Quote from: mk4 on Today at 07:56:02 AM

Quote from: odolvlobo on Today at 07:25:51 AM

What do you mean by "selling pressure"? Don't you mean supply? Also, bitcoins are not consumed. Bitcoins sold by miners yesterday are still available to sell today, so the supply is always increasing regardless of who owns it.

What I specifically meant by lower selling pressure: Miners' rewards per block are halved, hence fewer mined bitcoins could be dumped into the markets by the miners. Because some(or most?) miners needs to sell their coins to pay for electricity and stuff.

Not sure which parts of my statements looked like I was saying that bitcoins are being consumed. I think we're misunderstanding each other here lol.

I'll try to make my point clear.

Miner selling pressure today is still selling pressure tomorrow (but not by miners) because bitcoins sold by miners today are available to sell by someone else tomorrow. So, in other words, the total selling pressure is always increasing. The halving may reduce the selling pressure by miners but it does nothing to reduce the continuously increasing total selling pressure.

I hope that was clear and to the point.

Now, in the end, if you want to say the the halving causes the price to rise, you must also include a caveat that you assume that demand is always increasing faster than the supply. The problem with that assumption is that it isn't. In fact, since the supply is predetermined, it is really the demand that affects the price, and not so much the supply.

I apologize to the economics purists who are cringing at my conflation of supply with aggregate supply and money supply, and demand with aggregate demand.