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Can someone check my math here?
Current 'rate' of fiat entering bitcoin is ~ $650*1800 = $1.17 mill.
Before halving that was ~ $650*3600 = $2.34 mill.
Before that it was ~$450*3600 = $1.62 mill.
These numbers are necessarily approximate, since price fluctuates rapidly day to day, so judicious choice of 'mean' price is essential for even approximate correctness.
Hypothetically if bitcoin were to have a few banner years until the next halving we might expect a total of $10 billion to escape fiat into bitcoin over the next 4 years ...
total coins issued until next halving = 2,625,000 btc
$10 billion / 2.625 mill. = $3,809
(N.B. that's simply asking what $10 bill of new money would have to pay to buy all the new coins off-the-shelf (out of the mines) until next halving and discounting any mania or hoarding effects such a run would have on miner or current hodlers psychology)
At current typical rates (lower limit) say $2.5 billion wants to move into bitcoin in the next 4 years ...
$2.5 billion / 2.625 mill. = $952
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Reduced supply total : 5925 btc
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Reduced supply total: 4400 btc
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Price has been going up for 13 months (not "tanking") with twice as many coins supplied, so it will now go up twice as fast with half as many coins in supply.
Invasion of the duplicitous dumb-asses can resume ...
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http://www.bitcoinwatch.com/6.14 blocks per hour, hashrate rising slightly ... so much BS FUD and failed doomer-mongering around the halving, what's the next propaganda meme they'll try bashing bitcoin with? ... every cheap shot and underhand trick they try only makes bitcoin more resilient , diminishing returns, soon it will be cheaper to just buy bitcoin and get on board, just like mining at some point it is more profitable to be an honest miner. Dark side wants coins too  would be good if they could fuck off and leave us alone for one day ... take a holiday with all their multiple personalities sometime maybe? guys are just worthless parasites |
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http://www.bitcoinwatch.com/6.14 blocks per hour, hashrate rising slightly ... so much BS FUD and failed doomer-mongering around the halving, what's the next propaganda meme they'll try bashing bitcoin with? ... every cheap shot and underhand trick they try only makes bitcoin more resilient , diminishing returns, soon it will be cheaper to just buy bitcoin and get on board, just like mining at some point it is more profitable to be an honest miner.
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gawd, these shorters are such pathetic idiots ... killing the cash cow on the day of festivities.
Time to sharpen some knives ... 1800 coins withheld from the market and counting.
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Neal Stephenson, read Cryptonomicon.
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I things governments will play huge role in the evolution and growth of these currencies. No they wont. Gvt, didn't have anything to do with inventing or building bitcoin, they don't know shit about it, they are lazy, slow, inefficient, greedy and fuck up everything they touch. Govts can only make bitcoin worse, they should stay well away from it or it will destroy them faster. |
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Other currencies are backed by gold or other commodities, This is completely false and probably an intentional spreading of lies. There are no currencies that are 'backed' by commodities. The last major one was the Swiss franc and it abandoned the last of its gold backing in the mid '90's. Just stop with your lies or foolish attempts at deception. |
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yawn ... different wrong lines today master.
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I think we can agree that if I spent terajoules digging sand instead of gold I wouldn't have something as valuable as the idiots you refer too.
so there it is, an admission that money needs to be tethered to the production of a valuable good. QED. |
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Bitcoin does require electricity and hardware to be produced. This is an objective fact. And that requires a certain minimum of money. Facts, such stubborn things.
But money spent does not mean there's value. and only idiots would waste terajoules of energy a year digging yellow metal out of the ground. |
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As long as bitcoin has intrinsic value (which we agree it does), the price can boom due to economic conditions, just like the precious metals.
where's the intrinsic value? i don't believe anything has intrinsic value in the great scheme of things. value's awarded and mutually agreed, it's not a concrete thing. you're right, all value is necessarily subjective because value is a human construct that doesn't have an object existence you can prove with experimental or observational evidence. However, Landauer's principle of information theory ensures that entropy-increasing, irreversible computations (like bitcoin's proof-of-work hashing) consume a quantifiable minimum requirement of energy. Energy is an objective, extrinsic property associated with many different tradeable commodities that are widely marketed. i.e. valuable, across the planet. But energy is just an underlying need in all things based on computational technologies, and we have just founded this critical issue a priori, so the potential value of bitcoin was never calculated based on its energy consumption. Basically, yes. But if you look at what he wrote and not what he meant you could say that the base of the minimum price is the cost of running a handful of RaspPi's. The myth he is attempting to promote is perpetuated by many Hero and Legendary members of the community. Sort of worrying. And a good indication of how much trust you should put in anything written here. ... some people are clever enough to stop digging when they are in hole, others just go and jump right on in to big holes others have dug. |
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56
Happy Halvening ... passing out drunk l8ers
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oh fuck, i didn't think the level of lame dumb-ass FUD couldn't get any worse ... and then it just did
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Haven't used myTrezor.com for a while ... what's this "trezor bridge" software it wants to install on my OS? Please install TREZOR Bridge to allow myTREZOR to talk with your device. a binary rpm package? |
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But all of this is cause the whale, with a very big amount they can do anything, maybe make a manipulate and another. but this is giving a bad impact for small users just relies on the price of bitcoin.and they can make prices arbitrarily.
There's always a bigger fish |
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