BTC goes to $10 and NO ONE can afford to mine because the difficulty is 5 billion
logical error.
if NO ONE can afford to mine, why should the difficulty stay at 5 billion?
if NO ONE can afford to mine, no one WILL mine. and if no one will mine difficulty goes down to 1.
logic ftw my friend.
Pyramid grows, pyramid shrinks, pyramid grows, pyramid shrinks. Suckers to be made at every turn, always a chance that you're holding the bag.
Hopefully this will be the end of the "get rich on cryptos" bubble and we can move into the next phase of life where people start building realistic services on top of the crypto concept instead of trying to cash in on being an early adopter. KNC went the route of anyone who had a vision for BTC in 2013/2014, basically rape the market to self fund further abuse, then not really give a damn because you've earned your retirement. Much like BFL and some of the other early companies (Gox, BitInstant, etc.), KNC needs to go the way of the dinosaur (and fuck off while they're at it, never purchased a product from them and happy I stuck with my gut on it) so more responsible companies can enter the market.
But hey, let's give everyone a nice parallel to real life. Everyone hear of Oculus? You know, that weird VR company that got a community to crowd fund it and hype it so it was the next big thing? Then the creators basically sold out to Facebook and said "this is a good thing"? Rewind to KNC, a small company of tech geeks who want to protect the network and build a reasonable amount of miners. Then the community funds them, they turn around and build their own mine (thanks for the loan, community!) that further degrades the capabilities of the hardware the community purchased, and now they likely don't give a shit about Neptune returns because, for all intents and purposes, their business model rested more around selling tons of v1 and building their mine than shipping v2 in any reasonable speed, letting competitors slip in and further screw over the KNC loyalists.
Don't ever think money won't corrupt, since the first day someone paid a single penny for BTC money has corrupted things. Guess us folks in the US should be thankful BTC is property, not that evil money stuff.
Oh yeah, what got me started. ImI, you just described the basic business model for MLM Pyramid schemes! They grow, get popular, bring in a broad swath of new suckers, eventually reach saturation, suckers drop off, early adopters continue to cash out, then after the squeeze they bring in a new round of suckers. BTC itself is not a pyramid scheme, but the community (especially mining) acts a lot like it.