Will the Bitcoin hype make the currency descend into chaos?
Every day they are more and more news about the Bitcoin in media and everywhere on the internet. Currently the price is at around 15000$, but it was at 18000$ at times. The price volatility is HUGE ... yes it is normal in Bitcoin world, but we have price differences of thousands of dollars just between some hours.
As many of you noticed the crypto mining service NiceHash has been hacked and lost all it's funds, but paradoxically the BTC price isn't affected by this.
Sunday the CBOE will launch Bitcoin-futures trading and ine week later CME will follow.
This sounds actually pretty good, doesn't it?
Well, the first and biggest problem we are facing at moment is the incredible high amount of unconfirmed transactions. 171983, at moment when I'm writing this. This has two big disadvantages:
First is that transactions take a very long time to process. It can take up to 12 or more hours if you're unlucky. You can make this process faster and that leads us to our second problem.
The high fees. Mostly you have to pay a fee of about 0.001 BTC. That's 15$ for a single transaction.
Bitcoin was designed to make transactions fast and cheap and not how they are now. So why we have such a high price then? Actually if we think about it, we should use other currencies like Steem or Dash and not Bitcoin, right?
Source
Another problem is something I see in the Bitcoin futures trading. It is now possible to shorten Bitcoin in a very big way. I think many people will use this option and I have the fear that the Bitcoin price will really fall then.
Media is reporting that Bitcoin price is crashing. They say things like 'Bitcoin price fell 10% in some hours only', but not things like 'Bitcoin price rised 50% in some hours'.
They are only reporting bad things about Bitcoin and that's what is worrying me.
I really have the feeling that Bitcoin is in a very unsafe situation.
Well, let's see what will happen.
Another thing, the value of Bitcoin is increasing because people are buying Bitcoins, and people are buying Bitcoin because the value is increasing. At the same time the usability value is going down the drain.
That's not sustainable ... it's not so different from other bubbles, the tulip mania, ponzi schemes, etc. Sooner or later it's going to crash hard.
I've been a pessimist for more than a year already ... actually it wouldn't surprise me if the market price will increase tenfold again over the next year. There is a probability, but anyway I think it's a big risk holding bitcoins now. (Though, I said the same a year ago ...)
Yeah I first wanted to write that I have the feeling that Bitcoin will crash soon, but I thought that I'm exaggerating.
I think we can now say that Bitcoin is in a bubble really. It just doesn't make any sense that the price is rising further....
I was actually pretty optimistic, but now it's just like people are suffering a reality lost ... Lol
I hope Steems SMTs will make people to use Steem
It's good with new money pooring into crypto but I¨m unsure about all these Wall Street people.. Also the media coveres it a lot these days and I feel goverments will soon start to try to get more regulations in and try to fuck it up in some way. Just don
t think dont think they know how yet.Yes I agree. I think governments will try really hard to stop it once Bitcoin reaches idk maybe a price of 40k or 50k