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”.
Welcome back to our last post in our blog series: 11 Myths of Bitcoin. Finalizing the series with Myth…
#11: Bitcoin is too volatile.
We have to acknowledge up front that the whole conversation about increasing the block size is not one of imminent necessity, but more of a theoretical eventuality. It’s a big “what if?” question. And because the bitcoin community loves to spend time thinking about these things, of course it has turned into one of the most important debates in the industry today.