8th October 2022 > > BTC back in the day.

tl;dr

The first ever BTC market.

Market Snap

Market Wrap

Long end rates hurting risk assets in reaction to the NFP numbers. As we draw closer to a month after The Merge, we will soon find out if the CCC’s opinion that selling before and buying back afterwards using DCA (dollar cost averaging) – in stark contrast to every other commentator – was the smart move or not.

Occasional Series – Email formatting problem solved

As ever, Janey, our Head of Production sorts out all our problems.

Curious Cryptos’ Commentary - Love this from “The Milk Road”

Regular readers already know that The Milk Road is far more entertaining than my daily missive (*).

And I am shamelessly stealing this from them – the first known website to list bids and offers for BTC on 28th December 2009:

I love the idea that with no other market information the price is being determined by the rate for using electricity. This chap or chapess was furiously mining away and can be safely assumed to be living on a super yacht somewhere hot by now.

What is even more notable is the tight bid-offer of just 0.02 BTC per $1. Extraordinary.

I know seasoned financial veterans will immediately point out the lack of liquidity on the bid-side, but hey, I doubt he ever got hit on his bid.

As pointed out by The Milk Road a $1 investment on that day is now worth $30mm and was worth over $100mm at the high price of BTC (the high price so far, I might add).

…

That got me thinking about how I spent $1 on that day. Being ever so slightly on the spectrum, I can tell you this from my records:

£54.30 landline and broadband charges

£21.31 buildings insurance

£21.24 mobile phone charges

£118.00 Council Tax

£1,328.77 loan charges on a film investment

£59.86 ski passes

£77.13 groceries at Shoppi in Les Houches

£169.75 lunch at Brevent with my lovely, great friends Stuey & Kate, their 2 kids and my daughter

EUR 30 cash on various hot chocolates and beer on the slopes

EUR 4 at the Boulangerie

EUR 1 car parking charge

With an exchange rate of around $1.60 to the pound at that time (wow!) those expenses of mine on that very day would have bought just shy of 5mm BTC, now worth $95 BILLION (**).

Ho hum.

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(**) I know the liquidity on the offer side was only 15,100 BTC, and 5mm BTC did not exist at the time, but this missive is for entertainment only.