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tl;dr
The first ever BTC market.
Market Snap
Market Wrap
Long end rates hurting risk assets in reaction to the NFP numbers. As we draw closer to a month after The Merge, we will soon find out if the CCC’s opinion that selling before and buying back afterwards using DCA (dollar cost averaging) — in stark contrast to every other commentator — was the smart move or not.
Occasional Series — Email formatting problem solved
As ever, Janey, our Head of Production sorts out all our problems.
Curious Cryptos’ Commentary — Love this from “The Milk Road”
Regular readers already know that The Milk Road is far more entertaining than my daily missive (*).
And I am shamelessly stealing this from them — the first known website to list bids and offers for BTC on 28th December 2009:
I love the idea that with no other market information the price is being determined by the rate for using electricity. This chap or chapess was furiously mining away and can be safely assumed to be living on a super yacht somewhere hot by now.
What is even more notable is the tight bid-offer of just 0.02 BTC per $1. Extraordinary.
I know seasoned financial veterans will immediately point out the lack of liquidity on the bid-side, but hey, I doubt he ever got hit on his bid.
As pointed out by The Milk Road a $1 investment on that day is now worth $30mm and was worth over $100mm at the high price of BTC (the high price so far, I might add).
…
That got me thinking about how I spent $1 on that day. Being ever so slightly on the spectrum, I can tell you this from my records:
£54.30 landline and broadband charges
£21.31 buildings insurance
£21.24 mobile phone charges
£118.00 Council Tax
£1,328.77 loan charges on a film investment
£59.86 ski passes
£77.13 groceries at Shoppi in Les Houches
£169.75 lunch at Brevent with my lovely, great friends Stuey & Kate, their 2 kids and my daughter
EUR 30 cash on various hot chocolates and beer on the slopes
EUR 4 at the Boulangerie
EUR 1 car parking charge
With an exchange rate of around $1.60 to the pound at that time (wow!) those expenses of mine on that very day would have bought just shy of 5mm BTC, now worth $95 BILLION (**).
Ho hum.
…
(*) Sign up today. You will enjoy it.
https://www.milkroad.com/subscribe?ref=o5CmCFhBAK
(**) I know the liquidity on the offer side was only 15,100 BTC, and 5mm BTC did not exist at the time, but this missive is for entertainment only.
Compliance Stuff
Trigger alert warning — if any reader feels that they are “literally shaking” (as claimed by a Durham student who cannot emotionally cope with a different point of view) after reading my commentary, then I can only suggest you don’t read, or don’t shake. It’s up to you.
Cryptos — none of my commentary should be seen as a recommendation to get involved in cryptos. I might be talking complete nonsense without knowing it. Any crypto investments must be viewed as extremely high risk and treated as if they are worth zero until sold.
Stocks — just to make it clear this is not a stock advisory service. The CCC team does not provide financial advice in any way at all. Any reference to asset prices in this commentary are there to simply give context to the commentary and to give colour to the performance of certain stocks related to cryptos.
For the avoidance of doubt, this newsletter is not an incitement to buy cryptos, buy stocks, or even to sell family members in the hope of buying cryptos or stocks.
Please note that all copyright is reserved to Curious Cryptos Ltd.
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