Another One Bites The Dust
There goes Prime Trust. What was once a well-respected company in the space has been revealed to be another failed, hollow and corrupt firm. Never trust, always verify.
📝 Today's Featured Articles
  • ❓ Do You Hate Ordinals?: You may not value the Bitcoin protocol like you think.
  • 🤕 Prime Trust Receivership: The Nevada FID has put Prime Trust into receivership, revealing a major hole in the company's balance sheet.
❓ Do You Hate Ordinals?

If You Hate Ordinals, You Might Undervalue The Bitcoin Network
By Mark Maraia          

In this opinion editorial, Mark Maraia, a professional development author and Bitcoin researcher, argues that the Bitcoin network is undervalued compared to the bitcoin asset itself. Maraia observes a debate between Bitcoin purists who believe the network is solely for sending value (bitcoin) and those who support additional uses such as inscriptions and BRC tokens. He highlights the difference between bitcoin the asset and the immutable digital ledger, or "the timechain," stating that while the highest and best use for the ledger is holding and sending value, it is not limited to that purpose.

Maraia emphasizes the importance of valuing the network and protocol, seeing it as a place where messages can be permanently recorded. He references the Declaration Of Monetary Independence (DoMI), which was recorded on the timechain, and argues that the market undervalues the network. Maraia suggests that inscriptions and BRC tokens increase the perceived value of the timechain and believes that the cost for putting data on it is significantly below its potential value.

The author urges humility and reverence towards the immutable ledger, recognizing that individuals may value and use it in different ways. He compares it to carving a message into a majestic oak tree, where the tree itself remains neutral. Maraia concludes by stating that instead of arguing about specific uses of the timechain, he will follow the neutral stance of the network and appreciate its potential value.

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📰 The Daily Bits

👏 Jack Dorsey questions Tim Cook: Why doesn't Apple support Bitcoin?

🇺🇸 U.S. Congressman Warren Davidson: Bitcoin "represents freedom, financial freedom, the ability to transact with freedom."

🤯 MicroStrategy has acquired an additional 12,333 BTC for ~$347.0 million at an average price of $28,136 per bitcoin.
Read The Report: Warning Signs At The World's Largest Bitcoin Exchange

🤕 Prime Trust Receivership

Nevada FID Files Court Petition To Place Prime Trust In Receivership Over Financial Woes
By BtcCasey

Nevada's Financial Institutions Division has filed a court petition to place Prime Trust LLC in receivership over financial troubles and unsafe operations.

The Division cited concerns about the company's insolvency and revealed that Prime Trust owes more than $82 million in fiat cash. Additionally, it was disclosed that Prime Trust lost access to "legacy" wallets holding cryptocurrency in 2021. The court petition highlighted the firm's financial state as "unsafe," stating that it owed significant amounts to its clients and would be unable to satisfy all of its withdrawals.

The Division's petition aims to appoint a receiver to assume control over Prime Trust's operations and conduct a thorough financial examination. The receiver will determine the best course of action to protect clients, which may involve rehabilitating the company or liquidating it. Customers seeking information about the impact of this action were advised to contact Prime Trust directly. This legal action follows a Cease-and-Desist Order issued against Prime Trust on June 21, 2023.

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