Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Mining btc is not like mining gold.
The btc that is mined needs mining to exsist.
mined gold does not need mining to continue its existence.
Btc is totally dependent on continuing mining. gold is not.
But gold doesn't make itself easier to find if too few mine it. Bitcoin does.The btc that is mined needs mining to exsist.
mined gold does not need mining to continue its existence.
Btc is totally dependent on continuing mining. gold is not.
Quote
to think mining has no effect on price and only demand moves price is to dent the fundamentals of btc as compare to gold or silver or any precious metal.
The point is that the offer of new btc stays pretty stable as long as one miner keeps crunching numbers. In other words, with difficulty adjustment a single miner can keep ALL the mineable btc in existence. This isn't true for gold: it does continue to exist even if no one mines it, but has little financial or industrial use when it's buried deep down.since there is no more gold to be had.
Oh gawd...
And, now you are actually pumping gold.We can agree to disagree if you believe that bitcoin and gold are currently fairly priced in terms of bitcoin being 1/15th the price of gold. You might consider bitcoin to be overvalued and/or gold to be undervalued by the current market.
Of course, many of us here appreciate that bitcoin is likely undervalued in the market as compared to gold, even though some might not agree with my tentative working thesis that bitcoin should be about 1,000x more valued than gold as reflected in the market price, so currently either gold has to come down and/or bitcoin has to go up, and surely I have already asserted that it could take 50-200 years for bitcoin and gold to find a more accurate pricing in the market, so in the mean time, under my working hypothesis bitcoin is going to continue to take value from gold, so you are spouting out a seemingly losing proposition if you are trying to suggest that bitcoin is not going to continue to be eating gold's lunch... and we don't even need to get into all the various ways that you supposedly are in wuv with gold.
if mining is reduced 100% all the mined coins are stuck and basically have no protection against double or triple spends if two people start to mine.
Pretty extreme ideas to consider bitcoin mining participation to drop that far.. .You must be presuming some kind of potential Armageddon event.
reality is you want btc to stay with a high price you need lots of mining.
Sure.. BTC price is going to drop under a lot of different catastrophe scenarios, yet the more realistic scenarios involve bitcoin continuing to go up in price and also continuing to eat gold's lunch... so it may well be better to be investing in terms of more realistic scenarios rather than going through various kinds of mental masterbation about mining..
We might have to start to refer to you as Professor Stolfi wannabe, soon.. I believe that in 2014, 2015 and maybe into 2016, Stolfi ws active in this thread and he had a lot of lame-ass fantasy-like theories about bitcoin that were not dumb but they were really out there in terms of their non-likelihood.
when hashrate dropped 50% in spring of 2021
price followed and dropped 50%.
price followed and dropped 50%.
Nice theory in regards to correlation equaling causation...and even if true, did it last?
if gold production drops like mad the previously mined gold is not affected negatively.
we can type all night but the fact is btc baseline price is protected by mining.
we can type all night but the fact is btc baseline price is protected by mining.
I am shaking in my boots to realize that you had been correct all of this time. I am glad that we all know about this dynamic in bitcoin's price so that we can be better informed and prepared so that we don't overinvest into bitcoin..
@Greyhats: Immediately stop your BTC accumulations!!!!!, and don't go into an overaccumulation status.. it is not worth it.. Ask Phil.. He knows everything (or almost everything.. that's why you probably already have more BTC than him..., which should be the opposite. hahahahahahaha).
gold baseline price is not protected by mining in the same way.
@Greyhats: Immediately start your gold accumulations!!!!!, and go into an overaccumulation status.. Gold is worth it.. Ask Phil.. He knows everything (or almost everything.. that's why you probably already don't have more gold than him..., hahahahahahaha).