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Today's Rundown: Proof Of Work: As in life, everything important is PoW . Speculative Attack: Marathon Digital to raise $500 million in convertible notes with the intent to buy bitcoin. Another ETF: VanEck's bitcoin futures ETF is the third to launch. Futures: Bitnomial launches margined "physically" settled bitcoin futures. |
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Like Bitcoin, Everything Important Is Proof-Of-Work By Joakaim Book In this piece, the author makes a philosophical comparison of proof-of-work, bitcoin's consensus, with our daily lives, on the premise that anything valuable in our world comes from work. In order to achieve goals in life, it is natural that we have to put real effort into our endeavors, and in the same way,, we should expect to put real-world resources behind the computer network that powers bitcoin. Unfortunately, reality gets distorted when society raises some generations with an opposite mentality — a proof of stake one, where our mere existence conveyed rights, benefits and well-being and even a universal basic income. The entitlement of deserving so much without any effort whatsoever can be dangerous — it could corrupt the incentives of society to drive towards prosperity through hard work. Fortunately, Bitcoin teaches us that proof of work is not only the best consensus mechanism for hard money, but also a philosophical way to see life, where nothing comes for free. |
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Marathon Digital To Raise $500M In Convertible Notes To Purchase Bitcoin And Bitcoin Miners By Alex McShane Marathon Digital Holdings, one of the largest publicly-traded bitcoin mining companies, announced a proposed convertible senior notes offering. The offering amounts to $500 million with a due date of 2026. The firm intends to use the net proceeds to acquire more bitcoin and bitcoin mining equipment, making it the second public company to issue debt in order to purchase a harder kind of money, after MicroStrategy. After MicroStrategy bought bitcoin for its balance sheet, we saw multiple public companies following the move. Almost a year after MicroStrategy issued debt for the first time to purchase bitcoin for the balance sheet, we now finally see the second public company to execute the "speculative attack" — borrowing cheaper currency to buy a harder one. |
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Click the links: 1. Bitcoin gives users a decisive strategic advantage which can be used to consolidate a dominant position, forming a power singleton. 2. The freedom forged by Bitcoin is entirely unique to a decentralized network owned by no one. 3. A bipartisan team of US senators is introducing a bill to clarify what entities should report cryptocurrency transactions to the IRS. 4. A group of movie-loving Bitcoiners discuss parallels between our current society and the society in "V For Vendetta". 5. It may be under appreciated just how badly the autocratic government of China blundered with bitcoin. 6. Understanding bitcoin often challenges beliefs once held, but through self reflection and an open mind, one appreciates this new knowledge. 7. How do we define good and bad money, and how does that relate to the economics surrounding bitcoin? |
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VanEck Bitcoin Futures ETF To Launch By Namcios VanEck Bitcoin Strategy ETF (XBTF), the third bitcoin futures exchange traded fund, is set to go live on November 16 on CBOE after the Securities Exchange Commission had rejected its 'physically' based offering last week. The company sought to provide investors with a product that would invest in actual bitcoin, providing more direct exposure to the asset's price appreciation, however their attempt was held back by the SEC's rejection over investor protection concerns. “While a ‘physically backed’ bitcoin ETF remains a key goal, we are very pleased to be providing investors with this important tool as they build their digital asset portfolios” - Kyle DaCruz, Director of Digital Assets Product at VanEck |
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Compass Mining Announces New Service For Trading Used Asics By Namcios Bitcoin derivatives exchange Bitnomial has launched a U.S. based physically settled bitcoin futures contract with 35% margin, as per the announcement on November 15. The contract increases basis trading efficiency by eliminating the need to execute bilateral trades to unwind positions allowing lenders and miners to hedge at scale. The Bitnomial derivative will initially trade in two quarterly contracts, bitcoin and deci-bitcoin U.S dollar futures, sized for institutional and retail investors. "As a derivatives block liquidity provider and early Bitnomial market participant, Genesis is excited to see the launch of additional regulated venues for trading physically settled futures products," - Joshua Lim, head of derivatives at Genesis |
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By Greg The infrastructure bill was signed, but as good as they might make it sound for the prosperity of the country, the government is diluting your money. In another perspective, they just signed a bill for bitcoin to appreciate forever. Keep Stacking. |
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