Spaceman_Spiff
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₪``Campaign Manager´´₪
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May 04, 2014, 02:27:48 PM |
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The altcoin market has been pretty consistent for years in being <10% the "market-cap" of bitcoin. Its magnitude rises and falls with bitcoin, but its relationship with bitcoin rarely changes. Generally speaking, introduction of new alts just dilutes the market for incumbent *alts*.
So, theory rejected.
Also, OP scientific method fail.
Do you happen to have collected any data for this (or is it just from memory)? I know you can look at websites like coinmarketcap.com these days, but I would like to have the bitcoin/(all altcoins) ratio over time. By the way, is it not possible that there is a psychological factor, which discourages people who might be interested in buying bitcoin because of the existence of altcoins (they don't buy because they fear future purchasing power dilution by altcoins). I am not arguing that this is a correct conclusion, just that this might be a mindset for a significant amount of people, thereby influencing the price.
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Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a higher transaction fee.
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r34tr783tr78
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May 05, 2014, 01:31:32 AM |
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Lets get some numbers. So I used coinmarketcap.com information, to show how big the alt coin market is all together. I used the top 105 coins. The alt coin market today is about 9% of bitcoins total market. One of the presentators yesterday at MIT Bitcoin Expo said : "Evolution of internet like evolution of bitcoin : real changes and real evolution is time consuming. " (details on bitprize.org) Good work.
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TERA
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May 05, 2014, 01:40:50 AM |
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Is the ops referring to altcoins or is he referring to the millions of bitcoins in blocks from mtgox, the government, etc.
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JimboToronto
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You're never too old to think young.
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May 05, 2014, 01:42:58 AM |
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how do you know Bitcoin is not a SCAM
Because it's open-source? Troll fail. Try again.
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BitchicksHusband
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May 05, 2014, 08:41:11 PM |
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Lets get some numbers. So I used coinmarketcap.com information, to show how big the alt coin market is all together. I used the top 105 coins. The alt coin market today is about 9% of bitcoins total market. One of the presentators yesterday at MIT Bitcoin Expo said : "Evolution of internet like evolution of bitcoin : real changes and real evolution is time consuming. " (details on bitprize.org) But isn't it Intelligent Design™? Or are you calling Gavin and his team unintelligent?
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1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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bitsmichel
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May 16, 2014, 11:46:27 PM |
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But isn't it Intelligent Design™? Or are you calling Gavin and his team unintelligent?
Well, I ment evolution in the sense of 'change' (see dictionary, there are multiple meanings). There has been change. Everything evolves (changes). I dont see how Gavin or intelligent design are relevant to this thread about alt coins
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knightcoin
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Stand on the shoulders of giants
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May 17, 2014, 12:46:30 AM |
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people find Speculation threads amusing but noting compares to shitcoin market announces / reviews .... check this out .. BitcoinNEW is a Cryptocurrency which launched today. It might be the most unoriginal coin of the month, only challenged by Shibe Coin (which was a complete ripoff of Dogecoin). At least Shibe Coin changed the name, BitcoinNEW just added NEW to the Bitcoin name....
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Malin Keshar
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May 17, 2014, 03:06:52 AM |
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Karpeles and PBOC are the biggest guild guys. Redirect your anger to the right targets.
For me the altcoin market is a sign that bitcoin succeded, so others can be like it. And although 99,999% of altcoins are copycats or scams, some brings news funcionalities and can help in the future to further develop the crypto world.
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R2Pleasent
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Owner@ CryptoFundingTracker.com
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May 17, 2014, 06:54:18 AM |
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Currently there are 12,779,125 BTC.
Every 10 minutes a block is mined for 25 BTC. 25 coins per block, 6 blocks per hour, 24 hours per day, 365 days per year = 25 * 6 * 24 * 365 = 1,314,000 new BTC each year.
That means in the next 1 year, at these levels, there is a supply increase of ~10.3%.
Block reward will be 25 BTC until 2016. For the Bitcoin price to increase, the market cap must increase at a rate higher than the supply of new coins.
In other words, for your 1 BTC to be worth the same price it is today, one year from now, the Bitcoin market cap must increase 10.3% in the next year.
So yes, the OP has a good point. Many people do not realize that for their Bitcoin investment to increase in value, the overall market value of Bitcoin must increase over 10% over the following year.
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zimmah
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May 17, 2014, 10:51:09 AM |
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This is the reason Bitcoin has dropped in price. All these countless new coins and still coming everyday pressed down the price.
This is not regular stupid, this is advanced stupid. That's like saying the gold and silver price went down because scientists have discovered so many new metals.
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zimmah
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May 17, 2014, 10:55:49 AM |
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Currently there are 12,779,125 BTC.
Every 10 minutes a block is mined for 25 BTC. 25 coins per block, 6 blocks per hour, 24 hours per day, 365 days per year = 25 * 6 * 24 * 365 = 1,314,000 new BTC each year.
That means in the next 1 year, at these levels, there is a supply increase of ~10.3%.
Block reward will be 25 BTC until 2016. For the Bitcoin price to increase, the market cap must increase at a rate higher than the supply of new coins.
In other words, for your 1 BTC to be worth the same price it is today, one year from now, the Bitcoin market cap must increase 10.3% in the next year.
So yes, the OP has a good point. Many people do not realize that for their Bitcoin investment to increase in value, the overall market value of Bitcoin must increase over 10% over the following year.
Right, then why did the value of bitcoin explode while the block reward was double the reward of what it is now? And there were less bitcoin back then so the percentage of bitcoin added daily was much higher than it is now.
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