Teamwork
Daily Ramble
If there’s one thing sports taught me as a kid, it’s the benefits of working together as a team. In the game of life, being married is the ultimate team. The team size is two and the goal is to build a thriving life together. Short of Russian Roulette, it’s the highest stakes game available since your most limited resource, time, is committed to the endeavor.
Until late our particular team has had a lot of i’s in it, despite the famous saying. But I’m happy to report that today is one of those days when I’m glad my wife and I are on the same team: we’ve been tag-teaming a sick kiddo all day quite flawlessly. Ana had the morning, I had the afternoon, and in the late afternoon, Ana knocked off work early to give me a chance to nap ahead of what will surely be another long night of caring for our feverish little girl.
Now don’t get worried, Naia is in high spirits, and a down weekend stretches ahead of us. Just what the doctor and team Halliburton ordered.
Favorite Thing on the Interwebs Today
My phone is proof.
Bitcoin Price Prediction
Yesterday: $21k - $26k
Today: $22k - $25k
Weekend: $21k - $30k
Today’s price action is drawing to a close shortly. Price has been sideways within a $1000 range, which sounds like a lot, but is only 4% given the high prices we’ve reached. A 4% price range directly after a two day 24% pump is quite narrow. All in all the market looks poised to continue climbing but may need the weekend to consolidate before its next leg up. That consolidation may even require a swing into the $21k region before pumping out, but my bet is that we don’t see $20k for a while, if ever. $20k was such a tough resistance area that everyone and their favorite pet are salivating at the possibility of price retesting $20k for an entry. Price has a funny way of avoiding all-too-obvious areas, but if it does reach $20k, I have no problem joining the crowd.
Bitcoin Ed Bite
Yesterday I explained why scarcity, and specifically the amount of work that goes into producing it, keeps gold a highly prized metal.
Today, I’m going to explain why Bitcoin’s scarcity is better. The first reason is the number 21 million. That’s how many Bitcoin will ever exist. More cannot be made. How do I know? Because it’s coded in the protocol for anyone to observe. Gold does not share this characteristic. As the price of gold increases, gold that was too expensive to extract before suddenly becomes profitable to mine, and new supply eventually makes its way to market.
The second reason is that every 10 minutes all 21 million Bitcoin can be accounted for by auditing the open ledger. Quite literally, all 21 million Bitcoin are sitting as unspent transactions waiting to be moved. Each new block occurs roughly every 10 minutes updating the ledger for the 21M Bitcoin and also ensuring the entire 21M are accounted for. We don’t know who owns what Bitcoin, but we are able to tell where all 21M are. Can’t say the same for gold now, can we?
Thanks for reading,
Kent
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