All right. Welcome back, everybody. My name is Austin, with just about two days remaining until Bitcoin’s 3rd, having ever cryptocurrency is making news. We’re talking about a theorem. We’re talking about finance coin. We’re talking about the crypto market. So hit the like button. But first, let’s start with Bitcoin. Every conceivable Bitcoin metric is on fire right now. Let’s start with a big picture. Bitcoin, profitable days around ninety-five point four percent. Meaning no matter when you bought Bitcoin. Ninety-five percent of the time, you are now profitable. Only in these red zones right here, these peaks are we still hoteling. Now, the unfortunate thing, the human nature part of all this is during these peaks, during these foam ups, when the majority of people come into Bitcoin. But the lesson here, if you take one thing away from this, especially if you’re new as a bitcoin or hotel. The lesson here is the hotel. The people that bought at the peak of, let’s say, 2014, had to hold for, what, over two years until they were profitable. If you bought right here today and Bitcoin tanks for the next six months, how long are you willing to hold some to think about? And before we get to a theorem, Bitcoin metrics are popping off. Some we’ve mentioned too, some we haven’t. Let’s look at this as a whole. The number of daily active Bitcoin addresses has grown around 47 percent since the beginning of 2020. For perspective, that’s a growth rate Bitcoin network hasn’t seen since the go-go days of 2017. Now, this means two things. This means that, oh, geez, are maybe diversifying, getting more than one Bitcoin address. This also means that new people are getting their first Bitcoin address, according to Glass Note data. The number of new Bitcoin addresses that have sent their first transaction is nearing half a million. And for perspective, this number just past the May 2017 peak. This week after it, past four hundred and ninety-one hundred thousand. So we are not quite near the December 2017 peak of eight hundred K, but we’re close. Could we be nearing a 2017 run? Nobody knows the future, but these numbers are bullish. OK, so as a subscriber to this channel, as a Bitcoin holder, what’s the point? Well, the point is these metrics are obviously probably popping off because of the fundamental event we’re about to witness. So let’s talk about that. The Bitcoin block reward having. And let me offer you some perspective from Willie Wu. A lot of us always just ask questions about price. What’s the price going to be? Well, I won’t offer you some perspective on cell pressure, which we can use and we can learn to sort of help us understand where the price might be in six months. So post this 20-20, having miners will cease to be the biggest sellers of Bitcoin. It’ll be the dawn of the crypto exchange as the leading seller. Wow. OK. Well, yes, obviously in two days, the miners sell pressure is going to get cut in half. But exchanges interesting. The biggest sell pressure on Bitcoin will soon be from the exchanges selling their BTC fees collected into Fiat. Gonna like this. Support this. Let’s dig deeper. You can think of exchanges as tax agents on traders that tax extracted in fees and BTC gets dumped onto the market and sold for fiat. It’s similar to minors where coins gained by diluting the supply get dumped onto the market. That new demand needs to absorb. And yes, this is something that has changed drastically since pre-2013 and as we’ve seen we saw exchanges in 2017, obviously by Nance. It was just started as barely alive. But now, especially in two thousand twenty exchanges rule the market and they make fees. They make revenue off their fees per day. And to be clear, we’re specifically talking about exchange fees, not specifically traders. This is very different from traders buying or selling. When we say traders are buying or traders are selling, this is a myth because every trade is matched for every buyer. There’s a seller. For every seller, there’s a buyer. It’s pretty even really. When we say the market is buying or selling well, we actually mean it’s smart. Money is buying or selling. But point is, if not individual traders. What is the biggest sell pressure on the Bitcoin price? Well, there’s only two unmatched cell pressures on the market. Miners who dilute the supply and sell on to the market. This is the hidden tax fee, monetary inflation. Right. Miners were very aware of it, too, especially in the modern age. The exchanges who taxed the traders and sell onto the market, for example, with the rise of Big Macs and now strong competing futures exchanges all pushing billions of dollars and daily trade volume. The picture looks like this. Right now, pre having we have about eighteen hundred BTC per day that the miners mine and that’s been dumped into the ecosystem after the having that selling pressure gets cut in half to 900 BTC per day from miners post having but from exchanges, we have around twelve hundred BTC per day in exchange fees. Now, this doesn’t mean that 100 percent are getting converted and sold, just like when we mined eighteen hundred BTC per day for miners. Not all of them are getting sold, but a percentage of them are now. What can you do? Not much. This is just the reality of being a Bitcoin or in 2020. But when I look at the long term price chart of BTC USD from 2017 to today, the rise of the Big Mac-style futures exchanges has made an irrevocable footprint on the price. We have much more sideways action now from the additional cell pressure. So the takeaway is this fundamentally, nothing has changed for Bitcoin timeframe wise, though, we now have extra cell pressure from these exchanges. Again, we didn’t have the first exchanges until 2013. We had minimal exchanges in the years after and in 2020. Man exchanges, in a sense, ruled the market. So maybe the four-year cycle turns into the five-year cycle. Again, fundamentally, nothing has changed. But are you willing to the hotel while futures exchanges bring liquidity to the market, which is good offer useful hedging for legitimate use cases, which is good? They will bring the largest bearish pressure on Bitcoin from here on in. Something to consider the next piece of news consensuses. Ethereal Summit is happening right now. So we’re getting major news from these old coins before by Nance. Let’s check in on a theory. I’m actually from a theory. I’m co-founder Joseph Lubin. Some direct quotes. We will get back to selling a lot of tokens, obviously referring to around 2017 where every company could build their token on a theorem. Now, those are, I suppose, the S.E.C. obviously had a problem with that. The two takeaways that Lubin is conveying to us is if you follow FCC guidelines, you can launch a clean utility token. He told the hosts lubing also hinted at structural changes in his company consensus in the near future. So can you launch utility tokens off of a theory? Usually, they would be security tokens and you’d have to clear them with the S.E.C. But let’s find out. The conversation began with the history of a theorem where Lubin was one of the five co-founders and delved into how consensus has changed, particularly after its recent spate of layoffs. So in the first few years, consensus, we know, drove a lot of the initial coin, offering activity as a way to crowdfunds the projects it was incubating. But that has slowed in 2018 when a regulatory action in this space picked up. Well, the FCC sees crowdfunding to the public with ISO’s as sort of preying on the public. So what exactly is Lubin saying now? Luban said he wants to get back into selling tokens. But in a different vein, it is all about how you sell them and how you market them. Lubing said of token launches, you could sell a utility token and if you do your legal homework. So what is this legal homework that will allow the S.E.C. to accept this? Well, if you ensure you are not selling in huge quantities to speculators and you do certain things based on the guidance from the S.E.C., like basically proving buyers of the token are using it before you open it up for trading, then you’ve got a clean utility token, he said. So it looks like a theorem doesn’t want to lose one of its main use cases, which is the ability to launch other tokens on top of them. Now, in my opinion, it’s never gonna be like the two thousand seventeen days for a theorem simply because we now have major competition. There’s by Nans chain, there’s Edo’s, there are all these theorem killers. And also if investors expect profit in any way if it’s marketed as such, then it has to be declared a security token. So we’ll see Xed piece of news by Nance doesn’t have a headquarters because Bitcoin doesn’t. Again, we’re getting a lot of direct quotes from these project leaders because of consensuses ethereal summit. Happening now to kick off this summit. Unchain podcast host Laura Shen held a cosy fireside chat with. But the big question came when she asked. Where is Biden and where the headquarters then? And this seemingly simple question is actually more complex. Until February, finance was considered to be based in Malta. However, that changed when the island European nation announced that no. Finance is not headquartered here. Finance is not under our jurisdiction. Well, since then, finance has not said just where exactly it is now headquartered. Wherever I guess it is going to be the buying ense office. Wherever I need somebody is going to be the Bynum’s office. Okay, well, for me personally, it doesn’t really matter if he claims he has a headquarters or not. To me, to the regulators, the strictest regulators, maybe like people in the US. I could see that mattering. For example, if he’s not under Multa jurisdiction, what jurisdiction is he under? I think those questions and answers would matter to some of these regulators if he wants to better break into these different markets. You tell me what you think. That’s the video for today. My name is Austin. See you tomorrow.