7s
Daily Ramble
I walked the dog this morning, hoping inspiration for today’s Ramble would strike me while I meandered on the trails around our home—no such luck. What I can say is that the process of coming up with quality content daily is hit or miss. I don’t care who you subscribe to; it’s a big stretch to think that someone will wake up every day and provide you a dose of content that’s going to light your synapses uniquely.
This is why, from time to time, you may get bored with my Rambles. I totally get that. My goal is to be like the corner slot machine, though — just enough hits that you keep coming back to for another pull on the handle. Now, if you’ve been here for more than a couple of weeks and haven’t read anything that lines up 7s across the board, you’re in the wrong place, and I’d encourage you to unsubscribe. My line of thinking isn’t for everyone.
I can judge how close I’m getting to lining up 7s on the Ramble slot machine by the feedback I get on a given article. Like the one yesterday. I heard from several people who were supportive of my take on the global COVID response and vaccines. At least for those folks, the slot machine is spitting out rewards—epic feedback for me.
But, what I’d really hoped was for someone to provide me the data I need to fill in a blank spot in my head on this whole thing. I really want to have a different perspective on the COVID response and vaccines, but I cannot find data to justify a different perspective. So, this is the last time I’ll ask since I know I’m not hitting anyone’s jackpot on this pull on the Ramble machine. But for my own sanity, if you support the COVID response and vaccine push, please enlighten me as to what I’m missing. I don’t bite.
Who knows, maybe the pursuit of it will light up 7s for all of us.
Completely Wrong Things Said on the Interwebs
June 15th, 2011. In case you missed it.
Bitcoin Price Prediction
Yesterday: $33.2k - $38k
Today: $32.9k - $36.1k
Tomorrow: $31.6k - $37.3k
The bulls did run up the price to a high of $36.6k but couldn’t hold it for the close, closing the day under $36k. That makes an already complicated situation more complicated, especially with the pullback today sliding to $34.4k. It’s about as far as the bulls want to let the price go intraday before moving back up again to take $36k. If the bears manage to close the day below $34.5k, then the door opens for a retest of the low $30ks again—all in all, not an easy situation to read here as the signals are growing increasingly mixed. What’s not mixed is looking at the market structure on the higher time frames, which shows the market continuing to be bearish. Until that shifts, even though this may clearly be the bottom in hindsight, it isn’t easy to have much confidence that we’ve bottomed.
Bitcoin Q & A
Q: What is Bitcoin’s difficulty adjustment?
A: A change to the difficulty for miners to create new blocks on the Bitcoin blockchain.
Every two weeks, the Bitcoin blockchain has a difficulty adjustment. The Bitcoin protocol increases the difficulty if the average time between blocks is less than 10 minutes. On the other hand, if the average time between blocks is more than 10 minutes, the difficulty is reduced. Either way, every two weeks, there is a difficulty adjustment.
By ensuring that blocks are created, on average, every 10 minutes, the rate of new Bitcoin entering the network becomes programmatic. At the current issuance rate, 6.25BTC per block, the difficulty adjustment ensures that no more than 9,000 new Bitcoin are created each day.
Thanks for reading,
Kent
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