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Governor Andrew Bailey and Chancellor Jeremy Hunt revealed a roadmap on Monday night for creating a new central bank digital currency (CBDC) – dubbed “Britcoin” in the press – that could enter circulation by the end of this decade. It is understood that Britons will initially be limited to transferring a few thousand “digital pounds” into their accounts under plans being drawn up. The limit will be imposed in order to prevent “large and rapid outflows” from traditional high street banks.“A limit on individuals’ holdings would apply at least in the introductory phase,” the Treasury said. “This would strike a balance between both encouraging use and managing risks, such as the potential for large and rapid outflows from banking deposits into digital pounds. These limits could be amended in the future.”
Tweets: @allenf32 @BernieSpofforth @Nigel_Farage @thecryptoc0up1e @federico_rivi $The prime objective of the programme is to use additional foreign exchange resources from the Bank of Ghana’s Domestic Gold Purchase programme to provide foreign currency for the importation of petroleum products for the country which currently stands at about USD350 million per month. The programme also aims to procure petroleum products at very competitive prices through Government-to-Government (G2G) arrangements.
Tweets: @JanGold_ @PulseGhana @tv3_ghana @JoyNewsOnTV @BBSimons $Please tag @BTCNEWS_TODAY on Twitter to submit tweets.
Tweets: @MitchellHODL @WallStreetSilv @WallStreetSilv @saylor @glassnode @charlie21fastaf @TheBlueMatt @derekmross @ssaurel @BTC_Archive @lopp @BitcoinPierre @BTC_Archive @TheBTCManual @JoeConsorti @ErinEMalone @DSBatten @TheWhyOfFI @MoheganBTC @DocumentingBTC $Fedimint is an emerging open source protocol that combines bitcoin, lightning, chaumian ecash, and federated custodians (called Guardians) to create community wallets that are easy to use, have strong privacy, reduced custodial risk, cheap and fast payments within the community, and interoperability with all bitcoin wallets. Current Fedimint development is focused on easy to use consumer wallets that could replace usage of major custodial wallet providers such as Binance and Wallet of Satoshi, but what if the same tech was used to replace major custodial mining pools such as Foundry and AntPool.
Tweets: @ODELL @ODELL @TheVladCostea @ODELL $There’s a new way to mint non-fungible tokens (NFTs) on Bitcoin, one that involves putting the actual content of the NFT completely on-chain. Only the creator of this standard, Casey Rodarmor, doesn’t want to call them NFTs. He thinks that the word is tainted, so instead he’s calling them “digital artifacts.” An ordinal is any number that defines a position in a series (e.g, first, second, third). In this case, the ordinal is the unspent transaction output (UTXO) for a specific satoshi. This satoshi includes an inscription with the NFT’s content, which could be txt, an image, an HTML, or even an MP3 file, and the ordinal marks this inscribed sat as a special transaction so users can identify and track them. Notably, an ordering system for sequencing satoshis was proposed as early as 2012. Since launching in January, over 1,000 digital artifacts are now immortalized on the Bitcoin blockchain.
Tweets: @BitcoinSapiens @MaxisClub @Cipherhoodlum @BitcoinSapiens @LuchoPoletti @BitcoinSapiens @Pledditor @jimmyvs24 @adam3us @verysmallclaims @thomas_fahrer @CoinDesk @hashrateindex @knutsvanholm @BTCsessions @Pledditor $By using data storage features of the Bitcoin network that were introduced by the Segregated Witness (SegWit) upgrade in 2017 and the Taproot upgrade in 2021, Bitcoin node operators are stuffing images, GIFs and other media files into Bitcoin blocks. But this practice has also resurfaced a conversation of growing importance: miner extractable value (MEV) on Bitcoin. Ordinals are Bitcoin data inscriptions that give miners a glimpse at what the future of Bitcoin MEV could be.
Tweets: @zackvoell @zackvoell @BitcoinPierre @rodarmor @BikesandBitcoin @BitcoinIsSaving @sethforprivacy @LukeDashjr @peterktodd @BitPaine @CoinDesk @derekmross @hellmoneypod @raw_avocado @wowbitcoinrocks @notgrubles @hashrateindex @LukeDashjr @ercwl @glassnode @stephanlivera @nvk @BitcoinIsSaving @RagnarLif $Munger is a Cantillionaire – after Richard Cantillion who wrote one of the first economic treatise in the eighteenth century describing how proximity to the monetary inputs of a society confer special advantages at the expense of wider populus. If there is such thing as “structural inequality”, it has more to do with the way the monetary system is constructed to benefit people who are already super-wealthy than anything else. Bitcoin is more than a disruptive technology. It’s a decentralized counter-attack against a structurally unsustainable and predatory financial system.
Tweets: @BitcoinMagazine @WalkerAmerica @natbrunell @CoinDesk @VandelayBTC @unusual_whales @BitcoinNewsCom @CharFadirepo @BitcoinNewsCom @BitPaine $Please tag @BTCNEWS_TODAY on Twitter to submit tweets.
Tweets: @decentmoney2009 @umbrel @saifedean @jb55 @azbitcoiners @willcole @sciam @saifedean @SahilC0 @damusapp @LynAldenContact @lopp @AFTXcreditor @jimmysong @lisaabramowicz1 @AnitaPosch @BTCTN @BitcoinJungleCR @WatcherGuru @Stromens @BitcoinPierre @getAlby @lopp @BitcoinPierre @RufasKe @notgrubles @LynAldenContact @stackhodler $Traditional banking systems have, time and again, served as a tool for centralized governments to dictate financial access, especially during emergencies. A large portion of the general public sees Bitcoin as a gateway to financial freedom amid growing fiat inflation and geopolitical uncertainties. As intended by the creator Satoshi Nakamoto, Bitcoin seeks to bring power back to the people. No amount of regulations, sanctions or bans can stop people from using Bitcoin as money. Beyond that, a calculated investment in Bitcoin has the potential to bring people closer to attaining their dream of financial freedom.
Tweets: @Cointelegraph $Please tag @BTCNEWS_TODAY on Twitter to submit tweets.
Tweets: @LukeDashjr @TXMCtrades @Abentley77 @BitcoinPierre @RSync25 @advbitcoin @tarik_sammour @BitcoinduLiban @alexbosworth $It took two years for the Fed to deny Custodia’s application despite approval normally taking ten days. Only for it to grow fishier. Denial from an allegedly non-political entity came in concert with the Biden administration releasing a rather skeptical statement about cryptocurrencies: “Roadmap to Mitigate Cryptocurrencies’ Risks.” It gets more ridiculous. And obnoxious. The Fed is excusing its alleged caution about Custodia given the “significant risks associated with cryptoassets and the crypto-asset sector.” Oh dear. Can they be serious? Better yet, do the regulators at the Fed think anyone is fooled here?
Tweets: @MatticusBTC @CaitlinLong_ @CaitlinLong_ @ProfJulieHill $What bitcoin’s strong January may imply for the rest of the year, Ordinals NFT project provokes important questions for Bitcoin community and FOMC's rate decision sends Bitcoin higher.
Tweets: @NYDIG @Victor_Velea $On Feb. 3, the Australian Treasury released a consultation paper on “token mapping,” announcing it as a foundational step in the government’s multistage reform agenda to regulate the market. The paper proposes its taxonomy of four types of crypto-related products: Crypto asset services, Intermediated crypto assets, Network tokens, Smart contracts. While the paper proposes to start the discussion on this taxonomy and doesn’t provide any legislative initiatives, its authors anticipate a relatively easy tailoring of existing laws for a large portion of the crypto ecosystem.
Tweets: @CoinDesk @TheBlock__ @crypto @crypto $Please tag @BTCNEWS_TODAY on Twitter to submit tweets.
Tweets: @JoeConsorti @ParikPatelCFA @ArcadeCityMayor @WalkerAmerica @jb55 @vtchakarova @yassineARK @EpsilonTheory @btc_archive @kerooke @JoeCarlasare @jb55 @fiatjaf @mononautical @BlakeDavis50 @ProfJulieHill @BTC_LN @fiatjaf @DocumentingBTC @ParikPatelCFA $Bitcoin’s architecture trades speed for security. Lightning Network addresses that tradeoff. On the brink of Lightning’s fifth birthday, we now have a global adoption wave taking place. While bitcoin relies on its network of miners to provide security to the network and to build the blockchain for decades and centuries to come, it now depends on Lightning Network to power instant payments. We must therefore associate bitcoin and Lightning as one entity—bitcoin, modernized.
Tweets: @TheBitcoinLayer @timevalueofbtc $How many bitcoin users are there? How should we define a bitcoin user? We cover our preferred ways to categorize and track user growth then compare it to other available estimates. Significant bitcoin adoption is much lower than the estimates of 10-15% penetration or roughly 500 million users that are commonly thrown around today. In fact, he suggests that bitcoin adoption by what we would consider “heavy users” is at 0.01% penetration of the global population.
Tweets: @VailshireCap @BitcoinNewsCom @saylor @BitcoinNewsCom @RealVision @BTC_Archive $The miner said in a release on Thursday that the decision was made to cover some of its expenses. "With bitcoin production increasing and becoming more consistent, we made the strategic decision to sell some of our bitcoin, as previously planned, to cover some of our operating expenses and for general corporate purposes," Marathon’s Chairman and CEO Fred Thiel, said. Marathon said it mined a record 687 bitcoin, which is up 45% from December 2022. Marathon has about 4% of the total Bitcoin hash rate.
Tweets: @NewsDopamine @MarathonDH @Techmeme $The app, which runs atop the Jack Dorsey-backed decentralized social networking protocol Nostr, was removed from the China App Store per request by the country’s top internet watchdog because it “includes content that is illegal in China.” Nostr is built to be censorship-resistant through “relays”, a type of network responsible for receiving posts and distributing them to network participants. Users can publish their posts to multiple relays, and they only see content in the relays they connect to. So if one relay is censored, they can post their content through another.
Tweets: @jb55 @MarathonDH @jb55 @jb55 @0xtonyx @jb55 @derekmross @TechCrunch @Snowden @bastero @make_mhe @Snowden @WuBlockchain @BTC_LN @jb55 @zhubtc @PacStandardTW @CoinDesk $Please tag @BTCNEWS_TODAY on Twitter to submit tweets.
Tweets: @francispouliot_ @NODEINC_ @notgrubles @mullvadnet @francispouliot_ @andreneves @BitcoinPierre @CryptoHayes @Breedlove22 @rot13maxi @francispouliot_ @Croesus_BTC @jameslavish @WalkerAmerica @BitcoinIsSaving @moneycontrolcom @luke_broyles @sethforprivacy @sethforprivacy @caprioleio @ts_hodl @marcrjandrew @coryklippsten @BitcoinMagazine @BitcoinPierre $The entire Nostr protocol depends on people somewhere running a relay server. There is no "Nostr network," there are only relays and clients that connect to relays. There need to be incentives for people to run relays, and in the long run, that is ultimately going to be a huge part of how far relays can scale.
$Most of the world may be fading bitcoin and the layered stack being built on top of it at the moment, but it doesn't seem like those who realize its potential really seem to care all that much. Wallet of Satoshi (a custodial Lighting wallet that has a lot of traction in LatAm) has a record month in January with a ~35% month-on-month increase in transaction volume. People are building products with actual utility that are creating a natural funnel for adoption.
Tweets: @MartyBent @kerooke @adamcurry $Please tag @BTCNEWS_TODAY on Twitter to submit tweets.
Tweets: @damusapp @luke_broyles @kerooke @caprioleio @IIICapital @spiralbtc @BitcoinPierre @woonomic @saylor @TechCrunch @lisa_hough_ @Blockstream @dlacalle_IA @alexbosworth @River @danroberts0101 @coryklippsten $Eight out of 10 high net worth (HNW) individuals have asked their financial advisers about including cryptocurrencies, such as Bitcoin, into their portfolios over the last 12 months – despite the market experiencing a difficult year in 2022. “The world’s largest cryptocurrency is up over 40% since the turn of the year and this will not go unnoticed by HNW clients and others who want to build wealth for the future.” - Nigel Green, the CEO and founder of deVere Group
Tweets: @sygnumofficial @noufsmith $Lebanon will adopt a new official exchange rate of 15,000 pounds per U.S. dollar on Feb. 1, central bank governor Riad Salameh said, marking a 90% devaluation from its current official rate that has remained unchanged for 25 years. The pound has lost some 97% of its value since it began to split from the 1,507 rate in 2019. While capital controls have never been formally imposed in Lebanon, banks since 2019 have imposed their own controls, severely limiting withdrawals in dollars and Lebanese pounds.
Tweets: @LayahHeilpern @saylor @CryptoTea_ @WalkerAmerica @timourazhari @alanbwt @business @AsennaWealth @ODELL $Please tag @BTCNEWS_TODAY on Twitter to submit tweets.
Tweets: @VailshireCap @caprioleio @mononautical @anilsaidso @WalkerAmerica @Scavacini777 @CathieDWood @TomerStrolight @alexbosworth @Reuters @DSBatten @druidian @BitPaine @BTC_LN @jimmysong @Leishman @josibake @BitcoinPierre @bitcoinoptech @carelvwyk $Ads
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Tech & Dev
In Bitcoin the smallest error has the potential to be catastrophic; as such, those focused on private key security strive to eliminate any single point of failure in the systems they build. Naturally, this makes the concept of splitting up a secret into multiple pieces and later performing a ritual to recombine them sound somewhat appealing. It's so appealing that variations of Shamir's Secret Sharing (SSS) have been implemented several times in the cryptocurrency space, only for developers to later realize that the additional complexity ended up reducing the security of the system.
$Bitcoin Core developer James O’Beirne proposed vault opcodes in a post to the official Bitcoin-Dev mailing list. His soft fork would add two new operation codes (“opcodes”) to Bitcoin script: OP_VAULT and OP_UNVAULT. What would these new opcodes accomplish? What are the alternative proposals and next steps?
$Abstract: In this piece we take a second look at Taproot. We explain the mechanics of Taproot by walking through two example Taproot transactions on the Bitcoin mainnet, including spending Bitcoin sent to the same address in two different ways: i. Using the Schnorr signature and ii. Using the Tapleaf and the so-called un-tweaked public key.
$An article on verifying ColdCard firmware, generating a 24-word seed phrase with dice, verifying the dice rolls, backing up the seed with a 3D printed Blockmit jig, and stress testing the backup.
Tweets: @BTCsessions @econoalchemist @COLDCARDwallet $It's great to see Bitcoiners joining Nostr, the decentralized social network. This is a good, short post from ConsentOnChain blog that all Nostriches should read.
Tweets: @jack @pleblira @jb55 @andreneves @cameri @melvincarvalho @derekmross @JeffBooth @yeg0rpetrov @pippellia @notgrubles @cameri @jameslavish @SovrynM @vishalxl @fiatjaf @fiatjaf @CaptFrancisDank @nitesh_btc @spiralcrunch @shukla @nvk @shukla @nvk @resistancemoney @BTCNEWS_TODAY $In a world where giants of the conventional financial system like Visa, Mastercard and PayPal employ tens of thousands of employees, Bitcoin continues to be run by a tight ship of just a few dozen active developers. NYDIG published a report in September chronicling Bitcoin’s 14-year evolution from a software development perspective. The report, titled “Developers of Bitcoin,” found that there are only 40 to 60 active developers. The document sheds light on how Bitcoin has steadily grown from an obscure technological breakthrough, to worldwide domination, and examines the software developers who made it all happen.
Tweets: @renepickhardt $Podcasts
| Date | Name | Episode |
|---|---|---|
| 2023-02-08 | Odd Lots / Bloomberg | Steve Eisman on the 'Paradigm Shift' Happening in Markets Right Now |
| 2023-02-07 | The Acid Capitalist / Hugh Hendry | S&P to 5,000?! with guest George M. Robertson |
| 2023-02-07 | Tyler Page | The Mining Pod | Keeping Operating Costs Slim With Cipher Mining |
| 2023-02-04 | The Bitcoin Layer | Bitcoin Mining Globalization Masterclass with Mags Gronowska |
| 2023-02-02 | Stephan Livera Podcast | Casey Rodarmor What Are Ordinals? |
| 2023-01-31 | Witness History / BBC World Service | The 'Nixon Shock' and the end of the Gold Standard |
| 2023-01-29 | The Indicator from Planet Money / NPR | What's the deal with the platinum coin? |
Longform
The longstanding compromise on transaction sizes, how Taproot and SegWit inadvertantly blew it up, and the nascent NFT protocol emerging in its wake.
$Abstract: In this piece we explore why Dapps are typically built on Ethereum rather than Bitcoin, which takes us all the way back to March 2014. We examine a debate about whether and how a Dapp protocol called Counterparty should use Bitcoin’s blockchain. This was sometimes called “The OP_Return Wars”. We explain the history of OP_Return usage and sidechains in Bitcoin. We conclude by arguing, whether one likes it or not, that it was the culture in the Bitcoin development community in 2014 and the negative view of using Bitcoin transaction data for alternative use cases, which played a major role in pushing developers of these Dapps onto alternative systems like Ethereum, along with other factors.
Tweets: @fiatjaf @resistancemoney @benthecarman @alexbosworth @astridwilde1 @BitMEXResearch $Mackay wasn’t wrong to argue that people can suffer from collective delusions, but his account lacks a crucial element: humility. Mackay’s caricatures made it seem so easy to spot bubbles, but it’s not so easy to see a bubble when it’s all around you. The most famous historian of bubbles had a front-row seat for the largest speculative bubble in British history. And he had absolutely nothing to say about it.
$Part I of the two-part series covers the following topics: (1) The History of Debt in Bitcoin Mining (2) Principles of Debt: Capital stack overview, Creditworthiness, Collateral, Covenants, Cost of capital, Back-end financing (3) Debt Products for Bitcoin Miners: Asset-backed debt, Corporate Debt and (4) Summary Comparison.
Tweets: @BraiinsMining @BraiinsMining @emilyjnicolle $Disconnect from price. Secure your bitcoin for the next 10x. Avoid short-term capital gains. Tread carefully with lending opportunities. Develop your own market analysis. If you want to truly change your fortune, use your bitcoin journey as an opportunity for education, rather than a search for overnight riches. Develop new skills. Keep learning about money, technology, economics, and all the problems Bitcoin was designed to solve. The more you understand and appreciate bitcoin, the closer you come to making a splash of your own.
$The US debt ceiling is in the news again due to Congressional gridlock, along with the possibility of a US sovereign default and the unintuitive idea of the US Treasury Department minting a trillion-dollar platinum coin to bypass the problem. This article breaks down some of the nuances involved in this strange situation, which comes up every few years.
$We Bitcoiners are in a race. Perhaps the most important race we will ever run. We are racing against time to drive the adoption of Bitcoin as fast as we can. We are racing toward a future in which the U.S. Government never coordinates a concerted attack against Bitcoin and Bitcoiners. This is a race to avoid a war. Although Bitcoin is destined to win, if we lose the race to avoid the war, victory will be far more costly. This would be the long way — and the hard way. Instead of a sprint to a bright, orange future, we would be embroiled in a long, hard confrontation with a government desperate to hold on to the power of the monetary printing press. If we lose the race, the long, hard path will be a war in which hundreds of millions of people will suffer the decivilizing and impoverishing effects of hyperinflation. So, for those of us alive, for those of us ready and able now, it is vitally important to run this race as well as possible.
$This article explores technical analysis of mining behavior exhibited by an entity that is plausibly Satoshi Nakamoto. The major conclusions are: - Their goal was to keep the "heartbeat" of the network alive while it was being bootstrapped. - They mined on a single machine with a maximum hashrate of 6 Mhps. - They could have easily earned more than twice as much BTC if they had mined at full power. - They did not want to be in a position of dominating the network hashrate, but may have felt it was necessary during the earliest days when the network was far more fragile due to having fewer than five miners. - They cared a great deal about difficulty adjustments. The adjustment algorithm was one of Satoshi's greatest innovations and they opined upon the topic more than almost any other. - They wanted as many people to be able to mine on home PCs as possible (Satoshi decried the FGPA / GPU mining race)
$In any new and developing space, there is bound to be a lot of noise. New solutions both compete for a new market against existing monopolies — who currently own the market, and against other technologies trying to displace them. Technology adoption is most often bottom-up versus top-down. Why: Simply because the people furthest away from monopoly power have the most to gain, and the people closest to the monopoly have the most to lose. If money is just information and money is being manipulated by Central Banks at an unprecedented rate to avoid a credit collapse of the system, then misinformation MUST be growing throughout the system
Tweets: @CedYoungelman $Exasperated with a conversation, I asked my friend directly, "What do you think the probability is that Bitcoin hits $1M per coin?" My friend replied without hesitation, "0.001%." I laughed and said I put it at 80%. We had a conversation about my friend's skepticism, and I wondered if there was some information asymmetry, or if it was self-motivated beliefs. My friend group is full of people like this, highly intelligent and successful, yet resistant to Bitcoin. I've found it to be a topic of fascinated frustration. I believe that my friends are resistant to Bitcoin because of their trust in the current system, and see Bitcoin as a radical departure from it. In contrast, I see Bitcoin as a necessary response to the flaws in the current system and a trust-minimized store of value.
Tweets: @BitcoinAudible @sunny_satoshi @sunny_satoshi @epodrulz @stephanlivera @TheGuySwann @petermiyoung @jakeeswoodhouse $Many speculate that Bitcoin’s security will lapse with the end of the mining subsidy. But other factors will continue to incentivize miners. Two prominent and likely factors are: (1) Higher transaction fees due to base layer settlement activity for higher layers which in turn is the result of increased adoption and (2) Bitcoin miners can act as an auxiliary tool for other business practices, an example being the highly-overlooked development in the mainstream involving the Bitcoin miners’ incentive to pursue stranded, wasted or excess energy.
$A rise in financial censorship this year, perpetrated by citizens’ own governments and adversarial nations alike, calls for Bitcoin.
$Bitcoin provides the ultimate form of transferable value because it preserves the encapsulated wealth. This is an opinion editorial by Leon Wankum, one of the first financial economics students to write a thesis about Bitcoin in 2015.
$After years of learning, I now devote a fair amount of my time trying to help others understand bitcoin better. While many people have referred to me as a “bitcoin expert,” I still consider myself a student – I have yet to determine how deep the rabbit hole goes.
$A blast from the past (2018) by Pierre. "Institutional investors should figure out their speculative allocation to bitcoins as a growth currency separately from figuring out their investment allocation to venture funds. These allocations are backed by very different value accrual theses and face different risks."
$As the Fed aggressively raises rates to fight inflation, credit and other financial stress rises. What has the highest risk of breaking as the Fed holds tight? How markets will stomach it is uncertain, but it’s an absolute certainty that volatility will rise as liquidity deteriorates.
$This essay outlines an abridged analytical framework for understanding the global system at distinct scales (micro, meso and macro) and presents a plausible (albeit notional) scenario of how geopolitical dynamics may precipitate a monetary shake-up in which Bitcoin becomes strategically important.
$The precursors of money, along with language, enabled early modern humans to solve problems of cooperation that other animals cannot – including problems of reciprocal altruism, kin altruism, and the mitigation of aggression. These precursors shared with non-fiat currencies very specific characteristics – they were not merely symbolic or decorative objects.
$This article dissects some of the nuances of the commonly held analyst view of DeFi as a solution to debacles like FTX, Celsius, Luna, Voyager and Three Arrows Capital. It grants that certain opportunities exist, but offers a rather critical assessment of the current state of the industry overall. Additionally, it touches on other cryptocurrency industry concepts including Web3, NFTs, tokenized securities, and the broader problem of creating coins that serve no purpose other than to enrich the founders.
$How to manage a Bitcoin LN routing node for a more private use as an "Uncle Jim" Bank for yourself, for your friends and family.
Tweets: @callebtc $Bitcoin represents an unprecedented paradigm shift, and while the world may not be ready to replace fiat, that change is inevitable.
$How Bitcoin Thrives on the Edge between Order and Chaos
Tweets: @dergigi $The same features that make bitcoin so valuable (permissionlessness, censorship resistance, seizure resistance, etc.) also make it attractive to malicious actors. These malicious actors have come up with a wide variety of traps to fool bitcoin users into parting with their money, making bitcoin more challenging to use safely. The internet is a dangerous place, but we have the tools to protect ourselves!
$Some thoughts on FTX... Subprime meets Enron meets Madoff - on steroids thanks to altcoins... A recipe for disaster... Framing the conversation: Key challenges for Bitcoin... Potential negative impacts of the FTX collapse... Ultimately, the impact is very positive... Is regulation the answer?
$Learn the first steps of planning and constructing a greenhouse heated by bitcoin mining heat exhaust in this high-level overview from a miner and farmer.
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