Hello Humble Bitcoiners!
It's Monday again, and even though it's been a tough weekend out there for the people with funds in various cryptocurrency exchanges, Bitcoin's fundamentals continue to be intact.
There's a reason we advocate for Bitcoin only.
Every 10 minutes, a new block is issued, allowing people all over the world to transact value in a peer-to-peer manner, without needing an intermediary.
Stay safe out there — get your bitcoin off exchanges. |
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📝 Today's Rundown - ☠️ Bankruptcy: FTX Group, which includes FTX U.S., filed for Chapter 11 bankruptcy following an intense liquidity crisis; CEO Sam Bankman-Fried has stepped down.
- 🌊 Free Market: Bitcoin acts as better money for everyone — especially the unbanked — because it responds only to free market forces.
- 💻 Silk Road: Silk Road showed people that bitcoin could be effectively used as a medium of exchange on an open marketplace.
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Moon Mortgage is a first-of-its-kind bitcoin-backed mortgage provider.
We make it possible to leverage your bitcoin to invest in real estate without having to sell it, lose your upside or deal with taxable events.
We partner with Anchorage Digital to ensure your Bitcoin is secured through their industry-leading custodial solutions.
Now you can have your cake and eat it too. |
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Crypto Exchange FTX Files For Bankruptcy, CEO Resigns.
By Namcios FTX Group has filed for Chapter 11 bankruptcy. The company's Twitter account posted a release on Friday detailing the decision, including the resignation of its CEO and founder Sam Bankman-Fried.
As rumors spread that FTX didn't have enough liquidity to redeem user's funds, the founder responded by posting a message via Twitter that there was nothing to worry about. Soon afterwards, the exchange halted all customer withdrawals.
As the situation progressed, a possible bailout from Binance was announced — but it didn't last long. Ultimately, Binance's CEO made the final decision to not proceed forward with the bailout of FTX, and the collapse began, with many people's funds being held hostage by the centralized exchange. |
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Let The Free Market Regulate The Value And Efficiency Of Bitcoin
By Kelly Slaughter Elections are just around the corner and disputes between the major political parties are getting louder and louder. It doesn’t matter which side you identify with, there is a subject that should unite Red and Blue voters: keeping bitcoin free from government regulation.
The American government is already exploring the idea of creating their own central bank digital currency (CBDC). Their new tool will be built to maintain their monopoly and control over money by expanding surveillance in novel ways.
No matter the imposed regulations, total surveillance and financial totalitarianism can never be achieved if Bitcoin is the standard. |
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1. Bitcoin is an entirely new paradigm of money, not a simple secondary payments layer built to increase ease of access like PayPal or Venmo. 2. Two bitcoin explorers return to El Salvador to see what the country looks like after a year of Ley Bitcoin. 3. Bitcoin is sound money because the blockchain makes its ledger tamper-evident, while proof-of-work ensures the blockchain is tamper-proof. 4. Global trade needs to be built on an incorruptible standard that has no political or nationalistic affiliation. 5. When one considers the state of the Union today, it doesn’t really seem like there is a viable path to affect change via the political process. 6. Bitcoin mining can use organic materials, such as methane, which contributes to climate change, therefore reducing the environmental impact from the gas. 7. Bitcoin stokes an inner curiosity about the nature of money and other seemingly topics. Once it clicks, it’s hard to refrain from telling everyone. 8. The Constitution was the code which enabled the protocol of America, Land of the Free — and Bitcoin builds upon this freedom. |
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Silk Road Was The DarkNet Market Testing Ground For Bitcoin
By Jacob Kozhipatt There are two main perspectives that those who know the subject tend to have when talking about The Silk Road. The Silk Road was a darknet marketplace where users were able to buy and sell all manner of products, including those considered illegal — most often, drugs.
For some, it was a great technological contribution that allowed the creation of markets totally divorced from the corruption of governments and big banks. For others, the marketplace was an enemy of The State that facilitated the sale of illegal substances, impacting countless lives.
Regardless of the personal judgment of anyone, The Silk Road project was, undoubtedly, the first example of bitcoin being used as an actual currency. It put to the test the nascent technology in Bitcoin, which proved to be worthy of being considered money.
Unfortunately, it also created a stigma surrounding digital currencies that lasts even today. |
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It is the wild wild west out there. It is likely that we are not even close to the end of the FTX fiasco. Many people lost their life savings.
The worst part of all, is that many others continue trying to prove through various avenues why "their centralized exchange is better," instead of learning the real lessons here:
"Bitcoin, not crypto," and "Not your keys, not your coins."
It's just that simple.
With love,
Bam |
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| The #FREEROSS Collection — Fine art prints of select paintings by Ross Ulbricht.
Available for purchase online and the Bitcoin Magazine Art Gallery. 100% of profits donated to @Free_Ross. |
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Today's email was brought to you with ♥ by Bam.
Keep on reading, keep on stacking. |
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