$100K Bitcoin Prediction Using Math.

[Peteroman]

https://youtu.be/c_PBwQpCoJU

[LavaJack]

This kid is pretty intelligent. Finally someone is denouncing the general conception of market movements based solely on price.

[Wind_FURY]

https://youtu.be/c_PBwQpCoJU

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

[LaFerrari]

Sharing this video with a few people who has no idea how the difficulty and rewards to miners work

[snowdropfore]

 hope you are right ,i can not wait  ,when $100k ,i will be rich

[Denker]

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!

[matuson]

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.

[Peteroman]

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.

 I would assume the same concept applies to BitcoinCash

https://bitinfocharts.com/comparison/bitcoin%20cash-hashrate.html

Probably.

[BillyBobZorton]

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.

[Peteroman]

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!

[GanjaFarmer23]

https://ip.bitcointalk.org/?u=http%3A%2F%2Fdump.bitcheese.net%2Fimages%2Faxidido%2Fbitcoin-self-cost-logscale-edited.png&t=579&c=dHbFEFVa0F5G8Q

From https://bitcointalk.org/index.php?topic=550349.40

Difficulty is clearly lagging price. You really only need logic to tell you that.

[Peteroman]

https://ip.bitcointalk.org/?u=http%3A%2F%2Fdump.bitcheese.net%2Fimages%2Faxidido%2Fbitcoin-self-cost-logscale-edited.png&t=579&c=dHbFEFVa0F5G8Q

From https://bitcointalk.org/index.php?topic=550349.40

Difficulty is clearly lagging price. You really only need logic to tell you that.

In the beginning of Bitcoin, did difficulty rise first or did price? The answer is difficulty.

[GanjaFarmer23]

https://ip.bitcointalk.org/?u=http%3A%2F%2Fdump.bitcheese.net%2Fimages%2Faxidido%2Fbitcoin-self-cost-logscale-edited.png&t=579&c=dHbFEFVa0F5G8Q

From https://bitcointalk.org/index.php?topic=550349.40

Difficulty is clearly lagging price. You really only need logic to tell you that.

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.

[Peteroman]

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.

[freebutcaged]

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.

[Peteroman]

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.

[Zicadis]

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

[Peteroman]

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.

[BitcoinBarrel]

Very good explanation, you need a better video intro though 

[Peteroman]

Very good explanation, you need a better video intro though 

Thank you 😊