Quote from: Biodom on March 08, 2018, 03:20:46 AM

Quote from: BMG86 on March 08, 2018, 03:12:33 AM

Yup I expect this to be 2014 all over again. People are still in denial right now. But they will finally realize 1 year from now when the price is back to $2k. The bubble took 1 year to inflate and now it will take about 1 year to deflate. Unless your a day trader, don't waste your money and invest right now.

Nothing on the market ever happens all over again and 2K in 1 year is as close to impossible as I can imagine.
It could be something close to zero, but not 2K (in one year).
All speculators on this board keep forgetting about the price to produce a single bitcoin (without even counting equipment amortization).

In US it is about $3-4K on average. In 1 year, it would be $9-12K minimum.
You can't have $2K bitcoin when the price to produce one is $9-12K.
It makes no sense economically.

As strange as it may seem, I have a feeling you're right here. I have always wondered about mining cost and if miners have some influence in setting the price. Their costs are always going to be in dollars, always rising, and they have to maintain operations... The alternative is closing shop, and in that process removing hashrate. If that dominos, then we'll see fewer nodes and less secure network, something that will also force new money to pour in.

That said, we could also be underestimating the profit they have already been making from bitcoin and alts, it's possible they could still maintain profitability even at 5k... If we find the break even point... That's the floor for Bitcoin.