Someone is dumping hard to drive price down in order to buy a lot at low price
The electricity cost for GPU miner is the fundamental factor for bitcoin price, currently 1G hash gives 0.06 bitcoin per day, using $3 electricity, that is about 50 USD for 1 bitcoin
A non fungible commodity like gold or oil cannot drop below their price of production. I am uncertain as to why you apply this same logic to bitcoins, which are simply one of many fiat based mediums of exchange. The fact that you decide to waste CPU cycles to mine bitcoins does not somehow confer any underlying economic validity on that activity; when bitcoin crashes you can't exchange those wasted cpu cycles for something useful. When the tulip market crashed tulips fell well below their cost of production because one the speculative bubble burst their commodity value was deemed to be effectively zero.
Why do you think the same logic could not apply to bitcoins? There have been numerous comparison between bitcoin and gold and I think bitcoin wins by a large extent
Gold can be confiscated, can't be carried over boards, difficult to store large amount, difficult to transfer, difficult to identify the purity...
Tulips are not worth comparing, they can't even last a couple of months, you must find the next fool before it dies
True, bitcoin itself does not have some real value, just a number, but the network as a whole holds great value
FED writes 85 billions USD into his account each month, itself does not have any value, just a number. But as long as every other bank are willing to sell assets to FED in exchange of these numbers, these numbers have value. Actually bitcoin is better in this sense, it is generated using electricity, not just write number of 0s
