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Consensus2021, the biggest crypto event of the year, starts tomorrow!
|Kurt Grela||May 24|
Bloomberg Galaxy Crypto Index is now down over 50% from the peak... just 12 days ago. Good Monday morning from Hong Kong
Crypto Correction... Bitcoin $BTC: -54% Ethereum $ETH: -57% Cardano $ADA: -58% Stellar $XLM: -62% Solana $SOL: -63% XRP $XRP: -64% Binance Coin $BNB: -65% Polkadot $DOT: -65% Chainlink $LINK: -66% Litecoin $LTC: -67% Uniswap $UNI: -67% Bitcoin Cash $BCH: -70% Dogecoin $DOGE: -70%
There's nearly $100 billion in outstanding stable coins. Would be great if that all went to buying the dip. 🤝
“Our key focus is on whether and how a [central bank digital currency] could improve on an already safe, effective, dynamic and efficient U.S. domestic payments system,” Fed Chairman Powell says.
Goldman Sachs: “A blockchain platform like Ethereum could potentially become a large market for vendors of trusted information, like Amazon is for consumer goods today.”
Vitalik on Scaling Eth: The main bottleneck in Ethereum is storage size, and statelessness and state expiry can fix this and sharded blockchains can scale much further because no single node in a sharded blockchain needs to process every transaction
A >48% drop happened in 2/3 of the previous bull markets, only in 2017 we had a “mild” consolidation.
TOMORROW we kick off , the biggest crypto event of the year. Four days of keynotes, panels and presentations from , Lael Brainard, , and hundreds more. It all starts Monday at 8:30 a.m. ET. Register: coindesk.com/events/consens…
I'm seeing on chain evidence of (unusually high) miner selling leading this last leg down. anyone else able to corroborate?
I’ve effectively been able to confirm this. Miner selling is a huge driver of price action here. Make of that what you will
Not specific advise, but buying from forced or panicked sellers, sellers in unusual circumstances, or sellers in the midst of a capitulation is usually a good idea.
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)
We might be entering the most critical period in bitcoin history, exceeding even the latter half of 2017
critical doesn't mean 'good or bad' it just means important. the blocksize war wasn't 'good or bad'. it was just significant.
complete elimination of many skeptic narratives ("btc mined with chinese coal", "btc exposed to CCP") as hashpower gets redistributed globally
Last 48 hours have been crazy. So what will happen & what has already happened? Here are some initial thoughts: 1, This is first time such high ranking member of PRC declaring a “crack down on Bitcoin mining & trading”.
2, Usually, that means there will be some enforcement actions in coming weeks. No one knows the level of enforcement action that will be taken atm. Uncertainly is creating bearish sentiment among Chinese miners.
3, In past 48 hours, Chinese miners already started to accelerate migrating process to other countries. There will also be large quantities of Bitcoin mining machines available for sales.
4, Were miners selling Bitcoin? Some already panic sold, others had no choice. Not everyone have access to western hosting sites. There are also added level of uncertainty on current RMB OTC trading channels. Need fiat to cover operational costs at end of the day.
5, Everything we believe about crypto & Bitcoin remain unchanged. All the fundamentals remain stronger than ever. My friends in the west, this is not time to be discouraged. It’s time for us to work together, and find the right path forward, because major changes are coming.
balajis.com @balajisThe long-term thesis for crypto remains unchanged. Inflation, decentralization, privacy, programmability, seizure-resistance and censorship-resistance…these are the secular drivers of adoption.
6, Under this current crisis, there will be a massive opportunity - redistribution of entire Bitcoin mining network around the globe. We need to make sure: majority of the mining machines are not going to single country. This is best time to work on further decentralization.
7, We also need to work together and ensure this new wave of mining operators outside of China are using renewable energy as much as possible.
8, We have already began doing this work with our friends & partners around the globe. It’s going to be painful short term as we see price & hashrate effected, but we will come out stronger than ever.