It'll be insanity not to buy bitcoin at sub $500

[deepestfear]

I tend to agree which is why I have been adding some in recent weeks
Hopefully we will look back and conclude that this was a great time to go long

[piramida]

A couple of weeks from now, you'll have the chance to buy bitcoin at sub $300.

And of course you, being a pathetic troll that you are, will just disappear instead of taking a bet on that outcome? Since you are one of the few pathetic trolls who bother to put a date on their stupid predictions, we can easily make you rich out of your wisdom. How much? I'll take you up for a 1-1 bet that we will *not* have a chance to buy bitcoin at sub $300 at bitstamp couple (as in, 3 maximum) of weeks from now, i.e. by September 31st. Via a trusted escrow, any amount you can come up with.

[sab4you]

The premise of this thread is built upon a fallacy.  The value of bitcoin is not dependent on the cost for mining, I dont even get how somebody could say this is the case.

Consider any other product, goods or services...the value of it is not guaranteed to not fall below production cost, it just becomes bad business when it does.

If it costs me $10 to make a sandwich that doesn't mean people will buy it from me for $10.  They can go to subway and get a 5 dollar footlong.

[piramida]

If it costs me $10 to make a sandwich that doesn't mean people will buy it from me for $10. 

No, but that means you won't be selling it for less than $10.

[ravenjt]

You would be willing to sell you sandwich for any price above the 'marginal' cost, not the total cost.
So if the ingredients cost $6, and your fixed costs (chopping board, labour etc) cost $4, then you are happy to sell at $6.
This means the miner is willing to produce as long as the price is above the electricity cost

[nuff]

The premise of this thread is built upon a fallacy.  The value of bitcoin is not dependent on the cost for mining, I dont even get how somebody could say this is the case.

Consider any other product, goods or services...the value of it is not guaranteed to not fall below production cost, it just becomes bad business when it does.

If it costs me $10 to make a sandwich that doesn't mean people will buy it from me for $10.  They can go to subway and get a 5 dollar footlong.

I suggest you to read up on Bitcoin, Satoshi's white paper is a good place to start. The value of bitcoin, if nothing else, can only be derived from the cost of mining it. There is really no any other way to create a bitcoin but to mine, and mining takes processing power and electricity which cost. To compare bitcoin to a sandwich is ridiculous, a sandwich is not a store of value that is fungible, limited in production and is increasingly difficult to make.

[farfiman]

The premise of this thread is built upon a fallacy.  The value of bitcoin is not dependent on the cost for mining, I dont even get how somebody could say this is the case.

Consider any other product, goods or services...the value of it is not guaranteed to not fall below production cost, it just becomes bad business when it does.

If it costs me $10 to make a sandwich that doesn't mean people will buy it from me for $10.  They can go to subway and get a 5 dollar footlong.

I suggest you to read up on Bitcoin, Satoshi's white paper is a good place to start. The value of bitcoin, if nothing else, can only be derived from the cost of mining it. There is really no any other way to create a bitcoin but to mine, and mining takes processing power and electricity which cost. To compare bitcoin to a sandwich is ridiculous, a sandwich is not a store of value that is fungible, limited in production and is increasingly difficult to make.

The value of bitcoin has nothing to do with the cost of mining.
The mining difficulty has everything to do with price of bitcoin.

[cryptofan5]

The price is hovering around $470 at the moment. The minute I buy, it will follow to $400 or below :-)

[DeadCoin]

Actual production cost of one single bicoin is aroundt $530-$550. Any price below $500 is a steal. Buy now or regret years later. With difficulty ever increasing miners are getting screwed now cause anyone mining now is running at a loss.

It seems like the market doesn't agree with you. BTC has been way below 500 for several days now. There's more selling than buying going on. We'll be in the three hundreds a month from now.

Good call

[Chuckee]

Actual production cost of one single bicoin is aroundt $530-$550. Any price below $500 is a steal. Buy now or regret years later. With difficulty ever increasing miners are getting screwed now cause anyone mining now is running at a loss.

It seems like the market doesn't agree with you. BTC has been way below 500 for several days now. There's more selling than buying going on. We'll be in the three hundreds a month from now.

Good call

exocytosis:

Prediction skill level: Troll

I love how a troll is now defined on this forum as someone who is consistently right about the market movement for the past several months.