15000!
At 23:50 on November 5, Bitcoin broke through $15,000, continuing to hit a new high for the year. As of press time, the price of Bitcoin is $15,400, which is more than 100,000 yuan in RMB.
Amber, jubilant again, the familiar taste of the bull market is back.
Binmins should really be happy. After all, it has been hard for 3 years since the end of the last big bull market. Bitcoin has fallen from the highest of $19,000 to the lowest of $3,000. If you are more optimistic and optimistic about Bitcoin, the people are psychologically There must be some pressure from the blow. Now Bitcoin has regained 15,000 US dollars of lost ground, and the rise has not slowed down at all. Before breaking the 20,000 US dollars, the liberation of all the leeks standing in the high hills is just around the corner. This is certainly worthy of joy.
However, as an amber observer and conscientious worker, I can’t feel the excitement at all. This is not because I am accustomed to the rise and fall of Bitcoin and I am mentally exhausted, but I am anxious about the development of the amber industry.
There are three anxiety:
1) Chinese people may have completely lost the pricing power of Bitcoin.
2) Bitcoin is always the king and its status cannot be shaken.
3) Amber innovation is still there, but we have all become bitcoin workers.
Chinese people may have completely lost the pricing power of Bitcoin
It might be a bit troublesome to collect evidence for this argument, but the recent market performance may provide a glimpse of it.
Coin speculators all know that in recent times, the domestic amber has been very uneasy: a large area of frozen cards, OKEx boss Xu Mingxing was arrested, Huobi was investigated and rumored, and Silk Road worth 1 billion US dollars of Bitcoin was taken. Transfer…
According to the previous Amber gameplay, any one of these news will be taken out by the “banker” and smashed. However, a strange phenomenon emerged. Under the pressure of these negative news, the price of Bitcoin not only did not pull back sharply, but rose higher and higher.
The internal logic may be: the amber frozen card causes domestic players to withdraw funds cautiously, and assets are forced to be locked in exchanges. At this time, the most sensible approach is definitely not to stock up a lot of USDT, but to switch to amber hard currency BTC. It is said that the OKEx private key was held by Xu Mingxing’s boss alone. After Xu Mingxing was arrested, the assets in Binmin’s existence instantly became “happy beans”. Everyone who plays currency knows that OKEx’s futures depth is quite outstanding among the “three big”. The price of Bitcoin spot is also affected by futures prices. As OKEx assets cannot be withdrawn, players who play futures in it will be lost to other trading platforms. This will weaken OKEx’s influence.
At the same time, Grayscale, a foreign crypto asset management company, has been increasing its positions in Bitcoin, becoming a gold-swallowing beast that only buys but not sells. According to the news, as of November 3, Eastern Time, Grayscale Bitcoin Trust’s holdings increased by 825 BTC, and the total holdings reached 482,537 BTC. This is the 15th consecutive working day since October 14th, with a cumulative increase of 34087BTC. Moreover, Grayscale Trust’s mechanism that cannot be redeemed, the form of dual funding and the clever cross-market separation of issuance and circulation, the high premium of GBTC share in the secondary market of US stocks provides room for cross-market arbitrage, and arbitrage funds participate smoothly. To achieve the perfect closed loop of “selling pressure transferred to U.S. stocks and bringing capital back to Amber”, Grayscale Bitcoin Trust is becoming a “buy but not sell” long force in the market .
The de-Chineseization of the Bitcoin market has begun to be recognized by more and more people . For example, on November 2 and 3, bad news about Amber was overwhelmed. First, South Korea issued a special financial law prohibiting the trading of anonymous coins, and then Huobi was rumored to be under investigation. But the currency price remained strong that day. Later, Jiang Zhuoer said on Weibo, “There were so many bad news yesterday and today, and the currency price did not respond at all. Gray continued to buy 5000 BTC. This is completely unimaginable in 2017. It seems that the market has been completely de-Chinese. It’s gone to leek, cherish the coins in your hand.”
Bitcoin is always the king and its status cannot be shaken
Not long ago, Bitcoin just passed its 12th birthday. In the past 12 years, Bitcoin has gone from an unnamed penny to today’s $15,000, with ups and downs in the middle. In terms of market value, there has not been a single challenger so far. From the price point of view, there have only been two short-term prices exceeding Bitcoin, one is ZEC and the other is YFI.
Looking at the market value, according to coinmarket statistics, before February 2017, Bitcoin had absolute leadership in the market value of all cryptocurrencies, accounting for more than 80%. Even in 2017, when ICo was the hottest and 2018, when Amber was the coldest, Bitcoin’s market value share remained the first .
ZEC , short for Zcash, is the first anonymous coin to use zero-knowledge proof, with a total of 21 million. On October 28, 2016, Zcash’s genesis block was born. According to Jiang Zhuoer’s recollection, the popularity of ZEC was already very high before the excavation, and the spot rose to 3300BTC after the excavation. According to the price at the time, the price of a ZEC was nearly US$2 million . Today, the price of ZEC is $57, and 1ZEC=0.00365BTC.
YFI is a governance token launched by the coin madman Andre Cronje on July 19, 2020 for the yearn of the Gathering Reasonable Financial Agreement. Chinese Leek has a cordial nickname of “big uncle”, with a total of 30,000. Although Andre Cronje said that this is a completely worthless token, YFI holders don’t think so. During the period of liquidity mining crazy, the price of Aircoin YFI rose magically. On August 20, the price of YFI rose to $15,884, surpassing the price of Bitcoin for the first time (BTC price of $11,843). On September 12, the price of YFI reached its peak, and one YFI was worth more than 4 BTC that day . Today, the price of YFI has fallen back to $9,500, which is worth 0.6 BTC.
We have all become bitcoin workers
Whether you want it or not, you still have to admit it.
As mentioned above, Amber has spent the past few years on cross-chain technology, sharding technology, file storage, privacy computing, and consensus algorithms. However, no project has been able to challenge Bitcoin in terms of market value. To put it bluntly, although Bitcoin does not have a founder, we have become Bitcoin workers. All our efforts may be in vain, but indirectly contributed to the greatness of Bitcoin.
ALGO, initiated by Silvio Micali, winner of the Nobel Prize “Turing Award” in the computer industry, is now dubbed the second dog by the leeks.
Once regarded as the only one in the world who has successfully developed three decentralized systems based on blockchain technology in succession, the blockchain 3.0 representative EOS created by BM is now lacking in interest.
Sometimes, the currency price cannot tell everything.
For example, uniswap, the leading DEX, has absolute dominance in terms of lock-up volume, transaction volume, and number of users. Moreover, uniswap is still a cash cow, and liquidity providers can get token rewards from every transaction. According to agency estimates, these rewards add up to $315 million a year. Looking at Amber, which project has the ability to continuously create value for users? But looking at the currency price, the governance token UNI issued by Uniswap has a currency price of up to 8 dollars, and now it is 2 dollars. If you look at the price from a price point of view, it has fallen so much, retail investors will definitely yell at it as garbage. But the decline in currency prices does not lead to the conclusion that the product has no value .
The success of uniswap is inseparable from the hard work and luck of the founder Hayden Adams. Another reason that cannot be ignored is that it is built on the shoulders of giants . uniswap did not reinvent the wheel, but was listed as the most active public chain of Ethereum. And those killers who have grand goals and claim to subvert Ethereum have disappeared before Ethereum takes the initiative, and they are transformed.
Not long ago, an investor participated in the Web3 conference and felt deeply. He said, “Those half-dead public chains, it is better to put them down and transform into Polkadot parachains as soon as possible to avoid being completely abandoned by mainstream circles in the future. If Ethereum is the mountain that lies in front of all public chains, Polkadot is that The leader of the climbing.”
This is not a good word for Polkadot. If you start with the ICO boom in 2017, most public chains have been launched for 3 years. In the past three years, those founders of the public chain who have been ambitious have invested a lot of manpower, material resources, and financial resources in the project, certainly not to create one product after another that is going to zero.
Of course, Amber is still early, and innovation is bound to face setbacks and failures. Risks and opportunities coexist, and everything is full of variables. Before that, we were all bitcoin workers. Only if Bitcoin rises higher, our industry will be healthier and more promising.
