those that sell are just giving others future discounts related to the deflationary nature of bitcoins currency (long term view).

as those that bought in early years sell off. the less that are willing to sell at early year prices
(though i myself have a average cost base of 2012 prices. im not gonna sell.. but better to have less others, who would)

this has been discussed many times over many years... ever since the movie "in time" (justin timberlake with a population that have a money implant since birth)

people have discussed holding arms lets a communication of request funds (unsigned tx) and the rotating arms triggered a gyro-chips to activate the signature signing code to sign a transaction and then only send a signed transaction back out....
the balance display being embedded in arm too

but yea. still dont trust that... sleep with one eye open incase ur raided during the night by someone twisting ur arm

passwords/ keys have a purpose. swipe or twist are for lazy people who dont care for security

just remember those that sell at $6300-$6400 are handing coins at those prices to others..
those others wont then sell below that acquisition cost.

looking at the movement of UTXO set. for the last 11 months now. over 65% of coins passed hands atleast ~$5,8+

as time passes that will go up.
its not any predictor of ATH. but is a prdictor of bottomline value. which we can also calculate bottomline mining costs which also strengthen the bottomline value

then anything above that is just speculation price waves

price follows speculation

but the LOW (value people refuse to sell) follows mining and long term acquisition cost

its why you dont see antpool btc.com and the other farms 4X thier hashrate in december 17 and then 3x down their hashrate in 2018 because the big farms dont sheep follow price
no one can predict the next ATH
but knowing the bottomline mining costs of the majority. and looking at how much of the coins UTXO changed after a certain bottomline price gives a good judgement of the scope of the majority wont sell below.

im still measuring a safe $5800-$6k bottom. due to august data which got tested in the first week of september so still to early to raise what i believe the bottom line is above $6k. but definitely above the high $5k range, though $6.1k seems a healthy low to mark in pencil as a the bottom line. just not permanent marker for me

current hashrate is 52exa 7 day average

at 14 th per asic
thats 3714286 asics always running fighting to get blocks and btc

asics get replaced once a year on average. current cost of an asic is $850
so thats $3157143100 a year of equipment= $4805.392846270928 a btc of equipment (/365/24/6/12.5)

3714286 asics at 1.3kwh = 4828571.8kwh always running all the time at the hashrate
which is 64380.95733333333kwh per btc

now looking at where all the main mining farms are and stuff. its actually about 3cents per kwh
(sorry to the guy that linked a world electric price.. but thats consumer retail rate. mining farms get wholesale discount, which is the majority of hashrate.. yea china is 3cents not 8.6cents)
=1931.42872 of electric per btc

so $6736.821566270928 electric and ASIC hardware

i wont go into the math for everyones unique variables of if they bought rigs at X price or electric is at Y

but if anyone is interested in some simple math

ASIC cost X * 0.1087192951645006 * exahashrate (where X is the dollar amount you paid for hardware)
electric Y * 12.38095333333333 * exahashrate (where Y is cent per kwh)
then just X+Y

EG 850 unit and 3 cent electric

lets take the asic 1750 cost of start of year and take january hashrate of 15exa (2853.8540625)
and chinas electric557.142899985
=$3411

im guessing the linked study that was based in january used a 14exa range for its math which would then make china correct at he $3100 range for china in that study (5 january '18 =14exa)

anyway. knowing the low 3cent electric and a low price rig of $850 and the hashrate.. its good to know that the majority of hashrate is on par with the current price..
when farming pools can buy coin cheaper than mine them, they will.
when they can make profit selling coin they will

which is why this week we have seen the prices around the mid $6k range.

as for everyone else that bought rigs at higher prices or have higher electric. they are gonna hold.
thus not want to sell

if you mean the price destroyed by a BEAR(bears knock prices down. pulls push prices up)

then as long as the mining and cost of acquisition stays at the underlying value of ~$6k+ then no one is going to foolishly bar run below $6k

the value and price has been well tested over the last 10 months that no one has taken the oppertunity to push below $5800 and more recently no one below $6k. so as mining costs and the exchanging funds between people continue supporting the acquisition costs of $6k plus. then most of the investors treat $6k as the bottom line value at the moment

and as i said in previous post. as long as botcoin remains useful and popular, this bottomline wil continue to rise. and the speculative price above it will rise too

(imagine bottomline value as water level and the price as waves above water level. just time it right to ride the waves)

even if only 2 people mine it and trade privately it will continue forever. however the new coin production ends in the year 2140 and the miners then continue mining and getting paid in fee's by anyone that transacts with it.

right now there are ~5million specialised machines mining it which cost money to do that activity. the costs of such are around the $6k figure per coin reward for such activity. which is the underlying base VALUE of it. the bitcoin PRICE is the more fluid thing you see above VALUE which is what people speculate they want to profit over.

from 2009 and up until the year 2140 the coin reward halves every 4 years. and the difficulty to mine it adjusts every two weeks, which is where underlying the volatile price you can calculate a slow increasing underlying base value.

as long as people continue to see bitcoin as useful and valuable people will continue mining it and using it. and the value will continue moving. but if people see it as not useful and stop mining it the the underlying value can go down.

its not a worry of how long it will last. its about how useful it is and valuable. (i dont just mean the top price i mean the underlying value that supports the top price)

if you knew how easy it was for someone to rub up against you and get your NFC (tap to pay) debit card details.. you would stay away from storing your life savings in such tech... unless it comes with a lock/switch/mechanism to give only you the option to activate/authorise.

its why applepay and debit cards have such low limits.. yet that limit is set by the merchants terminal that gets your details.
nothing stopping someone once they have your details just blasting those details at multiple retailers

a bitcoin chip should if some company were to produce one.. only be allowed to transmit a signed tx. and not transmit the underlying privatekey.

lol bitfury clarke.... new?
hmm must be old

6 unit server rack
total rack=71th
using 6.4kwh

simple maths is still ~ 14thash for 1.3kwh.... same as last years bitmain s9

oh well bitfury. maybe next year
.. i see why they are not concentrating on mining this year.
i see why bitfury and btcc have dropped down in the hashpower ratings on the network

but if they are going to go play around with "blockchain" (meaning altcoins)
then may they stop trying to use the bitcoin buzzword and just go play with altcoins

..... anyway. now that comedy sidetrack is now pushed aside..

bitcoin mining does cost money. yes. and thats what backs up a baseline value.(im not talking about speculative volitile ATH price.. im talking baseling (bottomline) value)
EG if gold mining was free gold purchasing would be cheap

at the moment bitcoin mining does not eat into needed demand of residents. it actually buys the EXCESS (above demand) that power stations produced that just goes to waste if not bought.

power stations love it.

as for asics

in late november the math of cost of mining was exa * 277
in mrch-june. it came down to exa*135
and as of october-november it will be exa *65

thats because the cost of the rig and the electric. and the hashrate of the rig change per batch and generation

in october new asics are coming out which have twice the hashrate. the rigs will cost a bit more but thats offset by the reduction in electric used. thus balancing out. .. but effectively being 2x more efficient

again your mentioning the need for elevators.. meaning water has to go up........ (facepalm)
no, no and no. ill say it one more time
it goes downstream. collect in a second area DOWNSTREAM  and goes down again... there is no up

yea you brought up a river thats a crap example and one we both agree is not supportive of such due to cost.
you said it above and you quoted me as i show below. that its about politics and costs and that it would affect the population.. which the electricity demand for the area is not high enough to sway the argument to change that... so why mention the danube.. it has nothing to do with bitcoin mining or hydropower to power bitcoin mining.
no one would be foolish to set up a mining farm in that area..

i am familiar..
im in the UK we have hundreds of canals and thousands of canal locks.. the stupid thing you dont see is you cant use a dam as a 'lock'
a dam is a dam and a lock is a lock. if your going to dam a river you dam a river. boats cant go up
so the only time you dam a river is if the demand for electric outweight the public need for an open river


nope. it does not play out as short term minded as you think
i know your thinking when the price jumped to $20k from novembers lower rate.. that the hashrate must have jumped 3-4fold
no
here ill show you. no spike in december 2017 from
btc.com https://data.bitcoinity.org/bitcoin/hashrate/2y?mining_pool=BTC.com&t=a
btc.top https://data.bitcoinity.org/bitcoin/hashrate/2y?mining_pool=BTC.TOP&t=a
antpool https://data.bitcoinity.org/bitcoin/hashrate/2y?mining_pool=AntPool&t=a

now. here is the thing. the pools above are the main pools that think long term and progress at a periodic growth and when prices go up they dont ramp up more machines 4x and then ramp down just as fast.
Eg the dont ramp up 4x december and ramp down 4x in spring 2018

they make profit and spread it across the year and then progress over the year.
..

now look at these short term pools. you know the ones that now laughingly only have 1% of network hash who are small minded and dont play "the game"
https://data.bitcoinity.org/bitcoin/hashrate/2y?mining_pool=BTCC+Pool&t=a
as you can see they did foolishly sheep follow the price. ..
and if you were to rmeember last year btcc was one of the big names. now its only 1% of network hashpower.
they switched off too many rigs. sold of too many coins in january and then bought too many rigs in january. tried t run them too soon. and by march they had to drop down their rigs again by march
(facepalm) thus now they are stuck with rigs left to gather dust. and no spare cashflow to play any games with..

yea the recent news that bitmain is in trouble is actually that btcc are in trouble.
bitmain are happy spending money in investing in other companies while btcc is closing down business.. as i said btcc is now in the 1% bracket.


lol im laughing
you should be a comedian

you do know bitmain make them right.

i explained above bitmain and the smart pools play the long game.. its actually BTCC that played the short game buying up rigs and then getting face slapped because they ramped up mining too fast due to december.
- hashrate charts dont lie.-

as i said. its stupid that when you make profit. to spend all your profit just to work harder.. btcc learned that the hard way

where as bitmain that have no ASIC shortage and COULD HAVE ramped up their hashrate in december. but they didnt. they played the long game.

anyway.. the bigger point is not about the ATH but sustaining the LOW which sits above $5800

anyway nice talking to you, enjoyed your diverted comments about rivrs unrelated to mining and the comedy of you thinking water has to go uphill via lifting cups of pee or using elevator analogies.. was real funny you cant grasp the concept of down stream...

but great comedy any.. have a nice day

ICO PRIORITY JOB NUMBER 1
actually make something

ICO PRIORITY JOB NUMBER 2
make something that needs to be made.

ICO PRIORITY JOB NUMBER 3
dont use the main bitcoin categories, keep it in altcoin section

ICO PRIORITY JOB NUMBER 4
care less about spamming for adoption
if its any good people will flock to it naturally

ICO PRIORITY JOB NUMBER 5
stop using such big writing

lol seems me and powell and now someone else found the inconsistency in the story..

lol

hmm
bought 20btc at $8k ($160k) and 50 at $11k($550k)

if you have $710k spare to hand... then in other assets and stuff you probably already would have been a millionaire before you begun. so i dont see how you would comment of a dream to be a millionaire.

im guessing this story is more like you bought 2btc then 5btc and decided to add a zero to both to sound impressive.

anyways
you never lose unless you actually sell at a loss. prices move up and down.

although there is a chance that the price could nip below the $5800-$6k support line held since november 2017 this  would not be due to trading Hodlers. but due to at worse some new mining asic releasing in october which if the hashrate does not increase equal a mining cost decrease for those running the more effienct(cheaper cost) asics which could prompt them to sell for less.

but the percentage of coins mined in such case vs the coins that circulated/traded above the $6k line wont present much of a threat to turn the price downward by much.

it would have to be a world collapsing tragedy to do that.. which the recent network effecting bug this week seemed to have not caused such negative impact.. just a temporary slip to 6100 and then suddenly up to 6700 so.. chances of a $5000 are very very slim

the $5800+ supports of the last 10 months have been tested alot and it seems no one is foolish to break it.

as they say never sell at a loss and the UTXO movements and current mining costs show the majority over 65% wont sell for less than $5800(i would say more but its not been that long since the most reason Low test)

question translated:
Is Bitcoin stored in the Core wallet?
I mean how is the upgrade as urgent, no one can access my private key properly?

answer:
Bitcoin is stored on the blockchain. Your wallet is for your private key.
bitcoin-core is software that connects two parts

This error does not affect your wallet.

If people need to upgrade but not upgrade then. If a mining exploit block occurs, they will get it and send it to someone causing the problem to some people.

If no one is vulnerable to software attacks. Then an exploited block is ignored by everyone


If a block uses malicious exploits:
This error can cause any new transaction to appear as confirmation and then not confirmed.
As well as the ability to create more fake btc appear,
but only if someone can exploit a block and only lasts until the exploited blocks are deleted.

answer translated:
Bitcoin được lưu trữ trên blockchain. Ví của bạn là dành cho khóa riêng của bạn.
bitcoin-core là phần mềm kết nối hai phần

Lỗi này không ảnh hưởng đến ví của bạn.


Nếu mọi người cần nâng cấp nhưng không nâng cấp thì. Nếu một khối khai thác khai thác xảy ra, họ sẽ nhận được nó và gửi nó cho ai đó gây ra vấn đề cho một số người.

Nếu không ai dễ bị tấn công phần mềm. Sau đó, một khối bị khai thác bị bỏ qua bởi tất cả mọi người

Nếu một khối sử dụng khai thác độc hại:
Lỗi này có thể khiến bất kỳ giao dịch mới nào xuất hiện dưới dạng xác nhận và sau đó không được xác nhận.
Cũng như khả năng tạo thêm btc giả mạo xuất hiện,
nhưng chỉ khi ai đó có thể khai thác một khối và chỉ cho đến khi các khối bị khai thác bị xóa.

(excuse any broken vietnamese i speak english and used google translate to vietnamese)

lightning is a separate network.
many coins will use it.

lightnings concept is similar to the 19th century bankers gold concept

"using gold for coffee is cumbersome.. here lock your gold into these vaults (LN factories) and ill sign you a transaction promissory note that you can then play around with. and if i like the recipient and see my signature i will authorise my payment to them. because its faster easier and cheaper than handling confirmed gold"

and now..
"if you dont want the promissory notes. here have a bag of copper, brass, tin and nickel coins"

think about it...

history has shown that gold is no longer a payment method. a medium of exchange or a common currency. but something held and owned by the vaults(ln factories)

i did try to keep this topic away from certain people replying. but that certain kitty in sunglasses must not have read the grey writing

anyway, moving on


i do read and review their code. but my interest is more in looking for issues that change the bitcoin networks purpose. not to debug a codebase i do not use

i have though informed them of bugs before. i can even remember achowe and myself arguing for months about the 'anyone can spend' issue pre segwit if using segwit transactions before activation
and eventually and funnily enough. core eventually without admission succumbed to the realisation and they done a work around by not letting people actually make a segwit formatted tx until weeks after it was activated. to ensure the issue i addressed would not occur. (though he will not admit remembering such conversations nor my input had any impact on that workaround yet forum post dates and quotes can be found)
its also why segwit would have only worked with 100% segwit compliance instead of their weak 35% flag.. but thats been discussed endlessly in other topics about their methods of getting 100% compliance

so moving on

 i personally do run my own node and it has not crashed and does not have that bug and it's my own code. because i did not use c++, thus i did not just copy and paste it from core.
it was wrote from scratch and does validate transactions and does validate blocks and relays transactions and blocks but i say this
(pre-empting  standard core defence replies)
 it is not xt,classic,bu, abc based either. nor am i part of the cash group.
i am independent and believe in a diverse network of multiple teams that use consensus as it should be used
certain some who again are defending core by thinking diverse codebases being on the same network are the enemy. will not tolerate such sacrilegious code. so i just use it for myself, happily

again lets keep this about the network diversity and not the picking of names and insulting (i know, they poked the bear and i bit. but lets get back to concentrating on the matter at hand)

---

edit to avoid spam but address the comment below ill repeat whats already been said:
certain some who again are defending core by thinking diverse codebases being on the same network are the enemy. will not tolerate such sacrilegious code. so i just use it for myself, happily

that has been tried for years by other teams that wanted a united network of multiple implementations (not altcoins)
all using real consensus to activate their proposals or just plodding along.. using current consensus rules if no majority preference is seen... not using mandatory bilateral split bips

end result were endless REKT campaigns and 'go F**k off, and "your not wanted here" statements
(ill let you decide if ** = UC or OR)

having the mindset that xt, classic, bu and (as theymos shows in other topic) btcd and other implementations should not run on the network.. shows how defensive and core cuddling some people are.

that has been tried for years by other teams that wanted a united network of multiple implementations (not altcoins)
all using real consensus to activate their proposals or just plodding along.. using current consensus rules if no majority preference is seen... not using mandatory bilateral split bips

end result were endless REKT campaigns and 'go F**k off, and "your not wanted here" statements
(ill let you decide if ** = UC or OR)

having the mindset that xt, classic, bu and (as theymos shows in other topic) btcd and other implementations should not run on the network.. shows how defensive and core cuddling some people are.

i did find it funny that theymos in the midst or a core bug was still saying other nodes that did not have the bug, were buggy..

same with the palm oil example in the OP

you do not need a single blockchain that needs to last for eternity to hold every movement of palm oil barrels from 2018 to 21xx
instead it just needs a chain of blocks to represent each 'season'

it can have advantages
before military treasuries had to trust that when a procurement department ask for $5m.. that the $5m actually went to buying 2 engines of $2.5m as oppose to 2 engines of $2.4m and $200k in someones back pocket.

this way. the engine manufacturer can price the engine at $2.4m.. and add a identity for the engines. and send an invoice to the army base who then hand it to the pentagon who then hand it to the treasury. knowing no one can falsify the invoice while all departments agree that the items are needed

the pentagon, armybase and the temp working in the warehouse are then not handing funds. but instead the payment is locked to the engine manufacturer company and is only released when the engines are received by the armybase.

the downside of blockchain WAS. is that not every transaction needs to be kept forever. but because the blockchain in this example is not about a fixed supply currency where the origins of the funds need to be tracked back to its creation years prior the blocks can be prunned away after every 6 monthly treasury budget review

EG the treasury has $200b to hand to DoD. so the treasury creates 200b treasury credits.
they get transacted around the different departments. and within 6 months the engine manufacturer  and can show the path back to the DOD, pentagon, army base so gets the 4.8m treasury credits. and then sells the credits for $4.8m

after 6 months a new chain of 200billion treasury credits is made

there doesnt need to be an eternity existing single chain that keeps hold of decades of data on one chain forever growing

too many ICO's think that it has to be 1 chain and having to predict a token supply that will last a lifetime
EG a DoD chain of 40trillion credits to cover 100 years.
instead it can be 200 chains of 6 month budget worth of tokens per chain(created at each 6 month budget meeting). thus the system is covered for 100 years. where not all 200 chains need to exist for 100 years but can be deleted after 6months-10 years(whatever is practical)