Quote from: DeadCoin on September 21, 2014, 09:02:44 AM

Quote from: morprint on September 21, 2014, 08:39:32 AM

Many posts on Bitcoin tanking possibly to double digit figures,but surely the price can't keep falling below what it costs to mine a coin. Many miners must surely be pulling out at these prices?

So you assume miners must have a profit? If price drops to double digits they'll simply have a loss and get out of business, simple as that. Price doesn't depend on them, they depend on the price.

That is my point - Miners go out of business because it is not profitable, this means less supply on market which means price should rise - miners get back in. Therefore until all the coins are mined the price will/should depend to some degree on miners.

If it is no longer profitable to mine then the total supply of coins will remain at 13mil. The bottom price of Bitcoin should really be above the price of production.

morprint

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