The cost of producing one Bitcoin in dollars is, on average, about the price of one Bitcoin in dollars.

The difficulty adjustment is the Oracle that links the Bitcoin network security with the price of the coin.

Bitcoin has built a network with millions of financially committed participants. The structure of that network explicitly enforces a situation of no price premium over the cost of production. Those two things are what makes it the hardest money ever known in history.

Could that phenomenon ever be repeated when the natural members of a new network are already invested in Bitcoin?