RE: AMM and IL: Convincing Communities they shouldn't HODL.
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I've talked to BTC maxis who actually believe Bitcoin will subsume all value in the world and that they will become kings of the universe only because they BELIEVE the hardest and HODL. Of course, these types tend to be extremely arrogant and they behave as if this prophecy has already come to pass.
These lunatics are in for a nasty surprise. Let's say BTC goes to ten million in today's dollars. How much of the total power generation capacity of the world would need to be harnessed to secure the Bitcoin network? 10 000 000 / 50 000 = 200. Bitcoin would use 200 times as much electricity as Argentina today or as much as the entire world. Would the rest of humanity put up with 50% of all electrical power being used to secure a PoW network to have an opportunity to be financially enslaved to a tiny group Bitcoin whales who'd be multi-trillionaires at that point? What an utterly preposterous notion! Bitcoin would be declared illegal in all major economies that would be the end of it.
It is really as simple as that. China has outlawed Bitcoin. All it takes is the US and the EU doing the same and the monetary value and the hash rate of BTC will be sent tumbling down to a place it will never recover from.
BTC dominance is in long-term decline. The rest of the space will grow at an accelerating rate while Bitcoin will stagnate having fulfilled its potential much sooner than it will reach a market cap 200 times larger than today or even close. The endgame remains to be seen.
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