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Gox hack and subsequent insolvency, Bitcoin was stuck in an arduous, two-year-long bear market that left many investors and traders scorn. Some of the initial coin offerings (Kickstarter-like crowdsales of crypto-tokens) that have so far raised half a billion dollars for new blockchain-based projects intended to build on bitcoin but had to launch on other blockchains instead. This past weekend, Lombrozo finally wrote a Medium post in which he declared, At this point I have zero trust left for Jihan Wu and Bitmain. It currently has only 22 support from companies in the space and a deadline of August. As the massive descending triangle reached its apex, the cryptocurrency fell through the repeatedly tested price floor at 6,000 that had been acting as seemingly unbreakable support, sending its price plummeting another. However, in early 2017 things started to change. Another crucial group are the entities that run the bitcoin network on their computers (called miners) who are sort of the operators of the game. If anything, they almost have post-traumatic stress disorder at this point, because they get support calls all the time from people saying, My transactions arent going through.
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