As Vitalik walks through the valley of the shadow of misinformation
Yesterday, by 15:00 BST, not by 12:10 BST, as some mistakenly reported, including Coindesk and the CEO of Bitstamp - the 17 millionth Bitcoin was mined. It's important to be picky on such small yet significant differences as some called out a 'petty' fight, which took place on crypto Twitter yesterday, between the leaders of Ethereum and Coindesk.
Most media outlets and key figures of the space were looking purely at Bitcoin's block count and assumed that every block reward was fully claimed. That's not the case, as some miners haven't claimed the full reward or even forgot to claim any reward at all! If you're wondering what mining and its rewards are all about, check out our explainer.
The 'petty' fight was exactly about precision in reporting. While outside crypto development the 'move fast and break things' mantra is hailed, when working with immutable ledgers a little more caution is required. Vitalik Buterin, the founder of Ethereum, decided to boycott Coindesk's Consensus conference. He argues that Coindesk prefers speed over accuracy. In his eyes, this has caused the main media outlet in this industry to get complacent with scams and with sensationalist pieces. Coindesk however, published a good overview explaining what mining the 17 millionth Bitcoin meant.
Coindesk's Editor-in-Chief decided to get off Twitter after the brawl, claiming Vitalik made an "absolutely ridiculous claim". This chatter is not for the sake of gossip. It's to highlight the importance of avoiding defensiveness when taking criticism, even if the critique is not fully deserved. We're all learning together and are aware of the room for error in the cryptosphere to date. Ever wonder what the space will look like by November 2nd, 2019, when the 18 millionth Bitcoin is mined?
Today is the last trading dayfor the CME's Bitcoin futures April contract. This doesn't impact bitcoin prices overall because these contracts are settled in cash. Therefore, as traders are forced to settle their positions they don't need to buy or sell the bitcoin on the market that was used to cover their trades. Nevertheless, some influencerssuggest volatility increases as these moments near, and others are noting an interesting pattern regarding the weekend gaps in futures trading.
Yesterday, by 21:00 BST, bitcoin defied all odds and jumped 3% in 30 minutes. Funnily enough, one of the most popular Twitter traders had published a bearish setup at the time of the pump, but may have been oblivious to what was happening. No one can predict when a 'whale' decides to push a massive order through the books. Thus, never forget that technical analysis is more about predicting risk than price action. However, note that the traditional weekend dips are still a thing and might ruin the current bullish party.
We recommend you take the weekend to go through the 'greatest trading books ever written' instead of wondering what Mt. Gox's trustee will do with the 16,000 bitcoins he transferred out of the defunct exchange's cold wallets, for the first time since February. Alternatively, you can pop in on our Twitter and let us know if you've benefited from our newsletter - we'd be very happy to hear some feedback. Only with that knowledge will you be able to decide if you can take advantage of cryptoassets' volatility and if you can resist the FOMO - what would you do if we told you Siacoin, a popular decentralised storage project, just pumped 50%?
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