Quote from: Transidium on May 07, 2015, 01:09:03 AM

Quote from: jonald_fyookball on May 07, 2015, 01:03:19 AM

$300 is completely arbitrary. It certainly can go higher or lower. Price is based on supply and demand...period.

You're right, $300 is an arbitrary figure. That figure represents my degree of confidence in the strength of my argument.
If I thought Bitcoin had a bigger "value envelope", I'd have said $400 or $500...

You saying that "supply and demand determines the value of things" is not a valid counter-argument.
Please try again.

Ben

Your OP basic premise essentially dismisses Bitcoin as a scarce commodity and store of value. Yet if it were not, why it worth over $200? The answer goes back to what I said: supply and demand. Your observations about mining etc are only part of the story with Bitcoin and I really don't see the connection with any given price level. As you said, it's mostly just your "degree of confidence" you are expressing, while looking for some kind of evidence to support your sentiment.

You may be entirely right that Bitcoin may stay below $300 for some time, but your reasons are far from convincing. The fact of the matter is that no one knows what price will do (in any market). Least of all, the Bitcoin market.