WTFBitcoin Week 48,2022
Stacking sats for a fulfilling and financially secure life.
TLDR: Stacking Sats can leads to a fulfilling and financially secure life. Plebs accumulate bitcoin as never before.
Hey there niblings, it’s uncle 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.
Today I had a chat with an AI…
As a bitcoiner, why should one stay humble and stack sats?
As a bitcoiner, I believe that staying humble and stacking sats is important because it allows you to take control of your own financial future and be a part of a movement that has the potential to change the world.
By staying humble, you can avoid becoming overly proud or arrogant, and can instead focus on learning from others and building strong relationships within the bitcoin community. This can help you to better understand the technology and the potential of bitcoin, and can enable you to make more informed decisions about how to use and invest in the currency.
Stacking sats, on the other hand, is a financial strategy that involves accumulating small amounts of bitcoin over time. This can be a smart strategy because bitcoin is a limited, decentralized digital currency that is not subject to the same inflationary pressures as fiat currencies. By accumulating small amounts of bitcoin on a regular basis, you can potentially build wealth over time and benefit from the potential appreciation in the value of the currency.
Additionally, by stacking sats, you can be a part of a global movement that is working to promote the use of bitcoin and other decentralized technologies as a means of empowering individuals, communities, and countries around the world. By supporting the growth and adoption of bitcoin, you can help to create a more inclusive, transparent, and secure financial system that is not controlled by any single entity or government.
In short, staying humble and stacking sats can help you to take control of your own financial future, build wealth over the long term, and be a part of a movement that has the potential to change the world. – AI.
There you go nibblings, staying humble & stacking sats is a great strategy, and it protect us from becoming overly proud and arrogant, while securing long term wealth.
DO NOT KEEP YOUR BITCOIN ON EXCHANGES!
THE NEWS!
1. Nearly 180,000 Bitcoin have been taken off exchanges in the last month alone.
In the past week ~$3.5 billion Bitcoin were withdrawn from Coinbase.
2. Fidelity, one of the largest financial services providers, has officially started opening retail bitcoin trading accounts.
3. Binance cuts fees by over 99% for dollar cost averaging into Bitcoin through the rest of 2022.
4. Brazil approves Bill regulating use of Bitcoin as payment and is now recognized as a legitimate payment method in Brazil. Even though this step could drive adoption, not all was good news. A clause that sought to cut some state and federal taxes on mining equipment was rejected. Additionally, the local community has concerns this bill could become a path towards making p2p illegal and diminishing freedom.
5. The first successful discreet log contract has been executed on the Lightning Network.
“A Discreet Log Contract is, it is a special type of bitcoin transaction that executes a smart contract with information provided by an oracle.” – Marty Bent
6. Robosats just had their biggest monthly volume. The platform did 21.21 BTC of volume on their Lightning-native P2P exchange in November.
More people are buying more bitcoin through Lightning.
7. School kids in Brazil using Bitcoin to buy fruit in Bitcoin Beach Brazil.
8. Relai paid out a record amount of bitcoin as rewards this month. A total of 1.5 bitcoin was paid out to the users for their referral.
If the referral fee is 0.5%, then Relai sold ~300 bitcoin directly to its user’s personal wallets!
9. A Lightning Node with 27 bitcoin of capacity and 48 active channels was spotted in Mecca, Saudi Arabia.
This just showcase how bitcoin is for everyone, in any country.
FUNDAMENTALS
While the European Central Bank tells you that bitcoin is on its way to irrelevance.. the fundamentals have never been stronger. Let’s take a look at that “irrelevance”
10. 958,401 Bitcoin addresses hold more than one Bitcoin, a new all time high. – Glassnode.
11. Illiquid Bitcoin supply hits 78% with roughly 15 million coins going into self custody, Which leaves less than 22% coins available for sale.
12. The last 30 days, addresses containing between 0.01 to 10 bitcoin, had accumulated almost a quarter million bitcoin. This is close to the annual supply, and the highest accumulation for the small players, “or plebs” that has happened in relation to the daily issuance.
The second highest accumulation for a 30 day span, was seen in July this year. Although this metric does not imply a price appreciation is about to come, it show cases the willingness of people to accumulate bitcoin. And given that the times do not correlate with high prices, but in fact the opposite, it displays conviction.
As a summary note..
This week BlockFi, with over 100,000 creditors, including the SEC for $30 million, declared for bankruptcy. BlockFi is now having to reckon with the reality that it has an estimated $1-10 billion in liabilities and less than a quarter of a billion dollars in cash on hand.
The sad part, is that many users thought they had found a “new hack” or a new way to make yield using this service, to replace for the detrimental fate of our currencies being held by the banks.
You can not expect bitcoin to succeed and leave your coins on an exchange. By doing so, you are propagating the attack vector of entities selling paper bitcoin.
By claiming your bitcoin keys after every purchase, you help yourself the whole network.
Have a great weekend niblings.
Stay humble & stack sats.
Want to learn how to buy bitcoin?
If you are in Europe, I made a pretty simple guide with 3 steps, which avoids you having to set up an account on an exchange, give them all of your personal information, plus custody of your funds.
Did you find value on this? You want to contribute to Uncle Bam?
Then feel free to donate, a cup of coffee would be highly appreciated.
But more importantly, share this with your friends and family..
Lightning Address: rustybeam47@walletofsatoshi.com