Bitcoin to Bite the Dust By James Reed
Mike Adams has been keeping us informed about all aspects of the Bitcoin bubble and its coming crash. What I find interesting is how the Bitcoin young folk, who have invested their money, maintain the faith even in the face of a coming crash. Sure, it will go down, but it will go back up again. Yet, the false premise here is that the gangster banksters are going to let that happen. Already, there are moves underway across the world to control crypto currencies and pull them into central control:
Here are some Bitcoin problems:
“Not yet proven able to withstand substantial liquidity events. The first time a hedge fund bails out of Bitcoin to the tune of a hundred million usd, we will find out how deep this rabbit hole really goes.
. Automated Wash trading on some of the worlds largest exchanges. There are videos available which show automated wash trades occurring on one of the world’s largest crypto exchanges. For those of you not familiar with wash trades, they are paired trades where buys happen to precisely match offer’s and intentionally trend the price higher. I don’t claim to know if these are legitimate, but they sure look that way.
. The entire tech stack is riddled with single points of failure, and technical chokepoints subject to interference by political elites. As with most man-made systems, there are choke points. Routers DNS TCP/IP Packet level inspection culling, etc. There are ways to circumvent most of what may be thrown at crypto on these levels, but the average person has no idea how to use them, and may react adversely when they are employed.
. Community consensus driving policy changes. I admit I am no expert on how this works, but the idea of the community deciding policy sort of short circuits the idea of this thing being driven completely by math and not depending on humans for trust.
. Hacking. The theft of crypto from exchanges, mining pools, and wallets is becoming common. The average person is not technically literate enough to secure their crypto, and this needs a solution.
. The need for more robust infrastructure. Blockchain transaction clearing vs current transactional infrastructure such as visa is not even in the same ballpark yet. There is currently a backlog of 106478 unconfirmed transactions on the BTC blockchain. (See the number as of this instant here https://blockchain.info/unconfirmed-transactions) . Key exchanges are a limiting and centralized potential point of failure. During periods of heavy trade volume, the largest exchanges are down and or error 404 for extended (days) periods of time.
. The Dawn of Quantum Computing. Quantum computing, if claims are to be believed, has the potential to make all existing cryptography obsolete.”
Bitcoin’s days are numbered.