And how you can profit from no matter what happens August 1st.
The prices are falling, for the same reason prices always fall in a marketplace of currency. Confidence, or rather the lack of confidence. When the confidence in the dollar dropped before the great depression, the value of the dollar fell, and would not buy as much. In the same manner, a bitcoin today will not buy you the same amounts as it would have afforded you last month.
Bitcoin is undergoing a serious crisis in confidence with the impending upgrades. If no one told you we are in virgin territory here folks. This sort of stuff has never happened before, at least to Bitcoin. There is a very real chance that things won't go well August 1st. Although this writer strongly suspects things will be fine, despite his former post, Bitcoin, Don't Fork It Up
This is because I win either way, and you can too.
The worst case scenario is not that Bitcoins and blockchains end forever August 1st, 2017. That is just not going to happen. We have a lot of intelligent IT guys working on this, but not all the investors in the crypto space are so educated. For them, IT is the dark closet where the boogie man hides and will reach out and steal your bitcoins. This is the same monster that threatened to end the computer age in the year 2000.
As I see it there are only two plausible possibilities. Either, things work out, or they don’t. I know it's simplistic, but that's how I see it. Either Bitcoin forks, or it doesn’t. Most people think the best thing is that Bitcoin doesn’t fork, the market recovers quickly, and the price zooms off to $5000 by the end of the year 2017. That’s a fine scenario for me. I am continuing to buy as cowards ( okay, the responsibly fearful) sell, which lowers the price for me, and I should be able to pick up a few more bits before these issues resolve themselves.
So what if the worse should happen. Well, suddenly I have double the amount of bitcoin that I had prior to the split, and best of all the world doesn’t end. Eventually, the free market embraces both brands of this Cryptocurrency, and the world slowly recognizes the robust nature of this currency over fiat. Fiat money just dies, crypto evolves and comes back with an ax to grind. Meanwhile, bitcoin will be on sale, and those of us that missed the first couple years will get another swing at bat while those prices are low.
So here's the secret, buy crypto while it is on sale. Oh yeah, guys, it’s ALL on sale, not just bitcoin, but the entire store. The second age of the crypto millionaire is upon us, and you were there.
Thanks for reading.