blah new dollars need to enter the market every day just to cover blah
I'm so tired of hearing this argument.
A. Not all, possibly not even a majority of miners are selling
That turns them into speculators, and speculators add no value.
C. Economies grow by having value added so this pretty much invalidates and obviates your entire premise
So, how much value is added by bitcoin per day?
Costs, we can easily estimate, and we can even be sure that they grow as the price of bitcoin grows.
Can you say the same for value added?
Speculation adds no value, if you bought bitcoin in hope that you will sell it later, that money must come from some other fool, perhaps a greater fool than you.
If you value bitcoin with a simple method of discounting future cash flow, since there is none, you come up with 0.
I would say 99% of bitcoin purchases in last 3 months are speculation. Do you think people buy in for $100k to buy stuff in the bitcoin store?