Bitcoin Dramatic Drop Tonight

vegasluna (32)in #cryptocurrency • 8 years ago (edited)

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Bitcoin (BTC) has suffered a dramatic drop tonight. Everyone knows that Bitcoin (BTC) cannot hard fork to fix scaling issue or Poloniex will post Bitcoin Classic (BTCC). No other code has come through to fix scaling issue even after a full year. Chinese miners are starting to panic again. I can see price of Bitcoin dropping below $300.00 in the resulting bear market caused by Bitcoin (BTC) being incompetent to fix scaling issue as fees continue to soar. However, if Bitcoin (BTC) were to hardfork, Bitcoin Classic (BTCC) would remain with scaling issue. Will it recover price or continue down from here ?? I think we will find out soon.

Disclaimer: I am hodler and trader of Bitcoin (BTC) .

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8 years ago in #cryptocurrency by vegasluna (32)

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michiel (68) 8 years ago (edited)

I think scaling is not a big problem, the efficiency of the blocks will get improved by innovations like segregated witness and things like the lightning network will bring a part of the transactions off the blockchain. More of these innovations will pop up in the coming years. In worse case the network can get overloaded for a while and this will cause a small raise in the transaction costs. The biggest opportunity at the moment for Bitcoin to get a huge market cap. that will cause a big price advance is adoption as a store of value and as reserve currency. These use cases will not bring much extra pressure to the blockchain, because they don't require many transactions.

I think this guy is totally right: