The Wolf Den #343 - Bitcoin Went Up As Big Tech Went Down
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This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get up to $1200 in free Bitcoin.The talk of the town yesterday was the widespread outage in many of the internet services and apps that we rely on. A single server issue in a massive, centralized conglomerate brought down what felt like the entire internet. Facebook was the first to fail, leading to a cascade of sites and platforms going down. Instagram, WhatsApp, and Messenger simultaneously crashed, causing an overflow and slowdown in similar social applications. It was even reported that Facebook employee badges failed to work, as well as their internal systems for fixing the problem. What a mess.The tipping of a few large dominos nearly resulted in the collapse of an entire system. A DNS error was seemingly the root cause of the outage. This is the result of a specific browser losing connection to the internet and it is somewhat common among social media giants. Due to the centralized nature of Facebook’s systems, the failing of its servers guaranteed the failure of the companies it owns.Immediately following the collapse, Twitter exploded in daily users. The official Twitter account tweeted out “hello literally everyone.” Memes quickly circulated about the crumbling situation, as the markets began to shed billions of dollars on big tech stocks. A flood of curious minds and locked-out users looked to other platforms, causing outages and slowdowns across a number of unrelated internet services. T-Mobile, Verizon, AT&T, Google, Twitter, TikTok, Zoom, and Amazon Web Services were stress-tested. As the outage began to last longer than just an hour, sentiment began to shift from bad to worse and jokes shifted into serious concerns.As much as we may be inclined to joke about Boomers on Facebook or mindless Instagram selfies, these platforms provide a source of income and communication to people around the world. Individuals, families, and businesses often rely on just one application to communicate. The absence of these platforms can tear someone's life apart.The “Bitcoin fixes this” crowd took advantage of the situation, claiming “Bitcoin and blockchain never go down” and that “social media should decentralize itself.” These statements are inaccurate at best. No crypto project, coin, or blockchain has been without its issues. Bitcoin has seen periods of extreme congestion rendering it nearly unusable. It has undergone fork wars in the past, causing the entire community to hold their collective breath. Just over a month ago, the Ethereum community found a bug that caused the network to split into two chains, exposing the network to an attack. The early Ethereum Dao hack rattled the entire community to its core. Many protocols are continuously 51% attacked to this day and some will never recover.I do believe decentralized technology will likely be the future solution to issues like the one that occurred yesterday, but Bitcoin and the blockchain are not ready to accomplish this task today. This is a good thing; we are still early. If the technology was simple enough to use, robust and ready, I find it hard to believe that it would be neglected as a fix to inferior existing systems.Adoption of new technology will come. Yesterday showed us how badly we need it. The world relies on a fully functioning internet 24/7, and crypto investors have a glimpse at the future solution.In This Issue:Bitcoin Goes Up As Big Tech Went DownBitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsRipple Continues To Win In CourtHong Kong Is Making Progress On Their CBDCBank Of America Launches Crypto ResearchThe Wolf Of All Streets Podcast Ft. Jurrien TimmerMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO
The Wolf Den #343 - Bitcoin Went Up As Big Tech Went Down
The Wolf Den #343 - Bitcoin Went Up As Big…
The Wolf Den #343 - Bitcoin Went Up As Big Tech Went Down
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get up to $1200 in free Bitcoin.The talk of the town yesterday was the widespread outage in many of the internet services and apps that we rely on. A single server issue in a massive, centralized conglomerate brought down what felt like the entire internet. Facebook was the first to fail, leading to a cascade of sites and platforms going down. Instagram, WhatsApp, and Messenger simultaneously crashed, causing an overflow and slowdown in similar social applications. It was even reported that Facebook employee badges failed to work, as well as their internal systems for fixing the problem. What a mess.The tipping of a few large dominos nearly resulted in the collapse of an entire system. A DNS error was seemingly the root cause of the outage. This is the result of a specific browser losing connection to the internet and it is somewhat common among social media giants. Due to the centralized nature of Facebook’s systems, the failing of its servers guaranteed the failure of the companies it owns.Immediately following the collapse, Twitter exploded in daily users. The official Twitter account tweeted out “hello literally everyone.” Memes quickly circulated about the crumbling situation, as the markets began to shed billions of dollars on big tech stocks. A flood of curious minds and locked-out users looked to other platforms, causing outages and slowdowns across a number of unrelated internet services. T-Mobile, Verizon, AT&T, Google, Twitter, TikTok, Zoom, and Amazon Web Services were stress-tested. As the outage began to last longer than just an hour, sentiment began to shift from bad to worse and jokes shifted into serious concerns.As much as we may be inclined to joke about Boomers on Facebook or mindless Instagram selfies, these platforms provide a source of income and communication to people around the world. Individuals, families, and businesses often rely on just one application to communicate. The absence of these platforms can tear someone's life apart.The “Bitcoin fixes this” crowd took advantage of the situation, claiming “Bitcoin and blockchain never go down” and that “social media should decentralize itself.” These statements are inaccurate at best. No crypto project, coin, or blockchain has been without its issues. Bitcoin has seen periods of extreme congestion rendering it nearly unusable. It has undergone fork wars in the past, causing the entire community to hold their collective breath. Just over a month ago, the Ethereum community found a bug that caused the network to split into two chains, exposing the network to an attack. The early Ethereum Dao hack rattled the entire community to its core. Many protocols are continuously 51% attacked to this day and some will never recover.I do believe decentralized technology will likely be the future solution to issues like the one that occurred yesterday, but Bitcoin and the blockchain are not ready to accomplish this task today. This is a good thing; we are still early. If the technology was simple enough to use, robust and ready, I find it hard to believe that it would be neglected as a fix to inferior existing systems.Adoption of new technology will come. Yesterday showed us how badly we need it. The world relies on a fully functioning internet 24/7, and crypto investors have a glimpse at the future solution.In This Issue:Bitcoin Goes Up As Big Tech Went DownBitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsRipple Continues To Win In CourtHong Kong Is Making Progress On Their CBDCBank Of America Launches Crypto ResearchThe Wolf Of All Streets Podcast Ft. Jurrien TimmerMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO