Post
Topic
Board Bitcoin Discussion
Re: Biggest sell signal if we go under 5.70-5.80 level
by
skubeedooo
on 11/09/2011, 14:48:40 UTC
but they are fighting all the greedy miners that are selling their coins at the exchanges

Where would you get your coins to buy and sell without us greedy miners?   Tongue

Let me see, we have already 7 + million coins in the Bitcoin Economy. We need miners that believe in the Bitcoin Economy long term, not greedy miners that hit the exchanges with sell orders asap.

Nonsense.  Bitcoin doesn't need miners to write blank cheques for it to survive.  If the price was $0.01 or $100 it would not make much difference, what matters is volatility.  Why would anyone care what the absolute level is?  What matters is that they can easily transfer btc into real currency and back, so that there is little or no market risk when making transactions.  The problem we have had is the transition from hobbyist miners who 'hoard' bitcoins to professional miners who sell as they mine.  The price will naturally converge to the rate at which investors put money in divided by the rate bitcoins are mined.  No problemo.  Why all the angst?