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Bitcoin Falls Below $20k for the First Time Since 2020

bloomberg.com

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Re: Bitcoin Falls Below $20k for the First Time Since 2020

#131

Post by thehappypm »

lrvick wrote: post #55
silisili wrote: post #31

Earlier quoted context omitted.

Here's hoping. When stocks tank, one can decide if a company is undervalued and decide whether to buy in. Bitcoin has no value other than speculation, so it's a hard ask for people to buy in as it's never technically undervalued...

Bitcoin has value for the same reason Visa has value. A medium of exchange is a tool, and tools people use have value. I grant the majority of the market is speculation but many of us actually regularly use Bitcoin for things like payroll, settling debts, cheap international value transfer, buying coffee, and for cash-like privacy for online purchases. For those like me that have been continually buying, saving, and…

As a medium of exchange, the price of one bitcoin should be kind of meaningless. As long as you can quickly do the transaction and cash out on the other end, it shouldn’t really matter if BTC IS $100 or $100,000.

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#134

Post by thehappypm »

scoopertrooper wrote: post #88
lottin wrote: post #54

I wonder how the bitcoin mining industry is doing. Bitcoin's hash rate isn't falling [1], which suggests miners aren't able to reduce costs. Revenue on the other hand is tied to bitcoin price, which is falling. So what does that mean... are they headed for bankruptcy? [1] https://www.blockchain.com/charts/hash-rate

Taking the cost of the ASIC as a sunk cost, the amount of electricity required to mine a Bitcoin to be 150 kWh, the cost of electricity being 6 cents per kWh, and ignoring overhead such as wages and rent, then the breakeven price for Bitcoin mining is $9,000 USD. You may consider multiplying that by a factor to add some conservatism (though my estimates themselves may actually be conservative given that a lot of mini…

Taking the cost of hardware as a sunk cost is foolish it’s one of the largest costs

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#135

Post by iLoveOncall »

rvz wrote: post #33
iLoveOncall wrote: post #14

Earlier quoted context omitted.

Tether collapsing would have a far larger effect than putting BTC to 10K, it would probably be the end of crypto. The vast majority of alt-coins cannot be exchanged against dollars and have a value only if they can be traded against USDT or other stablecoins.

> Tether collapsing would have a far larger effect than putting BTC to 10K, it would probably be the end of crypto. Tether isn't the only stablecoin out there. Tether collapsing is basically the end of Tether and will send BTC below 10K and will take the others with them. It won't be the end of crypto due to this as there are other coins (not tokens) out there that are compliant (ISO 20020), have a use case and will…

> Tether isn't the only stablecoin out there.

The end of Tether will be the end of stablecoins, just like ICOs ended completely at some point.

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#136

Post by timmg »

drawingthesun wrote: post #11

Considering Bitcoin had never fallen lower than a previous cycles ATH (All Time High) until now, who is thinking that this might be a sign of the end of crypto? Each cycle goes higher was pretty much the only thing that kept the whole thing going. Now that is gone I think the space will dry up. Tether collapsing in the next couple weeks will likely put Bitcoin under $10,000

Does anyone know what price it needs to drop to to no longer pay for mining? Like with the most efficient rigs? (Particularly with energy prices going up.)

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#138

Post by timmg »

thehappypm wrote: post #134
scoopertrooper wrote: post #88

Earlier quoted context omitted.

Taking the cost of the ASIC as a sunk cost, the amount of electricity required to mine a Bitcoin to be 150 kWh, the cost of electricity being 6 cents per kWh, and ignoring overhead such as wages and rent, then the breakeven price for Bitcoin mining is $9,000 USD. You may consider multiplying that by a factor to add some conservatism (though my estimates themselves may actually be conservative given that a lot of mini…

Taking the cost of hardware as a sunk cost is foolish it’s one of the largest costs

I think what OP means is: if you've already paid for the hardware, it make sense to keep mining until the cost of electricity is higher than the value of a coin.

And I agree with that.

Re: Bitcoin Falls Below $20k for the First Time Since 2020

#139

Post by somewhereoutth »

dubswithus wrote: post #105
somewhereoutth wrote: post #99

Earlier quoted context omitted.

So the advantage of using crypto is that it is good for those that use crypto? Your argument is circular. > avoid hires that do not have an interest in the space > saves me having to buy from exchanges

You omitted one of their arguments: > Unlike paying in company stock you do not deal with nonsense like AMT or blackout periods.

so pay in cash, not funny stock.
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