'Short' Got Screwed

[Elwar]

which are forced by the laws of physics to sell.

 What? Please explain this gem.

Gravity perhaps?

Too many bitcoins in your wallet and it becomes too heavy to move?

[ruski]

blah new dollars need to enter the market every day just to cover blah

I'm so tired of hearing this argument.

A. Not all, possibly not even a majority of miners are selling
B. If the asks happened to thin out for some reason, 10ç could maintain the price at $100 so long as there was only 10ç worth of orders to buy, or if they grew enormous, $100 million a day couldn't sustain a $100 price
C. Economies grow by having value added so this pretty much invalidates and obviates your entire premise

[mestar]

blah new dollars need to enter the market every day just to cover blah

I'm so tired of hearing this argument.

A. Not all, possibly not even a majority of miners are selling

That turns them into speculators, and speculators add no value.

C. Economies grow by having value added so this pretty much invalidates and obviates your entire premise

So, how much value is added by bitcoin per day?   

Costs, we can easily estimate, and we can even be sure that they grow as the price of bitcoin grows. 

Can you say the same for value added? 

Speculation adds no value, if you bought bitcoin in hope that you will sell it later, that money must come from some other fool, perhaps a greater fool than you.

If you value bitcoin with a simple method of discounting future cash flow, since there is none, you come up with 0.

I would say 99% of bitcoin purchases in last 3 months are speculation.  Do you think people buy in for $100k to buy stuff in the bitcoin store?

[BubbleBoy]

which are forced by the laws of physics to sell.

 What? Please explain this gem.

Gravity perhaps?

Too many bitcoins in your wallet and it becomes too heavy to move?

C'mmon people, try to keep up.

Fact A. Mining difficulty follows price, at a certain delay needed to provision hardware, etc.
Fact B. Cost of mining is directly proportional to difficulty
Fact C. The majority of miners are not long in Bitcoins and seek short term guaranteed profit

Put A, B and C together and you should see a stable high price for more than a few months will force miners to sell most of their inventory to stay in business.

Regarding C, even if you cover mining expenses out of your own pocket, that's still a capital inflow that enters Bitcoin. You just bypass the market, that's all. The miners simply can't do that long term for any arbitrary price. Say you cover the price of rig today, and it's wonderfully profitable. 6 months from now the cost of running your rig is the same but the share of hashing power and corresponding btc revenue has dropped to the point where you can just break even. But the rest of hashing power growth is in the hands of miners who aren't long and will hit the exchange every day.