I appreciate your blind faith in Bitcoin, as will the big money investors when it comes time to close the show.
That said the sad reality is that the more attractive and lucrative Bitcoin becomes to the finance industry the more they will strive to control it. Additionally the more of a threat it becomes the more they will work to destabilize it. The illusion of Bitcoin is that it can't be killed, that it can't be controlled that it is actually decentralized and in the hands of the people.
History my friend, that is where the information on the future lies. Do you remember E-Gold? no probably not, that was actually the first digital currency.. Bitcoin is really just an improvement on that concept. That said, the US Government crushed E-Gold into the dust when it saw fit. Think your Bitcoins are in the hands of the people and beyond manipulation? Nope, your Bitcoins are in the hands of the Chinese government and through them the miners that control the majority of network share there.. Look at the following articles with an open mind my friend...
Great comment and contribution to the discussion. I would not necessarily agree with your statement of ¨blind faith in Bitcoin¨. Of course, BTC can fail, nobody knows what will happen tomorrow not even talking 5 years from now on. Personally, I think that BTC should be in everyone's portfolio that is serious about cryptocurrencies. That portfolio should be well balanced so if 90 percent of it goes to dust those 10 percent will still make it worthwhile to be invested. My biggest concern about BTC right now is the power consumption which is tremendous and unsustainable in the long term. I am sure that big players in the market that are mining bitcoins will come up with better facilities in the future though, generating their own energy to run their mining operations. Who knows, only future will tell. Have a great night and keep on steeming. Tomas
I don't believe the power consumption is unsustainable when compared to global power consumption, as using that metric its nill. I do; however, think that power consumption is unsustainable in terms of cost/benefit from the perspective of the ever shrinking group of consolidated miners. In the comments of the first article I posted you will find discussion on that front, as well I summarized it here:
https://steemit.com/bitcoin/@pawsdog/need-mathematical-help-mining-costs