I should be clear that I actually agree with this. The sketch I laid out above would be what is required for long run stability. I’m in fact more inclined to t

I should be clear that I actually agree with this. The sketch I laid out above would be what is required for long run stability. I’m in fact more inclined to the view that prices aren’t sustainable and will collapse and fraud has propped it up. You still need a $42 million a day outflow to satisfy miners if they are all selling. But this money could be coming from balances on exchanges etc rather than new entrants. So yes, seems stable until suddenly it becomes clear the reserves aren’t there and money people believed is real, isn’t. There is, for example, a vast gulf between the amount of money people think they have on Binance and the amount of money that actually exists on Binance. One of these days they’ll to Mt. Gox…