No!! Bitcoin “DOUBLE-SPEND” Never Happened!! The Bitcoin blockchain is functioning just as normal and exactly how it should be!! Well, to take a gist of this, let’s take a look at the events in recent days and de-construct them sequentially. Bitcoin (BTC) price has corrected significantly in the last three/four days while taking a dip just below $30,000 levels a few hours back. However, BTC has now pulled back and is currently trading at $30,440 levels with a market cap of $569 billion.
As we have been reporting, over the last few days, there’s been heavy institutional BTC accumulation by Grayscale. On the other hand, traders resolved to Bitcoin HOLDing with a simultaneous surge in the whale accounts. If these are not bullish signs, the BTC supply at the exchanges has dropped to the lowest in years.
But then why is the Bitcoin price falling continuously? Well, there’s been a FUD floating around Bitcoin double-spend and inflation. So as it happened, Bitmex Research reported a Bitcoin “double-spent attempt” that fueled all the FUD in the market. Well, this was enough to create the frenzy and lead to a selling spree among investors.
But popular personalities from the cryptocurrency space: Bitcoin evangelist Andreas Antonopoulos and CoinMetrics CEO Lucas Nazzi has come out with a fair and square explanation of the same. Let’s take a look at what actually happened.
As Andreas Antonopolous says, this has been exactly explained in the Bitcoin bible aka the Satoshi whitepaper.
Interestingly, some publications that misrepresented the entire event had been trying to put the blame on BitMex for reporting the Bitcoin “double-spend attempt”. BitMex has issued a clarification and summarised all transactons.
Andreas Antonopoulos has come to BitMex’s rescue slamming those who were blaming the platform for reporting the story. He writes:
“BitMEX correctly reported a Bitcoin double-spend attempt with their useful monitoring tool. Irresponsible reporters took that and added misinformation. This is not on BitMex, stop shooting the innocent messenger.”
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