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Will the price of Bitcoin grow or will the first cryptocurrency go into oblivion?

Bulls unsuccessfully trying to take revanche. The rate of bitcoin, as well as other top cryptocurrencies do not show growth, and even lose in price.

Going down to the mark of almost seven thousand dollars, bitcoin could only overcome the key zone of seven and a half thousand and is fluctuates at this mark.

Against the backdrop of such a picture, some experts and with them the director general of Pantera Capital's hedge fund Dan Morhad call the moment successful for opening long positions in the market and offer to buy bitcoin, since in their opinion it will increase significantly in price in the near future. Morhad assures that investors are expecting big profits, naively believing that the crypto industry is still largely unregulated space.

This is not the case, as it has long been known that Bitcoin, mined by Proof-of-Work technology, is controlled by large mining pools that hold all power in their hands, controlling emissions, and in some measure centralize the process, taking away the main advantage of the cryptocurrency - decentralization.

Alexei MURATOV, Chairman of CWT Board: “Today, these large mining pools, by plot, have the opportunity to change the rules for whole the community. In other words, bitcoin has lost its main advantage - decentralization.

And today the community has a certain disappointment in this tool. And we see it in the demand for bitcoin, which is declining. As demand decreases, the cost of cryptocurrency is also reduced. Also demonstrate the fall other cryptocurrencies, because all of them are tied to bitcoin.

In fact - it is forks of bitcoin, copies without unique technology. It does not give them any value. They fall down behind the bitcoin. Today, all the cryptocurrencies (proof-of-work or proof-of-stake) have problems with centering. All of them are centered as they develop. If even in the beginning there were decentralized ones, the same as bitcoin”.

The fact that bitcoin as technology will lose its relevance was declared last week by the head of Ripple Brad Garlinghouse at Code Conference 2018 in California. He noted that soon altcoins will not depend on bitcoin, and a lot of digital currencies that don't solve real problems will disappear from the crypto industry. In fact, he predicted the collapse of Ripple itself, because it is not much different from Perfect Money or other usual electronic currencies. Ripple can not be called a cryptocurrency, assures Alexei Muratov, sincerely wondering why do they need to use the blockchain, to create not decentralized projects that are managed in the old fashion in the same hands. Another confirmation of this is another last week news - 50% of the EOS tokens are under the control of ten addresses, as shown by the results of the network snapshot from the EOS Authority.

It is likely that the largest holders are not individuals, but crypto exchanges, such as Bitfinex, Binance and Bithumb. Thus, the main idea of ​​creating bitcoin is completely distorted, no matter how many famous people call it crypto gold. As Apple co-founder Steve Wozniak said, supporting the recent announcement of Twitter CEO Jack Dorsey.Such statements contain either a complete absence awareness of blockchain technology and today's trends understanding, or a frank desire to mislead the community that bitcoin is decentralized.

Exactly decentralization is the future. However, whether this will be the first altcoyin, time will tell.

  • June 4, 2018 6:13 PM MSK