Bring on the FUD: 2017 Was The Year Bitcoin Became Anti-Fragile
As bitcoin approaches $20,000, continuing to create new millionaires along the way, it's easy to deceive ourselves and think that we could all see this coming. It's hard to remember now, but the mood entering 2017 was a far cry from the optimism that we see in the bitcoin community after something like a 20x price rise.
SegWit had not yet activated. The New York Agreement, UASF, bitcoin cash, let alone bitcoin gold, were not in existence. The community was very much struggling to figure out a way forward on its technical roadmap and many people were arguing about what to do and complaining about the toxic atmosphere. OK, maybe some things haven't changed, but still, the community at the beginning of the year was very different than where we are now.
In this review of 2017, I'll be focusing on what we learned about bitcoin, how we got to the euphoria that we have now and what this all means going forward.
Bitcoin continues to grow and increase in price for a reason. 2017 was the year that people started to see real evidence that bitcoin is not something that can be stopped. Many other reviewers seem to be disappointed at how bitcoin didn't do X, Y or Z. I see the fact that it not just survived, but thrived as evidence that their pet feature or development isn't that important.
So what does this mean for 2018? We can expect more fear and uncertainty going forward. Certainly, the people HODLing now are probably pretty different in composition than earlier this year. Perhaps the community has fragilized a bit through all these noobs that haven't been through a bear market or a 70 percent correction.
What's certain is that bitcoin is unpredictable and bitcoin will grow in unexpected ways. I can only hope that as much fear and uncertainty await us in 2018.