If Bitcoin goes down in price (which it eventually…
If Bitcoin goes down in price (which it eventually always does, mostly due to a reversal of the excess liquidity that is sloshing around in the financial system), people stop mining and the break-even price of mining a coin declines as well. The lower break-even price leads to a lower Bitcoin price and more people stop mining. This explains the extreme price volatility in Bitcoin, and this makes Bitcoin unique.
— from Takeoff Into Chaos · How to Listen When the Markets Speak: Risks, Myths, and Investment Opportunites in a Radic
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