Post
Topic
Board Economics
Re: Questionnaire for Miners: What's the value of a bitcoin?
by
hugolp
on 10/06/2011, 14:22:29 UTC
In the future, you will clearly see that the market is efficient and tends to eliminate the enterprises that opperate at a loss and forcing producers with high prices to lower them or close, thus producing the long term effect that the price tends towards the cost (note the use of the word "tends").

This does not mean the price IS the cost. If you say that the price is the cost you can not explain why people buy and sell way over and way under the cost. You are basically confusing a market process with how the price is formed.

PS: Btw, the Bitcoin economy is still young and the process of the price towards the cost has not fully developed so you wont probably find for a while what you are looking for.