Winklevoss Bitcoin Idiots
Nice headline, right? Well I have a point backed up by some read hard data that indicates that Winklevoss are idiots for continuing to bet on bitcoin.
Bitcoin’s Network Scaling Problem
The details are here in this wikipedia article. Note it states 3,3 to 7 transactions per second.
7 times 3600 s/hr = 25200 times 24 = 504000+ 90800=594,8000
But let’s see as a chart, since many of you are math challenged:
Notice that in Dec 17, 2017 that it reached 500k? Its close to the hard limit of almost 600k per day. For those that are not aware Dec 17 was the day that CME started their bitcoin future potions trading platform.
But with blockchain chart tech analysis you always have to plot several indicators against the time axis to see the actual full behavior. Let’s view the chart of active addresses:
See the drop in December?
More BAD News for Winklevoss Twins
Not only is there a hard limit of 600k, that puts the hard limit of price at about $20,000. OUCH!
In short words, no $700,000 for you like some pundits claim. Bitcoin supports have know that bitcoin governance of the platform was broken for at least since past 2010. Until they do a hard fork to fix network problems bitcoin is not a frugal or wise buy.
Disclosure: At press time I hold some blockchain coin although not bitcoin. All blockchain coin is speculative investing and you might lose money. You have been warned.
About FRED GROTT
I am a former front end developer. I am putting together a private full access newsletter about blockchain trading that lists all my trades and portfolio and tech analysis that is open to certain people(privaley inquire at the email listed above at top of article).
