its all a bit pie in the sky but I can see this kind of price action giving people a real hard time!
How do you respond to Burt W's objections regarding the implausibility that so large a fraction of the world's electricity supply would be diverted to mining? Bitcoin to the moon means electricity price to the moon.
efficiency of mining keeps increasing, however, difficulty is increasing as well.
In March 2014 antminer S1 was producing 0.08BTC/day while hashing at 178GH/s
In October 2015 antminer S7 is producing 0.04BTC/day while hashing at 4860Gh/s
So, in mere 19 mo, hashing speed of the consumer machine increased ~27-fold.
Efficiency per watt went from 2 to 0.25-an eightfold increase in efficiency.
However, difficulty increased ~54-fold, making the best (so far) machine to produce just half of what it's predecessor did 19 mo ago.