Isn't that how Bitcoin "works"?

err... how Bitcoin works, or how the speculative bubble around cryptocurrencies circa 2019-2021 worked?

Bitcoin is actually kind of useful for some niche use cases - namely illegal transactions, like buying drugs online (Silk Road, for example), and occasionally for international money transfers - my French father once paid an Argentinian architect in Bitcoin, because it was the easiest way to transfer the money due to details about money transfer between those countries which I am completely unaware of.

The Bitcoin bubble, like all bubbles since the Dutch tulip bubble in the 1600s, did follow a somewhat similar "well everyone things this thing is much more valuable than it is worth, if I buy some now the price will keep going on and I can dump it on some sucker" path, however.

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tim333 an hour ago | parent [-]

Most bubbles have a peak and crash. "The Bitcoin bubble" keeps peaking and crashing and then going on to a higher peak.

	▲	measurablefunc 40 minutes ago \| parent [-]
		Mining rigs have a finite lifespan & the places that make them in large enough quantities will stop making new ones if a more profitable product line, e.g. AI accelerators, becomes available. I'm sure making mining rigs will remain profitable for a while longer but the memory shortages are making it obvious that most production capacity is now going towards AI data centers & if that trend continues then hashing capacity will continue diminishing b/c the electricity cost & hardware replenishment will outpace mining rewards. Bitcoin was always a dead end. It might survive for a while longer but its demise is inevitable.