Proof-Of-Work Is The Only Viable Form Of Consensus
By Pierre Gildenhuys

Bitcoin receives a lot of criticism, and much of that criticism focuses on the proof-of-work consensus mechanism that bitcoin utilizes.
Proof-of-work, in its under-appreciated existence, quietly secures the network, makes the distributed ledger of Bitcoin immutable, and creates a free and open market for wasted and excess energy.
Essentially, the consensus mechanism of bitcoin is what makes it enables its other unique properties to continue their existence, and therefore, is the only viable form of consensus for the network. Opponents of Bitcoin often point to proof-of-stake protocols as alternatives, but they would immediately dissolve the pristine level of protection the Bitcoin network exhibits.

🦢 Black Swans Won't Stop Bitcoin

Bitcoin Will Not Submit To Black Swans
By Bernardo Filipe

While Bitcoin certainly suffered as the COVID-19 pandemic brought the world to a halt, it absolutely could not be considered a victim.
In fact, shortly after Bitcoin experienced its most significant bull market yet. And while we've since slowed down from there, by a large amount, it should be appreciated just how well the protocol bounced back into the mainstream after descending to ~$4,000 in March of 2020.
Nassim Taleb, a once bitcoin-advocate turned critic had previously written a piece stating, "Few assets in financial history have been more fragile than bitcoin." In this piece, author Bernardo Filipe passionately challenges that claim.

📰 The Daily Bits

🎈 The Everything Bubble

The Everything Bubble: Markets At A Crossroads
By Dylan LeClair and Sam Rule

In this piece, the Bitcoin Magazine PRO team seeks to zoom out and revisit the broader macroeconomic picture and analyze some of the latest data that came out this week, which they believe will heavily influence the market direction over the next few months.
Jerome Powell's recent speech has led markets to believe that the Federal Reserve will pivot from its current stance, causing volatility in the market. However, economic data shows that the economy is contracting, particularly in the manufacturing sector, and this could lead to more bearish movements in the market. It is unclear how this will affect the value of bitcoin, but it is expected that if stock markets suffer, so too will bitcoin.

MEME OF THE DAY

By CHAIRFORCE_BTC