5 Minute Crypto ⏳ - Binance pause, Ordinals 🐞, 100x lessons, AllCoreDevs 🚢, Hyperbitcoinization, and more

Hey hey hey — this is the 5 minute crypto update for Monday May 8th

We’ve got a lot to cover including Binance, ETH deflation, finding 100 bagger returns, notes from AllCoreDevs, and Buffett talking about the almighty US dollar

Let’s get it on, no choice but to get it on!

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As of this recording,

Bitcoin has dipped 2% to $28,100
ETH is following along, now at $1850
Very red down day today

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What’s going on in crypto land…

https://www.coindesk.com/business/2023/05/08/binance-pauses-bitcoin-withdrawals-for-the-second-time-in-24-hours/
…and it may be related to Binance, the largest centralized crypto exchange, which has paused bitcoin withdrawals for second time in 24 hours
https://www.theblock.co/post/229653/bitcoin-ordinals-inscription-numbering-challenge
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https://www.coindesk.com/policy/2023/05/05/voyager-digital-plans-to-liquidate-assets-wind-down-after-sale-dreams-crushed/
Also in Binance news, after Binance US’s acquisition talks with Voyager failed for like the 5th time, Voyager is now calling it quits and will liquidate assets, shut down

ETH supply deflating bigly!
Ultrasound.money
With meme coin mania, ETH has become more and more deflationary
Since merge (234 days ago), the network has burned 187K ETH
Current total supply is 120.3M - and likely the highest it will ever be, especially if bull market returns

Perps pushing around bitcoin
https://www.bloomberg.com/news/articles/2023-05-05/bitcoin-btc-perpetuals-seen-becoming-an-even-bigger-driver-of-prices
Interesting article from Bloomberg on how bitcoin perpetuals are playing a growing role in driving bitcoin’s price

Want to find a 100 bagger? The next $PEPE? This thread has some clues
https://twitter.com/ChadCaff/status/1654465804052860935?s=20
Though I don’t condone this behavior, it is a fundamental part of crypto - free markets and instant liquidity, and it is interesting to learn from

ETH core devs gearing up for the next upgrade, just keep shipping
https://tim.mirror.xyz/8hWUEmXWt-ZYNh4UlU4dMhsV9aNo26oNigCuy-z1k38
In his latest post from May 3, he describes the final planning stages of the next upgrade called Dencun (short for Deneb + Cancun)

https://twitter.com/crypto_condom/status/1654673557316677632?s=46
Fascinating tweet from CryptoCondom on how the ETH foundation always seems to sell at a local top
But turns out it’s not quite true, in another tweet from https://twitter.com/Fiskantes/status/1654679128354996226?s=20
So don’t believe all the FUD you here

Oldie but goodie on the promised land (or maybe the terrible apocalypse) of hyper bitcoinization, which is easier to understand than to spell
https://nakamotoinstitute.org/mempool/hyperbitcoinization

Buffett fading the dollar at Berkshire Hathaway’s annual meeting
https://twitter.com/GRDecter/status/1655203348033810439
An audience question about US fiscal position
And there was no question, when the pandemic broke out, I mean, it was a semi war-like situation, but nobody knows how far you can go with the paper currency before it gets out of control. If and particularly if you're the reserve, world's reserve currency, nobody knows the answer to that.

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That’s it for today! That was 6 minutes long. All the links are in the show notes. You can follow @twodegenspod on Twitter and subscribe for more!

Outro clip: 1000x podcast talking about the rise of $PEPE coin and the casino element
https://www.youtube.com/watch?v=i7ddfquivmM