As you can see here the prob of Bitcoin crushing past 7.5k --> breakout --> Bubble We need a healthy consolidation to around cost of making a bitcoin, otherwise the bubble that is to follow could lead to a gov wipeout of everything. (vertical log climbing is only seen with bubbles) Think of it this way: 1oz Gold costs 1100+ to mine --> priced at 1269 usd <--- see the difference? o_O 1 Bitcoin costs 1300+ to mine --> priced at 7230 usd <--- see the difference? o_O Let's say you argue for blockchain technology, well arn't there tons of crypto with exact same function as Bitcoin? Yes there are and how expensive are they? So let's say the cap of Bitcoin would be 50k or 1million usd, what is the incent to buy a bitcoin then if a bitcoin fork does the same job for who nows how many % cheaper price? Of it's driven buy earning returns on Bitcoin. There are currently around 1260 different crypto coins so you can't argue any more that the blockchain technology is worth anything close to 1300 dollars. Then again you could argue that Bitcoin is different, but really, comon, now let's be real. The difference between Bitcoin and Bitcoincash is speculation, slim at most with a difference in the number of transactions per day favoring Bitcoincash if i remember it correctly. Perhaps this is precisely what the gov wants, blowing up prices so no major player wanna touch it, regulate the crap out of it. I invested 1 % in Bitcoin at feb of this year but still there is no logical reason to not take profits right now, just watch at the price action and try analysing it with different indicators.. If nothing makes sense anymore + vertical climb + all indicators pointing to the same thing only a bubble can explain a growth to infinity. And this my friends is NOT a currency! Money don't behave like this. Only the dotcom bubble stocks even come close to what we see in the cryptosphere.
Trade depending on resistance line ( still i would take profits here )
//cheers, thefreedommatrix
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Who knows how many time bitcoin will fork... Already 3 times right? Inflation doesn't exist in the crypto world...
You must also include the depreciation cost of capital investment - take the cost of one mining rig and calculate out how many coins it will make in its lifetime, and figure out the cost per coin. I have no idea how much the latest ASIC processor and ancillary equipment costs. Also, include time and fees for complying with local and federal laws of a country (?) and any other time and cost the miner must invest (equipment repairs, etc). If the operational cost to mine is $1300, I would surmise that the real cost including the above is about $6500, or 5x the operational cost, similar to how a mile of auto gas is only about 1/5 of what the US government considers the reportable expense.
investing_alt
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Explain to me why it costs $1200 to mine one bitcoin? Where is your data?