If you have followed the Bitcoin industry over the past few years, you’ve seen all the ups and downs. From just a few pennies back in 2009 to over $1000 in 2014 and now to the mid $200’s where it’s been for much of the year. One word can sum up the Bitcoin price: “volatile”.
The relationship between bitcoin and the global financial market, particularly banking institutions, has historically been tense. Actually, pick the adjective: distant, acrimonious, spiteful, etc.
Trust is a major issue in the Bitcoin cloud mining industry. Every few months, a new scam company implodes, stealing the money of their customers and in return, damaging the entire industry by creating resentment, uncertainty, and anger.
For those in the Bitcoin community, you likely saw the cyber war erupt on the popular Bitcoin subreddit. Users went into an uproar when several posts were removed that mentioned bitcoinXT (a potential Bitcoin client that allows larger blocks) and users cried foul that the subreddit was being censored.
In the 1800s, a series of legal acts were passed in the United Kingdom that later became known as the Red Flag Acts. These acts were passed to address growing concerns about the safety of these strange new machines called “automobiles”.