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Is Bitcoin a Scam?

Is Bitcoin a Scam?

October 16, 2018 5:58 am,

After the dramatic plunge in the price of Bitcoin, the cryptocurrency appears to have stabilized and even began to see a slight recovery in its value. As much as 5% of the cryptocurrency’s value was lost in a matter of few minutes. Roubini has issued a dire warning about cryptocurrency, during a testimony at a congressional hearing. He has predicted that “Crypto is the mother of all scams and bubbles.”

All major cryptocurrencies had experienced a sudden drop in price, knocking billions of pounds off their value in the space of just a few minutes. Other leading cryptocurrencies ETH and XRP, were dragged down with it as the rice plummet caused a ricochet effect on the whole crypto market. The leading cryptocurrency had entered a period of remarkable stability as the asset hit a 17-month volatility low in September.

Bitcoin (BTC)

The decentralized digital commodity’s price fell sharply to $6180 but it did recover briefly to $6200. Holders of huge amounts of cryptocurrency can also cause price fluctuations, as they buy and sell amounts so vast that they impact the whole market rate.

The BTC dipped two dollars below $6600 threshold a few days back. BTC is having the same levels from the past one year, especially since mid-June, while the cryptocurrency was trading at $6500. However, the virtual currency has seen some hikes with its price breaking the $7000 point three times.

The downtrend in the previous month actually has been reportedly accounted to SEC (Securities and Exchange Commission) delay in making a decision on ruling an awaited ETF. In 2017 alone, BTC had its value rocketed to more than double, reaching $19,783 in December before crashing in June to $6000.  This is what Roubini expresses as crypto-apocalypse.

What caused BCH price to crash down?

BCH was trading at its lowest price since September 17. The market drop comes amid wider losses sustained on the global markets in Asia, Europe and US. After an incredible period of gains in 2017 which saw the highest of the currency of almost $15160 in December last year, the token crashed early in 2018.

Roubini is popular for his anti-crypto rhetoric and also in his recent column called blockchain as one of the most overhyped technologies ever. BTC was the 1 st applications of the blockchain, which is a public ledger transaction that its proponents say its tamper-proof. Transactions on BTC, blockchain require a verification from a number of different parties and are verified by so-called miners solving complex mathematical puzzles with high powered computers.