Hope for near-term, widespread global Bitcoin adoption had a BIG setback this month; when hash rate and price suddenly crashed – the latter, through the Hoffman Line; in the wake of the seemingly inconsequential SV fork. Sure, anything can happen in crypto – but in the cold, hard world of global markets, the financial, psychological, and technical damage of such a move typically takes some time to recover.
That said, unless you actually believe SV is a threat – which to my knowledge, NO ONE in the Bitcoin community, save Faketoshi, believes to be the case – there’s no reason to fear something is “wrong” with Bitcoin. And in turn, that eventually these storm clouds will pass – yielding a bottoming of price and hash rate; and ultimately, a strong, sustainable recovery.
In times like this, it’s best to simply focus on WHAT Bitcoin is – i.e., a superior form of gold AND transactional currency; WHY it came to being – i.e., the destruction of decades of fiat currency abuse; and HOW dire the global political, social, and financial condition has become as a result. To wit, using a tool from my Miles Franklin days, a mere smattering of the week’s “horrible headlines” – that cumulatively, prove why Bitcoin “ain’t goin’ away!” Like, for instance, trade wars…
https://www.zerohedge.com/news/2018-12-08/chinese-imports-us-plummet-25-trade-war-takes-toll
https://www.zerohedge.com/news/2018-12-05/chinese-firms-dumped-1-billion-us-real-estate-last-quarter
…Cartel implosions…
…social unrest and political instability…
https://www.zerohedge.com/news/2018-12-07/macron-heralds-end-union
https://www.zerohedge.com/news/2018-12-07/may-unleashes-project-fear-30-brexit-vote-looms-stockpile-food-drugs-prepare-worst
…and of course, the parabolically rising debt that can ONLY be managed with more money printing and market manipulation – in turn, yielding increased price inflation and fiat currency destruction…
https://www.zerohedge.com/news/2018-12-07/historic-debt-core-our-decline