Everything I’m seeing indicates an absolutely seismic shift of hashpower out of China and into the world at large. It won’t be elegant or pretty but obviously it’s great for hashrate distribution (& likely carbon intensity)
Just to be clear: I do not think $60K was the top, far from it, because I do not see the kind of transactions that normally happen after an ATH (red dots). In fact, I think we are just a couple of months out of the bear market (blue dots). And yes, this on-chain view fits S2F(X).
“Ether beats bitcoin as a store of value. The Ethereum ecosystem...provides developers a way to create new apps. Most of DeFi apps are being built on Ethereum. The greater number of transactions in ether vs bitcoin reflects this dominance” - Goldman Sachs Global Macro Research
1/ @wintonARK, @yassineARK, and I just posted an incremental update to ARK's open-source Solar+Battery+Bitcoin mining model, which now allows one to test how the system would have performed in historic Bitcoin bull and bear markets.
https://t.co/CPANlOyUag
Two of the largest exchanges(with both fiat otc/crypto capability) are in Beijing, only one-hr drive to the State Council, if they want to shut down 90% of the crypto services, it literally takes less than an hour to do, you don't need ten-year China Ban FUD, look elsewhere
"#Bitcoin has the same amount of volatility as Amazon stock...when was the right time to sell Amazon? That would be never. Volatility is not your enemy." @MarkYusko on $BTC and crypto volatility:
So you're saying it's not banned... 🧐
Being held to the same standards as everyone else seems fair. #Ethereum smart wallets are going to blow everyone away here.
1/ Shout out to all the amazing teams for showing community spirit, working hard in building outstanding DApps, creating long-term value & supporting infrastructure of the @0xPolygon ecosystem!
🧵
@sandeepnailwal @_jdkanani @_anuragarjun @MihailoBjelic@JohnLilic#DeFiForAll