🫡

Isle of Yap
Joined November 2011
nic carter retweeted
People prefer stablecoins over CBDCs - @nic__carter explains why
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Going live imminently
Day 2 of @Permissionless is about to start! We're live streaming for those that couldn't make it. Watch: blockworks.co/events/permiss…
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New @CambridgeAltFin CBECI Bitcoin mining map just dropped (h/t @mrauchs)
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Country level data on Bitcoin mining now current through Jan 2022. Prior data was to August 2021. Quick takeaways - As expected, China nonzero - Kazakhstan shrank from 18.1 to 13.2 - US still growing, now at 37.8
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Anyone following the news knew that Kazakhstan share would shrink, yet of course the press and academics ran with the dated 18.1% figure from Aug 2021 and published a flurry of pieces based on that assumption
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In particular de vries and his various collaborators claimed in Feb 2022 based on the Kazakh figure from aug 2021 that Bitcoin's carbon footprint had increased since China ban, partly due to Kazakh mining with coal. De Vries is wrong again. Shocker
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Didn't stop the press running with the narrative that miners had massively relocated from China to Kazakhstan. Even though we know now this is hardly the case. bbc.com/news/technology-6052…
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Some caveats: Ireland and Germany numbers are most likely because miners are routing traffic through data centers there. There is likely no mining in either country. The data is indicative but not gospel. Relies on a sample from mining pools.
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And here's the link. Forgot to add. ccaf.io/cbeci/mining_map
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nic carter retweeted
New episode is live w/ @nic__carter📈 •bank run on other stables (tether)? •new regulations inbound •changing meta from last cycle Nic correctly predicted the algo-stable collapse and explains how last week could impact your portfolio going forward: open.spotify.com/episode/4kQ…
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yeah when I think of actors I think "damn, those dudes are tough".
Anyone in the crypto industry wants to come at me, feel free. Fwiw, I have spent 20 years in showbiz, I can take a punch. Just a couple words of advice:
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congrats to him for finding a way to stay relevant in the twilight of his career I guess? yelling at coins sounds fulfilling
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nic carter retweeted
We have big news to announce... 🥳🍾 We've closed a seed funding round led by Stillmark! As we continue building for the bitcoin economy, we're thrilled to be supported by some of the best investors in our industry. Read more here: prnewswire.com/news-releases…
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USDT just processed its greatest spate of redemptions ever, shrinking on ETH & TRX chains by $7.3b in the last 2 weeks (according to @coinmetrics free float supply). USDC also declined by $4b from peak in March.
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algostables + crypto backed stables have been shredded, down $20b, virtually all in the category are down, not just UST. chart source: @TheBlock__
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stables as a whole down almost $30b from peak in april. great dashboards here: theblockcrypto.com/data/dece…
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good news for bitcoin. unstable systems buying a lot of bitcoin is generally not good as they have to spit it out when they fail. we are free of a $3.5b overhang now.
Replying to @LFG_org
8/ As of now, the Foundation’s remaining reserves consist of the following assets: · 313 $BTC · 39,914 $BNB · 1,973,554 $AVAX · 1,847,079,725 $UST · 222,713,007 $LUNA (of which 221,021,746 is currently staked with validators)
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as anticipated at the time
Replying to @bergealex4
not a maxi, but I have a hard time celebrating a fundamentally unstable system absorbing collateral that it will inevitably have to sell off when it unwinds
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in some ways, this is quite similar to plustoken which absorbed 180k BTC worth around $2b at the time and then spat it out when it collapsed, significantly contributing to bitcoin volatility in 2019.
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last thing. 'true wins' in scalability involves creating layered systems. if you create abundant blockspace, you slacken incentive to develop layers. if you are strict with blockspace, you create a layered scaling pressure cooker. imo, better to be too tight than too loose.
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