Considering that, according to CEX-IO CEO Jeff Smith, "...$320 (per BTC) would be the price point at which most miners will get out of the red..."), and since we are presently at 26% BELOW that mark, one has to reasonable ask: What is the future of BTC AND, Is there one at all?
Due to the recent dip in price (to mid $160's), mainly, many companies have gone belly up... including CEX.IO. Batterfly Labs, HashFast, Cointerra... More will no doubt follow if there's not a sustained rebound. The rebound supposedly motivated by the $75 million dollars cash infusion by venture capitalists to Coinbase, along with their proclaimed regulation in 24 US states, was very sharp (to $310) but extremely brief, so price is back down perhaps on way to test those recent lows or even go lower. So, considering this sustained reality, what is the future of BTC and Is there any at all? Everyone concurs that the blockchain tech will be here to stay... but who would sustain it if miners have to look for a different, less costly hobby? No miners, no blockchain, right?
Meanwhile the other alt coins suffer a debacle in price often of higher proportions than BTC, so, obviously, markets are telling us that the whole shebang is held strictly by BTC.
Opinions?
You see the problem: miners can't be profitable without rebound but a rebound isn't likely, possible or sustainable because miners are dumping it down again - many people have been saying for months now that it's broken on the fundamental level. It attracts high hashrate as long as prices are up but prices aren't sustainable and investing in it makes no sense. It is not scarce enough for a high price.
This whole logic to pay miners so many coins is bullshit in bitcoin because it keeps investors away and makes for an infinite bearmarket. We would need a more scarce coin that rewards miners less coins compared to total coins so the coin would be able to hold some value and not start to decline immediately as soon people aren't buying. This would provide for more investement, better bullmarkets, shorter bearmarkets, higher price, faster adoption and ultimately more profitable mining (ironically)
Everyone would prefer it if miners would only get half the number of coins and price would be 100% more and sustainable - even the miners would. Miners have too much negative impact on the market but they can't help it too.
Yes, bitcoin is holding down everything. Most alts have hit the natural bottom months ago and want to rise but bitcoin is sick, it can barely breath. Everyone looking at bitcoin for guidance is also sick. It needs to be cured. We need more fiat exchange for alts directly and more altcoin for altcoin exchange. Take Bitcoin out of the equation and cryptocurrency will have a good future.
Bitcoin is just an experiment - the first try. We need as many different tries as possible to find the best solution - bitcoin isn't the best solution. Trading altcoins mainly against bitcoin needs to go to strengthen cryptocurrencies.