Topic: Everything except the price trend is going fantastic - page 3. (Read 9732 times)
Leave logic aside and please enlighten us!
The overall 2-year trend resumed in May:
For a dose of reality check this one out.
https://blockchain.info/charts/estimated-transaction-volume?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
unchanged for 2.5 years
That is definately not unchanged, there are days when it's 400k and days when there are 50k
It just looks unchanged because of the huge fucking spike that some spoiled kid managed
I may have forgotten Lambchop, but I cannot recall you having any argument for why the price will drop in the medium term, other than "see the recent chart".
Enlighten us
Enlighten us
Non sequitur?
Enlighten us
The overall 2-year trend resumed in May:
For a dose of reality check this one out.
https://blockchain.info/charts/estimated-transaction-volume?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
unchanged for 2.5 years
That's definitely not unchanged. There is a clear upward trend. Your selection of a linear chart simply zooms out so far due to the temporary spike, that it becomes difficult for some to see. Erase the spikes that occur around bubbles and the overall bullish trend becomes apparent even on linear charts.
I may have forgotten Lambchop, but I cannot recall you having any argument for why the price will drop in the medium term, other than "see the recent chart".
Enlighten us
Enlighten us
...
b) Your "price inflation" is bullshit of course. Otherwise, I'll go back one more year, and suddenly Bitcoin becomes hugely deflationary. Meaning, I don't get to cherry pick the periods of the market where BTC/USD hugely increased, so you don't get to cherry pick the period where it decreases. The market valuation of one bitcoin is simply not the issue here - otherwise, I point to market valuation since inception and point out we're still up more than 100,000%....
b) Your "price inflation" is bullshit of course. Otherwise, I'll go back one more year, and suddenly Bitcoin becomes hugely deflationary. Meaning, I don't get to cherry pick the periods of the market where BTC/USD hugely increased, so you don't get to cherry pick the period where it decreases. The market valuation of one bitcoin is simply not the issue here - otherwise, I point to market valuation since inception and point out we're still up more than 100,000%....
"Cherry pick the period"? You mean choosing a year when discussing yearly inflation rate?
Choosing the 1 out of 4.5 years of trading in which price is (mainly) is down to discuss, in rather general terms, the "yearly inflation rate"?
That's cherry picking, absolutely.
Average over the entire time, or break it down by year (starting mid/late 2010)
You trying to arguing such nonsense borders on trolling, oda.krell. I refuse to believe you can't understand how absurd your stance is. When talking about USD yearly inflation, do you average it over the entire life of the dollar? Or do you use the recent year data?
The attempt to include Bitcoin's heyday is interesting, though. If you average Bitcoin over it's entire lifespan, you will have to include the price at Bitcoin's inception, which would be 0 (zero), any other point would be rather arbitrary, or "cherry picking," as you put it. With zero as a starting point, any increase in BTC/USD price, percentage-wise, is infinity. Even if the price went back down to $0.01/BTC.
So yeah, Bitcoin's value has increased infinitely since its inception. Good point.
In the past year, tho, the price has tanked by ~65%.
That's some serious sound money.
~Happy Investing!
...
b) Your "price inflation" is bullshit of course. Otherwise, I'll go back one more year, and suddenly Bitcoin becomes hugely deflationary. Meaning, I don't get to cherry pick the periods of the market where BTC/USD hugely increased, so you don't get to cherry pick the period where it decreases. The market valuation of one bitcoin is simply not the issue here - otherwise, I point to market valuation since inception and point out we're still up more than 100,000%....
b) Your "price inflation" is bullshit of course. Otherwise, I'll go back one more year, and suddenly Bitcoin becomes hugely deflationary. Meaning, I don't get to cherry pick the periods of the market where BTC/USD hugely increased, so you don't get to cherry pick the period where it decreases. The market valuation of one bitcoin is simply not the issue here - otherwise, I point to market valuation since inception and point out we're still up more than 100,000%....
"Cherry pick the period"? You mean choosing a year when discussing yearly inflation rate?
Choosing the 1 out of 4.5 years of trading in which price is (mainly) is down to discuss, in rather general terms, the "yearly inflation rate"?
That's cherry picking, absolutely.
Average over the entire time, or break it down by year (starting mid/late 2010)
...
b) Your "price inflation" is bullshit of course. Otherwise, I'll go back one more year, and suddenly Bitcoin becomes hugely deflationary. Meaning, I don't get to cherry pick the periods of the market where BTC/USD hugely increased, so you don't get to cherry pick the period where it decreases. The market valuation of one bitcoin is simply not the issue here - otherwise, I point to market valuation since inception and point out we're still up more than 100,000%....
b) Your "price inflation" is bullshit of course. Otherwise, I'll go back one more year, and suddenly Bitcoin becomes hugely deflationary. Meaning, I don't get to cherry pick the periods of the market where BTC/USD hugely increased, so you don't get to cherry pick the period where it decreases. The market valuation of one bitcoin is simply not the issue here - otherwise, I point to market valuation since inception and point out we're still up more than 100,000%....
"Cherry pick the period"? You mean choosing a year when discussing yearly inflation rate?
Ha.
...
b) Your "price inflation" is bullshit of course. Otherwise, I'll go back one more year, and suddenly Bitcoin becomes hugely deflationary. Meaning, I don't get to cherry pick the periods of the market where BTC/USD hugely increased, so you don't get to cherry pick the period where it decreases. The market valuation of one bitcoin is simply not the issue here - otherwise, I point to market valuation since inception and point out we're still up more than 100,000%....
b) Your "price inflation" is bullshit of course. Otherwise, I'll go back one more year, and suddenly Bitcoin becomes hugely deflationary. Meaning, I don't get to cherry pick the periods of the market where BTC/USD hugely increased, so you don't get to cherry pick the period where it decreases. The market valuation of one bitcoin is simply not the issue here - otherwise, I point to market valuation since inception and point out we're still up more than 100,000%....
"Cherry pick the period"? You mean choosing a year when discussing yearly inflation rate?
...
b) Your "price inflation" is bullshit of course. Otherwise, I'll go back one more year, and suddenly Bitcoin becomes hugely deflationary. Meaning, I don't get to cherry pick the periods of the market where BTC/USD hugely increased, so you don't get to cherry pick the period where it decreases. The market valuation of one bitcoin is simply not the issue here - otherwise, I point to market valuation since inception and point out we're still up more than 100,000%....
b) Your "price inflation" is bullshit of course. Otherwise, I'll go back one more year, and suddenly Bitcoin becomes hugely deflationary. Meaning, I don't get to cherry pick the periods of the market where BTC/USD hugely increased, so you don't get to cherry pick the period where it decreases. The market valuation of one bitcoin is simply not the issue here - otherwise, I point to market valuation since inception and point out we're still up more than 100,000%....
"Cherry pick the period"? You mean choosing a year when discussing yearly inflation rate?
Such discussions are just dumb ...
...
b) Your "price inflation" is bullshit of course. Otherwise, I'll go back one more year, and suddenly Bitcoin becomes hugely deflationary. Meaning, I don't get to cherry pick the periods of the market where BTC/USD hugely increased, so you don't get to cherry pick the period where it decreases. The market valuation of one bitcoin is simply not the issue here - otherwise, I point to market valuation since inception and point out we're still up more than 100,000%....
b) Your "price inflation" is bullshit of course. Otherwise, I'll go back one more year, and suddenly Bitcoin becomes hugely deflationary. Meaning, I don't get to cherry pick the periods of the market where BTC/USD hugely increased, so you don't get to cherry pick the period where it decreases. The market valuation of one bitcoin is simply not the issue here - otherwise, I point to market valuation since inception and point out we're still up more than 100,000%....
"Cherry pick the period"? You mean choosing a year when discussing yearly inflation rate?
^
TLDR:
Bitcoin monetary base inflation = ~10% YTD
Bitcoin price inflation = ~65% YTD
TLDR:
Bitcoin monetary base inflation = ~10% YTD
Bitcoin price inflation = ~65% YTD
a) Agreed (approximately) on the first number, the "monetary base inflation". Even if some crypto enthusiasts like to point to the finite total no. of coins that will ever exist and think of the existing (and growing) base of mined coins as irrelevant, I personally think it is correct to call Bitcoin's monetary base "inflationary" during its bootstrapping/mining phase.
Note that the yearly inflation declines over time. For now though, it's still above 10%:
2013: ~15%
2014: ~13%
b) Your "price inflation" is bullshit of course. Otherwise, I'll go back one more year, and suddenly Bitcoin becomes hugely deflationary. Meaning, I don't get to cherry pick the periods of the market where BTC/USD hugely increased, so you don't get to cherry pick the period where it decreases. The market valuation of one bitcoin is simply not the issue here - otherwise, I point to market valuation since inception and point out we're still up more than 100,000%.
c) Finally: the fact that, despite the significant inflation of the monetary base, we went from a 1 million USD "market cap" in 2011 to a 5 billion "market cap" currently should probably tell you something, but I know it won't :3
The overall 2-year trend resumed in May:
For a dose of reality check this one out.
https://blockchain.info/charts/estimated-transaction-volume?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
unchanged for 2.5 years
It doesn't depend on the price, unbelievable! How can that be possible? I mean, it requires that BTC volumen is in function of the price. Higher price -> lower BTC volumen.
^
TLDR:
Bitcoin monetary base inflation = ~10% YTD
Bitcoin price inflation = ~65% YTD
TLDR:
Bitcoin monetary base inflation = ~10% YTD
Bitcoin price inflation = ~65% YTD
...
At least someone who knows the term "monetary base inflation", but that is still not the kind of inflation, that really matters to a consumer, so I don't get, why people are referencing it all the time.
But anyways, your calculation still doesn't make much sense.
In case you just didn't see my Edit:
At least someone who knows the term "monetary base inflation", but that is still not the kind of inflation, that really matters to a consumer, so I don't get, why people are referencing it all the time.
But anyways, your calculation still doesn't make much sense.
In case you just didn't see my Edit:
Quote
"value flown into bitcoin" is definitly not, what people paid on exchanges for Bitcoins. You have to take mining equipment and electricity into account.
I'm not certain you understand what inflation is, so I'll give you an abridged definition from Investopedia:
"DEFINITION OF 'INFLATION'
The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling."
Note that "value flown [sic] into [currency]" is conspicuously absent. That's because it has nothing to do with inflation.
To offer an example:
If the US FED started spending trillions of dollars a day on printing presses, and paying its employees trillions of dollars an hour, USD inflation rate would not be any lower
And there is Price inflation, which means you can buy less with the same amount of money.
When you talk about inflation with someone outside of the Bitcoin-community they mostly mean the second. People in the Bitcoin-community mostly mean the first one, like dinofelis did, stating that inflation is 10%.
Sorry, I just mixed you up with dinofelis. He said:
Quote
As a simplistic example, suppose that most coins have been bought at an average price of $100.-
That means that the actual "value flown into bitcoin" would be rather $1.5 billion.
That means that the actual "value flown into bitcoin" would be rather $1.5 billion.
The overall 2-year trend resumed in May:
For a dose of reality check this one out.
https://blockchain.info/charts/estimated-transaction-volume?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
unchanged for 2.5 years
...
At least someone who knows the term "monetary base inflation", but that is still not the kind of inflation, that really matters to a consumer, so I don't get, why people are referencing it all the time.
But anyways, your calculation still doesn't make much sense.
In case you just didn't see my Edit:
At least someone who knows the term "monetary base inflation", but that is still not the kind of inflation, that really matters to a consumer, so I don't get, why people are referencing it all the time.
But anyways, your calculation still doesn't make much sense.
In case you just didn't see my Edit:
Quote
"value flown into bitcoin" is definitly not, what people paid on exchanges for Bitcoins. You have to take mining equipment and electricity into account.
I'm not certain you understand what inflation is, so I'll give you an abridged definition from Investopedia:
"DEFINITION OF 'INFLATION'
The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling."
Note that "value flown [sic] into [currency]" is conspicuously absent. That's because it has nothing to do with inflation.
To offer an example:
If the US FED started spending trillions of dollars a day on printing presses, and paying its employees trillions of dollars an hour, USD inflation rate would not be any lower
...
USD has a inflation of 10%?
USD has a inflation of 10%?
No. Bitcoin has an inflation rate of 10%
That is not really inflation. That is nothing someone who bough Bitcoin really bothers.
But I see, you like to play with numbers, and make stupid conclusion. It is the same as taking some numbers from the bible, play with them and than telling everybody that the world ends at a certain date.
You asked about the 10%. I answered: It is Bitcoin's monetary base inflation.
If you are interested in the rate at which the general level of Bitcoin prices for goods and services is rising, this number is ~65%.* That's how much Bitcoin BTC $ price has fallen YTD.
Hope this helped.
*This assumes that USD had 0 (zero) inflation. If we factor in USD inflation, the number becomes even moar hilarious.
But anyways, your calculation still doesn't make much sense.
In case you just didn't see my Edit:
Quote
"value flown into bitcoin" is definitly not, what people paid on exchanges for Bitcoins. You have to take mining equipment and electricity into account.
I expect that the Bitcoin ETF will trigger the next rally phase.
I wouldn't expect any rally of significance any more. People got burned by the MtGox bubble. Tullips don't rally twice. Moreover, there are now a lot of trading options. Speculation and trading usually make large excursions harder to come by. A fully speculated and traded market usually only has large excursions as a function of unexpected events.
I would expect the price now, on the longer term, to evolve more slowly as a function of the expectation of the future fundamentals of bitcoin. Bitcoin came to some form of maturity after the MtGox bubble I would think.
Good thing these aren't tulips (or even "Tullips").
...
USD has a inflation of 10%?
USD has a inflation of 10%?
No. Bitcoin has an inflation rate of 10%
That is not really inflation. That is nothing someone who bough Bitcoin really bothers.
But I see, you like to play with numbers, and make stupid conclusion. It is the same as taking some numbers from the bible, play with them and than telling everybody that the world ends at a certain date.
You asked about the 10%. I answered: It is Bitcoin's monetary base inflation.
If you are interested in the rate at which the general level of Bitcoin prices for goods and services is rising, this number is ~65%.* That's how much Bitcoin BTC $ price has fallen YTD.
Hope this helped.
*This assumes that USD had 0 (zero) inflation. If we factor in USD inflation, the number becomes even moar hilarious.
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