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Bitcoin Drops Over $1,000 In Value Over 48 Hours (reuters.com)
sqorbit writes: Bitcoin dropped below $7,000 after hitting an all-time high. After the so-called "fork" was suspended, Bitcoin reached a peak of $7,888 around 1800 GMT on Wednesday before dropping down below $7,000. Some investors appear to be selling in order to buy "Bitcoin Cash" which was a split on August 1st. Bitcoin Cash reached $850.
Is there any way to short bitcoin? Somebody could make a fortune!
I've abandoned my search for truth; now I'm just looking for some useful delusions.
How is this worthy for a /. thread? 5,000 other speculative bubble are inflating and deflating daily and bitcoin is usually at the top of the list.
It's a unique pyramid scheme. Once you figure it out, you can cash out and sell your spot in the pyramid. Just don't be the one holding the hot potato at the end.
I just happened to see this today and while it's a long read it does a great job of explaining a hard to explain concept (crypto assets and decentralized applications). I thought I understood crypto currencies but after reading this I see a much bigger picture and why I should care.
"A person is smart. People are dumb, panicky dangerous animals and you know it." - K
Just stop it. Just fucking stop it. I don't give a fuck about Bitcoin.
Apparently you give a small fuck, because you took the time to go to the article page and post a comment. Someone who doesn't give a fuck would have stopped reading after the headline and moved on to the next story.
This isn't the usual headline of "Bitcoin goes up" or "Bitcoin goes down". The Bitcoin community has been trying to solve congestion on the Bitcoin blockchain, which is limited to 6 transactions per second, for years. For various political reasons, no solution has been proposed that reached "consensus," and as such gridlock was created, causing transaction fees to rise and confirmation times to increase. Bitcoin Cash forked off in August, specifically to solve these problems and return Bitcoin to its roots. It did this by increasing the transaction capacity by 8 and removing features that were antagonistic to using Bitcoin as an actual payment network (RBF & SegWit). It was initially disregarded by the hype-cycle media, but has wide grassroots support and important backers. After the recent cancellation of the 2x upgrade, which was scheduled to happen on Nov. 16, it became unclear how Bitcoin could ever grow to keep up with demand. Bitcoin Cash, on the other hand, had more capacity than the old Bitcoin would have had even if the cancelled upgrade had gone through.
This $1000 drop in Bitcoin and corresponding rise in Bitcoin Cash is potentially a turning point. Bitcoin isn't usable for actual payments due to high fees, slow transactions, and RBF allowing payments to be cancelled after services are rendered. People are buying into Bitcoin Cash in a big way. In fact, the 24 hour Volume on coinmarketcap.com shows Bitcoin Cash beating out Bitcoipn for the first time ever. It's truly exciting times.
This may be the beginning of "the flippenning", where Bitcoin Cash replaces Bitcoin as the gold standard of crypto. Or maybe not. Time will tell.
I have no idea how to play poker.
May I join your game? I'll just learn as I go.
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