Originally published in the Bitcoin BullBear Weekly Report released on 2/12/2015. Partial excerpt only. Written by @AKWAnalytics.
Following what was a very active news week in Bitcoinland, this week has seen a substantial drop off in both fundamental and technical action. Price has entered a trading range, and frustration continues to plague the community. Such are the nature of natural bear markets.
Since the last time we spoke about the upcoming “Hard Fork Missile Crisis”, we have been dilligently following the debate in order to keep you posted on significant developments on this crucial topic. A few days ago, @JustusRanvier, an individual we know personally and can atest to his competence and intelligence, posted a VERY thought provoking article proposing free market solutions to the problems we currently face. The biggest of these issues are block size limit and transaction fees, mining and node sustainability, and storage and bandwidth concerns. We highly encourage readers to check it out:
http://bitcoinism.liberty.me/2015/02/09/economic-fallacies-and-the-block-size-limit-part-2-price-discovery/
That being said, we understand that one of the main causes of opposition is that the very act of a hard fork is a threat in and of itself. This is true with regard to Justus’s recommendations, as well others, however it is becoming our thinking that progress is not riskless, and if bitcoin is ultimately going to fail it should happen sooner rather than later. The collateral and psychological damage it would cause in the short term would be severe for those of us in the space, but at least then we could move on to the next blockchain.
FYI, we think that the block size limit increase will be postponed until ideas like the ones above can be further discussed and explored. Perhaps sidechains can help with this in the coming months
Cheers,
@AKWAnalytics
BTCUSD Daily chart [Bitfinex]
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