Bitcoin price pump year end 2016 - Possible reasons
- Speculators piling in due to momentum and trading volumes of $100 Million
- India's Fiat Cash destruction http://www.bbc.co.uk/news/world-asia-india-37933233
- Venezuela inflation http://www.cnbc.com/2016/10/13/inflation-in-venezuela-seen-hitting-1500-in-2017-as-crisis-goes-from-bad-to-worse.html
- Euro jitters after Brexit and other bad news from EU (Italian banks, Greece debt crisis)
- Mega.net 2.0 and bitcache https://twitter.com/KimDotcom
- Tax year end for many countries so any spare cash could be used to buy up Bitcoins
- China traders making up a large percentage of volume
http://fiatleak.com/
After the pump comes the dump
- Segwit does not look like it will activate, adoption has reached a plateau https://coin.dance/blocks
- Transaction ceiling is getting hit on a regular basis, businesses will move away from Bitcoin as there is no tier 2 transaction layer currently available and some transactions are not getting through without high fee payments.
- When the whales and smart investors have locked in their profits the bag holders will have to wait for the next pump to offload, if they want to.
Disclaimer
Always do your own research, these are my opinions and are not investment advice. Check out this post to see how crap I am at trading crypto https://steemit.com/trading/@cryptofunk/how-to-avoid-my-usd4000-mistake-with-cryptocurrency-and-altcoins
My hope is that Bitcoin sorts itself out whether it goes segwit or Bitcoin unlimited or any other solution as long as it sorts out it's 1MB blocksize limit. In the meantime I will look at other blockchains like Steem
With Core's SegWit support at 86% of mining blocks and cannot get consensus, it will be less probable for BU to get activated at 12% mining power (https://coin.dance/blocks)
I hope the "Hard Heads" backing BU realize this, and allow Bitcoin to move forward.
If Bitcoin remains successful, scaling will be a never-ending issue. Bigger blocks can come later.
They should have set activation at lower than 95% support, some guidance from Satoshi would be nice but free markets will decide the outcome in the end.
Yes, 95% is way too high a goal, but it would be a definite consensus if achieved.
If not, a new proposal could be made at a lower more realistic threshold.
So if SegWit is not adopted, then what? Back to the drawing board for another year?
Come on!
SegWit must activate at the earliest.
It would be good for EVERYBODY involved.
You are preaching to the choir! Can't understand why Segwit and blocksize can't be increased ASAP. Bitcoiners will be leaving in droves if there is another year of this.
It will be interesting to see if this is the top or if the run has a bit more to go.
I'm hoping the 2013 highs get beaten so that the Fake news agencies pick it up for more interest among the masses!
Pump it