Going straight towards 1 Trillion dollars in Market Capitalization BTC has overtaken FB in Market Cap by reaching over $939B, while facebook sits just under $920B. Meaning Bitcoin has just surpassed another FANG stock (Facebook, Amazon, Netflix, Google). Bitcoin has shot past FB on a tremendous loss in shareholder confidence in the social media giant resulting in a 14.64% drop over the past month. Major losses occurred yesterday as fear in facebook likely stemmed from a global outage over a yet undisclosed “issue” that apparently has been resolved.
While the true cause of the outage remains unclear. It looks as though FB had deleted basic data that communicates to the rest of the internet how to properly interact with its properties. This data is a part of the internet’s Domain Name System (DNS), the central component directing its traffic. Without FB able to broadcast its location to the public internet, apps and web addresses were unable to locate it.
“What it boils down to: running a LARGE, even by Internet standards, distributed system is very hard, even for the very best,” tweeted Columbia University computer scientist Steven Bellovin.