In a MarketWatch column, I wrote last April, I explained what it would take for bitcoin to become worthless. Bitcoin is getting close to that point. As I argued, once Bitcoin’s price falls below its cost of mining, the incentive to mine will deteriorate, thrusting bitcoin into a death spiral.
In addition to my career as a Ph.D. chemist, I am one of a select few who enjoys the privilege of moderating content on reddit.com’s science forum. The science forum is a small part of Reddit, but it nonetheless enjoys over 4 million subscribers. By comparison, that’s rough twice the circulation of The New York Times.