Coinbase’s engineer rips Bitcoin.org apart on its recent policies
Ran Neu Ner, CNBC Africa’s Cryptotrader host and Founder of Onchain Capital, spoke about the recent Bitcoin flash crash.
He says that he expects the currency to become stable at around $6500, but it might even go as low as high 5000’s if the price slide continues past $6500. This might spell a very different game for miners, he says, since the cost of mining is now so high, Bitcoin’s value needs to be above ~$5900 for mining to continue to be profitable for miners.
The discussion continues, as they clarify that it is not Bitcoin and its blockchain itself that has been hacked, as a layman might misunderstand, but rather a cryptocurrency exchange whose security has been compromised. This exchange, South Korean based Coinrail, is not even a giant among exchanges. It ranks around 100th in terms of volume traded per 24 hours, Neuner states.
The amount of money suspected to be stolen is worth about $40 million. In terms of hacking exchanges, this value hardly warrants much attention, ‘a very small hack in the big scheme of things’, he said. This exchange hack is coincidental, he believes.
While there are flaws in the Bitcoin infrastructure, cryptocurrency is an industry in its infancy, he says, likening it to ‘the internet before a real browser’. Of course, exchange hacks are going to happen to target this industry with a market cap of $20 billion. Referring to whether Bitcoin actually has a demand or not, NeuNer says he believes Bitcoin is digital gold which will see more demand in a couple years than actual gold.
HODL is what he would do in the current market scenario, he says, when prodded in that direction by the anchor’s questions. HODL was a typo on a subreddit, for ‘hold, and now HODL is re-branded to mean ‘Hold On for Dear Life’. Only if the investor has absolutely no faith in the technology behind Bitcoin, and was hoping to ride the high way back in December, they would be advised to sell.
“Now is a great time to buy if you believe in the long term of blockchain. If you understand the exponential difference blockchain could make to every single industry in the world, it doesn’t matter if you buy it at six, seven or eight thousand, when its price could go to twenty, thirty, forty,fifty thousand dollars. No one cares then. But if you are day-trading, you may get better opportunites to buy in, we are expecting 6250, then 5900 (USD) after that.”
Investguker, on Twitter, seems critical of Ran’s advice:
“”If you believe…” “I believe Buddah and the after life.” “I believe I will have 72 virgins if I blow myself up.” What does “believe” have anything in investing? “I believe SHLD will get to $1,000 .” Even if blockchain is a great tech, why should BTC be the beneficiary?”
it ya boi FLWOCKA, replying to Ran’s retweet of this interview, says:
“what happens next: ran advises dodgy icos for bounties and cashes in on community. fuds old top 20 projects and shills his investments.”
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