Buy low sell high right - TheBit

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Buy low sell high right

Buy low sell high right?


The Bit

Bitcoin is at its lowest value since February 6th, which could mean this is the perfect time to pick up some Satoshis on the low.


The Bigger Picture

It was only two weeks ago that Tim Draper (the guy behind the plan to split California into three states) explained why he thinks the price of Bitcoin will reach $200,000 this year. Tim Draper is a third generation silicon valley investor, who predicted last year that Bitcoin would hit $20,000 – which of course it did, if only briefly. CEO of The Blackmore Group and Wealth Chain Group made a similar, but less outlandish prediction a week ago, calling for $60,000. Historically June has seen yearly highs for most coins, but this year could break that cycle… maybe in order to reach unseen highs?


Crypto-tourism is influential to the market


The Bit

Crypto-tours are bringing together the diverse group of people who have helped create the blockchain space and those who have been drawn to it.


The Bigger Picture

One of the biggest expressions of this concept is the Blockchain Cruise organized by CoinsBank, a wallet provider based out of Scotland. The organization is gearing up for their third cruise and expect 2,300 people to attend. It’s somewhat like the Coindesk Consensus Conference, but on a ship… cruising the Mediterranean sea. One group is using tours to show how the technology is bringing people together. The next Cryptonation tour in Israel brings together speakers of Jewish and Palestinian descent. CryptoCribs is simply a blockchain version of Airbnb that gives people a way to actively use their cryptocurrency.


The whole mining thing is getting complicated for Zcash


The Bit

Mining cryptocurrency is what maintains the network. This process has pushed the development of hardware manufacturers and given them an interesting method of power.


The Bigger Picture

Ultimately, the issue is the 51% attack – where one group of miners controls a majority of the network, and can basically begin to write their own history of transactions. They could spend coins more than once, completely ruining the coin. This has happened before to Equihash and Bitcoin Gold, which both use the same mining algorithm as Zcash. Bitmain manufactures ASICS, which are the best miners for Zcash. Right now, one group of miners controls 41% of the network. So, it comes down to either Bitmain shipping out more ASICS and allowing other miners to compete – or the Zcash development team altering the mining algorithm.


“It’s like all transformative technology. It’s just a matter of time. The more fear we impose on tokens, the longer it will take – but it is happening. You can hear the panic in the bankers’ voices.” – Tim Draper

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