Hello Humble Bitcoiners!
Another day, another newsletter full of bitcoin signal!
🔥 LFG! |
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📝 Today's Rundown - ☠️ Halted Withdrawals: Following the implosion of FTX and the locking up of over $175 million, Genesis’s lending arm faces a liquidity crisis.
- 💎 Uniqueness: Bitcoin is an entirely new paradigm of money, not a simple secondary payments layer built to increase ease of access like PayPal or Venmo.
- ⚡Exploiting Bugs: By publicly exploiting a bug on Lightning that could have put users’ funds at risk, the developer was acting in the best interests of Bitcoin node runners.
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Moon Mortgage is a first-of-its-kind bitcoin-backed mortgage provider.
We make it possible to leverage your bitcoin to invest in real estate without having to sell it, lose your upside or deal with taxable events.
We partner with Anchorage Digital to ensure your Bitcoin is secured through their industry-leading custodial solutions.
Now you can have your cake and eat it too. |
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Genesis Global Capital Halts Bitcoin, Crypto Withdrawals
By Shawn Amick Genesis Global Capital, a cryptocurrency lender with over $2.8 billion in active loans, has paused withdrawals and loan applications following the collapse of FTX.
As time goes by, the repercussions of the are becoming apparent. Different exchanges and hedge funds continue to find themselves hurt from having funds exposed to FTX. In this specific occasion, given that Genesis serves are a lending partner of Gemini Earn, Gemini Earn suffered withdrawal issues as well.
The lesson from these events continues to be the same: Do not let your bitcoin be held by any party other than yourself. |
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Why Bitcoin Is Not Like PayPal Or Venmo
By Mark Maraia Bitcoin is unique. For those that understand our current system of fiat, it is undoubtedly the best form of money humankind has ever discovered/invented. But not many people can see that. Not because of Bitcoin’s technical and technological nature — but because very few people in the world really understand money.
Some have even go as far as comparing it Bitcoin to PayPal and Venmo, which are not even monetary systems. They are second or third layers on top of our centralized fiat monetary system. They are the extension of centralized control and state financial surveillance and repression. |
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1. Aristophanes wants people who think resisting the regime is "moving too slowly" to realize how much has changed in the last twenty-five years thanks to the internet. 2. Bitcoiners are incredible members of the community that contribute greatly to the countries they reside in. 3. The original intent for bitcoin involved regular usage — and that needs to be encouraged in order to see full adoption. 4. Bitcoin allows everyone who wants to defect out of government-controlled money into sovereign, non-inflatable wealth. 5. Bitcoin Magazine’s f irst annual survey also found that Bitcoiners value BTC-related policy over party in politics. 6. The new BLIP app promises secure and private communication leveraging Bitcoin’s Lightning Network and a novel encryption method, Hexum. 7. The collapse of FTX teaches valuable lessons, alongside the certainly negative aspects of contagion spreading in the industry. |
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Exploiting The Lightning Bug Was The Ethical Choice
By Shinobi Burak, a Bitcoin developer, found and intentionally exploited a bug presented in one of the most widely-used implementations of Lightning, btcd. As stated by him, he did it for fun and will do it again if he can. You can bet he is not bluffing since he has already exploited a similar bug previously in the month.
Since the Lightning Network implementation LND relies on btcd, the bug caused many LND nodes to fall out of sync with the Bitcoin blockchain and temporarily took down part of the Lightning Network. This really drives home the point that any piece of code whose purpose is to parse and validate Bitcoin data must be heavily audited in order to ensure it is in line with what Bitcoin Core will do.
Although some are questioning Burak’s way of acting, we should all be thankful that the bug was not exploited by a malicious actor, but instead by a developer proving a point. That being said, Bitcoin cannot count on getting lucky or hoping that malicious actors do not exist. |
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Humanity sometimes is driven by instinct, and this cute little meme helps me reflect on the nature of the decisions people make. For instance, greed. Greed is a strong drive, and a strong incentive, and we can imagine what can happen if someone greedy gets into a position where they have access to insane amounts of wealth (like a particular crypto exchange... )
Act accordingly — don't be exposed and hold your own your keys.
With love,
Bam |
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| The #FREEROSS Collection — Fine art prints of select paintings by Ross Ulbricht.
Available for purchase online and the Bitcoin Magazine Art Gallery. 100% of profits donated to @Free_Ross. |
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Today's email was brought to you with ♥ by Bam.
Keep on reading, keep on stacking. |
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