Bitcoin needs to decide if the holy grail is transactional value or store of wealth. And it needs to acknowledge that it is base settlement layer, and allow the ecosystem to grow atop it, instead of being able to pay with btc at starbucks. An emergence from this identity crisis is what is needed.
I agree. I think it's better to let Bitcoin take care of larger transactions and let some fast confirming alts take care of small everyday transactions. For example, I don't mind waiting 30 minutes for secure confirmation if I'm booking a holiday, or buying a car. But to buy coffee with Bitcoin means you need some third party to basically 'insure' that the transaction is genuine before it is approved by the blockchain so it appears seamless, so it's like inviting Paypal or Visa to the party.
Since my last post in this thread, I've re-evaulated my position. I've been a part of this drama too long to stand on the sidelines, so I'm back in the 1 BTC club.
I think we can see the August dump as a devaluation due to the forking debate, and that's exactly where we are at now. It's also easy to see the support at $200, so it's pretty stingy to look for cheaper coins in the next short while. Bitcoin may come out of the upcoming September 10 Consensus conference looking good, while the Agora closure may end up being a benefit if detractors want to say that the price is being propped up or sustained by illicit drug transactions.
