Best crypto threads of the day – January 9th – Cryptopolitan

Best crypto threads of the day – January 9th – Cryptopolitan

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Best crypto threads of the day - January 9th

Bitcoin’s 4-year halving leading to the 4-year cycle law still appears to be unbreakable

1/ I would like to discuss our current position in the Bitcoin market cycle.
Starting from the previous Bitcoin (BTC) all-time high (ATH) and ending with the next halving, #BTC crossed the bear market bottom in 2014 and 2018, respectively. pic.twitter.com/IAq4U7q0iJ

— Jiang Zhuoer BTC.TOP (@JiangZhuoer) January 9, 2023

2/ If Bitcoin’s price hit the floor in 2022, and the FTX event caused the price to reach $15,476, then all three bear markets took similar amounts of time from the previous ATH to the bottom. The 4-year halving leading to the 4-year cycle law still appears to be unbreakable

— Jiang Zhuoer BTC.TOP (@JiangZhuoer) January 9, 2023

3/ Now, based on market sentiment observations, we are in the last bear market bottom sideways period. Events such as DCG bankrupcy have already been priced in and would no longer have a significant impact on the price.

— Jiang Zhuoer BTC.TOP (@JiangZhuoer) January 9, 2023

4/ An optimistic estimate suggests that, if the current bear market and the 2018 bear market are similar, Bitcoin price may go sideways for another two months before the next round of bull market begins.

— Jiang Zhuoer BTC.TOP (@JiangZhuoer) January 9, 2023

5/ While a pessimistic estimate suggests that, if it is similar to the 2014 bear market, there will be an eight-month period of sideways movement at the bottom.

— Jiang Zhuoer BTC.TOP (@JiangZhuoer) January 9, 2023

6/ While #Ethereum is much stronger due to its EIP 1559 coin burn mechanism, new coin issuance after the switch to POS was significantly reduced. Currency freedom and contract freedom bring a large number of applications and users, and other multiple factors. pic.twitter.com/8Bzpz0ubay

— Jiang Zhuoer BTC.TOP (@JiangZhuoer) January 9, 2023

7/ After the FTX collapse, unlike Bitcoin, ETH did not fall to a new low, but has been maintained at the bottom and went sideways.

— Jiang Zhuoer BTC.TOP (@JiangZhuoer) January 9, 2023

8/ The decline of ETH is not greater than BTC like the last round of bear market, but 80% compared to BTC, and ETH/BTC ratio has been maintained at the high level of 0.07 to 0.08 during the bull market. pic.twitter.com/w0qDJNGJks

— Jiang Zhuoer BTC.TOP (@JiangZhuoer) January 9, 2023

9/ More specifically, looking at the data of #Ethereum (ETH), the inflation rate was 3.59% when ETH was in Proof-of-Work (POW). Bitcoin’s inflation rate is 1.72%. Even after the bear market, with the inactive coin burning, the ETH inflation rate is as low as 0.01%. pic.twitter.com/rD8Bu5IxZh

— Jiang Zhuoer BTC.TOP (@JiangZhuoer) January 9, 2023

10/ The price will ultimately be determined by the capital, and the deflation of ETH is very favorable to capital and will be reflected on the price. From this data, it can be concluded that the ETH bull market will start in a spiral deflationary mode.

— Jiang Zhuoer BTC.TOP (@JiangZhuoer) January 9, 2023

11/ I expect #Ethereum (ETH) to start rising earlier than #Bitcoin (BTC) as the leader of the next bull market. This should occur between March and May 2023, the ETH price woule be permanently out of the current bottom range.

— Jiang Zhuoer BTC.TOP (@JiangZhuoer) January 9, 2023

Terra narrates the issue regarding tokens sent to a community member

1/ Dear Terra Community,

For transparency, we would like to bring your attention to an issue regarding Jimmy Le (@stablejim), a community member who was entrusted with Terra community funds but has now refused to return funds gained from this entrustment to the Community Pool.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) January 5, 2023

2/ Leading up to the launch of Phoenix-1, there was intensive indexing work done to ensure that the right amount of $LUNA was airdropped to each user of the network.

However, despite best efforts, an error was made with regard to CW3 multi-sig wallets.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) January 5, 2023

3/ We did not blacklist 2 CW3 multi-sig wallets that held large amounts of $LUNC and $USTC on behalf of the community (The Ozone and Interchain Incentives multi-sigs). This resulted in individual signers of these multi-sigs receiving $LUNA airdrops, which they should not have.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) January 5, 2023

4/ To resolve this issue, the airdropped vested and vesting $LUNA needed to be returned to the Community Pool by each multi-sig signer who incorrectly received it.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) January 5, 2023

5/ All Ozone and Interchain Incentives multi-sig signers have since returned 100% of the $LUNA they received in the Genesis airdrop where technically possible — except for Jimmy.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) January 5, 2023

7/ Between May 29th and Jun. 6th, Jimmy claimed staking rewards from this wallet and sent them to a centralized exchange account.

He subsequently returned these $LUNA staking rewards to the community on Jun. 11th.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) January 5, 2023

8/ However, he was non-compliant in sending the vesting (illiquid) $LUNA to the Community Pool, instead requesting to send these funds to a wallet controlled by @LUNCDAO for the sake of furthering the Terra ecosystem.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) January 5, 2023

9/ Given that the $LUNA in question is the community’s and not TFL’s to make a decision on, we suggested to Jimmy that he return it to the Community Pool. Then, if he believes it should go to @LUNCDAO thereafter he can put it to a community vote via a governance proposal.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) January 5, 2023

10/ Jimmy chose not to return the vesting $LUNA to the Community Pool and instead redelegated it to a new validator called ‘The Charity Block’ (https://t.co/lLTn4FINV0) on Sep. 16th, which charges 100% commission.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) January 5, 2023

11/ It is reasonable to assume that this is a validator he spun up to withdraw 100% of the staking rewards, given that the validator (‘MsgCreateValidator’ https://t.co/5vfMuOCHbF) was created on Sep. 15th — just 1 day before his delegations were made to The Charity Block.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) January 5, 2023

12/ Moreover, the total delegations made to ‘The Charity Block’ are almost wholly made up of those delegations from Jimmy’s wallet.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) January 5, 2023

13/ Upon inspecting The Charity Block’s validator account further (https://t.co/xy7pOq8nB5), one can observe that Jimmy has withdrawn over 46,600 $LUNA between Sep. 16th and Nov. 29th, 2022.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) January 5, 2023

14/ All throughout, TFL has complied with Jimmy’s requests to seek advice regarding the potential tax implications for him from the disposal of the $LUNA he derived from the Genesis airdrop.

Still, Jimmy is ignoring our requests to return the funds to the Community Pool.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) January 5, 2023

15/ It is unfortunate that the situation has come to this, but given Jimmy’s refusal to return the tokens or engage in a resolution, his actions have reached the point of requiring disclosure to the community.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) January 5, 2023

Note: The actions undertaken and outlined above were solely Jimmy’s (@stablejim) decisions. The funds are currently under Jimmy’s control and all engagements were undertaken with him on a personal basis, rather than with entities that Jimmy was associated with (I.e. @LUNCDAO).

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) January 6, 2023

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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