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One of the greatest inventions of our century is the Internet. Yes we have many more and some of them fundamental for the Internet but we would never had in our life time easily access to knowledge, freedom of speech and more without this technology.

The drawback of the Internet is the amount of information available and how hard it may be to find the most relevant. Keeping it short and useful, this section is dedicated to the most technical and fundamental articles on Cryptocurrencies.

The Puell Multiple

Another type of metric, which has recently gained some attention in the Crypto community, is the the Dollar Value of Mined Coins on daily basis or Bitcoin’s Daily Issuance. This metric proved to have consistently identify all the swing lows based on previous All Time Highs like clockwork. This relationship held for the two major, halving associated, bull-bear market cycles as well as the several shorter ones during the early years.

This metric shines a light onto the other side of the coin from the proverbial Hodlers of Last Resort, namely the Compulsory Sellers and thefundamentals of mining profitability that are at play in shaping Bitcoin’s market cycles. David Puell’s simple yet ingenious idea of adjusting this metric by its yearly simple moving average has produce a new, powerful and elegant tool to gauge the market cycles from a Mining Profitability/Compulsory Sellers’ perspective.

cryptopoiesis, April 2019

In our conversations with institutional investors, we often get asked the question “What is your model to value Bitcoin?”. Investors want to know what the fundamental drivers are behind BTC price gyrations, and whether at a given time Bitcoin is overvalued, undervalued, or at fair value.

We suggest two new ways to measure changes in Bitcoin saving behavior:
– Relative Unrealized Profit/Loss Ratio (≈investor sentiment)
– HODLer Position Change (≈insider buying/selling)

Tuur Demeester, Tamás Blummer, and Michiel Lescrauwaet, February 2019

Bitcoin Realized Value (red) vs Price (blue)

Many people argue that the capitulation is really in when we feel that there’s is too much pain. I tend to agree with the phrase, but, sorry, but this is too subjective. How can we measure it? What are the markers, statistical analysis to back these perceptions? How can we be certain which is the current feeling of the players?

Renato Shirakashi, January 2019

Bitcoin is something that is natural, decentralized, uncontrolled and digital. This is something that didn’t exist before Satoshi invented it in 2008 and I would argue, doesn’t exist with any other cryptocurrency. This is the key to Bitcoin’s usefulness as money. Scarcity is the first thing that’s required without which its proposition as money crumbles.

Jimmy Song, January 2019

2018 has been a challenging year for everyone in the crypto space, from asset issuers (the people selling coins), to exchanges and platform operators (the people enabling the speculation on the coins), to investors (the people buying the coins).

It’s been an *amazing* year for lawyers, accountants, PR firms, and other professional services providers who got a windfall of millions, if not billions, of ICO dollars to help folks figure out just what is going on and how to cope.

Meltem Demirors, November 2018

Representation of Bitcoin’s changing tides

Here, we want to more granularly explore the prevalence of key narratives. We identify seven distinct major themes that have held positions of prominence among Bitcoiners throughout its history. Note that these do not necessarily have to be the most influential narratives — we are instead focusing on major strains of thought that have characterized Bitcoin users.

Hasufly and Nic Carter, July 2018

Bitcoin UTXO Age Distribuition

A common pattern after every rally in Bitcoin’s price is what we have named a “HODL wave.” A HODL wave is created when a large amount of Bitcoin transacts on the way up to and through a local price high, becoming recent BTC (1 day — 1 week old), and then slowly ages into each later band as its new owners HODL.

Dhruv Bansal, April 2018

A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. 

Satoshi Nakamoto, October 2008