Hello Humble Bitcoiners!

What an interesting time in the market! And yet, it's an opportunity to stack sats and build community.
📝 Today's Rundown
  • Liquidation Wars: As contagion spreads, FTX loans out hundreds of millions of dollars to two of the largest yield-generating services in the space. What does this mean for BlockFi and Voyager?
  • For Lebanon: Lebanon’s bloated government sector and currency hyperinflation are prime examples of why bitcoin has a use case in the destabilized country.
  • The Path: A group of Bitcoiners traveled to the Central African Republic to meet with the country’s president and discuss pathways for bitcoin adoption.

🪖 LIQUIDATION WARS

BlockFi And Voyager Get Bailed Out By FTX
By Dylan LeClair And Sam Rule

In this excerpt of a recent edition of Bitcoin Magazine Pro, the authors report on how FTX has just announced:

  • A $250 million revolving line of credit, or injection to BlockFi.
  • A $200 million credit to Voyager and 15,000 BTC with interest 5% interest through 2024.
As it turns out, many of the custodians in the space have shown to have been over-leveraged during this downturn which has put them under intense pressure and in a position requiring them to get liquidity injections. This all in an attempt to not have their users/clients investments be liquidated through the contagion effect of market collapse.
 
This is precisely the reason why the authors strongly recommend that users get their funds into their own custody.
Read Full Article

🌎 FOR LEBANON

Why Bitcoin Should Be The Saving Choice Of Lebanon
By Thomas Semaan

From its inception in 1943 until very recently, the Lebanese banking system was regarded as one of the most prestigious and successful financial organizations on the planet. Lebanon was once the third-largest holder of gold per-capita in the world and number one in the Middle East and northern Africa, which, together with its banking secrecy law that imitated the Swiss banking industry, made the Lebanese banking sector quite attractive to many investors during the 20th century. 

However, as the world diverged from a gold standard and banking secrecy ceased to exist, the Lebanese banking industry started luring depositors and investors by offering high interest rates that were only possible through buying even higher interest-bearing government bonds, a scheme that has never ended well. Once the Ponzi collapsed, the Lebanese pound lost roughly 90% of its value against the U.S. dollar in just a few years.

The author of this article shares the history of the Lebanese economy and explains how Bitcoin is the short and clear answer for the Lebanese financial problem.
Read Full Article

📰 THE DAILY BITS
1. The drop in bitcoin price means mining rigs are on sale and prospective buyers may see big discounts before the summer ends.

2. Tim Draper's three-month program aims to support Bitcoin startups and hone their pitches in order to present to investors and get project funding.

3. Three years ago, an idea to bring bitcoin to an impoverished country to spur economic transformation was born.

4. Simply by understanding bitcoin, Bitcoiners adopt a leadership role in which they have the potential to help others find the financial lifeboat.

5. Bitcoin has no lender of last resort for those who take undue risks. Bitcoin’s recent leverage cleansing is par for the course for a truly scarce asset.

6. In order to orange-pill the world, Bitcoiners must foster connection and trust, rather than create frustration and division for those who are curious.

7. Customers of Binance.US can now trade four spot bitcoin pairings with zero fees and a low 0.5% fee for using the “Buy Crypto” function.

8. Within the week, Skybridge Capital will reportedly file a spot bitcoin ETF application with the SEC again after being denied earlier this year.
🛣️ THE PATH

The Central African Republic Bets Big On Bitcoin
By Jesse Willms

In April 2022, the president of The Central African Republic, Faustin-Archange Touadéra, signed into law a bill which passed unanimously making bitcoin, alongside the CFA franc, the legal currency of the country.

The Central African Republic is the second country in the world that has officially adopted bitcoin as legal tender, which means that bitcoin is now recognized by law in these countries as a means to settle public or private debt, including tax payments, contracts, legal fines and regular commerce. 

However, unlike El Salvador, the Central African Republic has many challenges ahead to achieve mass adoption of the decentralized digital currency, such as the population’s access to electricity and internet. The author of this article explains how the government and the people of the Central African Republic are working together and preparing to achieve such a disruptive economic change. 
Read Full Article

MEME OF THE DAY 
By Lyn Alden

It is not about timing the market, but about time in the market.
Attempting to predict the price movements of bitcoin is more than a hassle — the secret is to be a constant buyer. To average your way in is one of the most popular strategies often known by the name of dollar cost average (DCA).

Join the DCA Army!

With love,
Bam

🛒 BITCOIN MAGAZINE STORE
Today's email was brought to you with ♥ by Bam.
Keep on reading, keep on stacking.
PODCAST   JOBS   SHOP
Copyright © 2022 BTC Media, All rights reserved.

View in Browser

You are receiving this email because you opted in via our website. Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.