Once again I stumbled upon a shitty Forbes article:
https://www.forbes.com/sites/jasonbloomberg/2017/12/09/seven-lies-bitcoin-fans-tell-themselves-and-anyone-else-who-will-listen/amp/

But also Max Keiser, an icon under the Bitcoin holders mentioned this in a discussion with Peter Schiff at the Nexus conference.

In this discussion one can agree with 90% what Max Keiser said here... but the thing about that Bitcoin could not fall under a 1000 USD because of the Mining costs is really not true.

The Mining costs are a function of price, if Bitcoin would fall for example to a 100 USD, the mining costs would tumble as well below this, as Miners would not want to loose money in the medium term at least.

So yes, mining costs could be a 1.000.000 USD per coin or 20 bucks... It all depends on the price.

The intrinsic value of bitcoin is its utility, and bitcoin's design is so that the mining costs always will tend to the profit that can be expected while mining it. The higher the cost of mining, the more secure the network is, the lower the cost of mining the less secure.

The Mining of Gold versus Bitcoin

Gold has all its mining costs upfront, while Bitcoin needs mining forever in order to be functional. If mining stops in Bitcoinland everything is been lost, as nobody is able to transact anymore in Bitcoin, so there is no utility anymore.

The Mining of Bitcoin's PoW vs PoS "Mining"

The horrible efficiency of the consensus mechanism I am sure will be a problem in the future. For now Bitcoin Mining costs are only as high as Denmark consumes. But if the price goes higher mining costs will rise accordingly.

I estimate that if the long term price of a Bitcoin would be around 20.000 USD, the electricity costs for 1 Transaction could rise to 1400 USD/Transaction. Users pay for this by buying new coins/inflation.

If the inflation through halvings goes away the price would have to be paid by the users directly through commissions on their transactions. OR: The electricity consuming would have to be lower and so the network would be less secure.

What happens in the next few years if electronic cars become mandatory and the electricity costs go through the roof?

France and Britain will ban all cars which are not electric by 2040. So the demand for electricity will be 4 times as high as now... Will it be really a good idea to run bitcoin like this in the future? In Germany they are talking about banning non-electric cars by 2030... In this case really a lot of nuclear power plants would have to be built everywhere, which takes time as well...

So take for granted: electricity prices will go up quite a lot...

What is your opinion? Let me know below!