Re: [ANN][CRBIT] Creditbit Hybrid POS/POW | x11 | 1min blocks

Did a small calculation...

There are 94300 CreditBit for sale at Livecoin.net ... for a total of 65.6 BTC

If you were to buy all of them... you would be paying 79.200$

That makes the price 0.84$ per CreditBit Shocked

Good bye cheap coins Cry

So, if I also have (my own) 94300 Creditbits and sell them for 1 BTC each:
1. I will be on top of the Selers in order book as the highest sell order of CRBIT/BTC
2. For anyone to buy all the 188600 Creditbits, he would need 65.6 BTC (for the first 94300) PLUS 94300 BTC more for my next 94300 Creditbits.
3. This makes the 'price' per Creditbit almost $604 !!!
4. And this can be done in less than a minute, all it takes is for me or anyone to place a Sell order for 94300 Creditbit at 1 BTC each.

Great math to prove the real 'price' of any coin... please guys, get serious.

But no one will buy it at 1btc so your theory makes no sence at all...

All I said is how much you need to spend to get the whole batch...so the 'real' price is dictated by how much you want to buy...like I said, pretty simple math...

My friend, you assume someone will 'want' to buy all the Creditbits in your scenario... why do you think someone will not buy all of them in my scenario? It's all a matter of who wants to buy what, not math. If your theory is right, then mine is right and vice versa. Math, is another thing... believe me.

I just pointed out that this is not the way to calculate the value of a coin. It is not measured by how many are sellling it, as anyone can sell at any price, just like you say anyone can buy as much as one wants to buy.

According to your 'math' I would suggest that the 'price' can be better measured if the average derives from the buyers, not the sellers. On their Sum you may create various measurements. You may use them all (which again is not the best as someone can place a buy order at 0.00000001) or work with a thershold, for example all the buy orders starting from the highest all the way down to -20 percent from current bid. There is no accurate way to express the value other than current bid alone (not ask).

Anyway, I am sure you got my point.

Completely wrong...

I said IF someone wants to buy that much he WOULD have to pay that average.

You assumed you could sell that amount in less then a minute for 1btc each...that's hilarious...

My point is that the more you want to buy the price goes up, which is completely logical.

Your point here is to undermine the progress CreditBit made with some crazy ideas so yes I completely understand you.

Please read again my comments. I never said I (or anyone) can sell in less than a minute. I said the way you calculate 'price' can change to show extreme results, if I (or anyone) place a Sell order of that magnitude. Of course nobody can sell in a minute like this, I thought you assumed that part and the fact that not anyone who replies is crazy.

BTW "My point is that the more you want to buy the price goes up, which is completely logical." This is not always true. I'm sure you have witnessed huge buy volume while rates never went up if met with either legit supply or market manipulation.

All good. ;-)