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The cryptocurrency communities all over the world, including the deep dark web and regular Internet sites like reddit are chattering. Over the past week, the price of Bitcoin has dropped down below the $6,000 support level to under $5,500. Many investors and traders wonder if this is a result of the Bitcoin Cash Hard Fork? Also, is it a coincidence that the Minerfarm cloud mining site disappears as the value of BTC drops?
While it may be a coincidence, many experts, investors, and traders don’t see a link between the Bitcoin cash fork and the price of BTC. Apparently, Bloomberg Analysts feel that the price of BTC is going all the way down between the one thousand and two thousand dollar mark. One of the Bloomberg Analysts says “Bitcoin’s no longer boring” declares Bloomberg, before stating that bettors predict the price could fall as low as the $2,000 point, a seventy percent price drop.
It appears that all digital currencies are suffering such as Either as it’s price declines all the way down to $175.69 per coin. Whether you are buying Bitcoin or trying to find out about the Bitcoin legality, you should understand that most cryptocurrencies are in a bear market and extremely volatile.
Having said that, there are still Bitcoin bulls betting on a $20,000 price or higher like Tom Lee. However, it seems like Fundstrat’s Tom Lee predicts a lower value such as $15,000 by the end of 2018. After all, Bitcoin transactions are still very high, although the market capitalization has dropped. Now, we want to discuss the possible coincidence between the price of BTC and Minerfarm, the bitcoin mining work. Check out Fundstrat Tom Lee’s latest prediction on CNBC Fast Money.
Unfortunately, The ArmyOfBitcoin.com tried out Minerfarm and regrets it. We now deem Minerfarm a scam and hope everybody stays away from all cloud mining sites. Over the past month, the official Minerfarm.com website went down and offline. In a recent Reddit thread, What’s up with minerfarm one person says “As bad as i feel right now, I knew something would go wrong since i joined in feb this year when bitcoin is gonna pump against usd. people will be honest only when the market fluctuates.”
Another crypto investor goes on record to say “my original strategy should’ve made me 20% return, but they appeared so honest that,,, damn,,, i reinvested. so, i lost 20% hahaha”. Also, not long after that another Reddit user says “I’m having similar trouble opening their website. I got a CloudFlare Error 522 Timedout.” However, some people that invested made out very well. The reddit user RandomOldDude83 says “They exit scam finally. Was a good run while it lasted! I more than tripled my investment. What about you guys?”
In conclusion, please beware of cloud mining whether it is a group or individual miners. Regardless of how much money the public ledger says the bitcoin protocol will equal to the target, we are staying away. We hear about the huge sucess stories like investors making 21 million dollars and submitting a proof or work. However, regardless of the block reward and the number of blocks they are offering, it pays to stay away.
If you are serious about mining for the long term, we think it is best to purchase a real miner like the Antminer T9. Yes, you will have to invest much more money into the miner, graphics cards, computing power to receive a number of bitcoins as a return on investment. However, it is better of that Bitcoin miners to develop they own data center and may transaction fees and actually get a good long-term return on investment.
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