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Snowball effect on Bitcoin. Antonopoulos is battling the FUD

3 min reading

Many people do not delve into the technical aspects of the oldest cryptocurrency. Some people think that they don't need this knowledge for anything, others see it as too complicated. In certain situations, however, it is worth activating inquisitiveness in order not to get carried away by the wave of disinformation ...

snow ball

Huge FUD and confusion

Yesterday's Bitcoin session was closed with a loss of 13.29%. The negative emotions among the cryptocurrency community grew with the emergence of two conflicting transactions in one block. Users and the media who do not understand what is actually happening only fueled the panic. As a result, the so-called the snowball effect, which was definitely out of place here.

What really happened in the Bitcoin network? Well, his blockchain will work as it should. When two conflicting transactions were found in block 666 833, a good block was acknowledged and a bad block was rejected.

There was nothing fancy about it, a user probably wanted to send their $ 21 faster while increasing the transaction fee. The mainstream media, having no idea what had happened, started spreading outrageous stories ...

Andreas Antonopoulos is fighting disinformation

This perfectly normal situation turned to an extreme, and many newcomers panicked. A well-known Bitcoin evangelist entered the action, taking up the fight against windmills.

source: Twitter/aantonop

While the truth will not gain as much of a rift as rumors, Andreas Antonopoulos nevertheless took action by posting a series of tweets. He also ran a live broadcast to explain what really happened on the blockchain of the oldest cryptocurrency.

The man mentioned, among others about the 3-Confirmation Rule, which provides reasonable evidence that BTC transactions will remain immutable. Continuing, he mentioned that a reorganization with 1 block occurs naturally on average every two weeks, a reorganization with 2 blocks may occur approximately once a year, and a reorganization with 3 blocks has not yet taken place.

Sharp criticism towards media unreliability

The expert mentioned that some uninformed journalists took advantage of this situation at the worst moment for Bitcoin, when there was a strong weakening in price on its chart. He added that in this way panic was sown among new members of the community who do not yet understand how this cryptocurrency works and do not know its technical aspects.

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