🏦 IMF ON BITCOIN

IMF Publishes Global Financial Stability Report Discussing Bitcoin
By Shawn Amick

The International Monetary Fund (IMF) recently published the "Global Financial Stability Report" discussing a myriad of subjects including:

• Bitcoin and cryptocurrencies disrupting payment systems
• Bitcoin being used to evade sanctions
• Inflation
• Russia's invasion of Ukraine
• Banking infrastructure
• Central bank challenges of maintaining credibility
• Energy Security
• And other topics..

In this report they shared their concerns as well as the positive implications for bitcoin, including how it has been used for donations for those who need it the most during Russia's invasion of Ukraine. But they also share their concerns on how nation-states could utilize protocols such as Bitcoin as a way of evading economic sanctions.

Interestingly the IMF emphasizes the bitcoin mining industry as a method for nation-states to monetize energy sources which cannot be otherwise exported due to sanctions. They do not mention, however, that many developing countries with vast natural resources could benefit from mining on their path to economic development. 

"Bitcoin has fragmented the world order with a superior payment network, and the old guard is nervous." – Shawn Amick

The Unique Property Insurance Considerations For Bitcoin Mining Operations
By Nick Pappas, Evan Zinaman And Ben Fliegel

Bitcoin mining is an activity that involves capital risk and it is definitely not cheap. To be competitive, it requires investing money on expensive equipment (ASICs), storage, maintenance and electricity bills. ASICs are vulnerable to the elements and electrical interruptions. A Bitcoin miner will likely suffer losses if a fire breaks out on the premises, a storm damages ASICs or a power outage prevents access to the internet. For that reason, It is crucial for Bitcoin miners to understand risk and their unique business characteristics to consider an adequate insurance coverage.

The author of this article discusses the importance of insurance coverage for Bitcoin miners. He writes about the structure of the operations, named insured and additional insureds, mobile mining operations, property damage, business interruption and extra expenses, contingencies, exclusions and a tight insurance market.

📰 THE DAILY BITS

🖼️FIAT ART

Bitcoin SongSheet: How Fiat Debased Art
By Jimmy Song

Similar to the U.S. dollar becoming less and less representative of reality by the day, with fake and delusional value imposed by a centralized authority, art as been in the same process of debasement since the Renaissance, when it was at its peak and actually representational of beauty.

The author of this article shares his controversial but substantiated opinion about post modern art and its resemblance to fiat currencies and proof of stake, the current delusional state humankind is currently submerged in with the confusion of value and the importance of Bitcoin to come out ahead.

“Postmodern art has no such proof of work. It doesn’t represent reality, which means that artists can churn out meaningless pieces in minutes.”  – Jimmy Song

MEME OF THE DAY 

📗 BITCOIN MAGAZINE PRINT