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RE: 7/15/17 ANDY HOFFMAN - THE MOST IMPORTANT MONTH IN MONETARY HISTORY
Interesting though how the altcoins suffer more than bitcoin. I doubt the price fall has anything to do with Aug 1st. It was just a huge ordinary hype bubble. The impact of Aug 1st is an independent question and will have positive or negative impact in addition. No doubt it is an important month.
Cautiously, I tend to agree. With all the press increasingly hyping an "imminent economic crash" and with the entire world's combined economies in the crosshairs this time, people sought ways of moving their assets out of harm's way. Gold & silver, although the most reliable store of value (IMO) are harder to transfer and easier to monitor by governments desperately clinging to control and tax all assets. Suddenly, all the alt-coins, especially the more "affordable" ones, became a manic-bubble. When the early "investors" saw their chance to cash out, the bubble (as it always does) deflates. This is a historic cyclical occurrence, and "free market" economics at it's core: fear vs greed. It has always been thus as far back in recorded times as tulips.
No matter what happens to bitcoin with BIP148, the technology is a genie out-of-the-bottle at this point. Cryptos will survive. The underlying question is: Will central authoritarian governments with their means of affording the fastest/smartest/latest technological tools, be able to wrest away the anonymous advantage of the cryptos from a public seeking to preserve their asset value from theft?