"30 days to mint? No one will wait that long!"


#1


Yellow: BTC price, left axis
Blue: coindays destroyed (coins younger than 30 days) / total coin supply, right axis

97% of coins in BTC network lies unused for more than 30 days.

After hitting $100 the coin is less and less used as medium of exchange.


#2

Please read this article having those charts in mind:

http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/

(Found it on the NuBits twitter account)

All this energy (in china most likely to come from coal) turned into heat…


#3

@willywithcoinnode
Pretty insane. Coal and heat are good, but not as a waste. BTC needs serious price correction, near to the level where mining will be just a heating alternative.


#4

[quote=“kac-, post:3, topic:2839”]@willywithcoinnode
Pretty insane. Coal and heat are good, but not as a waste. BTC needs serious price correction, near to the level where mining will be just a heating alternative.[/quote]

When, in time, do you think reality will force the re-balancing of price?


#5

[quote=“kac-, post:3, topic:2839”]@willywithcoinnode
Pretty insane. Coal and heat are good, but not as a waste. BTC needs serious price correction, near to the level where mining will be just a heating alternative.[/quote]

I kinda like this approach. Sorry for going off topic beyond this line:

Bitcoin does not qualify as distributed store of value. Half of the net is screeming “Oh it’s currency. It’s nice.”
But the reality? I think most people still buy bitcoins and hoard them hoping for the next bubble.
Those charts provided by kac- seem to proof my point.

It’s volatality… block timing… 51% attack risks… mining centralization… immense power and energy going to waste.
I seriously think it’s time for something else.

On the other hand, I’m not willing to pull out of bitcoin by 100%, in case the somewhat inferior product will succeed once again.

@pillow
The sooner the better, I suppose.


#6

Nice graph kac-. This does seem to substantiate an important assumption that underpins the PoS security model!

I’m not really sure I agree with this statement. The USD value scale is logarithmic while the coin-age proportion is linear. Definitely, fewer total coins are being traded than before the price increase, but hasn’t total value exchanged actually increased along with the price?

@willywithcoinnode - Thanks for the link. Fascinating!


#7

Hmmm, Ru-Ukr conflict may escalate in weeks.

Thanks.

Yes, exchanged value probably increased, but percentage uptrend is broken, now heading toward 1%. Will uptrend return in sub $100 zone? Maybe. OpenBazaar - it may heal it a little.


#8

I don’t know if the title of this post is meant to be facetious, but I’ll wait that long.