Quote from: eaLiTy on May 25, 2018, 10:56:06 PM

Quote from: djpitagora on May 24, 2018, 04:15:44 PM

let me put the question into context for all you dreamers: in order to mine 1 bitcoin in average in the world you need to spend about 5000$ in electricity. In China it's 4000$, Ukraine 1000$, ...
Do you think any kind of "thing" produced for 5000$ can be sold for 1 million $? Even in a short term bubble? Who is the idiot that will spend 1 million dollars instead of just 5000 for 1 btc?
You are welcome. You can stop daydreaming now

Since you wanted to be a smart ass, lets get a clarification on the valuation of paper money, how much does it cost to print paper currency and do you usually convert that to know the intrinsic value of a product and why does everyone brings that up as if the price of bitcoin should be around the price of the coins mined, the valuation depends upon the number of coins in the market and the demand and it is not dependent on the amount of energy used to mine a coin.
Looking at the market now it is highly unlikely to see those valuations but anything is possible with the price.

there is a big difference between paper money and bitcoin. You can't print paper money but you can mine BTC. Dollar bills don't have a production cost only the goverment can make them so it's a moot point.

Not trying to be a smart ass but please enlighten me: why would I but a BTC with a price 10, 100, 1000 times higher then it would cost me to produce one? It's basic market economy. Unless there is a crazy reason that will compel people but buy BTC at a way faster rate then you can produce it, the price has no way to rise....