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Comment by bdcravens | Hacker News Reader

It's a 24/7 market; the price responds a lot faster than other markets. So looking at day-over-day price isn't a good gauge. Additionally, by the time a story is known at large, it's usually been known for a bit among those who follow Bitcoin, so you'll see it already priced in.

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Yes. I guesstimate that the China exchange and miner crackdown has been priced in for weeks, if not months.

It’s only priced in if everyone knows about it. In this case most of the volume was clearly not aware.

The evidence suggests that it was priced in. Just as the BCC/BCH business was priced in. Why do you say that it wasn't?

> It's a 24/7 market; the price responds a lot faster than other markets

Weighted by volume or capital flow, most markets are 24/7.

Could you explain what this statement means?

I think their point is that while most investors in e.g. equities (stocks) regard out-of-ours trading as "not counting" because it's a much smaller volume than in-hours trading, the amount of money that moves into or out of stocks in out-of-hours trading is still much larger than the amount that moves into or out of bitcoin (at any time). So it doesn't really make any sense to say that stocks are a 9-5 market and bitcoin is a 24/7 market.

out-of-ours = out-of-hours, for any non-english speakers reading^. (not criticising you lmm, only trying to help)

Yeah, 'twas a stupid typo, unfortunately I only noticed after the edit window had expired :(.

Foreign exchange, many government bonds, even some institutional bond markets—none of these have a single exchange and thus all trade 24/7. A minority of markets, e.g. the public stock markets, have “market hours”.

How much people are trading in value at a given time period.

Are you sure? Doesn't the need to mine block slow down transaction to a bare maximum per block?

And if miners in china close operations won't time between block increase?

Thus maybe BTC is actually responding slower than other market... what do you think?

I'm by far not a keychain expert so I will gladly be corrected if I'm wrong.

Time to generate blocks isn't the same as what happens to price. They are loosely correlated, but not the same thing. Price is as much psychological as technical.

However to answer the question: If mining in China went offline, it would affect time to blocks. However, difficulty adjusts every 2016 blocks (about 2 weeks), so if China has 75% of mining, at worst, it'd be 8 weeks before everything went back to normal in terms of block times. Bitcoin Cash actually has mechanism to adjust far more frequently, within a few hours if necessary. (but also subject to miner manipulation)

Bitcoin adjusts block generation to 10 minutes irrespective of the miners. What does change is difficulty, hashrate and transaction fees.

The bitcoin hashrate has remained more or less the same in last 2 months: https://blockchain.info/charts/hash-rate?timespan=60days

This is in contrast with last 3 months where the hashrate nearly doubled: https://blockchain.info/charts/hash-rate?timespan=180days

Fees peaked around 25th August but still pretty high: https://bitinfocharts.com/comparison/bitcoin-transactionfees...

Hashrate has not remained constant:

- 7 day avg of last 3 mo: https://blockchain.info/charts/hash-rate?timespan=180days&da...

- 7 day avg of last 2 mo: https://blockchain.info/charts/hash-rate?timespan=30days&day...

Going from 6 to 7.5 EH/s it's not more or less the same (it's a 25% increase)

The exchanges don't typically create a blockchain transaction when you trade, so block mining times do not factor in here. It's just an open market with buy/sell orders that anyone can place at any time.

I'm not sure which of us has misunderstood something, but I don't see why the speed of mining would affect the reaction time of the market.

The network self adjusts to generating a block every 10 minutes. This will have no effect on block generation rate.

This doesn't happen in real time, but adjusts every 2016 blocks. So loss of hash rate will temporarily affect block generation time until the next adjustment.

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