Bitcoin gets punked

Bitcoin hits resistance at $630 and shits the bed back to $600 in less than an hour.

Possible cause? Who the fuck knows. You have to love the volatility of Cryptocurrencies. Was it Hillary passing out at World Trade? Did some Chinese news hit?

Cryptocurrency makes Chinese Burritos look like old man 401k stocks.

Industry change (fintech) isn’t always pretty or smooth.

Happy Sunday.

About coinspeak

20 years as an IT consultant. Escaped the rat race in 2015. Addicted to travel and tacos.

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  1. This is why crypto currencies won’t make it mainstream for years.

    Not tryna have my USD converted into BTC robbed by some random 14 yr old troll hacker

    or simply have the currency crash due to the chines mafia needing to raise cash for a big operation

    • No shit, good point. Years though? It’s happening and in your face. I love these posts.

      • Yeah man. I’m certainly going to say years.

        I have had similar conversations with many a men about the driverless car speed-to-market as well. Optimism is what drives innovation but kills the ability to understand large scale adoption rates.

        • Gotcha. Agree with the large scale adoption thesis, but feel it fits more so with the the vr model. Either way, I love to hear this discussion.

  2. Good comments.

    Regarding adoption major banks and many governments have been looking at blockchain technologies and/or their own Cryptocurrency. There was more VC money in Crypto last year than in dotcoms a few years back (believe that is a quote from Antonopolous).

    Bitcoin the protocol has never been hacked. It’s the exchanges who have been holding investor money who have sloppy security who get hacked. It’s like they are a bank and didn’t lock the vault. Bitcoin is solid, the exchanges are dumb.

    Most people don’t understand the basic fundamentals of a wireless network but almost everyone uses WIFI. Bitcoin has a lot of advantages over our current system. It’s usability is a hindrance to adoption.

    It’s also a bit of a gamble, but the same was said about the Internet in the early 90’s.

  3. Regarding WIFI, it proves people don’t need to understand Bitcoin to use it. It just needs to be more user friendly.

  4. Well, we have a thing called online banking, so don’t be surprised if after figuring out how to sponge pennies of the top, the Government jumps right in regulates the hell outta and embraces BTC like the whores they are!

    The BTC system has never been hacked, name one credit company that can say the same!

  5. Agreed Xulander. The only things the government can do to regulate Bitcoin are:

    -outlaw employers from using it to pay employees
    -prohibit merchants from accepting it
    -outlaw it altogether

    Governments have no dominion over Bitcoin. They can only regulate through outlawing it. So their options are limited.

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