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Author Topic: Just over $228,000 per day required to maintain current Bitcoin price.  (Read 4790 times)
Elwar
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October 03, 2014, 12:41:45 PM
 #21

Updating the numbers:
(3600 blocks per day * $380) / 6 = $228,000

You "revived" your 3 year old thread for this?

Well, while you are at it then why not add the years in between then and now?

That has already been absorbed by so many investors (Winklevii, Branson, Second Market, Chinese, etc...)

Many more investors will absorb it just the same.

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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October 03, 2014, 12:48:19 PM
 #22

Updating the numbers:
(3600 blocks per day * $380) / 6 = $228,000

You "revived" your 3 year old thread for this?

Well, while you are at it then why not add the years in between then and now?

That has already been absorbed by so many investors (Winklevii, Branson, Second Market, Chinese, etc...)

Many more investors will absorb it just the same.

And let us all hope they do it fast!!!!!  Grin Grin Grin Grin Grin Grin Grin

Btw, quite a "bit" of a difference there from 5.5K to 228K.
And still growing......

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October 03, 2014, 12:51:01 PM
 #23

3 year old thread people!

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October 03, 2014, 12:52:14 PM
 #24

Updating the numbers:
(3600 blocks per day * $380) / 6 = $228,000

why divide by 6?

                                 
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Elwar
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October 03, 2014, 12:55:15 PM
 #25

Updating the numbers:
(3600 blocks per day * $380) / 6 = $228,000

why divide by 6?

That showed the amount of bitcoins on the exchanges vs the amount in circulation. It is only those bitcoins that actually affect the price while the rest are absorbed into the economy.

The difference could be different now as I do not have numbers on all of the exchanges but it should be similar.

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
kokojie
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October 03, 2014, 01:01:20 PM
 #26

Updating the numbers:
(3600 blocks per day * $380) / 6 = $228,000

why divide by 6?

That showed the amount of bitcoins on the exchanges vs the amount in circulation. It is only those bitcoins that actually affect the price while the rest are absorbed into the economy.

The difference could be different now as I do not have numbers on all of the exchanges but it should be similar.

that's ridiculous, the newly mined Bitcoin could be all sent to the exchange, how would you know? I bet at least 90% of newly mined Bitcoin are immediately sent to exchange and sold. Most miners need to ROI on their equipment and pay the electric bill.


                                 
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Elwar
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October 03, 2014, 01:04:58 PM
 #27

Updating the numbers:
(3600 blocks per day * $380) / 6 = $228,000

why divide by 6?

That showed the amount of bitcoins on the exchanges vs the amount in circulation. It is only those bitcoins that actually affect the price while the rest are absorbed into the economy.

The difference could be different now as I do not have numbers on all of the exchanges but it should be similar.

that's ridiculous, the newly mined Bitcoin could be all sent to the exchange, how would you know? I bet at least 90% of newly mined Bitcoin are immediately sent to exchange and sold. Most miners need to ROI on their equipment and pay the electric bill.

That would be reflected in the amount of bitcoins going through the exchange.

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
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October 03, 2014, 01:05:54 PM
 #28

Updating the numbers:
(3600 blocks per day * $380) / 6 = $228,000

why divide by 6?

That showed the amount of bitcoins on the exchanges vs the amount in circulation. It is only those bitcoins that actually affect the price while the rest are absorbed into the economy.

The difference could be different now as I do not have numbers on all of the exchanges but it should be similar.

that's ridiculous, the newly mined Bitcoin could be all sent to the exchange, how would you know? I bet at least 90% of newly mined Bitcoin are immediately sent to exchange and sold. Most miners need to ROI on their equipment and pay the electric bill.

That would be reflected in the amount of bitcoins going through the exchange.

How do you know? you have the incoming and outgoing data for every single exchange?

Even if those coin are not on the exchange, they are still in existence, therefore will affect the economy/price at some point. You can't just ignore them. Or are you saying the Bitcoin marketcap should just count the coins currently on exchange?

                                 
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October 03, 2014, 01:07:26 PM
 #29

Did you really need to bring back such an old thread??

Why not just copy and paste the link to the old thread and copy and paste your contents in here like everyone else does?

This should probably be under speculation too, since you are speculating about price and amount to maintain it. This isn't really discussing bitcoin protocol it is discussing money/price/value.



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Elwar
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October 03, 2014, 01:11:02 PM
 #30

Did you really need to bring back such an old thread??

Why not just copy and paste the link to the old thread and copy and paste your contents in here like everyone else does?

This should probably be under speculation too, since you are speculating about price and amount to maintain it. This isn't really discussing bitcoin protocol it is discussing money/price/value.

With the price this low I am seeing the same sentiment I saw back in November 2011 when the price was at its lowest...figured I'd bring back a taste of what was going on at that time.

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
kokojie
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October 03, 2014, 01:13:44 PM
 #31

Did you really need to bring back such an old thread??

Why not just copy and paste the link to the old thread and copy and paste your contents in here like everyone else does?

This should probably be under speculation too, since you are speculating about price and amount to maintain it. This isn't really discussing bitcoin protocol it is discussing money/price/value.

With the price this low I am seeing the same sentiment I saw back in November 2011 when the price was at its lowest...figured I'd bring back a taste of what was going on at that time.

We got lucky and China got on board, bringing massive amount of capital inflow, to easily offset the PoW mining expense and still have massive price growth.

Now either we find another China, or live with the perpetual decline in price, due to the $500 million per year PoW mining expense.

                                 
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franky1
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October 03, 2014, 03:37:12 PM
 #32

the bitcoin price people view (crappy exchanges) vs bitcoin production and actual bank movements.. are no longer tied to each other.

sorry but the bank movements of actual fiat vs the daily (daytrade) volume of btc-e are not the same

out of maybe 15k coins day traded, i bet less than 200 coins actually result as a bank wire transfer in or out per day.

i know elwar is smart enough to see the ramifications of this point and to do his own maths/research to come to the truth.. so il just leave him to do that

have a nice day

spoiler warning, highlight the gap below if you want to read
(to all sheeple: stop following the price of exchanges as only 200 coins can cause the market cap to move from $5billion to $6billion). instead base bitcoin on the cost of mining and based on the willingness of local people to pay (localbitcoins / otc)
spoiler warning, highlight the gap above if you want to read

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
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