Why the fiat price of Bitcoin is stagnant.

[Pepin]

I read a lot of people on here complaining about how there is all this good news coming from Bitcoin but they don't understand why the fiat exchange rate remains rather stagnant. How can the market be bullish if the price doesn't increase? It is simple. There are 144 blocks found each day, each containing 22 newly mined Bitcoins. Regardless of whether the miners sell or hold their coins, the market capitalization of Bitcoin is increasing by about 2,000,000 USD per day. So don't worry about Bitcoin being stagnant, because it isn't. Stagnant would be coins continuously being added and the price of Bitcoin going down by an equal percentage.

[1714167797]

1714167797

[1714167797]

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[bitleif]

Also people who hang around here too much get completely myopic and think every price changes from one week to the next somehow reflects some kind of long-term trend in price. If you instead go out and, you know, actually have a LIFE every once in a while, you'll worry much less about bitcoin, and you'll see everything in perspective. Long "stagnant" stretches like this are very normal in bitcoin history. In fact this one hasn't even been that long.

[falllling]

you are wrong man, Good news won't save Bitcoin's price any more

Because after all those bubbles & pools easily > %50 hash & crackers and governments and shit having 1200k coins(mtgox 200k, Ross Ulbricht 140k, crackers: 850k) people has lost faith in bitcoin!
The Bitcoin fundamentals has broken, people found out that bitcoin can not be saved after all!

https://bitcointalk.org/index.php?topic=703267.0

[Teppino]

When conditions are met (adoption/hashing power mostly) whales pump the price up anticipating, for profit,  the trendline for some months (around 237 days past pumps).
 This process need a lot of fiat in the exchanges but converting btc-> fiat then back to btc is not optimal as taxes are paid. Therefore everything is done in btc and a period of sideways/consolidation is needed, where a lot of btc are sold to fiat in the exchanges. the longer the period the bigger the "bubble" (but also more the exchanges/leveraging in place the "harder" it is). This process in this forum is called "coil ready to spring" or "pressure accumulating".

I am probably wrong in everything above.

[Amph]

at least is not volatile anymore, that's good

[falllling]

at least is not volatile anymore, that's good

no, that's bad.
i consider bitcoin a failure when it can't even get past $650
we need orders of magnitude more to be able to be called anything of value in a world where trillions mean nothing anymore.
lets talk about "stability" when/if it gets to $50,000.

[Amph]

at least is not volatile anymore, that's good

no, that's bad.
i consider bitcoin a failure when it can't even get past $650
we need orders of magnitude more to be able to be called anything of value in a world where trillions mean nothing anymore.
lets talk about "stability" when/if it gets to $50,000.

bitcoin can't skyrocket until the world will accept it as a payment option and only for pumper&dumper

[wobber]

I read a lot of people on here complaining about how there is all this good news coming from Bitcoin but they don't understand why the fiat exchange rate remains rather stagnant. How can the market be bullish if the price doesn't increase? It is simple. There are 144 blocks found each day, each containing 22 newly mined Bitcoins. Regardless of whether the miners sell or hold their coins, the market capitalization of Bitcoin is increasing by about 2,000,000 USD per day. So don't worry about Bitcoin being stagnant, because it isn't. Stagnant would be coins continuously being added and the price of Bitcoin going down by an equal percentage.

22 newly minded bitcoins?

[BurtW]

I read a lot of people on here complaining about how there is all this good news coming from Bitcoin but they don't understand why the fiat exchange rate remains rather stagnant. How can the market be bullish if the price doesn't increase? It is simple. There are 144 blocks found each day, each containing 22 newly mined Bitcoins. Regardless of whether the miners sell or hold their coins, the market capitalization of Bitcoin is increasing by about 2,000,000 USD per day. So don't worry about Bitcoin being stagnant, because it isn't. Stagnant would be coins continuously being added and the price of Bitcoin going down by an equal percentage.

22 newly minded bitcoins?

minded?

[BurtW]

at least is not volatile anymore, that's good

no, that's bad.
i consider bitcoin a failure when it can't even get past $650
we need orders of magnitude more to be able to be called anything of value in a world where trillions mean nothing anymore.
lets talk about "stability" when/if it gets to $50,000.

Well, BTC is below $650 and has been for a while now.  

Since you consider it a failure I suggest you sell all of your BTC, if you have any, leave, and don't come back.

Seriously, we cannot sustain $50,000 in this era or the next or even the next because then we would be using too much of the world electrical power production.  See my thread:

https://bitcointalk.org/index.php?topic=694401.msg7858978#msg7858978

We cannot sustain $100,000/BTC or even $50,000/BTC until maybe 2033.  Bubbles caused by greed sure, sustained price no way.

BTW $600 is just fine.  It can stay here for a while as far as users, as opposed to speculators, are concened.  Staying at one price is called stability and it is good from a user's point of view.

[GenTarkin]

Bitcoin not only needs merchants jumping on the bandwagon, thats one piece of the puzzle. In order for the price to move, it needs consumer demand. All the merchants in the world could take Bitcoin but if ur average consumer doesnt desire to use it for purchasing then theres no new demand behind Bitcoin for being used as a payment system.

I think people will need to hit "rock bottom" by a failing fiat currency around them, the dominant USD would be a start. Then, they will start taking alternatives & freedom more seriously. Till then they are all just sheeps being lead to the slaughter and dont give a fuck about it.

[log2exp]

Agreed, just waiting on one of the fiat to collapse. Argentina not showing any action yet, since USD still strong there.

Bitcoin not only needs merchants jumping on the bandwagon, thats one piece of the puzzle. In order for the price to move, it needs consumer demand. All the merchants in the world could take Bitcoin but if ur average consumer doesnt desire to use it for purchasing then theres no new demand behind Bitcoin for being used as a payment system.

I think people will need to hit "rock bottom" by a failing fiat currency around them, the dominant USD would be a start. Then, they will start taking alternatives & freedom more seriously. Till then they are all just sheeps being lead to the slaughter and dont give a fuck about it.

[Cryptopher]

That's a fair point you mention, Pepin, but surely the market value is affected by the supply that hits the markets, rather than the supply in general.

Also isn't it 25 bitcoins that are minted per block? Either way your point stands that the Bitcoin market cap is growing at least $2 mill per day at these rates.

[Frapparpeles]

Someone should do every investor a favor and mine to some address he/she doesn't have the key to. This would limit the supply and help the price on its trip to the moon! Come on, GHash.IO!

[BurtW]

Someone should do every investor a favor and mine to some address he/she doesn't have the key to. This would limit the supply and help the price on its trip to the moon! Come on, GHash.IO!

Or, better yet, why don't you personally buy as many BTC as you can and send them to this address:

https://blockchain.info/address/1BitcoinEaterAddressDontSendf59kuE

We will all thank you if you do.

[InwardContour]

Untill now, after every bubble there was a period of stagnation, we have seen this pattern before.
Sometimes it takes months to start another rally but it may lasts years, there's no written rules to follow.

[zimmah]

at least is not volatile anymore, that's good

no, that's bad.
i consider bitcoin a failure when it can't even get past $650
we need orders of magnitude more to be able to be called anything of value in a world where trillions mean nothing anymore.
lets talk about "stability" when/if it gets to $50,000.

bitcoin can't skyrocket until the world will accept it as a payment option and only for pumper&dumper

It has to increase in price a lot before it can be used by many people around the world, the total amount of bitcoins with their current price is just a tiny drop compared to the ocean of fiat money in circulation.

[hyperdimension]

IMO we need 1 million per coin in order to reach a stable price in a big worldwide adoption scenareo...

[MrBtcSenior]

IMO we need 1 million per coin in order to reach a stable price in a big worldwide adoption scenareo...

Maybe in 140 years from now it will happen, when the last bitcoin will be mined.

[hyperdimension]

How about 100K per coin? i cant wait that much.