Miner Capitulation - Time to Panic About Bitcoin Price?

in hive-100421 •  20 days ago 

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Everyone on Crypto Twitter is getting worried about miner capitulation again - with some people forecasting that this would lead to bearish price action in the short term.

That's what we'll be taking a look at in this video.

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This was the worst of it I saw today:

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I believe the CME and Futures are going to be playing a major roles for bitcoin in the coming years, they better not "tame" the price lol

I won't be happy if they do!!! But all jokes aside, I think there's only so much they can do to limit the price. They can't keep it down forever :)

I think the price of bitcoin, even if it goes down, doesn't fall too fatal. The possibility of up and down can happen in the near future. Keep calm.

Agreed, it's extremely important to stay calm!

Short term miner capitulation - Isn't this market forces at work?

With miners capitulating, my concern is that Bitcoin mining might be controlled by a few. Could mining then be controlled by a country/or region?

I have a UK bank account which I've used in past to buy crypto. I'm now having trouble because it appears I have to do KYC for my wife as well as me because her name is joint on the account!

It's getting far harder to legitimately buy at reputable retail outlets. I can't even send money right now to Coinbase when they've taken and used my cash from this bank account before and I'm not talking big amounts, sub $1000.

When I see this kind of stuff (and I'm a relative newbie and nearly all my crypto is what I've earned here on Steem) I despair at the idea that this can be opened up to a wider audience.

As to the price.. who knows but I did have the good fortune of hearing a presentation the night before last from one of Israel's top Quantum Computing professors and going by what I now understood from him, we are many many years away from that threat materialising, that's for sure so Bitcoin isn't in immediate danger from that.

  ·  20 days ago (edited)

I dont believe we will see any bullishness in Bitcoin for a long time personally. Everything that happens has to happen based on 'surprise' and uncertainty is key to creating the kind of rush in and rush out of crypto that we see. Following 2017 certainty was rife in this market for example this is not how the world works. Adoption etc for me doesn't mean a thing, all fiat currencies across the world have 100 percent adoption and they do not make the price move, trader/investor/sentiment/speculation and HOT money does. We live in a casino. Personally im bullish only on XMR because it has something nothing else does 'true privacy'. It has no promise to forfill it is just 'money' it is also scarce and it is also POW. All very important in economics. Tech is one thing, economics is another thing all together. It is what everyone thought Bitcoin was, it is what Dash was meant to be etc etc and governments who actually know whats up will be watching it closely and praying it does NOT catch on and climb the market cap. This is precisely why it WILL catch on, we are the people. The Bitcoin bulls have had their time in the lime light, they have made killings, now it is time for nay sayers to have their time in the lime light so to speak. I plan on doing nothing but spectating for a long time until i feel like i'm robbing the candy store with my money, not gambling. $8000 dollar Bitcoin is totally un attractive to the average person. A few people will make money in crypto, most will lose, and some will lose everything.

Sorry about your sore throat. About the topic, all we can do is speculate and read the tweets of these guys and hope for the best.

I've noticed a similar trend on my twitter as well, with various people having differing views. I sold my Bitcoin a while ago to sort out my school fees and judging by this, I'll wait till like late December, when I suspect the price would have super dumped to buy me some of that BTC

Congratulations @louisthomas!
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IMO it is the small miners who are capitulating right now. There is no reason for miners to capitulate before the halving. After the Halving the amount of bitcoin they are going to earn is only 50% of now. So anyone would try to mine and accumulate bitcoin now. I don't see any significant miner capitulation as of now.

Well looks like it has suddenly dropped today from the last 12 hours or so, great entry point again, what everyone wanted who felt they missed out before the bull run in May/June this year.

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I believe in the near future of bitcoin the price will go up, specially during next halving of the blockchain reward. While it look slightly bearish at the moment I doubt it's going to drop majorly.

Bitcoin will be global currency very soon. Thanks for this post.

I think these drops are great for accumulating for long term holding. The halfing approaches. Nothing seems alarmingly out of trend.

I'm in a panic, I didn't expect this situation

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buy the dip! $btc $dash $steem

Yeah I like low prices, thats my moment to buy.