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Author Topic: Is the rapid drop in bitcoin value because there are more miners than buyers?  (Read 3266 times)
fcmatt
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August 05, 2011, 11:54:10 PM
 #21

In my opinion, most miners have a problem waiting for their BTC to be confirmed in a timely manner let alone
the rush they are making to sell them as soon as they are able on a daily/weekly basis.

The majority, based on what i have read since June and a gut feeling, are selling immediately like clockwork.
For every one who saves them... nine are selling ASAP.
The network tries to produce one block per 10 minutes. It does this by automatically adjusting how difficult it is to produce blocks.
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August 06, 2011, 02:39:04 AM
 #22

Yes it appears to be that way since it's mostly miners using bitcoin but there must be some people not mining why would miners buy from other miners so some people are speculating and of course using silk road... unfortunately or fortunately probably one of the main things actually keeping bitcoins with any value at all.  I really doubt most people are buying ramen noodles for 9 bucks when you can get them for 10 cents... although I would like to see things like bit munchies and other things progress and do well.

I'm in NYC so if there is anywhere where bct is going to catch on more it's here.  I might even play around with offering film & audio production services for bitcoins as an experiment if there are any takers....

Also if most miners are selling it will continue to drop and then hit a point where it's not worth it to sell and a bunch of people will wait and start buying.... what's that point... if it drops below $6 you're gonna see some massive buying I bet.




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