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Author Topic: More miners = lower Bitcoin price (not why you think)  (Read 2581 times)
legitnick
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October 03, 2011, 04:59:49 AM
 #21

That's how market bubbles work! Remember the housing bubble? Are there still houses being sold? Yes, but they aren't as valuable now and a majority of home owners defaulted on their loan. Does that make the house suddenly disappear? No, only the owner does in the sense that he no longer has a house. Whoever eventually buys it will then try to make a profit off it. My point is, is that there is no difference between a miner with 10 ghash/s and 10 miners with 1 ghash/s.

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