I am not of the belief that this is going to be the "final cycle" where BTC soaks up the world's wealth, goes to $1 million and rewrites financial history. I do not think...
For the sake of a public record, I would like to lay out my prediction for how this next #Bitcoin #BTC #Crypto bull market plays out...
@RaoulGMI @PrestonPysh @AriDavidPaul
I am not of the belief that this is going to be the "final cycle" where BTC soaks up the world's wealth, goes to $1 million and rewrites financial history. I do not think...
The macro narrative is taking shape that BTC is a hedge against inflation, however...
In order to get secular, painful, obvious inflation I think that several things need to happen. We need a more accommodating government (MMT) which we don't...
At this point we don't have the system necessary to fire the fiscal bazookas fast enough to overcome the forces of deflation.
I think that we'll get a MMT government eventually, but it could take several years...
The Obama administration spent $400 million on a website that didn't work, how fast do we really believe the United States government is going to be able to create a 99.99999% reliable...
Who the hell knows, but it sure as hell isn't coming in 2021, 2022, or probably even 2023. A full rollout might not even happen till 2025 or 2026.
So without a...
Yet...
By that time the situation may be very, very different. Central bank printing will be off the charts, more than anyone imagines. There is MMT, UBI...
There may even be a pilot version of a CBDC, or at the very least the government has figured out how to quickly distribute $$$ to the people without using dead trees.
Against this macro backdrop I think BTC will...
Ironically, we've all heard the maxim that markets love to dole out maximum pain...
Those investors may be hesitant to buy BTC next cycle, since inflation never happened before...
More from Crypto
I'm sure someone else has explained this, but it is just so cool and I want to explain how this works.
So Curve is awesome for swaps between similar assets, right? The fact that they trade very close to each other is a key part about how Curve works, using it's custom swap invariant function.
That's step 1
Step 2 is that Synthetix is awesome for creating "synthetic assets" (aka synths) which are assets that trade like other assets, that are backed by another, entirely different asset. Basically, a plastic banana that I can buy and sell like a real banana.
Synthetix has a feature that lets you swap between any two synths with zero slippage and a flat fee. That's because it is simply converting the sythentic asset into another synthetic asset, the backing for the synth doesn't change it just uses a different price oracle now.
This is important. Absolutely no slippage, at any size
Swap $1m sUSD for $1m sBTC? flat 0.3% fee
Swap $10m sUSD for $10m sBTC? flat 0.3% fee
swap $100m sUSD for $100m sBTC? Well, there isn't that many synths in Curve, yet but you get the point. The only limit is the pool depth
— Andre Cronje (@AndreCronjeTech) January 15, 2021
So Curve is awesome for swaps between similar assets, right? The fact that they trade very close to each other is a key part about how Curve works, using it's custom swap invariant function.
That's step 1
Step 2 is that Synthetix is awesome for creating "synthetic assets" (aka synths) which are assets that trade like other assets, that are backed by another, entirely different asset. Basically, a plastic banana that I can buy and sell like a real banana.
Synthetix has a feature that lets you swap between any two synths with zero slippage and a flat fee. That's because it is simply converting the sythentic asset into another synthetic asset, the backing for the synth doesn't change it just uses a different price oracle now.
This is important. Absolutely no slippage, at any size
Swap $1m sUSD for $1m sBTC? flat 0.3% fee
Swap $10m sUSD for $10m sBTC? flat 0.3% fee
swap $100m sUSD for $100m sBTC? Well, there isn't that many synths in Curve, yet but you get the point. The only limit is the pool depth
Out of curiosity I dug into how NFT's actually reference the media you're "buying" and my eyebrows are now orbiting the moon
Short version:
The NFT token you bought either points to a URL on the internet, or an IPFS hash. In most circumstances it references an IPFS gateway on the internet run by the startup you bought the NFT from.
Oh, and that URL is not the media. That URL is a JSON metadata file
Here's an example. This artwork is by Beeple and sold via Nifty:
https://t.co/TlJKH8kAew
The NFT token is for this JSON file hosted directly on Nifty's servers:
https://t.co/GQUaCnObvX
THAT file refers to the actual media you just "bought". Which in this case is hosted via a @cloudinary CDN, served by Nifty's servers again.
So if Nifty goes bust, your token is now worthless. It refers to nothing. This can't be changed.
"But you said some use IPFS!"
Let's look at the $65m Beeple, sold by Christies. Fancy.
https://t.co/1G9nCAdetk
That NFT token refers directly to an IPFS hash (https://t.co/QUdtdgtssH). We can take that IPFS hash and fetch the JSON metadata using a public gateway:
https://t.co/CoML7psBhF
Short version:
The NFT token you bought either points to a URL on the internet, or an IPFS hash. In most circumstances it references an IPFS gateway on the internet run by the startup you bought the NFT from.
Oh, and that URL is not the media. That URL is a JSON metadata file
Here's an example. This artwork is by Beeple and sold via Nifty:
https://t.co/TlJKH8kAew
The NFT token is for this JSON file hosted directly on Nifty's servers:
https://t.co/GQUaCnObvX
THAT file refers to the actual media you just "bought". Which in this case is hosted via a @cloudinary CDN, served by Nifty's servers again.
So if Nifty goes bust, your token is now worthless. It refers to nothing. This can't be changed.
"But you said some use IPFS!"
Let's look at the $65m Beeple, sold by Christies. Fancy.
https://t.co/1G9nCAdetk
That NFT token refers directly to an IPFS hash (https://t.co/QUdtdgtssH). We can take that IPFS hash and fetch the JSON metadata using a public gateway:
https://t.co/CoML7psBhF
