Ninjastic
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Topic
Board Bitcoin Discussion
Re: Interesting Statistic: $79,200 of new money going into bitcoin every day - more
by
Trader Steve
on 16/08/2011, 18:51:58 UTC
Quote from: Trader Steve on August 16, 2011, 06:33:24 PM
Quote from: Gabi on August 16, 2011, 06:28:54 PM
Quote
50 new bitcoins enter the total supply every ten minutes.

You are implying every miner sell their BTC as soon as they mine them

This is of course false, so far i have sold 0 BTC for example.

When you don't sell them you are signaling to the market that you value them more than the $11 - hence you are buying them.

Further clarification: when you refuse to sell your newly-mined coins you have essentially bought them with your expended resources and investment in the mining process. When you refuse to sell you are valuing the product of your efforts and resources more than the current exchange rate.