WTFBitcoin Week 23, 2023
Bitcoin is only yours if you hold the keys.
TLDR: Plebs continue stacking despite regulatory uncertainty, El Salvador unleashes $1 Billion Bitcoin Mining Project, Strike allows P2P sats between users & more.
Hey there niblings, it’s been a rough week, I know. The purpose of WTFBitcoin was from the beginning to have a positive bias outlook of the events developing in the Bitcoin ecosystem. Some have asked me why only the good news? Well, we have already a lot of negative ones, and everyone will push you those ones as alarmism sells better.
In our bitcoin journey, as we get educated we develop a stronger conviction and with these knowledge we justify ourselves to increase our allocations. So naturally its important to be aware that things are moving in the right direction.
I say this because just this week, Binance and Coinbase were sued by the SEC, as it classified many of the tokens they sell as securities. (Correct, not bitcoin, but we already knew that right?)
Naturally this news made the price plunge hardly in the last couple of days, and many traders or influencers out there start calling out for ‘doomish’ price outlooks. Is this something we should worry about?
Well all I can say is it is first of all, it is not a time to celebrate, just as they’ve gone for crypto, it is possible that the SEC attempts to come after Bitcoin next. The best things we can do is to learn how to become sovereign, and be aware that even good institutions can be vulnerable to these attacks, which its just a reminder of GET YOUR BITCOIN OFF EXCHANGES!
It is also a time to double down and continue helping the network to grow. In a way we could say the governments take care of this by devaluing their own currencies right?
And also, I must say that the level of conviction seen out there has been unprecedented. As the price was falling, naturally people wonders “WHO IS SELLING”? But lets remember that the price is set at the margin, and it seems that the sellers are getting exhausted, and even though big money isn’t making a move, it seems smaller accounts, or well known as “The Plebs” are vigourously stacking with all their might.
As I write this weekly issue, I check my favourite charts of Bitcoin held over a year, printing a new all time high with 68.79% and growing.
While miners continue not only to accumulate part of their production by the end of each month, but also to expand their production at the time when we are only 11 months away from the halving.
So who is really selling? Who cares.. the majority of the network continues viciously stack sats with a psychopathic tendency, and to hold their bitcoin as if there was only 21 million. Oh wait. There will only ever be 21 million indeed.
Just remember. One man’s panic selling is another's man panic buying. Now lets go on and enjoy these bitcoin bullish news 🗞️🗞️!
THE NEWS
1. El Salvador unleashes "Volcano Energy", a $1 billion bitcoin mining project with 241 MW renewable power generation plan in the Metapán.
“With an initial investment of $250 million and a total commitment of $1 billion, the park will have a capacity of 169MW of photovoltaic solar energy and 72MW of wind energy” - Bitcoin Magazine
2. Strike enhances their infrastructure and users can now P2P sats to any other Strike user, including all of the new global markets.
3. Zion Social Network, a decentralized social media app, has introduced a new feature that allows users to make bitcoin payments using the Lightning Network within private direct messages.
4. ZEBEDEE has released an alpha version of its app upgrade, Social, which aims to transform social media engagement and content into monetary value. Creators on the platform will keep 99% of their earnings, providing a fair and value-driven experience.
5. Ambos unveils LINER (Lightning Network Rate), an index designed to measure bitcoin yield and cost on the Lightning Network. LINER serves as a benchmark interest rate for bitcoin without credit risk.
6. Riot Platforms is joining forces with Texas A&M University's Blockchain and Energy Research Consortium.
7. Riot Platforms awarded Research Grant to Tobin C. Harding, a prominent open-source developer, in order to support Harding's work on Bitcoin libraries written in the Rust programming language.
8. Stakwork, a micro-task platform that pays out users for completing simple tasks using the Lightning Network and bitcoin, pledges $180K to fund Bitcoin development.
9. Commerce Block introduce Mercury Layer, a new Bitcoin Layer 2 initiative inspired by Somsen Ruben’s statechains paper.
10. BitGo Holdings, Inc., has revealed its plans to acquire Prime Core Technologies, Inc., the parent company of Prime Trust, in a move aimed at providing secure and regulated services to Prime Trust clients.
11. Bitcoin has grown so that it is now possible to donate to a US Presidential Candidate with Bitcoin Lightning.
12. Video of a store of Comas in Lima, Peru accepting Bitcoin.
13. Video of buying a Tap Beer with Lightning at the Bitcoin Prague conference.
FUNDAMENTALS
Bitcoin Miners are increasing their bitcoin balance sheets. In just the last month, Marathon, Bitfarms, and Cleanspark increased their Bitcoin HODL'ing by 6%, 10%, and 44% respectively.
In the last week, more than 30,000 bitcoins were taken off exchanges. To be more specific: ~39,000 bitcoins were removed from Binance. Unfortunately some still have positive outflows.*
Funnily enough, as the SEC crackdowns started last week. /r/bitcoin subscriber growth went vertical...
But as we usually say: the trend is our friend :)
Have a great weekend niblings.
Stay humble & stack sats.
Share some love with Uncle Bam for cup of coffee ☕ or a nice ribeye 🥩 <3
Lightning Address: rustybeam47@walletofsatoshi.com
Lightning URL: LNURL1DP68GURN8GHJ7AMPD3KX2AR0VEEKZAR0WD5XJTNRDAKJ7TNHV4KXCTTTDEHHWM30D3H82UNVWQHHYATNW3UKYETPD56RWT9G2XF