Agreed. I also think the tipping point has been reached or at least will be reached in the very near future. A lot of people will most certainly call me crazy, but Bitcoin is dead to me.
I said that quite a while ago when Bitcoin was near high in November last year and I was ridiculed and laughed at by some of these people in a meetup. Perhaps their minds are too simple.
Bitcoin will see its last days. Maybe not tomorrow, but definitely before the end of the decade. The irony is, everyone is talking about bitcoin! We have banks, we have businesses, we have giant companies wanting to jump in the bandwagon and we have miners putting in 10s of millions of serious money into mining these coins. And no one can see the obvious storm that is looming ahead. Are they blind?
I don't think Banks are talking about Bitcoin, they tried to push "protocols" Banks can not accept a decentralized ledger.
I do agree that a lot of capital is going into mining, that's amusing, but as I said China will win that race (even though they started from half way, post first halving basically)
I fully well expect that this recent Difficulty rise put a lot of original monopolists way back in % share.
Essentially now Bitcoin is their "plaything" (which is the way it should be), now if there is a ramp it will be dumped on.