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RE: Simple economics prove that Bitcoin will fail
52.56% of the world's electricity is way off. Today the network uses as much electricity as an average sized city ( 300 000 homes). Even if more miners started to mine due to an increase in price the electricity used by the network will never be more than a large city like London or Paris.
Think about it this way... Replace Bitcoin with a company and mining with apples. So there is a company that is using money to buy apples.
Today the company is spending 1,750,000 dollars to buy apples from anybody who is willing to sell them to it.
If the price of company share goes up, it can afford to buy more apples. It can spend 50,000,000 dollars to buy apples.
Don't you think people would sell more apples to it?
This is the simple economic truth: people respond to incentives.
My bad, you are right. If the price was 1 million today with the current block rewards the consumption would be 52% that's correct. ( assuming miners respond to incentives)
The thing is that when we will be at 1 million per BTC the block reward would be a lot smaller than now, I don't see a million dollar bitcoin in the next 10 -20 years at least .
Mining is not selling. Bitcoin is not apples. They have a market cap, and you cant just make new bit coin like apples. There is a limit, and then the money is in the pool and at end goal allows people at home to make money for processing transaction that go on by the million a second. They do respond to real incentives, like how you posting gibberish on a web sight because they said they pay you.