>Bitcoin will fall to 3k

Let me rephrase the question, how do I get a long enough extension cord to run from Venezuela to a Bitcoin farm in the US?

You got your shit backwards, the mining cost will determine the medium term maximum price of the coin, not the minimum.
For example, if BTC is at $100K but you can mine one in most countries at $13K, people looking to get BTC will be more inclined to mine than to buy shit at this price, and eventually it will drop.
Only once the last coin has been mined that we actually enter full speculation mode.

Below profilt level from Bitcoin is obtained electricity, so that the supply reduces increasing the price

>When he picks something off the shelf at Walmart that says "$9.99", he goes to the register and asks, "what is the price of this?"
>She says, "$9.99"
>"Price isn't determined by cost, brainlet"
>"Sir, please leave the store or I'll have you escorted out by security"

Amazon.com/buttcorn

fuck this makes sense but i don't know enough about economics to disprove
the only counter i have is eth was 10x its mining price at ico

Attached: trash stars.jpg (509x626, 154K)

Supply and demand is a very basic economic concept

Or straight up shot in the face.
And since we talk about WMart you know getting shot in the face is the first option.
>Next customer please.

Pack it up, Venezuela here we come baby.

Remember, I said medium term!
It takes time to create/expand a mining operation, but the key feature here is that all that you need to be a miner is money, there is little knowledge involve, so if you were someone wanting to invest $1KK in BTC long term, it would make little sense for you to actually waste it on an exchange.

>what is network difficulty

>we raised prices by 300% to match rising costs
>fuck that
>b-but you're a regular custo-
>Price isn't determined by cost, brainlet

I'm not sure what point you're making. The item priced at $9.99 doesn't mean it costs $9.99 to produce.

which you seem not to understand it seems.

>demand goes up, price increases
>larger profit margin for miners, more miners come in to exploit this

>demand goes down, price decreases
>no longer profitable to mine, mining scales down

If it drops to 1k, the electricity expended will drop in direct correlation with a few % variance due to transaction fees.
You can always expect the majority of miners to act in their own best interests.
This is the cornerstone of securing Bitcoins' hashrate.

Why the fuck is hashrate still mooning. All the way since last summer, it hasn't dropped once.
What the fuck is wrong with miner's brains the profitability must be approaching zero.

Did you skip Chinese cost of mining?

Except that hasn't been happening at all. Price has been tanking for 6 months and yet hashrate keeps rising.

>that doesnt sound right but I dont know enough to argue
story of my life arguing with people who pretend to know what they're talking about on advanced topics

this

There is a bubble going on in China.
When it pop, miners will be gone.

oh god you're the same mother fucker that I had to explain the sandwich analogy. youre repeating the same thing that you said last time "price isnt determined by cost" "supply and demand"

YOUR PRICE is determined by cost, because if you are expecting to make money on something you need to charge more than you paid and pay yourself for your labor. FAIR MARKET VALUE is determined by some average of all applicable firms and their costs to produce. If FAIR MARKET VALUE is 10 dollars for your sandwich and it costs you 11 to produce, you will go out of business unless you reduce your costs, because people will not buy.

holy shit I am so tired of you spouting nonsense

What the fuck. What, it's just some big hashrate game of chicken?

>Price has been tanking for 6 months and yet hashrate keeps rising.

miners are accumulating (jk its primarily that bitmain makes asics for next to nothing and is mining with their next gen asics before bringing them to market. their cost to mine is a lot lower than the average mining organization)

So bitmain squeezing the shit out of everyone else lol. Great. 75% centralisation incoming.

No, it is not about crypto, it is about the fucking chinese government throwing money everywhere at low interest.
So there is a huge incentive for people to take cheap cash and invest it in bullshit.
Also, if we are being honest, the same is happening through the USA/Europe and I don't expect BTC to survive the next 2008.

Interesting idea, but bitmain has been kicked out of china, no?

yeah, but this is exactly why Im betting on BCH right now

If the miners won't sell below X, the volume will quickly approach zero because no one wants to buy at these prices.
Nobody will be able to dump their bags then.

And what do you do with your sandwiches that cost you 11 dollars to make? Do you throw them in the trash or sell them for 10 dollars (below cost)?

They wouldn't be made in the first place, how dense are you?

Gimme dem cheap vidya cards already.

gee, it's almost like people are buying mining equipment instead of bitcoin

Yes, no companies have ever sold anything at a loss before.

Yeah obviously, but that makes no sense in a gorilla market.

Yes it happens, guess what happens next. Will they do the sandwich again? It's freaking basic economics