The fact a Mt. Gox selloff and Silk Road old wallet selloff crashed the market means Bitcoin suffers from the very thing it swears to destroy: centralization.
The fact that 3% of all Bitcoin wallets hold over 97% of all the Bitcoins should be a red fucking flag to any potential investor. And three times we've had this affect the price negatively. First was the Bearwhale who said he would crash the price 90%, and did it. Then we've had the Mt. Gox trustee selloff. And now we've had the old Silk Road wallet whale sell off. What's next? Satoshi wallets move one Bitcoin and everyone panics? This is beyond reasonable. The tech is "solidy" (can't forget those 50$ fees now can we) but the way its shaped is nothing but a piramid scheme where any of the old guys can fuck every single new guy and buy back in at a better price.
Today BTC price dropped 6% due to $30M of blacklisted tethers. When the whole tether scam blows up, we will see the biggest crash since Mt Gox. Theory: BTC users wont be able to send TXs due to congested blocks. It will be a huge blow. BCH may come to rise after the debacle as the true Bitcoin.
BTC will be unusable during this next Mt. Gox-level catastrophe. 1MB blocks will be a huge blow to BTC during this time. All coins will crash, in response. But at least coins like BCH will still be able to process transactions. This will prove invaluable and people will see the stark difference between a network (BTC) that is more ground to a halt than we've ever seen before, and a usable network (BCH).
As bitcoin was crashing yesterday by 60% in value in mere hours, MtGox announced it was a "victim of our own success!" So while bitcoin holders watched $1 billion in market valuation evaporate, MtGox called it a success. Gee, then what would you call it when bitcoin loses 99%? A "raging" success? How to avoid being victimized by bitcoin schemes . Tempted by greed, nearly every human being will ... Following the hack of Mt. Gox, a Japanese bitcoin exchange that handled some 80 percent of the entire industry’s transaction volume at the time, bitcoin tumbled 85 percent from an all-time high of $1,151 to $177 over a 411-day period. The crash began on November 30, 2013, and it didn’t reach its end until January 14, 2015. Fig. 1: Bitcoin price following the Mt. Gox hack (November 2013 ... Mt. Gox Bitcoin Collapse Continues, Bitcoins At $100 dollars Mt. Gox has been getting hammered over the past few weeks. What started out as a cyber security threat has now threatened the stability of Mt. Gox, and consequentially, the Bitcoin system as a whole. Bitcoins bottomed out at $91 dollars on the exchange and someRead More After weeks of steady gains, bitcoin dropped in price by more than $300 in the space of an hour on Wednesday morning, with ethereum, ripple and bitcoin cash all following its lead. Nobuaki Kobayashi, the bankruptcy trustee of Mt. Gox has sold off $400 Million worth of Bitcoin since September and has another $1.9 Billion to offload - possibly the man responsible for crashing the markets.
Bitcoin Mt. Gox FLASH CRASH! Bitcoins at $0.01 Each - YouTube
The EXACT Reason Behind The March Bitcoin Market Crash Explained MT. GOX & Binance - Duration: 11:25. CryptoJack 3,489 views. 11:25. Road to Turning 100 XRP Into 1,000: Part 1 - Duration: 6:10. ... Clip taken from Digital Asset News Channel - ️ https://youtu.be/fdrWwnNpQOo GREAT NEWS! Mt. GOX To DUMP 150,000 BITCOIN. Market CRASH or BIG OPPORTUNITY? ... MT. GOX Whale Caused the Bitcoin Crash of Early 2018! - When Happen Again??? - Duration: 4:33. Decentralized TV Powered by YEN 29,206 views. 4:33. How to Play (and Win) at Blackjack: The Expert's ... Bitcoin Investors: I would like President Obama to bail out Bitcoin investors. https://www.change.org/petitions/bitcoin-investors-i-would-like-president-obam... Bitcoin tips: 1N5h1CZsM4rKbuQGHuP62EuPzCk7AaCpBs Somebody asked for something like this on reddit.com/r/Bitcoin/new/. Hitler finds out Bitcoin survived the Mt.Gox crash.