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Showing 20 of 109 results by gongcheng
Re: It takes 1.25 million USDs to push the the price to 21.5 USD/BTC
Another calculation is that in fact the community of bitcoin is becoming larger every day by 300*24*14=100 800 USD dollars when the price remains on 14 USD/BTC.
This means if the billionaire I mentioned above want to drive up the price, he may need to pay 100800 USD everyday...
This means if the billionaire I mentioned above want to drive up the price, he may need to pay 100800 USD everyday...
It takes 1.25 million USDs to push the the price to 21.5 USD/BTC
I just calculated how much money it will take to push the price to 21.5 USD/BTC according to the depth data on mtgox.
The result is 1253320 USD. Oh, My God.
Unless some billionaires start to play bitcoin...
The result is 1253320 USD. Oh, My God.
Unless some billionaires start to play bitcoin...
Good luck trying to back bitcoin with gold. It's a gamble, akin to a government fixing the price. BTC and gold are independent markets and move for related, but different reasons. Nothing stops BTC from dropping dramatically in dollars and everyone running to you for gold.
That's why a company is needed to back bitcoin. If there was a company with enough gold that would like to back bitcoins, the price for BTC would not drop so much.
I think you need more capital. Eventually there will be 21,000,000 BTC, and so at 3 BTC / gram you will need 7,000 kg of gold (in case everyone decides to cash out).
No, I don't have to backup all the bitcoins, I need only to backup those who would like to trade bitcoin for gold. The number would be significantly smaller.
Here is my calculation. According to MtGox, the trade volume for USD is around 90k bitcoins everyday. Suppose that 1/10 of them would like to trade bitcoins with gold, that would be 9k bitcoins. So I need to prepare 3 kilograms gold. Therefore, minimum speaking, 3 kilograms is enough at this stage.
However, in order to stabilize the price, I need to prepare at least ten times of that amount. Therefore, 30 kilograms of gold would be a more reasonable number.
Considering the bitcoin economy is growing, 100 kilograms is the amount that I need to prepare.
Bitcoin is not mature enough to stabilize, let it grow a bit more 
I think what I'm planning to do will make it grow faster.
I was going to argue with you, but this actually would work - BTC is so volatile at least partly right now because it is valued relative to currencies that are being constantly devalued, but if a private business or organization were to essentially place an open order for gold @ 3BTC/g that would quickly stabilize the price.
Pegs to gold don't work if you're expanding the currency (dollars) at a much faster rate than the supply of gold expands (2ish% a year I believe), but that's not a problem Bitcoin has given its transparency and distributed nature of generation....
Put together a business plan and we'll have you on BitTalk to do an interview segment about your idea
Pegs to gold don't work if you're expanding the currency (dollars) at a much faster rate than the supply of gold expands (2ish% a year I believe), but that's not a problem Bitcoin has given its transparency and distributed nature of generation....
Put together a business plan and we'll have you on BitTalk to do an interview segment about your idea
Thanks for supporting my idea.
and your going to keep this gold where.....please say your apartment
Quite a few banks in china offer the service to storage gold for you.
Hi, all.
I just got an idea to stabilize the price of bitcoin by gold. I want to establish a company to backup bitcoin with gold. I will give the promise to exchange 3 bitcoin for 1 gram of gold. I will not call bitcoin a currency, instead I will call it a virtual commodity.
I have done some homework, I think in order to keep the promise, I need to prepare 100 kilograms of gold, that is 4.8 million US dollar.
I believe that this will be benefical to the bitcoin economy. Also by doing so, I can make some profit by charging transfer fees like MtGox.
So what you guys think? Any good suggestions?
I just got an idea to stabilize the price of bitcoin by gold. I want to establish a company to backup bitcoin with gold. I will give the promise to exchange 3 bitcoin for 1 gram of gold. I will not call bitcoin a currency, instead I will call it a virtual commodity.
I have done some homework, I think in order to keep the promise, I need to prepare 100 kilograms of gold, that is 4.8 million US dollar.
I believe that this will be benefical to the bitcoin economy. Also by doing so, I can make some profit by charging transfer fees like MtGox.
So what you guys think? Any good suggestions?
I found that my guiminer can not connect to any mining pools.
slush, BTCguild, deepbit, bitcoin.lc.
There is always the message, "Problems communicating with bitcoin RPC"
What's wrong? Is RPC under attack or just my computer?
slush, BTCguild, deepbit, bitcoin.lc.
There is always the message, "Problems communicating with bitcoin RPC"
What's wrong? Is RPC under attack or just my computer?
Is there a portable version for windows?
such as the zip file for the last version?
As far as I known, quite a few users don't like to install softwares on their computer. They would like a portable version。
such as the zip file for the last version?
As far as I known, quite a few users don't like to install softwares on their computer. They would like a portable version。