You don't think the cost of production has anything to do with it? The hash power is declining, which is causing the difficulty to decline. Lower difficulty means it is cheaper to solve a block. This means current BTC holders can sell their Bitcoin and mine it back at a lower cost of production. Either miners are going to come back into the market and stabilize the hash power, or else I can't see how this doesn't result in bitcoins being worth pennies.

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