TooDumbForBitcoin
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February 13, 2014, 04:10:24 PM

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Right now the only thing that keeps the bitcoin price from an ugly collapse are the thousands of miners who have invested thousands of dollars in their ASIC equipment. They are the ones who are holding and keeping the supply tight, because selling with this price means no ROI. But they can only hold the price for so long, because the electric bills are piling and their wives or girlfriends are yelling at them on why aren't the noisy machines producing any money like promised.

My faith in bitcoin is in a downtrend while my faith in cryptos and privatized monetary systems in general keeps steady.


BTC price can be affected more by thousands of small time holders more than by dozens of big time holders?  Isn't the breakdown of BTC holdings by percentile something like this?

Top 50 holders - 50% of BTC
Next 100 holders - 25% of BTC
Next 1000 holders - 15% of BTC
All other holders - 10% of BTC

Those numbers are inaccurate, but in the ballpark, correct?  If so, the actions of thousands of miners have a small effect on BTC supply/price.

To your other points, what will a superior crypto have that Bitcoin lacks?

Are privatized money systems based on trust?