@getwhatugive@GrainofSaltSF By your standard, is Satoshi a network participant?
1M BTC, zero connections since 2010. The most sequestered stockpile in existence.If dormant coins short circuit Metcalfe’s Law, the network’s own creator has been sabotaging it for 16 years… odd
Congrats, you’ve both discovered half of the same coin. John, the coins didn’t leave the network. They’re in a vault, not a black hole. Every IBIT holder in a Schwab account is a new participant. By your own infographic, n went up. You posted the counterargument to your own point.
Grain, scarcity didn’t change. Only the available float did, and that’s what creates the recent convexity.
@parkeralewis@PunterJeff@Nikamd08@IIICapital I understand your incentive critique here but let me remind you Gavin Andresen gave away 5 BTC per person in 2010 through a “bitcoin faucet”
@KillaXBT Who is the marginal buyer? If it’s leveraged longs, they can be hunted. If it’s STRC generating $1B/week in programmatic spot demand, ETFs logging their strongest month, and a Fed quietly printing $200B since December those longs have a floor your heatmap can’t see.
@KillaXBT What if STRC isn’t the explanation after the move, but the cause before it?Your 12/12 worked because the same participants behaved predictably. It broke because yield investors collecting 11.5% monthly entered. Their demand is programmatic, not speculative.That’s not targeting u