Saturday August 5, 2017
Total BTC mined: 0.04067726
Total BTC mined USD: $130.41 (based on today’s current exchange rate)
Total Spent: $1891.50
Remaining to break even: $1761.09
No updates yet to my daily mining dashboard but the incredible 24 hour surge for Bitcoin saw the value of what I’ve mined grow by $14 simply by sitting there.
My strategy of loaning BTC for Poloniex margin trading may need a readjustment as the loan market right now is next to nothing with lowball offers for 0.012% in an environment that just one week ago saw loan percentages hit 0.1-2%. These things ebb and flow but I think fears of Poloniex becoming insolvent and the massive two day downtime may have scared traders to other exchanges.
The other factor could be that there aren’t many trading plays right now as the only winner is BTC and since these other currencies are priced as a ratio to it … if Bitcoin is going to grow 15% in a day then unless every other currency has a similar performance then they will no doubt decline.
I’m happy I sold when I did because had I held onto my positions any longer I’d be way down. I just worry that BTC is becoming a release valve for retail investors looking for another basket to put their money and while I welcome additional traders and interest in cryptocurrency I wonder if we’re reaching a point where everyone thinks they will get rich quick not knowing the realities of the market. See Florida real estate 2004-2008.
I sometimes wonder whether I got in at the tail end of a boom that’s about to bust and I need to hold for a few years or whether the interest and investment will continue to grow.
Today’s picture comes to us from Zacktionman