Bitcoin heroes

bitcoin heroes

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Bitcoin heroes

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The Fall, eventually the figure will move on to a new project, burning their Bitcoin bridges in the process, or get discovered committing a variety of financial crimes. Many have gone through this cycle, but the two most prominent are John McAfee and Elon Musk who followed the cycle almost word for word. Andreas Antonapolis, who himself is currently a Bitcoin Hero at the Height of Power but is at least self-aware, points it out best:.

Elon Musk dreamed of becoming a Bitcoin hero long before he actually did in December He praised Bitcoin a few times over the years, such as in when he called Bitcoin better than paper money well duh. Yet, he also admitted he never owned Bitcoin, beyond a measly. That seems very suspicious for a billionaire who claims Bitcoin is brilliant. For Elon Musk, the true rise coincided with the Bitcoin price hike at the end of He sent out feelers again, sharing Bitcoin memes.

And yet, even then he trolled:. But the seeds were planted. When he said he would like to be paid in Bitcoin that solidified his position as a hero. The Bitcoin community took it hook line and sinker. For Musk and McAfee the Height of Power was a wonderful time, full of market manipulation and sending sheep to the slaughter.

Elon Musk had Tesla purchase boatloads of Bitcoin, and even produced a Bitcoin payment processor for Tesla:. And the Bitcoin community swooned, taken in by the smooth billionaire. In and it was the same thing with McAfee. He shilled Bitcoin and the Bitcoin community lapped it up. In , when he received a tip off that he was going to be arrested for tax evasion, the Bitcoin community came to his defense. For both men, at the height of their power, it seemed like this could go on forever.

Elon Musk would build an electric car empire paid for in Bitcoin. John McAfee would never have to eat his penis on television. The Bitcoin community would sing their praises for years to come. That was not the case. Both men were frauds. John McAfee, as his penis eating day approached, quickly turned against Bitcoin. He went as far to say that Bitcoin was actually worthless , and he never believed in it. The Bitcoin community quickly tore him to shreds. Needless to say, he did not eat his penis.

He was jailed in for cryptocurrency market manipulation, and this time no one came to his defense. With Elon Musk, the reaction was even harsher. He also implied Tesla had sold off its Bitcoin. Bitcoin crashed hard, and the Bitcoin community turned their praise from just days ago into fury.

As Andreas said, the Bitcoin community needs to learn their lesson. Hero worship never brings anything good. There are many people out their with greed in their hearts, and they will do anything to get an extra buck. Since the launch of bitcoin, there have been thousands of new cryptocurrencies — at time of writing, CoinMarketCap lists more than 8, of them. But bitcoin remains the most popular. Bitcoin-related hashtags trend at a much higher rate than any other crypto on Twitter and it is the most searched for coin on Google.

Another major strength in the crypto world is security and whether a coin can fight off malicious attackers. Although it is impossible to know how many times a villain has tried to hack bitcoin, the currency remains undefeated. Bitcoin has never successfully been hacked. This is quite an achievement as many cryptocurrencies have been hacked.

The most likely way bitcoin could be hacked is through double-spending, which happens when hackers attempt to spend a cryptocurrency more than once. It would take a huge amount of computing power to double-spend on bitcoin and as a result bitcoin has so far triumphed against the villains.

But the cryptocurrency does have its weaknesses. All the while, other blockchains and currencies, like Algorand and algo, are popping up with environmentally-friendly alternatives to bitcoin. For a transaction to be verified, a block must be mined. This process is completed by the first computer to solve a complex mathematical problem. This results in multiple computers working on the same puzzle simultaneously. This is a constant process as a new block is mined every 10 minutes making the work extremely energy intensive.

When China cracked down on cryptocurrencies, a lot of the miners moved to the US , which uses more renewable energy and is less coal dependent. The financial sector consumes 48 times more energy than bitcoin. The average volatility for gold is 5. Bitcoin suffers from larger mood swings with a staggering volatility rate of Cryptocurrencies are more volatile than other assets because the market is much smaller, this means price movements are more emphatic. As bitcoin has the biggest share of the crypto market, however, it is not as volatile than other cryptocurrencies, like ether and doge.

This limit is fast approaching as 19 million bitcoin have already been mined, making it a scarce asset. The cryptocurrency is not controlled by a bank or a company, a bitcoin is owned by whoever invested in it. I like to compare it to the sun. Everyone on Earth kind of depends on it. But nobody can control or touch it. So, if bitcoin was a superhero, it would be a huge Zeus-like figure that guzzles energy and has omnipotent powers. Want to know what that would look like?

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