What were the major events in 2017 that led people to think bitcoin was dead?

5 answers

• Mathews MosleySep 06, 2024 · a year ago
  One major event in 2017 that made people skeptical about bitcoin's future was the hard fork that resulted in the creation of Bitcoin Cash. This split in the bitcoin community caused uncertainty and confusion, leading some to question the viability of bitcoin as a digital currency. Additionally, the scaling debate surrounding bitcoin's block size and transaction speed also contributed to the perception that bitcoin was struggling to keep up with growing demand. However, despite these challenges, bitcoin ultimately proved its resilience and continued to thrive.
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• Brein ZhangSep 01, 2020 · 5 years ago
  2017 was a rollercoaster year for bitcoin. One of the events that shook the market was the hacking of the cryptocurrency exchange Bitfinex, where millions of dollars worth of bitcoin were stolen. This incident raised concerns about the security of bitcoin and whether it could be trusted as a store of value. Furthermore, regulatory crackdowns in countries like China and South Korea added to the negative sentiment surrounding bitcoin, as it raised questions about the legality and future of cryptocurrencies. Despite these setbacks, bitcoin managed to rebound and reach new all-time highs in the following years.
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• It's yasmineNov 09, 2022 · 3 years ago
  As an expert in the cryptocurrency industry, I can say that one of the major events in 2017 that led people to doubt bitcoin's future was the closure of the cryptocurrency exchange Mt. Gox. This exchange was once the largest in the world, but it filed for bankruptcy after losing hundreds of thousands of bitcoins due to a security breach. This incident not only caused panic among bitcoin investors but also raised concerns about the overall security and stability of the cryptocurrency market. However, it's important to note that the closure of Mt. Gox was an isolated incident and the industry has since implemented stronger security measures to prevent similar incidents.
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• core jjApr 24, 2023 · 3 years ago
  In 2017, the cryptocurrency market experienced a significant correction, with bitcoin's price dropping from its all-time high. This decline in price led many to believe that bitcoin was dead or on the verge of collapse. However, it's important to understand that price volatility is a common characteristic of cryptocurrencies, and bitcoin has experienced multiple corrections throughout its history. The market correction in 2017 was driven by a combination of factors, including regulatory uncertainty, profit-taking by investors, and market manipulation. Despite the temporary setback, bitcoin has since recovered and reached new highs.
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• Paul MichaudMay 19, 2021 · 5 years ago
  During 2017, there were several events that caused people to question the future of bitcoin. One notable event was the rejection of the Winklevoss twins' proposal for a bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). The denial of the ETF raised concerns about the mainstream adoption of bitcoin and whether it would ever gain widespread acceptance. Additionally, the ongoing debate around the scalability of bitcoin and the high transaction fees also contributed to the belief that bitcoin was not a practical solution for everyday transactions. However, it's important to note that these challenges have spurred innovation and development in the cryptocurrency industry, leading to the creation of alternative solutions and improvements in bitcoin's scalability.
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