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Bitcoin Market Journal

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HEALTH, WEALTH, AND HAPPINESS

July 19, 2022

"I strongly believe that those of us who are privileged to have wealth should contribute significantly to try and create a better world for the millions who are far less privileged."


- Azim Premji

Whale Reads



Whale Reads

Worthy news for aspiring whales


Crypto is not the best way to secure your financial future; getting a good job is(Reddit): A helpful reminder on financial literacy from a Reddit user who could stand to improve their English literacy.


Investor takeaway: Be sure you have a steady source of income from a good-paying job before investing in crypto.


If you don't, remember the best investment you can make is an investment in yourself: go back to school, learn a skill or a trade, find a job, then come back to crypto.


"If you weren't born rich, you better get yourself educated."


Investing is not a get-rich-quick pastime: it's "loaning" your money to others whom you hope will put it to better long-term use than you will.


Investing in your own education and finding a high-paying job is a better use of your limited funds because you have more control over what happens.


Or in the words of another user on this thread: "Invest in yourself, then stocks/bonds/crypto."



The Big Picture

with Evamarie Augustine

Hi everyone


Urban legend: Bitcoin was a result of the Great Financial Crisis.


To its fans, bitcoin is many things—a way to end government control over corruption, rescue the unbanked, and save the world. 


A recent Google search of “Will bitcoin save the world” did indeed find several results.

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But I digress. Back to the Great Financial Crisis. There seems to be the belief that bitcoin was borne out of the events that transpired between late 2007 through 2009.


The Great Financial Crisis, or the Great Recession, was a series of events that began with easy credit, subprime mortgages and low interest rates, eventually leading to the collapse of the housing market, the loss of trillions of dollars of wealth and the demise of many storied financial institutions, most notably Lehman Brothers. But one thing the crisis was not responsible for was bitcoin.


The origins of a decentralized financial currency started way before November 17, 2008, the date the original bitcoin peer-to-peer white paper was released. While bitcoin is arguably the most famous and most successful, several other concepts were experimented with prior to bitcoin. In fact, cryptographer David Chaum, considered to be a pioneer in digital cash, introduced the concept of a “blind signature” in his 1983 white paper. There was also “Hashcash,” developed in the 1990s. 

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One article I've read puts the origins of the bitcoin concept around 2004—well before the rumblings of the financial crisis were felt. The article also stated that in 2001, James A. Donald developed the program Crypto Kong, which would be the basis for digital signatures and the beginning of Bitcoin. 


So why does this matter? There are several articles stating that bitcoin was a result of the Great Financial Crisis, but this is simply incorrect.


The quest for a decentralized currency was in the making for many years due to the dissatisfaction of many besides Nakomato with the existing financial system.


So while timing seems to align—and makes for a good headline—Bitcoin was not a response to the financial crisis. Rather, its original premise offers an alternative to centralized governance and a way to explore more decentralized leadership.

Make it a great day!


Evamarie Augustine

Market Analyst

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