So now bitcoin has dropped about $10 since yesterday and is hovering at around $233.
Disappointing news for many of us indeed, and quite frankly, after this weekend I really find myself questioning bitcoin’s future. Maybe I wouldn’t be taking things so badly if so much hadn’t happened all at once, but there was the MyCoin scandal, then the BTER attack after that, then everything that happened with HitBTC and Huobi and all the other exchanges that have been attacked or shut down in response to malicious activity…
My connection with bitcoin has certainly grown over the last several months. I have been writing about it professionally since August of 2014, and I have always had tons of faith in it. I still do to a certain extent, although I must admit that it’s waning, and things are really starting to worry me. Maybe I’m overreacting, maybe things like this are just inevitable, but the fact of the matter is that several million dollars have been lost within days of each other, and while I don’t want to suggest that bitcoin should die, I do want to suggest that maybe we “take a break from it,” if that makes sense…
In my opinion, bitcoin is vulnerable because we have been investing more than money into it. We have invested our time, our breath and energy, even our own sweat and blood practically. We have a lot riding on its technology, and those who attack bitcoin do so because they know it is important and because many of us are relying on it and counting on it to get us through financially.
But maybe if we didn’t hold it in such high regard and chose to ignore bitcoin for a little while the way we choose to ignore a pet that’s been misbehaving, maybe, just maybe all of those with malicious intent will disappear or go into hiding, and from then on we can come back and work the blockchain like never before… Only this time a little stronger and wiser…