Five bullet Friday - issue #97

   Crypto markets seem to return slowly from the panic selling of bitcoin miners. No country in the world can ban bitcoin or the internet. They can only ban themselves from bitcoin or the internet. I was surprised to hear that 60% of bitcoin's hash rate went down in just 2 weeks and bitcoin is humming along just fine.

1. Most of us instinctively understand linear growth but not exponential growth. Bitcoin and Ethereum are growing at exponential rates. Human Genome project launched in 1990. By 1998, only 2% of the genome was sequenced. Linear thinking would conclude that it will take another 50 years to complete. But it reached completion by 2003. Bitcoin adoption rate is now at 2% and it is doubling every year. At this rate, we will reach 64% by 2026. 

2. Bitcoin experienced its largest sovereign-state attack since 2009 and it survived. The evidence is very clear that it is a coordinated attack with multiple countries simultaneously passing regulations and shutting down miners. I saw this image, which captures the timeline of the attacks. 

3. We collected our staking income from Synthetix for last week and this week. For last week, we collected $15,447 in SUSD and 7082 SNX tokens, giving us an income of $66,372 for staking 798283.27 SNX tokens. This gave us a yield of 81% as can be seen in our retained earnings spreadsheet.

4. When the SNX price was $28 around 2 months ago, we had  696,000 tokens. All the while we are engaged in proof-of-stake mining, which increased our stake to 809,924 tokens. This will help us when the market moves up. The founder of Synthetix is Kain Warwick who has come back to the project this month and wrote a blog post. This is as important as Steve Jobs returning to Apple after a hiatus to start NeXt. It bodes well for Synthetix.

5. Rari capital allowed us to stake our SOHM tokens and receive income for providing liquidity to the pool. We staked our 7500 OHM tokens to receive additional income. Unfortunately, Rari protocol is not integrated with Zapper. Our tokens staked in Rari are not appearing in Zapper. Please "upvote" here for Zapper to integrate with Rari protocol: https://features.zapper.fi/protocol-requests/p/fuse-by-rari-capital

   Ravi Avadhanam is currently exhibiting RCIF at AAPI (American Association of Physicians of Indian origin) convention in Atlanta in Booth Number 310. If you are in Atlanta, it is a good time to meet Ravi. If you are at the convention, please stop by booth 310. Here is more info on the Conference: https://www.aapiconvention.org/

Have a wonderful weekend!

Sam Ikkurty