Quote from: tom.hashemi on December 25, 2013, 01:01:03 PM

Quote from: go1111111 on December 25, 2013, 03:35:22 AM

Imagine that the price of BTC reached $1,000,000 USD on January of 2016.

Yeah, but that just isn't going to happen...

He said imagine, not "is this possible?"

I believe tom is giving us a thought exercise, isn't this what the forums are for. Thinking up situations that could possibly happen, and what those consequences would be.

I for one think that the argument is a valid one. As the price rises, the more miners jump on board. The more miners, the difficulty increases. Difficulty increases, miners want a price increase to cover it. So on and so forth. It all started about a month after the reward halving, and then when ASICs hit the scene then the price skyrocketed.

It's not an instant effect, but it's there.