Is Bitcoin Trading a Dirty Business? With Willy Woo - WBD222
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 12 May 2020
⏱️ 64 minutes
🧾️ Download transcript
Summary
Location: Zoom Date: Sunday 10th May Project: Hypersheet Role: Co-Founder
On May 11th, at block 630000 Bitcoin had its 3rd halving, cutting the block reward issued to the miners from 12.5BTC to 6.25BTC. This reduction in the subsidy is seen by many as a bullish event for Bitcoin. With the block reward cut in half, the amount of Bitcoin available for the miners to sell in the market drops from 1800 BTC/day to 900 BTC/day, reducing the sell pressure from newly minted coins.
Bitcoin's recent drop in price has been attributed, by some, to miners selling off some of their Bitcoin, to support lower revenues with the blog subsidy halving.
While miners have typically been the largest sellers in the Bitcoin market, now that the subsidy has again cut in half, Willy Woo has claimed the majority of the sell pressure will not come from the exchanges.
Woo puts this down to the rise in popularity of the derivatives and futures markets on exchanges such as BitMex and Deribit. These exchanges take fees of up to 0.075% per trade and offer high leverage options of up to 100x. As the popularity of these exchanges has grown, so have the fees.
With the selling pressure from miners dropping and the sell pressure from the exchanges growing, is trading detrimental to the growth of Bitcoin?
In this interview, I am joined by Willy Woo, an on-chain analyst and the co-founder of Hypersheet. We discuss Bitcoin trading, the rise of the unregulated, high leverage futures platforms and if trading is damaging to the growth of Bitcoin.
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Transcript
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| 0:00.0 | In the very immature thinly traded asset like Bitcoin, it takes just a few guys with all the |
| 0:08.4 | ammo in the world just to move it anywhere they want and to take out the most traders. So it's a lethal combination. |
| 0:15.2 | Hello there from Bedford, how are you all? Welcome to the era of the 6.25 |
| 0:19.8 | BTC Block reward. Bitcoin has had its third halving. |
| 0:23.1 | Did you grab a beer and watch it? |
| 0:24.8 | I joined Tone Vay's incredible live stream |
| 0:27.1 | with thousands of others. |
| 0:28.0 | So a big thanks to Tone for inviting me |
| 0:30.0 | and putting on a very, very cool event. F2 Paul mined the last block of the 12.5 Bitcoin period, |
| 0:36.0 | and they left a nice little message. |
| 0:38.0 | New York Times, 9th of April 2020, |
| 0:41.0 | with 2.3 trillion dollar injection, Fed's plan far exceeds 2008 rescue, which was a very |
| 0:47.4 | cool tip of the hat to Satoshi's message in the Genesis Block. |
| 0:50.0 | Anyway, welcome to the What Bitcoin did podcast, which is brought to you by Krakhan, the best place to buy, sell and trade Bitcoin. |
| 0:56.0 | I'm your host Peter McCormack, and today I've got an interview with Willy Wu on whether training is detrimental to the price of Bitcoin. |
| 1:02.0 | But before that, I have a message from my show sponsors. |
| 1:05.0 | First up we have crypto mining tools and with the Harving now done |
| 1:08.0 | I want to welcome back Scott Offer to the show. |
| 1:11.0 | We know that the Harving can have a big impact on mining |
| 1:14.5 | profitability and Scott from crypto mining tools has a solution for |
| 1:17.6 | Bitcoin mining equipment owners looking to get a little bit more out of |
| 1:20.8 | their miners. I've told you about Scott's Bitcoin Mining calculated in the |
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