Bitcoin falls 12.1% to $23,366; Ether dropped 13.62% to $1,237.72

Re:Bitcoin falls 12.1% to $23,366; Ether dropped 13.62% to $... by giancarlostoro on Tuesday June 14, 2022 @08:27AM (#31738247)

The value at minimum in my opinion has to be what it costs to mine each coin. This makes the most sense to me, who would sell it below the cost? Silly. When people were raving about a crash a few years back (was it 2018?) I said, unless it costs less to buy than to mine, I don't see it, and sure enough it bounced back then.

Anything above that amount is either speculation or perceived value in a specific coins ecosystem. I still hold that Ethereum should be worth way more than bitcoin given how much richer its ecosystem is.

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Re:Bitcoin falls 12.1% to $23,366; Ether dropped 13.62% to $... by cedilla on Tuesday June 14, 2022 @09:42AM (#31739361)

Stuff is sold below cost all the time. Often for very good reason, often because there is no other option than to limit the losses.

In any case, hashprice is plummeting, and this system is self correcting, as the price to mine is extremely elastic.

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Re:Bitcoin falls 12.1% to $23,366; Ether dropped 13.62% to $... by BoiledCabbage on Tuesday June 14, 2022 @09:40AM (#31739318)

> The value at minimum in my opinion has to be what it costs to mine each coin.

Why so? If it costs me 100k to make a ball of lint, does the cost to make give that lint a minimum value of 100k?

Or if I mined bitcoon for $X, the whole market is crashing and I have a way out that let's me recoup 85% of $X instead of losing everything why wouldn't anyone take that?

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Re:Bitcoin falls 12.1% to $23,366; Ether dropped 13.62% to $... by giancarlostoro on Tuesday June 14, 2022 @05:35PM (#31746378)

I am merely proposing a ballpark ideal price for a coin, to justify it being 100k if you will, does that make sense? I think I didn't word it rightly.

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