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Author Topic: [2016-06-13] Chinese mining giant BTCC talks about Bitcoin price pop  (Read 247 times)
a7mos
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June 13, 2016, 01:33:04 PM
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Chinese mining giant BTCC talks about Bitcoin price pop

The fact that Bitcoin is undervalued is probably not news to many people involved in the cryptocurrency ecosystem. Bitcoin's recent price increase, through the $500 resistance point, rallied over the weekend and is now crossing $700 (£493, €621).

The most immediate price driver is the halving of the number of Bitcoins being mined. Currently some 3,600 coins are mined every day, which will drop to 1,800 in July. This change is integral to the design of Bitcoin and its limited supply.

This also means that the miners that verify blocks of transactions will see their fees drop from 25 Bitcoin per block to 12.5 per block. Bitcoin has been stable for some time and the halving of supply therefore entails an increase in demand hence the price pop. Importantly, this preserves economic viability for the mining community, although there have been some casualties.

During a recent chat at Consensus 2016, Samson Mow, chief technical officer of Chinese Bitcoin mining giant BTCC, spoke about the state of play and predicted the price pop we are now seeing.

Mow told IBTimes: "I think the halving will see prices going up. Because right now every day there's 3,600 coins being mined, and the fact that the price holds stable means that people are buying those coins.

"If no one is buying those coins then it's going to be flooding the market. But because the price is holding stable and increasing over time it means there is more demand than there is supply. And the supply is going to get cut in half."

http://www.ibtimes.co.uk/mining-giant-btcc-talks-about-bitcoin-price-pop-1565189
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June 13, 2016, 04:05:34 PM
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Halving,Brexit,uncertainty in the markets

Bitcoin could get some serious backing from all sorts of investors looking for a safe haven, interesting times Grin
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June 13, 2016, 04:16:59 PM
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Good informative article.I really liked that part then Mow stated that private blockchains are not good enough.

"They are going to realise eventually that private blockchains are really just a database. It's not an efficient database and it's not going to solve their problems."

I suspected that - without significant hash power small private blockchain is susceptible to all kinds of attacks. Only huge network (BTC) will survive everything.
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