Dear Brock,

Thank you for taking the time to read my post as well as to share your points on the matter.

As you rightly point out, miners would be looking to hedge the price of their current holdings of cryptocurrency, but as a corollary to that, new miners who are considering their production investment and decisions are also considering what cryptocurrency to mine or whether to mine at all.

Whilst I am not suggesting for one minute that the ability to switch between cryptocurrencies is as easy as flipping a switch, the decision to change between cryptocurrencies is certainly (for the most part) easier than switching crops. For starters, the mining equipment (the hardware itself) is still relevant. Whilst (as you rightly point out), mining rigs on the same hash algorithm can be swapped more easily, I would humbly suggest that the analogy remains valid.

As to your point on futures market speculators exacerbating volatility, I would argue that that remains to be seen only with specific reference to cryptocurrencies. Insofar as the current market is concerned, I would argue that cryptocurrency markets are too immature and the ecosystem is very much still in its infancy — for these considerations alone, I would suggest that extreme price volatility is unhelpful other than to generate greater global awareness.

I do appreciate your time to point out inconsistencies in my points as well as correct any errors which I have made.

Thank you.

Patrick