Topic: Love this quote. Do you? (Read 1673 times)
One does not simply flush out the "To the moon" crowd. One does however keep educating the uninitiated and building the infrastructure.
Miners need to sell at above their cost to justify their operation.
No, some (maybe most) small miners don't have to sell. I didn't sell (for fiat) a single btc that I mined.
I guess most of bitcoin is not mined by small miners anymore, and I think the big miners look for profit, that can be only achieved if they sell their coins.
They are already sold on contract. When difficulty rises to the point where they are unprofitable the contracted deliveries will cease,and the buyers will be forced onto the exchanges.
Miners need to sell at above their cost to justify their operation.
No, some (maybe most) small miners don't have to sell. I didn't sell (for fiat) a single btc that I mined.
I guess most of bitcoin is not mined by small miners anymore, and I think the big miners look for profit, that can be only achieved if they sell their coins.
Miners need to sell at above their cost to justify their operation.
No, some (maybe most) small miners don't have to sell. I didn't sell (for fiat) a single btc that I mined.
If Bitcoin doesn't go "to da moon" then it has no utility and the speculators will dump it down to zero. So no, the quote is meaningless to me.
this ^^^^^
Uh no. The price is mathematically guaranteed to go up as adoption goes up. It's not a delusion or hope of winning the lottery, its maff. And the 99.9% won't hear about it until the OMG MAD PRICE SPIKES make new headlines so its wrong from that end too. Another fail piece.
No. Adoption MUST increase to bitcoin stay at the same price, we have 3600 new coisn every day.
Also its mathematically impossible expect adoption and no big rises, unless you expect some years of tank price, then everyone adopting bitcoin overnight.
And the cost of producing 3600 new coins are increasing every day due to network difficulty.
Miners need to sell at above their cost to justify their operation.
Uh no. The price is mathematically guaranteed to go up as adoption goes up. It's not a delusion or hope of winning the lottery, its maff. And the 99.9% won't hear about it until the OMG MAD PRICE SPIKES make new headlines so its wrong from that end too. Another fail piece.
No. Adoption MUST increase to bitcoin stay at the same price, we have 3600 new coisn every day.
Also its mathematically impossible expect adoption and no big rises, unless you expect some years of tank price, then everyone adopting bitcoin overnight.
If Bitcoin doesn't go "to da moon" then it has no utility and the speculators will dump it down to zero. So no, the quote is meaningless to me.
I agree 100%, Bitcoin is useless until we reach $50,000 per coin. /s.
To me the whole point of Bitcoin is that it's not controlled by one person, if people are using it as an investment then I have no problem with that. I'm sure most people who want the price to increase only want it to increase because they hold a huge amount but as long as Bitcoin has real life use and value it'll always be considered useful / valuable and to me that's more important than what the price is. Bitcoin will do the same job if it was at $1 than if it was at $1000. The only difference I can think of is people will be more likely to dump their coins to take advantage of the price.
I don't think every altcoins is of equal value, you might have misunderstood me. I could create an altcoin but it would never be used for anything that holds value and also, what can my coin offer that other coins don't offer?
I do agree that price and adoption go hand in hand, we can see from past results that as more and more merchants have adopted Bitcoin the price has gone up.
The point I was trying to make was that as long as Bitcoin can be used to purchase something it will hold some kind of value
I would add: at a valuation leading to a 7.7B USD market cap, Bitcoin is already quite useful (as a medium of exchange, for example). Maybe not 'changing the world' useful, but good enough for a bunch of
Fact is, we all (or at least most of us) hope for big price increases *now*, regardless of how much of it is speculative and how much of it is actually absorbed by increased usage. That's the mentality I had in mind with this topic. (and, yes, I include myself it the preceding critical remark)
If Bitcoin doesn't go "to da moon" then it has no utility and the speculators will dump it down to zero. So no, the quote is meaningless to me.
I agree 100%, Bitcoin is useless until we reach $50,000 per coin. /s.
To me the whole point of Bitcoin is that it's not controlled by one person, if people are using it as an investment then I have no problem with that. I'm sure most people who want the price to increase only want it to increase because they hold a huge amount but as long as Bitcoin has real life use and value it'll always be considered useful / valuable and to me that's more important than what the price is. Bitcoin will do the same job if it was at $1 than if it was at $1000. The only difference I can think of is people will be more likely to dump their coins to take advantage of the price.
I don't think every altcoins is of equal value, you might have misunderstood me. I could create an altcoin but it would never be used for anything that holds value and also, what can my coin offer that other coins don't offer?
I do agree that price and adoption go hand in hand, we can see from past results that as more and more merchants have adopted Bitcoin the price has gone up.
The point I was trying to make was that as long as Bitcoin can be used to purchase something it will hold some kind of value
If Bitcoin doesn't go "to da moon" then it has no utility and the speculators will dump it down to zero. So no, the quote is meaningless to me.
I agree 100%, Bitcoin is useless until we reach $50,000 per coin. /s.
To me the whole point of Bitcoin is that it's not controlled by one person, if people are using it as an investment then I have no problem with that. I'm sure most people who want the price to increase only want it to increase because they hold a huge amount but as long as Bitcoin has real life use and value it'll always be considered useful / valuable and to me that's more important than what the price is. Bitcoin will do the same job if it was at $1 than if it was at $1000. The only difference I can think of is people will be more likely to dump their coins to take advantage of the price.
If Bitcoin doesn't go "to da moon" then it has no utility and the speculators will dump it down to zero. So no, the quote is meaningless to me.
I agree 100%, Bitcoin is useless until we reach $50,000 per coin. /s.
To me the whole point of Bitcoin is that it's not controlled by one person, if people are using it as an investment then I have no problem with that. I'm sure most people who want the price to increase only want it to increase because they hold a huge amount but as long as Bitcoin has real life use and value it'll always be considered useful / valuable and to me that's more important than what the price is. Bitcoin will do the same job if it was at $1 than if it was at $1000. The only difference I can think of is people will be more likely to dump their coins to take advantage of the price.
If Bitcoin doesn't go "to da moon" then it has no utility and the speculators will dump it down to zero. So no, the quote is meaningless to me.
For price to be stable, network hash rate needs to be stable first.
stability is good, is what the majority was asking for, but not at this price 
Uh no. The price is mathematically guaranteed to go up as adoption goes up. It's not a delusion or hope of winning the lottery, its maff. And the 99.9% won't hear about it until the OMG MAD PRICE SPIKES make new headlines so its wrong from that end too. Another fail piece.
The math is based on the assumption that user adoption will continue to increase, that's not a given. And besides you don't know how much of current 'adopters' are just in it for the moonride and don't care about anything else. If that crowd finally leaves then we'll see just how many real adopters Bitcoin has, but the price could be easily cut in half from here. I would love to see that happen because the 'to the moon' crowd is getting too complacent and annoying lately. Let them endure some pain to sober them up.
Uh no. The price is mathematically guaranteed to go up as adoption goes up. It's not a delusion or hope of winning the lottery, its maff. And the 99.9% won't hear about it until the OMG MAD PRICE SPIKES make new headlines so its wrong from that end too. Another fail piece.
The math is based on the assumption that user adoption will continue to increase, that's not a given. And besides you don't know how much of current 'adopters' are just in it for the moonride and don't care about anything else. If that crowd finally leaves then we'll see just how many real adopters Bitcoin has, but the price could be easily cut in half from here. I would love to see that happen because the 'to the moon' crowd is getting too complacent and annoying lately. Let them endure some pain to sober them up. ;)
Miz4r - Voice of reason since April 2013 :D
self-reinforcing positive impact. we can call it happiness 
Quote
But stability could have a self-reinforcing positive impact. Flushing out the “To the Moon” crowd might be just what the doctor ordered for bitcoin to gain respectability and mainstream acceptance.
from: http://blogs.wsj.com/moneybeat/2014/08/08/bitbeat-learning-to-love-a-boring-bitcoin-market/
Why do people hate "to the mooners?"
These people are cheerleading an investment that could change the world and make us wealthy in the process.
God bless them.
Uh no. The price is mathematically guaranteed to go up as adoption goes up. It's not a delusion or hope of winning the lottery, its maff. And the 99.9% won't hear about it until the OMG MAD PRICE SPIKES make new headlines so its wrong from that end too. Another fail piece.
The math is based on the assumption that user adoption will continue to increase, that's not a given. And besides you don't know how much of current 'adopters' are just in it for the moonride and don't care about anything else. If that crowd finally leaves then we'll see just how many real adopters Bitcoin has, but the price could be easily cut in half from here. I would love to see that happen because the 'to the moon' crowd is getting too complacent and annoying lately. Let them endure some pain to sober them up.
There's still so much potential growth and applications for Bitcoin... The rate at which new coins are being produced isn't that high after all, anyways. I think the rate of adoption is still higher than the rate of Bitcoins being produced. Also, those who already have a lot of Bitcoin rather hold them and are in for the really long run.
Uh no. The price is mathematically guaranteed to go up as adoption goes up. It's not a delusion or hope of winning the lottery, its maff. And the 99.9% won't hear about it until the OMG MAD PRICE SPIKES make new headlines so its wrong from that end too. Another fail piece.
The math is based on the assumption that user adoption will continue to increase, that's not a given. And besides you don't know how much of current 'adopters' are just in it for the moonride and don't care about anything else. If that crowd finally leaves then we'll see just how many real adopters Bitcoin has, but the price could be easily cut in half from here. I would love to see that happen because the 'to the moon' crowd is getting too complacent and annoying lately. Let them endure some pain to sober them up.
Jump to: