Peteroman (OP)
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August 16, 2017, 11:13:03 PM Last edit: August 16, 2017, 11:30:42 PM by Peteroman |
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LavaJack
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August 17, 2017, 04:46:34 AM |
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This kid is pretty intelligent. Finally someone is denouncing the general conception of market movements based solely on price.
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Wind_FURY
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August 17, 2017, 05:51:47 AM |
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Thanks for posting. I would assume the same concept applies to BitcoinCash also. So maybe the best way to determine if BCC's price will increase is also to wait for an increase in the hash rate. https://bitinfocharts.com/comparison/bitcoin%20cash-hashrate.html
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LaFerrari
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August 17, 2017, 06:06:46 AM |
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Sharing this video with a few people who has no idea how the difficulty and rewards to miners work
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snowdropfore
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August 17, 2017, 07:54:11 AM |
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hope you are right ,i can not wait ,when $100k ,i will be rich
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Denker
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August 17, 2017, 09:12:56 AM |
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He is always saying price has to follow hashrate/difficulty. But that is completely wrong. Hasrate follows price!! If price goes down significantly over longer period of time, miners will shut down some of their mining hardware, therefore hashrate decreases and difficulty goes down. If price later goes up again, miners will switch on these mining hardware again cause it's getting more profitable again, therefore hasrate increases and difficulty goes up. This is Bitcoin mining 101!
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matuson
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August 17, 2017, 09:39:46 AM |
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Not everything in our life follows mathematical formulas. Mathematics is based on permanent values. Everything in life depends on the case or the situation. Most of the supporters of bitcoin are market conditions and the appearance of any other currency that is more promising betray bitcoin and he will die.
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Peteroman (OP)
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August 17, 2017, 02:19:04 PM Last edit: August 17, 2017, 09:23:45 PM by Peteroman |
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He is always saying price has to follow hashrate/difficulty...
Yes, in other words: miners decide the price.This kid is pretty intelligent..
thank you to the positivity Not everything in our life follows mathematical formulas..
Not everything, yes; minor fluctuations in short term Bitcoin market price being a prime example. hope you are right ,i can not wait ,when $100k ,i will be rich
I am right. Sharing this video with a few people who has no idea how the difficulty and rewards to miners work
Thank you, I hope they enjoy it. Probably.
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BillyBobZorton
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August 17, 2017, 06:18:47 PM |
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He is always saying price has to follow hashrate/difficulty. But that is completely wrong. Hasrate follows price!! If price goes down significantly over longer period of time, miners will shut down some of their mining hardware, therefore hashrate decreases and difficulty goes down. If price later goes up again, miners will switch on these mining hardware again cause it's getting more profitable again, therefore hasrate increases and difficulty goes up. This is Bitcoin mining 101!
Good point. Hashrate must follow the price. This is why the miners don't decide the fork, the market ultimately decides the fork. The miners would need to have 100% hashrate while the other chain has 0% hashrate so the market would be frozen, but that never happens, on every split there's always some hashrate on the other end to set a market. This is why segwit2x will fall again, just like BCash.
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Peteroman (OP)
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August 17, 2017, 06:28:26 PM Last edit: August 17, 2017, 09:27:03 PM by Peteroman |
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Good point. Hashrate must follow the price.
Bitcoin launched at $0. According to that logic, the difficulty would never increase, because for the difficulty to rise: Bitcoin would first have to be worth something!
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GanjaFarmer23
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August 17, 2017, 08:00:45 PM |
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Peteroman (OP)
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August 17, 2017, 08:04:26 PM Last edit: August 17, 2017, 09:11:19 PM by Peteroman |
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In the beginning of Bitcoin, did difficulty rise first or did price? The answer is difficulty.
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GanjaFarmer23
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August 17, 2017, 08:27:54 PM |
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In the beginning of Bitcoin, did difficulty come first or did price? The answer is difficulty started going up before Bitcoin was even worth anything, therefore price follows difficulty. That's not even an argument. You could ask yourself if you think early miners mined for profit. Obviously there was no economic incentives involved until bitcoin had a price. Anyways, no need to disprove anything, some guy already did it: http://divananalit.org/Data is clearly showing the opposite of what you claim.
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Peteroman (OP)
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August 17, 2017, 08:48:34 PM Last edit: August 17, 2017, 09:21:03 PM by Peteroman |
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That's not even an argument. You could ask yourself if you think early miners mined for profit. Obviously there was no economic incentives involved until bitcoin had a price. Anyways, no need to disprove anything, some guy already did it: http://divananalit.org/Data is clearly showing the opposite of what you claim. divananalit.org says Mining cost ... depends ... only on: ... difficulty. ... to show you a funny dependence: bitcoin price usually doesn't come lower than mining cost.Mining cost depends on difficulty, price doesn't come lower than cost, therefore price doesn't come lower than difficulty. blockchain.info zoom in on when difficulty first rose compared to when price first rose. Difficulty 1 to 1.180 on 12/30/2009 Price 0 to $0.07 on 8/17/2010 Unless you're a bank; creating money out of thin air, work always comes before a price is assigned to said work. That's why employers pay you after working 40 hours, unless you're Drake and get an advance, in which case you'd already proven that you're worth something.
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freebutcaged
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August 17, 2017, 08:58:41 PM |
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Bitcoin is like fire but a gigantic one which is impossible to put it out, and as the hash rate increases it will become unstoppable for eternity mate.
Bitcoin is the original decentralized digital currency, think of it like google, even if google goes down and no one ever use it anymore, we'll always
Use the term "google it" no matter what. when someone notices Bitcoin and tries to mine it, they will understand why the price is high and they will
Pay for it instead of mining. I'm doing the same though I only tried cloud mining and got disappointed and decided to buy small amounts every few
Weeks to accumulate. with the current state of banking system I see more reasons for people to use decentralized currencies and Bitcoin being on
Top, we will only see rise and rise of both price and difficulty.
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Peteroman (OP)
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August 17, 2017, 09:00:08 PM |
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when someone notices Bitcoin and tries to mine it, they will understand why the price is high and they will
Pay for it instead of mining.
i saw bitcoin and decided to mine it.
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Zicadis
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Dump it!!!
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August 17, 2017, 09:11:19 PM |
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So basically Peter from the vlog was saying listening to GOLDMAN SACHS holds no water because these guys apparently are bankers with a centralized mindset when bitcoin is the exact opposite. Is it possible that the price can increase if difficulty increases and demand stays constant?? Next stop $24k
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Peteroman (OP)
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August 17, 2017, 09:13:53 PM |
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Is it possible that the price can increase if difficulty increases and demand stays constant??
Yes. As difficulty increases, miners mine less Bitcoin. To make up for the decrease in Bitcoin income, miners sell their Bitcoin at a higher price.
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BitcoinBarrel
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August 17, 2017, 11:48:05 PM |
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Very good explanation, you need a better video intro though ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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Peteroman (OP)
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August 17, 2017, 11:49:29 PM |
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Very good explanation, you need a better video intro though ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Thank you 😊
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