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Nearly Half of Crypto Twitter Doesn’t Think Bitcoin Will Hit $50k in 2021

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There’s been much debate over recent weeks over the work of Bitcoin analyst “PlanB” and his Stock to Flow (S2F) model. Some have argued that his work is valid while others aren’t so sure.

On July 3rd, the analyst put the community to a vote, asking whether or not they believe in the model. The results were almost split down the middle.

Related Reading: Bitcoin Community Celebrates as Crucial Lightning Network Project Launches

Almost Half of Respondents Don’t Believe in S2F Bitcoin Price Model

On July 3rd, the pseudonymous quantitative analyst posted a poll to his Twitter page, followed by over 115,000 individuals.

The question: Do you think Bitcoin will reach $288,000 before Dec. 2021, $100,000 before December 2021, $55,000 before December 2021, or will BTC stay below $55,000?

The prices mentioned were derived from the iterations of the S2F model. The iterations of the model will become invalidated if BTC does not reach the prices mentioned by December 2021.

Over 42.5% of respondents to PlanB’s impromptu poll said they don’t think Bitcoin will pass $55,000 before that time. Though the rest of the respondents, 57.5%, said that a move past $55,000 is possible within the next 18 months.

The mixed readings the community has on the model comes as some have become more critical of PlanB’s work.

Nico Cordeiro, the CIO of crypto fund Strix Levithan, released a report last week attempting to debunk the model. The report is entitled “A Chameleon Model – Why Bitcoin’s Stock-to-flow Model is Fatally Flawed.”

It suggests that because the model predicts a Bitcoin price in excess of $200 million per coin, it is logical. Cordeiro also noted that he doesn’t see any evidence suggesting the S2F ratio of gold has affected its price over history.

Economist Alex Krüger has echoed the skepticism, writing earlier this year:

“People using S2F to predict BTC may as well be using the moon cycles to predict BTC. […] The S2F analysis is interesting. But the S2F model is useless for predicting price, as the underlying assumptions of the model are not met. Now and always.”

Related Reading: Crypto Tidbits: Bitcoin Stalls at $9k, Cardano Shelley, Elon Musk & Ethereum

PlanB Has Prominent Supporters

Although there are some skeptics, PlanB still has support from some corners of the Bitcoin space.

Bitcoin educator/programmer Jimmy Song wrote the following message on July 2nd. The premise of it is that it’s well too soon to deem the model valid or invalid:

“Why are people dunking on the s2f model just a few difficulty adjustments past the halving? The prediction was that BTC will be $100k before the end of 2021. Declaring victory now is like declaring victory 5 minutes into the game.”

The Keiser Report co-host Max Keiser has echoed the sentiment. The prominent investor said that he thinks the arguments attempting to “debunk” the S2F model are simply “random word-salads by attention seekers.”

“S2F is a valid and vital analysis of the Bitcoin price,” Keiser added, presumably referencing the lack of proper valuation models.

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Price tags: xbtusd, btcusd, btcusdt
Nearly Half of Crypto Twitter Doesn't Think Bitcoin Will Hit $50k in 2021

Source: https://www.newsbtc.com/2020/07/04/crypto-twitter-bitcoin-hit-50k-2021/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-twitter-bitcoin-hit-50k-2021

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Swipe Is the Latest Project to Integrate Chainlink’s Price Oracles

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Swipe wallet and crypto debit card platform has integrated Chainlink (LINK) data oracles to improve the accuracy of reward issuance and token burns. 

Swipe CEO Joselito Lizarondo said Chainlink’s decentralized price feeds will provide more accurate and fair token conversion prices for users and was an important step towards  greater decentralization:

“This is important to us to bring transparency to our users, especially as we’re kind of leaning towards starting to migrate from custodial products to noncustodial products in the future. So this is a starting point of decentralization in our system to ensure that our users are seeing a fair price point.”

Cointelegraph asked Lizarondo whether the rising price of LINK concerned him as consumers of Chainlink data have to pay with LINK tokens for their data calls. Lizarondo acknowledged that “there is a fee structure,” but declined to disclose the details.

Half a million users

The Swipe CEO declined to disclose statistics about debit card transaction volumes besides saying that they have 500,000 users. He noted that since his competitors do not disclose their numbers, he does not want to give them an advantage.

Major cryptocurrency exchange Binance is the majority owner of Swipe, but Lizarondo said the company has preserved its operational independence. Swipe also has an interesting philosophy towards digital assets custody, they employ two major custodials — Coinbase Custody and BitGo.

Lizarondo explained that it is dictated by both necessity, as Coinbase does not yet support Swipe’s native token SXP, and a desire to diversify their risks:

“We don’t want to put all of our eggs in one basket. We don’t want to have a central point of failure, even though these are very reliable custodians.”

Source: https://cointelegraph.com/news/swipe-is-the-latest-project-to-integrate-chainlinks-price-oracles

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Craig Wright Won’t Need to Pay Hodlnaut $60K Until Appeal Is Over, Says Counsel

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Craig Wright, a self-proclaimed Bitcoin (BTC) creator, is apparently not required to pay legal fees for a failed libel suit against the Twitter crypto enthusiast known as Hodlonaut.

In an Aug. 14 email to Cointelegraph, Wright’s legal representative argued that he is not obliged to pay legal costs in the defamation suit until the Norwegian Supreme Court considers an appeal.

The spokesperson said, “Craig has appealed to the Norwegian Supreme Court. Craig’s Norwegian lawyers say that there is no obligation on Craig to pay the costs until that appeal is dealt with.”

The new comments come in response to Hodlonaut claiming that Wright has been ignoring a court filing requiring him to pay legal fees within two weeks following a Jun. 8 court judgment. In an Aug. 13 tweet, Hodlonaut argued that Wright “has not paid a cent” out of $60,000 in two months after the judgement was made.

According to Hodlonaut, the Norwegian Court of Appeals denied an appeal to Wright earlier in June. The Twitter persona continued that Wright was obliged to pay “all costs for both District Court and Court of Appeals” in a tweet on June 8.

As previously reported, Hodlonaut is one of several crypto people targeted by Wright’s multiple defamation suits aiming to prove that he is the true creator of Bitcoin. Similar cases were brought against Ethereum co-founder Vitalik Buterin, early Bitcoin investor Roger Ver, and podcaster Peter McCormack.

The legal action against Hodlonaut was reportedly triggered by offensive tweets calling Wright a “very sad and pathetic scammer” and claiming that the Australian businessman was “clearly mentally ill.” Hodlonaut is also reportedly involved in the creation of the #CraigWrightIsAFraud hashtag.

In response to initial reports on Wright filing a libel suit against Hodlonaut, the crypto community announced a crowdfunding to help the Twitter crypto enthusiast “unfounded legal attacks.” 

Blockchain​ entrepreneur Elizabeth Stark was apparently among the first crypto players to support Hodlonaut, announcing WeAreallHodlonaut.com crowdfunding website in April 2019. At the time of writing, the initiative has raised $32,430 worth of Bitcoin (BTC), blowing well past it’s initial goal of $20,000.

How or whether these funds have been applied to Hodlnaut’s legal costs remains uncertain, but the site claims “We hit our $20k goal but lawyers can get expensive so please keep it up with the donations.” It also features a link for a swag store, the proceeds of which purportedly go to the legal defence fund.

Source: https://cointelegraph.com/news/craig-wright-wont-need-to-pay-hodlnaut-60k-until-appeal-is-over-says-counsel

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Bitcoin a Hedge Against Elon Musk Mining Asteroid Gold, Say Winklevoss Twins

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The Winklevoss Twins suggested that Bitcoin (BTC) is a better investment than gold because the metal’s supply will increase after Elon Musk starts mining asteroids.

In an interview with internet personality and Barstool Sports founder David Portnoy, the Winklevoss Twins claimed that Bitcoin is a better investment than gold because gold does not have a fixed supply:

“There’s billions of dollars of gold floating in asteroids around this planet, and Elon [Musk] is gonna get up there and start mining gold. […] That’s why gold is a problem, because the supply isn’t fixed like Bitcoin.”

Portnoy reasonably asked, “Is that, like, a real statement?” to which the founders of Gemini cryptocurrency exchange replied, “yeah.”

To further reiterate the idea that gold is inferior to Bitcoin, one of the twins said that “gold is for boomers” adding that Bitcoin is “the only fixed asset in the galaxy.”

Space mining is not a new idea, in fact Planetary Resources — a firm planning to mine asteroids for profit founded in 2016 — has so far raked in $50.3 million according to company data website Crunchbase. As Cointelegraph reported at the end of 2018, the firm was later acquired by Ethereum-focused blockchain firm Consensys.

Some predict that with further development of space travel technology we could soon see a new space race between private companies that are looking to mine minerals in space. CNBC suggested in May 2018 that materials lying in the belt of asteroids between Mars and Jupiter hold “wealth equivalent to about $100 billion for every individual on Earth.”

Source: https://cointelegraph.com/news/bitcoin-a-hedge-against-elon-musk-mining-asteroid-gold-say-winklevoss-twins

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