There is a price floor, but it's much, much lower than most people realize. They need only turn a profit to keep their miners on.
Over the long term the mining difficulty does shift, which presumably would attract more miners (and vice versa) that would affect the elasticity. However, that's not the creation of a price floor that Bitcoin advocates claim.
Over the long term the mining difficulty does shift, which presumably would attract more miners (and vice versa) that would affect the elasticity. However, that's not the creation of a price floor that Bitcoin advocates claim.