BITCOIN - XBT is this a bubble that will go crisis?
Last week I’ve go thru and review again on XBT/USD I was not surprise on the current movement of strong bearish because according to many crypto currency sources XBT is just like Few of my friends came up on this topic on what to do with those COINS that they are holding and even the Bitmine that they just invested in, instead of regrets think it might be an opportunity of a new era of XBT ( MAYBE )
So previously, There was a crash in operator of Mt. Gox, a trading place for the pioneers of XBT owners as they announced the exchange had been hacked. On 7th February 2013, hacktivist thieves draw away with 850,000 bitcoins that worth around $3.5 billion today. The past incident had created doubts in the security of bitcoin and undercut liquidity in the currency, likely would harmed the currency’s value for the future.
Now we go to the the volatile days of 2017 as starting of 2017 XBT shoots up to 1,000 mark for the first time in ahes and started bullish like no tomorrow. By June, the currency hits triple up the peak but it’s just did not make it on the 3000 mark as it goes bearish again until 1800 during June 2017.
With this 2 history logged, is seems to give more confidence that XBT is more likely a bubble adding up other common signals comparing with the previous broken bubbles counter. XBT is on the risk to square 1!!
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Bitcoin network performed fine during these both hacks (and all the hacks that has ever happened). If your house has security systems but you left your house unlocked, is it the Systems fault?
The bitcoin network has survived all sorts of attacks over the past 9 years and the network is still going strong.
It's the human stupidity (yes, stupidity) of not implementing enough security measures that can't stand the test of time and attacks.
People should look at bitcoin/cryptocurrency as what it is, a new technology. Not a bubble, not a scheme, not anything. If a horse rider drives a car and crash into the wall, is it the cars fault? Horses won't crash into walls. Are horses better than cars then?
It's foolish to use a technology in its early stage, not understand it, and make uneducated guess.
I don't care what price of Bitcoin is going to go. Price is just human perception and humans never make good judgment. What I'm excited is the technology that Bitcoin makes available. And the social impact it created (of empowerment and decentralization)
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