The train left and never turning back. There is no way the price to go so deep down. With all of these facts happened worldwide that is the devaluation of yuan in China , the demonetization in India, the hyperinflation in Venezuela and so on I would be very happy to buy if the price goes down to $700.
You might just have an opportunity over the next few weeks. Bitcoin is threatening to break below $800 now.
But the problem is we keep moving our goal posts ever so often. Once it reaches $700, we will wait for it reach $600 before deciding to buy.
The market price has little to nothing to do with the cost of production
And still more so with regard to Bitcoin cost of production. First of all, there is not any definite cost to produce a single Bitcoin given that bitcoins are mined in very different countries involving different equipment. And then the Bitcoin system has been developed in such a way that this cost of production if it could be found would be irrelevant anyway. If Bitcoin price drops below 650 dollars per coin, and miners start massively leaving that will only cause the mining difficulty to decrease. Bitcoins that would otherwise be earned by the now gone miners will be shared between remaining miners, thereby allowing them to preserve their profit margins more or less intact even if the price plunges dramatically
