I’m sure many readers have heard how Bitcoin has been crashing lately. Of course not too many people know what has driven the Bitcoin price up, and now down again.
Bitcoin has been called the “New Gold” but when was the last time you heard of a big bullion heist?
Bitcoin heists and exchange rip-offs are common, with a recent Irish exchange taking traders money.
There is a good chance that Bitcoin can crash to $8000 but a miracle can send Bitcoin soaring again. A previous 4th wave could be support for one more push to the upside. Bitcoin is nothing special as it sure seems easy to steal.
I lost my Bitcoin money when Mt Gox failed (hacked), so readers can understand why I fail to get excited about any so-called digital coin!
Worldwide Bitcoin Mining consumes about as much electricity as the country of Denmark does, so many countries have to keep burning coal to keep the Bitcoin world going.
One wild solar flare from our sun can fry our electrical grid which will turn Bitcoins into a digital dust pile. At least with the solar flares (CME), we can get a 3-day warning as these flares can raise havoc with earth’s GPS systems and ISS crews have to dive into their safe room.
Gold as money was created by nature has been around for many thousands of years. As for Bitcoins, they are all man-made and cannot survive without human interference as mining operations need to create new coins all the time.