Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
realr0ach
on 04/12/2018, 06:16:42 UTC
IMO $100k per coin will be reached within 5 years.

You don't seem to be aware that even with one more halving, for the price to rise to $100k, the amount of mining would also need to rise an order of magnitude...or more, and then bitcoin would probably use more power than the entire United States.  If you claim that scenario is plausible, you are either a scammer or have a peanut brain.  

There is a limit to how high these imaginary, valueless tokens can be pump and dumped due to the PoW mechanism.  The only reason it was able to go as high as it did was because Bitmain still had mostly a monopoly on the entire sector, which means the price can then vastly diverge from cost of production.  If people like Samsung and whoever else bring in competition, the cost of production will then need to be raised much higher in order to successfully pump up the price.

TLDR:  the more centralized a coin is, the easier it is to pump something.  Bitcoin is almost completely centralized by Bitmain mining and in-house market rigging, which is why the price went up a lot.  If other people bring competition in mining, there will be no $20k coin prices with a $3k cost of production ever.