So the hard fork happened, and now on the 16th of November, another fork called ‘SegWit2’ is going to happen.
“Belay that order Ensign”
Okay, so earlier this week the NYA group (New York Accord – to us mere humans) decided not to have 2xHardFork.
So what’s happening, and why?
Yes, not to put too fine a point on it, follow the money. If you can. With Virtual Currencies and Virtual Wallets and virtually no control from anyone, sometimes bad things happen. For example:
That piece says it better than I ever could – thanks guys at ‘steemit.com’ Though others are estimating 200million dollars US or more, we just don’t know. Neither do the NYA group mumpties, nor most others of us either.
So now what?
Well I’ve heard it said that if you don’t want to make the same mistakes again and again, you need to remember the history. Previously I focused on Tulip Mania, as have some others.
However, that may have been an unsophisticated analogy on my part. Recently another much cleverer fellow than I pointed out that the current situation with Cryptocurrencies is in fact more analogous to the South Seas Bubble.
This got me thinking about all things Ponzi, fraud and scam related. Which brought me to the now almost forgotten, there’s the history bit again, Hunt brothers. Properly known as Nelson Bunker Hunt and William Herbert Hunt; and believe me they were a right pair of _unts, sorry Hunts!
In 1979, and following the rules of the time, they tried to corner the World spot trade and futures for Silver. They ran the price per troy ounce from $6 to $49 in less than a year.
Naturally, when an individual(s) succeed in these endeavours the markets get nasty, and the COMEX board changed the rules; effectively forcing the Bunker Hunts of the World into bankruptcy.
Since then we’ve had several others, the last being the Sub-Prime Crisis.
Which was only a crisis if you were on the wrong side of the trade – which almost everyone was.
So they changed the rules again, this time to allow the Central Banks of the World to flood the economies with interest free money and Quantitative Easing.
Spotted the trend yet?
Yes dear readers, people throughout history have bent the rules and cheated, where possible, for personal gain, despite the potential losses others may suffer.
Nothing has changed, nor is it likely too this generation; but what about those peskie Millennials?
With BitCoin now around $7,000 [ Last time you quoted a price it was $4K! – Ed.] and the newly minted BHC heading toward $1,000 soon, I get the feeling that the Millennials are not trusting the usual stores of value. Gold is down over the last two years, despite Trump and ‘Rocket Man’ Kim getting shouty.
Yes, there will be cold baths for many, and new highs for some.
Though I have faith is this historical view, the 1999 Dot.com bubble didn’t end the internet, and I believe the ICO mania/Alt.coin partying will not kill all crypto either.
Though what comes next? Well, tomorrow is another day as they say, until then…………
Once again, for the record ‘BlockChain’ – GOOD. Con-Coins – BAD.