I said that Bitcoin's price could potentially double for the halving, not that it will. I personally plan that the price will be around 600$, but mainly due to hype than the reduction of the supply. However, you are right, that it isn't a consummed product, and as simple as it is, I did not take this in account.
What you said was:
When I studied Economy, one of the first thing we learnt was that if the supply get reduced and the demand stay the same or drop a little, the price increase. The price of a Bitcoin is the price of how much it costs to produce. If you get two time less coins, price should get doubled, but you have to think that some mining farms will close. To don't have a price increase, you need that at least half of the mining farms close their doors after the halving. It may even be more but I won't do complex calculations here.
You did not say it could.... but that it should double. And said you learned Economy class.... again it would be more of a investment class that would make sense to cover it. A advanced one dealing with currency trading would be far better then econ101 class that might have a page on crypto (and most don't have that).
It is a free market on bitcoin so there are no guarantees of doubling, and we can't say "it should double" as it is not that simple. Also it is a currency it is not a simple good like products normally focused on econ basics. Look since january it almost haved on difficulty.... and did price did not double.
There are just so many varibles it's far from simple to speculate. And with having being known... it will not sneak up on us. Investors could be considering it with current prices already. Fact is we don't know months in crypto time is just to long to give good speculation.
That's true that my courses didn't had a crypto-currency chapter. When I said it should, I meant : in a theorical common market, dominated by supply and demand, the price would normally double. I know that it isn't true at all in Bitcoin, and I was not very clear about this point.
There is no need to continue this a Econ101 class topic. There is a reason they did not cover it in your class. BTC is not a product...... it is a form of currency. A class on currency trading would be a much better fit then a standard econ class. So throw all those supply curve and other stuff your talking about out the window that were made for products. Currency is much harder and speculation is not as easy.
We could hit having and not see doubling. We have haved due to difficulty since January did we see doubling in price? Your assumptions are wrong.
