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Author Topic: 3 is the magic number, and the magic number is 3  (Read 7086 times)
old_engineer
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December 16, 2011, 10:05:55 PM
 #101

Minor nitpick: inflection point means the second derivative, not the first, has changed signs.
Doh, of course you're correct, inflection point is when graph changes from concave-up to concave-down (or vice versa).  This is simply a change from negative slope to positive slope.
Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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BTCurious
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December 16, 2011, 10:16:13 PM
 #102

*just tripled the amount of bitcoins he holds*

StewartJ
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December 18, 2011, 05:03:36 PM
 #103

I get a sense that there is now inherent stability with the BTC price settled in the $3 range.

Looking at the 1 month hourly chart, one can see a steady stair-step increase in value, from $2.20 to $3.20. On that chart there are 1/2 dozen or so large spikes in volume with a .20 - .30 cent moves.

For speculators this apparent stability may not be optimal for day-trading, but for merchants and buyers it's nice to have a BTC base-price that we can rely on.

Here is a real-world example of why I like a stable bitcoin price:
The other day I was researching web sites that have online sports-betting, cause I like to bet on NFL Football. For these regular sports-book web sites, it's a real pain to sign up and get funds and they charge you outrageous fees to withdraw money. But lo and behold, there is now a bitcoin sports book. Last week it only took me 10 minutes to get setup with them, when I sent my BTC over from my trading account, and placed bets on last Sundays games. It's anonymous, there are virtually no fees to speak of, and it's instantaneous. Now having the BTC price stable in the $3 range makes worthwhile for me; but if the price is very volatile, I can't rely on that currency while I'm sports-betting. I would imagine most merchants would want a stable BTC currency before adopting it.

My 2 BTCs.
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