Crypto Analyst Josh Rager Examines On-Chain Network Activity for Chainlink

Siamak Masnavi

Prominent crypto analyst and trader Josh Rager explains how looking at on-chain network activity can be a good way to discover which altcoins to invest in. He uses Chainlink (LINK) as an example.

Rager, who is also a Co-Founder of online crypto learning platform Blockroots, as well as an advisor to several blockchain startups, used on-chain market intelligence platform Glassnode to look at several on-chain metrics for Chainlink (LINK). 

Glassnode believes that the problem with conventional valuation metrics is that they "don’t provide enough valuable information about the new crypto asset class; they are too noisy, too easy to manipulate, and too low-fidelity when applied to blockchain assets."

In contrast, it says that on-chain data "enables the development of a new generation of metrics," which "can more precisely measure relevant economic activity in crypto networks, allowing stakeholders to make better informed decisions and more accurate predictions."

In particular, when examining Chainlink's transactions with Glassnode Studio, as he notes in the tweet below, he noticed that Chainlink has "shown significant growth in transfers w/ each passing month," which he says suggests "increasing token interest & usage."



Here are the on-chain metrics available in Glassnode Studio (although it should be noted that not all of them are applicable to every digital asset):

  • Indicators: Spent Output Profit Ratio (SOPR); NVT Ratio; Average Coin Dormancy; and Supply adjusted Dormancy
  • Addresses: Active Addresses; New Addresses; Sending Addresses; and Receiving Addresses
  • Exchanges: Exchange Inflow (Total); Exchange Outflow (Total); Exchange Deposits; and Exchange Withdrawals
  • Fees: Fee (Total); Fee (Mean); Gas Used (Total); Gas Used (Mean); Gas Used (Median); Gas Price (Mean); Gas Price (Median); Transaction Gas Limit (Mean); and Transaction Gas Limit (Median)
  • Transactions: Transaction Count; Transaction Rate; Transfer Count; Transfer Rate; Transfer Volume (Total); and Transfer Volume (Mean)

When some people replied to Rager's tweet to ask him to elaborate on what he had said about Chainlink, he answered:

Indeed, although the LINK price has gone down quite a bit since it reached its all-time high (ATH) on June 29, LINK remains the top performing cryptoasset of 2019, with its price having gone up over 693% this year.

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'We Are All Satoshi' Says Early Bitcoin Miner Calling out Craig Wright

Francisco Memoria

An unknown bitcoin miner has signed a message on the Bitcoin blockchain with over 140 different wallets, calling self-proclaimed Satoshi Nakamoto a “liar and a fraud” and singing off with “we are all Satoshi.”

The message was then spread on a debian with a list of 145 different BTC addresses and their corresponding signatures. Verifying several addresses shows the signatures match, which does mean the miner owns all of the listed addresses and has the private keys to sign a message with them. The message itself reads:

Craig Steven Wright is a liar and a fraud. He doesn't have the keys used to sign this message. The Lightning Network is a significant achievement. However, we need to continue work on improving on-chain capacity. Unfortunately, the solution is not to just change a constant in the code or to allow powerful participants to force out others. We are all Satoshi

The addresses can notably be found in a list of thousands Craig Wright claimed to own in the case against the estate of the late Dave Kleiman. Kleiman’s lawyers have, however, recently said Wright has access to his BTC fortune but won’t access it because he knows its contents “will include partnership records.”

Wright has failed to prove the ownership of these addresses on several occasions, as he has not signed a message with the private keys to these addresses yet. Last year, a post on Memo.Cash signed a message for another address owned by Wright, saying it did not belong to him and he is a “liar and a fraud.”

This recent messages echoes one sent from Satoshi Nakamoto’s email address back in 2015, claiming he is not Craig Wright and “we are all Satoshi.” On social media users have been speculating the message was sent by Satoshi Nakamoto himself over the similarities.

Did Satoshi Send the Community a Message?

Users have been relying on the analysis of the “Patoshi” pattern to identify whether an address is associated with Satoshi Nakamoto himself. The analysis gained fame earlier this month after a miner moved coins mined in 2009, sparking discussions Satoshi was active once again. Blockchain analysis does indicate it was unlikely Satoshi moved his coins then, and it’s unlikely he signed this recent message.

It’s worth noting, however, the early miner that signed these messages has advanced knowledge and was very careful. Every address independently checked by CryptoGlobe has received a Coinbase reward of 50 BTC and hasn’t moved the funds since they were mined. All of the transactions date back to 2009 and 2010.

It’s unlikely the miner never used bitcoin – or the bitcoin cash airdropped in 2017 to these addresses – after holding onto it for over a decade. Instead, it’s likely the miner chose addresses from which the funds haven’t been moved to avoid being identified by sleuths.

Featured image via Pixabay.