TL;DR: CoinSpice scours the Twittersphere to shine light upon the top crypto tweets of the week. The third halving of BTC, slowing the block reward inflation, will have an impact on the ecosystem. It’s anyone’s guess as to exactly what, but that has not stopped hype and hopium masters in their incessant fear of missing out (FOMO) predictions as May 11, 2020 looms and passes.
#13 BTC Halving and Buy the Dip Hype Tested
By now you’re familiar with the basics. The BTC baked-in block reward halving will activate on May 11, 2020, slowing the rate of coin inflation going forward and slashing the immediate profits of miners in at least the immediate shorter term. The issue has been analyzed to death, and the security concerns are well-understood: should the spot price not follow in kind, beating the 50% haircut, it could mean smaller-scale miners and data farms are toast.
Many questioned my assertion that the BTC halvening is overhyped in regards to supply & demand, so here is some basic math:
6.25×6= 37.5×24=900 x8908=8017200
Reducing sell pressure by 8million does not significantly effect a market which has more then 38billion of daily volume!
— Justin Bons (@Justin_Bons) May 2, 2020
What is less understood is how exactly the concept of digital scarcity, BTC’s hard money property of limiting supply, impacts speculative prices. Much of the hype surrounding BTC at this moment in time involves charts showing price run-ups after previous halvings, hundreds of percent increases attributed to increasing demand combined with decreasing coin supply.
Scarcity alone, however, which is often the only selling point of BTC, isn’t enough for serious, sober investors. It might be sufficient for day traders and gamblers to jump in and out of speculation markets, riding waves of hype and mania and economic downturns, but a cryptocurrency’s utility ultimately drives long-term value. On that score, BTC at this point is losing on the adoption front. After FOMO subsides and folks try to use BTC … high fees, slow network … it’s pretty easy to understand why the price dumps suddenly and rather dramatically.
#12 Proof of Poster
1064 Bitcoiners all in one bullish HALVING poster.
Max size 3.9m x 1.9m
If your keen to look closer, it will be posted to @BitcoinJake09 website soon.
Ask @imNicB if you would like a print test run. pic.twitter.com/Cf816Fcu5A
— Witty Swaaalla (@swaaalla) May 8, 2020
#11 MMA Fighter Breaks it Down
— Bitcoin Halving Day (@Benaskren) May 9, 2020
#10 Buying the Rumor
Looks like some of the #Bitcoin speculators who bought in anticipation of the halving couldn't wait for the actual fact to start selling. As more sellers jump the gun, by the time the fact occurs, the profits those buying the rumor were hoping to cash in on may already be gone.
— Peter Schiff (@PeterSchiff) May 10, 2020
#9 Last Chance …
— deadalǹ͔͜͡i͎̜͖͗̎͞x̛̳̠̤̥̦̉̊̕̕ (@deadalnix) May 11, 2020
#8 HEX Maximalism
Right now, Paul Tudor Jones is wishing he bought HEX instead of Bitcoin.
— Ran NeuNer (@cryptomanran) May 10, 2020
#7 Fundamental Difference
The fundamental difference between Bitcoin Cash and Bitcoin:
One of them is a chain of digital signatures, the other is a chain of digital extension blocks.
As explained by @Cointelegraph …
— James Howells (@howelzy) May 10, 2020
#6 Title of the White Paper
Exactly. The whitepaper was titled peer to peer electronic cash, not peer to peer digital gold. Satoshi's first implementation of Bitcoin even attempted to include an OpenBazaar-like merchant system, along with virtual poker. https://t.co/VIetXB92G0
— Cøbra (@CobraBitcoin) May 9, 2020
#5 Hey, It’s a Start
ok let's do a manual transaction then. send me coins for say 10 tickets and I give you an access code that you can give to 10 ppl. let's not do this for $5 (1 person) though
— #CryptopiaFilm available now (@CryptopiaFilm) May 8, 2020
#4 Pants on Fire
— Collin Enstad (@CollinEnstad) May 9, 2020
#3 Threat to Community Decision-Making
Exchanges participating in staking is harmful for decentralized community, as it is a mechanism of community governance. Exchanges usually have more assets & more voting weight, and this is a threat to the community’s decision-making process, such as the recent Steem incident.
— Haipo Yang (@yhaiyang) May 8, 2020
#2 Dumb Trolls
The XRP army has really dumb trolls.
By tagging SEC Enforcement you are taking the position that Ripple is a security. SMH🤦♂️https://t.co/Bs6m3QZond
— Tyler Winklevoss (@tylerwinklevoss) May 5, 2020
This is idiotic. Imagine Visa users getting excited about how congested and backlogged the network got. https://t.co/fSqVy36rsJ
— Ryan Taylor (@RTaylor05) May 2, 2020
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DYOR: CoinSpice is your home for just spicy crypto things. We’re not affiliated with any cryptocurrency project or token. Each published piece is intended for information purposes only, not investment advice and not in the hope of impacting speculative markets. There are plenty of trading sites and coin-specific advocacy journals out there, we’re neither. CoinSpice strives for rigorous accuracy in our reporting. Information presented here is contingent usually on a host of factors, and the ecosystem moves fast — prices change, projects change, and at warp speed. Do your own research.
DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.