Bitcoin now has a rather nice flag formation after the rise from 200-500 with little media fanfare. The alt's are waking up and the halving is approaching. The only thing keeping bitcoin back is the blocksize debate which will soon resolve either by a HF with majority of miner support, or with Core acquiescing to the demands of the market and miners (3 weeks!) and fixing a 2mb blocksize HF in the roadmap.
It isn't hard to see a perfect storm for bitcoin during times of further turbulence in the major markets, where negative rates are being introduced in Western economies as central bankers start to lose control. Previously there has been a hunt for return and yield with QE and cheap money post 2008 being used by banks to bid up stock markets and levitate asset prices. ZIRP has turned everyone into a speculator with cash offering negative returns and the markets looking crash prone now bitcoin may start to look mighty attractive as an asset class in the coming months with it's unique monetary properties.
How many times have we heard this before. "Oh, Bitcoin's fix is just around the corner. It's already in the works. It's just as if it has already happened."
Time after time we think it's over only to turn around and find out we haven't gotten ANYWHERE. XT, Classic, Core Roadmap....
All that has happened is that some miners sent a letter to Core saying they don't want any trouble, they just want a time frame on the hard fork. Why would Core listen to them any more than us? Core knows that these guys will avoid a contentious hard fork like the plague and so they can be ignored with impunity.
Core guys say "fuck you" to Gavin, Mike, Jeff, Coinbase, Bitpay, Bitstamp, The Winklevi, us, etc but they are supposed to just cave immediately to some Chinese miners who have more to lose in a fight than anybody else? Does core have a history of being responsive to stakeholder concerns?
Dream on. It ain't fixed until it's fixed. Until then, holding is risky, selling is prudent and buying is just plain naive.
