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Topic: 1 BTC = 20 USD - page 2. (Read 32098 times)

member
Activity: 109
Merit: 11
June 07, 2011, 08:25:51 PM
What time did the difficulty go up? Anyone have an idea of what kind of time delay there was between the two?

It doesn't matter.  The difficulty has no bearing on the market price, he's just confused about cause and effect.

Supply and demand?  Not sure if that has any relevance, just a thought

Really?  You guys need to stop and understand the system before you speak.
Heh, it was just a wild guess  Tongue Im still learning about the system
legendary
Activity: 1708
Merit: 1010
June 07, 2011, 08:23:53 PM
What time did the difficulty go up? Anyone have an idea of what kind of time delay there was between the two?

It doesn't matter.  The difficulty has no bearing on the market price, he's just confused about cause and effect.

Supply and demand?  Not sure if that has any relevance, just a thought

Really?  You guys need to stop and understand the system before you speak.
legendary
Activity: 1708
Merit: 1010
June 07, 2011, 08:23:01 PM
It doesn't matter.  The difficulty has no bearing on the market price, he's just confused about cause and effect.

I used to be able to make 1 BTC a day. I was fine selling that BTC for 8$.

I now barely can generate 0.3-0.4 BTC. I want at least 20$ per BTC I produce now.


How is difficulty not having a direct effect if it means more time required for me to produce a BTC and accordingly asking the same price per time unit and thus more price per BTC unit?

You don't get to choose the market price, only the price for which you will sell.  The market price drives difficulty, not the other way around.  If you couldn't make what you wanted anymore, what would you do?  Drop out?  All else being the same, this would result in a drop in difficulty (no matter how small) thus making it easier for others to mine enough to profit.  The difficulty tends to follow the price by a 6 week lag.  Whatever feedback that difficulty has upon the price is so small as to be ignored.
member
Activity: 84
Merit: 10
June 07, 2011, 08:19:18 PM
It doesn't matter.  The difficulty has no bearing on the market price, he's just confused about cause and effect.

I used to be able to make 1 BTC a day. I was fine selling that BTC for 8$.

I now barely can generate 0.3-0.4 BTC. I want at least 20$ per BTC I produce now.


How is difficulty not having a direct effect if it means more time required for me to produce a BTC and accordingly asking the same price per time unit and thus more price per BTC unit?
member
Activity: 109
Merit: 11
June 07, 2011, 08:18:53 PM
What time did the difficulty go up? Anyone have an idea of what kind of time delay there was between the two?

It doesn't matter.  The difficulty has no bearing on the market price, he's just confused about cause and effect.

Supply and demand?  Not sure if that has any relevance, just a thought
member
Activity: 70
Merit: 10
June 07, 2011, 08:09:59 PM
Holy tap dancing jesus we just touched 22 Cheesy

24.  Shocked Shocked
hero member
Activity: 840
Merit: 1000
June 07, 2011, 08:03:50 PM
I am with the super bitbulls.

I'd say USD/BTC exchange rate will be a 2 digit number i.e. 10$ - 99$ sometime in 2011, 3 digit number number sometime in 2012, 4 digit number in 2013, 5 digit number in 2014 and will "stabilise" as a 6 digit number for the rest of the decade.


I will bet 500USD + 500BTC against each of these.
Good thing no one took me up on this!! (Although it would probably still be good for me in the long run if every year was bet on)
member
Activity: 84
Merit: 10
June 07, 2011, 07:51:48 PM
Go, China!  Go, China!  Go!
legendary
Activity: 1708
Merit: 1010
June 07, 2011, 07:50:55 PM
BTC is going over 24.30 now :/

And back down.
legendary
Activity: 1708
Merit: 1010
June 07, 2011, 07:50:22 PM
What time did the difficulty go up? Anyone have an idea of what kind of time delay there was between the two?

It doesn't matter.  The difficulty has no bearing on the market price, he's just confused about cause and effect.
newbie
Activity: 28
Merit: 0
June 07, 2011, 07:48:27 PM
BTC is going over 24.30 now :/
hero member
Activity: 742
Merit: 500
June 07, 2011, 07:48:04 PM
What time did the difficulty go up? Anyone have an idea of what kind of time delay there was between the two?
legendary
Activity: 1708
Merit: 1010
June 07, 2011, 07:44:05 PM
Holy tap dancing jesus we just touched 22 Cheesy
you mean 24  Cheesy

My prediction didn't survive 20 minutes.
member
Activity: 112
Merit: 11
June 07, 2011, 07:43:25 PM
Holy tap dancing jesus we just touched 22 Cheesy
you mean 24  Cheesy
sr. member
Activity: 252
Merit: 251
June 07, 2011, 07:41:45 PM
Holy tap dancing jesus we just touched 22 Cheesy

Yeah, I noticed that. I was by pure coincidence depositing BTC on Mt.Gox just an hour ago.

While waiting for it to confirm & show up on their end price went up 4 bucks.

Not overly ecstatic as it was to be expected with the difficulty increase, but still ok.
member
Activity: 109
Merit: 11
June 07, 2011, 07:15:43 PM
Holy tap dancing jesus we just touched 22 Cheesy
administrator
Activity: 5222
Merit: 13032
June 07, 2011, 07:12:35 PM
You guys are nuts! BTC hasn't even quite reached $2. I predict a drop to $1 or less.

Anyone want to bet me that it won't go above $20?

Sure glad I didn't make that bet with anyone!
full member
Activity: 154
Merit: 100
June 07, 2011, 07:12:24 PM
As far as the timing goes, it looks like this post is the winner:

I predict $20 by the end of May.

And this gets 2nd place:

$20 sometime in july, at the latest.
full member
Activity: 140
Merit: 101
June 07, 2011, 07:09:42 PM
Heh.... I checked Mt Gox a few minutes ago, price was still barely above $19, and my Dwolla deposit still hadn't arrived.

I check now, my Dwolla deposit is in, and the price has just risen again.
full member
Activity: 154
Merit: 100
June 07, 2011, 06:57:05 PM
Price reached $20 on Mt Gox today.

Now let's all go back and read everyone's craaaaaaazy predictions Smiley
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