Antonio Manaytay – Fourth Estate Contributor
Cupertino, CA, United States (4E) – Could cryptocurrency skeptics like Warren Buffet, JPMorgan Chase CEO Jamie Dimon among other few be sort of prophetic when they warned that internet money is a mere speculative bubble? The dire warning was heard loud after the top digital money Bitcoin plunges: trading at $6,575 from $7,882.
The record drop occurred after soaring high Wednesday in New York was precipitated by the cancellation of a tech upgrade threatening to damage the top digital money.
Litecoin founder Charlie Lee said internet money traders may have continued to take profits coming from the chain split but those who were pinning their hopes on tech upgrade could well be looking at other coins. Litecoin is the fifth cryptocurrency by market value.
Bitcoin had soared to record high early Wednesday amid expectations it would not take another split but came crashing down after the faction of the community did not pursue the so-called hard fork.
The hard fork was seen by many speculators as big coins generator. Bitcoin traded high at $900 from $565 in August after a hard fork. On Wednesday, in contrast, Bitcoin had declined 10 percent just minutes after the split.
The main architect of the split, SegWit2x, said the decision to cancel the upgrade was to prevent further deep-seated rights among developers. The top cryptocurrency developers, users, and miners were trying to fix the congestion in the system amid Bitcoin’s meteoric rise. SegWit is short for Segregated Witness.
A faction of the community called for SegWit2x after the successful tech upgrade called SegWit in August. SegWit2x, however, did not gain enough traction which led to the cancellation plunging into its hardest test so far.
Meantime, most speculators held on to their coins wallet while the rest look to other viable digital money.
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