RE: The Wolf in Sheep's Clothing - BTC compromised by banks while Chinese miners prepare to crash the markets
This is an incredible article... it's definitely the best laid out and formatted article I've seen on this platform.
I actually turned all my money into tether during the last difficulty adjustment just in case, which didn't work out... but ultimately didn't really cost me anything either.
I've been really curious about the rise of Bitcoin, and have 30% of my portfolio in the coin, but have been disappointed to learn about the huge environmental impact, it's slowness and it's fees.
I've been keeping a close eye on Bitcoin Cash but it hasn't really done anything interesting in the last week or so.
So, I guess I'll ask the question that I'm sure everyone will ask... if Operation Dragonslayer were to happen this time, how do you think it would effect Ethereum and Litecoin?
It depends if they select them as they coins they want to pump, but it seems to me that the whole market will crash if 11 billion is strategically withdrawn. Like I said, I am no expert... will pose this question to Angel of Crypto tomorrow ;)
True... it could be the pebble that starts the avalanche. The total market cap is over $330B now... so it wouldn't devastate it by itself... but it only takes a small action to create fear.
I've followed you now after this incredible article... if you could ask your anonymous friend for us we'd all be very appreciative.
Thanks for the follow... still waiting on my man to drift out of the jungle back into cyber world. He comes here to take time off from all this madness so don't like to push him too much!
That's completely fair... you can't rush these things (even if billions of dollars might be on the line.
If you hear anything back, I might not make any drastic changes to my portfolio, but I might put in some stop loss orders for a couple of days. I've been bitten once before with those (lost about 10% from prices see-sawing around) so I'll only put them in for emergencies.
A double sided attack where they sell the 11 billion first and THEN reduce the Chinese controlled bitcoin mining hash rate would be very concerning. Imagine the cascade effects. The 11 billion sale would cause the market to drop and then if the hashrate was reduced after their sales cleared - the bitcoin market would drop and people looking to get out of bitcoin would be trapped because block times could potential increase to very long times. This would be like trying to clear a stadium with 1/2 of the doors locked during a fire. The results would not be pretty. This is exactly why I think IOTA has it right.
My opinion - the IOTA crypto architecture can and will prevent "attacks" such as the one mentioned here. IOTA is fee less - proof of work is done by each user in a distributed computing model. IOTA is inherently scale-able - the more users making transactions, the higher the network throughput. This is due to the fact that for every transaction a users posts they have to do proof of work on two transactions. This makes IOTA's network transaction rate exponentially scale-able. This also makes it improbable that any single entity or group could control network hash throughput.
There have always been and always will be groups of people looking to manipulate others. Bitcoin is ripe for this sort of manipulation (due to popularity, high price and old technology). Thanks for sounding the alarm so that everyone is not caught off guard to this possibility.
Yup, my first thought was Ethereum and Litecoin, and Monero :) Thanks Sammo, I'll stay tuned!!