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You whole argument is based on the premise that these early miners have not already sold Bitcoin and still hold it. Besides, even if they were holding it, the
by johnwyles 13y ago
You whole argument is based on the premise that these early miners have not already sold Bitcoin and still hold it. Besides, even if they were holding it, the market could not absorb them selling it all at once so those miners would be very wise to sell slowly over time and at the demand.
In my opinion I think most of the early miners have already cashed out and what we are seeing now is the exchange of already "used" bitcoins.
- maxerickson 13y agoThere are millions of bitcoin that have never changed hands.
- johnwyles 13y agoI am not claiming you are wrong by asking, I am genuinely curious, how do you know?
- maxerickson 13y agoPeople have analyzed the blockchain. Here is a paper that discusses an only somewhat out of date analysis: http://cseweb.ucsd.edu/~smeiklejohn/files/imc13.pdf http://cseweb.ucsd.edu/~smeiklejohn/files/imc13.pdf So in April of this year, 64% of bitcoin had never traded hands and there were about 4 million bitcoins circulating. I also think it is fairly likely that there are people monitoring the 'Satoshi addresses'.