WTFBitcoin Week 39, 2023
Bitcoin is a monetary technological improvement.
TLDR: MicroStrategy buys 5445 Bitcoin, Peru is moving forward with GrassRoots adoption without relying on tourism, Bitcoin hodlers are not selling. All currencies lead to debasement, except Bitcoin.
Doesn't matter who you vote for, but who controls the ledger. Lyn Alden explains this concept in her book, "Broken Money," by making you ask the question from a technological viewpoint instead of a conspiratorial one of "them" versus "us."
Just by the nature of our current technological development, allowing us to trade through a telecommunications network, this gap was not followed by our monetary technology. Not being able to settle trade with hard money (i.e., gold) at the speed of telecommunications allowed the fiat currency system to dominate.
And as it's also mentioned in the book...
If debasement can occur, it eventually will occur for any number of reasons. – Lyn Alden
This has been seen all over the distinct fiat currencies that have ruled our world in the last century. In fact, since the 1970s, all other currencies were effectively "deppegged" from gold, as the U.S. officially eliminated the gold standard for the U.S. dollar, given the Bretton Woods agreement made all fiat currencies be interchangeable by the U.S. dollar, which was supposed to be backed by gold.
Through a process of debasement, the US dollar lost purchasing power, while all other currencies slowly (or some even very fast) lost purchasing power against the US dollar. In other words, national fiat currencies other than the dollar just became the dollar plus country risk, as stated by Saifedean.
Coming back to Lyn's argument, any variations in history would have led us to the same end result unless we had a monetary technological advancement that allowed society to have a monetary asset with an issuance not possible to be manipulated. The good news is that the technology now exists, and it's called Bitcoin.
But you all know this already, so let’s now go on and enjoy more of these bitcoin bullish news 🗞️🗞️!
THE NEWS
. MicroStrategy has yet again aquired an additional 5,445 bitcoin at an average price of $27,053. The company now holds 158,245 bitcoin at an average price of $29,582. It indeed seems that they are pushing towards achieving ownership of 1%, or 210,000 bitcoins. Will they get there though? .. All I know, is that I’m not selling them my bitcoin, are you? ..
. The Human Rights Foundation gives away ~19 Bitcoin via its Bitcoin Development Fund to support 15 projects worldwide targeting:
Global Education
Bitcoin Core
DLC on Lightning
E-cash
Scholarships
. Bitwise has submitted an amendment to their spot Bitcoin ETF application. he primary revision appears to be the inclusion of a section in which they provide a detailed counter-argument to the SEC's rejection of their previous application and research findings. - Bitcoin News
. Leaked internal Microsoft documents this week show an Xbox roadmap from May 2022 that includes support for bitcoin & crypto wallets.
. The narrative continues to change as PayBito CEO shares a press release on how Bitcoin is “ESG friendly”.
”Mainstream media remained unfair and inaccurate in its criticism of Bitcoin's energy consumption, with some reports even declaring the world's first crypto to consume all of the world's energy within 2020. The KPMG report counters this notion, showing the significance of Bitcoin across the 3 pillars of the ESG project.” - PayBit CEO
. Lamassu BTC, a Bitcoin ATM producer since 2013, is adding Lightning Network cash-in and cash-out support through Galoy Money.
. Lightspark has landed on Replit. Starting this week, developers can use the Replit playground to experience the core functionality of the Lightspark Wallet SDK.
. AnchorWatch raises $3 million to solidify Bitcoin custody and insurance platform. The round was led by Ten31 with participation from Axiom BTC, Timechain, Bitcoin Opportunity Fund, UTXO Management, and others.
. Lightning Network + has introduced the revolutionary LN+ Liquidity Pool. The pool introduce a credits market in order to increase fluidity, flexibility, inclusivity, control and cost-effectiveness for Node operators to manage their Lightning liquidity.
. BTCPay server is now easier to integrate with React Apps.
. Earn sats by providing power to the grid. In this video, someone is working out on a stationary bike, while the energy is being utilized for mining bitcoin!
. Mutiny Wallet shares their implementations on Lightning Dev Kit to make payments on lightning more reliable & efficient. The power of open source, is that the whole ecosystem can benefit from improvements!
. NBA Champion Matthew Dellavedova has joined Swan Bitcoin as Vice President of Business Development.
. Steakhouse in San Miguel de Allende is now accepting bitcoin!
. Motiv Peru has been fostering a thriving circular economy in a low-income area, where individuals are increasingly adopting Bitcoin for their daily transactions, interestingly, it is not relying on tourism at all, but just grassroots adoption. In the picture Joe Nakamoto paid for clean water, while locals ensure not being Bitcoin paid actors!
. The new generations are moving fast with Bitcoin adoption, as they get educated and sell some cookies and hand-made bracelets in The Bitcoin Market in El Zonte!
. Find out how to modify your Bitcoin Miner into a silent one.
FUNDAMENTALS
The amount of bitcoin not being moved in the last 90 days (measured the 25th of September) is staggering. A total of 87.9% of all bitcoin are straight up HODLERS! Any spark of demand can serve as a catalyst for the next parabolic bull market.
A specific address with 37,182 bitcoins, has been consistently stacking quasi daily 100 bitcoin chunks ever since November 2022, or we could potentially say, the market bottom.. Just last week it accumulated over 500 bitcoin.. It seems that not only “plebs” are stacking sats huh?
Bitcoin has officially surpassed 900 million transactions!
The increasing bitcoin usage over the years, might or not trigger some people out there..
Have a great weekend niblings.
Stay humble & stack sats.
Share some love with Uncle Bam for cup of coffee ☕ or a nice ribeye 🥩 <3
But more importantly, buy some sats for yourself.
Lightning Address: bamthemexican@noah.me