I don’t think it’s a planned attack on bitcoin. Rather, I think it’s the same stupid overhype as it was with NFTs, Tiktok etc. Human stupidity and greediness, exactly like the ability to adapt to circumstances, have self-organizing properties.
It comes out of nowhere and it disappears in nowhere.
On the one hand I agree with what you say, but I also believe that these circumstances are exploited by those who want to destroy bitcoin.
You are right - somebody certainly wants to destroy bitcoin. But let’s talk about probabilities. If somebody wanted to destroy it, they would be more likely to do so with some sort of CBDC, repressive laws and mass media FUD.
My claim is the core values of bitcoin don’t get invalidated by a bunch of kids and greedy couch investors buying jpegs and meme shitcoins. Indeed, the adoption can slow down due to high fees (which are still smaller than for any international bank transaction), but to render the network unusable for a long time, it requires as much or comparable energy as for propagating the block mining forwards.
