How times have changed, majority of people at the time had little idea at the time that this technology was going to have such a huge impact.
That was quite an interesting way to determine the price of Bitcoin, and how different the market would be if it was used today. I assume it would be quite difficult to do now as Bitcoin is now worldwide and determine a cost of electricity is not feasible, so there cannot be a definite value.
The variation in price from one day to another is, I figure, due to the change in the "bitcoins generated by my computer(*) over the past 30 days" part, which will change as the 30 day window slides forward another day. Later on, price calculus was modified to include moving averages and the cost of data bandwidth.
Would the
my be the computer of there person behind the price speculation?
I also feel aroused about how far bitcoin has come along in this journey of 10-12 years and now prices already above $50k and this data is quite good about how the fluctuations in setting $1 per bitcoin in 6 months on exchange like going from 1300 bitcoins to 800 within short time period.Three to four years ahead you would be finding the $50k mark way too low when they will be at that year ATH.The time really moves fast than we thought it would be.