Quote:“If you’re trying to avoid the government, ultimately it’s under threat from huge regularity risk because there’s concern around money laundering and everything else.
“I think there’s a big risk from government’s banning these currencies eventually.”
“I think it would be very unwise to put any money that you can’t afford to lose into these currencies.”
'Extremely high risk': bitcoin.com co-founder has sold all his bitcoins
Quote:Bitcoin.com is one of the world’s largest bitcoin sites, having grown its profile this year thanks to the remarkable price surge of the cryptocurrency. But its cofounder and CTO, Emil Oldenburg, a Swedish native, is extremely sceptical when it comes to bitcoin’s future.
”I would say an investment in bitcoin is right now the riskiest investment you can make. There’s an extremely high risk,” he says in an interview with Swedish tech site Breakit.
Although Oldenburg is far from the first to criticise the cryptocurrency’s viability as an investment asset, his position as an industry insider does stand out – even as he migrates to its spin-off, bitcoin cash (BCH).
“I have in fact sold all my bitcoins recently and switched to bitcoin cash,” he says, referring to the currency that split from bitcoin in August and recently overtook Ethereum as the world’s second-largest cryptocurrency. Bitcoin Cash has also gained the strong support of Oldenburg’s co-founder, Roger Ver.
Oldenburg’s big problem with bitcoin is high transaction costs and lead times. Indeed, by some counts, bitcoin transaction fees are doubling every three months, and it now takes on average four to five hours to confirm a bitcoin transaction. Ars Technica reported that fees reached $US26 per trade recently.
While buying, selling or trading bitcoin is not an issue today, Oldenburg says, problems surface when bitcoin transactions are recorded on the blockchain, the digital ledger that records each transaction.
The reason why bitcoin holders haven’t understood these risks, according to Oldenburg, is because most have so far only bought the cryptocurrency – but never sold or traded with them.
The reason why bitcoin holders haven’t understood these risks, according to Oldenburg, is because most have so far only bought the cryptocurrency – but never sold or traded with them.
Bitcoin price WARNING: Cryptocurrency bubble might 'TOTALLY COLLAPSE' – or last 100 years
BITCOIN could “totally collapse”, according to a shock cryptocurrency warning from Robert Shiller, a Nobel Prize-winning economist and Yale University professor, however, he claimed the virtual currency could last 100 years.
1) The South Korean government has announced that six major banks will be ready to provide services to cryptocurrency exchanges this month. Under the new system, the government requires exchanges to share user data with banks.
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![[Image: kucoin-bcd-677x420.png]](https://news.bitcoin.com/wp-content/uploads/2018/01/kucoin-bcd-677x420.png)