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“Time Preference”- 17th Edition (again late, thought I posted earlier this week and didn’t hit submit) 1) # Full nodes (reachable) - 16,565 (-1.59%) 2) # LN nodes - 14,108 (-0.92%) 3) LN capacity (BTC) - 5,302 (-2.18%) 4) BTC addresses > 1M sats - 12.31M (-0.04%) 5) BTC addresses > 10M sats - 4.49M (+0.01%) 6) BTC addresses > 100M sats - 1.02M (-0.08%) 7) Hashrate (EH/s) - 447 (+0.22%) 8) Price - $30,002 (+10.41%) (Sunday close) 9 Price/Hashrate - 67 (+10.16%) 10) Michigan businesses accepting BTC (btcmap.org) - 22 (+4.76%) * % change figures from prev. Well, from a price standpoint this is quite dated. I don’t think there’s a lot to say in regards to the network itself, slight decrease across the board in most metrics but price. We did give back some of the gains in LN capacity every so slightly. I’d like to incorporate some subjectively ‘better’ LN stats than what I’ve been showing because really what’s important isn’t LN capacity increase or even number of nodes - what’s important is how often is the network being used. In a conversation I had last week with a fellow bitcoiner he mentioned measuring usage better. #asknostr any ideas? Price finally catches up and breaks out of a 75 week range. Let’s see what happens from here. I’ll be honest, I’m not sold on the “decoupling” we’re seeing from traditional indexes but if that’s what is really going on right now then people much smarter than me will be acting on this in a big way very soon. Have a great weekend! #bitcoin #timepreference #mining #Einundzwanzig #michigan #lightningnetwork⚡️
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“Time Preference”- 16th Edition (a little late) 1) # Full nodes (reachable) - 16,833 (+0.81%) 2) # LN nodes - 14,239 (-1.01%) 3) LN capacity (BTC) - 5,420 (+2.36%) 4) BTC addresses > 1M sats - 12.31M (-0.29%) 5) BTC addresses > 10M sats - 4.49M (+0.05%) 6) BTC addresses > 100M sats - 1.02M (-0.11%) 7) Hashrate (EH/s) - 446 (+3.24%) 8) Price - $27,174 (-2.72%) (Sunday close) 9 Price/Hashrate - 61 (-5.77%) 10) Michigan businesses accepting BTC (btcmap.org) - 21 (n/c) * % change figures from prev. Continuation in LN capacity increase! This is great to see. We're firmly back above 5,000 BTC and halfway to 6,000 already, up from 4,700 BTC at the beginning of October. Pretty large increase in that time (almost 15%) - Bigger players deploying some BTC to the network? Unfortunately I'd like to see LN nodes increase w/ it but that's the reality of where we're at in LN right now. Nodes down and capacity up. It seems as we grow it comes at the cost of centralization and I don't know there is any way around that. Hashrate continues to rip and I think this is the biggest, yet least talked about divergence in all of Bitcoin. I've mentioned it in previous editions but Hashrate is over 4X what it was in mid-2021 when BTC was the same price as it is today. This is mind-boggling and bullish to me at the same time. Other metrics flat to down. I'd like to see addresses tick up again, perhaps with a need for financial security in all the mess throughout the world. When that happens is as good of a guess as any. Have a great week! #bitcoin #timepreference #mining #lightningnetwork⚡️
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Wall Street Journal sending out the news now on my iPhone about the attack on hospital. Makes me sick. Assuming the announcement by the U.S to step in comes soon?
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+3% move in in Gold, biggest since bank crises in March! What do they say, what does gold know? Interestingly, BTC was up almost 10% that day in March, flat today.
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Cover of the “Morning Brew” today was the Hamas being funded by cryptocurrency article. It starts. The article states Hamas raised $30,000 in Bitcoin in 2019 and $41 million worth of crypto was deposited into wallets linked to Hamas between the summer of 2022 and summer of 2023. “Crypto’s anonymity and near untraceability have made it a popular choice for terror financing” is how the article ends. This Forbes article from 2009 explains a different story on how Hamas gets it money, long before Bitcoin was a talking point. https://www.forbes.com/2009/01/16/gaza-hamas-funding-oped-cx_re_0116ehrenfeld.html?sh=1c9ef3cc7afb The numbers are staggering, in 2009 dollars, compared to the numbers reported being funded by crypto today. It feels this is a deliberate effort at this stage in the game to have people that know nothing about bitcoin read these headlines and strengthen their hate for bitcoin because it’s funding the killing of innocent children. Absolutely some money has come from Bitcoin and other cryptocurrencies, no doubt. But bitcoin certainly isn’t the enemy here.
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#Walgreens strikes now? Is there an industry that isn’t striking at this point? I used to work in accounting, those guys/girls don’t get paid shit compared to other similar professions in the service industry, when do the CPAs go on strike? Crazy times
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“Time Preference”- 15th Edition 1) # Full nodes (reachable) - 16,697 (-0.08%) 2) # LN nodes - 14,384 (+0.31%) 3) LN capacity (BTC) - 5,295 (+10.94%) 4) BTC addresses > 1M sats - 12.35M (-0.11%) 5) BTC addresses > 10M sats - 4.48M (-0.08%) 6) BTC addresses > 100M sats - 1.02M (-0.20%) 7) Hashrate (EH/s) - 432 (+5.62%) 8) Price - $27,933 (-0.22%) (Sunday close) 9 Price/Hashrate - 65 (-5.53%) 10) Michigan businesses accepting BTC (btcmap.org) - 21 (n/c) * % change figures from prev. The highlight here is the increase in LN capacity but it’s so big I’d like to corroborate it elsewhere (I use mempool.space for my data). 10% is quite the jump I’m curious if this is a glitch or true growth in capacity from prior week. Will stay close to this figure in next week’s report - It’s the first time back above the arbitrary 5K mark since July. All adoption metrics at an address level continue to decline. What will be the spark to tick us back up again? A war in the Middle East? Gold price action getting that early safe haven bid, curious to see where bitcoin responds. Still below critical resistance at $28.5K. DCA. Have a great week! #bitcoin #timepreference #mining #lightningnetwork⚡️
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“Time Preference”- 14th Edition 1) # Full nodes (reachable) - 16,710 (-0.29%) 2) # LN nodes - 14,339 (-7.64%) 3) LN capacity (BTC) - 4,773 (+0.70%) 4) BTC addresses > 1M sats - 12.36M (-0.39%) 5) BTC addresses > 10M sats - 4.49M (-0.07%) 6) BTC addresses > 100M sats - 1.02M (-0.01%) 7) Hashrate (EH/s) - 409 (+2.25%) 8) Price - $27,995 (+6.66%) (Sunday close) 9 Price/Hashrate - 68 (+4.31%) 10) Michigan businesses accepting BTC (btcmap.org) - 21 (n/c) * % change figures from prev. Similar to the previous week in # of addresses w/ a balance >1M decreasing we also see decreases in addresses w/ a balance >10M and >100M sats. Couple that w/ almost a 8% decrease in LN nodes and we get a pretty gnarly week for metrics, outside of price finally bouncing, up almost 7% from the prior week. Really it's the first notable increase in price since I've been doing this, surpassing the previous largest increase in the 12th edition (2 weeks ago) of almost 3%. With that being said we bounced into critical resistance (lost support from earlier this year) stemming back to the summer of 2021 - I'm sure most remember the China mining ban and price decline to 28.5K. This is a BIG area for me at a macro level and I'm curious to see how it plays out in the short / intermediate term although longer term it doesn't much matter. Of note, we're currently above a stronger trend signal, the monthly EMA 8 at $27.2k. Last time we came back above that moving average from below was in Jan this year - We all know what happened after that (although I'm not personally expecting something similar w/ DXY ripping and Gold/Silver getting slammed right now). Still have to call it out though. At the end of the day we're not seeing any meaningful growth in the network as adoption actually dips lower according to most metrics I'm tracking here. Nothing out of the ordinary but still makes you wonder what that catalyst will be and when it will come - I personally don't think a 'spot ETF approval' does shit for true Bitcoin adoption but that's just me. Have a great week! #bitcoin #timepreference #mining #lightningnetwork⚡️
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2 weeks later, strike has expanded to additional ‘Big 3’ plants and distribution centers. According to The Detroit News, 25,300 out of the UAW’s 146,000 members at the big 3 are on strike, or 17% of the workforce. 15 days of strikes and what seems to be little progress as the strike expands. Ford dealers specifically are losing access to some part deliveries, according to CarDealershipGuy on Twitter (pretty good follow for industry related news). I can’t expect this to be good for car prices or inflation in general. Although there is a yin and a yang - Supply down due to the strike but with suppliers not shipping parts to the automakers, furloughs and temporary layoffs should be coming which would represent the market’s response, decreasing demand as supply also decreases. Should is key because free market responses to these types of situations seem to be increasingly rare, I wouldn’t be surprised to see the government step in somehow if this continues. #strike #uaw #automotive
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“Time Preference”- 12th Edition 1) # Full nodes (reachable) - 16,758 (-+1.31%) 2) # LN nodes - 15,525 (+0.33%) 3) LN capacity (BTC) - 4,740 (-2.81%) 4) BTC addresses > 1M sats - 12.41M (-0.08%) 5) BTC addresses > 10M sats - 4.49M (+0.15%) 6) BTC addresses > 100M sats - 1.02M (+0.20%) 7) Hashrate (EH/s) - 400 (-6.76%) 8) Price - $26,248 (-1.08%) (Sunday close) 9 Price/Hashrate - 66 (+6.09%) 10) Michigan businesses accepting BTC (btcmap.org) - 21 (n/c) * % change figures from prev. Not a lot to look at this week. Of note, I think this is the first time I’ve seen a decrease in addresses >1M sats since I’ve been doing this for 13 weeks. Interesting. LN capacity back down a couple %. It seems every time we increase that we give it back the following week, it’s now been since July since we were above the 5K BTC threshold. Hashrate down a little, price relatively flat, just boring. All boring. Without patience it’s a difficult time to get excited about much but that’s just fine. Continuing to DCA. Have a great week! #bitcoin #timepreference #mining #lightningnetwork⚡️
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