This afternoon, the MWC airdrop claim process commenced, nine days ahead of the initially scheduled December 11th date – and thus far, it has been seamless. So much so, in fact, the BIP the MWC team contributed to the BTC Github will undoubtedly become the standard for all future airdrops.
The time between claims being approved, and coins hitting wallets can be up to 48 hours – as they must be extracted from the unique cold storage system MWC’s dev team built…that will also, very likely, become the MimbleWimble standards going forward.
However, many claims were immediately processed – and sent straight to HotBit for selling, by “maximalists” and those with no fundamental interest in holding; that frankly, is baffling, as not only is MWC a potentially VERY valuable asset due to MimbleWimble’s superior blockchain technology - but the “perfect hedge” if Bitcoin’s inevitable privacy, scaling, and fungibility debate is contentious. And of course, the fact that at current prices – especially now, when many such holders are selling at once - the payoff is so small.
To wit, the exact same thing happened when Bitcoin Rhodium’s first exchange launched. The situation was slightly different, as its MainNet launched in October 2018, with the first exchange listing in December, when Bisq trading launched. However, few people use decentralized exchanges; thus, it wasn’t until XRC’s first centralized exchanges launched in January 2019 that non-fundamental sellers arrived en masse…not to mention, with Bitcoin at the tail end of a severe bear market. The price immediately plunged close to zero…but three months later, after the overhang was absorbed, a new ATH was achieved.
Today, the crypto bear market is equally fierce…but equally likely, has bottomed, given Bitcoin’s rapidly approaching May 2020 halving. However, MWC has ALREADY listed on a quality exchange, HotBit; thus, airdrop recipients who want to sell have an easy outlet to do so (as well as OTC). So, with six million MWC being airdropped (of the total 20 million lifetime cap), it is likely there will be a significant amount for sale…and conversely, a significant amount of opportunistic buyers.
It’s hard to believe anyone would sell such a potentially valuable asset for nothing, especially when they know everyone else is doing so (due to the airdrop launch), for the same, non-fundamental reasons. Not to mention, when fellow “MimbleWimbleTrinity” coins Grin and Beam are near their lows for the year – thrown out, like “babies with the bathwater,” despite MimbleWimble’s dramatic technological advancements; thus, failing to discern these coins from 99%+ of the entire crypto universe.
Also, consider that the “MWC HODL” program is a powerful motivating factor – as along with the six million FREE MWC be given out in the airdrop (30% of the 20 million lifetime supply cap), an additional two million (10% of supply) will be given FREE to passive holders. Terms have not yet been disclosed, but will be sometime in the next month or so; however, Lead Dev Chris Gilliard has already suggested the HODL program’s lifespan will likely be around three years.
So, as we have seen in XRC, where “Strong Hands” wallets have grown each of its first three quarters, it is likely the HODL effect in MWC will be as strong as any coin in crypto – particularly, as most MWC has a zero cost basis. Not to mention, the fact that at current prices, more will be acquired for “pennies on the dollar.”
Already, we can see huge “stink bids” building on HotBit – hoping non-fundamental selling from “maximalist” airdrop recipients will enable them to acquire significant positions on the cheap. In other words, SMART investors seeking to capitalize on the “post airdrop overhang” – which has been exacerbated by a vicious (but typical) crypto bear market…that more likely than not, is near – or at – it’s end.
The MWC airdrop registration ended July 19th; MainNet launched November 11th; and airdrop claims commenced December 2nd. A total of 148,474 Bitcoin registered – roughly 1% of the entire BTC float - yielding an MWC/BTC ratio of roughly 40.41…and currently, it trades at HotBit.io. For more information, please check out the MWC website, Discord room, Twitter feed, and Telegram Forum.
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