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Title: Whats in store for the next few weeks Post by: bitbobboom on September 18, 2012, 12:26:10 AM Ive read a lot of talk about new mining tech being released and difficulty going up. Asics I believe. When this hits the market will bit coin price rise? What will happen... and how does 'difficulty' work?
Title: Re: Whats in store for the next few weeks Post by: DankGlass on September 18, 2012, 12:28:19 AM Ive read a lot of talk about new mining tech being released and difficulty going up. Asics I believe. When this hits the market will bit coin price rise? What will happen... and how does 'difficulty' work? Difficulty will increase, it equalizes the amount of BTC being mined, though it will take time to increase. BTC price will go up from here. Title: Re: Whats in store for the next few weeks Post by: live627 on September 18, 2012, 12:31:49 AM The Bitcoin wiki should explain how difficulty works.
Title: Re: Whats in store for the next few weeks Post by: bitbobboom on September 18, 2012, 12:37:22 AM how much is the price predicted to raise?
Title: Re: Whats in store for the next few weeks Post by: Stephen Gornick on September 18, 2012, 03:04:25 AM BTC price will go up from here. And why do you believe that to be the case? Title: Re: Whats in store for the next few weeks Post by: JMAHH on September 18, 2012, 03:08:30 AM how much is the price predicted to raise? Impossible to say. It's not even certain that the prise will rise as a result of ASIC introduction. Title: Re: Whats in store for the next few weeks Post by: bitbobboom on September 18, 2012, 11:55:36 PM As new supply rises does demand not? and publicity could also be taken into account also helping raise the demand... and as demand rises price does as well. the supply being fixed creates an extra bonus to this?
Title: Re: Whats in store for the next few weeks Post by: AfricanHunter on September 18, 2012, 11:59:34 PM Seems like the general consensus is Difficulty will rise dramatically but there doesnt seem to be a consensus on what will happen to value of BTC as it can be pretty volatile
Title: Re: Whats in store for the next few weeks Post by: bitbobboom on September 20, 2012, 02:19:18 PM is there precedence to go off of? what happened when cpu went to gpu etc etc? does anyone have charts or data of this?
Title: Re: Whats in store for the next few weeks Post by: Stephen Gornick on September 21, 2012, 09:44:18 PM As new supply rises does demand not? Well, there are two separate things you might be misunderstanding. Until block 210,000 (around the end of November), about 7,200 BTC are issued each and every day. That doesn't matter if there are two thousand mini rigs operating or twenty thousand, they all are competing for the exact same 7,200 BTC that are issued. Now that 7,200 number can fluctuate a little ,,, if mining goes up 10%, there might be closer to 8.000 but then as soon as difficulty readjusts (in under two weeks at most) the rate goes right back to 7,200 BTC per day. The second thing you stated was that as new supply rises you suspect demand rises as well. Demand rises at a lower price. So if there is someone wanting to sell aggressively, likely there will be more bitcoins bought at the lower price than would be bought at the higher price. That is standard price elasticity, and demand for bitcoins is elastic based on price. and publicity could also be taken into account also helping raise the demand.. Ah ..., yes, there could be other reasons the price might go up. You had made it sound like the difficulty going up also meant the exchange rate would go up and many miners get caught up with that misconception. Title: Re: Whats in store for the next few weeks Post by: kgonepostl on September 22, 2012, 03:32:27 AM This thread answered everything I was afraid to ask. I've invested in three jalapenos. My question is (I don't mean to threadcrap) will the early adopters make it more difficult to get a share out of the 7,200/day? I wonder how much machines the average to elite user is investing in. I'm thinking about buying a few more but I'm low on cash and very frugal with my money. Please respond! Do I stand a chance in hell of getting a fair share? I've pre-ordered four jalapenos from bfl
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