A 9k Wall

I didn't know there was a wall. I was under the the impression Bitcoin had passed this price before.

Is this is response to the alt coin surge and the comparisons to it?

I think we're all fans and on the same team when it comes to Bitcoin but of course our perspectives may differ. Or not. 

I have enjoyed the posts, tweets, videos, etc. and yes it's nice to see the surge. Overall, the hype and wonder with that ether coin and the SEC is intriguing but insider trading and pump 'n' dump is alt coin territory and only still, a side show. Are we seeing more dispersion of hashing? With hard forks and more asics for more algorithms? Given the surge across the board? All us who mine want to make coin, hopefully hold it to. I mine GPU and asic, most already know that. Everything I mine is BTC or exchanged to BTC, for the most part.

So why the lesser bull than everything else? Well for one you have to sell bitcoin for others to receive it. HODL. Which some would say should increase the price, were I agree as the market value is up. But comparatively, not as high as alt coins.

Exploring more, we see exchanges offer more coins to fiat trades these days. Which makes less movement into bitcoin by the minute.

This is my "for the most part" above: miners and people in general need pay to bills, taxes recently, other expenses (unforeseen). Reducing costs, means exchanging alt coin the least amount of times to fiat for these bills. Cause why give up Bitcoin if I don't have to? There was a time everything was traded to BTC, it wasn't that long ago. In all less from alt coin is going into Bitcoin but still, those that are smart are moving as much as they can to it. 

I feel the new asics will drive this push, spreading hash rates across more algos as some devs fork to be asic free and miners adjust their hardware accordingly. Driving part of daily exchange, while we watch exchanges open more fiat trades. Of course with alt coin there is added risk than just a "volatile" market, Bitcoin is the best bet. 

I see Bitcoin moving in the direction we expect it to, while becoming less volatile. In part because of these factors. This of course is just one perspective from a lowly miner.

Now where is our next wall? 

 

 

Ryan Ellis1 Comment