Post
Topic
Board Bitcoin Discussion
Re: If there's a huge drop in hash power..
by
DannyHamilton
on 05/04/2014, 02:58:28 UTC
A super massive solar coronal mass ejection . . .
Apparently one of those just missed us rather recently, according to Cosmos.

The solar system is a VERY large place.  When something "just misses" us on that scale, it frequently isn't very close at all.  On the other hand, given the number of people that worry about things like a bitcoin address collision, I suppose that getting hit by a solar coronal mass ejection is a much more likely event.

and the difficulty would still go up like it has every single change for the last year

I think you need to take some time to read the Bitcoin Whitepaper written by Satoshi Nakamoto before you spend any more time guessing at how it works.

If you think about it's a miracle the price is staying up as it is given that every single day 5,000 new coins are created

Actually, only about 3,600 new bitcoins per day. (slightly more while hash power is outpacing difficulty increase).

and somebody has to put in $2M every day just to keep the rate up.

That assumes that all miners immediately sell all the bitcoins they mine.  I personally know of several miners that refuse to sell any bitcoins below $800 per bitcoin.