Hello Humble Bitcoiners! It's Friday — relax, kick back, read some Bitcoin Magazine articles, stack some sats and get ready for a great weekend! |
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📝 Today's Rundown A Truly Scarce Asset: Bitcoin has no lender of last resort for those who take undue risks. Bitcoin’s recent leverage cleansing is par for the course for a truly scarce asset. Financial Freedom: Bitcoin advocates have visited the Central African Republic and offered advice on how the country can best adopt BTC as legal tender. Patience: Like the Medici family of Renaissance Florence, those who embrace Bitcoin will be incentivized to create long-lasting impact. |
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Is Bitcoin a Warning Sign For Global Deleveraging? By Marty Bent Bitcoin is going through, and perhaps will continue to go through, a major deleveraging event, after the Luna-Terra Ponzi blew up spectacularly and was forced to liquidate approximately 80,000 bitcoin. Others followed as many seemed to be overextended in exotic high-yield token projects that have been crashing hard. But the authors displays these events as potentially healthy for bitcoin with three main points: It reduces the amount of risk throughout the bitcoin market The implosion of companies that lured people into their yield traps are becoming a hard lesson in not entrusting precious sats with centralized third-parties. The rapid and violent deleveraging shows that bitcoin is truly a free market. "If you take undue risks and those risks come back to bite you in the ass, there is no lender of last resort." – Marty Bent |
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Making Bitcoin Legal Tender In Africa: How CAR Can Find Financial Freedom By Namcios The Central African Republic has become the second country to declare Bitcoin an official and lawful currency. After El Salvador enacted the Bitcoin Law in 2021 and declared the decentralized P2P currency as legal tender, many speculated that shortly after some other countries would follow a similar path. However, not many expected that one of the countries with the lowest domestic product in the world, a relatively low percentage of mobile cellular subscriptions per-capita and very limited access to electricity and internet, would become the second country ever to adopt the digital currency as legal tender. The author of this article explores the challenges that the Central African Republic has to overcome to properly benefit from Bitcoin and empower their citizens financially. He writes about the lack of infrastructure, understanding and financial freedom in the country, the importance to focus on Bitcoin and not “crypto,” the Lightning Network, Bitcoin mining, education, taxation and more. |
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1. It can be observed that proof-of-work is a pure representation of free market forces as opposed to the control of proof-of-stake. 2. No retreat, no surrender, Bitcoiners are not here to back down as the fiat establishment might hope. 3. A conversation about Level39’s recent article about using thermal energy from the ocean to generate electricity and mine bitcoin with the excess. 4. As KYC requirements and censorship grow across the world, Bitcoin will return power to the people to move and live as they want. 5. Voyager Digital lent over half of its loan book to Three Arrows Capital and announced major losses due to this exposure. The company’s stock took a massive hit. |
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This is an article in a series of adapted excerpts from the book “Bitcoin Is Venice” by Allen Farrington and Sacha Meyers. In this chapter, the history of Florence during its heyday and the success of the Medici family are brought into discussion to demonstrate that societies, and even banking systems, can flourish together and produce technological, cultural and social progress as long as both rely on hard money to make sensible investments. Around the year of 1252, Florence issued the fiorino d’oro, also known as the florin, a currency containing fifty-four grains of gold that ended up becoming accepted as a standard currency throughout Europe during the fourteenth century due to its unchanging gold content. Because of their accessibility to scarce and trustworthy money and their knowledge about good banking practices, the Medici family managed to accumulate first financial and then cultural capital like few before or since. |
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By Root "The most entertaining sport to watch over the next 2 years will be the mental gymnastics of fiat economists explaining to you why locking people at home, banning them from work, and printing trillions of dollars are actually unrelated to price rises and economic crises." — Saifedean Protect yourselves and your families by humbly stacking sats. With love, Bam |
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Today's email was brought to you with ♥ by Bam. Keep on reading, keep on stacking. |
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