Part of what makes Bitcoin so clever is that it actually assumes self-interested behavior by Bitcoin miners. Both mining and transactions are decentralized and do not require counter-party trust. Barriers to entry
are were low.
(ASIC mining rigs with sufficient processing power to mine bitcoin are now priced in the tens of thousands of dollars. This is due to the more mature status of the blockchain; Bitcoin is vulnerable to first mover’s advantage, just as the P2P Foundation warned.)
Virtual money, real consumption
Bitcoin is produced on a schedule, no matter how much computing power is applied to mining it. Thus supply never meets demand, resulting in ever higher prices being paid for more computing power, due to the associated electricity requirements.