Saturday November 18, 2017
Total BTC mined: 0.33989034
Total BTC mined USD: $2658.27 (based on today’s current exchange rate)
Total Spent: $1891.50
Remaining to break even: $0.00
When we last left off, it appeared that cooler heads had prevailed and that Bitcoin was headed to a more proper valuation. I was wrong and now BTC is nearing $8,000/coin as new fork run ups and continued speculation have seen the price build up once again. I know I’m supposed to be a cheerleader for the currency (after all why have affiliate links in my blog) but this is getting to a point of utter mayhem.
The most recent transgression has been the creation of IFOs or Initial Fork Offerings. As if ICOs weren’t bad enough, we now have a market for fork offerings which is basically encouraging people to destabilize markets for their own financial gain. Wall Street does this everyday but the whole point of Bitcoin and cryptocurrency in general is that it is not Wall Street and that’s why I’m just beside myself reading posts about how IFOs are going to create even more wealth.
Another sign of “Peak Bitcoin” is that Mt. Gox, the famous exchange that caused Bitcoin to nearly fold after it was hacked could potentially be resurrected via ICO. I’m all for people getting punched in the face when they deserve it and this needs to happen sooner rather than later in this case. This is an unfunny joke and anyone serious about cryptocurrency isn’t laughing.
In other news, Genesis Mining suspended payments briefly last week citing costs of distribution and network congestion. Payments have resumed but they sold out of Bitcoin mining contracts once again. So much for making money with my blog 🙁
Today’s picture comes to us from Tom’s River Fire Department