the number of miners has nothing to do with it.
we mine 300 coins an hour, doesnt matter if their are 10 of us or 10,000
it was bad news, happens to every stock, commodity on bad news.
Topic: Is the rapid drop in bitcoin value because there are more miners than buyers? - page 2. (Read 3551 times)
August 04, 2011, 01:57:19 AM
August 04, 2011, 01:54:18 AM
It seems like the mining bug is all the rage now and so many people have gone out and bought so many insane rigs that we have more miners than users / buyers of bitcoin.
If everyone is mining and no one is buying I imagine the price is going to drop fast, as it is. It was 17 last week, and it just dropped $3 in a day and is at around $10 now as I write this.
Are all the news articles and massive press hurting it rather than helping it? All the press I have seen seems to focus on it as:
a> hey you can make your computer make free money!
or
b> look at this ponzi scheme currency you can buy illegal stuff with! buy drugs!
I haven't seen too many main stream coverage or youtube videos focusing on USING it as a valuable currency.. or the legitimate freedom it supplies. It all seems to be on debasing it, or mine it and make $$$ and get out.
Your thoughts?
If everyone is mining and no one is buying I imagine the price is going to drop fast, as it is. It was 17 last week, and it just dropped $3 in a day and is at around $10 now as I write this.
Are all the news articles and massive press hurting it rather than helping it? All the press I have seen seems to focus on it as:
a> hey you can make your computer make free money!
or
b> look at this ponzi scheme currency you can buy illegal stuff with! buy drugs!
I haven't seen too many main stream coverage or youtube videos focusing on USING it as a valuable currency.. or the legitimate freedom it supplies. It all seems to be on debasing it, or mine it and make $$$ and get out.
Your thoughts?
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