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Bitcoin-backed credit built with DeFi represents a stronger and more practical vision of “bitcoin free banking” originally described in 2010 by Hal Finney.
This is an opinion editorial by David Seroy, Founder and President of Old North Capital Fund.
It is the author's opinion that credit-based, bitcoin-backed dollars will act as the bridge connecting bitcoin, dollars, the Lightning Network, validity roll-ups, and elements of free banking in a hyperbitcoinized world.
Although hash rate capacity is at a record, mining conditions did lead to a relative underperformance in bitcoin received throughout the month.
Riot Blockchain has released its unaudited production and operations updates for November 2022. According to the release, the company produced 521 BTC, a 12% increase on its November 2021 production of 466 BTC. It sold 450 BTC, generating net proceeds of $ 8.1 million, and had a deployed fleet of 72,428 miners with a hash rate capacity of 7.7 exahashes per second (EH/s) on 30 November.
The educational center hopes to create and maintain a Bitcoin circular economy and is focused on financial literacy and empowerment.
The Built With Bitcoin Foundation (BWB) has opened a new Bitcoin Technology Center in Ejisu, Ghana, a city in Greater Kumasi, as a legacy for the inaugural Africa Bitcoin Conference. The center will be run by Ghanaians, for Ghanaians, according to a press release sent to Bitcoin Magazine.
BWB Founders Ray Youssef and Yusuf Nessary plan to reveal the campus on Thursday December 8, 2022, with a tour attended by various members of the international Bitcoin community.
The move anticipates new EU legislation by excluding non-fungible assets.
CoinDesk
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The first successful discreet log contract has been executed on the Lightning Network by creating a new type of transaction when opening a Lightning channel.
The below is a direct excerpt of Marty's Bent Issue #1286: “The first mainnet DLC on Lightning has been executed.” Sign up for the newsletter here.
It's been exactly 11 months and two days since we wrote about discreet log contracts (DLCs) in this rag. For those of you who are a bit rusty or completely ignorant in regards to what a Discreet Log Contract is, it is a special type of bitcoin transaction that executes a smart contract with information provided by an oracle.
The leverage-fueled mania in crypto is over with yield arbitrage opportunities collapsing. How can companies still offer yield products above risk-free rates?
The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.
Powering bitcoin mining operations with landfill waste is the latest trend in sector growth as miners capitalize on wasted and stranded energy resources.
Powering bitcoin mining machines with literal garbage is an emerging trend within the mining sector as a crop of new companies focus on harnessing this abundant and otherwise wasted energy resource. Contrary to the prevalent political narrative that bitcoin mining destroys the planet, the efforts of these landfill miners demonstrate that nothing could be further from the truth.
Decentralized exchanges are retooling their public-facing approach.
CoinDesk
Bitcoin’s consensus mechanism ensures that work needs to be done in order for transactions to confirm and secures bitcoin in the fairest manner.
This is an opinion editorial by Pierre Gildenhuys, the co-founder of a Hong Kong-based social environment tech startup.
Proof-of-work is the consensus mechanism that the Bitcoin protocol uses. On a fundamental level, this means that work has to be done to prove the transactions that have transpired on the network are valid.
Brazil’s Congress just approved a complete regulatory framework for cryptocurrency markets in the country. Here’s everything that’s in it.
On Tuesday, Brazil’s Chamber of Deputies approved a landmark cryptocurrency legislation that sets the tone for how the country will regulate bitcoin.
Key aspects of the bill relate to the way “virtual assets” are defined and their possible local uses, who can provide services to the public and what are the penalties for fraud and money laundering that involve cryptocurrencies.
The bill had been discussed in Congress for seven years, but recent events in local and global markets, including the fall of prominent exchange FTX, placed urgency on its voting and subsequent approval.
Bitcoin’s responses to black swans are irrelevant to its continued success as a protocol used around the world.
This is an opinion editorial by Bernardo Filipe, a life-long thinker, philosopher and author of “The Straight Science.”
“Earnings-free assets with no residual value are problematic.
The implication is that, owing to the absence of any explicit yield benefitting the holder of bitcoin, if we expect that at any point in the future the value will be zero when miners are extinct, the technology becomes obsolete, or future generations get into other such ‘assets’ and bitcoin loses its appeal for them, then the value must be zero now.” — Nassim Taleb
The cryptocurrency-focused financial services firm won an auction to buy the company from crypto lender Celsius, which filed for Chapter 11 bankruptcy protection. Crypto Markets Today is CoinDesk’s daily newsletter diving into what happened in today’s crypto markets.
CoinDesk
After Jerome Powell’s speech, markets are caught in the middle. Participants are hoping for a pivot. Is the bottom in or is more pain on the horizon?
The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.
We want to zoom out and revisit the broader macroeconomic picture and analyze some of the latest data that came out this week, which will heavily influence the market direction over the next few months.
Despite a recent warning from European politicians on the dangers of bitcoin, the Swiss-based bitcoin app has published record results this month.
Relai, a Swiss company that provides a non-custodial bitcoin wallet app, has reported that November 2022 was its best month in terms of volume and revenue. According to a press release sent to Bitcoin Magazine, the app saw an increase of 60% compared to the previous month of October 2022.
The company also reports that November 2022 was its best month for both active users and new users, saying that more people downloaded the app in November than in September and October combined.
Surprisingly, the first time the term “credit card” was used to describe a card for spending was back in 1887, mentioned several times in the utopian science fiction novel “Looking Backward” by Edward Bellamy.
Although, in the beginning, the concept was slightly different from today’s and did not include debt in terms of borrowing money from authorities, credit cards have been around for nearly 150 years and won't go away easily.
GK8 was put on the block following Celsius’s bankruptcy.
CoinDesk
Modern day alchemy, unsurprisingly, failed. A deep dive into FTX and the events leading to the collapse of the now notorious crypto exchange.
The below is an excerpt from the Bitcoin Magazine Pro report on the rise and fall of FTX. To read and download the entire 30-page report, follow this link.
Where did it all start for Sam Bankman-Fried? As the story goes, Bankman-Fried, a former international ETF trader at Jane Street Capital, stumbled upon the nascent bitcoin/cryptocurrency markets in 2017 and was shocked at the amount of “risk-free” arbitrage opportunity that existed.
ECB President Christine Lagarde declared that inflation “came from nowhere,” yet Bitcoiners know this isn’t really the case.
This is an opinion editorial by Federico Rivi, an independent journalist and author of the Bitcoin Train newsletter.
We are raising interest rates “because we are fighting inflation. Inflation has come out of practically nothing.” So said European Central Bank President Christine Lagarde, host of the Irish talk show Late Late Show on Friday, October 28, 2022. Words apparently contradicting a statement that came shortly afterwards in the same interview. Inflation, she said, is caused “by Russian President Vladimir Putin's war in Ukraine. […] This energy crisis is causing massive inflation that we have to defeat.”
ALSO: Shaurya Malwa writes that oversubscription of an initial exchange offering at Binance underscores investors continued interest in crypto and may offer hope for the industry’s rebound.
CoinDesk
