Bitcoin's in Trouble

[Caseynotes]

Cracks are starting to appear in the bitcoin scenario. The cost of mining is said to be $5,500 so bitcoin now at below cost of production.

[Mercury]

Zero!

[trade247]

sell side pressure from miners likely to taper off then...

[Caseynotes]

I saw this go through a few days ago and made me laugh;  

“Coinmine One” Allows Anyone with $800 to Mine Crypto at Home. The new device simply needs to be connected to a power source and wifi in order to operate."

Would seem to confirm mining is currently dead. Capable of mining 1 Ether a year if running non stop (plus 3 monero and half a Zcash). You would really really have to believe prices were going to sky rocket to see that as a good investment.

https://www.financemagnates.com/cryptocurrency/news/coinmine-one-allows-anyone-with-800-to-mine-crypto-at-home/

 

[phillo]

oops

[Mercury]

Or it could get wiped out and something new rises from the ashes.  If I was interested in the technology then I would wait for this current craze to die out and but up the tech in the ensuing fire sale.  I also think governments are going to be interested in any viable tech solution to paperless currency.  The idea that we will all use a currency free from "big brother" is the same misguided dream of the first internet bubble (then it was free everything on the internet... Sigh!).

Either way I wouldn't trade it, not even as a short, there are far better opportunities out there...

[Mercury]

At what point does bitcoin and any other crypto fail? 

In the first dotcom bubble we knew when a company would fail because burn rate became an indicator of viability (at least in terms of lasting long enough to get profitable).  Same is essentially true now and with any company it is not about the share price but the overall financial situation of the company.  We don't have to worry about this with FX because there is so such concept for FX unless an actual country goes bankrupt but for all the majors that is unlikely if not inconceivable.

So what information is available on, say, bitcoin, in terms of the financial health of the organisation?  It is a private organisation right?  It can fail right?  Or does it only fail if everyone stops using it?

[phillo]

On ‎20‎/‎11‎/‎2018 at 18:36, elle said:

oops

Can I stop using the word "Lower" yet   #askingforafriend