After launch of bitcoin at CBOE futures
Then bitcoin becomes a casino gulag where the house always wins and there is no reason to go near it instead of metals. In metals they can only naked short it to cost of production. In bitcoin, cost of production is fully floating and recursive based on it's own demand via hashrate, so they can literally naked short it to 0 instead of some type of cost of production floor because no such thing even exists in bitcoin. Shorting metals below cost of production causes miners to stop bringing gold and silver to market, so it's counterintuitive because it would just create scarcity, so they don't do it (or at least not for long periods of time). Shorting bitcoin below cost of production forces miners to turn off, thus lowering the temporary cost of production floor even further while the supply from miners recirculating coins remains unchanged. This is why naked shorting is FAR MORE detrimental to bitcoin than metals.