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Author Topic: Miners, sell higher!  (Read 4719 times)
jasonk
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May 19, 2011, 09:14:52 AM
 #1

Difficulty increased 45% yet we are still at $7/ USD  Huh

Sell for $10 each, and profit more.  It's worth more now!

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SchizophrenicX
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May 19, 2011, 09:27:44 AM
 #2

I don't think the price is tied to the difficulty. hmm I may be wrong though I'm totally new. Anyway I wanna ask what are my options to sell/ BTCs ?

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May 19, 2011, 09:32:50 AM
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When will people learn that difficulty is not the same thing as demand? Never, because people keep telling themselves and each other that they are the same thing when it comes to bitcoin. Economic rules of the past somehow doesn't apply to bitcoin economy in this imaginary world where we are all bitcoin millionaires. Oh we can dream can't we?

Many of us need to get over the fact that we are not early adopters. Remember the difficulties were in single digits and didn't increase for a long time. The big dogs are already making their fortune from going from .01 and less to 8x usd as it recently has. They are the ones that want more and more people to raise the value and difficulty more so than the new ones. Trying to raise the price from 8 to 10 is merely a 20% increase in value and is laughable compared to what's already been done to the btc value as a whole.
SlaveInDebt
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May 19, 2011, 09:47:06 AM
 #4

BTC/$ exchange isnt tied to difficulty however the miners are the one's that introduce new BTC's
If you find yourself working harder for something don't you feel you should be payed more for your efforts?
Same applies here. More work to get a BTC thus you should demand more in exchange for it.

"A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." - Mark Twain
Viro
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May 19, 2011, 09:50:23 AM
 #5

If you want the price of bitcoins to increase, make using bitcoins more beneficial to people. Right now, bitcoins are mainly getting more expensive because they started rising in price a bit and people started buying them to sell later at a profit. This made the price go up further and even more people started buying them. The interest in bitcoins will start dying, people will realize that they can't really do much with their bitcoins and they will start selling them at lower and lower prices, and the price will fall.

What we need are more services that can be payed for in bitcoins, more goods, etc. Just telling miners to sell their bitcoins at a higher price will not help you.
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May 19, 2011, 09:51:59 AM
 #6

BTC/$ exchange isnt tied to difficulty however the miners are the one's that introduce new BTC's
If you find yourself working harder for something don't you feel you should be payed more for your efforts?
Same applies here. More work to get a BTC thus you should demand more in exchange for it.

That's like digging a giant hole in somebody's backyard and then telling them to pay you a lot for it because you put in a big effort. If they don't want the hole in the first place, they're not going to pay you at all. We need to make people want the holes, damn it. Cheesy
Litt
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May 19, 2011, 09:52:42 AM
 #7

BTC/$ exchange isnt tied to difficulty however the miners are the one's that introduce new BTC's
If you find yourself working harder for something don't you feel you should be payed more for your efforts?
Same applies here. More work to get a BTC thus you should demand more in exchange for it.


If noone wants to buy bitcoins, then does it matter how hard you worked for the coin? Or was it smart of you to invest such amount of work to mining bitcoin in the first place?

Demand needs to exist before the difficulty. The difficulty does not set or adjust price, although it effects the miner psychologically into thinking that they should be worth more.

I'm so sick and tired of trying to correct this misinformation. People just don't get the simplest fact of economics.
Litt
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May 19, 2011, 09:59:36 AM
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If you want the price of bitcoins to increase, make using bitcoins more beneficial to people. Right now, bitcoins are mainly getting more expensive because they started rising in price a bit and people started buying them to sell later at a profit. This made the price go up further and even more people started buying them. The interest in bitcoins will start dying, people will realize that they can't really do much with their bitcoins and they will start selling them at lower and lower prices, and the price will fall.

What we need are more services that can be payed for in bitcoins, more goods, etc. Just telling miners to sell their bitcoins at a higher price will not help you.

Thank you Viro. Finally someone who is making some real sense. This is how we increase the real value of BTC as a currency. Completely opposite of attracting a bunch of uneducated teenage gamers to mine on their machine while tryin to buy some weed. Ok my last sentence might be out of line, but it sure feels like it here nowadays.
SlaveInDebt
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May 19, 2011, 10:05:26 AM
 #9

BTC/$ exchange isnt tied to difficulty however the miners are the one's that introduce new BTC's
If you find yourself working harder for something don't you feel you should be payed more for your efforts?
Same applies here. More work to get a BTC thus you should demand more in exchange for it.

That's like digging a giant hole in somebody's backyard and then telling them to pay you a lot for it because you put in a big effort. If they don't want the hole in the first place, they're not going to pay you at all. We need to make people want the holes, damn it. Cheesy

All true but if you value BTC and what it is as a system you wouldn't want to sell yourself short.
Someone my want a pool, or septic tank to go in that hole someday Wink

BTC/$ exchange isnt tied to difficulty however the miners are the one's that introduce new BTC's
If you find yourself working harder for something don't you feel you should be payed more for your efforts?
Same applies here. More work to get a BTC thus you should demand more in exchange for it.


If noone wants to buy bitcoins, then does it matter how hard you worked for the coin? Or was it smart of you to invest such amount of work to mining bitcoin in the first place?

Demand needs to exist before the difficulty. The difficulty does not set or adjust price, although it effects the miner psychologically into thinking that they should be worth more.

I'm so sick and tired of trying to correct this misinformation. People just don't get the simplest fact of economics.

If you feel you've actually corrected something I can see why your so sick.
Doing the same thing over and over again and expecting a different result is insanity. Might be why your post is only pointing out what I didnt state but already know. That was a waste of your time if you thought you knew what I know concerning the many different aspects of the economy.

"A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." - Mark Twain
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May 19, 2011, 10:07:08 AM
 #10

You guys are forgetting one point.

When the difficulty changes, the supply supported by a block resolution rate of about 10 per hour is now reduced to 6 per hour. That's effectively a lower supply for the days to come. Anyone selling for cheap right before a difficulty change is just throwing his coins away.

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grndzero
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May 19, 2011, 10:15:58 AM
 #11

There are ask orders in the system all the way up to US$11.80 http://bitcoincharts.com/markets/mtgoxUSD_depth.html

You can put whatever price you want on them. No one has to take you up on it either. Someone's only going to buy them if they decide they are worth that much. Bitcoins don't have a generation stamps or difficulty stamps on them. A coin minted last year is not worth more than a coin today A coin minted at 26,000 difficulty doesn't have more value than the last difficulty level. Physical coins only become individually valuable from actual scarcity. There is a determined amount of bitcoins being generated at a determined rate for quite a long time to come. The only way to make them more valuable is to give people a reason to want to have them, use them, and keep them. Less coins in the marketplace than money makes the price of coins rise. More coins in the marketplace than money makes them less valuable.

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dikidera
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May 19, 2011, 10:16:54 AM
 #12

When will people learn that difficulty is not the same thing as demand? Never, because people keep telling themselves and each other that they are the same thing when it comes to bitcoin. Economic rules of the past somehow doesn't apply to bitcoin economy in this imaginary world where we are all bitcoin millionaires. Oh we can dream can't we?

Many of us need to get over the fact that we are not early adopters. Remember the difficulties were in single digits and didn't increase for a long time. The big dogs are already making their fortune from going from .01 and less to 8x usd as it recently has. They are the ones that want more and more people to raise the value and difficulty more so than the new ones. Trying to raise the price from 8 to 10 is merely a 20% increase in value and is laughable compared to what's already been done to the btc value as a whole.
Then...i demand that people sell higher!
grndzero
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May 19, 2011, 10:27:29 AM
 #13

You guys are forgetting one point.

When the difficulty changes, the supply supported by a block resolution rate of about 10 per hour is now reduced to 6 per hour. That's effectively a lower supply for the days to come. Anyone selling for cheap right before a difficulty change is just throwing his coins away.

OH MY GOD WHATEVER WILL WE DO?! THERE'S ONLY 14,746,000 MORE COINS GOING TO BE MINTED AT A STEADY AND PREDICTABLE PACE IN THE FUTURE! IT'S PANDAMONIUM I TELL YOU!

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goatpig
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May 19, 2011, 10:29:19 AM
 #14

You guys are forgetting one point.

When the difficulty changes, the supply supported by a block resolution rate of about 10 per hour is now reduced to 6 per hour. That's effectively a lower supply for the days to come. Anyone selling for cheap right before a difficulty change is just throwing his coins away.

OH MY GOD WHATEVER WILL WE DO?! THERE'S ONLY 14,746,000 MORE COINS GOING TO BE MINTED AT A STEADY AND PREDICTABLE PACE IN THE FUTURE. IT'S PANDAMONIUM I TELL YOU!

Too much caps, scary.

btcarmory.com
Alex Beckenham
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May 19, 2011, 10:33:07 AM
 #15

from 8 to 10 is merely a 20% increase

Please trade in your calculator for a new one. Yours is broken.

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May 19, 2011, 10:52:41 AM
 #16

It is up to the sellers to increase the BTC value! Just stop selling below 10$! Wink
grndzero
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May 19, 2011, 10:54:36 AM
 #17

It is up to the sellers to increase the BTC value! Just stop selling below 10$! Wink


It's so dumb it just might work. Give it a try. I'm sure there are some people at Mt. Gox that will never be on this board, they probably won't get the memo.

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ribuck
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May 19, 2011, 11:00:11 AM
 #18

Many of us need to get over the fact that we are not early adopters.
You, sir, are one of the early adopters, along with everyone else who is already here. Not even one-third of the bitcoins have been mined so far.

Also, remember that that the earliest adopters could only mine with CPU. Today the CPU is 50 times slower than a decent GPU, but back then the CPU mining code was less efficient than it is today, maybe 100 times slower than a GPU.

Also, the earliest adopters spent their time or their bitcoins making the system workable. Today, people can get a GPU and just start mining, but it wasn't always so. The bounty for the first open source GPU mining code was 10,000 BTC, paid by one of the earliest adopters, but you can use that code for free!
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May 19, 2011, 11:38:38 AM
 #19

It is up to the sellers to increase the BTC value! Just stop selling below 10$! Wink


I think thar afeared.
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May 19, 2011, 11:54:10 AM
 #20

<sarcasm>

I suggest to issue an edict forbidding miners to sell below some fixed amount X. The only question left is what the X is. Perhaps a poll? 10$ 20$ 40$ or 100$.

</sarcasm>


last one 100$! Grin
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