Just over $228,000 per day required to maintain current Bitcoin price.

[Elwar]

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.

[S4VV4S]

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!!!!! 

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

[Guido]

3 year old thread people!

[kokojie]

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

why divide by 6?

[Elwar]

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.

[kokojie]

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.

[Elwar]

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.

[kokojie]

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?

[iluvpie60]

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.

[Elwar]

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.

[kokojie]

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.

[franky1]

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