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I agree with you, but do you really think all these big companies would dump money into it if they didn't think it was here to stay?Crypto capitalism at it's finest, just a bunch of greed. With the many different cyptos out there, someone can always mine whatever is hot or what they think will be the big thing. You're right, with close to nothing backing this (less than paper money), cryptos would go towards an even more unstable monetary system. It can vanish in thin air, because that's all it is and came from.
It's here to stay for sure, in one form or another. Like I said, if not bitcoin, there are hundreds and can be thousands of different cryptocurrencies. Any of them can be mined, though they act just like the stock market.I agree with you, but do you really think all these big companies would dump money into it if they didn't think it was here to stay?
The article brings up singe good points. Some other things to consider is that the more that is mined, the harder it becomes. Also, it's going to be difficult to compete with China due to their lower operating cost and higher incentive to use cryptocurrencies.
So the last few bitcoins to be mined will have to be worth 50,000 dollars in order for it to be profitable. The current trend doesn't look too promising.The article brings up singe good points. Some other things to consider is that the more that is mined, the harder it becomes. Also, it's going to be difficult to compete with China due to their lower operating cost and higher incentive to use cryptocurrencies.
In upstate New York, there are at least three cryptocurrency companies operating, and in some cases, these customers account for a third of their local muni's load, according to the Public Service Commission.