https://www.reddit.com/gallery/15ojvzs
Friday, August 11, 2023
Question for the experts: How did Bitcoin pumped from 17k to 29k?
In the stock market, we can literally trace why a stock pumped, one reason could be because of new invention, change in leadership, new investment or good revenue projections.
As for bitcoin, it is hard to trace why and how bitcoin pumped from 17k to 29k.
So my question to the experts, how did bitcoin pumped from 17k to 29k? What event happened?
How do non-fungible tokens (NFTs) fit into the Web3 ecosystem, and what makes them unique?
Non-fungible tokens (NFTs) are one of the most exciting new technologies to emerge in recent years. They have the potential to revolutionize the way we think about digital ownership, and they are already being used in a variety of ways in the Web3 ecosystem.
In this blog post, we will discuss what NFTs are, how they fit into the Web3 ecosystem, and what makes them unique.
What are NFTs?
NFTs are unique digital assets that are stored on a blockchain. They can represent anything from art and music to virtual real estate and gaming items. Each NFT is assigned a unique identifier, which makes it impossible to counterfeit.
NFTs are different from cryptocurrencies like Bitcoin and Ethereum in that they are not fungible. This means that they cannot be exchanged for one another like-for-like. Each NFT is unique, and its value is determined by the market.
How do NFTs fit into the Web3 ecosystem?
NFTs are a natural fit for the Web3 ecosystem. Web3 is a decentralized version of the internet that is built on blockchain technology. In Web3, users have more control over their data and their online identity. This makes it a perfect environment for NFTs, which can be used to represent ownership of digital assets.
There are already a number of ways that NFTs are being used in the Web3 ecosystem. For example, NFTs are being used to create digital art collections, to sell tickets to events, and to represent ownership of virtual real estate in games.
What makes NFTs unique?
There are a number of things that make NFTs unique. First, they are unique and cannot be counterfeited. This makes them a secure way to represent ownership of digital assets.
Second, NFTs are stored on a blockchain, which makes them transparent and immutable. This means that anyone can verify the ownership of an NFT, and it cannot be changed or tampered with.
Third, NFTs can be programmed to do things. This means that they can be used to represent more than just ownership. For example, NFTs can be used to grant access to exclusive content or to vote on decisions within a community.
The future of NFTs
The future of NFTs is still uncertain, but there is a lot of potential for this technology. NFTs have the potential to revolutionize the way we think about digital ownership, and they could have a major impact on the way we interact with the internet.
In the coming years, we can expect to see NFTs used in a wider variety of ways. They are likely to become more mainstream, and they could even become a part of our everyday lives.
It is still early days for NFTs, but they are already having a big impact on the Web3 ecosystem. It will be interesting to see how this technology evolves in the years to come.
Thursday, August 10, 2023
BTC miners sold 75% of their rewards past June. Last year, in June 2022, they sold 326% (Bitcoin Sold vs Bitcoin Mined) just as the bear market began
Lets dive a bit into this:
As the next Bitcoin halving approaches, miners make different moves. According to recent data from Luxor Mining, Bitcoin miners sold 75% of their rewards in June. Let's remember the upcoming halving event set for late April 2024. Post-halving, miners will require more efficient equipment to remain competitive. Another factor for the 75% could be miners' concerns about potential price drops, reminiscent of the bear market in 2022 when some miners had to sell their reserves to stay competitive. Interestingly, while 2022 saw miners holding onto their BTC, 2023 has witnessed a more consistent withdrawal pattern, with many miners saving up to 25% of their rewards, possibly in anticipation of a post-halving bull market.
Now there's an interesting insight here. See the peak in June 2022? Miners were selling all the BTC they mined, as well as their reserves (Hence the 326%), just after Bitcoin's price dropped from 60k to 30k. Look at the months before, barely any BTC mined sold.
Source: CoinMarketCap BTC Price Chart
It seems that even miners can panic sell. We're not alone. What will happen in the following months? We shall see.
EDIT, for clarification:
How can you sell 326% of your rewards?
When the chart says that miners sold 326% of their rewards (Bitcoin Sold vs Bitcoin Mined) it means that in addition to selling all the Bitcoin they mined during that month, they also sold from their previously accumulated reserves.
Suppose miners mined 100 BTC in June.
- If they sold exactly what they mined, they would have sold 100% of their rewards, which is 100 BTC.
- If they sold 326% of their rewards, they sold 326 BTC.
- This means they sold the 100 BTC they mined in June PLUS an additional 226 BTC from their reserves (previously mined and stored Bitcoin).
The 326% indicates that miners not only sold the newly mined coins but also a significant portion of their stored reserves.
[SERIOUS] Average CTM (cost to mine) $8,389 per Bitcoin
https://finance.yahoo.com/news/bitcoin-miner-riot-posts-mixed-212952963.html
Previously there was concern regarding the significant increase in the average cost to mine a bitcoin once the halving occurred. The idea was that it would be over $90k potentially damaging the bitcoin market. There are obviously many ways to interpret this. However, the point stands that with the halving the average rate will likely double this value to 16-17k. While the significane of this is debatable, to me it goes to show that we are still early until the 5th halving. At this point, I wouldn't be surprised if bitcoin achieves that prices that were hypothesized and insinuated in the whitepaper. I think 2024/2025 will be an excellent year for crypto barring on black swan events, however I expect another exponential spurt in 2027-2030. It feels like this is far away, but it'll come sooner than we think.
What do you think?
Why Hasn't Bitcoin Gone Up Yet? A Beginners Guide to Bitcoin Price Analysis.
ABTRACT (INTRODUCTION)
This post attempts to cover the fundamental concepts of 4-year halvings, supply shock and logarithmic regression theory. These concepts are crucial, especially for beginners in understanding the long-term price fluctuations of Bitcoin.
This educational post is in a bid to help provide some insight to how Bitcoin's price action really works. Not bro-science, not social media influences with orgasmic-face thumbnails, but pure economic theory.
HALVINGS
Bitcoin's bull and bear runs are primarily initiated by 4-year "halvings." See Fig 1. These are events hardcoded into Bitcoin's framework to halve the per-block rewards, effectively limiting supply. They occur roughly every 4 years, as they are dictated by multi-variable block time versus the hard cap 210k block per halving.
When supply is diminished, with equal demand, the value of that supply will, over the scale of tens of thousands of buyers and sellers, naturally increase until the market is once again at equilibrium. As projected, the next bull run is set to start somewhere mid-2024. That's basic supply and demand applied to Bitcoin.
SUPPLY SHOCK
Markets are not perfect, there is no single person that dictates price, and so it can be subject to human error and phenomena, notable supply-shock. Supply-shock results in short-term speculation (the bull-run), followed by a correction (bear-run), especially as a result of a severe and abrupt supply change, as in the case of Bitcoin.
Market momentum will carry Bitcoin's price past its natural value as dictated by supply and demand equilibrium, hence the bull market. A price correction will then occur in attempt to cut the market back to its equilibrium. See to Fig 2.
LOGARITHMIC REGRESSION
Market profitability will reduce as the market matures. It's the reason why you could've made millions if you invested and sold Bitcoin in the 2010 market cycle, you would have 300x'ed+ compared to 2021's cycle, magnitudes lower at a max profitability of 20x.
Logarithmic regression plays off this idea, in that Bitcoin tends to travel in a logarithmic function over relative appreciation chart/ logarithmic chart. This happens because it would take exponentially increasing demand to maintain a linear path on a log chart. Obviously, the world would run out of people, money and boating accidents for this to occur, hence the regression relationship. A very similar concept to market volatility too, unsurprisingly.
The market volatility, or how violent the ups and downs are, will always get more stable as Bitcoin's market cap increases. Big weighty things are resistant to change, like in physics, politics, economics and like in crypto.
Using lower and higher bounds of Bitcoin's price history, one can devise a very, very rough graph in price probability, not what Bitcoin will be, but could possibly be. Such charts demonstrate the near impossibility of what many online media influences stipulate in their orgasmic, wide-eyed thumbnails and reactions.
TO CONCLUDE
Concepts like halvings, supply shock, market volatility, profitability and logarithms are intrinsic to Bitcoin's price action and how it moves from a long-term year to year basis. Thus, it is vital to understand the fundamentals before delving headfirst into social media trash, hype influences, pump and dumps, and the other vast opportunistic heathen of this planet.
Take and interpret what you want and will. This isn't a hype post, just ya friendly neighborhood crypto dude. I'll try my best to reply to questions (:
[Task] photoshop 1 pic
I need a photo from an event photoshopped. Just need lighting adjusted slightly and to look a bit slimmer in the photo lol. I’ll be using it as a business profile pic. Offering $10 paid via bitcoin or PayPal. I attend events monthly and the photo booths provided aren’t always the greatest so if your work is good I’ll have more pics for you to edit here in the near future. Please bid under thread, thank you!
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