6. Some time has past and you have long ago recouped 1000 fold your bitcoins sent to yourself and cash out regularly as more and more new money flows in and you control 99% of available coins are the puppet-master and in full control of the market.
exactly, who holds the coin is the dominant decider in a trade. and has more control of the price. its not like buyers can just shout out random amounts and a bitcoin holder hands it over without question.. miners wont hand it over unless its a price their willing to hand it over for..
coindesk also said citizens of bolivia and citizens of china cannot touch bitcoins by law... they kind of have half a story, but its not accurate..
the price if high electric and paying excess delivery and import tax makes the high end of $600, especially those small people that cant afford multiple rigs.. but those in group buys and area's of cheap electric, running farms (the majority of hash power and receivers of the biggest slices of bitcoin pie. have costs closer to $500.. but as i said multiple times.. its not exactly $500, it does vary.
speculators (actual smart people who like to hype up the price for profit) always try to use high valuations, not low valuations. so for the 5th time
true value is ROUGHLY $500 (as thats production cost on average(cheapest cost to mine)) anything above that is speculation, based on profiteering and other varying factors.. which on average for the last 4 years has been around 20% above production costs..
in short bitcoin is backed by 80% POW(production cost) 20% speculation.
but comparing it to gold true value and spot..
1920's bank notes gold value and fee's charges, taxes..
everyone just ignores the variable, and says its backed by the main measurement.. thus banknotes backed by gold(ignoring fee's and tax) decades ago, now backed by minimum wage(ignoring fee's and tax) bitcoin backed by POW(ignoring speculation)