TL; DR
Full story
If you were one of the millions of people affected in some way by The Great CrowdStrike Outage of July 19, 2024, we’re sorry.
As anyone with even the slightest amount of access to news knows, CrowdStrike suffered an outage late last week that affected everything from government buildings to banks and, of course, airlines.
But it was business as usual for Bitcoin.
Crypto nerds (like us) are constantly touting how important decentralized systems are – but it’s rare that we actually get a chance to just show Why that is the case in such a tangible way.
This is what happened to BTC last Friday:
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Bitcoin miners – who primarily use Linux-based frameworks – did not valleys.
In fact, approximately 144 new blocks have been mined every day between the start of the outage and the time of this writing, which is similar to the weeks leading up to the outage.
(Meanwhile, many banks around the world did).
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The value of BTC increased from ~$63,500 to ~$68,000 (about 7%).
While the value of virtually all publicly stated bank stocks fell during trading hours on Friday.
While we continue to believe that BTC can only work inside the existing system (and you should not put all your investments into an individual asset class), The Great CrowdStike Outage of July 19, 2024 once again illustrates the power of decentralized networks and systems.
To quote Taras Kulyk, the founder of BTC mining company SunnySide Digital, “tick tock, next block.”