Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 31935.

BRADLEYPLOOF

hero member

Activity: 520

Merit: 500

Quote from: mestar on November 18, 2013, 10:30:35 AM

Quote from: Spaceman_Spiff on November 18, 2013, 10:14:49 AM

Bitcoin would never get to such a price point (and the electrical power would get more expensive).

Exactly.

This, however, makes some statements about Bitcoin look idiotic. In a link in this thread a couple of days ago, a guy on TV said

"Bitcoin price could go to million dollars"

Well, it could, as long as you are prepared to have up to 3 billion USD daily usage of electrical power to run such a network.

I'm just trying to wrap my head around where these daily electrical power usage numbers are coming from...are you implying that 100,000,000 more people will start mining and the price of electricity will quadruple?

600watt

legendary

Activity: 2338

Merit: 2106

Quote from: mestar on November 18, 2013, 10:26:19 AM

Quote from: wachtwoord on November 18, 2013, 10:14:22 AM

Dude electricity is irrelevant.

Dude, electricity is relevant. It's the limiting factor once you have mining hardware in your hands.

new mining hardware puts out lot´s of coins, tons of dollars and about 1% cost for electricity. completely irrelevant. i know a miner who made ~~300 000~~ 400 000 dollars (shit the price rises faster then i can type) with his miners. he sold them after 6 weeks. electricity cost ? Cheesy

mestar

sr. member

Activity: 407

Merit: 250

Quote from: Spaceman_Spiff on November 18, 2013, 10:14:49 AM

Bitcoin would never get to such a price point (and the electrical power would get more expensive).

Exactly.

This, however, makes some statements about Bitcoin look idiotic. In a link in this thread a couple of days ago, a guy on TV said

"Bitcoin price could go to million dollars"

Well, it could, as long as you are prepared to have up to 3 billion USD daily usage of electrical power to run such a network.

NewLiberty

legendary

Activity: 1204

Merit: 1002

Gresham's Lawyer

Quote from: mestar on November 18, 2013, 10:11:32 AM

Quote from: wachtwoord on November 18, 2013, 09:58:31 AM

It is completely like gold but better.

Gold does not have a price point at which all the electrical power generated in the world is used by gold. Bitcoin has such a price point.

Gold and bitcoin have almost opposite (and so have very complementary features)
Bitcoin is best used over the internet, gold is best used in person.
Virtual vs tangible, new vs eternal, hi tech vs elementary...

Precious metal (coin) are needed to make the currency complete, which is the impetus for the Bitcoin Specie project.

mestar

sr. member

Activity: 407

Merit: 250

Quote from: wachtwoord on November 18, 2013, 10:14:22 AM

Dude electricity is irrelevant.

Dude, electricity is relevant. It's the limiting factor once you have mining hardware in your hands.

Spaceman_Spiff

legendary

Activity: 1638

Merit: 1001

₪``Campaign Manager´´₪

Quote from: mestar on November 18, 2013, 10:20:04 AM

Quote from: Spaceman_Spiff on November 18, 2013, 10:11:12 AM

But as noted by 600 watt, gold storage and transportation costs money too.

Yes, but this cost of gold will not be passing trough the exchanges (on the sell side as well) and push the price down, like the cost of Bitcoin will.

As long as miners have costs that can't be paid in Bitcoins, a sizable chunk of that daily $2 million must pass trough exchanges, pushing the price down. If you can't see this effect on the price today, that does not mean that the effect is not there.

And this effect, this downward pressure on the price is directly connected to the price of Bitcoin. The higher the Bitcoin price, the stronger the downward pressure on the Bitcoin price.

Are you going somewhere with these arguments? What is the point?

Rannasha

hero member

Activity: 728

Merit: 500

Quote from: lebing on November 18, 2013, 10:21:46 AM

Stahp China! err mtgox err whoever just Stahp!

Belay that, carry on.

lebing

legendary

Activity: 1288

Merit: 1000

Enabling the maximal migration

Stahp China! err mtgox err whoever just Stahp!

ardana123

hero member

Activity: 504

Merit: 500

Quote from: CryptoMinter on November 18, 2013, 10:18:46 AM

Quote from: TERA on November 18, 2013, 09:41:18 AM

Quote from: bnjmnkent on November 18, 2013, 09:40:22 AM

Quote from: TERA on November 18, 2013, 09:37:19 AM

For once I'll say thank god there is gox to support the price otherwise bitstamp looks like it would go down the rabbit hole. What is going on over there and what happened to the order book? The bid at btcchina doesn't look impressive either.

Total bids: 6747666.1314018351 | Total asks: 3223422.1035258354

https://www.bitstamp.net/market/order_book/

There is like 1000btc in front of $400.

You should check the dump that happened 7-8 hours ago. No one blinked when stamp went from 525 to 471. Who takes that kind of slippage?

Someone who desperately wants out or wants to crash the market.

mestar

sr. member

Activity: 407

Merit: 250

Quote from: Spaceman_Spiff on November 18, 2013, 10:11:12 AM

But as noted by 600 watt, gold storage and transportation costs money too.

Yes, but this cost of gold will not be passing trough the exchanges (on the sell side as well) and push the price down, like the cost of Bitcoin will.

As long as miners have costs that can't be paid in Bitcoins, a sizable chunk of that daily $2 million must pass trough exchanges, pushing the price down. If you can't see this effect on the price today, that does not mean that the effect is not there.

And this effect, this downward pressure on the price is directly connected to the price of Bitcoin. The higher the Bitcoin price, the stronger the downward pressure on the Bitcoin price.

600watt

legendary

Activity: 2338

Merit: 2106

Quote from: Ivanhoe on November 18, 2013, 10:16:49 AM

ATH again * yawn *

man, i am tired of those ~~400s~~, ~~500s~~, bulk ath´s

Spaceman_Spiff

legendary

Activity: 1638

Merit: 1001

₪``Campaign Manager´´₪

Quote from: wachtwoord on November 18, 2013, 10:14:22 AM

Quote from: mestar on November 18, 2013, 10:11:32 AM

Quote from: wachtwoord on November 18, 2013, 09:58:31 AM

It is completely like gold but better.

Gold does not have a price point at which all the electrical power generated in the world is used by gold. Bitcoin has such a price point.

Dude electricity is irrelevant. Maintenance cost is relevant. For gold that cost is way higher (anti-counterfeiting measures, transporting, anti-scraping measures, storing, securing) than Bitcoin mining which also accomplishes all these things better.

People that keep focusing on electricity truly don't get it. Do yourself a favour and read the articles by Erik Voorhees I linked.

I don't think electricity is irrelevant. The faster and higher bitcoin goes up in price, the more electricity will be consumed in these "high btc inflation" times. If bitcoin reaches $100k overnight, the resulting mining activity (and energy consumption) will be huge, and largely for nothing, because past a certain point the increased security is just overkill. But I guess that is the price to pay for the new monetary system.

CryptoMinter

newbie

Activity: 53

Merit: 0

Quote from: TERA on November 18, 2013, 09:41:18 AM

Quote from: bnjmnkent on November 18, 2013, 09:40:22 AM

Quote from: TERA on November 18, 2013, 09:37:19 AM

For once I'll say thank god there is gox to support the price otherwise bitstamp looks like it would go down the rabbit hole. What is going on over there and what happened to the order book? The bid at btcchina doesn't look impressive either.

Total bids: 6747666.1314018351 | Total asks: 3223422.1035258354

https://www.bitstamp.net/market/order_book/

There is like 1000btc in front of $400.

You should check the dump that happened 7-8 hours ago. No one blinked when stamp went from 525 to 471. Who takes that kind of slippage?

Ivanhoe

hero member

Activity: 841

Merit: 1000

ATH again * yawn *

DougTanner

sr. member

Activity: 280

Merit: 250

Gox just broke ATH $620.

Spaceman_Spiff

legendary

Activity: 1638

Merit: 1001

₪``Campaign Manager´´₪

Quote from: mestar on November 18, 2013, 10:11:32 AM

Quote from: wachtwoord on November 18, 2013, 09:58:31 AM

It is completely like gold but better.

Gold does not have a price point at which all the electrical power generated in the world is used by gold. Bitcoin has such a price point.

Bitcoin would never get to such a price point (and the electrical power would get more expensive).

wachtwoord

legendary

Activity: 2324

Merit: 1125

Quote from: mestar on November 18, 2013, 10:11:32 AM

Quote from: wachtwoord on November 18, 2013, 09:58:31 AM

It is completely like gold but better.

Gold does not have a price point at which all the electrical power generated in the world is used by gold. Bitcoin has such a price point.

Dude electricity is irrelevant. Maintenance cost is relevant. For gold that cost is way higher (anti-counterfeiting measures, transporting, anti-scraping measures, storing, securing) than Bitcoin mining which also accomplishes all these things better.

People that keep focusing on electricity truly don't get it. Do yourself a favour and read the articles by Erik Voorhees I linked.

ardana123

hero member

Activity: 504

Merit: 500

So now that we saw that huge rally in China today, any guesses what tomorrow will bring? I'm guessing a lot of Chinese people had put in deposits on the btc-china before the weekend. Most probably the remainder of those people who didn't get their money today will have their accounts funded tomorrow.

600watt

legendary

Activity: 2338

Merit: 2106

Quote from: seljo on November 18, 2013, 10:02:33 AM

NASA could install Bitcoin on Mars rover if they wanted and send few Bitcoins ther so it becomes first interplanetary "currency"

fuck, they should just send some of the fbi sr stash to mars.

and then, let´s see how long it takes for mankind to reach this planet Grin

mestar

sr. member

Activity: 407

Merit: 250

Quote from: wachtwoord on November 18, 2013, 09:58:31 AM

It is completely like gold but better.

Gold does not have a price point at which all the electrical power generated in the world is used by gold. Bitcoin has such a price point.

Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 31935. (Read 26608384 times)