Bitcoin price is extending below target as the ill-conceived Gav&MikeCoin hardfork looms. Not only is Gav a limited capacity coder, but Mike has run away – leaving bright-spark Brian “Buzz” Armstrong to fend for Coinbase’s Silicon Valley Bank licence. It’s all going to end in tears.
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Bitcoin Price Analysis
Time of analysis: 15h00 UTC
Bitstamp 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
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Sorry to state the obvious, but Gavin Andresen had been a Bitcoin software repository maintainer and had not contributed innovative code to the protocol. A self-described “grumpy-old-man” he has repeatedly stated that he wants to see Bitcoin compete with Visa and acquiesce to the current financial system. Mike Hearn had managed to erode privacy wherever he engaged in the Open Source world since his late arrival in 2011. All in the name of “maximum adoption” of Bitcoin.
However, as readers well know,the rabbit-hole goes deeper than that. By using Bitcoin and participating in it, every user is bringing forward the date of the end of central banking. The Fed, the ECB, the Central Bank of Timbuktu – they are getting crushed under the weight of their own credit, and are losing credibility and relevance as users prefer non-fractional cash and Bitcoin transactions over the hokus-pokus of fiat and debt economy.
Gold, too, may temporarily lose meaning – being a favorite yardstick of “intrinsic value” of the banking clan – and controlled by it to the last ounce.
What to do? Spread your holdings 50:50 between the King of Cash, the US dollar and a short on Bitcoin. Be ready to buy Bitcoin when the Classic(TM) leadership declares defeat – they have no economic plan and rely on the Chicken Licken for leverage – fear that Bitcoin will stop working or get bad press. The Bitcoin protocol’s capacity dilemma is about to be redeemed by the addition of SegWit, and as for press coverage – it has been illustrated, in previous analysis, that interest in Bitcoin has been steadily declining for over two years, and that the mainstream media have shifted their attention from “Bitcoin” to “blockchain”.
Satoshi Nakamoto, famously, accused Andresen and company of breaking consensus and promoting a “pretender Bitcoin” populist altcoin in 2015.
Summary
Bitcoin price continues declining as the Classic(TM) developer team and its leadership threaten a contentious hardfork. While this introduces insecurity and uncertainty that is causing Bitcoin to sell off, the hardfork is unlikely to happen. If it does, this user will continue using the original and classic Bitcoin Core blockchain.
Bitfinex Depth Chart and Buy/Sell Volume
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Disclaimer
The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.
Bitcoin price charts from TradingView.
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