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Bitcoin Prices Surge 26% in November, Pass $8000 (bloomberg.com)

Posted by EditorDavid on from the magic-internet-money dept.

Bitcoin's value has increased more than 26% in less than three weeks, writes Bloomberg. An anonymous reader quotes their report: Bitcoin topped $8,000 for the first time, as investors set aside technology concerns that had derailed its advance earlier this month. Bitcoin rose 4.8 percent to $8,071.05 as of 7:17 a.m. Sydney time on Monday. It's now up more than 700 percent this year after shrugging off a tumble of as much as 29 percent earlier this month. It's been a tumultuous year for the largest cryptocurrency, with three separate slumps of more than 25 percent in value all giving way to subsequent rallies.

2 of 221 comments (clear)

  1. Set aside technology concerns? by Anonymous Coward · · Score: 0, Informative

    Bitcoin, over the last month, has shown that it:

    1). Can't scale
    2). Won't scale since Segwit2x went bust, and BCH isn't much better
    3). Still relies on energy-inefficient PoW algorithms
    4). Has no real developer support
    5). Is prone to scammy forks, e.g. Bitcoin Cash, Bitcoin Gold, Bitcoin Silver

    People "setting aside technology concerns" are really ignoring major red flags with the entire Bitcoin ecosystem. It's slow, there's practically no way to get the miners to agree to upgrades (so good luck RSK/Lightning, you're gonna need it), the mining is far more centralized than ever intended in the original whitepaper, and it costs far too much to confirm transactions.

    BTC has been reduced to name recognition. It's "first mover" and nothing else. Much of the new money coming into Bitcoin has NO IDEA about any of these problems. To them, BTC = crypto, period. That just don't know.

  2. forking to survive bubble bursting? by Anonymous Coward · · Score: 1, Informative

    Just be aware that due to its flawed design, eventually it will collapse.

    I get your point, however the forking thing (that happened? or unhappened? or the 2nd variant unhappened?) seems interesting. Buy a bitcoin today, and though it may eventually collapse, your original/2017 version partially transmogrified several times over the decades into 31 versions that failed and 13 that won't fail until a century after you die.

    Interesting to watch.