Agree mate. Well done @ttmygh @profplum99 and @nic__carter on a ripping show. Im obviously in the "gold is superior" camp, though I am long #BTC (tiny position). I thought the best/most interesting point of whole debate was raised by @profplum99 regarding the fact that a 1/n
Exceptional listen on #Bitcoin.
— Joseph Skewes (@josephskewes) January 26, 2021
In particular Nic's responses to Mike's aggressive anti-BTC stance.
One dispute with Nic: Even if crypto mail list was best place to announce BTC, if Satoshi wanted fair distribution, surely creating 50% of the supply by Nov 2012 was too fast? https://t.co/e1Hpx4wWOu
More from Bitcoin
1/ outlook for bitcoin: positive 🚀
in this thread, i'll quickly outline key data points on #bitcoin sentiment, demand, market structure, and macro conditions
disclosure: i own BTC, obvi. this is not investment advice. DYOR. further disclosures at
2/ let's start w sentiment ☺️
first, investor sentiment:
✅ @blackrock filed to add BTC to 2 funds, CIO has 400k price target
✅ @RayDalio's Bridgewater reportedly issuing BTC research report
✅JPM, Goldman, and other bulge brackets initiated research coverage
3/ next, trader sentiment:
🚨 most important indicator is the forward curve
normally BTC futures trade in backwardation after a price drop.
this time, the curve stayed in contango following drop, meaning market makers are bullish 🐂📈 despite funding rate increase!
4/ sentiment drives demand. so DEMAND next.
💸 let's talk fund flows
🤑 our research shows $359M of inflows into crypto products last week alone (https://t.co/6Kky96m3ob)
🤑 our @CoinSharesCo @xbtprovider ETPs saw $200M trading volume on jan
4/ let's talk bitcoin fundamentals
post-halving, 900 BTC mined per day, 312,000 this year.
👀 47M millionaires. 21M bitcoin.
🏆 collectibles selling at all time highs. bitcoin is the ultimate collector's item. (see
in this thread, i'll quickly outline key data points on #bitcoin sentiment, demand, market structure, and macro conditions
disclosure: i own BTC, obvi. this is not investment advice. DYOR. further disclosures at
2/ let's start w sentiment ☺️
first, investor sentiment:
✅ @blackrock filed to add BTC to 2 funds, CIO has 400k price target
✅ @RayDalio's Bridgewater reportedly issuing BTC research report
✅JPM, Goldman, and other bulge brackets initiated research coverage
3/ next, trader sentiment:
🚨 most important indicator is the forward curve
normally BTC futures trade in backwardation after a price drop.
this time, the curve stayed in contango following drop, meaning market makers are bullish 🐂📈 despite funding rate increase!
4/ sentiment drives demand. so DEMAND next.
💸 let's talk fund flows
🤑 our research shows $359M of inflows into crypto products last week alone (https://t.co/6Kky96m3ob)
🤑 our @CoinSharesCo @xbtprovider ETPs saw $200M trading volume on jan
4/ let's talk bitcoin fundamentals
post-halving, 900 BTC mined per day, 312,000 this year.
👀 47M millionaires. 21M bitcoin.
🏆 collectibles selling at all time highs. bitcoin is the ultimate collector's item. (see
The is no Devcoin Gold yet. But then again, we've never been one to "peg" to anything. I came across an interesting article about 'recreating' addresses with Bgold that @bitcoincoreorg cut out since 0.13.0 - perhaps one day we can do a similar thing in future Devcoin software :)
https://t.co/cv4UqsaVAK
That being said I hold some Doge @blockio in an "A-" address myself after 0. 1. "9-" versions :). Don't believe Bitcoin Core the Coin (Utility) is the only visible value on Core chain. Color me crazy. I believe in script. And FOSS that is used to export📜
And that's just a guy @MeniRosenfeld who put his identity and ideas out in the public to build a Web of Trust back when the web was much less of a safe place. His identity at stake and the implementation of a branch in source code by another unsung hero @killerstorm reveals value
Some of those who set up our bright future quietly implemented it in a branch on the main source code before it was officially the Bitcoin Core main repository, before a "Bitcoin Core" entity existed
Just because Bitcoin Core nodes dominate and do not read "smart" colored satoshis or display them, doesn't mean they do not exist on chain. The example of recreating P2WSH-over-P2SH address from BTC https://t.co/ZWSP2MO5bY wallets in Bitcoin Core Gold I shared proves -rescan's $
https://t.co/cv4UqsaVAK
That being said I hold some Doge @blockio in an "A-" address myself after 0. 1. "9-" versions :). Don't believe Bitcoin Core the Coin (Utility) is the only visible value on Core chain. Color me crazy. I believe in script. And FOSS that is used to export📜
And that's just a guy @MeniRosenfeld who put his identity and ideas out in the public to build a Web of Trust back when the web was much less of a safe place. His identity at stake and the implementation of a branch in source code by another unsung hero @killerstorm reveals value
Some of those who set up our bright future quietly implemented it in a branch on the main source code before it was officially the Bitcoin Core main repository, before a "Bitcoin Core" entity existed
Just because Bitcoin Core nodes dominate and do not read "smart" colored satoshis or display them, doesn't mean they do not exist on chain. The example of recreating P2WSH-over-P2SH address from BTC https://t.co/ZWSP2MO5bY wallets in Bitcoin Core Gold I shared proves -rescan's $
The defi matrix
As each asset class goes on-chain, it can be stored in a digital wallet. And it can be traded against other such assets. Not just cryptocurrencies, but national digital currencies, personal tokens, etc.
We’re about to enter an age of global monetary competition.
The defi matrix is the table of all pair wise trades. It’s the fiat/stablecoin pairs, the fiat/crypto pairs, the crypto/crypto pairs, and much more besides.
Uniswap-style automatic market making for everything. Every possession you have, constantly marked to market by ~2040.
More liquidity, less currency?
This is an interesting point. Cash doesn’t make you money. In fact, it can lose you money in an inflating environment.
Reliable, 24/7 mark-to-market on everything is hard — but if achieved, means less % of assets in cash.
AMMs boost BTC. Here's why.
- All assets trade against all assets in the defi matrix
- Automated market makers give liquidity for rare pairs
- Everything is marked-to-market 24/7
- Value of cash drops, as you can liquidate instantly
- The new no-op is to keep your assets in BTC
Basically, automated market makers like @Uniswap boost BTC in the long term, because they allow *everything* to be priced in BTC terms, and *anyone* to switch out of BTC into their asset of choice.
Though in practice this may mean WBTC/RenBTC [or ETH!] rather than BTC itself.
As each asset class goes on-chain, it can be stored in a digital wallet. And it can be traded against other such assets. Not just cryptocurrencies, but national digital currencies, personal tokens, etc.
We’re about to enter an age of global monetary competition.
The defi matrix is the table of all pair wise trades. It’s the fiat/stablecoin pairs, the fiat/crypto pairs, the crypto/crypto pairs, and much more besides.
Uniswap-style automatic market making for everything. Every possession you have, constantly marked to market by ~2040.
More liquidity, less currency?
This is an interesting point. Cash doesn’t make you money. In fact, it can lose you money in an inflating environment.
Reliable, 24/7 mark-to-market on everything is hard — but if achieved, means less % of assets in cash.
Thus less use for currencies as people can more easily store their wealth into assets and easily trade them.
— Pierre-Yves Gendron (@pierreyvesg7) February 24, 2021
AMMs boost BTC. Here's why.
- All assets trade against all assets in the defi matrix
- Automated market makers give liquidity for rare pairs
- Everything is marked-to-market 24/7
- Value of cash drops, as you can liquidate instantly
- The new no-op is to keep your assets in BTC
Basically, automated market makers like @Uniswap boost BTC in the long term, because they allow *everything* to be priced in BTC terms, and *anyone* to switch out of BTC into their asset of choice.
Though in practice this may mean WBTC/RenBTC [or ETH!] rather than BTC itself.