Humble Bitcoiners!
It's Monday, so get your coffee ready, stack some sats and sit down for your daily dose of Bitcoin signal!
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Today's Rundown: - NgU: A stimulus check in 2020 would now be worth 7x more...
- To MSM Economist: A response to Steve Hanke.
- ETFs: Second ETF could start trading this week.
- Pandora: Revelation of the broken current system.
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$1,200 Stimulus Check Would Now Be Worth $11,000 If Used To Buy Bitcoin.
By Alex McShane In the beginning of the pandemic, the U.S Government made a payment to every American under certain income limits of $1,200. If this would have been used to purchase bitcoin, the return would have been above 700% to total amount over $11,000.
This highlights two things: - Bitcoin is the best savings technology
- There is a problem with our current financial system.
After a year and a half of unprecedented money printing by central banks attempting to have a quick fix, we now see the repercussions of it through asset and consumer inflation. Our money is supposed to be hard, and savings should be a mechanism to defer consumption to the future in order to reduce uncertainty.
Unfortunately, the U.S. dollar keeps losing purchasing power and removing the incentive of saving, but we have bitcoin now, the hardest and most scarce money ever existed, bringing back the incentive for saving and lowering our time preference, as it is NgU tech. |
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On Confidently Misunderstanding Bitcoin: A Response To Steve Hanke
By Bradley Retler This letter is directed to the mainstream economist Steve Hanke of Johns Hopkins University, who is well known in the Bitcoin community for his lately recurrent postings about "Bitcoin being volatile, and its fundamental value of zero".
The author attempts to tackle three main misconceptions from his essay: "How Innovative Is Crypto?". - Failure to recognize Bitcoin's innovation
- A miss-conception of the word Private
- Outdated statistics of the proportion of illegal transactions in Bitcoin.
In general Steve Hanke has beaten the same drums since 2014, without bothering to look at the new developments in Bitcoin, such as the lightning network, or the growth of the asset. All while bitcoin appreciated from $600 to $60,000 since he first started publicly sharing his opinions. |
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Click the links:
1. Bitcoin as an idea can be thought of, like a Rorschach test, as the interpretation of the particular context it presents.
2. Rapid progress in quantum computing could pose a risk to certain types of bitcoin transactions. So how can we combat this risk?
3. Michael Saylor's Interview on The Center Cannot Hold, a show on Bitcoin Magazine podcast.
4. Schrödinger's cat is a thought experiment in quantum mechanics that demonstrates a paradox of quantum superposition.
5. CBDCs are antithetical to bitcoin and represent repression as opposed to freedom.
6. ProShares is set to launch a Bitcoin futures exchange-traded fund (ETF) on the New York Stock Exchange tomorrow, in what would be a first for institutional investors in the U.S.
7. Promoted: Invictus Capital has launched a fixed-yield lending product intended for large investors in assets like bitcoin.
8. BM Podcast: A group of convicted Bitcoin enthusiasts discuss what makes bitcoin fundamentally different from other cryptocurrencies.
9. Brazil is not following El Salvador's example; here's a breakdown of the country's cryptocurrency bill.
10. Two college-age Bitcoiners discuss how young people are changed by the culture of Bitcoin.
11. Excessive money supply and rising inflation could lead to an U.S. market meltdown, Carl Icahn said, a perfect setup for Bitcoin. |
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Bloomberg Analyst: A Second Bitcoin Futures ETF Could Start Trading This Week
By Namcios As we prepared for the first bitcoin futures ETF in the U.S. to start trading, Bloomberg received a listing action from Valkyrie Funds for their bitcoin futures ETF programmed to start trading on Tuesday the 19th of October under the ticker symbol "$BTFD."
Even though none of the both ETFs will hold actual bitcoin, it provides institutional validity in the space, reduces the fears of "banning bitcoin," allows bigger funds to get exposure on the asset's appreciation, and could be a flipping point to many who were undecided whether or not to buy bitcoin.
- Monday: ProShares Bitcoin Futures ETF goes live
- Tuesday: Valkyrie Bitcoin Futures ETF goes live.
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The Pandora Papers Reveal What Bitcoiners Already Know
By Pedro Solimano The Pandora Papers have revealed the truth in what Bitcoiners have been saying for years: The current system is broken. While this topic has been largely ignored by the Bitcoin community, it is still a wake-up call for people to realize that while billions are struggling to make ends meet, the elites are dancing and celebrating as they are unaffected by the trivial problems of society.
In this two-tier system, where the 1% seem to be benefit from the staggering inflation everyone else is suffering from, Bitcoin is the only alternative for substituting the very depreciating fiat currencies the world lives on. In other words, Bitcoin is a leap of hope for the billions of people excluded and sidelined. |
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By GegeLSMR
A great video displaying the resilience of bitcoiners. No one can stop a network protected by monks who aren't scared or hurt by anything!
As Jack Mallers would say, and a sentiment shared by many bitcoiners:
"I'll die on this hill"
Stack harder. |
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