Miner's Impact on ETH Price

GiuccaGiucca Member Posts: 34
What's miner's impact on ETH price? Is it minor or very important? If miners are powerful enough to push price up or down, why we should not try to organize ourselves and do something? Just like those guys who're producing oil. When price of oil drops they simply stop production.

What would happen if miners stop dumping their hard earned ethers? Isn't dumping ETH just like shooting in your own leg?

Instead to dump all ETH immediately perhaps miners should save 10%, 20%.... 50% or whatever percent. No reason to sell it all.

We are selling ETH for whatever we can get, that's pushing prices down. When investors see that prices are going only in one direction, they will never be interested to invest money.

So, if you want your ETH to have value of $10, $20... $100, if you want to repay your investment in mining rigs, if you want ETH to succeed maybe we should act like smart investors.

Any thoughts?
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Comments

  • workwork Member Posts: 2,084 ✭✭✭✭
    72 million ethereum were premined and existed in the genesis block. No, I don't think miner's tiny portion of the 86million total coins is impacting the price that much.

    Game theory, btw...
  • GiuccaGiucca Member Posts: 34
    86 millions is enough to have control over ETH price. Just imagine what would happen if miners stop dumping ETH for 24h. It would cost $10 immediately.
  • techtottechtot Member Posts: 339 ✭✭✭
    I agree that if miners all held most of our ether there would have to be some impact on the price. The panic selling and constant "hash and shill" doesn't help. I keep 1/3rd and also don't sell much when the price is under .013, because it always bounces back - but of course I am a small time operator..
  • GiuccaGiucca Member Posts: 34
    techtot said:

    I agree that if miners all held most of our ether there would have to be some impact on the price. The panic selling and constant "hash and shill" doesn't help. I keep 1/3rd and also don't sell much when the price is under .013, because it always bounces back - but of course I am a small time operator..

    90% of us are "small time operators" but that's not the problem. Miners have to unite, to organize and to come up with some plan.

    What if we agree not to sell for less than $10 or $12...

    It is very simple. Would any of you sell your car, computer, house for 20% of it's price? I don't think so. But why you're selling ETH for peanuts?

    Stop selling ETH for less what you want to get for it and things will change.
  • bluelogicbluelogic Member Posts: 86
    edited December 2016
    The problem is not everyone pays a lot for power. I'm at $0.03 / KilloWatt. At the current price I can dump for $5/day. Now I'm a hold and wait type person, but I know people who pay $0.01 / KilloWatt
  • RetechRetech Member Posts: 46
    It's gone, man. Enjoy ! we have 86 million Eth, and the price is 10-15, that's impossible. 0.7-1.5usd must be the real price.
  • RetechRetech Member Posts: 46
    work said:

    72 million ethereum were premined and existed in the genesis block. No, I don't think miner's tiny portion of the 86million total coins is impacting the price that much.

    Game theory, btw...

    Some people thinking people own 86 million. The fact's 16 million, i agree with you :) Genesis Lmao ! @work
  • techtottechtot Member Posts: 339 ✭✭✭
    @bluelogic - where do you pay .03 or even .01 KW ? Is that in the US? I am going to set up shop there :)
    The best I had heard of in the US, or most common is around .08-.10 cents KW/h
  • workwork Member Posts: 2,084 ✭✭✭✭
    edited December 2016
    @retech you know genesis isn't a person or group there, right? Those 86 million coins are distributed pretty widely. The point is just that miner inflation is tiny and nearly irrelevent compared to the ICO/premine.

    The trolls on this forum are at an all time high right now...
  • RetechRetech Member Posts: 46
    @work Whatever ! The price's 10-16usd is impossible, with 86 million supply, it must be around 1-4$. Look at Litecoin, It can buy something in real life, and Eth cannot do anything, so more than 10$ is unacceptable.
  • workwork Member Posts: 2,084 ✭✭✭✭
    @Retech comparing LTC to Eth makes no sense, the platforms are designed for totally different things. I don't think I need to point out that you just said something which has already happened is impossible... oh wait, I just did. As far as merchant and exchange acceptance, Eth is actually ahead of LTC at this point. (Disclamer: I do hold some litecoins)

    Trolls being trolls.
  • RetechRetech Member Posts: 46
    @work Did you see new price ??? 6.4$ and more tomorrow. I guess
  • breathesumetherbreathesumether Member Posts: 20
    Whimps! Just because ETH price dropped a few bucks doesn't mean it's the end of the world! It's time to BACK UP THE TRUCK! This may be the last time prices will be this low. Remember Facebook? Yup I missed the boat when it dropped to $16. May as well get on the ETH boat now before some forces take its price to the moon! In economics there is NO single driver in prices, it's so dynamic you can never predict because humans are irrational. So the old adage goes: BUY when everyone's selling. SELL when everyone's buying. Where do you wanna be???
  • workwork Member Posts: 2,084 ✭✭✭✭
    Retech said:

    @work Did you see new price ??? 6.4$ and more tomorrow. I guess

    Does that have anything to do with what I wrote in this thread?
    No...

    Troll. Nothing but a troll.
  • oslakoslak Member Posts: 191
    You can have more ether if you buy now than mining. This coin can easily bounce back. Do not be blinded by the low market price if you are a miner.
  • GiuccaGiucca Member Posts: 34
    oslak said:

    You can have more ether if you buy now than mining. This coin can easily bounce back. Do not be blinded by the low market price if you are a miner.

    I agree. Smart investors are buying in situations like this.
  • RetechRetech Member Posts: 46
    I still keep my opinion. ETH's not a coin for Long-term because it's dropping, but a good time for short-term, specially Margin trading.
  • GiuccaGiucca Member Posts: 34
    Retech said:

    I still keep my opinion. ETH's not a coin for Long-term because it's dropping, but a good time for short-term, specially Margin trading.

    You never know what could happen. Suddenly, guys behind the project can announce some great news and people would start buying like crazy. It's always like that with any type of investment.
  • bluelogicbluelogic Member Posts: 86
    @techtot I'm in Texas. My currently rate from StarTex energy is $0.04 for 12 months. Power Express is $0.04 as well. Some of the three month plans are $0.01. OurEnergy has a miner plan at $0.03 for 12 months.
  • GiuccaGiucca Member Posts: 34
    bluelogic said:

    @techtot I'm in Texas. My currently rate from StarTex energy is $0.04 for 12 months. Power Express is $0.04 as well. Some of the three month plans are $0.01. OurEnergy has a miner plan at $0.03 for 12 months.

    Wow, that's really cheap energy. What's the main source of electric power there in TX?
  • GiuccaGiucca Member Posts: 34
    G416G said:

    Steem is a good study for newbies and people who don't understand trading. At $4 the promoters tried to fool users by siding with them and saying that its way too high so let's wait for $2 and load up the boat, some even said they will sell the farm at $2 because its going to $100. Now steem sits at 15-20 cents.

    Ethereum lost 50% of its value in 45 days and people are still scratching their heads in confusion.

    I really don't know what it takes to get through to you people.


    Since you're spreading such pesimistic views, you could easily be one of those which are waiting for $2 to load up the boat.

    It's not illegal to reject to sell something you have at market prices. Anyone can hold their possessions and wait for better price.

    Just imagine that you bought a new, shiny car for $20k. You're driving it and suddenly there is a guy who says "wow, what a great car! Please, take $15k and give me the keys!" and you sell him your new car with a loss of $5k. Normally, nobody would do such thing.

    So, why miners are investing thousands of $ in equipment hoping for profits and then they just dump all they earn like brainless turkeys.

    What's wrong if miners unite and say we'll not sell for less than $10. You said "there would be no sales for a long time". You're not right. In such situation greedy buyers will try quickly to buy for $10 because they will know that's the bottom price or the lowest price miners are willing to sell for. After that price would be pushed higher.

    So guys, if you want your investment to meet ROI and you want to make some profits, don't just throw all you're working for. Keep ETH for one week and you'll see miracle.
  • bluelogicbluelogic Member Posts: 86
    So the Texas power question. Wind then coal then nuclear are the main source of power. Now on the topic of miners. Most miners I know are not rich people. They used credit cards to buy rigs to make a quick buck. They have to sell in the short term to pay the bills. Now my view is if the price goes down to $1 I can get 1000 eth for $1000. If the price goes back to $10. I make $9000. For me that $1000 is part of my many other investments. Then again I have no soul because I'm the guy that used neweggs holiday policy to buy and return rigs.
  • GiuccaGiucca Member Posts: 34
    G416G said:

    Giucca said:


    What's wrong if miners unite and say we'll not sell for less than $10. You said "there would be no sales for a long time". You're not right. In such situation greedy buyers will try quickly to buy for $10 because they will know that's the bottom price or the lowest price miners are willing to sell for. After that price would be pushed higher.

    You've just shown you know nothing. Have you ever heard of martha stewart. have you heard of insider trading, have you heard of market manipulation. These are crimes in every civilized country.

    The fact that you suggested I would move the market to $2 shows you don't know what shorting is and in that case you don't even know markets 101 is. That means I am arguing with someone who is perhaps 5000 hours behind me in trading experience. Sorry you shot yourself in the foot there. You can return to this post in a few years when you've learned the basics and have a laugh at yourself.

    My god at least one person in this forum has faith in my abilities, that I will remove half a billion in market cap so I can then buy it all up at $2. This could be the laugh of 2016 for traders.
    You're triggered mate? No hard feelings, I'm an adult person looking where to invest a fortune I made in my online business.

    Btw I trade Forex for fun since 2008 so not sure about those 5000 hours you're talking about.

    I don't care if something is illegal in your country, I just know nobody can force me to sell something if I don't like the offer. For me, it's illegal to push somebody to sell its possession with a loss.

    No, I never said you can move market nor I have any faith in your abilities. I said you're maybe one of those tinny scalpers who're waiting for big boys to push price to lower and then to buy some ETH.

    Why I'm trying to be positive about ETH is just because I would like to see some alt coins to succeed and to become profitable for miners and traders in the long run.

    I want ETH price to go up, I want the project to succeed. I want small miners to make some money and support their families. On the other side you're all negative and want the worst for the project and miners.


  • bluelogicbluelogic Member Posts: 86
    edited December 2016
    It is not against the law to manipulate the ETH price but if it was found out then there would be a new low. Like $0.

    ETH is not consider stock in the USA so no idea why you would compare it to such.
  • GiuccaGiucca Member Posts: 34
    G416G said:


    I'm having a hard time understanding how you can even take part in these conversations, never mind not knowing the laws but what about just basic of common sense. the things you describe are beyond absurd.

    Your country's laws do not apply to the rest of the planet. In my country people from the same business can unite, protest, block roads, riot... if they are not getting enough for their products. That's perfectly legal here.

    If farmers are not happy with price of milk, they all together come in the front of the government building and wash it with hectoliters of milk.

    People here every day openly discus what is the minimal price they would sell their products and services and nobody think that's illegal.

    I don't expect you to understand that, but you have to understand that people are different, have different laws, customs etc. We're not all from your country and you have to respect that.

  • GiuccaGiucca Member Posts: 34
    bluelogic said:

    Now on the topic of miners. Most miners I know are not rich people. They used credit cards to buy rigs to make a quick buck. They have to sell in the short term to pay the bills.

    Oh, I see. They don't know the No 1. investment rule "Never invest more than you can afford to loose".

    Guys, invest in rigs and cryptocurrencies only your gamble money.



  • bluelogicbluelogic Member Posts: 86
    Buy low sell high ...seems simple but most people invest money they don't have.
  • workwork Member Posts: 2,084 ✭✭✭✭
    ROFL. The idea that not dumping could be a crime made me laugh so hard. If gold miners decided to stop selling the gold they dug up, it wouldn't be anything close to insider trading, and isn't a crime at all.

    The troll is now both an investment AND a legal expert apparently.
  • percy_tcpercy_tc Member Posts: 6
    edited December 2016
    Well the topic title is very interesting. I'm not well experienced in economy and cryptocoin etc but look what happens now. Market Capitalization increased by about 50.000 usd ETH price increased almost 1usd.

    So i'm intrested what would happen if most of the eth miners would buy for example just 1-2 ETH for 8 usd on some exchange site?

    I dont know what the effect of the transations on the price / market cap, but what would happen if most of the miners send some of their ETH to another ETH account which also owned by them?




  • GiuccaGiucca Member Posts: 34
    G416G said:

    @Giucca .

    I said civilized country, if you're country has no laws for price fixing or insider trading then it is not a civilized country. I find that hard to believe and the things you've said suggest you're an amateur or a pathological liar. So you made a fortune in 2008 and now want to invest by grouping miners together and telling them not to sell until a certain price. Yeah that's believable. Sound more like someone who bought at $9 and is staring down a loss.

    Whatever your excuses its pretty poor. The things you say can't be backed up by anything and you ignore all the serious issues, how do you explain the logic of miners grouping together and agreeing to sell at a certain price. That is the definition of something worthless. And you compare us to farmers and eggs in your country. Lol amateur youth. I doubt you were even of age to trade in 2008 but keep trying.

    Another 12 post poster quietly telling readers to hold and not sell.

    Who can it be ?

    Silly one, I'm talking about Europe, not some 3rd world country. People here in Europe have the right to unite and reject to sell their products and services if they're not satisfied. They even can demand from their governments to force buyers to make more fair offers.

    Yes, I mentioned farmers. Don't tell me that you think that cryprocurrency market is bigger and more important than global food market? LOL

    No, I didn't buy any ETHs. Just invested 1400 EUR in a rig and that's all. That amount is just a small share of my monthly profits I'm making with my online business. I'm an internet entrepreneur who made and sold dozens of very profitable sites.

    I'm doing all this just to learn more about cryptocurrencies. When I learn enough I'm sure I'll come up with another business idea with cryptocurrencies involved. But I do not expect to make profits by mining or trading.



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