Quote from: Samarkand on February 10, 2018, 12:28:46 PM

Quote from: marilyn4325 on February 07, 2018, 09:48:33 AM

I think it is very possible that the price gets down to like $3k, like mid of last year. ...

I think that your prediction is extremely unlikely.
If the BTC/USD price would drop to the level that you suggest this would be below
the current average cost of mining a single Bitcoin.

The miners are heavily incentivized to prevent this from happening, because combined
they have invested hundreds of millions of $ into mining hardware, other infrastructure
and stuff like bribes.

I elaborated on this in this thread:
Why the Bitcoin price is not going to fall below a certain price point

I don't have to add much to the good answers in the thread you posted, most people think that your argument is not valid, and so do I. Miners would just shut off their equipment if it isn't profitable anymore. This would reduce the global hashrate, so the remaining miners, the ones who are probably heavily invested in hardware, would make more bitcoins per hash, and it would be profitable again. It is a self stabilizing system: the buyer demand dictates the price, but the price dictates the hashrate. The conclusion is that it is possible that it drop to $3k or even lower, if there is not enough demand. All the miner can't prevent it, because they won't buy back millions of bitcoins. And if they would, it would be just a small spike in the price, because there are so many more people and other investors who would sell then their bitcoins. Just a drop on the ocean.