Image: ISTOCK
Image: ISTOCK

Lance Boyle is a nobody

First a recap. The price of crypto stumbled around in the dark while miners made up their mind about the hard fork of August 1. There was no hard fork and so the price shot up. Since then it has stabilised and we can all take a breather.

See BTC Ticker below for exact valuations at time of writing.

Note that we are off the all-time highs, but still strong.

Which doesn't answer the question that has worried humankind since the beginning of time: "Buy, sell or hold?"

Remember Michael Douglas in Wall Street with those computer screens? The screens were there to help him decide - Buy, sell or hold!

Mr Gecko: "Greed - for lack of a better word - is good. Greed is right. Greed works." Okay, so it's a little old fashioned, but hey this was the 1980s. People were wearing shoulder pads, watching Dallas and arbitraging the financial rand.

The problem is nicely illustrated with this meme posted by someone who is in the money on Twitter:

Well, yes, if it's the very thing that is going to make you poor again. So is the Bitcoin run over or just beginning?

As mentioned in previous columns, the absence of any fundamentals does make this an ever-so-tricky problem. It all boils down to sentiment.

So what is the sentiment? Not a day goes by without another major financial organ announcing that it is going to adopt blockchain technology or start a division trading crypto.

Sure, it might be that desperate fellow in the strategy department (they have these overseas) not wanting to be left behind by the next big wave. 

But the point is that the hype is still in its early stages. Once blockchain becomes the topic of discussion in every board meeting, the hype will grow exponentially. And there shall be a further boom. And the boom shall be followed by a bust as Bitcoin is finally digested by the global financial system and dragged into a cave in the Hamptons by the wolves of Wall Street.

For now, however, it is still a crazy bet on God-knows-what.

There are some signs that the establishment is coming to terms with Bitcoin. That's why you get tweets like this:

But there are more signs that we may still be in the wild speculative phase. Which is why people like John McAfee, founder of the anti-virus software company (the one that annoys you with notices about expiring protection until you pay JUST TO MAKE IT GO AWAY) have said some crazy stuff. Like this:

The best riposte so far is that it will be a small meal ... 

But think about it. McAfee is predicting $500k per Bitcoin in three years. Makes you want to buy, don't it? Just in case ... 

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