Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
deepcolderwallet
on 28/06/2019, 08:11:27 UTC

It's an idiot scam chart.  The price of Bitcoin cannot go to $225,000 with cost of production at $3-6k.  NOBODY would buy a coin from you for $200,000 when they can simply mine one for $3-6k instead.  And Bitcoin mining can't increase by something like an order of magnitude to buffer that cost of production or it would use more power than the entire United States.  As I said before, the Bitcoin pump and dump scam is butting up against the limits of the natural world.  The fact that it's ramming up against the limits of the natural world and mining can't really even expand significantly more should tell you how insane of a bubble it already is.

As I once argued, do you raise cattle and slaughter them for your family's subsistence or do you go to the supermarket and buy a pack of meat instead, paying the chain cost and premium? Not everybody will set-up a mining farm. Either because they can't or they wouldn't know how to or wouldn't assume the risks (many risks, like hardware obsolescence, price oscillation, fiscal risks, etc.). Buying BTC for it's market price then becomes the cheapest option. Market will find it's balance.