The world does not run on power and hierarchy. Write it on the chalkboard 100 times.
Haha
I hated this punishment
The world does not run on power and hierarchy.
I disagree
Try as you may, you can't disregard the herd effect. Most people do things because it's what's in vogue. My guess is that half of the people who own bitcoin now didn't even think of if as anything when it was below $1000.
Bitcoin became the new cool when it smashed $19k and everyone wanted a piece of it.
But we both know the price is driven more by speculation than value. The money bags are constantly buying. Some 'powers' that be are 'in charge'. If some large holders empty their bags, so many struggling folks would be burnt. So burnt, they might hate anything crypto
Eg, when a whale (allegedly) dumped 5k btc on bitmex and the price dipped from 8k to 6.7k. Imagine it was 50k
As facebook's Libra has shown us, power begat power. The power behind Libra is enough to trigger discussions from world leaders. Imagine they were backing bitcoin instead? To make it more interesting, imagine they were against bitcoin and were going to adopt BCH or LTC or even BSV
I remember reading somewhere that for most small-scale miners to break even, btc must stay around $6k. With rising power, tech and maintenance costs, btc might evolve to become a natural monopoly
The one thing that keeps btc going is that no one knows the founder. This is what makes it truly trust less. There's no central figure controlling it. That's changing, however. Power begat power. The large mining companies will only become larger with each price pump
Lastly, the average folk doesn't care about the decentralized features and all that. (until they have a really bad experience with centralized systems). so at the end, it boils down to what they hear on the news, or what they friends are doing or what their religious leaders say.
At the end, the world runs on hierarchy and power