Too slow Joe……
I have seriously been meaning to do a follow up on a previous article – Cryptocurrencies No Play about Virtual Currencies; but Dudes!
Things are just moving too fast.
So the hard fork happened, and now ‘BitCoinCash’ is the “belle du jour”, but don’t feel sorry for the old BitCoin, he’s doing just fine and went from $3K to over $4K value in record time this month.
Yes, you read that right, and for those of you who aren’t following the life and times of BitCoin as part of your news cycle. Let’s just throw some maths at the above sentence.
A single BitCoin is now worth over four thousand US Dollars each. It’s increased over 33% in just over a month – chased there by speculation and the speculators whip – FOMO (fear of missing out).
So the punters chasing this should brace for turbulence. If the BitCoin declines 33% from this level, it doesn’t go back to $3K, because negative percentages don’t work that way. No, it drops $1,320, to $2,700 (approx) and to get back to $4K; well that needs a raise of 50% or $1,350 effective.
This is getting “Tulips” as in Amsterdam, did a three hundred years ago. You have been warned!
So now what next for Bitcoin and new Cryptocurrencies?
Well it took the virtual coin guys years of debate just to, not agree, on the Hard Fork which recently happened, and wouldn’t ya know it? Another fork is coming along by November – who knew that BitCoin could mimic the local bus service eh?
Seriously, this will just stir the speculators pot even more, and it’s impossible for everyone to win in this game, which means some must lose, if not many. The links below point this out better than I ever could, so dive in and enjoy.
Conclusion……… well probably never just one.
Again, for the record:
- ‘BlockChain’ – GOOD
- Con-Coins – BAD
Content acknowledgements and gratitude to the links below: