BowTiedSats
Posts
May 12 2022

May 12 2022

Sats O'Clock
May 12, 2022

Wake Up! It's Sats O'Clock.

Good morning. It's May 12, 2022.

The market sell off continued yesterday with many altcoins getting crushed.

Bitcoin is hovering around $26K at the time of writing.

PROOF OF WORK VS. PROOF OF STAKE

As people consolidate their portfolios, the biggest question will be whether to choose a PoW system like Bitcoin versus other PoS systems like Ethereum, Avax etc.

"Proof-of-work relies on physics to tell you what is true.
Proof-of-stake relies on human judgment—that *I* will tell you what is true.
And that is the big difference."
—@dergigi, in conversation with @PrestonPysh
— Mark (@MarkMulvey)
5:33 PM • May 11, 2022

Gigi, one of the most prolific Bitcoin writers was a guest on The Investors Podcast and if you want to understand why Bitcoin is the apex predator, his interview is highly recommended.

He uses the basic principles of mathematics and physics to explain why PoW is the way forward.

It is also important to understand how early Bitcoin adoption is.

In terms of adoption, Bitcoin has roughly the same users as the Internet had in 1997.
But Bitcoin's growing faster. Next 4 years on current path will bring Bitcoin users to 1b people, that's the equivalent of 2005 for the Internet.
— Willy Woo (@woonomic)
6:35 PM • Feb 1, 2021

The amount of active wallets has grown exponentially in the last decade and the network effect will continue regardless of bearish sentiment in the market.

Almost $430M of Bitcoin was liquidated in the last 24 hrs.

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