WTFBitcoin Week 50,2022
Bitcoiners are showing conviction.
TLDR: Conviction continues reaching all-time-high, Investments continue on the Bitcoin ecosystem despite economic turndown, Bitcoin communities keep growing.
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.
The year is coming to an end, and it is funny to look back and reflect on how we initially expected bitcoin price to be at this point in time. I guarantee you, in early 2022, I would not have even believe bitcoin price would be seen again under $20,000, let alone potentially end the year below it.
But as humans, we do have a short term memory, and it is natural to feel heavily influenced by the price, specially if one is not deeply involved in the space. Price has been the most signalling mechanism for us to evaluate things and label them as good, bad, great or even horrible. Unfortunately, when the money is broken the signal is destroyed. When some have the power to create money out of nothing, at zero marginal cost, the signal gets distorted. But not everything is dark..
Fortunately, it provides the possibility to find opportunity when something is “miss-priced”. Coming back to bitcoin, its development has continued to push the limits. I can safely say that the bitcoin ecosystem and toolset is way better today, than a year ago, and orders of magnitude better than previous years.
This week I happened to create some slides summarising this year’s events on development & conviction, per my perspective. I can safely say that there is no other group of people with more conviction than bitcoiners. Despite a year of downtrend, or one might even say two years of it, the number of new addresses containing more than one bitcoin is about to reach an all time high.
People are both taking advantage of the opportunity, and giving a higher importance to self custody, to what it might become the biggest accumulation year of all time. Where despite the macroeconomic turndown, war, Luna breakdown, Celsius collapse, Voyager bankrupt, BlockFi freezing operations, the FTX scam and the Mainstream Media & corrupted NGO’s (Green Peace) negative attitude towards bitcoin..
Bitcoiners continue to learn to stay humble and stack sats.
THE NEWS!
1. Paraguay has the 2nd largest Hydro Dam in the world and is powering dozens of Bitcoin Miners, with prices as low as 3.7 cents kWh. Tariffs might make it harder, but these prices are still unattainable in many other places around the globe.
2. TEPCO, Japans largest power company, is partnering with TRIPLE-1 to mine bitcoin using excess energy.
3. Core Scientific lender, B Rile, has stated its intentions of loaning out $72 million to the publicly traded miner.
4. CoinCorner partners with Bitnob to facilitate cross-border transactions to UK and Europe to Africa (Kenya, Ghana and Nigeria). Together with Strike, the two companies are using bitcoin to leverage world interconnectivity and making remittances possible at close to zero cost.
5. Breez raises $4.5 Million, the funding will accelerate Breez's mission of building on Lightning.
6. Jack Dorsey gives decentralized Social Network Nostr 14 bitcoin in funding.
7. Andrew Tate, former pro kickboxer, pays a young barber youtuber $10,000 in bitcoin for his haircut. In the video the address can be confirmed, and one could verify Tate has a leak of privacy and a loaded bitcoin wallet with over 100 bitcoin.
If you use exodus wallet, be sure to not re-use addresses.
8. New research from @ARKInvest finds bitcoin mining could be a productive way to harness and contain natural gas emissions. Recycling methane could power 10 entire #bitcoin networks and reduce greenhouse gases!
9. Satimo, provides opportunity to pay for charging your electric vehicle by paying with bitcoin. They currently have 24227 charge points listed, of which 8898 are experimental and all can be paid for by streaming sats over the Lightning Network!
10. As the Lightning Network grows, it start to be seen more reliable for bigger payments. Someone just bought a watch in Lugano for over 10,000 CHF over the Lightning Network.
11. The bitcoin community doesn’t stop growing even in bear markets. This is an updated map of the educational bitcon meetups happening across Germany, Austria and Switzerland.
12. Bitcoiners are also stacking now using the Lightning Network. Over 13 millon sats were stacked on a few popular Lightning apps this week.
13. The Hong Kong Stock Exchange has approved the first bitcoin futures exchange-traded fund (ETF) in Asia, the CSOP Bitcoin Futures ETF, which will allow investors to trade the ETF starting December 16.
FUNDAMENTALS
Coming back to the conviction display by bitcoiners, while 14,000,000 bitcoin, or 72.3% of the available supply, have not moved in over 5 months.
Bitcoiners continue to accumulate at an unprecedented rate, as small wallets from 0.01 bitcoin to 10 bitcoin, have been consistently taking to their wallets more supply than it’s actually being mined. Just in the last 90 days, “plebs” have taken an about 431% of the daily issuance. In other words, ~3880 bitcoin were accumulated on a daily basis while miners only get to mine 900. This is an historical accumulation from these size of holders, at the same time we have an historical amount of bitcoin not being available for sale
Be sure to stack some sats, or someone else will.
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