[ExI] [mta] Re: "Crypto Coin Law" vs "Law of the Crypto Coin"?

[Brent Allsop]

Guys,

In my mind, you guys are wasting your time on this.  Can you show me
convincing quantitative evidence that the amount of coins being mined, vs
what everyone expected, is in any way significant to any Bitcoin pricing?
Even if things don't adjust very fast, when things do adjust, they will
catch up, making a huge adjustment.  In other words, these small variations
don't really have any significance, do they?

Brent Allsop


On Sat, Aug 17, 2013 at 9:57 AM, Mirco Romanato <painlord2k at libero.it>wrote:

> Il 17/08/2013 03:03, Alan Grimes ha scritto:
> > Mirco Romanato wrote:
> >> The current internal inflation of Bitcoin is around par with the US$
> >> (because for various reasons the network is finding new blocks faster
> >> than designed, for now).
> >
> > I don't understand. I thought there was an algorithm in place that would
> > simply increase the difficulty of the next block until the rate came
> > back into balance?
>
> There is, but the algorithm readjust the difficulty every N blocks, and
> N is large.
> As the hashing rate of the network increase because of technological
> improvements, the difficulty readjust with a notable lag.
>
> http://bitcoin.sipa.be/
>
> IIRC, every readjustment should happen every two weeks and currently
> happen every eleven days. Faster blocks are discovered faster the
> readjustement happen.
>
> Mirco
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