I'm well aware of transaction fees; their potential simply does not justify ASICMiner's P/E of 100, especially as their first mover advantage is about to come under fire. The magnitude of the hype around this company is unreal.
I think you confuse hype with trust based on a history of strong performance and promises kept. There are obviously competitive threats facing the company, but to date, no one has come close to AM's track record. Many of us take those threats very seriously, but since we're dealing with imperfect information, you can't expect people to blindly bet on other horses when none have gotten very far out of the gate.
If you are entering this space for the first time, perhaps you'd place your bets on another company, but each of them has their own hype machine at work, and none have AM's record of success.
All of that said, I don't see what is to be gained by coming here and telling AM shareholders how bleak the future looks. If your analysis leads you to believe that AM is overvalued, invest accordingly and keep your perceived strategic advantage to yourself. That's how the smart money generally works anyway.
