Is Too Much Success a Bad Thing? BTC Prices Tank Then Rebound
The Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term saga continued yesterday as after hitting highs of over $250, prices tanked 60% to $100. They then soared again to $200 before settling around the $170 level. What caused the fall is up to debate. On theory is that multiple exchanged came under DDoS Attack DDoS Attack A distributed denial of service (DDoS) attack is defined as an attempt by malicious actor to overwhelm a targeted server, website, or network with a flood of internet traffic. Most often this takes the shape of a machine or network becoming unavailable to users for a period of time through the systematic disruption services of a host connected to the Internet.These attacks are most effective when multiple compromised computer systems and other internet-connected devices are exploited as sources A distributed denial of service (DDoS) attack is defined as an attempt by malicious actor to overwhelm a targeted server, website, or network with a flood of internet traffic. Most often this takes the shape of a machine or network becoming unavailable to users for a period of time through the systematic disruption services of a host connected to the Internet.These attacks are most effective when multiple compromised computer systems and other internet-connected devices are exploited as sources Read this Term by bitcoin traders. (For exchange MtGox, this has become a seemingly weekly phenomenon) With many users unable to reach the exchange, the hackers then sold bitcoins heavily, driving down prices and triggered a crash. The goal of the hacker/traders being to manipulate the market to buy at lower levels. Another suggestion is that the all time highs themselves led to an increase of site viewers at exchanges which crashed their servers. Based on previous examples, the manipulation theory appears to be the most solid.
It appears to be a watershed moment for the current mega-rally that has taken place. New traders are experiencing the reality of bitcoin trading as it comes along with market manipulation and exchange connection failures. Therefore, it will be interesting to see if demand can stay strong, even as newly burnt traders exit the field. Ultimately, the crazy trading does suggest that if interest stays modestly strong, there will be demand for a larger, credible funded exchange/wallet service to enter the market. Currently, the two biggest concerns are hacking and government intervention. While nothing can be full proof, if a firm can demonstrate how they can solve the hacking problem it would provide them a large opportunity in the market.
The Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term saga continued yesterday as after hitting highs of over $250, prices tanked 60% to $100. They then soared again to $200 before settling around the $170 level. What caused the fall is up to debate. On theory is that multiple exchanged came under DDoS Attack DDoS Attack A distributed denial of service (DDoS) attack is defined as an attempt by malicious actor to overwhelm a targeted server, website, or network with a flood of internet traffic. Most often this takes the shape of a machine or network becoming unavailable to users for a period of time through the systematic disruption services of a host connected to the Internet.These attacks are most effective when multiple compromised computer systems and other internet-connected devices are exploited as sources A distributed denial of service (DDoS) attack is defined as an attempt by malicious actor to overwhelm a targeted server, website, or network with a flood of internet traffic. Most often this takes the shape of a machine or network becoming unavailable to users for a period of time through the systematic disruption services of a host connected to the Internet.These attacks are most effective when multiple compromised computer systems and other internet-connected devices are exploited as sources Read this Term by bitcoin traders. (For exchange MtGox, this has become a seemingly weekly phenomenon) With many users unable to reach the exchange, the hackers then sold bitcoins heavily, driving down prices and triggered a crash. The goal of the hacker/traders being to manipulate the market to buy at lower levels. Another suggestion is that the all time highs themselves led to an increase of site viewers at exchanges which crashed their servers. Based on previous examples, the manipulation theory appears to be the most solid.
It appears to be a watershed moment for the current mega-rally that has taken place. New traders are experiencing the reality of bitcoin trading as it comes along with market manipulation and exchange connection failures. Therefore, it will be interesting to see if demand can stay strong, even as newly burnt traders exit the field. Ultimately, the crazy trading does suggest that if interest stays modestly strong, there will be demand for a larger, credible funded exchange/wallet service to enter the market. Currently, the two biggest concerns are hacking and government intervention. While nothing can be full proof, if a firm can demonstrate how they can solve the hacking problem it would provide them a large opportunity in the market.