Bitcoin is dying, Bitcoin is exploding, are currently the two predominant moods in the crypto-market. FUD-Schreier and FOMO Sapien‘s tear the scepter from the Hand, while the banks through the open back door into the living room to sneak. Bitmain should destroy also the Ecosystem. And the price of Bitcoin? Commutes leisurely sideways. The situation on Wednesday.
It is not as if you could make it as a news portal for Bitcoin and Blockchain entirely free of it. The market’s yell, future forecasts, à la “Bitcoin exchange rate by year-end at 1,000,000 dollars,” attract at least as much attention as ominous forecasts, there is a fear that Bitmain will destroy the whole Ecosystem. There’s only one: file.
FUD: you Can destroy Bitcoin?
The upcoming IPO of Bitmain can prepare. What takes place there is a further centralization of Power, which is anything other than a decentralised money system. Bitmain is not only in possession of 70 to 80 percent of the Mining equipment, the company also operates many Bitcoin-Miner. That Bitmain has so much doubt. Also, the fact that Bitmain with their Antpool-Mining-colony quite close to the 51 percent attack on the Blockchain, it can bring even the hardest of Bitcoin-enthusiasts to tear their hair.
Antbleed and the reaction of the Community
But you don’t have to be so long: Because it is exactly such dangers are part of the Community to respond to and improve the System. Best Example: Antbleed. To all appearances, had built Bitmain the Antminer is a back door to intervention on the devices. The Community responded immediately – the result is likely to be the most under the name of SegWit known (read more here). The Bitcoin Blockchain had one positive side-effect: With SegWit the Community, restrained the issue of scale a little.
Also the specter of a “51 percent attack,” heard the claws cut: It is not so that an entity with more than 51 percent of the Hashrate could perform forever undetected Double-Spending attacks. The Proof-of-Work consensus, the Blockchain is considered the most Proof of Work as the true. If an attacker can now inject “his” Version of the Blockchain in the System, would you recognize the. The original, real Version of the Blockchain would be rejected by the Nodes, which would perceive the Nodes as a Chain Reorganization.
Nevertheless, The increasing centralization of mining and Bitmain as a great Player you should keep a watchful eye. Who wants to mines, you should perhaps look for Alternatives. In addition, Be Your Own Bank. Each Individual can keep track of what is Happening on the Bitcoin Blockchain.
Cryptographic service providers are struggling with double-edged swords
The increasing centralization in the Bitcoin Ecosystem is a double-edged sword. The desire of the crypto-buffers for greater security may well be entitled to. Finally, different service providers between investors and crypto-kicking currencies and to simplify the access to crypto currencies a lot easier. But on the other hand, they lead to the idea of a decentralized monetary system to the point of absurdity. Reason to panic? Not in the least. Ultimately, it is up to each individual to be his own Bank: Bitcoin makes it possible.
FOMO: The Bitcoin is going to explode
But we turn the medal and look on the other side. Here is the quiz question is: What makes Bitcoin possible and is just as unhealthy as FUD? The answer is: FOMO.
The fear to miss something, tempted sometimes to powders to much money at once into the System, without first being properly informed. It is not uncommon, if statements appear without evidence, let alone reasoning, and the happy news.
An example of this? Ran nine of CNBC announced on Twitter:
“I just bought Bitcoin for my parents. It is obvious that he will soon explode.“
I just bought Bitcoin for my parents. It’s too obvious that it’s about to explode…
— Ran NeuNer (@cryptomanran) October 7, 2018
Now, since it will forward to someone.
It can therefore be said with (for the crypto-Space is unlikely to be high) security, that neither FUD nor FOMO are good counselors. Only one, probably the most important of all questions remains:
And the price of Bitcoin?
The price of Bitcoin is currently stable 6.590 US Dollar. With a weekly increase of 0.5 percent and a monthly increase of 5.5 percent, which is relatively stable. His often criticized volatility A is currently very limited – for explosive and outbreaks, there is currently only little evidence of that. According to the volatility index of its USD-volatility is currently at Slippers 1.57 per cent in the estimation for the next 30 days. Although he is not as “stable” as the main Fiat currencies. However, some of the traditional currencies, he can already in the water. Similarly, the number of Bitcoin transactions is not as high as in December 2017, but has been increasing since July of 2018 steadily.
So far, So positive. Even if, thanks to the low volatility of some optimists believe that a new wave of Bitcoin begins adaptation, one should not ignore the influence of a low volatility on crypto-exchanges. The volume of trading on various exchanges has fallen to levels Bitcoin since the beginning of 2017 saw. Where the journey goes, so it is still unclear, it came at the end of September once again to a failed Test of the MA20 in the weekly chart. Until the bull market, so it takes a little.