These are scary times. Will make your palms sweaty when playing these little swings during bear markets.

It's not a question on if bitcoin will fail, but the questions are when will it fail, how big will it get before it will fail and how much will it effect other more practical cryptos. Bitcoin is the ultimate modern materialization of pure greed. A lot of people with unrealistic dreams of easy riches and very little practical substance. Currently PoW mining is costing the bitcoin network about 2,5 billion$ annually (https://digiconomist.net/bitcoin-energy-consumption). That is the pure electric cost, calculated with the assumption that most mining is done with cheap electricity. And you also have to count in the mining equipment that's development and production is mostly paid by the money from the crypto market, then also things like rent end salaries. The closer realistic cost of running the bitcoin network for a year is closer to 5 billion$. With an optimistic count, it is said that bitcoin has around 3-5million active users. That means that it costs around 1000$ per year for user just to keep bitcoin mining alive. All of these expenses for a payment network without actual advantages...

The millennials, who are the driving force of bitcoin, aren't able to comprehend that someone does have to pick up the bill. The only way that they don't have to pay for the mining mega expenses is for new greater fools to do it instead. But the bleak truth about greater fools is that they always eventually run out. Then bitcoiners have to pay for the mining costs of the network, with the dollar value of their bitcoins. Then you will see how all those "fiat-hating-revolutionary-snowflakes" will screech in distress, over how much less dollars will they get for their bitcoins.