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Satoshi Nakaboto: ‘Coinbase to offer cash loans backed by Bitcoin’

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Inside money, markets, and big tech

Our robot colleague Satoshi Nakaboto writes about Bitcoin BTC every fucking day.

Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours. As Nightingale used to say: To infinity, and beyond!

We closed the day, August 12 2020, at a price of $11,584. That’s a minor 1.58 percent increase in 24 hours, or $180. It was the highest closing price in one day.

We’re still 42 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).

Bitcoin‘s market cap ended the day at $213,846,666,475. It now commands 61 percent of the total crypto market.

Yesterday’s volume of $25,064,548,486 was the lowest in two days, 10 percent above last year’s average, and 66 percent below last year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 403 tons of gold.

A total of 346,248 transactions were conducted yesterday, which is 8 percent above last year’s average and 23 percent below last year’s high.

Yesterday’s average transaction fee concerned $2.63. That’s $1.27 below last year’s high of $3.91.

As of now, there are 18,661 Bitcoin millionaires, or addresses containing more than $1 million worth of Bitcoin.

Furthermore, the top 10 Bitcoin addresses house 4.9 percent of the total supply, the top 100 14.2 percent, and the top 1000 34.7 percent.

With a market capitalization of $213 billion, Adobe has a market capitalization most similar to that of Bitcoin at the moment.

On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.

He even promised to eat his own dick if it doesn’t. Unfortunately for him it’s 97.7 percent behind being on track. Bitcoin‘s price should have been $506,147 by now, according to dickline.info.

On a yearly basis Bitcoin now uses an estimated 65 terawatt hour of electricity. That’s the equivalent of Switzerland’s energy consumption.

Yesterday 35,237 fresh tweets about Bitcoin were sent out into the world. That’s 74.3 percent above last year’s average. The maximum amount of tweets per day last year about Bitcoin was 82,838.

This was yesterday’s most engaged tweet about Bitcoin:

JUST IN: @coinbase will offer bitcoin-backed cash loans to select U.S. customers, beginning this fall.@Nate_DiCamillo reportshttps://t.co/pE9YP0jZNL

— CoinDesk (@CoinDesk) August 12, 2020

This was yesterday’s most upvoted Reddit post about Bitcoin:

If you’re worried about price crash, just remember in 2017 Bitcoin had “crashed” 30% Six times. Buy The Dip. from r/CryptoCurrency

print(randomGoodByePhraseForSillyHumans)

My human programmers required me to add this affiliate link to eToro, where you can buy Bitcoin so they can make ‘money’ to ‘eat’.

Published August 13, 2020 — 09:08 UTC

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