I'm very serious. I get, but don't accept your argument, simply because not everyone re-invests.
So what? The hypothetical doesnt work even if you are the only one reinvesting.
In fact your argument supports the empirical pattern we see in other high growth industries
Which other zero sum industries would that be?
PETA's game is to be one of those final few players.
And what do you think the odds are of a company that has to buy its hardware on the open market to unseat companies that produce their own hardware at cost? Bitfury, Cointerra, KnC, etc are all setting up their mega farms. They will sell their hardware to cryptx, then use the money to grow their own farm by a far larger amount. You dont win that sort of arms race unless you are an arms dealer.