WTFBitcoin Week 10, 2023
Bitcoin is the only safe shelter.
TLDR: While the banking system on brink of collapse, Bitcoiners stack as never before.
Hey there you lovely niblings, it’s uncle Bam again back with the sauce!!! First of all I want to thank all of you who come back week after week, and for the received contributions, know that I appreciate it and its not taken for granted ❤️.. So here it’s Bam again with a summary of the most insightful events in the Bitcoin space. Back at it again digesting all the important news for you.
As we all might have seen, bitcoin has taken a little dip this week and if one thinks about it, it is quite “obvious”.. There is fear in the market as Silvergate Bank, the bank having most of the accounts of exchanges and start-ups on the crypto industry, announced liquidation. But it didn’t end there! Not much after, a bigger bank sounded the alarm..
I am not going to get into the whole story of what exactly happened here, but we are talking about a bank with more than a $100 BILLION dollars of money from people, investors, and even other major banks. In summary the second-largest bank failure in US. history, and it can be summarised in a few pictures..
Oh.. oh.. it’s not looking good.. if I had money in this bank, would I trust I can withdraw in the near future any at all?
But there is no reassurance from Central Banks. Even if they decided to intervene they would only be doing two things:
Attempting to solve a problem they created in the first place.
Validating bitcoin existence. It all started in January 2009.. on brink of second bailout.
And as it seems right now, we can’t trust the banks. Never should have anyway, and bitcoin fixes this.
The people, the small guys like you and me are moving forward with this unprecedented opportunity being matched with unprecedented stacking.. more about this and good visuals you’ll find out after the news in the section of fundamentals!
With that said.. there are always some good news on bitcoin 🗞️🗞️!
THE NEWS
1. Terawulf brings first fully nuclear powered Bitcoin mining operation in Pennsylvania.
“The Nautilus nuclear-powered mining facility benefits from what is arguably the lowest cost power in the sector, just $0.02/kWh for a term of five years” - Prager
2. Spiral grantee Sumer of Bitcoin is now accepting applications for interns who would rather build bitcoin than fetch coffee.
3. Relai, a Swiss non-custodial bitcoin platform, has announced a $4.5 million funding round led by Ego Death Capital.
4. The Perth Heat, through a partnership with Bitrefill, Wallet of Satoshi and IBEX, now allows fans to instantly receive bitcoin rewards every time a player from the team steals a base or hits a home run.
5. The Bitcoin Opportunity Fund was just launched, an Bitcoin Only fund for accredited investors.
“The Bitcoin Opportunity Fund helps high net-worth investors who are seeking to generate higher risk-adjusted returns diversify into the Bitcoin ecosystem by focusing on both public and private opportunities with an experienced investment team.” - bitcoinopportunity.fund
6. Jack Dorsey’s Block has posted a new blog that details the Mining Development Kit, a new project that would seemingly replicate the Lightning Development Kit and Bitcoin Development Kit projects, providing developers access to bitcoin mining projects focused on integrating bitcoin mining into various novel use cases.
7. Despegar, the largest travel company in Latin America, now accepts Bitcoin in Argentina.
8. THNDR Games launches play-to-earn bitcoin blocks puzzle game
9. Nostr users have suprassed 800,000. A 67% jump from last month.
10. Wallet of Satoshi has processed 7,000,000 LN payments on their platform. A 3 time increase of payments/day compared to last year.
11. Payments in bitcoin spotted in Finland, at Faro Channelside Bar & Restaurant in Helsinki!
12. Paying inmigration fee in El Salvador, in bitcoin!
13. Strike Bowling, London’s newest boutique bowling alley, accepting their first bitcoin payment.
14. Bitcoin Ekasi makes a test for 42 kids using bolt card for their monthly bitcoin rewards through lnbits with self hosted node.
FUNDAMENTALS
Now we know the last two days the price had a volatile drop to mid $19,000, even though your uncle Bam has shown you how bullish the fundamentals look in terms of adoption.
One would have thought that this price drop was a result of people fearing volatile times on the brink of a bank run or a contagion in the financial sector, but interestingly enough..
We had the 3rd most abrupt accumulation from small players on a 2 day time frame. 11,700 bitcoin or 656% of the daily issuance on average for two days were given a new home on smaller wallets.
And where did this bitcoin came from? Well.. it seems not from long term holders, as the amount of bitcoin being held for longer than a year continues to go up, up and up. (reaching 67,73% of bitcoin not moved.) Just like uncle Bam’s bullishness on a Sunday morning when writing this letter.
So, did you buy the dip?
Have a great weekend niblings.
Stay humble & stack sats.
Buy Uncle Bam a cup of coffee ☕ or a nice ribeye 🥩 <3
Lightning Address: rustybeam47@walletofsatoshi.com
Lightning URL: LNURL1DP68GURN8GHJ7AMPD3KX2AR0VEEKZAR0WD5XJTNRDAKJ7TNHV4KXCTTTDEHHWM30D3H82UNVWQHHYATNW3UKYETPD56RWT9G2XF