Do Kwon believes that SBF is behind Terra’s collapse
— Do Kwon ? (@stablekwon) December 8, 2022
I think the time has come for @GenesisTrading to reveal if they provided the $1B UST shortly before the crash to SBF or Alameda – the purchase from LFG was represented as stemming from “interest to participate in the Terra Defi ecosystem” – not to provide ammo for a peg attack
— Do Kwon ? (@stablekwon) December 8, 2022
Another question: Alameda borrowed 9 figures in bitcoin from Voyager (public bankruptcy filings) on depeg dates, and asked other large firms to borrow more (10 figs) – what this was used for needs to become public knowledge
— Do Kwon ? (@stablekwon) December 8, 2022
(Short btc to handicap lfg reserves?)
This is fairly public knowledge at this point, but the large currency contraction that UST went through in Feb 2021 was started by Alameda, when they sold 500mm UST in minutes to drain its curve pools during the MIM crisis
— Do Kwon ? (@stablekwon) December 8, 2022
What’s done in darkness will come to light
— Do Kwon ? (@stablekwon) December 8, 2022
Arbitrum season is in full swing
Arbitrum season is in full swing.
— sandra lmeow (@sandraaleow) December 8, 2022
A short ? on updates, stats, and developments in the ecosystem: pic.twitter.com/CR2Imd19mz
1/ Transactions on L2s is starting to pick up, while transactions on Ethereum is trending down.
— sandra lmeow (@sandraaleow) December 8, 2022
We see a clear divergence in the chart below: pic.twitter.com/V536EXCuo9
2/ Daily Active Addresses is ranging at 50-70k on average during the months of Nov and Dec.
— sandra lmeow (@sandraaleow) December 8, 2022
For context, the numbers were ranging from 15-20k on average from July-Sept, a few months back.
Daily transactions is also ranging at 300-400k on average this month. pic.twitter.com/3jUg5YOzUz
3/ The average gas paid on a transaction just before and after Nitro was around $0.35 and $0.08 respectively, indicating a reduction of almost 75% in transaction costs since the upgrade.
— sandra lmeow (@sandraaleow) December 8, 2022
4/ Re-surfacing this thread from October on the latest developments and opportunities within the ecosystem.https://t.co/KbIFfr3dwC
— sandra lmeow (@sandraaleow) December 8, 2022
5/ We also recently produced an "Early GMX Staker" label on Nansen.
— sandra lmeow (@sandraaleow) December 8, 2022
“Early GMX Stakers” refers to the top 100 addresses ranked by the amount and time spent staking GMX within the first month of GMX’s launch.
Report is now available here: https://t.co/G9HTG5vzZZ
6/ This label was built to capitalize on the GMX narrative and help users surface some alpha on Arbitrum, given that GMX represents 39% of Arbitrum’s TVL.
— sandra lmeow (@sandraaleow) December 8, 2022
Referral link here for GMX: https://t.co/8IjjxD5qFs
7/ .@alpha_pls recently published a top-tier report on his Arbitrum portfolio.
— sandra lmeow (@sandraaleow) December 8, 2022
"This portfolio will be entirely based on tokens available on Arbitrum."
Would be an interesting case study.https://t.co/8zEocnJwVp
8/ Chad @nellimkopi also produced a thread to further investigate @alpha_pls's Arbi portfolio to look at how ? are positioned on $GMX and $DPX.https://t.co/FjNWphvIqh
— sandra lmeow (@sandraaleow) December 8, 2022
9/ Our Arbitrum Quarterly report also just went live – where we looked at:
— sandra lmeow (@sandraaleow) December 8, 2022
– Arbitrum Nitro
– Opensea Integration
– Guild Initiatives
– Ecosystem Developments
Live here: https://t.co/prQH5Td3Y5 pic.twitter.com/UEa3OpQE6g
Should you believe in stablecoin issuers?
NEW: ONE OF THESE STABLECOINS IS NOT LIKE THE OTHERS.
— DIRTY BUBBLE MEDIA: NON-FUNGIBLE (@MikeBurgersburg) December 7, 2022
A deep dive into the reserves backing the three largest stablecoins in the crypto-conomy.
Summary ? (1/)https://t.co/xd6w39vWW6
We start by explaining what a stablecoin is- a dollar equivalent token used within the cryptocurrency arcade.
— DIRTY BUBBLE MEDIA: NON-FUNGIBLE (@MikeBurgersburg) December 7, 2022
Between the three largest stablecoins, there is some $130 billion in market cap. Tether is the largest, both in terms of market cap and average daily volume (2/).
The model is simple: Take dollars, issue stablecoins, and store dollars safely until people want dollars back. This means that stablecoin reserves should be (1) safe and (2) very liquid.
— DIRTY BUBBLE MEDIA: NON-FUNGIBLE (@MikeBurgersburg) December 7, 2022
This appears to be what both Circle (USDC) and Paxos (BUSD) are doing… (3/)
But when we take a look at the reserves backing Tether, we see a very different picture…
— DIRTY BUBBLE MEDIA: NON-FUNGIBLE (@MikeBurgersburg) December 7, 2022
We close with a look at their previous problems with lying about their reserves, and the evidence that they may be insolvent EVEN IF their reports are taken at face value… (4/)
This is a major problem for the crypto-conomy, as the failure of a major stablecoin could collapse the entire market…
— DIRTY BUBBLE MEDIA: NON-FUNGIBLE (@MikeBurgersburg) December 7, 2022
What happens if we find out that Tether has lied again? (5/)
Why Bitcoin & the Bitcoin network have never been STRONGER
1/ I have never been THIS BULLISH on #Bitcoin as I am today: Why #Bitcoin & the #Bitcoin network have never been STRONGER.
— Drew MacMartin (@drew_macmartin) December 7, 2022
A THREAD ?? pic.twitter.com/5UfVwesXVn
2/ If you've spent time studying #Bitcoin, most will agree with this statement.
— Drew MacMartin (@drew_macmartin) December 7, 2022
If you haven't, most will be confused. Some may even go the route of my good friend Jim here ?.
It's dead, it crashed! How can you be bullish on Bitcoin?https://t.co/R7SMcOHVFn
3/ Great question! Let's talk about BUYING.
— Drew MacMartin (@drew_macmartin) December 7, 2022
Even though #Bitcoin is down 63% YTD & 73% from the Nov '21 peak, PLEBS (aka plebians, aka retail, aka ordinary people) are buying #Bitcoin aggressively.
Addresses with >1 Bitcoin are nearing 1 million users. Look at the bend in Nov. pic.twitter.com/Uyzz9QYDXF
4/ BUYING
— Drew MacMartin (@drew_macmartin) December 7, 2022
Addresses with > 0.1 Bitcoin are now greater than 4 million users. What do these buyers know that my great friend Jim doesn't? pic.twitter.com/pomokqpgAF
5/ Most aren't SELLING.
— Drew MacMartin (@drew_macmartin) December 7, 2022
Yes, the price has CRASHED, I get it. Despite the crash, 66% of all #Bitcoin hasn't moved in a year.
This means all weak hands & over-leverage are gone.
This is healthy. The floor/foundation is being set for the next leg up. pic.twitter.com/ibFQ53Qr22
6/ TIMING OF 4-YEAR HALVING CYCLE
— Drew MacMartin (@drew_macmartin) December 7, 2022
Every 4 years the supply of new Bitcoin issued (which is also the reward that all #Bitcoin miners receive for verifying a block) is cut in half.
As of today 6.25 BTC are 'mined' every 10 minutes. That's 37.5 BTC/ day. 13,687.5 BTC/ year. pic.twitter.com/WbEHbsCyGY
7/ TIMING OF 4-YEAR HALVING CYCLE
— Drew MacMartin (@drew_macmartin) December 7, 2022
In April of 2024, the reward is cut in half to 3.125 BTC every 10 min.
If the last 3 halving cycles are any indication, 64% of the way (in time) toward the NEXT halving marks the bottom of the cycle.
64% occurred at the end of NOV '22. pic.twitter.com/oHIzdQjGtR
8/LESS BITCOIN ON EXCHANGES.
— Drew MacMartin (@drew_macmartin) December 7, 2022
People are removing their Bitcoin from exchanges.
In March 2020 there were 3,200,000 BTC on exchanges. Last week there were 2,301,548 BTC. pic.twitter.com/epcFmCefR2
9/ LESS BITCOIN ON EXCHANGES
— Drew MacMartin (@drew_macmartin) December 7, 2022
Less BTC on exchanges means people are taking self-custody of their BTC. Also means less paper #Bitcoin
If everyone purchased their #Bitcoin & immediately took self-custody in a cold storage wallet you wouldn't be reading about BlockFi and FTX. pic.twitter.com/Y9LCww5o4i
10/ EXCHANGE DEFAULTS
— Drew MacMartin (@drew_macmartin) December 7, 2022
Speaking of exchange defaults, a lot of people lost a lot of money & it's terrible.
Having said that, the point of failure in all this carnage is not #Bitcoin or the #BTC network. The failure is in the OFF & ON ramps TO BITCOIN.https://t.co/rMfAkKVZtS
11/ EXCHANGE DEFAULTS (MORE PAPER BITCOIN THAN ACTUAL BITCOIN)@CaitlinLong_ sounded the alarm about 'paper' #BTC last year in an excellent thread found below ?.
— Drew MacMartin (@drew_macmartin) December 7, 2022
Many thought they bought #Bitcoin, only to now realize they had purchased an 'IOU'. https://t.co/rOHpWU3WxG
12/ EXCHANGE DEFAULTS
— Drew MacMartin (@drew_macmartin) December 7, 2022
It's been hard to watch the paper #Bitcoin market unwind, but it isn't #Bitcoin the asset that has caused these exchanges to melt down.
It has been unethical & immoral individuals.
Long-term, fewer scams & paper Bitcoin claims are good for Bitcoin. pic.twitter.com/ia0Orc5Kfo
13/ EXCHANGE DEFAULTS
— Drew MacMartin (@drew_macmartin) December 7, 2022
Defaults highlight the importance of proof of work & proof of reserves. Bitcoin is open source. You say your exchange has 10,000 Bitcoin, show me the address. Show me your work.
The days of trusting PEOPLE are done. Verify.https://t.co/ac3hiZeJYy
14/ BITCOIN NOT CRYPTO
— Drew MacMartin (@drew_macmartin) December 7, 2022
One thing that's becoming very clear to people as 'crypto' tokens keep blowing up. There is #Bitcoin & everything else.@saylor succinctly explained the difference earlier this year in the video below. ?pic.twitter.com/vOzsNOfrgC
15/ LIGHTING NETWORK (LN) GROWTH
— Drew MacMartin (@drew_macmartin) December 7, 2022
There is technical growth on the network as well.
Don't tell the layer-2 Lighting Network that there is a bear market.
Over the last 12 months, as the USD price declines, the capacity of the lighting network has grown to 5,000 BTC. pic.twitter.com/6fUu24eEcS
16/ (GROWTH) LIGHTING NETWORK (LN)
— Drew MacMartin (@drew_macmartin) December 7, 2022
The LN allows users to send and receive money faster with lower fees. The more capacity of the network, the more liquidity is on hand. pic.twitter.com/mBFSqsdVIu
17/ HASH RATE (HR)
— Drew MacMartin (@drew_macmartin) December 7, 2022
Bitcoin's HR refers to the amount of computing power that's being contributed to the network through 'mining'. Miners 'mine' Bitcoin by solving complex mathematical computations that verify Bitcoin transactions. pic.twitter.com/huj0m6EzMx
18/ HASH RATE (HR)#Bitcoin HR is generally considered to be a health indicator of the network. Higher HR (high processing power) typically means greater security for the Bitcoin network.
— Drew MacMartin (@drew_macmartin) December 7, 2022
Despite the last 12 months of price decline, the HR of the network is rising.
Adoption? pic.twitter.com/bRR1vGffR9
19/ CONTINUED ADOPTION
— Drew MacMartin (@drew_macmartin) December 7, 2022
Bitcoin is now legal tender in 2 countries (El Salvador & Central African Republic).
Brazil passed a bill LAST WEEK regulating #Bitcoin as a payment method.
Africa's first Bitcoin conference is taking place THIS WEEK in Ghana.pic.twitter.com/pdvvPmRPV8
20/ BITCOIN ADOPTION
— Drew MacMartin (@drew_macmartin) December 7, 2022
Bitcoin is for everyone, including your enemies.
Russia's head of Congress finance committee has indicated Bitcoin will 'definitely' be legal next year, while demand for mining has skyrocketed.
Bitcoin is a real-life game theory.https://t.co/Ig1j1sZ4za
21/ GROWTH
— Drew MacMartin (@drew_macmartin) December 7, 2022
I want to reiterate that all of the growth items I've touched upon here have occurred WHILE the price has corrected by 73%.
This is what people that haven't dug in & learned about #Bitcoin are missing. There is a groundswell of growth occurring RIGHT NOW. pic.twitter.com/nccxEwPQ3x
22/ BITCOIN IS MORE THAN USD $
— Drew MacMartin (@drew_macmartin) December 7, 2022
Most check the #Bitcoin price in USD & formulate their opinions solely on this ONE point of info (like my best friend Jim).
They are missing everything I've highlighted above.
Most think #BTC has died. In reality, it's never been more ALIVE. pic.twitter.com/mzIsdBSmCs
