Bumping into scarcity: does this graphic explain it well?

notme

legendary

Activity: 1904

Merit: 1002

Quote from: Spaceman_Spiff on March 08, 2013, 01:40:52 PM

OP, that sounds about right to me.

Trace, nice collection of data.
Didn't know market cap of Mastercard and Visa were so big compared to AAPL (thought AAPL would be an order of magnitude higher).

Elevator going down:

yucca

full member

Activity: 217

Merit: 100

Quote from: mobodick on March 12, 2013, 06:26:40 PM

Quote from: yucca on March 12, 2013, 06:09:23 PM

Hopefully the day will come when a BTC "price" chart will not exist as all other currencies will be gone. So 1BTC==1BTC and everthing is priced in BTC. I suppose you could price it in gold, but that would yield no information about BTC value, only gold value.

And how would you decide what you can buy for this 1BTC==1BTC?
Huh? Huh?

The free market would decide, everything would be priced in BTC. I'm thinking quite a time in the future here (all going well).

mobodick

hero member

Activity: 840

Merit: 1000

Quote from: yucca on March 12, 2013, 06:09:23 PM

Hopefully the day will come when a BTC "price" chart will not exist as all other currencies will be gone. So 1BTC==1BTC and everthing is priced in BTC. I suppose you could price it in gold, but that would yield no information about BTC value, only gold value.

And how would you decide what you can buy for this 1BTC==1BTC?
Huh? Huh?

yucca

full member

Activity: 217

Merit: 100

Hopefully the day will come when a BTC "price" chart will not exist as all other currencies will be gone. So 1BTC==1BTC and everthing is priced in BTC. I suppose you could price it in gold, but that would yield no information about BTC value, only gold value.

mobodick

hero member

Activity: 840

Merit: 1000

Quote from: niko on March 09, 2013, 02:54:09 PM

Quote from: byronbb on March 09, 2013, 02:41:11 PM

Quote from: mobodick on March 09, 2013, 02:34:59 PM

Quote from: niko on March 09, 2013, 01:20:17 PM

Quote from: mobodick on March 08, 2013, 02:23:53 PM

I think this cannot be complete.
In both selloff events (the 2011 one and the recent one) the driving force was a revolution in mining hardware.
THIS is what drives the price up but it is missing from the picture.

What revolution in hardware in 2011 are you talking about? GPU mining kicked off in summer 2010.

But it didn't gain tracking untill early 2011.

OPenCL 1.0 was released Oct 1 2010 and within 2 weeks someone decided to buy 500k bitcoins.

GPU mining started in July 2010:

Sure, there were people mining with GPUs in 2010, but how many ?
You shouldn't look at a log graph because mining is a linear process.
So if you look at the graph in the correct context you can clearly see that the gpu tide started to boom in the first part of 2011.

byronbb

legendary

Activity: 1414

Merit: 1000

HODL OR DIE

Quote from: niko on March 09, 2013, 02:54:09 PM

Quote from: byronbb on March 09, 2013, 02:41:11 PM

Quote from: mobodick on March 09, 2013, 02:34:59 PM

Quote from: niko on March 09, 2013, 01:20:17 PM

Quote from: mobodick on March 08, 2013, 02:23:53 PM

I think this cannot be complete.
In both selloff events (the 2011 one and the recent one) the driving force was a revolution in mining hardware.
THIS is what drives the price up but it is missing from the picture.

What revolution in hardware in 2011 are you talking about? GPU mining kicked off in summer 2010.

But it didn't gain tracking untill early 2011.

OPenCL 1.0 was released Oct 1 2010 and within 2 weeks someone decided to buy 500k bitcoins.

GPU mining started in July 2010:

As for your "someone bought 500k coins" -

The volume over these couple of days may have been 500k coins, worth approximately $35k. What is the point you are trying to make? Just 2 weeks after Jupiter and Mars were in opposition two years ago, someone dumped $144k. Clearly, this is correlated.

OpenCL 1.0 is related to GPU mining which is related to bitcoins. Planets of course having nothing to do with bitcoins, but that was never my suggestion.

Avalon was confirmed to be real: the price goes parabolic. OpenCL 1.0 is released giving average joe the ability to mine with his GPUs, a large buy comes in days after. I guess I could fire up paint.exe and draw you a picture but I'll leave it to your interplanetary imagination for now.

niko

hero member

Activity: 756

Merit: 501

There is more to Bitcoin than bitcoins.

Quote from: byronbb on March 09, 2013, 02:41:11 PM

Quote from: mobodick on March 09, 2013, 02:34:59 PM

Quote from: niko on March 09, 2013, 01:20:17 PM

Quote from: mobodick on March 08, 2013, 02:23:53 PM

I think this cannot be complete.
In both selloff events (the 2011 one and the recent one) the driving force was a revolution in mining hardware.
THIS is what drives the price up but it is missing from the picture.

What revolution in hardware in 2011 are you talking about? GPU mining kicked off in summer 2010.

But it didn't gain tracking untill early 2011.

OPenCL 1.0 was released Oct 1 2010 and within 2 weeks someone decided to buy 500k bitcoins.

GPU mining started in July 2010:

As for your "someone bought 500k coins" -

The volume over these couple of days may have been 500k coins, worth approximately $35k. What is the point you are trying to make? Just 2 weeks after Jupiter and Mars were in opposition two years ago, someone dumped $144k. Clearly, this is correlated.

byronbb

legendary

Activity: 1414

Merit: 1000

HODL OR DIE

Quote from: mobodick on March 09, 2013, 02:34:59 PM

Quote from: niko on March 09, 2013, 01:20:17 PM

Quote from: mobodick on March 08, 2013, 02:23:53 PM

I think this cannot be complete.
In both selloff events (the 2011 one and the recent one) the driving force was a revolution in mining hardware.
THIS is what drives the price up but it is missing from the picture.

What revolution in hardware in 2011 are you talking about? GPU mining kicked off in summer 2010.

But it didn't gain tracking untill early 2011.

OPenCL 1.0 was released Oct 1 2010 and within 2 weeks someone decided to buy 500k bitcoins.

mobodick

hero member

Activity: 840

Merit: 1000

Quote from: niko on March 09, 2013, 01:20:17 PM

Quote from: mobodick on March 08, 2013, 02:23:53 PM

I think this cannot be complete.
In both selloff events (the 2011 one and the recent one) the driving force was a revolution in mining hardware.
THIS is what drives the price up but it is missing from the picture.

What revolution in hardware in 2011 are you talking about? GPU mining kicked off in summer 2010.

But it didn't gain tracking untill early 2011.

niko

hero member

Activity: 756

Merit: 501

There is more to Bitcoin than bitcoins.

Quote from: mobodick on March 08, 2013, 02:23:53 PM

I think this cannot be complete.
In both selloff events (the 2011 one and the recent one) the driving force was a revolution in mining hardware.
THIS is what drives the price up but it is missing from the picture.

What revolution in hardware in 2011 are you talking about? GPU mining kicked off in summer 2010.

mobodick

hero member

Activity: 840

Merit: 1000

Quote from: coastermonger on March 08, 2013, 12:48:03 AM

I think this cannot be complete.
In both selloff events (the 2011 one and the recent one) the driving force was a revolution in mining hardware.
THIS is what drives the price up but it is missing from the picture.
Since the mining algotithm is energy bound i expect future hardware to have less spectacular effects on the price.

Spaceman_Spiff

legendary

Activity: 1638

Merit: 1001

₪``Campaign Manager´´₪

OP, that sounds about right to me.

Trace, nice collection of data.
Didn't know market cap of Mastercard and Visa were so big compared to AAPL (thought AAPL would be an order of magnitude higher).

sunnankar

legendary

Activity: 1031

Merit: 1000

Quote from: inge on March 08, 2013, 04:49:36 AM

If people is starting using Bitcoins for “real” transactions, as I think they are, than demand will keep growing.

Exactly.

inge

sr. member

Activity: 298

Merit: 250

If people is starting using Bitcoins for “real” transactions, as I think they are, than demand will keep growing.

Regards, Inge

redwraith

full member

Activity: 188

Merit: 102

As long as they have utility, scarcity will continue driving it up, despite the occasional violent sell-off.

coastermonger

sr. member

Activity: 367

Merit: 250

Find me at Bitrated

Topic: Bumping into scarcity: does this graphic explain it well? (Read 2088 times)