WTFBitcoin Week 7, 2023
Bitcoin is the best strategy.
TLDR: Hodlers remain strong, Gaming adopts bitcoin, New Bitcoin Embassy in Texas, API released for lightning integration & more.
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.
It is not always that I get a limit alert from substack on the length of the article. I guess this says enough. The amount of interesting news at this stage of the bear market, has been ramping up, and it now takes additional effort on digesting and choosing which are the information to prioritize, isn’t that beautiful?
(For this issue, if you want to see the full content, make sure to open the article in browser instead of in the email provider. The email will be shorter than the actual article)
Even though the current economy seems to be sketchy, with unprecedented inflation and high energy prices, the amount of building and adoption in the bitcoin ecosystem just seems to get bigger and bigger. It clearly shows how the conviction elevates with the amount of development and educational content that is available nowadays.
So before we read the news, lets take a little pause and reflect on.. What is bitcoin’s value potential?
Most recent’s Croesus_BTC piece, explains why bitcoin has the potential to reach $10 million per bitcoin, as it demonetizes and captures value from other areas of the economy. And this is implying today’s value, or in other words, today’s purchasing power.
But how do we get there? Well lets see the news to see what the f#ck has been happening in bitcoin this week… 😉
THE NEWS
1. Strike releases their API to the public. Businesses and developers can now use the Strike API to send US Dollars over the Lightning Network. This allows businesses build with low cost, instant, global payments on top of the world’s open monetary network.
“Businesses can cut cross-border costs, gamers can enable US Dollar micropayments, and much more.” – Jack Mallers
2. Fedimint Hackaton Winners were announced this week, giving out 2.58 bitcoin in prizes.
The winner took 2.1 bitcoin and help with support on developing the Fedi product. Stability Pools: allows users to "lock" in the US dollar value of their ecash for a fee. This feature is targeted towards users who are not willing to tolerate bitcoin's price volatility, but still wish to utilize Fedimint and the wider Bitcoin financial system.
The runner up winners are (21 million sats each):Proofimint
Fedimint Smol File System
Storagemint
Fedimint Pocket
Great and impressive modules were submitted, highlighting the potential impact of Fedimint as a platform that could solve real-world problems.
3. Bitcoin Pay to Play & Play to Earn was developed in Super Mario 3. With ZEBEDEE and LNBits, developers can now integrate lightning into gaming. After receiving more than 200 retweets, the author promises to integrate it now to SONIC.
4. CleanSpark Inc. has purchased 20,000 brand new Antminer S19j Pro+ units for $43.6 million to add 2.44 EH/s and increase production capacity by 37%.
5. Michael Saylor retierates bitcoin is the winning strategy, by comparing its performance with the popular indexes, gold, bonds and silver.
6. El Salvador is opening a Bitcoin Embassy in Texas. This is the second Embassy opening, after having opening the first one last year in Lugano, Switzerland.
“In 2022, El Salvador and the State of Texas had a commercial exchange of $1,244,636,983.” –Milena Mayorga
7. The U.S. state of Wyoming has passed a bill that protects its citizens from having to disclose their private keys, with a singular exception.
8. Bahrain Institute of Banking & Finance to offer Bitcoin and crypto courses in partnership with Binance.
9. Miami-based startup Zion has launched a new version of its app providing access to the Web5 decentralized social network, alongside the raising of $6 million in a funding round led by XBTO Humla Ventures.
10. Contributors to RoboSats, Fedimint, TBD, LNp2pbot, Damus, and Snort are now eligible to receive free tickets to The Bitcoin Conference 2023 in Miami.
11. Decentralized social media Nostr and news outlet Stacker News are growing exponentially fast. Both use lightning network sats as native currency for tipping and value added services.
12. Home Miner shares he has heated his 3400sqft home all winter with two S9 Antimners.
13. Keanu Reeves seems to support Bitcoin.
"ideas behind an independent currency, are amazing. These are amazing tools for exchanges and distribution of resources" – Keanu
FUNDAMENTALS
Wallet of Satoshi continues to experience massive growth throughout the Bear Market. By mid February, the number of LN payment activity is close to reaching new highs.
The amount of bitcoin being held over a year reaches new all time highs, as 66.94% of all the supply remains still. Seems like bitcoiners continue in accumulation mode & building a history of it.
As a summary note..
I stumbled upon a really powerful chart this week, which in a way one could say it displays the End of an empire.
As interest rates continue to go higher and higher, and one focuses on the direct impact these have on our wallets as servicing our debts become harder, the government’s debt also becomes more expensive to pay. Nowadays it seems it’s going parabolic, and naturally the budget from taxes isn’t enough. Just paying interest on the public debt has reached levels higher than the US’s 2022 defence budget.
What is to come? Since the only way to cover the national expenses is through creating new money, we can expect this chart to continue accelerating, and this is the reason why we find safety in sats. Because bitcoin can’t be printed out of pure will. Differently from the US dollar, bitcoin’s issuance is fixed & governed by rules not rulers.
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