Experiment involving Miners proposed for the 10th of June

[ndr76]

I propose carrying out an experiment involving all miners that regularly sell BTC for USD.
The experiment will consist in not selling any BTC for local currencies on Monday 10 June 2013 by postponing to a later time, like for example the day after.
The purpose of the experiment is to evaluate the consequences on the USD/BTC exchange rate.
Please leave a comment if you are willing to participate.

[1715028495]

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[1715028495]

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[ThatDGuy]

I propose carrying out an experiment involving all miners that regularly sell BTC for USD.
The experiment will consist in not selling any BTC for local currencies on Monday 10 June 2013 by postponing to a later time, like for example the day after.
The purpose of the experiment is to evaluate the consequences on the USD/BTC exchange rate.
Please leave a comment if you are willing to participate.

It's an interesting idea, but unfortunately any news of such experiment with decent participation from miners would probably also circulate out to the buyers and speculators as well.  If 50% of miners decide not to sell and 50% of potential buyers heard about it and decide to wait one day to buy, there would likely be little change.

That said, with volume being so low the past few weeks, a small alteration in demand could sway things a little.

[firefop]

Interesting idea - but you'd need a much longer period of time to really observe anything.

Speaking as a miner... I sell only when I need fiat. Once every month or two... or anytime I feel like the price is above what it should be. Yes I dumped my reserves at ~240 during the last bubble, then bought the same number of coins a week later @just under 100. I think most miners mine as an investment. At some point it becomes "pay electric bill with fiat" to accumulate bitcoin. Which really if you think about it might be the point of mining long term.

imo this is one of the reasons that people are willing to buy bad tech that's power hungry for prices where they may never get any ROI. Because to them it's about getting an easier way to buy bitcoin with fiat... in the form of paying electric bills.

[coastermonger]

If you're talking about ideal circumstances where we somehow got all the miners to participate, it would still amount to only about 3600 BTC that were created that day.   By MtGox standards, that's a shift of about $2 in either direction, depending on market buy/sell pressure.  Now if you somehow hyped it so that everyone expected no new coins to be sold that day, then market psychology would begin to talk over and people would be more likely to hold instead of sell that day ( a self fulfilling prophecy).  Sensing that the market was overbought, they may sell back June 11th.

[ndr76]

Yes, I didn't think about the 3600 BTC figure which really makes this thing quite pointless.
Your second argument makes a more general rally involving everybody not only miners on the lines of "everyone buy 1 BTC" probably also infeasible.
One rally that could still make sense would be "convince a friend to buy 1 BTC".

If you're talking about ideal circumstances where we somehow got all the miners to participate, it would still amount to only about 3600 BTC that were created that day.   By MtGox standards, that's a shift of about $2 in either direction, depending on market buy/sell pressure.  Now if you somehow hyped it so that everyone expected no new coins to be sold that day, then market psychology would begin to talk over and people would be more likely to hold instead of sell that day ( a self fulfilling prophecy).  Sensing that the market was overbought, they may sell back June 11th.

[os2sam]

Please leave a comment if you are willing to participate.

What if I don't want to participate?  Do leave a comment for that?

[Bush]

=Like boycotting gas for the price to go down, barely works.

[ThatDGuy]

=Like boycotting gas for the price to go down, barely works.

Reason and demand prevails!

[FoBoT]

=Like boycotting gas for the price to go down, barely works.

"Like boycotting gas for the price to go down, doesn't work."

FTFY

[glendall]

Good idea. But you can't propose it in this manner and expect to reach more than.... 5% of folks (at the absolute most) buying & selling if this thread was a wild success.