RE: BTC at ATH nearing 12 000 USD! 2018 price predictions.
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