Silk Road’s Ross Ulbricht, who is currently serving his prison term in a United States penitentiary, has previously sought help from some highly influential people in the cryptospace, with Roger Ver being one of them. Bitcoin Cash [BCH] proponent, Roger Ver, has been quite vocal about his support for the “darknet pirate,” calling him a genius and urging people to sign a petition for his release.
In a recent letter, Ulbricht thanked the CEO of Bitcoin.com for his support. Citing the the benefit concert organized by Ver, Ulbricht wrote,
“.. can you imagine if the president released me beforehand then I could crash the party and tell everyone prison stories and all my thoughts on the criminal justice reform there’s a lot to discuss prison doesn’t get easier but I am keeping my chin up with friends like you out there I feel it is just a matter of time before this nightmare is behind me.”
Criticizing the country’s law enforcement agencies, Ver said people getting together and writing down words on a piece of paper “did not alter reality.” He added,
” .. if people have the right to drink alcohol they have the right to smoke marijuana they have the right to smoke crack because their lives and their bodies belong to them and their lives and their bodies don’t belong to the politicians or the police officers.”
The former darknet market operator and the founder of Silk Road, Ross Ulbricht, created the marketplace which allowed participants to evade government intervention by maintaining user anonymity leveraging Tor encryption and Bitcoin. The space enabled users on the network to disguise their identity and location, something that did not sit well with US law enforcement agencies. The young entrepreneur was slapped with a double life sentence.
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Bitcoin’s on-chain/off-chain valuation indicators the key point of focus as coin heads to $13,000
With the rise in Bitcoin’s price, the rest of the cryptocurrency market has followed suit by displaying a green trend across the board. In a recent series of tweets by popular cryptocurrency analyst Adam Tache, users were informed about the top Bitcoin on-chain and off-chain valuation indicators, derived from on-chain valuation models.
The analysis touched on the Mayer Multiple created by dividing the price by the all-important – 200 day moving average. The current average Mayer Multiple stands at a figure of 1.39, which may climb higher. Looking at previous figures, the normal Mayer Multiple figures stated that if the value shoots up to 2.4, then Bitcoin eventually retraces back to a comfortable 1.5. The Mayer Multiple is usually considered as the original indicator used to clock the valuation of Bitcoin.
Another major indicator discussed in the thread was the NVT Ratio invented by Willy Woo, Partner at Adaptive Fund. The indicator is used to calculate Bitcoin’s prominence or value in the cryptocurrency space by evaluating the amount transacted on the blockchain as a “proxy for investment flow and bear and bull market cycles.”
At the moment, the NVT ratio for Bitcoin is in an abnormal region compared to the start of previous bullish patterns. The NVT ratio was above the “bear market” separator, which meant that the cryptocurrency was overbought. When Bitcoin is overbought, it usually means that the buying pressure is much higher than the selling pressure. Adam Tache opined,
“NVT signaling overbought is likely due to a number of factors — namely the proliferation of exchange-based, purely off-chain txs driving short-term price action.”
The analysis also pointed out the liveliness of the Bitcoin indicator created by Tamas Blummer. The indicator showed the inverse count of lost or ‘HODLed’ Bitcoin, while stating that when the ratio increases, long-terms holders of the cryptocurrency decrease their positions. The indicator conveyed accumulation of Bitcoin when the ratio decreased.
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