BTC Stagnates; ETH Hits ATHs

Some harsh words on Bitcoin from legendary investor Charlie Munger at the Berkshire Hathaway Annual Shareholders Meeting this week. 97 year old (over a decade older than my grandparents who won’t be reading this because they’ve never used the internet) Munger seemed to be baited into giving his thoughts on Bitcoin from the media who anticipated some colourful remarks. For the record, Berkshire Hathaway missed Microsoft, they were 40 years late on Apple, they didn’t invest in Google when it became public and they’ve passed on it every year since. I’m not an ageist but I’m probably not going to my great grandpa to ask for his thoughts on disruptive new technologies.

On a lighter note, we just wanted to send a quick thank you to our amazing clients for helping us blow past $300,000,000 in trading volume in our first 11 months — insane. Here’s a peek at our growth:

What we saw at the desk

It was a busy week on all fronts for us! We saw a ton of new onboardings this week and a lot of flow into the majors — still led by Bitcoin but very closely followed by Ethereum.

Taproot for dummies

If you’ve been following crypto Twitter (CT) recently you might’ve noticed that many folks have green squares in their name. I first heard about Taproot a couple of years ago and now it looks like the integration is imminent. I honestly had no idea what it was before writing this and I figured that most of you probably don’t know what it is either. So, I put in a few hours this week to read through the complexities and lay it out in a way that I’d understand (layman’s terms).

Bitcoin hasn’t changed much since its inception. In fact, the last upgrade was August 2017, when the SegWit upgrade was implemented as a soft fork on the Bitcoin network which allowed for more transactions to be stored in a single block, increasing the transaction throughput of the network.

Taproot is one of the most anticipated technological upgrades to Bitcoin since SegWit. In one sentence:

Taproot is a soft fork of Bitcoin that improves Bitcoin’s scripts which will eventually increase privacy and allow Bitcoin to be more scalable while also enabling more complex transactions. Boom.

The way these soft forks work to get implemented is by consensus from miners. Essentially, miners have a specific amount of time to come to a overwhelming majority agreement (90%). Now that Taproot activation has begun; miners now have 3 months to get on board and it appears that this soft fork will happen sooner rather than later as miners have already pledged support. You can track the percentage of Taproot-signaled blocks by visiting https://taproot.watch/.

I’m not sure exactly how Taproot will affect me personally, but I’m down with anything that an overwhelming majority of really smart people think is a good idea.

Out of everything I read, I think Binance did a pretty solid job of explaining it if you wanted to take a deeper dive you can click here.

Have a great weekend!

In case you missed it…

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If you’re interested in learning more about opening a trading account with Satstreet please email me directly at mike@satstreet.com. If you’re ready to open account please sign up here.

Satstreet serves private Canadian clients including some of the largest Bitcoin mining operations, institutions, and high net worth individuals. Satstreet has raised initial funding from Round13 Capital and several prominent investors.

Privacy. Security. Best Price Execution.

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Co-Founder @ Satstreet

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Mike Nasser

Mike Nasser

Co-Founder @ Satstreet

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