Bitcoin price looks to have turned a desperate corner today, if only just barely, with price now trading just above USD 8,500, after earlier touching lows at USD 8,369 (CoinDesk).
The weekend bulls are not quite out in play, but European traders held strongly to register a daily high so far of USD 8,584, in the few hours left before handing over the reins to the American continent.
Altcoins are enjoying some strong gains as well in the face of Bitcoin resurgence, with ETH retaking USD 184 today, Litecoin now just shy of USD 60 and XRP pulling a little clear of 26 cents. Nevertheless, profit taking from Asia tomorrow looms, and it will rely much on American traders to put some distance between prices and their current critical support levels.
Crypto exchange BTCC co-founder Bobby Lee is making headlines again this week, but this time showing a remorseful side of himself, now saying that he regrets backing the Segwit2x agreement two years ago.
2 years ago, I thought SegWit2x was the best path forward for Bitcoin. I‘ve since come to realize that it was extremely dangerous & irresponsible to push for a contentious hard fork w/o replay protection, esp. when there wasn’t consensus. Mea culpa!
Bitcoin is the real Bitcoin.
— Bobby Lee – Ballet: Simple & Elegant Wallet (@bobbyclee) November 16, 2019
Lee admitted that he thought it was Bitcoin’s best path forward, simply by doubling the Bitcoin network’s capacity to twice its size. SegWit2x was one of the forks threatening Bitcoin in 2017, when core developers refused to give in to demands from so-called big blockers. That year alone, Bitcoin forked into several opposing projects, many choosing to increase the hard-coded 1MB block size that Bitcoin still maintains today. Lee reflects today and appears to concede that only Bitcoin, the original chain, is “the real Bitcoin”:
“I‘ve since come to realize that it was extremely dangerous & irresponsible to push for a contentious hard fork w/o replay protection, esp. when there wasn’t consensus. Mea culpa! Bitcoin is the real Bitcoin.”
The Segwit2x scheme received huge backing from mining corporations and its signatories had come to agreement to force the change in a meeting in New York, hence leading to the scheme also known as the New York Agreement. One other hard fork where New York Agreement participants did take place was the Bitcoin Cash (BCH) hard fork in August 2017. BCH supporters, including the likes of Roger Ver, continue to call the altcoin the “real” Bitcoin, and former friends among Segwit2x are today split along lines of loyalty. Lee dismissed BCH supporter claims, saying:
“In Bitcoin, there’s the notion of consensus where the majority of hash power decides on the real chain. Similarly in our world, the market decides on the real Bitcoin, the one with the most market value.”
Lee could probably be right, judging from another Bitcoin record marked today, with Bitcoin automated teller machines (BATMs) all over the world reaching a new all-time high above 6,000.
According to tracker CoinATMRadar, exactly 6,004 machines are currently operating internationally, although two-thirds of all devices are installed in the US. This month alone, 108 new BATMs were installed, bringing up the daily installation average to 11 — the fastest it has ever seen.
According to the same source, Europe is home to a fifth of the world’s BATMs, while Asia only houses 1 in 50. US, Canada, United Kingdom and Austria lead the world in terms of BATM presence. US Internal Revenue Service Criminal Investigation Chief John Fort has warned that these machines can be a cause for tax concern, however, and the IRS is now looking into them. Fort has been quoted by Cointelegraph as saying:
“They’re [BATM operators] required to abide by the same Know-Your-Customer, Anti-Money Laundering regulations, and we believe some have varying levels of adherence to those regulations.”
If you’re into records, fiat has set another one this year, according to Institute of International Finance. Via its Global Debt Monitor, the organization says that the world’s combined debt will mean that every person alive on the planet will share USD 32,500 per person of the total global debt of USD 255 trillion.
If every Bitcoin ever produced were available, it would represent USD 12.1 million of debt. This has been roundly knocked by online Bitcoin proponents, such as internet analyst Rhythm, who says that “Plan A has failed”.
Global debt to reach a record $255 trillion by the end of the year.
That's $32,500 for each of the 7.7 billion people on the planet.
Plan A has already failed.
— Rhythm (@Rhythmtrader) November 15, 2019
Can Bitcoin really be the solution to a broken system of money stuck in an endless cycle of money printing and borrowing? Some people believe in a Bitcoin standard. BitcoinNews.com has listed Saifedean Ammous’s book the Bitcoin Standard as a tome of literature you should read and has covered how the author himself says that Bitcoin is built to soar.
Maybe the standard isn’t too far off.
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