BlockFi Files For Bankruptcy
Another lender collapses, with BlockFi submitting a voluntary petition for chapter 11 bankruptcy.
đź“ť Today's Rundown
  • 📉 BlockFi Down: The lending platform has over $1-10 billion in liabilities with just ~$250 million cash on hand. 
  • 🏦 Fiat Ruins Civilization: Fiat money leads to a degradation of incentives, creating a society motivated only by the consumption of resources and zero value production.
  • 🌍 A World Of Bitcoin: Worldwide adoption of bitcoin could mean smoother, more equitable trade and more financial access for those currently excluded.
What’s happening and what’s next for Bitcoin after the FTX collapse? Hear from Robert Breedlove, Kevin O’Leary, Yuga Labs, and more at Benzinga’s Future of Crypto conference, on Dec 7 in NYC. Tickets are selling fast! Get 20% off with code BITCOINMAG at bz-crypto.com.
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📉BlockFi Down

Crypto Lender BlockFi Files For Bankruptcy
By BtcCasey

BlockFi is the latest lender to undergo bankruptcy proceedings as the contagion continues. The firm has experienced problems before, as in June when they nearly went under after the Three Arrows Capital collapse, but were saved by FTX. Unfortunately, as the FTX collapse has shown, the entire system was built on a house of cards. BlockFi is now having to reckon with the reality that it has an estimated $1-10 billion in liabilities and less than a quarter of a billion dollars in cash on hand. 

The math adds up to a painful experience for customers and creditors, one of which appears to be the SEC, to the tune of $30 million. 
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🏦 Fiat Ruins Civilization

Bitcoin Songsheet: How Fiat Money Ruins Civilization
By Jimmy Song

Money is the source of all evil. The Apostle Paul knew it, wrote about it more than 2,000 years ago, and it is still true today. However, the problem is not money per se — it is the greed programmed into human nature and our inability to find a reliable, trustworthy and incorruptible form of money. Even when using gold, human greed has found a way to manipulate the monetary system to obtain individual advantage. 

Fiat money, as its name implies, can be created by decree, out of nothingness — a feature that automatically makes it worthless. Fiat money ruins market incentives, meritocracy, progress and capitalism. If money doesn’t work, nothing will.
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đź“° The Daily Bits
1. Satoshi Nakamoto intended to create a monetary revolution with the invention of bitcoin, but his other unstated revolution may occur first in the energy sector.

2. The use of technology will give humans more time to practice mindfulness and do the things they want to do, without having to worry about making ends meet.

3. It’s time to make bitcoin more approachable for newbies by naming the smallest units “bits” which are more familiar to people used to dollars and cents.

4. "Bitcoin is at the cutting edge of innovation in the world" — Texas Governor

5. Nearly 180,000 Bitcoin have been taken off exchanges in the last month alone.
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🌎 A World Of Bitcoin

Will Bitcoin Be Used By The Entire World?
By Nesrine Aissani

Could you imagine living in a country with a non-convertible currency? Imagine not being able to travel abroad because no other country would accept your money.

Financial oppression is a rampant problem today. It is one of the most unjust features of our modern era. Just because you were born in a certain area of the world, you could be automatically financially limited. Progress and personal growth is out of your reach by decree. It doesn’t matter how hard you try, you will never be able to catch up with the rest of the world! Isn't capitalism supposed to have been designed to prevent that?

Since the Bretton Woods agreement of 1944, it has been agreed that the U.S. dollar will be the reference currency in international trade. This is called "exorbitant privilege" as it gives great advantages to the United States. Money should be chosen by the people, not forced onto them. Choose wisely — choose Bitcoin.
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MEME OF THE DAY 

By RD BTC

If you don't withdraw your bitcoin from exchanges, you don't have any bitcoin. You might at most have a bitcoin IOU, which may or may night be fulfilled in the future per your request.

If you want true proof of reserves, then take your bitcoin off of exchanges.

Stack harder,
Bam
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