Ep. 45 Trade Wars and Bitcoin Sours

On this episode of the unhashed podcast: Shit is hitting the fan hard in Hong Kong, and both the HKD and the CNY are dropping considerably to the dollar. The question is: is this good for Bitcoin? $10-30M of Tether is flowing out of Russia and into China everyday. Do Chinese business men really prefer Tether to BTC? We just hit the 2 year anniversary of the User Activated Soft Fork on the Bitcoin Network. To What degree did ASICBoost play a role?

0:00:00 Introduction

0:03:40 Hong Kong unrest leads to currency turmoil

0:12:22 Bitcoin hash rate reaches all time high

0:20:57 85% of all Bitcoin have been mined to date

0:28:10 Tether used in China-Russia business

0:37:20 Anniversary of UASF

1:00:15 Listener Question

1:13:40 Price Analysis

1:13:56 Lightning Round

Weekly News Wrap Up:

  1. The unrest in HK continues, with a notable uptick this week.  Both the Hong Kong Dollar and the Chinese Yuan have gone through their pegs this week, both weakening considerable to the US Dollar.  WTF does this have to do with Bitcoin? Both of these indicators are saying that money is looking for any way it can to get out of Hong Kong and China.  So, the question on everyone’s minds, is this good for Bitcoin? 

  2. Bitcoin Hashrate just hit a new All Time High.  During the last 2 week period an estimated 100,000 new ASIC miners have been added to the network.  The difficulty level also hit a new ATH at nearly 10 Trillion.  

  3. As of this week, 85% of all Bitcoin has now been mined, with the remaining 15% to be mined over the next 121 years. What’s even more startling is that 9% will be mined during the next halvening period, leaving only 6% remaining after 2024.

  4. Apparently, Chinese businessmen who import into Russia much prefer Tether over Bitcoin.  At least, thats the implication from a Coindesk report that came out late last week. Citing sources from a Russian OTC desk, $10-30M per day of Tether is flowing from Russia to China.  The same sources said that of the total volume of funds, Tether makes up around 80% and Bitcoin 20%.  

  5. Exactly two years ago, on August 1, the first user-activated soft fork (UASF) was scheduled on the network. This day is now celebrated as Bitcoin Independence Day. It was the culmination of a long dispute about how to increase the block size. On one hand, a group of miners and companies wanted to take control with a hard fork block size increase (aka Segwit2x), while on the other hand, users wanted to get moderate scaling via the Segwit soft fork.

    1. To what degree did ASICBOOST play a role?

    2. How did this result in Bitcoin Cash?

Listener Questions:

Cameron asks - “Opinions on BTC loans, or lending?”

Price Analysis:

Number go up a lot

Shout Outs: 

Mario: Time encryption ICO video

Ruben: Article on shorting the PoW hashrate

One Final Note:

Make sure you are storing your crypto on something secure like a Ledger and backing it up on something sturdy like a Billfodl. If you buy these items through the links above, we do take a cut of the profits but it also helps support the show - a win/win for all involved.

And also...thanks for stopping by and listening. If you want to help us grow, there are several ways you can help out. You can donate bitcoin to us at the address on the donate page on our website unhashedpodcast.com, you can also sponsor our show by getting in touch with us at mailbag@unhashedpocast.com, or there are a few other things you can do that will cost you nothing but a little time - you can rate our show on itunes or wherever you are listening to this, you can tell a friend about us, or most easily, you can retweet our tweets announcing each episode and follow us @unhashedpodcast or join our telegram channel at t.me/unhashedpodcast. Again thanks for listening and helping us grow. See you on the other side.

Colin aulds