Expert: Bitcoin was in "a death spiral" and will soon be down to zero
Source:
Earlier this year, when Bitcoin was still trading at $ 7,000, University of Santa Clara Atulya sarin has published an interesting note. An expert has predicted the fall of the major cryptocurrencies because of the increased cost of mining and bearish trend. Now sarin made a new Declaration, Bitcoin fell to «death spiral». Thus in near future the crypt «completely worthless».
theAnother death of Bitcoin
«death Spiral» start to act, when the profitability of mining cryptocurrency for the majority of miners were down below zero. In such circumstances, the price of Bitcoin will gradually be reduced to the minimum.
The High cost of mining coins destroys the market. Therefore, any rational investor, even if he with all his heart believes in the future restoration of the price of the crypt will not get Bitcoin in the negative. Unlike gold, which holds its value at any time, the value of Bitcoin depends on the support of miners, which ensure the functioning of the blockchain cryptocurrency.
Note that now the most important is the role of the network difficulty of Bitcoin. It depends on Hasrat, so a massive disconnection of Asimov will end sooner or later, as the profitability of mining Bitcoin will rise because of the falling of difficulty.
Gold, according to Sarina, has proved its right to be considered a universal means of wealth preservation for many centuries in the history of mankind. But investors in Bitcoin are guided only by greed and short term profit.
image Source — NewsBTC
Unlike gold, Bitcoin is not accepted worldwide. And although the early miners and investors in the crypt really believed in the potential of the industry, relatively new players in the market rely only on short-term profits.
At the end of the sarin added that the death of Bitcoin «quick». And while investors can only monitor the situation and to follow «quick death» Bitcoin. View, whether it takes place in reality.
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