[skylan_q]

Well, what other measure would you use?

There is no other way to calculate whether something is done at an economic loss or profit than by the loss/profit mechanism of the economy.

Again, if the market crashed far below the mining costs, then I would view that as a demonstration of the lack of Bitcoin's utility.

Keywords being "far below". In cases where gold was the unit of money, there would be times where mining gold was economically unprofitable. As a result, more goods started chasing a fixed supply of money, bringing up the price of money making it more profitable to mine gold.

[LekkoscPiwa]

FYI: price of gold currently is at its mining cost.

And Greenspan would still call it a "bubble"

When he is personally responsible for creating dot-com bubble and the housing bubble. Who would ever listen to this clown anyway?

[zmk_]

You are confusing Aaron with Alan. And Alan Greenspan was one of the first to point out the dotcom bubble (he coined the term irrational exuberance).

[jasallen]

Wrong dude, dude.