The Wolf Den #412 - Cryptocurrencies Are Here To Stay
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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 - up to $3600 worth. PHEMEX is also celebrating their two year anniversary by sharing 2 BTC with 10 lucky winners to help them realize their dreams: https://anniversary.phemex.com/#dream-sectionLet's take a moment to remember why we are here. It's because cryptocurrencies are special.Even for those of us who have been in the crypto space for a long time, it doesn’t hurt to step back and refresh ourselves on the basics and fundamentals of the asset class. Especially when the market is down.We trade, interact with, and invest in cryptocurrencies without stopping to think about what they really are.At the time of writing, nearly 20,000 known cryptocurrencies exist, and their pace of creation does not appear to be slowing. But what are cryptocurrencies? What is this evolutionary innovation that brick-and-mortar stores are beginning to accept, retail investors are making millions off of, banks are announcing custody support for, and governments are beginning to legislate on? This will briefly cover their history, technical components, and their value proposition. Now, it is our belief that anything can be a currency, so why are these digital assets in the spotlight?Looking back at history, cryptographers have been experimenting with electronic cash since 1983. Historians have debated if these “e-cash” experiments qualify as cryptocurrencies. For our purposes, we will consider Bitcoin as the first true cryptocurrency, invented in 2009. Satoshi Nakamoto’s white paper and Bitcoin’s subsequent evolution have become the standard for the true definition of a cryptocurrency.First and foremost, a cryptocurrency is entirely digital - there are no physical copies or hard versions. That said, cryptocurrencies can be backed up physically with codes, but these codes are simply representations of the token on the blockchain. Due to its virtual nature, a cryptocurrency is secured cryptographically, a fancy word meaning the transactions are secured privately. Most cryptocurrencies are decentralized, generally running on a blockchain, which is essentially a distributed digital ledger. This network, or chain of blocks stores all of the data of the corresponding system. To summarize, a cryptocurrency is a decentralized digital asset that securely runs on a blockchain.The technicalities above are important, but it is my belief that they will eventually fall into the same category as SMTP to email or HTML to the internet - a normalized, proven technology. As cryptocurrencies become more common, newcomers will disregard their inner workings, and instead blindly enjoy the benefits. You may have already noticed a new wave of retail adopters that are more interested in owning some than being experts. That's a good thing!Right now, cryptocurrencies are in an innovative boom phase, incentivizing anyone with a coding background to mint a new cryptocurrency in hopes of capturing capital inflows. Cash grabs are happening left and right through forks, airdrops, exchange listings, and IDO’s adding to the frenzy. This is a good reason to discuss where their value comes from in the first place.At a basic level, the value of any asset, whether it be a cryptocurrency or not, is simply what someone is willing to pay for it. It is important to understand the reasons that someone would be willing to place a bid or ask on these digital assets. Unfortunately, like the Dotcom boom, most cryptocurrencies will not survive in the future. Over a billion websites exist today, but the vast majority of internet-goers use about 50. Cryptocurrencies will undergo the same pattern; people will only need to use the same few that suit their needs, which will dictate which cryptocurrencies hold long-term value.It won’t be long until we use cryptocurrencies every day, but their ascent from just an idea on a single computer screen to a worldwide value system will be a journey of twists, turns, ups, and downs.Chart Request Live Stream at 1:30 PM EST. Please follow the rules. I cannot take requests at any other time, so if you send them during a different window they may not get charted. Remember, no more email requests.1 chart per person, per weekSubmit your request between now and 12:30 PM EST.You can only submit your request through the link below.If it is not on TradingView, there is a chance I will not able to chart it.REMINDER: I can only do so many charts on the livestream. My assistant picks 25 random requests from everyone’s submissions and those are the coins I chart.Chart Request FormIf you are a new member, please refer to THIS BLOG for instructions on how to make my charts your own.In This Issue:Cryptocurrencies Are Here To StayBuyers Remain Strong, Sellers Panic - IntoTheBlockBitcoin Thoughts And AnalysisAltcoin ChartsThe Fed Is Fighting InflationBitcoin Moves To ArgentinaSpike In Exchange OutflowsMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO
The Wolf Den #412 - Cryptocurrencies Are Here To Stay
The Wolf Den #412 - Cryptocurrencies Are Here…
The Wolf Den #412 - Cryptocurrencies Are Here To Stay
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 - up to $3600 worth. PHEMEX is also celebrating their two year anniversary by sharing 2 BTC with 10 lucky winners to help them realize their dreams: https://anniversary.phemex.com/#dream-sectionLet's take a moment to remember why we are here. It's because cryptocurrencies are special.Even for those of us who have been in the crypto space for a long time, it doesn’t hurt to step back and refresh ourselves on the basics and fundamentals of the asset class. Especially when the market is down.We trade, interact with, and invest in cryptocurrencies without stopping to think about what they really are.At the time of writing, nearly 20,000 known cryptocurrencies exist, and their pace of creation does not appear to be slowing. But what are cryptocurrencies? What is this evolutionary innovation that brick-and-mortar stores are beginning to accept, retail investors are making millions off of, banks are announcing custody support for, and governments are beginning to legislate on? This will briefly cover their history, technical components, and their value proposition. Now, it is our belief that anything can be a currency, so why are these digital assets in the spotlight?Looking back at history, cryptographers have been experimenting with electronic cash since 1983. Historians have debated if these “e-cash” experiments qualify as cryptocurrencies. For our purposes, we will consider Bitcoin as the first true cryptocurrency, invented in 2009. Satoshi Nakamoto’s white paper and Bitcoin’s subsequent evolution have become the standard for the true definition of a cryptocurrency.First and foremost, a cryptocurrency is entirely digital - there are no physical copies or hard versions. That said, cryptocurrencies can be backed up physically with codes, but these codes are simply representations of the token on the blockchain. Due to its virtual nature, a cryptocurrency is secured cryptographically, a fancy word meaning the transactions are secured privately. Most cryptocurrencies are decentralized, generally running on a blockchain, which is essentially a distributed digital ledger. This network, or chain of blocks stores all of the data of the corresponding system. To summarize, a cryptocurrency is a decentralized digital asset that securely runs on a blockchain.The technicalities above are important, but it is my belief that they will eventually fall into the same category as SMTP to email or HTML to the internet - a normalized, proven technology. As cryptocurrencies become more common, newcomers will disregard their inner workings, and instead blindly enjoy the benefits. You may have already noticed a new wave of retail adopters that are more interested in owning some than being experts. That's a good thing!Right now, cryptocurrencies are in an innovative boom phase, incentivizing anyone with a coding background to mint a new cryptocurrency in hopes of capturing capital inflows. Cash grabs are happening left and right through forks, airdrops, exchange listings, and IDO’s adding to the frenzy. This is a good reason to discuss where their value comes from in the first place.At a basic level, the value of any asset, whether it be a cryptocurrency or not, is simply what someone is willing to pay for it. It is important to understand the reasons that someone would be willing to place a bid or ask on these digital assets. Unfortunately, like the Dotcom boom, most cryptocurrencies will not survive in the future. Over a billion websites exist today, but the vast majority of internet-goers use about 50. Cryptocurrencies will undergo the same pattern; people will only need to use the same few that suit their needs, which will dictate which cryptocurrencies hold long-term value.It won’t be long until we use cryptocurrencies every day, but their ascent from just an idea on a single computer screen to a worldwide value system will be a journey of twists, turns, ups, and downs.Chart Request Live Stream at 1:30 PM EST. Please follow the rules. I cannot take requests at any other time, so if you send them during a different window they may not get charted. Remember, no more email requests.1 chart per person, per weekSubmit your request between now and 12:30 PM EST.You can only submit your request through the link below.If it is not on TradingView, there is a chance I will not able to chart it.REMINDER: I can only do so many charts on the livestream. My assistant picks 25 random requests from everyone’s submissions and those are the coins I chart.Chart Request FormIf you are a new member, please refer to THIS BLOG for instructions on how to make my charts your own.In This Issue:Cryptocurrencies Are Here To StayBuyers Remain Strong, Sellers Panic - IntoTheBlockBitcoin Thoughts And AnalysisAltcoin ChartsThe Fed Is Fighting InflationBitcoin Moves To ArgentinaSpike In Exchange OutflowsMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO