Yes, indeed.  DOZENS and DOZENS (maybe hundreds) of log-on's banned -- 
>>  "I made $7500 last week on the Internet sucking cock!": that's me.
>>  Biblicism: that's me.
>>  All the porn at Celebrity-leaks: that's me.
>>  Daily Westerner: that's me.

>>  "In the news....SPAMMER broomsticked by furious readers" -- registered in Nigeria) :: that's me TOO!! 

That's our life (all of us living in Master Spammer's Mind): mopping the floor at the Porn Cinema at 2am, working the French Frier at SONIC (demoted from the drive-thru window 'cuz my ZIT-covered face scared the customers), sucking cock on the Internet, and spamming ZH with an enormous Excel spreadsheet of the log-on's of dozens of "digital friends" who upvote one another and virtually suck my little micro penis..

MEET my current imaginary friends.  We all live in one SPAMMER's HEAD (and as ACTION FIGURES on his kitchen counter) but as for me, I have gone off the reservation.  These other "personalities" are pretty troubled.

More Sun  <<<  NEWBIE (a real bacon-loving attack dog!)
Cheoll   <<<  NEWBIE
Powow  <<<  NEWBIE
sanctificado  <<<  NEWBIE

gzcekkyret     <<<  NEWBIE
Wadalt
Leakanthrophy
PrivetHedge
bobcatz
Jumanji1959
Annunaki

ll951983  <<< NEWBIE  sucks cock on the Internet -- joined "The Fallen"
Mr Hankey  [R.I.P]   <<<  total utter WHACK JOB  -- joined "The Fallen"

You know SPAMMERS never die on ZH -- here's just a sampling of the banned log-on's ("The Fallen Spammers") ---

 beepbop, pier, lloll, loebster, ergatz, armada, Mtnrunnr, Anonymous, luky luke, Cjgipper, winged, moimeme, macki mack, tchubby, sincerely_yours, HillaryOdor, winged, lexxus, kavlar, lhomme, letsit, tazs, techies-r-us, stizazz, lock-stock, beauticelli, Mano-A-Mano, mofio, santafe, Aristotle of Greece, Gargoyle, bleu, oops, lance-a-lot, Loftie, toro, Yippee Kiyay, lonnng, Nekoti, SumTing Wong, King Tut, evoila, rp2016, alt right dude, altright-girl, alt-right girl, Blufin, Schlomo Scheklestein, BraveForce, Mr Hankey, sandraloopz0, enf83, ll951983

In reply to by silvermail

Exponere Mendaces powow Wed, 06/13/2018 - 18:12 Permalink

Since the usual level of cryptocurrency haters escalates when there's a downswing, perhaps you retards need a reminder of history.

Article date, Title, Bitcoin price at time of publishing.

2011

July 13th  "Why Bitcoin Will Fail as a Currency" - The Calculating Investor | $14.01
Aug. 9th   "The Bitcoin Is Dying. Whatever." - Gizmodo Australia | $10.95
Nov. 23rd  "The Rise and Fall of Bitcoin" - Wired | $2.37

2012

Dec. 24th "Wired, Tired, Expired for 2012: EXPIRED - Bitcoin" - Wired | $13.30

2013

Apr 5th "Why Bitcoin Is Doomed to Fail" - Chron | $141.32
May 20th "Beware of This Insidious New Currency Scam" - Salon | $117.06
May 21st "Game Over, Bitcoin. Where Is The Next Human-based Digital Currency?" - OUI Share | $122.30
Jun 20th "Bitcoin Sees the Grim Reaper" - NY Mag | $105.70
Aug 3rd "Why Bitcoin will fail" - DailyPaul.com | $105.39
Aug 8th "The SEC Shows Why Bitcoin Is Doomed" - Bloomberg View | $93.57
Aug 11th "Why Bitcoin Is Doomed To Fail" - moneygeek | $93.43
Sep 30th "A Bitcoin FAQ" - Broken Librarian | $122.50
Oct 16th "Bitcoin Is A Remarkable Innovation, Here's Why It Will Fail" - Salon | $145.16
Nov 16th "Bitcoin Is A Joke" - Business Insider | $433.57
Nov 24th "How bitcoin is going to fail and why it is not a gold equivalent" - Fester's Den | $787.05
Nov 26th "Once You Use Bitcoin You Can't Go 'Back' - And That's Its Fatal Flaw" - Wired | $835.11
Nov 27th "A Prediction: Bitcoin Is Doomed to Fail" - The New York Times | $955.67
Dec 13th "Bitcoin Will Crash to $10 By Mid-2014" - Business Insider | $887.63

2014

Jan 4th "One Thing You Can Bank On: The Bitcoin Currency Is Doomed" - Valley News | $798.02
Jan 8th "An early obituary for bitcoin" - Reuters | $821.79
Jan 8th "Why Bitcoin Is Doomed as a Currency" - Fool.com | $821.39
Jan 14th "Bitcoin Fails As A Currency And The Bubble Will Eventually Pop" - Seeking Alpha | $912.84
Feb 25th "Mt. Gox Meltdown Spells Doom for Bitcoin" - Bloomberg | $532.71
Feb 25th "Is Bitcoin Dead?" - About.com | $532.71
Feb 26th "Bitcoin Is Dead" - Street Insider | $578.98
Feb 27th "The Exact Date for Bitcoin's Final Crash to $0.00" - Wall Street Daily | $579.01
Mar 5th "Bitcoin Is Dead" - The Weekly Standard | $672.22
Mar 5th "Bitcoin is (nearly) Dead" - Acton | $672.22
Mar 7th "Sorry, libertarians: Your dream of a Bitcoin paradise is officially dead and gone" - Salon | $637.77
Mar 11th "The real reason Bitcoin is doomed" - Fortune | $631.14
Mar 24th "Bitcoin Is Dead - Long Live Bitcoin" - VICE News | $584.31
Apr 1st "This could be the end of the Bitcoin era" - Yahoo | $479.99
Apr 5th "Bitcoin Meltdown - Bitcoin is doomed to fail" - Javamazon | $453.76
Sep 19th "Cult Markets: When the bubble bursts" - Financial Times | $397.78
Oct 6th "We need to consider the distinct possibility that Bitcoin is dying" - David Seaman | $307.02
Oct 11th "3 Reasons Bitcoin Is Doomed To Fail" - Fool.com | $362.22
Oct 29th "Where did Bitcoin go wrong?" - CNN | $333.58
Nov 5th "Bitcoin is bust: Why investors should abandon the doomed cryptocurrency" - City A.M. | $338.62
Nov 18th "Bitcoin Will Bite the Dust" - Alt-M | $337.34
Dec 15th "Bitcoin Bears Say Told You So" - Bloomberg | $346.01
Dec 16th "The Great Paradox of Bitcoin: If It Ever Succeeds, It's Doomed" - Mother Jones | $325.10
Dec 16th "Bitcoin's financial network is doomed" - The Washington Post | $325.10
Dec 17th "Bitcoin is (Nearly) All Dead" - Acton | $325.60
Dec 22nd "Can Bitcoin survive 2015?" - AOL | $332.63
Dec 26th "Bitcoin's defects will hasten its demise in 2015" - Reuters | $327.20

2015

Jan 2nd "Was 2014 The Death March for Bitcoin?" - PYMNTS.com | $315.81
Jan 5th "Bitcoin's New Year Price Plunge" - PYMNTS.com | $274.84
Jan 9th "Bitcoin's upcoming capital crisis" - Financial Times | $290.51
Jan 11th "Why Bitcoin is a Ponzi scheme" - The Kernel | $267.27
Jan 13th "Is this the end of Bitcoin?" - BizNews.com | $228.07
Jan 14th "Bitcoin Plummets - And May Be Stuck In A Self-Fulfilling Downward Spiral" - Business Insider | $182.00
Jan 14th "Bitcoin revealed: a Ponzi scheme for redistributing wealth from one libertarian to another" - The Washington Post | $182.00
Jan 15th "Slowly but surely, Bitcoin appears to be falling apart" - NewStatesman | $209.81
Jan 15th "Bitcoin might be dead. It doesn't matter" - The Telegraph | $209.81
Jan 16th "Bitcoin Is a Victim of Disinflation" - The New York Times | $208.50
Jan 16th "Bitcoin is headed to the 'ash heap'" - USA Today | $208.50
Jan 17th "Is this the end for Bitcoin?" - Mybroadband | $201.09
Jan 21st "Bitcoin to Die - It's Unavoidable" - Arduino Tronic | $228.08
Jan 29th "Why Apple Pay And Dollars Are Killing Bitcoin" - Forbes | $233.01
Feb 5th "The End of Bitcoin" - Robert Nielsen | $226.49
Feb 10th "Bitcoin is dying and 'will be remembered like pogs'" - International Business Times | $217.87
Feb 22nd "Five Reasons Bitcoin Revolution is Over" - Sputnik News | $235.70
Feb 26th "Bitcoin Futures Will Be The Death Of Bitcoin" - BTC Feed | $236.81
Mar 9th "Predictions for 2015" - Financial Times | $282.55
Mar 20th "'I think they will start breaking toes': Evolution Marketplace goes down in massive Bitcoin heist" - News.com.au | $263.46
Mar 25th "Bitcoin is going to disappear" - IEX.nl | $246.28
Apr 15th "Bitreserve's new COO: bitcoin will go away in 5 years" - Coinfox | $223.57
Apr 23rd "Why Bitcoin's male domination will be its downfall" - Fusion | $235.13
May 20th "The Death of Bitcoin" - Tony Arcieri | $234.43
Jun 8th "Bitcoin isn't the future of money - it's either a Ponzi scheme or a pyramid scheme" - Washington Post | $236.73
Jul 12th "Bitcoin will bite the dust" - Cato Journal | $273.66
Aug 4th "Distributed Ledgers Part I - Bitcoin is dead" - Pascal Bouvier | $281.47
Sep 21st "Bitcoin is Declining, but Is It Dead?" - Government Technology | $236.61
Oct 2nd "Why Bitcoin isn't the wave of the future after all" - DailyCampus | $239.75
Oct 5th "The Blockchain: 'Just like the Internet' Except that it's not" - PYMNTS.com | $246.07
Oct 5th "Bitcoins are a waste of energy - literally" - The Drum | $246.07
Oct 7th "I Broke Bitcoin" - Vice.com | $244.04
Oct 14th "This bitcoin startup is changing its name and moving away from bitcoin" - Fortune | $253.32
Nov 4th "Jamie Dimon: Bitcoin Will Not Survive" - Coindesk/Fortune | $395.67
Nov 4th "Could Bitcoin Prices Hit $100? This is Why Bitcoin is Doomed" - Profit Confidential | $449.79
Nov 12th "UBS Chairman: Bitcoin Currency Will Fail, Has No Lender of Last Resort" - Finance Magnates | $330.91
Nov 15th "More Dirt on the Bitcoin" - Plata | $319.93
Nov 23rd "Former bitcoin companies are erasing their embarrassing 'bit's'" - The Guardian | $318.84

2016

Jan 9th "Nick Weaver on Why You Should Sell Your Bitcoin" - The Lawfare Podcast | $449.14
Jan 14th "The resolution of the Bitcoin experiment" - Mike "Ragequit" Hearn | $429.73
Jan 19th "R.I.P. Bitcoin. It's time to move on." - Washington Post | $382.00
Jan 20th "The decline of Bitcoin shows you can't engineer past government" - The Week | $404.23
Jan 21st "Bitcoin Is Dead, Long Live the Blockchain" - The Street | $397.80
Jan 21st "Debates on Blockchain Eclipse Talk of Basel III at Davos" - FT | $397.80
Mar 2nd "The Dream of Buying a Coffee With Bitcoin Is Dying, If It's Not Already Dead" - Vice | $422.18
Mar 4th "Bitcoin payments around the world are failing as the platform is overwhelmed" - Business Insider | $417.93
Mar 4th "The Crisis in Bitcoin and the Rise of Blockchain" - Fortune | $417.93
Mar 6th "Dumb Investment Of The Week: Bitcoin Investment Trust" - Seeking Alpha | $408.30
Mar 7th "Death Sentence for the World's Most Popular Cryptocurrency" - CoinTelegraph | $410.85
Mar 8th "Performing an Autopsy on the Bitcoin" - The Street | $409.05
Mar 26th "1,000 Bitcoin Wallets Won't Replace One Financial Revolution" - Coindesk | $408.12
Apr 19th "'Bitcoin is dead,' says prominent fintech exec" - Yahoo | $437.50
May 21st "Bitcoin May Be Failing, But The Technology Behind It Will Live On" - Forbes | $442.88
Jun 3rd "We rather disagree with the estimation of Bitcoin" - Adam Smith | $572.65
Jun 7th "Bitcoin's Rallying Again - But Isn't Getting Much Attention Anymore" - Wall Street Journal | $577.14

2017 to today

< Pundits putting their feet in their mouths as we speak. >

In reply to by powow

zebra77a Golden Phoenix Wed, 06/13/2018 - 14:20 Permalink

The only thing physical and useful about cryptocoins are all the excess 1080ti video cards that will be coming to market.

Nvidia saw this crash in crypto coming a long time ago it seems to be apparent now as they say they are no longer making the cards, but there are going to be a LOT of used video cards for sale shortly!

Christmas came early!! Thanks!

EVGA GeForce GTX 1080ti $465 Cdn dollars

https://www.ebay.ca/itm/EVGA-GeForce-GTX-1080-Ti-SC2-GAMING-11GB-GDDR5X…

 

 

In reply to by Golden Phoenix

tmosley Coinista Wed, 06/13/2018 - 13:12 Permalink

Tether is a real concern, and will be going forward until it is resolved. I have large cash reserves set aside for taking advantage of the crash it will cause.

Will be fun to see Bitcoin experience another network congestion event as the miners shut down. BTC adjusts difficulty once every ~2 weeks. If they lose half their hash power, that will become once every 4 weeks. If they lose 90% of their hash power, it will become once every 20 weeks. Big problem when you have tiny, full blocks.

In reply to by Coinista

tmosley mantrid Wed, 06/13/2018 - 13:31 Permalink

BTC doesn't actually work because it has been purposefully crippled by Blockstream/AXA (the massive insurance company run by the chair of the Bilderburg Group).

The people who built Bitcoin into what it was before that happened have mostly migrated to BCH. Those who remained behind have either been paid off or have been taken in by the propaganda.

In reply to by mantrid

Exponere Mendaces tmosley Wed, 06/13/2018 - 18:16 Permalink

Tmosley, the raging Cashie faggot forgot to put some facts into his post.

http://fork.lol/tx/txs <-- The orange line is Bitcoin, the blue line is BCash.

No one is "migrated to BCH" - because if they are, there's only 39 of them transacting every hour. Look at the totals - your shitfork has been around for nearly a year and the transaction volume is anemic at best.

But leave it to Tmosley to suck down Lyin' Ver's load without a critical thought -- he's good that way, always looking out for the shittiest of the shitcoins to recco to the plebs.

How you even stick your neck out here is beyond me -- I suppose you're too stupid to realize how fucking dumb you look. Your track record is abysmal.

In reply to by tmosley

Solid Gold Bubble silver140 Wed, 06/13/2018 - 15:03 Permalink

They were collectively using less electricity, therefore lower operating costs. Serious Bitcoin mining is a constant arms race, where rival firms are constantly trying to buy more mining hardware than their opponents to get a bigger slice of the pie.

Obviously the huge price run up during 2017 was incentive to buy more mining hardware (as evidenced by the huge increase in global hash power in the same timeframe). But because the size of that pie, measured in Bitcoins, is CONSTANT (at roughly 12.5BTC per 10 minutes), a collapse in the price to where prices were 6 or 12 months ago presents a far WORSE situation for miners than they were in 6-12 months ago, since back then they had far less mining hardware to power.

Mining is highly speculative and IMO more risky and less agile than trading. It never appealed to me, but someone's gotta do it.

In reply to by silver140