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3600 are produced daily I think....
And it is only a small fraction of total exchange volume. According to blockchain.inf/markets, bitstamp has ~$9.5 million in trades in the last 24 hours, with bitcoin trading at ~$400, that works out to ~24k bitcoin in the last 24 hours. The amount mined per day is roughly 15% of that figure. Taking away 15% of the supply of a product would almost always have an impact on the price According to Bitcoinity ( http://bitcoinity.org/markets/list), the total traded in the last 24 hours on all exchanges was 484k. Bitstamp's 25k is a little more than 5% of the total exchange volume. 3600 BTC is only 0.75% of the total exchange volume, and don't forget that 3600 assumes that all mined bitcoins are sold. Anyway, my point is not that the price is unaffected by newly mined bitcoins. Of course it is. It's basic inflation of the money supply. I just don't think it is the major cause of the steep decline over the last 9 months. Mining has increased the number of Bitcoins over the last year from about 12 million to about 13.5 million. The increase is about 13%, so from a mathematical standpoint, inflation can account for only a decline in the price by about 11%. Regarding your 11% comment, I don't think that's how it works. Example: If you were to take 11% of the value of bitcoin's market cap today and dump it on all exchanges at once, it would SURELY drive the price to zero. That's because the size of the cumulative exchange orderbooks is just a fraction of what's sitting in cold storage etc. So for every 1% of coins dumped it will have more than 1% effect on the price, unless done over a loooooooooong period of time such that the order books are thoroughly replenished between sales. |
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Not sure you can say that, the same formation happened before and was followed by more down. Also, the circumstances were different than what they are now...  Volume reaction was stronger this time around, FWIW. |
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As an ICO investor with a significant %, I'm losing faith in this by the minute.
1) What will happen if you don't raise as much BTC as you hoped (from what I read, 1,000 BTC was the target).
2) When will the gaming platform actually be released?
3) Is the technical work on the coin actually done and tested? From the sound of it, it's far from it, if you're talking about making last minute changes.
4) If it turns out that the ICO isn't worth it for you (it's seeming that's a possibility), what are your thoughts on using a sidechain instead, with its value pegged to BTC? Seems that's the way things are moving. There's no benefit to your customers of having a totally independent chain and plenty of drawbacks.
Hoping BreakoutCoin isn't a BreakoutCon.
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I believe the 1000 minimum was in response to how much they're looking to raise for the whole project.
but even if a refund is offered, you will still need to opt in. since the protocol is distributed and decentralized, everyone in, will be in the Genesis block that I build.
If the coin is being released regardless, what reason would someone have to want a refund? It seems like if fewer people put in BTC, the people who did put in BTC will get even more BRO for their money. |
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ICO investor here. I was thinking about the supply/demand dynamics and had a question.
Given that the casino is always taking a rake/vig on action, they are very consistently reclaiming BRO, thus increasing supply. Won't this create downward pressure on price, so long as the new cash inflow does not continually outpace the overall vig taken AND the mined coins created?
The vig doesn't increase the supply of BRO. But, I'm sure Breakout Gaming will probably have to sell off a certain amount of BRO to cover expenses. I think that's what you were trying to say, right? Misworded. It increases the supply that is being sold, not the total # of coins. As they earn BRO via vig, I'd expect them to convert to cash, if they are a rational business. |
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ICO investor here. I was thinking about the supply/demand dynamics and had a question.
Given that the casino is always taking a rake/vig on action, they are very consistently reclaiming BRO, thus increasing supply. Won't this create downward pressure on price, so long as the new cash inflow does not continually outpace the overall vig taken AND the mined coins created?
Basically, the price of the coin will only go up when the growth of the site outpaces both the mining supply created and the vig taken.
I'd love to see your pro forma to understand the kind of growth you're expecting based on comparables in the industry.
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My problem with the 3DMACD signal is that if you switch to 1WMACD, then you still see a lot of negative momentum. It is why I don't trust charts much, the signals seem to change arbitrarily depending on the scale at which you look at them.
That being said, I think it does show a good chance that the big picture may be changing direction soon. We may start seeing some sustainable growth in the value of BTC.
All indicators like MACD are lagging. The bigger the timeframe, the more they will lag. They are also a self fulfilling prophecy to some retail traders. For the trader who realizes these things, MACD can still be useful to watch. The big boys are not using MACD, they are reading price/volume action. |
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It may go up a little bit, but it's not safe to say it's going up significantly. Using indicators like MACD is not a safe way to predict anything. These indicators produce many false signals. Just because it roughly worked a few times in the past doesn't mean much.
You should buy Bitcoin based on fundamentals. And fundamentals indeed look brighter every day with the bitcoin ecosystem now in solid growth mode.
ya.ya.yo!
Roughly gone up a few times? You mean it has gone up every time, and roughly has produced a few bubbles. Exactly, As far as I can tell the 3d MACD hasn't produced one false signal so far in the history of Bitcoin. This conversation is pointless. A signal is only as good as the entry/exit strategy that accompanies it. What is yours? |
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- Who would be crazy enough to send 30K coins to an exchange? After all the countless hacks and losses? No one.
Conclusion: the coins belonged to Bitstamp or some close to Bitstamp.
- Why would anyone sell now, at the low? Bears had all year to sell. They had plenty of opportunity to sell at higher prices. HODLers don't sell -- they just buy "cheap" coins.
There is no reason to sell now, unless you have to. No one "has to" sell 30K coins.
Conclusion: The coins were not sold. The seller bought all or most of the coins.
- If both of the above are true, then why?
Generate excitement / more trading volume / more commissions? Create a bullish setup -- "we just defeated the bearwhale, go bulls!"? Why else?
Plenty of explanations. One of them: A large off-exchange buyer has a contract with a large mining operation to buy their coins. The contract is so big that it makes sense for the buyer to manipulate price with 30k coins. Maybe they lose X,000 coins worth of value by dumping in that fashion, but gain Y,000 by being able to make their large off market purchase at a lower price. No, they didn't buy all of their own coins. They had to eat through the order book to move price. |
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You have mentioned that you will only offer games to players where it is legal to play.
What measures are you taking to enforce this?
1. If I am a US citizen traveling abroad in a territory where it is legal to play, will the software let me play?
2. If I am a citizen in a country where it is legal to play but I am traveling abroad in the US, does the software let me play?
3. One of the appeals of cryptocurrency is obviously privacy, but what privacy compromises do you have to make to satisfy your regulators? (like getting copies of government issued IDs of players)?
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