Saturday September 2, 2017
Total BTC mined: 0.13297263
Total BTC mined USD: $610.14 (based on today’s current exchange rate)
Total Spent: $1891.50
Remaining to break even: $1281.36
Bitcoin briefly topped $5000 before a massive selloff earlier this morning. I was watching the alerts roll in as the currency surpassed the vaunted $5000 mark and then quickly retreated as positions were liquidated in a $13 billion selloff. Prices seem to have leveled off around $4500 after the frantic action but I think this is only a sign of things to come and I predict that we will see an even larger correction in the coming weeks as a slowing US economy forces investors to convert their BTC to USD.
The volatility has also pushed loan out rates on Poloniex as traders look to either buy more BTC hoping for a bounce or divest into other cryptocurrencies hoping to make gains then convert back. Under the unbridled joy that many of the Bitcoin evangelists constantly express in their posts and videos, the reality is that there is legitimate fear and concern that we are hoping for the moon but may have to settle for a hill at the moment.
I don’t want to sound overly negative as the point of this blog is to try and be positive about Bitcoin mining and the positive economic impacts of investing in the currency but it’s growing too fast and I fear a lot of people are going to get in on the wrong end of the market and take on huge losses with money they can’t afford to lose.
Or maybe I’m just mad because Tom Herman lost his first game as Texas’ head coach and I already want him fired.
Today’s picture comes to us from Fluoride