User talk:Jtibble/Archive 0

The 100-million dollar line isn't hard to verify.

All you have to do is take the current exchange rate and multiply it by the currency in circulation to get the current monetary supply value. Let Anonymous have the line. Thse sources are perfectly fine for something basic arithmetic can prove. --HowardStrong (talk) 06:28, 28 October 2012 (UTC)

$10 USD/BTC times 10 million Bitcoins equals $100 million. If you want to question basic mathematics, feel free.--HowardStrong (talk) 06:34, 28 October 2012 (UTC)

Again, this is going back to that sourcing issue. It's all well and fine that you think that the current exchange rate times the currency in circulation equals $100 million, but this does not mean that "the total money supply is valued at over 100 million US dollars." You can't draw connections like that without a reliable source. - SudoGhost 06:46, 28 October 2012 (UTC)

Yes, if 1 Bitcoin is valued at 10 dollars then 10 million of them will be valued at that price as of present. That's standard market practice.--HowardStrong (talk) 06:52, 28 October 2012 (UTC)

If it's standard market practice, then finding a source to back that statement up would be no problem. - SudoGhost 06:55, 28 October 2012 (UTC)

What are you challenging here? The idea that if 1 bag of flour can be exchanged for $2, then any other identical bag can be exchanged for $2 as well? It's common knowledge. One Bitcoin is one Bitcoin and in total they can all be valued collectively at the given value. --HowardStrong (talk) 07:03, 28 October 2012 (UTC)

No, what I'm challenging is this leap of logic that if bitcoins are traded at $10 USD, then the "total money supply value" is over $100 million USD. Find a source for your standard practice claim, please. - SudoGhost 07:08, 28 October 2012 (UTC)

There is a reference on the page citing the existence of only less than 10,500,000 Bitcoins. Each of those can be exchanged for $10 at anytime. That unquestionably gives a present value of over $100 million dollars. We can put a monetary base citation in there as well, which is already in the infobox. It's very clear that this is already attributed.--HowardStrong (talk) 07:11, 28 October 2012 (UTC)

Each of these can be exchanged for $10 at anytime? All 10,000,000 Bitcoins can be exchanged at once for $100 million dollars? And this would not effect the market liquidity in any fashion? The extremely volitile nature of the Bitcoin exchange rate makes a sentence like "the total money supply valued at over 100 million US dollars" useless, because that's not describing a money supply, it's describing a market cap. Currencies do not operate by market cap and when you claim it's money supply it gets into a much more complicated situtation than XxY=Z. If that's describing a market cap, that's one thing, but a market cap is not a money supply, those are not interchangable terms. - SudoGhost 07:25, 28 October 2012 (UTC)

Let's change it back to market cap then.--HowardStrong (talk) 07:29, 28 October 2012 (UTC)

Market cap is appropriate. The float is much smaller. 78% of bitcoins have never been traded. --John Nagle (talk) 20:33, 28 October 2012 (UTC)

That statistic comes from a flawed report. Not accurate.Another John S (talk) 23:43, 28 October 2012 (UTC)

Tax Notes Today has an article about Bitcoin. Also, a law school is studying Bitcoin. See section about taxation that I propose for reference. Maybe that we calm troubled waters and the syop can unprotect the page. Geraldshields11 (talk) 22:47, 29 October 2012 (UTC)

http://blockchain.info/charts/market-cap — Preceding unsigned comment added by 198.96.155.3 (talk) 15:11, 1 November 2012 (UTC)