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Author Topic: "Bitcoin's true value the cost to mine one"  (Read 137 times)
bobo012
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April 08, 2018, 05:47:49 PM
 #21

Why do some people think this is accurate?

The cost to mine 1 BTC varies a ton depending where you are at, so this would mean if you are from China the cost will be cheaper than in Canada for instance, but this is not all. There are many other variables.

So you would need to create a global average I guess, but even then, how is this accurate?

Bitcoin is a viable substitute for gold, but just better. How could 1 unit of Bitcoin be only worth it's cost to mine one (which by the way I think it's around the current price) when it's marketcap is so tiny?

It's insane to assume that you have to wait until 2140 to reach "the moon". Bitcoin's features are the same irrespective of how many halvings away we are from that. The cost of mining one doesn't reflect it's true value. The hashrate is strong enough to be as safe as it gets to use a store of value. If anything, it shows me that it's insanely undervalued.

I think people just like the idea of "fundamental value," so the mining cost will be the closest to BTC fundamental value
Well, that's because the network strength, technological advantage, and so on, cannot be valued with money (or just very difficult).

I agree with Roger Ver when he said that blockstream delay consumer penetration for years, so mooning will depend on the lightning network
If bitcoin remain slow and expensive, that may never happen

I dont see that slow and expensive bitcoin anywhere. Ver is repeating himself even now tx fees are at all time low. Seems like a broken record.
Also 130k spam transactions are gone now, batching is also in place, and bitcoin is functioning nicely. I will keep using it, also i dont have anything against other projects. Time will tell

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April 08, 2018, 06:06:50 PM
 #22

Bitcoin value will always more than the cost to you and every one in the world are trying to get some benefit if they are losing for this then they will finish from here so i hope that you are very wise person in the crypto market and you know more than every one in the market that how to minimize the risk and over come the panic of holding so it is good for me to make investment in the crypto and the true believer of bitcoin like me will always hold bitcoin and altcoin.

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April 08, 2018, 06:16:09 PM
 #23

I dont see that slow and expensive bitcoin anywhere. Ver is repeating himself even now tx fees are at all time low. Seems like a broken record.
Also 130k spam transactions are gone now, batching is also in place, and bitcoin is functioning nicely. I will keep using it, also i dont have anything against other projects. Time will tell

Don't get me wrong sir, i'm a bitcoin believer.. i wish bitcoin moon as much as we all do
But fact is a fact,
Tx fees are all time low because the frequency of transaction decrease
https://blockchain.info/charts/n-transactions?timespan=all

Hope the unhappy user will come back soon

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April 10, 2018, 02:41:01 PM
 #24

I dont see that slow and expensive bitcoin anywhere. Ver is repeating himself even now tx fees are at all time low. Seems like a broken record.
Also 130k spam transactions are gone now, batching is also in place, and bitcoin is functioning nicely. I will keep using it, also i dont have anything against other projects. Time will tell

Don't get me wrong sir, i'm a bitcoin believer.. i wish bitcoin moon as much as we all do
But fact is a fact,
Tx fees are all time low because the frequency of transaction decrease
https://blockchain.info/charts/n-transactions?timespan=all

Hope the unhappy user will come back soon

Transaction volume decreased mostly due shitty exchanges like Coinbase, which happen to have most of the transaction volume in Bitcoin, got their shit together and enabled transaction batching. The fact that they support segwit helped to lower rates, as well as Jihad and Ver stopping the mempool spam. And sure, some of the traffic was due FOMO in the bubble peak as well, but most of it was batching and spam.

We'll see how the mempool behaves during the next peak to $50k-$100k, now that batching and segwit is in.
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April 11, 2018, 08:03:02 AM
 #25

Bitcoin will never have something that we can consider being the true value, just like Gold or any other asset in the world doesn't have anything like that. I personally base my 'actual' Bitcoin price on the bottoms that we mark in the charts, because these bottoms throughout the years have proven to be solid support levels, and that likely applies to the $6000 level in current times as well.

I personally don't even bother thinking about what the actual value of Bitcoin per its unit is, because it doesn't even make sense. It's personal for everyone what he considers Bitcoin to be worth, which depends on the needs of the buying party as well. Short term speaking, you might not consider current levels to be that much of an interesting entry point, but what if you need to quickly to put wealth into Bitcoin because banks are making life difficult for you? You'll gladly pay that specific price, which at that point means that need overrules the aspect of whatever Bitcoin's true value may be. If you take into consideration that everyone has its own needs and motives to buy Bitcoin, the 'true' price doesn't even matter.

Exactly. The thing is, bitcoin's prices can be way over the cost of mining one and still be sustainable.

Also the cost of mining a single bitcoin varies from the country you are located, electricity cost, how much your miners cost and how much hashrate they are able to produce compared to electricity output, etc. So I don't know how you're going to accurately measure that 'true value'.

If there is enough demand for bitcoin, then prices will go up regardless of how much cost it is to mine a single bitcoin at the time. It'll be very rare to have bitcoin ever sit at its true value, so what's the point of trying to base it off how much it costs to mine? You don't ever hear people talk about gold's true value in terms of how much it costs to extract, because you know that miners need to make a profit, and they can only mine so much at a time.

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