Note that some of #bitcoin's biggest bull markets have come the year after the coinbase reward halving.
November 2012 = 1st halving, 2013 a monster year.
July 2016 = 2nd halving, 2017 a monster year.
Summer 2020 = 3rd halving, 2021 a ??? https://twitter.com/cburniske/status/1039145408121982976?s=21
November 2012 = 1st halving, 2013 a monster year.
July 2016 = 2nd halving, 2017 a monster year.
Summer 2020 = 3rd halving, 2021 a ??? https://twitter.com/cburniske/status/1039145408121982976?s=21
Twitter
Chris Burniske
1/ Get ready for a predictable #crypto pattern: in the coming months, we will see an increasing number of #Bitcoin maximalists tormenting “altcoin investors” for straying from the mother ship.
demand for ETH: contracts used for ICOs. These contracts lock up supply as ETH is held in reserve by companies raising capital to fund operations. ETH held in ICOs increases reservation demand at the time the capital is raised, but lowers it as the ETH is sold on exchanges to provide funding for operations.
In a bull market companies that have raised ETH may sit on it (increasing reservation demand) in hopes of extending their runway with the rising value of ETH. In a bear market companies will want to dump their ETH as fast as possible, hoping not to be last in line.
The most powerful reason for the crash in ETH is that the ICO market is now largely dead (it being apparent that almost all ICOs were complete scams), and those that did raise capital are trying to liquidate their ETH before their product runway vanishes before their eyes.
#Bitcoin on the other hand does not face the same problem because its primary use case is as a non-sovereign store of value, that is, the primary use case is HODLing - which is pure unalloyed reservation demand - and this will continue for a long time: until we see full adoption.
Addendum: Here is a list of companies that have raised ICO funding in ETH:
http://www.dappcapitulation.com/
If one or two large holders sell their ETH to protect their product runway, it will trigger a stampede. The bottom is not in.
This breakdown’s credits goes to the Twitter user @real_vijay.
In a bull market companies that have raised ETH may sit on it (increasing reservation demand) in hopes of extending their runway with the rising value of ETH. In a bear market companies will want to dump their ETH as fast as possible, hoping not to be last in line.
The most powerful reason for the crash in ETH is that the ICO market is now largely dead (it being apparent that almost all ICOs were complete scams), and those that did raise capital are trying to liquidate their ETH before their product runway vanishes before their eyes.
#Bitcoin on the other hand does not face the same problem because its primary use case is as a non-sovereign store of value, that is, the primary use case is HODLing - which is pure unalloyed reservation demand - and this will continue for a long time: until we see full adoption.
Addendum: Here is a list of companies that have raised ICO funding in ETH:
http://www.dappcapitulation.com/
If one or two large holders sell their ETH to protect their product runway, it will trigger a stampede. The bottom is not in.
This breakdown’s credits goes to the Twitter user @real_vijay.