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A comment on Bitcoin Falls Below $20k for the First Time Since 2020. Parent comment
99% of crypto users sell, or abandon their wallets
Remaining users are HODL, and even have some cash left
Demand falls, prices falls, mining difficulty adjusts, HODLs keep buying
As difficulty falls, there is a real risk of something-something-51% attack
So HODLs (acting rationally) need to spend more $$ to boost prices just to protect their existing coins
So now, we have a finite asset (coins), which do not generate income, but require non trivial constant $ cost just to protect it?
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99% of crypto users sell, or abandon their wallets
Remaining users are HODL, and even have some cash left
Demand falls, prices falls, mining difficulty adjusts, HODLs keep buying
As difficulty falls, there is a real risk of something-something-51% attack
So HODLs (acting rationally) need to spend more $$ to boost prices just to protect their existing coins
So now, we have a finite asset (coins), which do not generate income, but require non trivial constant $ cost just to protect it?