Posted on 09/28/2016 12:46:18 AM PDT by aquila48
How is Bitcoin faring in the market and what’s in store for the digital currency community in the near future? A recent assessment made by Needham report draws an outline of all the things that might soon happen with the most popular cryptocurrency. One glance at the report, and it is quite evident that the digital currency is right on track.
According to the report, the adoption rate of Bitcoin has been better than all previous expectations. With increasing demand, the price projections for the digital currency has improved as well. The Needham report has revised its project from $655 to $848 per Bitcoin in the near future. But this improvement in Bitcoin’s forecast doesn’t reflect on the digital currency-related assets and derivatives like GBTC or other ETFs. The fundamental differences between Bitcoin and its derivatives have forced the publication to downgrade the rating of GBTC from previous BUY to HOLD.
While there are multiple reasons for the ratings of GBTC to drop, the most significant one among those concerns scalability of the Bitcoin protocol. The block size debate is probably the longest argument in the world. It has been over a year since multiple factions of the Bitcoin community have locked horns to come up with a universally acceptable solution for scaling up the protocol, without much success. Small groups of developers have come together on multiple occasions to propose various innovative improvements to the blockchain. Some of their proposals have met limited success until one group or the other shoots it down completely.
(Excerpt) Read more at newsbtc.com ...
Sorry. Its https://z.cash
I agree that’s a tough problem...
I probably would have had to limit myself to cashing in only one or two million dollars a year.
I’m glad I didn’t do it. Thanks for pointing out what a silly idea that was.
So, how does one counterfeit a bitcoin?
I guess that each person has to be convinced in his or her own mind regarding this technology. Watch Andreas Antonopoulos, the premier bitcoin educator:
https://www.youtube.com/watch?v=l1si5ZWLgy0
Is it backed by gold or a nation’s sovereignty?
Counterfeiting a bitcoin is essentially impossible, as far as anyone can tell. Bitcoin has been alive since 2010 and no hacker has ever been able to double spend (same as counterfeit) a bitcoin, despite numerous tries. Hacking the bitcoin protocol would be quite a feather in the cap of the hacker, allowing him to achieve worldwide notoriety, but it hasn't been done.
Its value is achieved by its users ascribing “value” to it, as a medium of transaction, just like people used to ascribe value to beads, salt, feathers, precious metals, and whatnot throughout the ages.
For bitcoin, its value is in its deflationary characteristic, its network-centric characteristic, and its pseudoanonymous character.
Value has a subjective, human component. Understanding what “money” is is not taught in schools but to understand what a radical departure bitcoin is, you need to understand the history of money.
You pretty accurately summed up how I see it. I think the concept was great when the money was a bit difficult to produce. Bitcoins are not. In fact, they don’t really exist.
Sounds like a pyramid scheme.
I understand your concerns. You should watch the video. Let each man be convinced in his own mind.
So, how does one counterfeit a bitcoin?
https://www.quora.com/Wont-it-be-easy-for-hackers-to-create-counterfeit-Bitcoins
Thank you.
Thanks!
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