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Reddit Roundup – June 2020

This contains 50 links to most of the best quality content that was uploaded to Reddit for this month. Most links come from the popular r/bitcoin, but we also retrieved posts from other one as well such as r/BitcoinMining.

The post Reddit Roundup – June 2020 appeared first on Bitcoin Magazine.

Republished by Plato

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Ladies and gentlemen, we bring you the first ever edition of Reddit Roundup by Nik and Flip of Bitcoin Magazine!

This contains 50 links to most of the best quality content that was uploaded to Reddit for this month. Most links come from the popular r/bitcoin, but we also retrieved posts from other one as well such as r/BitcoinMining.

In this roundup there are 10 different categories each link falls under, and the categories are: Privacy, Adoption, Development, Security, Mining, Business, Education, Regulation & Politics, Archaeology (Financial Incumbents), and last but not least Memes, Fun, And Other. 

Big shoutout to Sam Wouter, creator of BitcoinSnippets. From October 2016 to October 2019, he was creating these monthly link summaries to help everyone keep up to date with Bitcoin. He’s kept adding to his plate and has less time to put these together, so we decided to pick up the torch where he left off.


While the price was absolutely stagnant this month, the Bitcoin builders have been moving faster than ever.

It reminds me of the quote by Bill Gates who said “most people overestimate what they can do in a year and underestimate what they can do in ten years”. In real-time, things can seem slow, but over time they happening extraordinarily fast.

Two of our favorite highlights from this month were seeing over $300,000 in bitcoin grants being raised to support open source development and seeing bitcoin out-perform the price of gold by 100% so far this year.

We also had protagonists from the antiquated financial system flip flop and bend the knee to Bitcoin. Shark Tank billionaire Mark Cuban has been very vocal on Twitter about his disinterest in Bitcoin, then decided to backtrack. Now he’s recommending people to “put 10% of their money into Bitcoin”. How ironic considering all the hate he’s given Bitcoin in the past.

Also, it was revealed this month that US president Donald Trump has ordered Steve Mnuchin to “go after Bitcoin” to try and destroy or stop it in any way possible. Unfortunately for orange man, orange coin has an impenetrable defense of nodes and miners all around the globe, outside of the reach of the US government. 

So without any further ado, here is the round up for this past month, enjoy!

A Recap of Bitcoin In June 2020

Privacy

BlueWallet bringing cash and p2p buys with no-KYC to all its users : Bitcoin (6/23) 

Privacy-o-meter — a free tool to assess the privacy level of your BTC transactions.   (6/25)

Privacy-o-meter is the first step to defend yourself against heuristics blockchain surveillance companies use. : BitcoinMining (6/25)

Wasabi Wallet Donates 1 BTC to Defend Privacy in Bitcoin – Bitcoin (6/28)

Adoption

An increasing number of people trust Bitcoin over big banks, says survey : Bitcoin (6/15)

Portuguese kids aged 6-7 learning about Bitcoin in public education system : Bitcoin (6/17)

Bitcoin is > 80% of the worldwide search interest – Cryptocurrency World Map : Bitcoin (6/15)

Singapore ride-sharing app lets customers pay with Bitcoin. : Bitcoin (6/18)

Land Rover celebrated 50 years, and in a memorial video he also mentions the creation of BTC network : Bitcoin (6/19)

The Perfect Time to Buy Bitcoin is Always Now : Bitcoin (6/20)

The PayPal and Venmo news, broken down and analyzed. It’s bigger than you think 👀 : Bitcoin (6/23)

Venezuela government is officially taking bitcoin as payment for passports. : Bitcoin (6/24)

Last week 511 BTC were traded in Venezuela using LocalBitcoin (up from 475 BTC), buying BTC with FIAT and selling BTC for FIAT. 511 BTC are 959,197,000,000 Bs. (Bolivares). One BTC is around 1,970,000,000 Bs. Monthly minimum wage is 5 USD (50,000 satoshis) : Bitcoin (6/24)

The Australian Postal Service is Starting to Adopt Bitcoin, and Why This Matters : Bitcoin (6/29)

Development

Who Funds Bitcoin Development? BitMEX Research 28 Mar 2020 : Bitcoin (6/17)

Less than 20% of BTC is actively traded. Bitcoin isn’t a short-term “get rich quick” play, it’s a long-term “protect your wealth” play. : Bitcoin (6/19)

Number of Bitcoin ‘Whales’ Has Risen by 2% Since Halving – CoinDesk : BitcoinMining (6/20)

Bitcoin Wallet Tracker v0.1.4 is released: Improved mempool tracking, out-of-the-box pruning support, and more! : Bitcoin (6/22)

Bybit Launches Fiat Onramp as Bitcoin Institutional Interest Skyrockets : Bitcoin (6/23)

Fun with Bitcoin: LightningNode roundtable: Hack Sprint Edition : Bitcoin (6/25)

Kraken Announces Largest-Ever Grant to BTCPay Server : Bitcoin (6/25)

Security

Look how silly this seems now compared to Bitcoin’s security : Bitcoin (6/16)

Mining

Bitcoin mining pushing technology to physical limits : Bitcoin (6/17)

Bitcoin Mining Difficulty Posts Biggest Jump In 29 Months : BitcoinMining (6/17)

Bitcoin Mining Explained : BitcoinMining (6/13)

Make sure your GPUs are ready for the summer : BitcoinMining (6/17)

China is losing its dominance over Bitcoin mining industry: report : BitcoinMining (6/11)

Business

Ledger and Nomura launch institutional-grade Bitcoin custody service : Bitcoin (6/17)

Education

Why Not Just Print More Money? : Bitcoin (6/17)

“No generation has a right to contract debts greater than can be paid off during the course of its own existence.” George Washington to James Madison 1789 : Bitcoin (6/17)

12 Reasons to Buy BTC! : Bitcoin (6/18)

The end of money as we know it … very informative documentary : Bitcoin (6/17)

Bitcoin’s price has outperformed gold by 100% this year : Bitcoin (6/24) 

South African banking on Bitcoin : Bitcoin (6/25)

Governments Can Not Kill Bitcoin, and if They Tried, It Would Only Make Bitcoin Stronger : Bitcoin (6/28)

The Key Point on Bitcoin Scarcity That Few People Understand Today : Bitcoin (6/28)

Regulation & Politics

SEC charges issuer who was offering investors a “new and improved version of bitcoin”. : Bitcoin (6/26)

Archeology (Financial Incumbents)

JP Morgan Does a Complete 180 on Bitcoin. 3 Years ago, Jamie Dimon said BTC is a fraud 🤡 : Bitcoin (6/15)

German Stock Exchange start Trading Bitcoin ETF : Bitcoin (6/18)

Trump first wanted to ‘go after Bitcoin’ in 2018, says John Bolton : Bitcoin (6/18)

Thank you Nomura, very cool! : Bitcoin (6/19)

New York Fed: Bitcoin just ‘another example of fiat money’ : Bitcoin (6/20)

Blackballed by PayPal, Scientific-Paper Pirate Sci-Hub Takes Bitcoin Donations : Bitcoin (6/22)

Andreas Antonopoulos – Obama Story [What He Said About Bitcoin] : Bitcoin (6/25)

Mark Cuban: Put 10% of your savings into bitcoin : Bitcoin (6/29) 

Memes, Fun, & Other

Kangaroo Market : Bitcoin (6/15)

🤣 : Bitcoin (6/12)

In a small town in upstate New York we give tribute to Bitcoin. We call it “Freedom Friday”. Live music, Bitcoin and freedom. : Bitcoin (6/15)

Bitcoin – The End of Money As We Know It : Bitcoin (6/22)

Rajarshi Maitra went from zero coding experience to getting his first PR merged in Bitcoin Core in two years and five months. : Bitcoin (6/24)

Bitcoin! – I don’t know. : Bitcoin (6/25)

The post Reddit Roundup – June 2020 appeared first on Bitcoin Magazine.

Source: https://bitcoinmagazine.com/articles/reddit-roundup-june-2020?utm_source=rss&utm_medium=rss&utm_campaign=reddit-roundup-june-2020

Blockchain

JP Morgan: Put 1% In Bitcoin as a Hedge as Demand is ‘Massively Outstripping’ Supply

Republished by Plato

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The narrative that investors should allocate 1% of their portfolio in bitcoin as a hedge has received support from strategists representing the giant US multinational investment bank – JPMorgan Chase & Co.

The analysts also highlighted the evaporating liquid supply, as giant institutions and corporations are purchasing substantial quantities rather rapidly.

JPM Suggest: Put 1% in BTC

Among the most popular topics of discussion within the community is how big should be the percentage investors allocate to bitcoin. The narrative ranges from BTC maximalists saying that all eggs should be in one bitcoin basket to others advocating for a broader diversification.

However, very few outsiders of the crypto community had ever suggested any BTC exposure until last year. Perhaps the first one to go public with it was the legendary legacy investor Paul Tudor Jones III following the COVID-19-induced market crash.

Since then, more representatives of the traditional financial field have joined, and the latest ones are strategists from JPMorgan.

Cited by Bloomberg, they seemed somewhat cautious but still indicated that investors should look into BTC for a possible hedge.

“In a multi-asset portfolio, investors can likely add up to 1% of their allocation to cryptocurrencies in order to achieve any efficiency gain in the overall risk-adjusted returns of the portfolio.”

However, the analysts advised investors to explore other fiat currencies, such as the yen or the dollar, if they want to hedge a macro event and not cryptocurrencies as they are “investment vehicles and not funding currencies.”

BTC’s Declining Liquid Supply

JPM also touched upon another compelling topic, which has surged in popularity in the past several months – BTC’s decreasing liquid supply.

After all, numerous giant names joined the BTC craze since the summer of 2020. As of now, MicroStrategy owns over 90,000 bitcoins, Grayscale is purchasing new coins at record levels, Tesla allocated $1.5 billion in the asset, and numerous institutions bought in as well.

Simultaneously, the production rate of newly-created bitcoins was slashed in half in May 2020 following the third-ever halving. Consequently, the skyrocketing demand and the decreasing liquid supply affected the asset price, which is up by 50% since the start of the year – even after the latest massive correction.

“Through the insatiable buy-side pressure from exchange-traded fund issuers, close-ended funds, and large public corporations adding Bitcoin to their positions, demand is massively outstripping supply.” – concluded JPM’s strategists.

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Source: https://cryptopotato.com/jp-morgan-put-1-in-bitcoin-as-a-hedge-as-demand-is-massively-outstripping-supply/

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Monero, Ontology, Synthetix Price Analysis: 26 February

Republished by Plato

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Monero was treading water around the $200-level, with the crypto likely to give way to a wave of selling pressure. Ontology fell under multiple levels of former support over the last few days and could break past one or two more. Finally, Synthetix saw a region of demand flipped to one of supply.

Monero [XMR]

Monero, Ontology, Synthetix Price Analysis: 26 February

Source: XMR/USDT on TradingView

The RSI fell below 50 and tested it as resistance on the hourly chart after XMR’s bulls attempted to keep the price above $200. This could be an uphill battle, especially if Bitcoin continues to drop.

Over the next few days, $220 and $180 are the levels to watch out for. Climbing above $220 would imply that a recovery has begun for XMR, while dropping below its previous local low of $180 would see XMR shed value further.

The Stochastic RSI was recovering from oversold territory over the past few hours. The trading volume rose as the price fell, pointing to the fact that strong bearish market sentiment was still in play.

Ontology [ONT]

Monero, Ontology, Synthetix Price Analysis: 26 February

Source: ONT/USDT on TradingView

The Directional Movement Index showed a strong bearish trend was in progress as the ADX (yellow) rose above 20 alongside the -DI (pink). The Awesome Oscillator also underlined southbound market momentum.

The next levels of interest for ONT were the $0.75 and the $0.68-support levels. A sign of some strength from the bears, such as a double top, would be required before any coin can be considered to be on the road to recovery.

Synthetix [SNX]

Monero, Ontology, Synthetix Price Analysis: 26 February

Source: SNX/USDT on TradingView

On the hourly chart, the fractals were used to give some further importance to the points that formed the descending channel’s boundaries. As can be seen, SNX closed a trading session under the channel and rose to retest the $18-region as one of supply, formerly demand.

Having confirmed this dip, the market’s bears forced the price lower. The next levels of support for SNX lay at $16 and $14, both representing drops of 10% and 21% from where the price was trading, at the time of writing.

The MACD noted strong bearish momentum, as did the 8-period and 20-period exponential moving averages (blue and white respectively).


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Source: https://ambcrypto.com/monero-ontology-synthetix-price-analysis-26-february

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This Bitcoin metric may be key to Gold’s flippening in the future

Republished by Plato

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At the time of writing, Bitcoin’s price was falling again, with the cryptocurrency’s performance breaking from its rangebound behavior between $49,000 and $51,000 yesterday. And yet, despite the scale of the drop, many still expected recovery to come soon enough. In fact, a few signs were visible just before BTC’s latest fall below $47,000.

Consider this – At the time, the volatility was up to 16%, rising by 2% post the dip from its ATH of $58,330. While it’s almost given that Bitcoin will soon bounce back, it’s worth examining what will drive such recovery. On CMC’s latest podcast, Jeff Ross of Vailshire Cap spoke about the prevailing narrative during this market cycle. According to him, the narrative of Gold 2.0 is the one that is playing out.

Gold has been repeatedly mentioned in popular narratives since the flippening of gold is seen by most as a major event. Since a majority of Gold bugs are key investors and hedge fund managers, there is potential market capitalization to tap into. After crossing the $1 trillion-mark, Bitcoin is even closer to $10 trillion, with the price following the S2F model like clockwork.

Gold’s S2F ratio was 62 while Bitcoin’s S2F was 52, at press time, and this may be one of the reasons for following S2F, despite the fact that many gold bugs will still find a reason to criticize BTC’s price action.

Will the narrative of Gold 2.0 play out this market cycle?

Source: Digitalk

The fact that Bitcoin’s annualized average daily volatility was observed to be above 120% and for Gold, it was a little over 20%, highlighted how the two are uncorrelated. Despite the two assets not being correlated post the decoupling in November 2020, the Gold 2.0 narrative is driving institutional investment inflows into Bitcoin. When Bitcoin’s S2F crosses 100, the flippening may occur and the comparisons between Gold and Bitcoin may cease to exist.

The cyclical movement of price, at the press time volatility of 16%, may continue in Bitcoin. In the last 24 hours alone, based on on-chain metrics, the trade volume has dropped by over 44% across exchanges. This drop in trade volume may be in response to the Bitcoin Options expiry on Deribit.

Previously, Options expiry events have had a significant impact on the price of the asset in the short-term. However, post the expiry, the price may sustain itself below its press time level, before recovering in a cyclical manner over the following month.

Will the narrative of Gold 2.0 play out this market cycle?

Source: Skew

Since this has emerged as a pattern in previous market cycles, it may repeat at least until the crypto’s price recovers and trades above the $55,000-level. A few days ago, the aggregate daily volume in BTC Futures on top exchanges was close to $180 billion. With a hike in volatility expected in the near-term, the figures for the same are likely to grow even more, especially if recovery is surely underway.


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Source: https://ambcrypto.com/this-bitcoin-metric-may-be-key-to-golds-flippening-in-the-future

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