Topic: Bitcoin Crashing Again.... - page 5. (Read 6808 times)
Look at where we were 1 year ago. Technically, yes bitcoin had a crash. But for the past 6 mo we have traded in a good range. We are at a low of that range now.
It's not so much an inflation, but an expense as result of PoW mining, everyday $1.5M is transferred from the Bitcoin eco-system, into the pockets of ASIC hardware vendors and electricity companies.
I disagree: mining difficulty follows the price, not the other way around. If miners start to find it unprofitable, the hash-rate will drop. Less efficient miners drop first.
POW is important because it requires an attacker to expend scarce resources: something POS based currencies do not. The problem with POW is that we still do not know for certain it will work in the long-term. Bitcoin is still very much an experiment.
Wrong, it's extremely easy and cheap to attack PoW network, tons of PoW altcoin has been attacked to death.
Zero successful 51% attack on any PoS altcoin so far.
Because:
1. it's extremely expensive to acquire 51% stake
2. once you acquire 51% stake, why would you attack anymore? YOU are the majority stake holder, you want to attack yourself? and destroy the reputation and value of the coin you hold 51% stake in? why would you destroy your own wealth? it won't make any sense.
It's not so much an inflation, but an expense as result of PoW mining, everyday $1.5M is transferred from the Bitcoin eco-system, into the pockets of ASIC hardware vendors and electricity companies.
I disagree: mining difficulty follows the price, not the other way around. If miners start to find it unprofitable, the hash-rate will drop. Less efficient miners drop first.
POW is important because it requires an attacker to expend scarce resources: something POS based currencies do not. The problem with POW is that we still do not know for certain it will work in the long-term. (It seems to inherently assume people are generally "good".) Bitcoin is still very much an experiment.
That is a slow slide. It happened after the June 2011 crash. I had like a year to buy in at $3--$5 (and failed to).
The reason is inflation. 25BTC are created every 10 minutes or so. At $450/coin, the works out to $1.62Million/day (25BTC/block*6blocks/hour*24hours/day*$450/BTC) that must be invested every day to keep the price up.
If that investment does not happen, the price falls. The block reward with halve again within about 2 years. I think by then Bitcoin will likely have a value of $5000/coin or more.
The reason is inflation. 25BTC are created every 10 minutes or so. At $450/coin, the works out to $1.62Million/day (25BTC/block*6blocks/hour*24hours/day*$450/BTC) that must be invested every day to keep the price up.
If that investment does not happen, the price falls. The block reward with halve again within about 2 years. I think by then Bitcoin will likely have a value of $5000/coin or more.
It's not so much an inflation, but an expense as result of PoW mining, everyday $1.5M is transferred from the Bitcoin eco-system, into the pockets of ASIC hardware vendors and electricity companies. Therefore, Bitcoin needs bigger and better news all the time, to bring in more than $1.5M new money per day and prop up the price, which the paypal news did for us, for a short time. Then once the news fades, we are back to slowly bleeding money until the next news hits, hopefully it'd be big enough to make the price go up.
That is a slow slide. It happened after the June 2011 crash. I had like a year to buy in at $3--$5 (and failed to).
The reason is inflation. 25BTC are created every 10 minutes or so. At $450/coin, the works out to $1.62Million/day (25BTC/block*6blocks/hour*24hours/day*$450/BTC) that must be invested every day to keep the price up.
If that investment does not happen, the price falls. The block reward with halve again within about 2 years. I think by then Bitcoin will likely have a value of $5000/coin or more.
The reason is inflation. 25BTC are created every 10 minutes or so. At $450/coin, the works out to $1.62Million/day (25BTC/block*6blocks/hour*24hours/day*$450/BTC) that must be invested every day to keep the price up.
If that investment does not happen, the price falls. The block reward with halve again within about 2 years. I think by then Bitcoin will likely have a value of $5000/coin or more.
Don't think Bitcoin is crashing. It actually looks like it's in a holding pattern of sorts:
"don't think bitcoin is crashing" - that made me LOL
It used to be $1200..
Don't think Bitcoin is crashing. It actually looks like it's in a holding pattern of sorts:
Really. ?
Let me check it right away .
If its true , It will a very bad news for all Bitcoin Traders.
Let me check it right away .
If its true , It will a very bad news for all Bitcoin Traders.
speculation belongs in the speculation sub-forum.
I really don't know why? I mean will we ever see $800 again... I doubt it for some reason
Edit: As of 28/09/2014 - Lowest so far 375$
Edit: As of 28/09/2014 - Lowest so far 375$
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