In one word competition. If it's so profitable what's stopping 100 new asian manufacturer coming online tomorrow at the fraction of the cost and driving hashrate through the roof squeezing those profits? What about Intel entering the market? It's always a risk/reward game you won't see crazy profits for too long, but when you do and first to the game you reinvest to try as grab as big of the pie early on, not hodle because you get way too much money from other business.
So they're not dumping now, and even less likely to dump when market goes up. Perpetual hodlers?? Great business plan with no exit strategy, but even if that's the case and 1% ASIC manufacturers horde up all new coins there's the risk of the other 99% revolting and hard forking you out of the game.
There is nothing stopping them doing it.... In fact there are some doing it at this very moment, have you not seen hashrate going "through the roof" in the last few months?
Again, I fail to see what argument you are trying to make.
When you do and first to the game you reinvest to try as grab as big of the pie early on, not hodle because you get way too much money from other business
That's exactly what the biggest ones are doing. At the moment, they don't need to sell their Bitcoin to do that.
Do you not understand that them and their backers believe in the technology?
They're going to eat their share of the pie as long as they can sit at the table. They have a business model that allow them to profit and accumulate assets.
Certainly for the majority of them their business model is not substainable. But don't fool yourself that selling their BTC for fiat would change any of that.
Bigger player (Intel) will enter the market once the price of Bitcoin starts appreciating again and grows another order of magnitude. Once that happen, maybe, just maybe, even major first movers like BitFury will be forced out the market but guess what? They will be sitting on thousands of Bitcoin from early days.
Great business plan with no exit strategy, but even if that's the case and 1% ASIC manufacturers horde up all new coins there's the risk of the other 99% revolting and hard forking you out of the game.
Couldn't make any sense out of this
