@smooth wrote:

As someone else noted in the comments, many if not most speculators don't want to lock up their funds at all and three months is still too long. I don't really view the reduction in lock time as appealing to speculators, I view it as reducing the cost of entry for those who do intend to remain involved and invested indefinitely but aren't comfortable with a two year (one year average) exit lag.

I agree. And you are getting closer to my (somewhat secretive) point of the drop from 2 years to 3 months being contemplated is IMO the worst possible compromise. We'll see...