Tether is not the reason for the recent fall in Bitcoin's price. We may just be at the end of this particular hype cycle, the fourth major cycle in Bitcoin's history.
The end of a Gartner hype cycle is not the end of Bitcoin. However, the end of the cycle is when the skeptics will triumphantly claim they have been correct all along. They are no more correct than a stopped clock.
The boom phase of the cycle may be the most exciting but the stable boring low is the most important phase. It is when the most value is created, providing fuel for the next boom.
The boom of 2017 was fueled by the important work of 2014-2016 which dramatically improved the security, usability and liquidity of the Bitcoin network.
As the price of Bitcoin drops and public interest wanes, the important work of developing Bitcoin will continue uninterrupted. There are major developments on the not-too-distant horizon.
Lightning will provide a platform for a true payment system to be developed on the monetary base of Bitcoin.
Mining will be transformed as Samsung and other major chip manufacturers wrest control from BITMAINtech and the other irresponsible stewards of the mining market.
Exchanges and futures markets will continue to grow and become more liquid, making Bitcoin more easily ownable for tens of millions of new savers looking to protect the fruits of their labor from debasement.
The Bitcoin protocol will be improved dramatically with a number of efficiency and privacy improvements added to the Core repository.
By the time we arrive at the next halvening, or perhaps much earlier, we will have enough fuel for another major rally, which will make the previous ATH seem cheap.
10 Deductions from the Recent Cryptocurrency Dip | Ecency
