Bitcoin Forum
May 06, 2024, 05:46:47 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Bitcoin Forum > Bitcoin > Bitcoin Discussion > What happens when the Bitcoin prices are too high and more Miners come online?
Poll
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

Pages: [1]
« previous topic next topic »
  Print  
Author Topic: What happens when the Bitcoin prices are too high and more Miners come online?  (Read 1705 times)
bitcoinconnection (OP)
Member
**
Offline Offline

Activity: 84
Merit: 10


View Profile
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
The network tries to produce one block per 10 minutes. It does this by automatically adjusting how difficult it is to produce blocks.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1714974407
Hero Member
*
Offline Offline

Posts: 1714974407

View Profile Personal Message (Offline)

Ignore
1714974407
1714974407
Reply with quote  #2
1714974407
Report to moderator
1714974407
Hero Member
*
Offline Offline

Posts: 1714974407

View Profile Personal Message (Offline)

Ignore
1714974407
1714974407
Reply with quote  #2
1714974407
Report to moderator
Bazil
Full Member
***
Offline Offline

Activity: 126
Merit: 100


View Profile
June 04, 2011, 10:46:30 PM
 #2
Quote from: bitcoinconnection on June 04, 2011, 10:30:35 PM
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
Member
**
Offline Offline

Activity: 98
Merit: 10


View Profile WWW
June 05, 2011, 03:20:49 AM
 #3
scarcity goes up(supply goes down) and BTC prices rise
http://atlantabitcoin.com
em3rgentOrdr
Sr. Member
****
Offline Offline

Activity: 434
Merit: 251


youtube.com/ericfontainejazz now accepts bitcoin


View Profile WWW
June 05, 2011, 03:24:41 AM
 #4
Quote from: charliesheen on June 05, 2011, 03:20:49 AM
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
Full Member
***
Offline Offline

Activity: 126
Merit: 101


View Profile
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.
1DCj8ZwGZXQqQhgv6eUEnWgsxo8BTMj3mT
tabshift
Newbie
*
Offline Offline

Activity: 23
Merit: 0


View Profile
June 05, 2011, 04:12:56 AM
 #6
Quote from: Dude65535 on June 05, 2011, 03:46:26 AM
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
Member
**
Offline Offline

Activity: 84
Merit: 10


etcetera


View Profile
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

Bitcoin news: http://thebitcoinsun.com/

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
Pages: [1]
  Print  
Bitcoin Forum > Bitcoin > Bitcoin Discussion > What happens when the Bitcoin prices are too high and more Miners come online?
 « previous topic next topic »
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!