BTC to 50K, China banned miners - page 5.

bill gator

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Quote from: richminded on May 13, 2019, 04:30:48 PM

Who will solve the blocks if there’s a less miners?

The difficulty of the block is not ever-increasing. This is why reading more about how Bitcoin works on a fundamental level is important if you want to understand any of the real-world implications, like there being less miners. Less miners, means lower difficulty, not less blocks.

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Difficulty is changed every 2016 blocks based on the time it took to discover 2016 previous blocks. If a block is found every 10 minutes (as it was intended initially for even emission) finding 2016 blocks will take exactly 2 weeks. If previous 2016 blocks were found in more than two weeks the cryptocurrency mining difficulty will be lowered, and if they were mined faster then that it will be raised. The more (or less) time was spent on finding the previous 2016 blocks the more will difficulty be lowered (raised).

_{Source : https://en.bitcoinwiki.org/wiki/Difficulty_in_Mining}

Padawan007

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Not surprised I thought most mining company already relocate from that company .for price , I still waiting for that 10 k mark

traderethereum

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Yes, now bitcoin has increased again and now, the price reaching $8,000.
Then, you say that bitcoin price can easily go to 50K$ and more, I will make sure myself to prepare to sell bitcoin at that price, and I am sure that means, all of us will be making huge money this year.
My question is when we will see that price because if we are seeing the price now, I think we need more than 1 or 2 months or even more before the price can increase higher to that price.
But it will worth to wait for the price because the reward for us when the price can go higher to that price, will be bigger.

Ailmand

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Bitcoin price going up to $50,000 in just a short span of time is a dream. This might take time, it's too hilarious too think that the price of bitcoin will grow that much just because China shut down 90% miners. This will also cause a huge problem with regards to scalability and the price of transaction fee since there will only be lesser miners.

Genemind

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How did you know that it has something to do with the current price of Bitcoin?
As far as I know, the banning of mining in China isn't final and implemented yet. I respect your speculation but we can't rely on the price hype in a single controversy like this.
Its just coincidence I think so it's hard to conclude because there are lots of reasons to consider.

1miau

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Quote from: richminded on May 13, 2019, 04:30:48 PM

Quote from: alexey14 on May 13, 2019, 03:08:31 PM

35 days ago I started a thread and I told you btc will go 9k$ bcz china banned miners, but some of you dont believed me, Today BTC is 8100$ in some exchange, Here is that thread:
https://bitcointalksearch.org/topic/m.50545198
Now I have a good news , BTC to 50k$ bcz china banned miner, my friend in China confirmed 90% of miner in china are shutdown. BTC can easy go to 50K$ and more.
Less miners = More Demand = increasing price, as simple as that.

Who will solve the blocks if there’s a less miners? This could be mean that the fees will go higher.

The number of miners will have almost no impact to solve a block. The only thing that will happen is that the average block time will be a little bit more than 10 min for this period and when the mining difficulty will be adjusted (every 2016 blocks) it will normalize again. So the impact is temporarily and not really big.
And the number of miners in the network isn't related how fast transactions are and the fees are also not depending on the miners, they depend on the number of transactions and how much the users are willing to spend for the transaction. If the users want a fast transaction while there are many transactions still unconfirmed, the users can pay a higher fee that the miners will confirm their transactions before others. Miners are always conforming the transactiony paying the biggest fees.

Quote from: alexey14 on May 13, 2019, 03:08:31 PM

35 days ago I started a thread and I told you btc will go 9k$ bcz china banned miners, but some of you dont believed me, Today BTC is 8100$ in some exchange, Here is that thread:
https://bitcointalksearch.org/topic/m.50545198
Now I have a good news , BTC to 50k$ bcz china banned miner, my friend in China confirmed 90% of miner in china are shutdown.

Source? Because I doubt that China did anything against miners yet, they announced a ban but they did that already in the past and not much did happen.

muratsink

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Do you think about the negative effects of mining restrictions in China? how the system can confirm millions of blocks without miners? but on the other side, this is good news. because China is greedy and they want to create a monopoly market. when you make a thread about BTC price speculation. and your predictions are correct like todsy. what is the basis of your prediction?

Romeoetin

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Quote from: alexey14 on May 13, 2019, 03:08:31 PM

35 days ago I started a thread and I told you btc will go 9k$ bcz china banned miners, but some of you dont believed me, Today BTC is 8100$ in some exchange, Here is that thread:
https://bitcointalksearch.org/topic/m.50545198
Now I have a good news , BTC to 50k$ bcz china banned miner, my friend in China confirmed 90% of miner in china are shutdown. BTC can easy go to 50K$ and more.
Less miners = More Demand = increasing price, as simple as that.

I think this is just a lucky guess and a coincidence nothing more. There's no correlation whatsoever that guarantees the current rise in btc price depends on the ban of Chinese miners.

Astvile

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There is also an disadvantage when huge scale of miners be gone on blockchain,did you think of how much fees for every transaction would cost specially if bitcoins price boom up right now?Last year cost of fees almost reach 10$ per transaction thats when all miners from china is working imagine now

mrdeposit

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Your price analysis may be correct, but depending on what you said, it was a little far from reality. So, in your opinion, btc's banning by china was the innovation that could affect the price like that? Huh

That is right with your logic, but how the majority perceives it is more important.

richminded

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Quote from: alexey14 on May 13, 2019, 03:08:31 PM

35 days ago I started a thread and I told you btc will go 9k$ bcz china banned miners, but some of you dont believed me, Today BTC is 8100$ in some exchange, Here is that thread:
https://bitcointalksearch.org/topic/m.50545198
Now I have a good news , BTC to 50k$ bcz china banned miner, my friend in China confirmed 90% of miner in china are shutdown. BTC can easy go to 50K$ and more.
Less miners = More Demand = increasing price, as simple as that.

Who will solve the blocks if there’s a less miners? This could be mean that the fees will go higher.
Your prediction can’t still be hit, and the next prediction is too high and it can’t happen this year. More demand doesn’t mean a higher price especially when everyone is selling. Anyway, we can give many predictions as we want and feel pro if that prediction happened, but still not a good way to depend on.

SaShiRaJaVu

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Quote from: alexey14 on May 13, 2019, 03:08:31 PM

35 days ago I started a thread and I told you btc will go 9k$ bcz china banned miners, but some of you dont believed me, Today BTC is 8100$ in some exchange,

Since you made the predictions a long time back, i would like to know how much money you made in the future trading market, since you had accurate data on how the market goes, you might have made a ton of money, i would like to see your earnings you made in the past few days simply because you could accurately predict the market Tongue

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Less miners = More Demand = increasing price, as simple as that.

How will you correlate this, you think that the extinct miners will purchase the coins since they are not able to mine it, even if there is only one miner, the amount of bitcoin released for each block confirmation is the same and there is no inflation or deflation on that aspect, if there is more demand then the price will increase but what correlation does it have when it comes to miners, if you have a certain answer i would like to know Wink

.

alexey14

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35 days ago I started a thread and I told you btc will go 9k$ bcz china banned miners, but some of you dont believed me, Today BTC is 8100$ in some exchange, Here is that thread:
https://bitcointalksearch.org/topic/m.50545198
Now I have a good news , BTC to 50k$ bcz china banned miner, my friend in China confirmed 90% of miner in china are shutdown. BTC can easy go to 50K$ and more.
Less miners = More Demand = increasing price, as simple as that.

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