3600 ... coins

[fat buddah]

Which part of '3600 coins per day' do you not understand?
Bitcoin is still in socialist distribution phase for the next 5 years. So why on earth do you try to pump it? Are you monkeys or what's your problem?

[1715005907]

1715005907

[BitCoinNutJob]

Which part of '3600 coins per day' do you not understand?
Bitcoin is still in socialist distribution phase for the next 5 years. So why on earth do you try to pump it? Are you monkeys or what's your problem?

lol interesting way to look at it, maybe you have a point actually seems to be much opportunity for people to get in at decent price.

[fat buddah]

should we let it crash to sub $100?

probably best to reset this shitcoin

lol interesting way to look at it, maybe you have a point actually seems to be much opportunity for people to get in at decent price.

Just pray it survives - socialism never worked.

[azguard]

which part of '3600 coins per day' do you not understand?
Bitcoin is still in socialist distribution phase for the next 5 years. So why do you try to pump it? Are you monkeys or what's your problem?

should we let it crash to sub $100?

Or to like it started with price?
Bad idea for this.

[Elwar]

With the illegal drug trade being 1% of global trade, if Bitcoin was used for just 1% of all illegal drug trade the question should be...


Is 3600 coins per day enough?

$20 trillion in global trade -> $200 billion in illegal drug trade -> $2 billion in Bitcoin drug trade per year.

3600 * 365 = 1,314,000 per year

$2 billion / 1314000 = $1522

Do people use bitcoins for drugs?

[dropt]

With the illegal drug trade being 1% of global trade, if Bitcoin was used for just 1% of all illegal drug trade the question should be...


Is 3600 coins per day enough?

$20 trillion in global trade -> $200 billion in illegal drug trade -> $2 billion in Bitcoin drug trade per year.

3600 * 365 = 1,314,000 per year

$2 billion / 1314000 = $1522

Do people use bitcoins for drugs?

Good effort Elwar, but you can't talk sense to stupid.  It doesn't work.

[Elwar]

With the illegal drug trade being 1% of global trade, if Bitcoin was used for just 1% of all illegal drug trade the question should be...


Is 3600 coins per day enough?

$20 trillion in global trade -> $200 billion in illegal drug trade -> $2 billion in Bitcoin drug trade per year.

3600 * 365 = 1,314,000 per year

$2 billion / 1314000 = $1522

Do people use bitcoins for drugs?

Good effort Elwar, but you can't talk sense to stupid.  It doesn't work.

Same argument was being made at $5 per bitcoin when it was 7200 per day.

[inca]

Which part of '3600 coins per day' do you not understand?
Bitcoin is still in socialist distribution phase for the next 5 years. So why on earth do you try to pump it? Are you monkeys or what's your problem?

It was 7200 coins per day just over a year ago, yet the price rose dramatically. In 2016 the coin inflation rate will have dropped to 5%. By 2020 it will be 2.5%, and by 2024 it will be 1.25%.

There will only ever be 21 million.

If you don't like it, don't buy it. What idiots like you don't realise is that the coin inflation rate being incredibly high (wowie 10%) is far outstripped by the  user adoption rate.

The price drop has absolutely nothing to do with inflation and everything to do with leveraged speculation. It will soon not be profitable to drive the price down much lower as the gains lessen and it promotes coin distribution. What do you think happens then?

Hint: it's why you are here talking down bitcoin on a bitcoin enthusiast forum.

[dropt]

Same argument was being made at $5 per bitcoin when it was 7200 per day.

BUT THE MINER DUMPSSSSSS.

[gr8n8]

can someone please correct me if i'm wrong but my understanding is that 3600 coins generated is a small amount compared to what it sold on exchanged daily

so when the block reward halfs next year it will reduce some selling but only a small percentage - so just a little less downwards pressure on price

[batou]

can someone please correct me if i'm wrong but my understanding is that 3600 coins generated is a small amount compared to what it sold on exchanged daily

so when the block reward halfs next year it will reduce some selling but only a small percentage - so just a little less downwards pressure on price

Correct + some miners hold their mined coins.

Bears rationalizing.
 

[Elwar]

can someone please correct me if i'm wrong but my understanding is that 3600 coins generated is a small amount compared to what it sold on exchanged daily

so when the block reward halfs next year it will reduce some selling but only a small percentage - so just a little less downwards pressure on price

Bitcoin started with 1 user. Now it has more.

I am not sure if every 100% of people in the world uses Bitcoin or not, I cannot verify this.

But the theory is that the rate of adoption might be higher than the rate of inflation. But if we are at 100% adoption then the rate of inflation is like 10% per year that the price will need to go down, until next year where it is 5%.

Has anyone looked at the stats? Are we at 100% adoption yet?

[inca]

can someone please correct me if i'm wrong but my understanding is that 3600 coins generated is a small amount compared to what it sold on exchanged daily

so when the block reward halfs next year it will reduce some selling but only a small percentage - so just a little less downwards pressure on price

Bitcoin started with 1 user. Now it has more.

I am not sure if every 100% of people in the world uses Bitcoin or not, I cannot verify this.

But the theory is that the rate of adoption might be higher than the rate of inflation. But if we are at 100% adoption then the rate of inflation is like 10% per year that the price will need to go down, until next year where it is 5%.

Has anyone looked at the stats? Are we at 100% adoption yet?

I can confirm we are at 102.6% global adoption.

[Elwar]

can someone please correct me if i'm wrong but my understanding is that 3600 coins generated is a small amount compared to what it sold on exchanged daily

so when the block reward halfs next year it will reduce some selling but only a small percentage - so just a little less downwards pressure on price

Bitcoin started with 1 user. Now it has more.

I am not sure if every 100% of people in the world uses Bitcoin or not, I cannot verify this.

But the theory is that the rate of adoption might be higher than the rate of inflation. But if we are at 100% adoption then the rate of inflation is like 10% per year that the price will need to go down, until next year where it is 5%.

Has anyone looked at the stats? Are we at 100% adoption yet?

I can confirm we are at 102.6% global adoption.

So Martians are finally getting into the game...

to da moon!

[Hyena]

can someone please correct me if i'm wrong but my understanding is that 3600 coins generated is a small amount compared to what it sold on exchanged daily

so when the block reward halfs next year it will reduce some selling but only a small percentage - so just a little less downwards pressure on price

Bitcoin started with 1 user. Now it has more.

I am not sure if every 100% of people in the world uses Bitcoin or not, I cannot verify this.

But the theory is that the rate of adoption might be higher than the rate of inflation. But if we are at 100% adoption then the rate of inflation is like 10% per year that the price will need to go down, until next year where it is 5%.

Has anyone looked at the stats? Are we at 100% adoption yet?

I can confirm we are at 102.6% global adoption.

So Martians are finally getting into the game...

to da moon!

We soon move from global adoption phase to global abduction!!! The Martians are coming!

[cypherdoc]

With the illegal drug trade being 1% of global trade, if Bitcoin was used for just 1% of all illegal drug trade the question should be...


Is 3600 coins per day enough?

$20 trillion in global trade -> $200 billion in illegal drug trade -> $2 billion in Bitcoin drug trade per year.

3600 * 365 = 1,314,000 per year

$2 billion / 1314000 = $1522

Do people use bitcoins for drugs?

Not all but small part of them do use bitcoin for drugs and other illegal activities,

And this can not save the bitcoin bubble from burst, That's why the price at $1xx not $1000000000000000000000

And YES, 3600 per day inflation is way way way way too high

Aw come on  now.  Bears told us  Bitcoin is only used by drug artists and didn't issue enough coins to ever be a practical form of money. Which is it? 

[orpington]

Bitcoin is inevitably doomed to collapse... on da moon! 

[dinofelis]

Which part of '3600 coins per day' do you not understand?
Bitcoin is still in socialist distribution phase for the next 5 years. So why on earth do you try to pump it? Are you monkeys or what's your problem?

I would say it is in distribution phase.  There's nothing "socialist" in it.  Socialism consists in forced taking value from those that produce it to distribute it those that don't produce it.  Here, no value is produced.  Seigniorage is a problem in the creation of a monetary asset, as it is "unjust" value attribution without any contribution.  Seigniorage can be seen as a kind of "socialism".   There is only one fair form of seigniorage, and that would be a distribution as random as possible over all people.
The point in this distribution scheme is exactly this.   The shaking in and out does exactly that: distributing seigniorage as much as it can.
No produced value is taken or is redistributed.

[Amph]

Which part of '3600 coins per day' do you not understand?
Bitcoin is still in socialist distribution phase for the next 5 years. So why on earth do you try to pump it? Are you monkeys or what's your problem?

next 5 years, do you know that in 2016 an halving is incoming?

1800 will be produced

[cypherdoc]

Which part of '3600 coins per day' do you not understand?
Bitcoin is still in socialist distribution phase for the next 5 years. So why on earth do you try to pump it? Are you monkeys or what's your problem?

I would say it is in distribution phase.  There's nothing "socialist" in it.  Socialism consists in forced taking value from those that produce it to distribute it those that don't produce it.  Here, no value is produced.  Seigniorage is a problem in the creation of a monetary asset, as it is "unjust" value attribution without any contribution.  Seigniorage can be seen as a kind of "socialism".   There is only one fair form of seigniorage, and that would be a distribution as random as possible over all people.
The point in this distribution scheme is exactly this.   The shaking in and out does exactly that: distributing seigniorage as much as it can.
No produced value is taken or is redistributed.

Nice explanation