The Wolf Den #249 - Musk + Saylor + Energy Consumption
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This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COWe finally have some good news on the Elon Musk and Bitcoin energy front.It can be frustrating to see the entire crypto market move from a single Tweet, but this round of Twitter news carries some really important weight. The announcement began from a cryptic Elon tweet, which has now turned into a promising and eco-friendly initiative on the Bitcoin mining forefront. Elon announced that he asked miners to “publish current & planned renewable usage” and was followed up by Michael Saylor giving the full story.Saylor met with major North American miners and outlined a plan to focus their resources and tackle Bitcoin’s energy problems. To show support, many of the miners followed up publicly and committed to the initiative. Most of the reactions to the news were positive, but some die-hard Bitcoiners found the idea of a “closed-door” government-esque meeting to be contrary to the ideals of Bitcoin. Everyone knows Saylor has been advocating for Bitcoin, but less recognized is the fact that he has been working to improve the mining situation behind the scenes.Critics are arguably justified in their concerns about powerful groups of individuals meeting to determine the direction of the asset, but if the goal of the initiative is to clean the mining process, it's hard to not be in support. Like any governing body or collective entity, it will encourage each mining company to adhere to cleaner practices with economic incentives at play. The ironic part is that blockchain technology can actually be implemented in this scenario to uphold accountability, perhaps even an Ethereum smart contract. I am excited to see where this green initiative goes and view it as bullish for the asset, market, and environment.SIDE NOTE - a lot of coins bounced nicely, but Bitcoin is at resistance and it's too early to call a reversal. I still think the altcoin market is very risky, unless you are attempting to invest in coins for the long term and are generally buying the dip. In This Issue:Elon Musk And Michael Saylor Team UpBitcoin Thoughts And AnalysisLegacy MarketsRSI Divergences - The BasicsBitcoin's Largest Capitulation Event To DateVitalik Buterin Releases An Official Statement On ScalingGBTC Premium Rebounds, Almost Positive AgainMy Recommended Platforms And Tools
The Wolf Den #249 - Musk + Saylor + Energy Consumption
The Wolf Den #249 - Musk + Saylor + Energy…
The Wolf Den #249 - Musk + Saylor + Energy Consumption
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COWe finally have some good news on the Elon Musk and Bitcoin energy front.It can be frustrating to see the entire crypto market move from a single Tweet, but this round of Twitter news carries some really important weight. The announcement began from a cryptic Elon tweet, which has now turned into a promising and eco-friendly initiative on the Bitcoin mining forefront. Elon announced that he asked miners to “publish current & planned renewable usage” and was followed up by Michael Saylor giving the full story.Saylor met with major North American miners and outlined a plan to focus their resources and tackle Bitcoin’s energy problems. To show support, many of the miners followed up publicly and committed to the initiative. Most of the reactions to the news were positive, but some die-hard Bitcoiners found the idea of a “closed-door” government-esque meeting to be contrary to the ideals of Bitcoin. Everyone knows Saylor has been advocating for Bitcoin, but less recognized is the fact that he has been working to improve the mining situation behind the scenes.Critics are arguably justified in their concerns about powerful groups of individuals meeting to determine the direction of the asset, but if the goal of the initiative is to clean the mining process, it's hard to not be in support. Like any governing body or collective entity, it will encourage each mining company to adhere to cleaner practices with economic incentives at play. The ironic part is that blockchain technology can actually be implemented in this scenario to uphold accountability, perhaps even an Ethereum smart contract. I am excited to see where this green initiative goes and view it as bullish for the asset, market, and environment.SIDE NOTE - a lot of coins bounced nicely, but Bitcoin is at resistance and it's too early to call a reversal. I still think the altcoin market is very risky, unless you are attempting to invest in coins for the long term and are generally buying the dip. In This Issue:Elon Musk And Michael Saylor Team UpBitcoin Thoughts And AnalysisLegacy MarketsRSI Divergences - The BasicsBitcoin's Largest Capitulation Event To DateVitalik Buterin Releases An Official Statement On ScalingGBTC Premium Rebounds, Almost Positive AgainMy Recommended Platforms And Tools