Bitcoin Being Sabotaged from Within? BitConnect Hack, and Rising Fees.

crypto-daily (67)in #bitcoin • 8 years ago

We get so used to seeing these gains, oh 5% in a day, bitcoin is chugging along as it should be. But realistically, 5% in a day?? My old manager was telling me how he’s got this great investment opportunity buying shares in the company I “used to work for”, and I’m like “ok go on”, he’s talking about 7% returns in just 1 year. And I was like “1 year! Damn son you going hard!”. So, what should we take from this? It’s not all doom and gloom when Bitcoin comes down sometimes. Just be like this guy: https://www.reddit.com/r/Bitcoin/comments/6vz1mx/when_you_see_that_dip/
Now have you guys noticed the coin count difference between Bitcoin and Bitcoin Cash? 11,000 more coins on the Bitcoin Cash network, as blocks were getting mined way too fast after the difficulty dropped to mine and a lot of the hashpower moved over to capitalize. Things have corrected themselves for now, but the situation could occur again. Now why is this a bad thing for Bitcoin Cash?
There’s a website called http://www.bitcoinblockhalf.com/ which shows a timer for a lot of things happening with bitcoin mining’s future. Currently there are 12.5 bitcoins that come into existence every 10 minutes as a block reward for miners. After a projected 1027 days from now that is going to half to around 6 coins. This process will repeatedly happen until no more coins are produced and miners only earn from transfer fees. Now Bitcoin Cash is going to be much further along in this process than the bitcoin block chain is, if the halvening occurs miners will receive less incentive to divert their hash power to the network. Hash power equals processing times, so it really needs some to survive. But of course, they can always just fork to avoid it. It’s like forkception. I wonder if there’s a meme for that. https://www.google.co.uk/search?q=forkception&rlz=1C1CHBF_en-GBGB727GB727&source=lnms&tbm=isch&sa=X&ved=0ahUKEwi3ss_7yfLVAhXHL8AKHcaIB9IQ_AUICygC&biw=1978&bih=1290#imgrc=ZiSRWLGjZl8hgM
Yep of course there is, good old Xzibit. It is a fork within a fork. Ah the internet, I am not disappointed.
Bitcoin fees have gone up leading to posts such as: https://www.reddit.com/r/Bitcoin/comments/6vx61u/btc_fees_wtf/
Once upon a time, in order to spread awareness, all it took was solving a captcha code to get 5 bitcoins. The author of the website wanted Bitcoin to do well and was likely still worth pennies at the time. Once upon a time, you could complain you only generated 50 bitcoins in 12 hours, and get a response from Satoshi himself explaining it must just have been bad luck: https://bitcointalk.org/index.php?topic=61.msg433#msg433
Although the OP later admits to having internet problems. Now 50 bitcoins with today’s valuation is over $200,000 crazy.
Today Bitcoin is really helping out some people, such as those Venezuelans who are dealing with their government hyper inflating the currency: https://www.reddit.com/r/Bitcoin/comments/6vxso3/can_someone_explain_to_me_how_in_a_place_like/ "Imagine you live in Venezuela and you're keeping your money under the mattress. Would you rather leave it there in Venezuelan bolivar or would you rather put it in bitcoin? It's not going to take you very long to make that decision," he said.
Onto the news: https://www.coindesk.com/vietnam-preparing-legally-recognize-bitcoin-2018/ They are going to make a killing! More countries with nothing to lose and everything to gain by doing this are going to profit immensely.
China is looking into ICO investigations: https://www.coindesk.com/chinas-new-fundraising-rules-lead-ico-investigations/
Could be good to get more sharks out of the space, but bad if they end up chasing FinTech out too.