Mills sold on the pounds, bitcoin falls again

Abstract: used to have many scenery, now will come down.

Photograph @ China vision

Titanium media note: This article from the “IT times” the public number vittimes, edit it | sister, authorized reprint by titanium media.

If bitcoin also understand the world changes, he should thoroughly feel what is now a flourishing decline.

Until November 14th, the price of bitcoin is still hovering in the $6400 level; but in recent weeks, bitcoin plunged nearly 38%.

“I have a coin circle of friends, and I talk to buy the ring last year (Beijing) real estate which. Today when we met for dinner, he said to me: Hello, this is your takeaway.” The Internet began to spread a variety of bitcoin scripts.

CoinDesk data show that after heavy losses after a week, bitcoin fell by 10% on Sunday, hit a low of $3447.58, fell below $3500. This is the lowest level since September 2017.

2017 the end of the year, bitcoin prices up to 2 million, 10 bitcoin can buy a Mercedes Benz S500 car, 100 bitcoin can buy Sanju room in Shenzhen…… But in the 2009 year, $1 will be able to exchange 1309 coins.

Once obscure, also stood on the peak, and now, depreciation, loss, or a falling words such as deep sea tides wrapped bitcoin. Used to have many scenery, then how come down now.

(bitcoin on the dollar’s recent price trend, source: Wall Street Horizons)

Lonely mine, mine on the pounds sold

Chinese there is an old saying, in one word, jiquanshengtian. Vice versa, with the slump in the price of bitcoin, once fiery miners and mine also ushered in their darkest hour.

It is reported that, even some decline, bitcoin prices have more than one machine breakdown cost price, but arrived in mining electricity, “according to Jin mills sale” on the hot search, distribution in Xinjiang, Inner Mongolia and other parts of small and medium-sized mines, in the currency price continued to decline, but will have second-hand machine resale of liquidation.

After some small bitcoin mine mill hill of general waste heap in the yard, even being in accordance with the price of catty to sell scrap metal. A year ago the price of up to twenty-one thousand units of the mill, now a scrap, second-hand sale price of only 1000 yuan.

According to btc.com statistics, in October 4, 2018, bitcoin, the whole network is the highest, about 74.54EH/s. 11 month 25 days, bitcoin the whole network is reduced to 42.09EH/s, lower 32EH/s, or up to 43%. According to this year’s most popular ant mining machine S9 computing power is 13.5T, is directly off the 2 million 370 thousand S9 mill.

The day is not better than mine. Earlier this month the media reported that Guizhou and Xinjiang are regular field requirements outage rectification, check and accept the tax of the real name registration. In addition the mines are asked to sign the network information security work of the Public Security Department security book.

A field sales staff constantly brush with such advertising. “The location of mine, Yunnan, Guizhou, Sichuan, Xinjiang, Inner Mongolia, Qinghai and other places, the minimum 0.38 yuan / kWh (full charge + custodian fee).” “Cost price + + procedures complete operation and maintenance team.” Stick to the cost price, this is your “mine” with 2000 flight, China mine thermal power, complete formalities.”

By encryption currency market slump, the world famous manufacturer NVIDIA graphics also presents the recent price slump trend. The market shows that in the past 1 months, NVIDIA shares from October 1, 2018 up to $292.76, down to a minimum of $133.31 in November 20, 2018, the share price retracement rate over 50%.

The ups and downs of bitcoin, where is the way?

Previously, Bloomberg News reported that regulators are investigating bitcoin last year rose to nearly $20 thousand by the market is caused by manipulation. According to reports, the U.S. Justice Department is investigating a controversial encryption currency Tether is used to support bitcoin traders. Each unit of Tether issued by the founders claim a dollar support.

In fact, a similar plunge, bitcoin is not rare in history.

Beginning in November 2011, fell to $2 from $30, down 93%;

Beginning in December 2013, fell to $170 from $1166, down 85%;

Since December 2017, fell below $4000, down 77%.

Every time after the crash, bitcoin will usher in a big shot.

But when the first split into bitcoin bitcoin cash (BCH), bitcoin has to change.

Bitcoin fell, largely with bitcoin cash (BCH) 11 community April 15 2 “hard fork”. In essence, bitcoin has the advantage of the hash collision, created a scarcity of supply. But each bifurcation time, expansion of several times, will lead to scarcity is getting worse. Once no longer scarce, bitcoin value will be greatly diminished, while driving the other encryption currency collapse. In the long run, the recent hard BCH bifurcation event, will bring the negative influence to the entire market.

At the same time, coins and other digital currency also faces regulatory risk. U.S. regulators last week forced two in 2017 years to raise funds through the issuance of encryption currency company to return cash to investors.

According to the relevant provisions of the people’s Bank of China, bitcoin is not issued by the monetary authorities do not have the law, such as monetary compensation of the mandatory property, not the true meaning of money. Regulators continue shot rectify. The central bank and other 7 ministries have issued a notice to halt activities including ICO, financing and distribution of various types of tokens. Mutual gold remediation office has issued a document, requires all office renovation and actively guide the orderly exit of enterprises within the mining business, reported to the present situation of mining enterprises and guide their exit, and regularly submit work progress.

As for bitcoin then what will happen, who is to say. It would like to quote the sister Warren Buffett’s words to the end: bitcoin is a mirage, is the transfer of funds approach, are the two side of rat poison.

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