[2016-09-17] Bitfinex Was A Teaching Moment

[hendra147]

With no Samsung-like news for bitcoin, prices are holding steady and are even a bit bullish. Pundits expect that trend to continue, unless the price goes below $600, when traders are advised to close long positions to prepare for an initial downside to $570. But let’s turn to the miners, who aren’t happy at all with a stable bitcoin price.

The bitcoin block reward was halved in July, which has changed the profitability of new miner entries and could impact the decentralization of bitcoin. According to a paper by the Institute of Electrical and Electronics Engineers (IEEE), reducing the block reward by half cuts total mining revenues if the bitcoin transaction fees and price remain unchanged. The IEEE suggests that disenfranchised miners who have had revenues cut might collude to sabotage the blockchain’s bitcoin transaction history.
http://www.pymnts.com/news/bitcoin-tracker/2016/bitcoin-tracker-us-government-national-technology-policy/

[TraderTimm]

Oh good, another conspiracy theory.

So, even after difficulty didn't decline substaintially (as predicted by doom-sayers), and price really hasn't done too much, someone has to pull a whitepaper out of their ass to convince everyone that doom is around the corner.

How convenient. I guess the battle never stops, does it. Just another ham-fisted attempt by "experts" to smear Bitcoin in general.

[Carlton Banks]

How convenient. I guess the battle never stops, does it. Just another ham-fisted attempt by "experts" to smear Bitcoin in general.

IEEE clearly have an element that writes garbage non-science/nonsense in general, they published an article a few years ago to debunk the (true) story that Bill Gates essentially stole the source code for the original MS-DOS (that turned him into the supposed wealthiest man on the planet). IEEE have no integrity, and I'm amazed that any self-respecting electronics/software professional takes them seriously. Damaged goods in the expert culture.