Opinion: Bitcoin is close to becoming worthless

in #bitcoin5 years ago

Bitcoin is on the way to being worthless. It is now in a death spiral, one which it might not recover from.

The largest cryptocurrency broke key support and is now taking out levels without a second thought. Once the $6,000 level broke, the rush to around the $3,500 range was rapid.

One of the key parameters to monitor is the cost of mining. When the price of Bitcoin drops below that cost, people exit the mining pool, further dropping the price.

The estimated cost to mine Bitcoin right now is $5,000.

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Worthless depends always on the price you bought.
If you bought some BTC at about 100$ or 1000$ you´re still good in profit.

Time will bring the answer.
I keep all my stuff and wait.
For me its like stacking silver coins.

Just take your time.... :-)

many people exit also for mining Bitcoin Cash after recently fork that splitted on SV and ABC , but I think that BTC it will remain a reference like as a crypto-gold.
However , if the Bitcoin Futures Will Launch in 'First Half' of 2019 the price will grow up.

Same old argument that completely ignores the difficulty adjustment algorithm. It also ignores that not all miners pay for electricity the same way, meaning their threshold for shutting down equipment in advance of an adjustment will vary greatly. It also ignores incentive, not all miners mine to sell BTC immediately on the open market, so the short term price matters less to them. BCH and SV miners have been throwing hash power at their respective coins for ideological reasons. I have no reason to believe the amount of potential ideological miners of BTC for a two week span wouldn't dwarf them.

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