Did the Bitcoin Maimi conference 2022 contribute to Bitcoin price.

TimeTeller

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Quote from: Emitdama on February 26, 2023, 02:06:45 PM

I agree that it is old news by this point, and I think 30k people in Miami just for crypto was also a bit of a success of the Mayor as well. He is famously a pro-bitcoin person and helped with everything from licenses to basically all kinds of help they may need, even arranged frequent busses as well.

So all in all, this was a success but it wasn't the cause of this recent increase in price, couldn't be because it's different time periods and I would guess that a conference in Miami, no matter how good it was, wouldn't be really that much of a big deal, it would be something a bit less interesting in the long run and would not be a reason for bitcoin to go up.

I also don't think that this conference has something to do with the increase of bitcoin price.
That's a long time ago when you talk about the influence of this activity to the current market performance.
The event may be a success, but it doesn't mean it has direct impact with the supply and demand of the btc market.
It may possibly increase the number of crypto users, but we can't conclude that it has significant effect on bitcoin's price.

stompix

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Quote from: Zilon on February 23, 2023, 06:18:55 PM

Bitcoin's role as edge over inflation was one of the numerous things discussed and and according to

Quote

Morgan Creek Capital founder Mark Yusko, the problem isn’t inflation per se — it’s currency devaluation.

Pointing out it is scenerio of currency devaluation as 1BTC will always equal 1BTC using the policy of the federal reserve as reference. Stating the value of Bitcoin in dollar might become relevant over time as monetary policy continues to erode consumers’ and investors’ purchasing power.

1$=1$ and 1Luna=1Luna as long as you don't sell or try to buy BTC with it 10 years later.
I find it amusing how while we're going down 1BTC=1BTC but when we're in a bull market everyone forgets about that and starts with 1BTC =x $.

As for the conference itself, it's no longer 2015-2017 when every major event was something new, never seen before, when you had literally millions who've never heard of it before and so, just to point out a thing, since we're talking about Miami, the Miami-Dade Arena was called FTX Arena from 2012, one year prior to the conference, this was just an event wth no authority that can take legal decisions presently.

The conference was more like an auto show, where everyone goes to see what's new and companies invest for publicity, no car maker decides the prices for the cars or the wages for their workers based on that.

Oh...btw

Quote

The topics of many panels related to sustainability and environmental, social and governance (ESG) standards when it came to Bitcoin mining. Cointelegraph spoke to Greg Beard, chief executive officer of Stronghold Digital Mining

one year later, Stronghold is returning placed orders to avoid bankruptcy. Grin

Not really the guy you want to take advice from, right?

Emitdama

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I agree that it is old news by this point, and I think 30k people in Miami just for crypto was also a bit of a success of the Mayor as well. He is famously a pro-bitcoin person and helped with everything from licenses to basically all kinds of help they may need, even arranged frequent busses as well.

So all in all, this was a success but it wasn't the cause of this recent increase in price, couldn't be because it's different time periods and I would guess that a conference in Miami, no matter how good it was, wouldn't be really that much of a big deal, it would be something a bit less interesting in the long run and would not be a reason for bitcoin to go up.

coolcoinz

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Quote from: mk4 on February 23, 2023, 07:48:47 PM

Quote from: Zilon on February 23, 2023, 06:18:55 PM

This brought me to my worries if is is right to attribute the slight growth in price as a result of the 2022 conference and what to expect after that of 2023.

The conference was like what? Almost mid 2022? Not sure how we could point to that.

Also funnily enough, the cryptocurrency space has this thing with conferences where prices drop right after the events lol.

The god old saying buy the rumor, sell the news. People buy before every event and sell when it's happening and that includes conferences.

To be honest, there's no relation between any conference and price because the biggest contributors are people who don't care about bitcoin improvements and people who aren't building anything.
For instance, devs are not the biggest traders, on the contrary, devs are rarely trading anything. It's the same with people who run nodes, they are rarely traders.

Miners also won't buy bitcoin because of some conference or network upgrade. They have so much money invested that they're steadily selling all the time to pay electricity bills and buy new hardware. They are the biggest contributors to network stability, but they don't speculate on exchanges.

The spot price that we're seeing is just a fraction of the real value of bitcoin because traders are just a fraction of the bitcoin community. I hold a lot of BTC and I hardly ever use centralized exchanges.

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Quote from: Zilon on February 24, 2023, 04:07:04 AM

Quote from: jackg on February 23, 2023, 07:37:51 PM

That's VERY old news now. One of the biggest stories to come out of that was also the number of speakers who had quit it (many were speculating they were separating their reputation from Bitcoin after it had fallen).

Old news which can be seen as past events play vital role in price action. After the conference it is assumed price fell even further. I wonder why the said speakers had to quit, separating their reputation from Bitcoin after the price fell. In reality it made no difference because price had to exhaust it dip to start a new trend.

Hooke's law of elasticity which states that the strain of the material is proportional to the applied stress within the elastic limit of that material. Price had to move in the bear direction to be proportional to the hype factor from the conference and when it limit got exceeded it got a primary support that pushed price up in early 2023.

I don't think we need to see immediate result after big events in the crypto space but every single event especially major ones point to introducing new moves in future times.

Frankly, I do not remember that the conference that took place in 2022 had any impact despite the huge number of followers. Most of what was expected at the time was that there would be more adoption movements for Bitcoin, but this did not actually happen. And I expect that the same thing will be repeated in this year's conference if politicians and decision-makers are absent from it.
As for the effect on the price movement, this is also not expected to be a noticeable effect, since the price fluctuates circumstantially according to the criterion of supply and demand.

Zilon

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Bitcoindata.science

Quote from: jackg on February 23, 2023, 07:37:51 PM

That's VERY old news now. One of the biggest stories to come out of that was also the number of speakers who had quit it (many were speculating they were separating their reputation from Bitcoin after it had fallen).

Old news which can be seen as past events play vital role in price action. After the conference it is assumed price fell even further. I wonder why the said speakers had to quit, separating their reputation from Bitcoin after the price fell. In reality it made no difference because price had to exhaust it dip to start a new trend.

Hooke's law of elasticity which states that the strain of the material is proportional to the applied stress within the elastic limit of that material. Price had to move in the bear direction to be proportional to the hype factor from the conference and when it limit got exceeded it got a primary support that pushed price up in early 2023.

I don't think we need to see immediate result after big events in the crypto space but every single event especially major ones point to introducing new moves in future times.

mk4

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Quote from: Zilon on February 23, 2023, 06:18:55 PM

This brought me to my worries if is is right to attribute the slight growth in price as a result of the 2022 conference and what to expect after that of 2023.

The conference was like what? Almost mid 2022? Not sure how we could point to that.

Also funnily enough, the cryptocurrency space has this thing with conferences where prices drop right after the events lol.

jackg

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That's VERY old news now. One of the biggest stories to come out of that was also the number of speakers who had quit it (many were speculating they were separating their reputation from Bitcoin after it had fallen).

It was a very impressive story at the time and still remains one for the community as 30 000 people is a huge number to be watching or even interested in crypto (especially as the price collapsed - most of the audience still showed iirc there was no news of an unexpected number of them not attending).

Zilon

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Bitcoindata.science

According to Maimi Herald 30,000 attendees and exhibitors were present at the Maimi beach to witness the 2022 conference which happened to be the largest single Bitcoin event in all times. The conference been hosted by Bitcoin Magazine and sponsored by Cash App sprung interest from all over the world. Bringing together developers, economic strategist, capitalist, Bitcoin builders, policy makers and policy makers.

Bitcoin's role as edge over inflation was one of the numerous things discussed and and according to

Quote

Morgan Creek Capital founder Mark Yusko, the problem isn’t inflation per se — it’s currency devaluation.

Pointing out it is scenerio of currency devaluation as 1BTC will always equal 1BTC using the policy of the federal reserve as reference. Stating the value of Bitcoin in dollar might become relevant over time as monetary policy continues to erode consumers’ and investors’ purchasing power.

This brought me to my worries if is is right to attribute the slight growth in price as a result of the 2022 conference and what to expect after that of 2023.

Topic: Did the Bitcoin Maimi conference 2022 contribute to Bitcoin price. (Read 105 times)