One big difference between the dot-com stocks and cryptocurrencies is that cryptocurrencies have a sizable captive market: people who have little choice but to

One big difference between the dot-com stocks and cryptocurrencies is that cryptocurrencies have a sizable captive market: people who have little choice but to use them. They are the best available solution for anonymous transactions and money laundering, so even with the enormous deflation and high transaction fees that have made them a failure in the legal economy, they're still very useful in illegal markets as a medium of exchange. While the deflation doesn't deter people from spending cryptocurrency in illegal markets, it does deter the recipients from cashing out. And this trend will accelerate as the deflation accelerates. If you're a drug dealer and you receive bitcoin, you have to cash out some portion to pay your people. But now, maybe they're ok with getting bitcoin, too. Even if they don't, you'll hang on til the last second before you cash out, and you'll strive to cash out less and less as the price rises faster and faster, essentially becoming a captive speculator. Of course, if the price crashes somehow, you'll cash out faster, but because accepting bitcoin is a core part of your business, you'll never stop buying entirely. The question is, where is the natural "floor", based on the volume of illegal transactions and the rate of mining? Is it close to $15K or closer to $1K?