Post
Topic
Board Speculation
Re: $100K Bitcoin Prediction Using Math.
by
Peteroman
on 17/08/2017, 20:48:34 UTC


That's not even an argument. You could ask yourself if you think early miners mined for profit. Obviously there was no economic incentives involved until bitcoin had a price.

Anyways, no need to disprove anything, some guy already did it: http://divananalit.org/

Data is clearly showing the opposite of what you claim.



divananalit.org says Mining cost ... depends ... only on: ... difficulty.
... to show you a funny dependence: bitcoin price usually doesn't come lower than mining cost.


Mining cost depends on difficulty, price doesn't come lower than cost, therefore price doesn't come lower than difficulty.



blockchain.info zoom in on when difficulty first rose compared to when price first rose.


Difficulty     1 to 1.180    on 12/30/2009
Price           0 to $0.07    on 8/17/2010


Unless you're a bank; creating money out of thin air, work always comes before a price is assigned to said work.

That's why employers pay you after working 40 hours, unless you're Drake and get an advance, in which case you'd already proven that you're worth something.