The State of Bitcoin and Altcoin

What lies ahead for the future of Bitcoin and cryptocurrency?
Recent musings ...

Since ASIC mining is now coming to Scrypt, it puts most miners (many of which who have already been pushed out of bitcoin mining) out of Scrypt mining soon.

Along with steep declines in revenue from the mining pursuits, mainly due to the influx of new miners entering in the last few months, it is likely that most miners will experience difficulty breaking even on their hardware investments.

Throw in all the hacked exchanges (Mt. Gox, Coinex, Poloniex, Flexcoin, etc.), negative press, the Dorian Nakamoto Newsweek blunder, a flood of pointless pump and dump scamcoins, and negative government and central banking actions ... well let's say it's an uphill battle for legitimacy and global acceptance at the moment.

Anything that has the capacity to change the way the world works - the way business and transactions are performed - will have complications. To paint a visual, digital currency acceptance can be likened to ocean waves, battering against yesterday's bricks and mortar world.

Long term, I'm very bullish on bitcoin and altcoin ... but as it often goes, there will be a lot of casualties on the road to victory.

The Future Is Bright for Altcoins...

Joint Statement Regarding MtGox

Feb 24th, 2014

The purpose of this document is to summarize a joint statement to the Bitcoin community regarding Mt.Gox.

This tragic violation of the trust of users of Mt.Gox was the result of one company’s actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants.  As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today.  

We are confident, however, that strong Bitcoin companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfill the promise that bitcoin offers as the future of payment in the Internet age.

In order to re-establish the trust squandered by the failings of Mt. Gox, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds....

Read More: http://cur.lv/7ql7m