Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Please support your assertion that 2-5 cents will buy something to eat.
Where in the world can you buy a snack for 5 cents? AFAIK not even Thailand/Cambodia/Nepal/India have such cheap food. IIRC 35 cents is about the lowest you can go for a meal's worth of calories.
If you know better, share the specifics and I'll update Numbeo accordingly.
Where in the world can you buy a snack for 5 cents? AFAIK not even Thailand/Cambodia/Nepal/India have such cheap food. IIRC 35 cents is about the lowest you can go for a meal's worth of calories.
If you know better, share the specifics and I'll update Numbeo accordingly.
http://www.dailyfinance.com/photos/food-price-comparison-around-the-world/#!fullscreen&slide=988845
That's ~3 cents per egg btw (for India).
Nice try. You have to buy a dozen eggs to get them for 3 cents each.
And good luck eating that egg raw. I'm sure the bargain bin store brands in Delhi are extra organic.
What do you think about the analysis indicating each BTC tx uses about $6-$8 worth of electricity, in the context of these outrageous 3-cent fees?
That tells me that Bitcoin is currently priced pretty much to perfection.
Each block contains roughly 1500 Transactions. Block reward 25 BTC + fees
Block Reward currently roughly $10,300 - reward per Transaction -> $6.87
Cost of electricity per Transaction and reward per Transaction are equal - sounds like a perfect market.
Block halving -> either 1) Higher BTC Price, or 2) Less electricity usage, or 3) some combination of both.