Hello Humble Bitcoiners!
Another hectic Monday — the only true stability we know is Bitcoin! |
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📝 Today's Rundown - Sovereignty: Ukrainian escaped with his wealth in bitcoin and is now fighting Russia on his own terms.
- Popular For Mining: Bitcoin miners have an outsized presence in Georgia, but what’s so special about the country’s attitude, energy mix and regulatory environment?
- Peer To Peer: P2Pool and other protocols have sought to reduce the need for trust in third parties.
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How Bitcoin Allowed A Ukranian Refugee To Escape War And Start Fighting Back On His Own Terms
By Shinobi Imagine going to sleep and waking up only to find that your country is under attack by a foreign power. This is the story that "LDV" lived through and made it out of it — thanks to bitcoin.
"Without Bitcoin, I probably would not be here talking to you right." — LDV
On February 24th, the Ukrainian Central Bank suspended electronic cash transfers and ATMs have since been overrun. This was the situation LDV faced right after the country experienced an invasion from Russia. With the need to escape but being unable to utilize the traditional financial system, LDV was able to retain control of the situation using bitcoin.
He was able to gather some Polish currency by selling some bitcoin to people he knew for cash, and more importantly, with the use of a USB drive and a piece of paper, LDV and his girlfriend were able to flee to a foreign country with the wealth they had accumulated from their jobs. Different from many others who also fled to start from scratch, because of bitcoin they are not in the unfortunate situation of relying on the charity of the people around them.
"This is the power that Bitcoin offers. That is utility value in a situation where the world around you is literally falling apart," — Shinobi |
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Dispatch From Georgia: Why Is This Small Former Soviet Country So Popular For Bitcoin Mining
By Jaran Mellerud Georgia is a country located at the intersection of Eastern Europe and Western Asia. In the last half decade, it has become very popular for bitcoin mining and at present-day it is estimated that 9% of the country’s electricity consumption goes to cryptocurrency mining.
Georgia was once part of the Soviet Union. For 70 years, its citizens suffered from the drawbacks of socialism and thirsted for freedom. Once becoming independent in 1991, they effectively cut 80% to 90% of all regulations in a few months and only absolutely essential taxes were left. The country's economy has been among the fastest-growing in the world since and in 2019, Georgia ranked seventh on the World Bank’s Ease Of Doing Business Index.
Georgia’s abundance of cheap, clean hydroelectric power, its relaxed regulatory environment and low taxes have made it a very attractive option for Bitcoin miners. However, increase in the electricity demand in the last couple of years increased the costs associated, leaving little room for bitcoin mining expansion until new energy generation capacity is developed. |
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1. $4.4 million in bitcoin was donated to a wallet operated by a Ukrainian non-governmental organization assisting the military. 2. Bitcoin will aid humanity in raising its levels of consciousness when self valuing people secure their individuality and everyone’s self interests are aligned. 3. A society can only have true freedom in grasp when there exists an immutable uncontrolled money like Bitcoin. 4. Jack Mallers talked about working in friendly competition with other Bitcoin companies to build the best financial experience for customers. 5. Bitcoin Core developers are considering “burying” the Taproot soft fork, to help developers when reviewing the code, but it could have unintended consequences. 6. Bitcoin short squeeze boosts the price while risk assets trade as if maximum fear and uncertainty are priced in after the declarations of war. 7. Scotland can best prepare for the future by adopting a bitcoin standard and reaping the benefits of sound money. |
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How P2P Protocols Seek To Solve Bitcoin Mining Centralization
By Shinobi Pools are very popular among miners because they allow them to combine their workforce to find valid blocks to be added to the network while fairly distributing the BTC reward based on the contributed hash rate. However, they can also put the network at risk because, ultimately, they are centralized entities with a high percentage of the global hash rate. If big enough, they can begin to represent a single point of failure for the whole network.
P2Pool was a decentralized Bitcoin mining pool protocol that allowed miners to join forces and adequately distribute the reward while avoiding hash rate centralization. However, due to scalability issues, it is not in use anymore and it mined it’s last block in February, 2019. The author of this article discusses P2Pool's original protocol and shares some proposals to improve its scalability using payment channels that, if implemented, could be of great benefit to the Bitcoin network. |
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 | | Live Update! |
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In this episode of Bitcoin Magazine LIVE: - An interview with Stephan Livera.
- An episode of The Break Up with Nolan Bauerle.
- An episode of Bitcoin adjacent equities with Q.
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By Dingdong
In the last couple of weeks, we have experienced censorship of people from their own governments due to dissenting political views, people fleeing their countries with anything they can fit in their cars due to war and bank runs in Russia due to looming sanctions. As the global population feels the fear of the repercussions of their leaders actions, bitcoin is the only way we have nowadays to be fully sovereign.
I have not found any a superior option to Bitcoin to transport ones wealth across borders in times of crisis.
With love,
Bam |
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