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Question: What happens when the Bitcoin  prices are too high and more Miners come online?
$20.00 - 0 (0%)
$50.00 - 2 (25%)
$75.00 - 0 (0%)
$100.00 - 3 (37.5%)
Will never happen! - 1 (12.5%)
Im getting out Now! - 2 (25%)
Total Voters: 8

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Author Topic: What happens when the Bitcoin prices are too high and more Miners come online?  (Read 1456 times)
bitcoinconnection
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June 04, 2011, 10:30:35 PM
 #1

What happens when the Bitcoin  prices are too high and more Miners come online?
Why I ask this?
Demand Destruction happens when the price for a stocks, commodities, Homes etc. becomes so high that
the average person cannot afford it. BTC "$17.00, $30.00, $50.00 $100.00".
 Bitcoin Miners are always coming online and adding BTC to the market causing a gult.
At what price will a flood of sell order go in trapping traders and their stockpile of Bitcoin?
Latest Bitcoin news at http://www.bitcoinconnection.com
KT
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Bazil
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June 04, 2011, 10:46:30 PM
 #2

What happens when the Bitcoin  prices are too high and more Miners come online?
Why I ask this?
Demand Destruction happens when the price for a stocks, commodities, Homes etc. becomes so high that
the average person cannot afford it. BTC "$17.00, $30.00, $50.00 $100.00".
 Bitcoin Miners are always coming online and adding BTC to the market causing a gult.
At what price will a flood of sell order go in trapping traders and their stockpile of Bitcoin?
Latest Bitcoin news at http://www.bitcoinconnection.com
KT

Bitcoins are almost infinitly divisible.  Most people don't want to buy 1/1 millionth of a house, you can with bitcoins

17Bo9a6YpXN2SbwY8mXLCD43Wup9ZE4rwm
charliesheen
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June 05, 2011, 03:20:49 AM
 #3

scarcity goes up(supply goes down) and BTC prices rise

em3rgentOrdr
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June 05, 2011, 03:24:41 AM
 #4

scarcity goes up(supply goes down) and BTC prices rise

Thankyou.

"We will not find a solution to political problems in cryptography, but we can win a major battle in the arms race and gain a new territory of freedom for several years.

Governments are good at cutting off the heads of a centrally controlled networks, but pure P2P networks are holding their own."
Dude65535
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June 05, 2011, 03:46:26 AM
 #5

More miners does not mean more bitcoins it means the existing creation of bitcoins gets spread more finely across more people.

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tabshift
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June 05, 2011, 04:12:56 AM
 #6

More miners does not mean more bitcoins it means the existing creation of bitcoins gets spread more finely across more people.

Exactly. The rate of bitcoin production is more or less constant.
shady financier
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June 05, 2011, 04:29:47 AM
 #7

Is it possible to buy a fraction of a bitcoin yet? I've not used MtGox or other exchanges yet so don't know. But if it were up to me, it would always be possible to buy whatever a dollar, pound or euro gets you of coins.

1G8AUgSTAw8hfatNnDHuYEqBAUzC3qvAAL

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Rapidlybuybitcoin here.

The value of goods, expressed in money, is called “price”, while the value of money, expressed in goods, is called “value”. C. Quigley
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