Quote from: thecodebear on Today at 03:34:15 PM

Franky why are you still trying to use mining cost as some sort of way to calculate a value for bitcoin??

I already pointed out the obvious reasons why that doesn't work and why it is meaningless to even talk about a fair value.

As soon as miners sell their bitcoin those bitcoin no longer have any tie to what they cost to produce. They are now in the open market and trade simply by market forces, completely disconnected from miner cost of production. Cost of production has a negligible effect on market price, as the number of bitcoin sold by miners is tiny compared to what trades in the market at all time.

I know its enticing to try to give some base value to bitcoin, and if you were to do that it would make sense to do it based off mining costs, but as I pointed out earlier it simply makes no sense to do that and you're just making pointless calculations. There is no base value of bitcoin. The only value is the market value. To try to come up with a base value is to misunderstand basic principles of a currency and the idea of value in general.

If only value would be market value, whole idea of Investing in any asset wouldn't have existed.

How would you invest in something if you don't know what value this asset has?