@MyEtherWallet Reinstated After 'Hostile' Takeover & Ellen DeGeneres Talks Bitcoin

  • @MyEtherWallet gets their follows back after 'hostile' takeover from @mycrypto
  • Ellen DeGeneres helps rally Bitcoin above $10,000

Comment of the Day @m8urnett

@MyEtherWaller Account Reinstated

On Febuary 9th @MyEtherWallet Twitter account was changed to @MyCrypto by Taylor Monahan (@tayvano_) without any prior warning, needless to say it caused a huge amount of confusion for the followers of the MEW page. For those in the know the MEW Twitter account had been grown and managed by @tayvano and it was decided that she should therefore have the rights to the 80k + followers on the @MyEtherWallet page. So without warning, the handle was changed to @MyCrypto.

As a result the petition to reverse the decision was created by @boxmining and was signed by over 580 people. After a week, Twitter handed the account back to @MyEtherWallet and @MyCrypto has had to start off from scratch.

The main question up for debate is who owned the twitter following? Taylor for managing it or MEW as it was under their name? Two points worth considering here:

  1. When you work for a company it usually goes without saying that anything you create or build belongs to that company as Intellectual Property (IP).
  2. It was obviously going to be confusing to the 80k+ followers if a switch was made without warning. So regardless of ethics it wasn't a smart move. 

The recent response from @MyCrypto on their new page was not the most genuine and implies the MEW team is not worthy of the followers they have and that they must use their reach of followers 'wisely'. Sounds somewhat bitter and patronising, hinting at a nasty breakup within the MEW team. There also appears to be a lawsuit  from the creator of MEW against Taylor Monahan for withholding financial records. 

As the business side of the crypto industry is so young these points seem to have been overlooked and the result was unprofessional but unsurprising. The response shows the move towards a more 'corporate' and 'formal' crypto economy and the community expects the companies to act accordingly. For better or worse, the days where crypto companies were formed on Bitcoin Talk and the owners never met each other in person are gone.

Ellen DeGeneres Talks Bitcoin

Ellen DeGeneres - the popular US TV chat show host - recently aired an episode that focused on Bitcoin! She said 'Bitcoin is a decentralized digital currency'. However, she also said 'I don't know what that means'. Understandable, seeing as Bitcoin is a very confusing and complex... 'thing'. 

The comments were flooded with the CryptoTwitter communities finest and most crude memes, as well as some heated debates about fiat vs bitcoin. Barry Silbert - CEO of Digital Currency Group - gave Ellen credit for the recent Bitcoin rally that took the price back over $10,000.

Ellen then went on to use a Ledger wallet to showcase how to store and send Bitcoin using a 'Digital Purse'. A great PR stunt for @LedgerHQ, although im not sure it will help profits for next quarter considering Ledgers are sold out everywhere.

The section on Bitcoin was closed with some wise words:

"If you invest in bitcoin you will either be a millionaire or completely broke"

Ellen DeGeneres

Upcoming Bitcoin Halving Event Could Drive BTC Price Even Higher, Analyst Explains

Vijay Boyapati, a widely-followed Bitcoin (BTC) analyst, recently published a detailed Twitter thread regarding the potential impact of bitcoin’s block reward halving event - which is now less than a year away.

In a series of tweets, Boyapati explained how the BTC halving event “interacts” with the pseudonymous cryptocurrency’s “recurrent hype cycles.” The former software engineer at Google questioned whether crypto bull markets may be attributed to bitcoin’s hype cycles, while also noting what was learned from previous BTC mining rewards halvenings.

“Constant Downward Pressure” on BTC Price Exerted When Miners Sell

According to Boyapati, crypto miners are essentially running “marginal” businesses as most of them sell the bitcoins they mine to cover operational costs. The Bitcoin protocol releases new bitcoins at approximate time intervals of (every) 10 minutes.

When miners sell their bitcoins, the crypto’s price is affected by “a constant downward pressure”, Boyapati noted. He added that “without new money” entering the digital asset market, BTC’s price would begin falling sharply. According to his estimates:

At a BTC price of $10,000 approximately $14 million dollars must enter Bitcoin to offset the downward selling pressure.

He continued: ”During the [cryptocurrency] bull market, demand far outstrips miner sell pressure, but eventually the cycle ends and miner sell pressure is amplified by investor's fear selling.”

Once the selling pressure has been “exhausted”, the market cycle “reaches capitulation”, Boyapti argued. He also mentioned that the downward pressure, which results from miners selling, is then “equipoised” with the upward pressure imposed by bitcoin investors who refuse to sell. This group of bitcoin holders (or “HODLers”) think of BTC as a legitimate store-of-value (SoV). Due to these types of market activities, the bitcoin price reaches a “steady plateau”, Boyapti stated.

Hype Cycles “Only Create a Temporary Equilibrium”

He further noted that the “price plateau of the classic Gartner hype” (excitement and investor enthusiasm created due to new technological developments like bitcoin) is “only a temporary equilibrium.”

Boyapati also pointed out:

While supply and demand are evenly balanced during the plateau, the Bitcoin halving disrupts the equilibrium by halving the sell pressure.

After a BTC halving event, which effectively reduces the daily supply of newly minted bitcoins by half their previous rate, Boyapti believes:

The equilibrium demand of HODLers now exceeds miner sell supply, tending to move Bitcoin's price upward.

He explained that the upward BTC price movements eventually begin to “feed” on themselves and usually result in the “next” crypto market bull run. It’s also at this time that new investors enter the digital asset ecosystem, Boyapati noted.

Does Crypto Market “Discount Halvings A Year In Advance?”

The former application developer believes that financial markets “do not mechanically react to known future events.” Moreover, he emphasized that bitcoin halving “occurs on a predictable schedule.”

He went on to claim that markets “anticipate” important future events and that it seems, from past experience, that the “market discounts halvings about a year in advance.”

Boyapti also pointed out:

[Historically,] the Bitcoin market begins its upward ascent about a year before the halving, and about a year after the halving goes parabolic. But markets anticipate, so this [may] happen faster this time...It appears...Bitcoin halving is a key fundamental driver of Bitcoin’s monetization.