You‘re pretty much right. This is also why the ordinals hype lasted for weeks and the runes hype is gonna die out much faster - it will be eaten up by the miners and distributed between Blackrock and others. But it also gives the miners the hope that their businesses can survive, which is good.
Having degens in the society is sometimes beneficial because it allows for redistribution of wealth from those who are lucky but don’t deserve it to those who perform work and deserve it.
Bitcoin mining is the most ruthlessly competitive venture the world has ever seen.
It will be difficult to sustain bitcoin mining as its own going concern through multiple cycles.
Have you ever seen “The Godfather” ?
The mafia may be slightly more ruthless!
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