Quote from: sniveling on December 04, 2014, 04:17:49 AM

Quote from: piike2323 on December 04, 2014, 01:16:21 AM

Quote from: sandykho47 on December 03, 2014, 08:30:26 AM

Guys, when will bitcoin reach $1000 again ?
A lot people said it will happen end of this year, but the reality bitcoin still stand at $380

And i think, when will it happen ?
Personally, i think that's going to happen at mid end of june 2015

What do you think ?

Um how about never. Its more likely that the bitcoin will be worth even less by this time next year. The bitcoin dropped in value due to several reasons; Banks wont support anybody using their account for transactions, the lose of the original silk road, the lose of very popular exchanges, and finally the significant increase of scams when the value was high. The bitcoin got beat-up in 2014 and at the same time the mining difficulty kept climbing at an exponential rate. Now we are looking at the fact that mining bitcoins is just simply unsustainable. Home mining is unprofitable and cloud mining the new hope. Cloud mining is a huge rip off. Its only a matter of time before mining bitcoins is just unprofitable for any body. I think in the future electric companies wont support mining bitcoins. If they see electric usage skyrockets they may cut you off.

Electric companies only want profit and will sell to anyone who wants to buy. Why should they cut off bitcoin miners when there is profit to be made from them?

You need to think about it. Its not just about profit. The electricity doesn't just come from no ware and its not without its cost and maintenance. We don't have unlimited electricity so the companies don't just simply think about profit. I'm not saying for sure that electric companies will cut people off but they will have a problem in the future if the number and size of mining farms keep growing. It will take its tole on the infrastructure. It can cause an energy crises. I do believe that electric companies will refuse to support the bitcoin or any-crypto currency mining because the amount of power consumption will become unsustainable to the infrastructure.