How many dollars of BTC purchases would it take to go to $10,000? - page 2.

o_e_l_e_o

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Quote from: vit05 on February 04, 2019, 04:41:28 PM

But no one uses the price of the transaction between you and your friend as a reference. If the exchanges, whose prices are used by the indexes of the most ranking sites, are not working, the main price indicators will not be working either.

True. I was simply illustrating a point that this question has no definite answer. Lets put it this way then - suddenly everyone in the world decides they don't want to sell bitcoin, and everyone is just holding. I come along and say I will sell 1 bit for 1 cent. Someone snaps up my offer, and then everyone in the world goes back to holding. The price of bitcoin is now $10,000.

You can take this to the other extreme and say ($10,000 - $3,468 (current price))*17,519,462 (circulating supply) = $114.4 billion is needed to reach a price of $10,000 if every bitcoin is sold to get there.

The answer obviously lies between these two numbers, but where exactly, no one can say.

vit05

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Quote from: o_e_l_e_o on February 04, 2019, 04:28:24 PM

Technically, the answer is one cent.

Let's say for some reason all the exchange are momentarily down. I decide to sell to my friend at a price of $10,000. He comes along and decides to buy 1 bit for $0.01. For a fraction of a second, until the next sale is made, the price of bitcoin is $10,000.

Marketcap is simply the circulating supply multiplied by the price of the last sale. It isn't a great statistic to use, and completely meaningless when you try to apply it to altcoins and tokens.

But no one uses the price of the transaction between you and your friend as a reference. If the exchanges, whose prices are used by the indexes of the most ranking sites, are not working, the main price indicators will not be working either.

Coinmarket shows how they calculate the price here

This guy has made some calculation about how much it would need to make prices go up in one minute on gDax Crudely put — It is possible for someone with access to $23 million USD to pump the price up by .557% in one minute.
But it is old, from last year.

o_e_l_e_o

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Technically, the answer is one cent.

Let's say for some reason all the exchange are momentarily down. I decide to sell to my friend at a price of $10,000. He comes along and decides to buy 1 bit for $0.01. For a fraction of a second, until the next sale is made, the price of bitcoin is $10,000.

Marketcap is simply the circulating supply multiplied by the price of the last sale. It isn't a great statistic to use, and completely meaningless when you try to apply it to altcoins and tokens.

avikz

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Quote from: paramind22 on February 04, 2019, 01:06:48 PM

How many dollars of BTC purchases would it take to go to $10,000?

No one will be able to calculate that because bitcoin's price doesn't really fluctuate due to only that factor. There are many other external factors associated to it and hence it is impossible to calculate.

However, someone said it should be 180 billion usd. But that's a simple calculation using the below formula,

Total bitcoins in circulation × $10,000 = market cap

Considering the current market is 60.7 billion use, another 119.3 billion usd needs to be added.

paramind22

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Quote from: squatter on February 04, 2019, 03:47:02 PM

Quote from: paramind22 on February 04, 2019, 01:06:48 PM

How many dollars of BTC purchases would it take to go to $10,000?

It's impossible to calculate. The order books listed on exchanges are fluid and only give you a glimpse of overall market liquidity. As the price rises, more coins will enter the order books and it'll take more money to keep pushing price up.

One could create a function to figure out an approximation. For instance, you know that once it reaches $4000, then it would be more expensive to buy it. Same thing with each dollar it climbs. You could say it would cost 4 million to reach $10,000 a BTC, or you could say 50 million. One is more accurate.

squatter

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STOP SNITCHIN'

Quote from: paramind22 on February 04, 2019, 01:06:48 PM

How many dollars of BTC purchases would it take to go to $10,000?

It's impossible to calculate. The order books listed on exchanges are fluid and only give you a glimpse of overall market liquidity. As the price rises, more coins will enter the order books and it'll take more money to keep pushing price up.

paramind22

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Quote from: sunsilk on February 04, 2019, 03:31:41 PM

Do you mean the market cap?

The current supply in circulation is 17,519, 362 base on coinmarketcap.com

If my calculation is right, market cap must be around $180B.

Thanks, but that's not my question. I am trying to avoid doing the math in case someone is very good at it. You would take the dollar amount of BTC now and times it by the difference between the price of purchases at $10,000. The answer should be a dollar amount.

sunsilk

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Do you mean the market cap?

The current supply in circulation is 17,519, 362 base on coinmarketcap.com

If my calculation is right, market cap must be around $180B.

paramind22

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How many dollars of BTC purchases would it take to go to $10,000?

Topic: How many dollars of BTC purchases would it take to go to $10,000? - page 2. (Read 348 times)