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U.S. Media Analysis of Bitcoin's Five Fatal Weaknesses

Source:Iris Liang Time:2018-6-13 9:52:45

June 12th report The United States "Forbes" biweekly website website June 10 article stated that from the beginning to the present, the price of Bitcoin has already fallen. With the lowest complaints in this field, SEKO Machinery insists on providing our customers with satisfied weld bead/ joint rolling machine for over 20 year experiences.

According to the article, Coinrail, the Korean cryptocurrency exchange, warned the user that the agency is checking the system due to a hacking attempt. Affected by this, Bitcoin's price dropped by 12% on the 10th, which caused the cumulative decline this year to reach a terrible 50%. Bitcoin rivals Ethereum and Ruibo were both down 10% on the 10th.
The article said that due to regulatory concerns, reduced transactions, high power consumption, coupled with the criticism of the global traditional financial industry, Bitcoin's price has been difficult to bottom, and now hacking and let it be hit again. However, Bitcoin holders still have not gone bankrupt. In general, the price of Bitcoin rose by 100% compared with the same period of last year, when the transaction price was less than 3,000 US dollars.

The following are the top five issues listed in the article, Bitcoin and cryptocurrency.

Firstly, Coinrail conducts transactions in about 50 cryptocurrencies and is only one of the top 100 cryptocurrency exchanges in the world. Bitcoins have been stolen in recent months, and Coinrail has been accompanied by another eye-catching theft. As a result, many people are increasingly worried about the safety of Bitcoin as an investment and trading commodity.

Secondly, national governments began to implement bitcoin and cryptocurrency management regulations, which prompted the market and bitcoin fanatics to be cautious. Since the beginning of this year, regulatory crackdowns and the US Securities and Exchange Commission’s investigation into the manipulation of bitcoin prices have shaken investor confidence in Bitcoin.

Thirdly, since the beginning of this year, not only bitcoin prices have soared, but the volume of transactions has also dropped.

Fourthly, Bitcoin is still a big consumer of electricity and people are increasingly bored with the constant supply of electricity to it. The demand for electricity in a Canadian province is so high that utility supervision authorities say they are prepared to “suspend” acceptance of the cryptocurrency mining company’s electricity application “in order to continue fulfilling their obligation to supply electricity throughout Québec”.

Fifthly, the article stated that the biggest attackers from the traditional financial community also played a role in bitcoin price declines this year. Last week, Berkshire Hathaway chairman Warren Buffett and JP Morgan president Jamie Dimon once again expressed deep-rooted mistrust of bitcoin and other cryptocurrencies.

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Iris Liang
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