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Author Topic: SolidCoin assisting the drop in BTC value this week?  (Read 1188 times)
CoinMan
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August 26, 2011, 05:41:05 PM
 #1

In a rough estimation after viewing some graphs it sure is interesting to note that in the last 5 days BTC has dropped about 20% in value vs USD and that SolidCoin (now 6 days old), is pushing almost 900Gh/s in hashing power and it's price in BTC has been gaining serious ground all week.

I would certainly think that an influx of BTC used to purchase SC could be assisting in the price drop of BTC relative to the USD (and other fiats)...especially if you consider the possibility that the SC might be bought up with BTC that has otherwise been sitting around in wallets doing nothing. 

What are your thoughts?

CoinMan

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bcpokey
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August 26, 2011, 05:51:38 PM
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What? I'm not following your tenuous connection.

8 days ago BTC was at roughly 10.75 vs fiat, then it rallied to around 11.25 6-7 days ago where it held for 3-4 days. Then a huge cliff to 10.75 stable for 2 more days then another huge cliff today all the way down to 9. Correlation is not causation, and unless there are related solidcoin events on those time periods of jumps, I don't even really see correlation.
3phase
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August 26, 2011, 06:26:03 PM
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In a rough estimation after viewing some graphs it sure is interesting to note that in the last 5 days BTC has dropped about 20% in value vs USD and that SolidCoin (now 6 days old), is pushing almost 900Gh/s in hashing power and it's price in BTC has been gaining serious ground all week.

I would certainly think that an influx of BTC used to purchase SC could be assisting in the price drop of BTC relative to the USD (and other fiats)...especially if you consider the possibility that the SC might be bought up with BTC that has otherwise been sitting around in wallets doing nothing. 

What are your thoughts?

CoinMan

I was about to answer that it's totally unrelated, when some logical explanation dawned on me:

The marginal miners who were making < 1 BTC per day, jumped into Solidcoins, and with a bit of luck possibly made 5 or more BTC per day. Since they started this mining thing so as to get rich quick, they become happy, and immediately sell their BTCs for some cash, patting themselves on the back for making this work. BTC price falls as a result. There must have been more than 20K BTC changing hands on the SC exchange.

Fiat no more.
Δοκιμάστε το http://multibit.org - Bitcoin client τώρα και στα Ελληνικά
Tasty Champa
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August 26, 2011, 06:38:07 PM
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Don't worry about it, sell.
Then reinvest.
Tasty Champa
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August 26, 2011, 06:40:50 PM
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DUDE!

WTF!

I didn't mean dump 21K!

 Cheesy
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