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What I dislike about posts like that is how little depth is in it. The whole point can be reduced to > BTC will be popular and grow because it's popular and wi
by lambdadmitry 9y ago
What I dislike about posts like that is how little depth is in it. The whole point can be reduced to
> BTC will be popular and grow because it's popular and winning right now
This sound circular-ish to me. How about a different interpretation?
- BTC is overhyped to the point of completely non-technical people in distant countries buying BTC "to get rich quick" (this narrative is pushed hard by both media and BTC fans).
- so there is a constant influx of USD into the BTC ecosystem from those folks. Note that it happens regardless of any technical or economical analysis and drives BTC price up
- however, that influx is clearly limited (by the number of naive people) and predicated on constant growth [1]. The only real purpose of BTC for those "investors" is to get rich quick, they will never buy coffee with it. As soon as USD:BTC flattens out (and it inevitably will), they will try to cash out, crashing the markets in the process. It didn't happen yet just because there were so many people to be convinced (or fooled), but it's going to happen.
[1] side note: in this sense it's literally similar to ISIS, which amuses me a bit