Hello Humble Bitcoiners!
Hope you had a nice weekend, despite the depressing price action. Welcome back to your daily dose of Bitcoin signal! |
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📝 Today's Rundown - Below 2017 High: Bitcoin experienced losses below $18,000 after it fell through a prior cycle’s all-time high.
- Don't Trust Custodians: As the bitcoin price falls and custodians face solvency issues, it’s worth remembering the sovereignty that bitcoin offers to those who want it.
- Language Of Internet: If money is language, then bitcoin is English. It has a potential to scale that no other currency has and is the native currency of the internet.
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Bitcoin Falls Bellow $18,000 After Breaching The 2017 High
By Namcios Bitcoin fell bellow the prior bull cycle's all-time high, breaching $19,776 and heading all the way to the mid $17,000 area.
In just a week, the asset has lost over 30% of its U.S dollar value, representing the highest weekly loss since the outset of the COVID-19 Pandemic in March 2020, when a sudden crash of ~33% occurred.
In parallel, the Fed raised rates by 0.75% last Wednesday, the largest hike by the Fed since 1994. So far, bitcoin has existed through an expansionary era of the Fed's balance sheet, and it remains to be seen what will happen as central banks decide to tighten. |
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Swimming Naked: Don’t Trust Custodians As The Bitcoin Price Falls
By Josef Tetek The essence of the Bitcoin ideology is to eliminate trustees and third-parties when it comes to money. Bitcoin was devised so that anyone could become their own bank and that no one but the actual owner of the funds could have access and control over them. There is absolutely no reason to trust someone else's control over your bitcoin.
In fact, not owning the keys of your bitcoin is extremely risky. Wallets are not that hard to handle and not taking the little time it takes to study them could end up catastrophically with a total loss of your bitcoin savings.
The author of this article writes about the importance of not trusting custodians for any reason, not even if they promise interest returns on your bitcoin savings. Even if you earn a yield on your coins, the long-term risks of losing 100% of them simply isn’t worth it. |
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1. Are we witnessing the end of bitcoin’s typical four-year cycle? How does European adoption of the World Economic Forum’s agenda impact the euro? 2. Renewable energy potential, wide adoption and deflationary fiat make Nigeria the perfect home for extensive bitcoin mining operations. 3. The head of Russia’s central bank recently discussed that using bitcoin and other cryptocurrencies for international settlement is a possibility. 4. This Father’s Day, Bitcoiner dads are encouraged to remind themselves to raise sovereign individuals through proof-of-work parenting. 5. A deep dive into how Bitcoin’s lack of privacy and, by extension, its insufficient fungibility has led to its loss of market share in darknet markets. 6. Gazpromneft, the third largest oil producer in Russia, is partnering with Swiss-based bitcoin mining company BitRiver to mine bitcoin with excess resources. 7. Japan’s largest Lightning Network community, Diamond Hands, is partnering with a top real estate firm in Tokyo for a joint-research project to further adoption. 8. With the closing of withdrawals at Celsius and the news of Three Arrows Capital being insolvent, it is more important than ever to hold your own keys. 9. Sensationalized media draws page views and attention, but useful Bitcoin content is available to those who are willing to lower their time preference. 10. “ Dear daughter… Follow Bitcoin’s principles; don't just listen to me, do your own research.” 11. Dad’s don’t necessarily need special or fancy gifts, but Bitcoiners want to make sure our dads have the Bitcoin tools and gadgets they need. 12. It's not only the duty of the Bitcoin fathers out there, but the obligation to continue to stack sats for our children. |
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Bitcoin Is The Language Of The Internet
By Dominic Frisby Dominic Frisby, British writer, co-host of the television programme Money Pit and bitcoin enthusiast, shares a very well written piece of history and personal insight about language, communication and money.
Throughout the history of mankind, money has alway been just another form of communication technology. It has evolved along with humanity and just like language, nobody is really in charge of it, not even governments or central bankers. Money and language are networks that have expanded as a result of billions of people contributing in their own different ways simply by using it.
Therefore, money and language have changed over the years and will keep doing so according to the use and needs of humankind. Bitcoin is digital money, and the future is also digital. |
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By ODELL
Earning yield is a fiat invention and there is no need for bitcoiners to have that. One of the main innovations of bitcoin is to be able to hold digital private property which is hard to confiscate.
Its growth potential has proven to be unprecedented, but it seems that for some it's just not enough, and they would like to make earn some extra percentage off their bitcoin holdings.
The problem is the custodian side of it offering such unsustainable yields, which end up being false promises as a result of reckless and ultra risky investments from the custodian in order for them to keep their word
Ultimately they are playing a risky game with your bitcoin, and we have seen where this ends.
This is a friendly reminder (not financial advice!), to keep your bitcoin off exchanges or any third-party custodial services.
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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