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Lets instead talk about the image.
The price before the wave that was going to over 1000$ was 125$ on 1st Oct. 2014, the Hashrate was 250,000 GH/s this means the price for one Hash was 0.0005$.
At the peak of the wave, Nov. 29 in 2014, the Price was at 1160$ and the Hashrate was 302,000 GH/s this means the price for running the Network was 0,03841$ per hash and therefore running the network and producing coins became 76 times more profitable.
You have to understand that no one runs their miner without profit so at 0.0005$ per hash the miners already made profit and suddenly they made 76 times more. Imagine you have a salary of 2000$ /month and suddenly you have 152.000$ /month. I was also a miner and like most of them I sold all of my coins as fast as possible, thats why everything crashed. And we slowly bought back in when the crash was over.
Now lets make a calculation for this season.
The liftoff startet at 1st of April you can clearly see it when looking at the altcoin charts (especially litecoin), the hasrate of the bitcoin network back then was 3,576,533,297 GH/s and the Price was ~1100$ on April so the cost for a Hash was
0.000000027960... at profit. As you can see the price for generating a hash became much lower since 2014 because the miners were getting more efficient.
Today the Hasrate is at 6,003,455,379 which is 60% more than on first April so the true Price for generating a coin should be at 1760$ (assuming the miners didnt get more efficient in 3 Monts).
This means at 2600$ Bitcoins are overvalued at about ~840$ and the real winners right now are the miners and early investors throwing out their coins as fast as possible.
>So why the fast raise?
continue...
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I'm listening. Nice ladels TA.
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>>2702436
The biggest exchange in China has stopped USD withdrawals on April 18. 2017: "Due to intermediary bank issues, OKCoin is temporarily suspending USD withdrawals. We are working as hard as we can to provide alternatives for USD bank wires. Existing funds in your account is not affected. We deeply apologize for any inconvenience caused."
So OKCoin is not paying out any USD so if you want to get your USD out of there you have to buy bitcoin on their Exchange and move them somewhere else, this drives the price up, so much that at some point it was better to buy litecoin instead of bitcoin so the litecoin price also went up, same happend with Etherum. And then on 12. of May another Big Exchange, Bitfinex, said that "US correspondent banks continue to block international wires" so its became also hard to get your money out there (but not impossible) and then prices became really crazy.
Btw the dirty thing is that somebody bought a shitload of super cheap litecoins on 28th of March until 18th of April, when the price went up.
Aw a result we can say that long as USD withdrawals are impossible at some exchanges prices of BTC ETH and LTC will only fall slowly because of miners spending their coins. If it goes up it will be pure speculation, miners and early invesors will win much, you might win a little but when it drops and you dont sell fast enough it will rape your ass.
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just transfer BTC to a liquid exchange and cash out
where is the problem?
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so what should I do?
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>>2702436
Mining is nothing in BTC. Mining is just the way to receive this coin.
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>>2702501
>Mining is nothing in BTC
currently there are 12,5 bitcoins mined every block wich is mined every 10 minutes which gives 1.800 Coins every day which have a current value of 4.680.000 USD lets assume they are all sold (which they arent) then the Price at the current value would drop at ~ 0.0108% every day so in 1 month about 0.3% wich is indeed not very much
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>>2702493
sell and wait a few days
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