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Author Topic: Bitcoin prophesy  (Read 3996 times)
stompix
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January 16, 2014, 02:17:35 AM
 #21

I bet I can find at least 10 posts claiming that Gox won't make it till 2014.

Also the republic of Congo will choose FellatioCoin , get it while it's....fresh?hot?sticky?


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Cyberdyne
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January 16, 2014, 02:28:27 AM
 #22

I bet I can find at least 10 posts claiming that Gox won't make it till 2014.

Also the republic of Congo will choose FellatioCoin , get it while it's....fresh?hot?sticky?



And 10 more claiming Litecoin will be on Gox in 2 weeks.
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January 16, 2014, 02:51:20 AM
 #23

I see.  So what you're saying is that the higher the price goes, the less it is worth.

Yes, you are very funny.  No, what I mean is that, the higher the price, the bigger the selling pressure coming from miners becomes.   See here: https://bitcointalk.org/index.php?topic=414657.0
notig
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January 16, 2014, 04:29:27 AM
 #24

I see.  So what you're saying is that the higher the price goes, the less it is worth.

Yes, you are very funny.  No, what I mean is that, the higher the price, the bigger the selling pressure coming from miners becomes.   See here: https://bitcointalk.org/index.php?topic=414657.0

That argument doesn't make sense. Why would you treat miners different than holders of coin? Do they have mining costs? Sure. They have costs incurred that results in them getting bitcoins. Where do the people who are not miners get their coins? They buy them. So they have costs as well. Does the price going up somehow drive them to sell because they incurred costs to buy bitcoin?
mestar
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January 16, 2014, 02:17:55 PM
 #25

No, what I mean is that, the higher the price, the bigger the selling pressure coming from miners becomes.   See here: https://bitcointalk.org/index.php?topic=414657.0

That argument doesn't make sense. Why would you treat miners different than holders of coin?

Because they are different. 

Miners collectively get their 3600 BTC daily.  Miners have running costs.

Holders get nothing.  Holders have no running costs.

See, two differences.

This 3600, expressed in dollars, is proportional to the price of Bitcoin.  So, at $1000 per BTC, this becomes $3.6 million.   This is the maximum amount that the miners in total can spend on electricity.   Miners will add new hardware until they get close to this limit, perhaps with-in 50%.  This is a simple economic argument.

So, we are going toward a situation where miners have to pay perhaps $1.8 million daily, and utility companies are still not accepting Bitcoins.  This means, this amount of daily money must come from
somewhere:  miners sell on exchanges.

Also, once the price of Bitcoin changes, this amount changes as well, so we have a feedback mechanism, the higher the price, more miners have to sell, and selling tends to reduce the price.

Holders don't have this situation, and this is why we treat them differently.



mestar
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January 16, 2014, 02:18:55 PM
 #26

Where do the people who are not miners get their coins? They buy them. So they have costs as well. Does the price going up somehow drive them to sell because they incurred costs to buy bitcoin?

Here you are just being silly. Smiley


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January 16, 2014, 03:32:42 PM
 #27

This thread is dedicated to bad news prophecies only?

Heck no, is $3k Bitcoin at the end of 2015 bad news? ....Well maybe for some people Smiley

um yes, $3k bitcoin is 2015 is pretty shitty

DieJohnny (OP)
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January 16, 2014, 03:54:06 PM
 #28

This thread is dedicated to bad news prophecies only?

Heck no, is $3k Bitcoin at the end of 2015 bad news? ....Well maybe for some people Smiley

um yes, $3k bitcoin is 2015 is pretty shitty

Please please let it be a shitty 2015 then....

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January 17, 2014, 07:24:48 AM
 #29

I'm not too sure coinbase could fail on it's own this year with the 25m from AH.
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January 28, 2014, 01:06:46 AM
 #30

I'm not too sure coinbase could fail on it's own this year with the 25m from AH.

Coinbase looks pretty solid at this time

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April 02, 2014, 05:35:49 PM
 #31

How many bonus Bitcoins do i get if all my predictions come true!!!!!

Dear God it was a vision!

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