I think it's up to us whether or not this happens. It's the collective belief of the crowd. It's a good thing to appreciate this is possible, but I think the community should resist it. Traders will short to fill their pockets, but for those of us who actually care about the fundamentals of crypto and bitcoin, we believe this isn't a zero-sum game. The benefit can outweigh the cost in the aggregate if bitcoin is successful and is able to become useful for small transactions. That's what Lightning is about, and it's right around the corner.
@nerophon, I'm super excited about Lightning, and I believe you're correct that could potentially prevent this scenario from playing out. However, it's also important to realise that most people we're here for the 'easy'money. I got it in quite a long time ago, *and* have taken out my principal plus some profits sometime in May, so I'm fine riding this out. Most people are not, and our not willing to lose money just to make a statement.