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Author Topic: [2018-05-20] What Determines The Price Of Bitcoin?  (Read 33 times)
Karartma1
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May 20, 2018, 03:25:41 PM
 #1

Bitcoin has lost over half its value in less than 6 months. Shortly before Christmas, it was trading at over $19,000; today, it is just $8,299. Unsurprisingly, Bitcoin investors have been predicting meteoritic rises will recommence any day now. But Bitcoin has so far refused to cooperate, staying stubbornly stuck below $10,000 for the last two months. How can we know when - or if - it will rise again?

Read more https://www.forbes.com/sites/francescoppola/2018/05/17/what-determines-the-price-of-bitcoin

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odolvlobo
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May 20, 2018, 06:17:01 PM
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I found several problems with the article.

It perpetuates the flawed reasoning behind the belief that price is determined by hash rate.

It suggests that Bitcoin will die because all mining will stop as profits approach 0 due to competition.

It suggests that Bitcoin will die when the subsidy goes to 0 because all mining will stop as high fees preclude all transactions, which results in no fees.

It perpetuates the myth of mining pool concentration, apparently not understanding that mining pools are made up of of thousands of participants who choose which pool to join.

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Karartma1
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May 21, 2018, 05:37:56 AM
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This is what MSM have to write, I  actually did not expect anything different. They know they need to cover Bitcoin as a regular topic and this is what we get. Yes, by the way, I totally agree with your comment

I am not interested in preserving the status quo; I want to overthrow it. Niccolò Machiavelli
davis196
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May 22, 2018, 11:39:36 AM
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I found several problems with the article.

It perpetuates the flawed reasoning behind the belief that price is determined by hash rate.

It suggests that Bitcoin will die because all mining will stop as profits approach 0 due to competition.

It suggests that Bitcoin will die when the subsidy goes to 0 because all mining will stop as high fees preclude all transactions, which results in no fees.

It perpetuates the myth of mining pool concentration, apparently not understanding that mining pools are made up of of thousands of participants who choose which pool to join.

The profits can`t approach 0 due to the competition.The history of capitalism proves that every competitive market self-destructs and changes into some kind of cartel or monopoly.The same thing will happen with mining.In the end only one big mining company will survive as a monopoly and it will dictate the transaction fees.This will be the end of BTC.
Anyway,the Forbes article is pretty stupid.

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