“A viral loop is a mechanism that drives continuous referrals for continuous growth.
It’s how you drive your existing customers to refer others to your brand, and in turn, get those new customers to tell even more people about you." - @ReferralRock
1/ The Price of Bitcoin
- Why price is entirely what matters
- How the price helps build Bitcoin
A thread👇
“A viral loop is a mechanism that drives continuous referrals for continuous growth.
It’s how you drive your existing customers to refer others to your brand, and in turn, get those new customers to tell even more people about you." - @ReferralRock
“As the number of users grows, the value per coin increases. It has the potential for a positive feedback loop; as users increase, the value goes up, which could attract more users to take advantage of the increasing value.” - Satoshi
This means that no more Bitcoin are produced as demand for it increases. With gold or oil, they can be sourced from increasingly more expensive/difficult places when demand ⬆️
In bull runs, user adoption increases. For Bitcoin, as SoV, adoption = buying and HODLing. As we can see with the below chart of Coinbase users, 2017 and late 2020 had enormous increases in users as Bitcoin price started to climb.
https://t.co/6P3WIDxGBU
Coinbase has revealed they have over 43million users
— Alistair Milne (@alistairmilne) January 23, 2021
Growth accelerated in late 2020#Bitcoin pic.twitter.com/5D5Fws4LP3
With the price increase, more funding is thrown at the space to support a variety of existing and new businesses: exchanges, wallets, data providers, etc. This ensures that there are easy ways for people to buy Bitcoin, store it, and run full nodes.
As the price rises, so does trading volume. When Bitcoin becomes more liquid, that enables larger and larger participants (ex: Institutional traders/Telsa) to buy substantial amounts of Bitcoin without too much slippage.
The below chart represents code commits for Bitcoin over time. As Bitcoin’s price has increased, so has developer activity and review of Bitcoin core code.
As the price of BTC increases, the value of the block reward increases as well, which incentivizes miners to bring more hashrate online to mine. The higher the hash rate of a cryptocurrency network, the more expensive to 51% attack.
We’re seeing the miner % of revenue from fees start to climb up in the 2017 and 2020/2021 bull runs. Bitcoin is fine.
Bitcoin’s price is the singular function that enables Bitcoin to grow in user adoption, liquidity, funding, security, and core development.
It is the most important aspect of Bitcoin. Don’t let anyone tell you otherwise.
Subscribe to my newsletter to get it first on Thursdays!
https://t.co/TYJDErcY6C
More from Dan Held
1/ Bitcoin: a bold new world.
Satoshi published the white paper on 10/31/2008. Right at the moment of peak despair during the 2008 financial crisis. Trust had been lost in a world that ran on trust.
2/ But why October 31st? It certainly wasn’t because Satoshi was a fan of halloween, it must have had a deeper meaning. With all of his actions, he demonstrated a careful precision.
He had been working on Bitcoin for at least a year and a half before publishing the white paper.
3/ “I believe I've worked through all those little details over the last year and a half while coding it, and there were a lot of them. The functional details are not covered in the paper, but the sourcecode is coming soon” - Satoshi Nakamoto
4/ On August 18, 2008 Satoshi registers registers https://t.co/rMWwiEwtxT through https://t.co/Uj8lMr10kB.
Satoshi was ready and waiting to hit the send button throughout 2008. What was so special about October 31st?
5/ I believe that Satoshi published the Bitcoin white paper on 10/31 as a hat tip to the ancient Gaelic festival of “Samhain” which was also the date in which Martin Luther nailed his 95 Theses to a church door. Both represent an end of the old and the beginning of the new.
Satoshi published the white paper on 10/31/2008. Right at the moment of peak despair during the 2008 financial crisis. Trust had been lost in a world that ran on trust.
2/ But why October 31st? It certainly wasn’t because Satoshi was a fan of halloween, it must have had a deeper meaning. With all of his actions, he demonstrated a careful precision.
He had been working on Bitcoin for at least a year and a half before publishing the white paper.
3/ “I believe I've worked through all those little details over the last year and a half while coding it, and there were a lot of them. The functional details are not covered in the paper, but the sourcecode is coming soon” - Satoshi Nakamoto
4/ On August 18, 2008 Satoshi registers registers https://t.co/rMWwiEwtxT through https://t.co/Uj8lMr10kB.
Satoshi was ready and waiting to hit the send button throughout 2008. What was so special about October 31st?
5/ I believe that Satoshi published the Bitcoin white paper on 10/31 as a hat tip to the ancient Gaelic festival of “Samhain” which was also the date in which Martin Luther nailed his 95 Theses to a church door. Both represent an end of the old and the beginning of the new.
1/ [December Bitcoin yield update]
Over the last year and a half, I’ve earned ~1.2BTC with various yield generating services to earn an average of 5% on 30 BTC.
Here’s my journey and how to guide👇
2/ Here are the ways you can earn yield:
Lending (Easiest/most popular)
Yield: 3-6%
- Ledn: https://t.co/4x0YATuQ0v
- BlockFi: https://t.co/90Xtg2cNka
Covered calls (Harder)
Yield: 1-80%
- Deribit: https://t.co/2iQVkXlylP
- LedgerX:
3/ Earning a yield enables you to stack more sats (what I’m doing), or reduce the temptation to sell your coin through earning an income.
The yield you earn comes with RISK!
Below is my current allocation for Dec (will update MoM)
(yellow = changes)
https://t.co/PZwVYs8lFT
4a/ [Nov > Dec Changelog]
- Covered calls: approx. 4 BTC was in $40k 12/28/20 contracts. Those closed without them being exercised (a good outcome for me). However, I was nervous about my January 1/28 $50k contract so I decided to close out my position at a small loss.
4b/ [Nov > Dec Changelog]
- In process of reallocating the 5 BTC (probably will be a lending platform).
- I incorrectly had my Ledn rate at 6.5%, it's 6.25%
Over the last year and a half, I’ve earned ~1.2BTC with various yield generating services to earn an average of 5% on 30 BTC.
Here’s my journey and how to guide👇
2/ Here are the ways you can earn yield:
Lending (Easiest/most popular)
Yield: 3-6%
- Ledn: https://t.co/4x0YATuQ0v
- BlockFi: https://t.co/90Xtg2cNka
Covered calls (Harder)
Yield: 1-80%
- Deribit: https://t.co/2iQVkXlylP
- LedgerX:
3/ Earning a yield enables you to stack more sats (what I’m doing), or reduce the temptation to sell your coin through earning an income.
The yield you earn comes with RISK!
Below is my current allocation for Dec (will update MoM)
(yellow = changes)
https://t.co/PZwVYs8lFT
4a/ [Nov > Dec Changelog]
- Covered calls: approx. 4 BTC was in $40k 12/28/20 contracts. Those closed without them being exercised (a good outcome for me). However, I was nervous about my January 1/28 $50k contract so I decided to close out my position at a small loss.
4b/ [Nov > Dec Changelog]
- In process of reallocating the 5 BTC (probably will be a lending platform).
- I incorrectly had my Ledn rate at 6.5%, it's 6.25%
More from Bitcoin
$BTC views
Price needs to let volatility wear off before its next big move. Thinking 30K-40K range for the next 1-2 weeks. Then either 50K straight or after piercing 30K and bouncing back above 30K within 1-2 days.
$27500-$27000 is the key area. If price heads back down to 30K, expect 30K to be breached, fall to that area, and bounce back. FAST. All very fast.
What do I do with this information?
Simple.
I'm trading the range against a core position. Buying when price pushes lower, selling when higher. It's like playing the achordeon. There's always air left inside.
Where exactly?
Nowhere.
I don't use limits for that. $BTC is liquid enough to trade at market without issues.
I'm watching PA, volume and rates for buying and euphoria as reflected in rates for reducing.
Decision making is dynamic. Nothing is set in stone. But most likely if price heads back down to 30K 'll be holding off next time. The gameplan is to have ammo to buy the dip (to redeploy). If 30K breaks absolutely no buying until down to 27Ks or back above 30K.
Price needs to let volatility wear off before its next big move. Thinking 30K-40K range for the next 1-2 weeks. Then either 50K straight or after piercing 30K and bouncing back above 30K within 1-2 days.
My $BTC short-term view after long deliberation and some flip flopping is rangebound in 30K-40K until the curve and vols come off a further. Then, 50K. I wouldn't be surprised if 30K is briefly breached but the risk is to the upside. Those calling for 20K missing the big picture.
— Alex (@classicmacro) January 12, 2021
$27500-$27000 is the key area. If price heads back down to 30K, expect 30K to be breached, fall to that area, and bounce back. FAST. All very fast.
What do I do with this information?
Simple.
I'm trading the range against a core position. Buying when price pushes lower, selling when higher. It's like playing the achordeon. There's always air left inside.
Where exactly?
Nowhere.
I don't use limits for that. $BTC is liquid enough to trade at market without issues.
I'm watching PA, volume and rates for buying and euphoria as reflected in rates for reducing.
Decision making is dynamic. Nothing is set in stone. But most likely if price heads back down to 30K 'll be holding off next time. The gameplan is to have ammo to buy the dip (to redeploy). If 30K breaks absolutely no buying until down to 27Ks or back above 30K.
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
#Bitcoin transaction is never really final, given the energy required to keep the network running, and obviously its scale issues will only grow over time. That said, I actually though @nic__carter "won" the debate as it were, and I was unconvinced by the threat to national 2/n
security or undermining Fed policy angles Mike put forward. Two areas that are super interesting to me. One is the issue of #Bitcoin ownership, and how concentrated it is in terms of a small % of addresses that own most of it (2% addresses > 95% of holdings I think). 3/n
made great point a lot of this is omnibus/exchange related - so exchange or fund - ie @Grayscale holds #bitcoin for multiple investors. That may well be true - but it brings up 2 other issues. One - it proves that #bitcoin doesn't really "work" without 4/n
centralisation - as this implies most people need exchanges or funds (or @Paypal) to buy it. If so, that kills off a major "bitcoin is better than gold argument" - as in reality, gold is way more decentralised (from mine supply to ownership distribution). It also brings up a 5/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
#Bitcoin transaction is never really final, given the energy required to keep the network running, and obviously its scale issues will only grow over time. That said, I actually though @nic__carter "won" the debate as it were, and I was unconvinced by the threat to national 2/n
security or undermining Fed policy angles Mike put forward. Two areas that are super interesting to me. One is the issue of #Bitcoin ownership, and how concentrated it is in terms of a small % of addresses that own most of it (2% addresses > 95% of holdings I think). 3/n
made great point a lot of this is omnibus/exchange related - so exchange or fund - ie @Grayscale holds #bitcoin for multiple investors. That may well be true - but it brings up 2 other issues. One - it proves that #bitcoin doesn't really "work" without 4/n
centralisation - as this implies most people need exchanges or funds (or @Paypal) to buy it. If so, that kills off a major "bitcoin is better than gold argument" - as in reality, gold is way more decentralised (from mine supply to ownership distribution). It also brings up a 5/n
To chaiye chalte h 12K ki taraf.
#BTC https://t.co/Yd4iZqC42s
#BTC https://t.co/Yd4iZqC42s
I don't know why Crypto YouTubers are so bullish on BTC right from the top \U0001f61b while the charts are saying something else. Won't be surprised to see the entire retracement of the marked rise. #BTC pic.twitter.com/SQJkjAfZme
— Aakash Gangwar (@akashgngwr823) April 30, 2022
I have a different take on bitcoin, tether, and dollars
Can also speak with authority on nation state violence
"Nothing makes you feel more free than taking another person's freedom"
and @profplum99 concerns with tether, bitcoin, and decentralization make sense yet I remain long BTC
They are correct on force, I worked in decentralized societies, they are dangerous because the state does not have a monopoly on violence
For those in the first world who have never seen a milita ride out of the desert, kill and enslave farmers, and the government cannot stop it because the 21st century slave trade pays better than the UN, the reality of decentralization is might equals right
I know, that isn't the decentralized future Buterin talks about while wearing a t-shirt with a cat fighting space invaders on it (love those shirts)
But we need to be real, disrupting the global centralized economy won't be like Uber putting taxis out of work
It will be war and faminine level disruption as old empires come alive again
For decentralization to rise the centralized global power of the last 70 years (US Hegemony) has to weaken
Yes we will be rich, but as the Big Short says,
"you can be happy, just don't fucking dance"
Can also speak with authority on nation state violence
"Nothing makes you feel more free than taking another person's freedom"
After much investigation and conversations with people on here, I\u2019ve formed a relatively robust theory of what may be happening with Tether.
— Travis Kimmel (@coloradotravis) January 18, 2021
This thread will attempt to lay it out with neutral language for the purpose of discussion.
1/
and @profplum99 concerns with tether, bitcoin, and decentralization make sense yet I remain long BTC
They are correct on force, I worked in decentralized societies, they are dangerous because the state does not have a monopoly on violence
For those in the first world who have never seen a milita ride out of the desert, kill and enslave farmers, and the government cannot stop it because the 21st century slave trade pays better than the UN, the reality of decentralization is might equals right
I know, that isn't the decentralized future Buterin talks about while wearing a t-shirt with a cat fighting space invaders on it (love those shirts)
But we need to be real, disrupting the global centralized economy won't be like Uber putting taxis out of work
It will be war and faminine level disruption as old empires come alive again
For decentralization to rise the centralized global power of the last 70 years (US Hegemony) has to weaken
Yes we will be rich, but as the Big Short says,
"you can be happy, just don't fucking dance"
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Department List of UCAS-China PROFESSORs for ANSO, CSC and UCAS (fully or partial) Scholarship Acceptance
1) UCAS School of physical sciences Professor
https://t.co/9X8OheIvRw
2) UCAS School of mathematical sciences Professor
3) UCAS School of nuclear sciences and technology
https://t.co/nQH8JnewcJ
4) UCAS School of astronomy and space sciences
https://t.co/7Ikc6CuKHZ
5) UCAS School of engineering
6) Geotechnical Engineering Teaching and Research Office
https://t.co/jBCJW7UKlQ
7) Multi-scale Mechanics Teaching and Research Section
https://t.co/eqfQnX1LEQ
😎 Microgravity Science Teaching and Research
9) High temperature gas dynamics teaching and research section
https://t.co/tVIdKgTPl3
10) Department of Biomechanics and Medical Engineering
https://t.co/ubW4xhZY2R
11) Ocean Engineering Teaching and Research
12) Department of Dynamics and Advanced Manufacturing
https://t.co/42BKXEugGv
13) Refrigeration and Cryogenic Engineering Teaching and Research Office
https://t.co/pZdUXFTvw3
14) Power Machinery and Engineering Teaching and Research
1) UCAS School of physical sciences Professor
https://t.co/9X8OheIvRw
2) UCAS School of mathematical sciences Professor
3) UCAS School of nuclear sciences and technology
https://t.co/nQH8JnewcJ
4) UCAS School of astronomy and space sciences
https://t.co/7Ikc6CuKHZ
5) UCAS School of engineering
6) Geotechnical Engineering Teaching and Research Office
https://t.co/jBCJW7UKlQ
7) Multi-scale Mechanics Teaching and Research Section
https://t.co/eqfQnX1LEQ
😎 Microgravity Science Teaching and Research
9) High temperature gas dynamics teaching and research section
https://t.co/tVIdKgTPl3
10) Department of Biomechanics and Medical Engineering
https://t.co/ubW4xhZY2R
11) Ocean Engineering Teaching and Research
12) Department of Dynamics and Advanced Manufacturing
https://t.co/42BKXEugGv
13) Refrigeration and Cryogenic Engineering Teaching and Research Office
https://t.co/pZdUXFTvw3
14) Power Machinery and Engineering Teaching and Research
Tip from the Monkey
Pangolins, September 2019 and PLA are the key to this mystery
Stay Tuned!
1. Yang
2. A jacobin capuchin dangling a flagellin pangolin on a javelin while playing a mandolin and strangling a mannequin on a paladin's palanquin, said Saladin
More to come tomorrow!
3. Yigang Tong
https://t.co/CYtqYorhzH
Archived: https://t.co/ncz5ruwE2W
4. YT Interview
Some bats & pangolins carry viruses related with SARS-CoV-2, found in SE Asia and in Yunnan, & the pangolins carrying SARS-CoV-2 related viruses were smuggled from SE Asia, so there is a possibility that SARS-CoV-2 were coming from
Pangolins, September 2019 and PLA are the key to this mystery
Stay Tuned!
1. Yang
Meet Yang Ruifu, CCP's biological weapons expert https://t.co/JjB9TLEO95 via @Gnews202064
— Billy Bostickson \U0001f3f4\U0001f441&\U0001f441 \U0001f193 (@BillyBostickson) October 11, 2020
Interesting expose of China's top bioweapons expert who oversaw fake pangolin research
Paper 1: https://t.co/TrXESKLYmJ
Paper 2:https://t.co/9LSJTNCn3l
Pangolinhttps://t.co/2FUAzWyOcv pic.twitter.com/I2QMXgnkBJ
2. A jacobin capuchin dangling a flagellin pangolin on a javelin while playing a mandolin and strangling a mannequin on a paladin's palanquin, said Saladin
More to come tomorrow!
3. Yigang Tong
https://t.co/CYtqYorhzH
Archived: https://t.co/ncz5ruwE2W
4. YT Interview
Some bats & pangolins carry viruses related with SARS-CoV-2, found in SE Asia and in Yunnan, & the pangolins carrying SARS-CoV-2 related viruses were smuggled from SE Asia, so there is a possibility that SARS-CoV-2 were coming from
