So as of this post, by my numbers, the total crypto space has lost 30-35% since last night, with BTC around 25% south. I guess I will preface this post with, no I didn't sell any of my small BTC holdings, and no I'm not a BTC hater. But lets get real on several counts. When we look across the board, IT IS ALL CRYPTOS. So did all of these cryptos suddenly have bad news? Wallets hacked? Bad code? Screwy smart contracts? No. That is not possible. Which brings me to the point. Bitcoin is very nearly an unworkable behemoth whose logistical problems will likely never be fixed. Certainly with the divide between the forces, it seems unlikely. I know, I know it could be done, but it's those other guys fault. Yes, and if my aunt had balls she would have been my uncle. I doesn't matter the reason, it's not getting fixed.
Then there is the matter of the exchanges. Certainly the Coinbase BCH debacle is huge. And it illustrates the need for the cryptosphere to identify and impress upon incoming newbies the difference between the exchanges, like coinbase, who all operate at margin, and the ACTUAL blockchain of a crypto where coins are not traded but held on that blockchain, as an networked open source ledger. When funds are on an exchange, they are at risk. Security comes from wallet storage.
Below is an image I captured 12/18/17 of the largest BTC holder address. Since the 18th that entity has added almost 5700 BTC. We of course don't know who it is, but it is something to keep an eye on.
https://blockchain.info/address/3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r
And in typical "you blinked you missed it" crypto world fashion the market is already recovering a fair bit of losses. However this does not change the big picture. Even if BTC runs up to $25000, the big picture and issues remain. Because what happens when it hits 50K? 100K and this feces happens? Only it's 50%, or 75%?
In summation, Bitcoin may get the off-chain "upgrades" to make it a useful exchange coin, and a store of value (whatever the hell that is with a currency which only need be backed by math). But it will certainly go against the original decentralization philosophy which made it so appealing to those of us who want to see it replace, not meld with the fiat system. My wish for the holidays would be that somehow the drama show known as Bitcoin, and the forks, and the infighting, and pumps could be seen for what it is and what it means for the future of cryptos if we don't. And I don't want to see it drop anymore because of the damage it does to the rest of the market, but I believe we have to slowly let BTC go as the original dream, and move onto coins/tokens/platforms that do embody that idea.
Thanks for looking!