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Is bitcoin's 2020 rally another flash in the pan?

6 Comments
By Tom Wilson

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Bitcoin is anything but decentralized.

Close to 70% of the mining is done in China, with 54% of it in just one province.

One Chinese company alone, Bitmain, controls close to 40% of the hash power. That same company controls 70% of the market for the mining rigs. Even the new "supermine" facility in Texas being built is owned by Bitmain.

Once the halvening hits in May, Bitmain's market power will further increase as smaller, weaker miners will be put out of business.

Bitcoin might as well be called Bitmaincoin.

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Bitcoin is anything but decentralized.

You clearly don't know what decentralized means in this context, because you're trying to tell us the sky is green, when it's clearly not.

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Until/unless it stabilizes, bitcoin will have these fluctuations, but the highs will gradually decrease, and the drops will gradually lessen, until it becomes more stable. As it stabilizes, more businesses will accept it as a currency, and less people will use it for speculation.

That's if Bitcoin wins, and not some other blockchain implementation.

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Ahh Bitcoin.

On a side street in Vietnam I saw a vending machine exchanging U.S. dollars for Bitcoin.

I'm sure it's legit and a great investment too. :)

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As it stabilizes, more businesses will accept it as a currency, 

We've been hearing that for 5 years now.

Bitcoin used to be accepted at Yodabashi and such, I don't think it is anymore, they dropped it because absolutely nobody used it.

Transactions can cost 30 dollars and take 20 minutes to process.

The network itself can only handle something like 17 transactions per second globally.

What a joke.

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It warms my heart to see there are still naysayers peddling misinformation. Means there is still time to buy cheap before people learn.

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