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ASIC Monopoly Fallacy

Cartel Control Theory: Suggests Bitcoin ASIC prices are controlled by a miner cartel for advantage.

Economic Equivalence: A cartel acts like one entity; size changes are market-driven for efficiency.

Internal Subsidies: Non-market pricing of ASICs within cartels is a form of internal subsidy.

Pricing Strategy: Raising prices requires production limits, risking unsold stock.

Market Forces: Competition drives prices to market equilibrium.

Interest Rates: Market sets price based on global return, influenced by time preference.

Open Competition: Without state interference, all can compete in ASIC production.

Monopoly: Requires state-granted power, not market dynamics.

Hash Power: Buying from cartel doesn't boost its power; capital seeks equal returns.

Pooling Pressure: Not protocol-driven; market forces control ASIC production