Bitcoin has been on a roll throughout the first quarter of 2017. Things have been going so well that the failed ETF by the Winklevoss Twins only slowed Bitcoin price down for a few hours, after months of speculation. However, a major storm is brewing that may fracture Bitcoin permanently in 2017.
Backlogs of Bitcoin transactions have taken off in 2017, increases in the mempool number and size are growing, and the costs of running a Bitcoin transaction are the highest they’ve ever been. Many investors, led by “Bitcoin Jesus” Roger Ver, are fed up with these issues and are not seeing the network operating as intended, according to Ver. (A debate between Ver and Tone Vays, an advocate of SegWit implementation, on this protocol issue can be seen here.
One wonders whether this 'spurious' correlation has anything to do with Bitcoin's rise - as Venezuela's black market Bolivar plunges into hyperinflationary collapse, non-fiat currencies are bid...
BTC will fork AUG 1 into bitcoin cash. Not a fan of this just here to report. Make sure you move your BTC off of Coinbase if you want to take advantage of the fork. Many of the exchanges will probably support the new bitcoin cash.
