Almost Half The Bitcoin Network Has Gone Offline In Just 48hrs.

buy altcoins. btc dominance crashing.

I don't really have anything left to say on all this. I think I've beat this horse enough over the years. I guess just a reminder that the new currency will harbor no debt from previous currencies.

You will not be able/allowed to "Trade in" any old currency into it.

Last Edited by A blade of grass on 04/18/2021 05:53 PM

Is that why the fees are rediculous right now ?

Most certainly DO NOT!

People are and will lose everything piling into these ridiculous trades!

Stop it!

That's good news for miners, as the difficulty will drop.

:chyna:

I had a transaction stuck in the mempool for over 48 hours because i pay "normal" fees. It finally went through but yet these fees are ridiculous.

I do technical analysis for a living guy.. altcoins are going to do tens of thousands of percent in the next year or two.

yea, big decline in hashrate, but still an overwhelmingly secure network, main concern when hashrate drops quickly, is potential for a 'block stall', remaining miners on the network will lack the hashing power to discover the next block,

difficulty adjustment takes place about every two weeks, so there can be a period where high difficulty lingers around and causes the production of blocks to slow dramatically,

this could lead to a death spiral of sorts, where the disproportionately high difficulty is unfavorable / headwind for miners, so they have to bow out, exacerbating the problem.

the good news is though, if you check the block explorer,
[link to www.blockchain.com (secure)]

even with the sharp drop in hash rate, we are still getting a steady block production with no signs of a block stall,

so this doesn't point to much of a crisis right now, if anything, potentially an opportunity for remaining miners to collect more rewards while this goes on; may even lead to a major drop in difficulty come the next adjustment, which i think is due soon, which will be even more favorable to miners, especially if the currently offline hashrate returns just in time for the next adjustment.

yes, this is related to the mining accident and power outage in a major industrial region, does highlight centralization concerns of the current hashrate distribution of the network, but chinese authorities are taking things seriously as to avoid an even bigger calamity, so nothing too remarkable or panic worthy about whats going on right now.