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Why bitcoin may never get much above $5,000 again

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--- Quote from: iam4liberty on April 01, 2019, 09:08:29 PM ---But it does bring up a point, is the ledger approach to solving the double spend problem a good solution?  It seems unsustainable as it requires unrealistic distribution of processing.  As it becomes more concentrated a 51% attack is all but assured.  And the costs of maintaining the ever growing ledger makes concentration virtually inevitable.What happened to bitcoin gold seems likely to happen to the others.

So non-ledger based alternatives may have more promise.

--- End quote ---

FYI.  Massive concentration happening among Bitcoin miners as independents shutter operations.  China miners are near 50% mark as many now are outsourcing mining to Chinese farms rather than controlling own hardware.
Bitcoin’s Network Operations Are Controlled by Five Companies

Bitcoin’s infrastructure is more centralized than ever before --raising alarms about the security and viability of what is championed as a decentralized network.

Transactions on the Bitcoin network are processed by so-called miners -- mostly companies operating vast arrays of computers. As competition increased, many smaller participants became unprofitable and dropped out, while the larger operations have entered into various partnership agreements. As a result, five mining entities -- all of them based in China -- control 49.9% of all computing power on the network, the highest concentration of mining power ever, a new analysis from TokenAnalyst found.
Problem is, a miner with more than 50% of hash power can potentially wreck havoc on the network, raising the likelihood of double-counted coins, stopped payments and stalled transactions.”

The defeatist doom and gloom is actually way worse. 

Chinese miners appear to have been in control of more than 65% of the hashing power for months, already. 

iam4liberty, and now it costs 11,600 USD. What do you think about it?


--- Quote from: troy10a on August 09, 2020, 10:51:50 AM ---iam4liberty, and now it costs 11,600 USD. What do you think about it?

--- End quote ---

So far it has continued in its approximately three year bear market.  It seems to be following the classic 'pump and dump' pattern.  The miners and other large holders have been able to entice some new people into it (though not to previous level) by limiting sales and aggressive marketing.  Then they dump and it returns back to the $5,000 channel.  So, until the final burst comes, one can profit in short term by buying under $5,000 and selling when it gets out of the channel.  How long this will last is anyone's speculation.


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