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Bitcoin – Stick A Fork In It

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Bitcoin's latest fork causes confusion and price decline & nbsp;Getty

Starting November 15, Bitcoin still had another fork& nbsp; which caused another wave of price decline & nbsp; (second coinmarketcap and & nbsp;coinbase) The combined value of Bitcoin and Bitcoin SV is much lower than the $ 6,200 Bitcoin was trading at & nbsp; November 14th.

This latest price drop has just been added to many embarrassing Thanksgiving conversations. & Nbsp; I remain of the opinion that it is not a total coincidence that the Bitcoin meteoric rise to nearly $ 19,000 in December 2017 started shortly before American Thanksgiving, when university students returned home and explained the potential investment to their family and to their friends.

But now, more than a year later, anyone who bought Bitcoin lost money (in US dollars). & Nbsp; Not making money in a year is enough to demoralize some die hard HODLers, not to mention the curious potential investors who have been largely attracted by the crypto from the fear of losing the next big investment.

Why is it & nbsp; the decline in Bitcoin continues?

Bitcoin is too confusing. & Nbsp; These forks confuse the casual investor. & Nbsp; For a product that relies heavily on new users who adopt it, confusion and price action are slowing adoption or, in some cases, inducing people to reverse previous decisions to buy it. & Nbsp; I want to focus on a particular aspect that is problematic for many potential investors. & Nbsp; The problem is that & nbsp; ornone of the alleged benefits of Bitcoin is its "decentralization". & Nbsp; I have questioned since the beginning and now I see at least two problems with this presumed advantage:

  • Simplify the creation of fork, & nbsp; that are quite confusing, but it also facilitates the creation of new cryptocurrencies, or smart contracts or anything else you want to call them. Heck, even the Wall Street newspaper created their false cryptocurrency. These divisions and new products diminish the power of the Bitcoin itself and all cryptocurrencies as well as greedy investors have trouble keeping up, not to mention someone just trying to dip their fingers into the water. & nbsp; The open interest in Bitcoin futures is steadily declining and even the hype on ETFs has declined since it seems that a kind of cryptographic ETF on a broader basis is more likely than a Bitcoin ETF that only highlights the confusion that the most occasional investors have to face. & nbsp; The "choice" of & nbsp; more cryptocurrencies to invest in is not seen as a good thing by many – it is a sign that the market is too fragmented and too easily divided to reach its full potential.
  • For all the talk about decentralization it seems that miners have a lot of weight. & Nbsp; If there was a "governance void" that human nature has a tendency to fill, it seems that miners and a handful of early HODLER's are filling that void – for their own ends.. & Nbsp; Why does a particular great holder want to go down a certain path? & Nbsp; For the public good? & Nbsp; . Hmmm & nbsp; Why do the miners want to follow a certain path? & Nbsp; For the public good? & Nbsp; . Hmmm & nbsp; Not only are the miners very powerful, they have their personal interest, by all accounts, many of the largest mining companies are based in countries or regions of the world not known for pristine business practices (to say the least). & Nbsp; With no centralization of power, power is centralized for miners over time, which does not give much confidence to the average potential investor.

What can the current downward trend change?

Action price. & Nbsp; Do not be naive. & Nbsp; If Bitcoin (or one of the other cryptocurrencies) can start trading higher and regain much of the lost momentum than people would worry again and we could see another wave of new "forced" & #runners. 39; on the market by FOMO (I suspect we would need to see Bitcoin over $ 8,000 to create a lot of buzz – that would be a 100% return for existing owners).

The reality is that someone needs to get Bitcoin back on track. & Nbsp; I wrote Bitcoin has lost its way again in June and I adhere to this statement.

Talking with some HODL e maximalists& Nbsp; there are some people trying to take steps to drive cryptocurrency in the right direction and attract new users and investors. & nbsp; I will examine some of these passages in another piece, but for now, I think Bitcoin and Cryptocurrencies have lost their shine and I think Bitcoin will break $ 2,000 before it reaches $ 6,000.

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Bitcoin's latest fork causes confusion and falling prices Getty

As of November 15, Bitcoin still had another fork that triggered a further wave of price declines (according to coinmarketcap and coinbase) the combined value of Bitcoin and Bitcoin SV is much lower than the $ 6,200 Bitcoin was trading the November 14th.

This last price drop has just been added to many embarrassing Thanksgiving conversations. I remain of the opinion that it is not a total coincidence that the Bitcoin meteoric rise to nearly $ 19,000 in December 2017 started shortly before American Thanksgiving when university students returned home and explained the potential investment to their family and to their friends.

But now, more than a year later, anyone who bought Bitcoin lost money (in US dollars). Not making money in a year is enough to demoralize some diehard HODLERs, not to mention the curious potential investors who have been largely attracted to the crypt by the fear of losing the next big investment.

Why does the decline in Bitcoin continue?

Bitcoin is too confusing. These forks confuse the casual investor. For a product that relies heavily on new users who adopt it, confusion and price action are slowing adoption or, in some cases, inducing people to reverse previous purchasing decisions. I want to focus on a particular aspect that is problematic for many potential investors. This problem is that onone of the alleged benefits of Bitcoin is its "decentralization". I have questioned since the beginning and now I see at least two problems with this presumed advantage:

  • It simplifies the creation of forks, which are quite complicated, but it also facilitates the creation of new cryptocurrencies, or smart contracts or anything else you want to call them. Heck, even the Wall Street Journal created their fake cryptocurrency. These divisions and new products diminish the power of the Bitcoin itself and all cryptocurrencies like greedy investors have trouble keeping up, not to mention someone just trying to dip their fingers into the water. The open interest in Bitcoin futures is steadily declining and even the hype on ETFs has declined since it seems that a kind of cryptographic ETF on a broader basis is more likely than a Bitcoin ETF that only highlights the confusion that the most occasional investors have to face. The "choice" of more cryptocurrencies to invest is not seen by many as a positive sign: it is a sign that the market is too fragmented and too easily divided to reach its full potential.
  • For all the talk on decentralization it seems that miners have a lot of weight. If there was a "governance void" that human nature has a tendency to fill, it seems that miners and a handful of early HODLER's are filling that void – for their own ends.. Why does a particular great holder want to go down a certain path? For the public good? Hmmm. Why do the miners want to follow a certain path? For the public good? Hmmm. Not only are the miners very powerful, they have their personal interest, by all accounts, many of the largest mining companies are based in countries or regions of the world not known for pristine business practices (to say the least). With no centralization of power, power is centralized for miners over time, which does not give much confidence to the average potential investor.

What can the current downward trend change?

Price action Do not be naive. If Bitcoin (or one of the other cryptocurrencies) can start trading higher and regain much of the lost momentum than people would worry again and we could see another wave of new "forced" & #runners. 39; on the market by FOMO (I suspect we would need to see Bitcoin over $ 8,000 to create a lot of buzz – that would be a 100% return for existing owners).

The reality is that someone needs to get Bitcoin back on track. I wrote that Bitcoin Lost Its Way is back in June and I adhere to this statement.

Speaking with some HODL and Maximalist there are some people trying to take steps to drive cryptocurrency in the right direction and attract new users and investors. I will examine some of these passages in another piece, but for now, I think Bitcoin and Cryptocurrencies have lost their shine and I think Bitcoin will break $ 2,000 before it reaches $ 6,000.

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