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Author Topic: usd price to follow block number?  (Read 1707 times)
tanerlorn
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July 14, 2011, 07:00:24 PM
 #1

usd price is now block number / 10,000

will this be the longterm accurate picture of bitcoin? (would be helpful once the exchanges are shut down by the us, as all bitcoin trades will have to be hand to hand, through trusted nodes, and word of mouth)
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SgtSpike
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July 14, 2011, 07:04:58 PM
 #2

Block number and price should technically be an inverse relationship, all other things being equal.  The higher the block number, the higher the supply of BTC, the lower the price point needed to match supply & demand.
wolftaur
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July 14, 2011, 07:09:02 PM
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Block number and price should technically be an inverse relationship, all other things being equal.  The higher the block number, the higher the supply of BTC, the lower the price point needed to match supply & demand.

Except the supply of USD increases too. Hell, I think they're about to print a few hundred billion more. :/

"MOOOOOOOM! SOME MYTHICAL WOLFBEAST GUY IS MAKING FUN OF ME ON THE INTERNET!!!!"
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July 14, 2011, 07:17:22 PM
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Block number and price should technically be an inverse relationship, all other things being equal.  The higher the block number, the higher the supply of BTC, the lower the price point needed to match supply & demand.

Except the supply of USD increases too. Hell, I think they're about to print a few hundred billion more. :/
That's why I said "all other things being equal".

But since you brought it up...

Bitcoin currently has 6814250 coins in existance, and is inflating at a rate of roughly 8000 coins/day, or about 43% annually.
USD has historically inflated at a rate of about 3% annually.
tanerlorn
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July 14, 2011, 07:20:20 PM
 #5

Block number and price should technically be an inverse relationship, all other things being equal.  The higher the block number, the higher the supply of BTC, the lower the price point needed to match supply & demand.

no, block number and VALUE should be an inverse relationship..... block number and price in usd is not at all, also i just mean for a while during the period btc is illegal but governments still exist...im basically brainstorming good estimations for value just looking at the client right now...
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July 14, 2011, 07:21:32 PM
 #6

Block number and price should technically be an inverse relationship, all other things being equal.  The higher the block number, the higher the supply of BTC, the lower the price point needed to match supply & demand.

no, block number and VALUE should be an inverse relationship..... block number and price in usd is not at all, also i just mean for a while during the period btc is illegal but governments still exist...im basically brainstorming good estimations for value just looking at the client right now...
Why would block number and price in USD not be an inverse relationship, all other things being equal?
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July 14, 2011, 07:47:51 PM
 #7

Bitcoin currently has 6814250 coins in existance, and is inflating at a rate of roughly 8000 coins/day, or about 43% annually.
USD has historically inflated at a rate of about 3% annually.

I bet 43% of 6814250 is a whole lot smaller than 3% of whatever the number of dollars in existence is.

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July 14, 2011, 08:13:10 PM
 #8

Bitcoin currently has 6814250 coins in existance, and is inflating at a rate of roughly 8000 coins/day, or about 43% annually.
USD has historically inflated at a rate of about 3% annually.

I bet 43% of 6814250 is a whole lot smaller than 3% of whatever the number of dollars in existence is.
I bet you're right.  Your point?
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