3600 ... coins | Bitcointalksearch.org

caga

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Quote from: Amph on January 15, 2015, 07:06:05 AM

Quote from: fat buddah on January 15, 2015, 02:16:44 AM

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

WOuld be interesting to see what happens to the price then

Not sure if the argument of op would apply to the price then.

danielW

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3600 bitcoins per day means about 10.5% increase per year. So should only account for a 10.5% drop.

Eg. a drop from $1100 to $984.5 over a year would be from mining.

azguard

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yes now all are buying miners investors and all others.
will price go bellow 150, answer no
real price for mining is around 300$.

but some big miners that i know sold more then half of there equipment.
cuz they panic from price going down.

mistake i think yes.

af_newbie

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Quote from: fat buddah on January 15, 2015, 02:16:44 AM

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?

production costs are $275-$300 per bitcoin. Just think about it.

To push this to $50-$100 might be more difficult to do than most shorts want to admit.

Miners probably started buying about now. They will be buying below $300 IMHO.
Speculators are getting out now. Will they push this below $150? Time will tell.

People who are committed to bitcoin will not sell now, they will add. Investors are adding now.
Especially those who mined coins before and those who went through these type of "bubbles" before.

Even commercial farms can mine for 6-12 months without selling any coins. They all sit on healthy
fiat profits, so I would not worry about them dumping 3600 coins a day, maybe 1000.
What is 1000 coins a day in this market?

azguard

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Quote from: Amph on January 15, 2015, 07:06:05 AM

Quote from: fat buddah on January 15, 2015, 02:16:44 AM

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

Sure but seem like they dont know that or they dont want to know.
In any case still to be stable price miners need to hold mined btc not to sell it.

cypherdoc

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Quote from: dinofelis on January 15, 2015, 07:03:18 AM

Quote from: fat buddah on January 15, 2015, 02:16:44 AM

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

Amph

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Quote from: fat buddah on January 15, 2015, 02:16:44 AM

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

dinofelis

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Quote from: fat buddah on January 15, 2015, 02:16:44 AM

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.

orpington

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

cypherdoc

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Quote from: ?? on ??

Quote from: Elwar on January 15, 2015, 04:11:30 AM

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?

Hyena

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Quote from: Elwar on January 15, 2015, 05:19:17 AM

Quote from: inca on January 15, 2015, 05:17:00 AM

Quote from: Elwar on January 15, 2015, 05:15:26 AM

Quote from: gr8n8 on January 15, 2015, 05:10:28 AM

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!

Elwar

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Quote from: inca on January 15, 2015, 05:17:00 AM

Quote from: Elwar on January 15, 2015, 05:15:26 AM

Quote from: gr8n8 on January 15, 2015, 05:10:28 AM

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!

inca

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Quote from: Elwar on January 15, 2015, 05:15:26 AM

Quote from: gr8n8 on January 15, 2015, 05:10:28 AM

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

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Viva Ut Vivas

Quote from: gr8n8 on January 15, 2015, 05:10:28 AM

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?

batou

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Quote from: gr8n8 on January 15, 2015, 05:10:28 AM

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.

gr8n8

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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

dropt

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Quote from: Elwar on January 15, 2015, 04:26:38 AM

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

BUT THE MINER DUMPSSSSSS.

inca

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Quote from: fat buddah on January 15, 2015, 02:16:44 AM

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.

Elwar

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Quote from: dropt on January 15, 2015, 04:20:11 AM

Quote from: Elwar on January 15, 2015, 04:11:30 AM

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.

dropt

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Quote from: Elwar on January 15, 2015, 04:11:30 AM

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.

Topic: 3600 ... coins (Read 1717 times)