Bitcoin crashing

(Alex Sherwood) #21

Bitcoin Can Drop 50% and China Miners Will Still Make Money - Bloomberg

Ah bitcoin at $6,925 looked so far away back in January :slightly_smiling_face:

According to this story, mining becoming unprofitable means that control of mining (& influence over some cryptocurrencies’ development), will end in the hands of an even smaller group of large company’s hands. And there’s security implications too :sweat_smile:

Although I’d have thought that at some point, the big companies will be forced out of business & smaller miners would be able to start mining profitably again, which could be good news for ‘decentralisation’?

As for the large companies, I guess this is just what happens when you build a business on top of a bubble :grimacing:

(Alex Sherwood) #22

Just to add a little’s the long term view from one of tech’s most successful VCs -