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|User Info||Bitscam And Other Extraordinary Insanities; entered at 2017-12-06 14:13:33|
Registered: 2010-11-02 Dallas, TX
I agree...the "proof of work" algorithm is doomed to this end state. Eventually, incremental coin awards will not be sufficient to support the mining infrastructure (currently consumes almost 2GW of energy around the clock) and the entire BTC economy will likely shrivel up once this inflection point is reached. BTC lifers will say that transaction fees will cover the gap, but the BTC economy has gone so parabolic that it is hard to see transaction fees as a viable long term solution.|
Cryptos in general remind me of housing in 2005...the new rich are flaunting their money and everyone on the sidelines finally decides to get involved. We are still probably a couple of years from the top.
In general, I think cryptos are related to the general financial bubble...it is hard to name a financial asset where prudent risk management has outweighed just being stupid long for the past 40 years. Until the bigger bubble deflates, it is hard to have a bearish stance on cryptos.