Quote from: incraft3817 on January 13, 2012, 11:09:30 PM

If you guys think about it, bitcoin doesn't mean much except for a small group of people with millions in USD and everyone on this forum. I believe that bitcoins are not worth 6.50, not even 10 or 15 or 20. The correct price for bitcoin is around 1 usd to 3 usd. If you want bitcoins to be around 5 10 15 20 or even 100 usd, come back in 10 years.

If this is what you believe then it's insanity for you to be 1500BTC long. You should be waiting until it normalizes and then investing.

Quote from: punningclan on January 13, 2012, 11:26:33 PM

Quote from: incraft3817 on January 13, 2012, 11:09:30 PM

If you guys think about it, bitcoin doesn't mean much except for a small group of people with millions in USD and everyone on this forum. I believe that bitcoins are not worth 6.50, not even 10 or 15 or 20. The correct price for bitcoin is around 1 usd to 3 usd. If you want bitcoins to be around 5 10 15 20 or even 100 usd, come back in 10 years.

Hang on you think you ought to be getting any product for less than half the electrical cost to make it, what a genius?

The electrical cost to make a Bitcoin varies with the difficulty, which varies with the price. If Bitcoin were to fall to 3USD tomorrow, people would stop mining until the difficulty dropped enough to make 1BTC worth the cost to mine again.

Price affects mining difficulty, not the other way around. Cost to mine has no bearing on what BTC are "worth" (which is more a matter of BTC in circulation versus sum value of goods in the BTC economy).