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

**URL:** <https://discourse.peercoin-library.org/t/30-days-to-mint-no-one-will-wait-that-long/2839>\
**Category:** Minting (Proof of Stake)\
**Created:** [August 28, 2014, 2:18pm UTC](https://discourse.peercoin-library.org/t/30-days-to-mint-no-one-will-wait-that-long/2839 "2014-08-28T14:18:55Z")\
**Posts on this page:** 8\
**Page:** 1

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**Author:** ![kactech](https://discourse.peercoin-library.org/letter_avatar_proxy/v4/letter/k/f05b48/32.png) [@kactech](https://discourse.peercoin-library.org/u/kactech)\
**Post date:** [August 28, 2014, 2:18pm UTC](https://discourse.peercoin-library.org/t/30-days-to-mint-no-one-will-wait-that-long/2839/1 "2014-08-28T14:18:55Z")

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![](http://i.imgur.com/vakvSNu.png)  
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.

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**Author:** ![willy](https://discourse.peercoin-library.org/user_avatar/discourse.peercoin-library.org/willy/32/2326_2.png) [@willy](https://discourse.peercoin-library.org/u/willy)\
**Post date:** [August 28, 2014, 4:00pm UTC](https://discourse.peercoin-library.org/t/30-days-to-mint-no-one-will-wait-that-long/2839/2 "2014-08-28T16:00:11Z")

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Please read this article having those charts in mind:

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

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**Author:** ![kactech](https://discourse.peercoin-library.org/letter_avatar_proxy/v4/letter/k/f05b48/32.png) [@kactech](https://discourse.peercoin-library.org/u/kactech)\
**Post date:** [August 28, 2014, 4:27pm UTC](https://discourse.peercoin-library.org/t/30-days-to-mint-no-one-will-wait-that-long/2839/3 "2014-08-28T16:27:33Z")

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@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.

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**Author:** ![pillow](https://discourse.peercoin-library.org/letter_avatar_proxy/v4/letter/p/a8b319/32.png) [@pillow](https://discourse.peercoin-library.org/u/pillow)\
**Post date:** [August 28, 2014, 5:09pm UTC](https://discourse.peercoin-library.org/t/30-days-to-mint-no-one-will-wait-that-long/2839/4 "2014-08-28T17:09:54Z")

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[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?

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**Author:** ![willy](https://discourse.peercoin-library.org/user_avatar/discourse.peercoin-library.org/willy/32/2326_2.png) [@willy](https://discourse.peercoin-library.org/u/willy)\
**Post date:** [August 28, 2014, 5:57pm UTC](https://discourse.peercoin-library.org/t/30-days-to-mint-no-one-will-wait-that-long/2839/5 "2014-08-28T17:57:43Z")

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[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.

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**Author:** ![learnmore](https://discourse.peercoin-library.org/user_avatar/discourse.peercoin-library.org/learnmore/32/76_2.png) [@learnmore](https://discourse.peercoin-library.org/u/learnmore)\
**Post date:** [August 28, 2014, 6:05pm UTC](https://discourse.peercoin-library.org/t/30-days-to-mint-no-one-will-wait-that-long/2839/6 "2014-08-28T18:05:22Z")

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

> [@kac-](#):
>
> After hitting $100 the coin is less and less used as medium of exchange.

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!

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**Author:** ![kactech](https://discourse.peercoin-library.org/letter_avatar_proxy/v4/letter/k/f05b48/32.png) [@kactech](https://discourse.peercoin-library.org/u/kactech)\
**Post date:** [August 29, 2014, 7:04pm UTC](https://discourse.peercoin-library.org/t/30-days-to-mint-no-one-will-wait-that-long/2839/7 "2014-08-29T19:04:50Z")

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> [@pillow](#):
>
> When, in time, do you think reality will force the re-balancing of price?

Hmmm, Ru-Ukr conflict may escalate in weeks.

> [@learnmore](#):
>
> Nice graph kac-. This does seem to substantiate an important assumption that underpins the PoS security model!

Thanks.

> [@learnmore](#):
>
> 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?

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.

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**Author:** ![tbdunamis](https://discourse.peercoin-library.org/letter_avatar_proxy/v4/letter/t/ecae2f/32.png) [@tbdunamis](https://discourse.peercoin-library.org/u/tbdunamis)\
**Post date:** [January 19, 2015, 2:44am UTC](https://discourse.peercoin-library.org/t/30-days-to-mint-no-one-will-wait-that-long/2839/8 "2015-01-19T02:44:35Z")

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