No one will say bitcoin will die
From 2011 to today, Bitcoin was declared dead 129 times, and the king returned every time.
On June 20, 2011, Forbes wrote: "Bitcoin is dead."
On April 23, 2016, Wall Street read: "Bitcoin: Born in 2009, died in 2016?"
On May 5, 2017, the US “Daily Calculation Report†wrote: “The death of Bitcoinâ€.
Today, Bitcoin is still alive, but even so, a large number of media and scholars call Bitcoin a "Ponzi scheme" and a huge "bubble." Including the famous Professor Lang Xianping said: "If you give me bitcoin, I won't want it."
Many people believe that the government will one day ban Bitcoin and zero bitcoin.
So, is Bitcoin really a bubble?
If we look back at the time of 2013, Bitcoin really looks like a bubble burst, but after five years of going to see it today, the situation is very different.
From 2009 to 2013, Bitcoin rose from 1 cent to 8,000 yuan, and then collapsed, plunging 85% to 900 yuan. At that time it looked like a classic "free fall" bubble burst.
But then interesting things happened.
The price of Bitcoin found support around 1,000 yuan. Although the bubble was squeezed out, the market value of Bitcoin remained at billions of dollars. This is a point worth reminding, because when the real bubble bursts, its value is zero, and Bitcoin does not. Even after the negative news of government regulation and other shocks, Bitcoin still attracted the market to buy after evaporating 85% of the market value.
With the price of bitcoin rising to $20,000 at the end of 17 years, no one would say any bitcoin death. Even if it drops to $10,000, no one can say that bitcoin is dead. Some just say that the bitcoin bubble is big, and the design of bitcoin is not suitable for trading.
Of course, everyone has seen the flaws in Bitcoin, so I tried to solve this problem. The solution that a group of people of insight came up with was a hard fork. The new Bitcoin has a total of 42 million snapshot forks in the Bitcoin (BTC) block height of 501225, Bitcoin users 1:2 distributes candy (34 million), and the remaining mining, the new Bitcoin block is expanded to 8M. The transaction is no longer congested, and the encryption algorithm is changed from Sha256 to Equihash algorithm to realize GPU mining, support for replay protection, isolation witness, and later on-line smart contract.
As the saying goes, the station's high view is far. With the development of blockchain technology, the bitcoin designed by Nakamoto in 2008 has been subject to various restrictions in practical use today, while the new Bitcoin NBTC is standing in the block. At the forefront of the chain development, standing on the shoulders of Bitcoin, using a variety of state-of-the-art technology to design a block network that is better than Bitcoin, its future will be limitless, let us look forward to the new bitcoin NBTC's performance in the future.
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