Eventhoug I’m not a big fan of Warren Buffet, he is right about that. I believe he says the same about buying. “Buy when everyone sells and sell when everyone is buying”. Market is dropping and it feels like it wants to go event lower. Some call for as low as 3000 which may sound really scary. It also sounds very improbable. Just recently I saw post where I could see how much mining of bitcoin costs in each country. In US you can mine bitcoin for just around today’s price. In South Korea (that really surprised me) it costs 26000 (twenty six thousand per bitcoin!), in just a few countries it’s little below 2000. Overall average is close to 7000. That’s lower than today’s price of bitcoin. What do you think happens if miners were forced to stop mining? If we get to 5000 most of them will go out of business. Of course there could be a flash crash forcing everyone to panic. But if we get to 3000, I can guarantee you, it won’t be for too long. I’m ready for any scenario. As of now, our only weapon is patience. As long as we believe in what we invested in, and I do, we are just fine. It’s called a bear market for a reason.
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The breakeven point for miners is a critical factor. Some will cave, and others will hang in there. As those who throw in the towel grows, the difficulty to mine will fall accordingly, and that will bring down the breakeven level as rewards go up relative to the cost to mine. The Feb. 6 low of $5,873 basis CoinBase is still the figure to watch. If price breaks that level, a flash crash is certainly in the cards.
That might happen as well! If we break that level, we will probably break 244 billion market cap support as well. All hell will break loose.
Of subject: are you a football fan? I mean World Cup. There is a contest going on, it’s still on. It’s orginized by @blocktrades, @acidyo and @anomadsoul. There is 2k Steem price for the winner. Already record breaking participation. I’m your follower and if you are a football fan I would hate it if you missed it and I wouldn’t let you know. This might relax our minds a bit from this stressful crypto bear market 😆.
Thanks for the heads up. Looks like fun. Surely a great way to motivate ourselves to follow it a little closer! Got my post up just in the nick of time.
Edit: looks like I missed the deadline. Shows you just how out-of-touch I am. 😖