Breaking down Elon Musk’s misunderstandings about #Bitcoin
[THREAD]
76% of all miners use renewable energies as part of their mix, with between 29% and 39% of all energy used coming from renewables, based on industry data from the world’s largest miners and mining pools. CoinShares estimates that total share of renewables may be as high as 73%.
The only way to even come close to eliminating all international flaring by 2025 is with a lot more Bitcoin mining.
Musk says that they intend to use bitcoin when mining transitions to more sustainable energy. Tesla’s second biggest market, China, has a grid that is 28% renewable, and 64% coal. In the worst case, Bitcoin is 29% renewable, and in the best case, around 73%.
Read more about this in "Breaking Down Elon Musk’s Misunderstandings About Bitcoin" written by @FriarHass 👇
Bitcoin has been consolidating around the $1 trillion market cap threshold for almost three months.
What’s happening behind the scenes, and how should investors be thinking about the recent price action of bitcoin?
[THREAD]
Long-term hodlers are accumulating.
Over the last 30 days HODLers have accumulated 93,638 BTC more than they have sold. The conviction of bitcoiners is not the least bit shaken, & they are viewing the period of price consolidation as a stacking opportunity.
Miners are accumulating.
Over the last 30-day period, miners have accumulated a net position of 5,459 BTC.
With hash rate lagging far behind price action over the past year, coupled with a global semiconductor shortage, expect miners to continue to be net accumulators of BTC.
The below list are the defining characteristics that make up for a stable and dependable monetary good:
Inflation and wealth destruction.
"The truth is the wealth you’ve accrued in state-issued currency is losing its value every single year. Every single year...Inflation is a monetary phenomenon, not a price phenomenon."
Bitcoin Magazine presents the Top 21 Bitcoin Projects in 2020!
This year may go down as the most bullish in Bitcoin history thanks to an assortment of projects led by teams from around the world dedicated to making bitcoin the standard.
Here is a thread for the entire top 21 most influential Bitcoin projects list.
Including honorable mentions at the end.
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This year, @bisq_network provided the most censorship-resistant on-ramp and off-ramp for Bitcoin. Bisq is designed to be the exchange of last resort and it has made some massive strides in 2020, including adding SegWit support.
On October 31, 2008, Satoshi Nakamoto released “Bitcoin: A Peer-to-Peer Electronic Cash System,” the technical vision for a “purely peer-to-peer version of electronic cash” that would become the preeminent cryptocurrency and blockchain.
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As the growth of Bitcoin has proven, the need for a P2P, electronic version of cash was much needed then and has become even more important today. What better time than this anniversary to revisit this seminal document?
In the paper, Nakamoto outlines many of the qualities that have made Bitcoin so successful — including transaction signature verification, timestamping and proof of work — with notable prescience. For instance, Bitcoin’s critical difficulty adjustment (cont. below):
The U.S. Presidential Election is looming and we want you to join our watch party! We'll be hosting Marbles and election commentary over on our Twitch channel (twitch.tv/bitcoin) on November 3 starting at 7:00 pm ET. Mark your calendars and stay tuned for updates!
Throughout the stream, we're trying to give away 10,000,000 sats! We've teamed up with @earncarrot to reward our audience for their election hot takes, predictions and content.
First up, we're calling for your dankest election memes! Learn more here: