Bitcoin Price Puzzles Analysts and Aggravates Critics | dinbits


Unless you've been living under a rock, you've seen or heard about Bitcoin recently rising over 300. Yesterday it throttled over 400 and peaked at $450 before settling down around $430. This has puzzled analysts, who simply have no answer to explain the recent increase.

Bitcoin Price Index at 4:30am EST
Certainly something worthy of discussion, but at the moment, I am more interested in the Bitcoin critics because it's the little things in life that put a smile on my face. Like the last few mornings, like today, and like right now thinking about all of the Bitcoin critics who spent most of 2015 gloating about how Bitcoin was dead ... again ... as they've done so many times.

You know the ones I am talking about, the folks who have tried to extinguish the digital currency flame since it came across their radar. They've tried everything from the standard "it's not really money" to the ridiculous "it's guzzling too much electricity" to the ignorant "it's only good for buying drugs" and just about any scrap of negative light they can possible think of to shed on Bitcoin and the Blockchain. Of course now the Blockchain is good because the new people getting involved said so and that counts since they have venture capitol money. 

Here recently. the microsecond the "fork" became known by mainstream media and that there was a hint of disagreement among the community, sure enough, out came 200 articles again on how Bitcoin was going to die because someone proposed a change to the source code to solve a problem.

These articles, of course, were written on software running on operating systems, both of which have had, and will have, a variety of bugs that require corrections in the way of an update or patch. When that happens, it's just fine, but when the entire global community supporting the Blockchain and Bitcoin have a discussion, it's comparable to nuclear war. (this was actually stated in an article¹ published by IEEE Spectrum)

They just cannot wait to publish that article about how Bitcoin has finally died and the journey is over. They want this so badly just like they wanted the internet to be gone 20 years ago and cars to be gone 100 years before that.

Guilty Pleasures 

So why does all of this make me smile?

Because I just can't help but laugh when I think about how this recent rise in Bitcoin price is just going to piss them off.






Commentary by dinbits
Banner image by dinbits staff 
Background space image by Nasa
3D bitcoin by FlatPyramid 3D Models
1. "We’ve reached the cryptocurrency version of a nuclear stand-off" -IEEE Spectrum

Post a Comment

Powered by Blogger.