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Bitcoin peaks above $5,000 for first time
Bitcoin has crossed the $5,000 (£3,862) threshold for the first time. The virtual currency peaked at $5,103.91 in the early hours of Saturday, according to CoinDesk's price index. The record high helped push the total value of publicly traded crypto-currencies - including Ethereum and the Bitcoin-offshoot Bitcoin Cash - to more than $176bn. However, there has since been a sell-off. At time of writing, Bitcoin was 12% off its peak, at $4,485.
According to coindesk.com, one Bitcoin is worth $4085.63 at this moment (20170905_023428 UTC).
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Value of One Bitcoin Hits $5,000... Briefly
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sillema sillema nika su
(Score: 2) by Snow on Wednesday September 06 2017, @01:35AM (5 children)
You are right, and it shows how much isn't known by even techies. I really should write up an article.
If is becomes unprofitable to mine, then miners stop mining, and the difficulty will drop until mining is profitable again.
High fees are a definite problem and that is a large part of the reason we now have Bitcoin Cash. Bitcoin Cash is the revolution and I think it will overtake bitcoin and become bitcoin, after all, it is the bitcoin that is described in the whitepaper.
(Score: 2) by JoeMerchant on Wednesday September 06 2017, @03:21AM (3 children)
That is a little bit of genius, but there is no way that the community validated central blockchain can ever serve a population scale (millions per hour) of financial transactions. I suppose I should dig into Bitcoin Cash, but from what I remember from 2010, without blockchain validation, there's no way to prevent multiple spends, and a distributed multiple blockchain would be fraught with all kinds of problems.
There's just no way that my $3 purchase at the quickie mart should ever require a cadre of competing miners to solve anything to validate the transaction, and without that multiple source validation, there's a problem with multiple spends.
🌻🌻 [google.com]
(Score: 0) by Anonymous Coward on Wednesday September 06 2017, @05:12AM (2 children)
Small transactions are good for bootstrapping the network.
It is only natural that over time they will get priced off the network.
The current issue is that the block-size is being artificially limited. The core development team does not want to risk running into the limits of commodity hardware.
The Bitcoin Cash fork (with the larger block-size) will (hopefully) show how much transactions should really cost on commodity hardware.
(Score: 2) by JoeMerchant on Wednesday September 06 2017, @11:58AM (1 child)
And, in this statement:
the name "Bitcoin" becomes a misleading lie. Back in 2009, nobody ever thought of "Bitcoin" as a method to trade huge chunks of value, I think that's an idea that has evolved over time.
🌻🌻 [google.com]
(Score: 0) by Anonymous Coward on Wednesday September 06 2017, @03:35PM
Back in 2009 I did not think it would actually work.
Luckily, somebody decided they wanted pizza: which set a floor price.
(Score: 1) by baldrick on Wednesday September 06 2017, @05:59AM
which to my understanding is what proof of stake is all about
... I obey the Laws of Physics