Humble Bitcoiners!
The week starts with big hopes for bitcoin to continue its bull run — word on the street is that we might have already bottomed out.
Now get ready for your daily dose of Bitcoin signal! |
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| Today's Rundown: Sound Money: A sound money standard has numerous benefits for society in comparison to inflationary ones. Withdraw Your Bitcoin: Bitcoin exchange balances are at three-year lows. Reserve Currency: Hillary Clinton fears bitcoin will undermine dollar as the world reserve currency. DEX: Square's proposal for a decentralized bitcoin exchange. |
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History Shows That Bitcoin Sound Standard Benefits Society
By Don Bitcoin is the best form of sound money the world has ever seen — with its properties of durability, portability, divisibility, uniformity, scarcity and acceptability, bitcoin outcompetes any other alternative out there. But why is it important to have sound money in our society?
The author summarizes the reasons in three main points, while diving back into the monetary history of fiat money and pinpointing the problems which we have seen already: Sound money imposes fiscal discipline on governments Sound money propels economies to flourish Sound money benefits individuals With this he concludes how bitcoin is indeed the sound money standard we have been waiting and looking for.
"Savers will no longer be punished for saving diligently only to have their savings debased on a whim by central bankers. People will be free to plan for the future knowing that the unit of account is stable and unchangeable." - Don |
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STEEP DISCOUNTS ON BITCOIN MERCH |
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| One of the on-chain metrics often followed is simply tracking the number of bitcoin under custody of exchanges. This number could be consider relevant, as it implies a sell pressure, as the number of bitcoin on exchanges could be considered "available to the public."
Since January 2017, the number of bitcoin on exchanges has continued to rise until the beginning of 2021. On the previous run up to $60,000, there were signs of people sending their bitcoin back to exchanges, which could be related to the previous downturn to $30,000.
Today, we have seen a decrease of 9% of bitcoin on exchanges, an amount comparable to three years ago. It doesn't seem to stop there, which makes it a unique period compared to the last five years. It could be that the real supply problems everyone is talking about are on the bitcoin network, as less and less people are willing to sell. |
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Click the links:
1. The initiative, Bitcoin Toss, will feature two competing students for a chance to win $23,000 in tuition support in bitcoin.
2. As BTC/USD drifts below $60k, the market has begun getting fearful, indicating that a good buy opportunity might be arising.
3. Money20/20 was a display of the ever-growing fervor around bitcoin among traditional financial institutions.
4. Check out the latest from the Latin American Bitcoin and Blockchain Conference taking place in El Salvador.
5. Alex Gladstein provides a historical recount of how the United States rug pulled the entire world and asserted the dollar as the dominant global currency.
6. Emerging apps like Nunchuk 2.0 show that a robust decentralized financial system is being built on Bitcoin with self sovereignty in mind.
7. In a comparison of bitcoin and the idealized financial system of Saule Omarova, we find a clear superiority in the real world use of bitcoin.
8. Iteration upon iteration of DeFi platforms simply exposes the necessity for the decentralized network of bitcoin to act as a base layer. |
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Hillary Clinton Fears Bitcoin Will Undermine Dollar As World Reserve Currency
By Alex McShane Hillary Clinton, the former democratic presidential candidate, spoke about Bitcoin and crypto's potential to weaken governments while at a panel discussion at Bloomberg's New Economy Forum in Singapore.
“What looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential for undermining currencies, for undermining the role of the dollar as the reserve currency, for destabilizing nations, perhaps starting with small ones but going much larger.” - Hillary Clinton
Well, she might not be wrong about the fact that bitcoin has the potential to eventually become the world reserve currency. But it is important to remark that this doesn't mean an attack on the U.S. or its currency, but is a presentation of a new and better digital asset, which provides property rights to billions of people, bringing back the freedom of transferring value peer to peer, without needing to worry about confiscation through power or inflation. |
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Square's Decentralized Bitcoin Exchange Proposal Announced: TBDEX
By Namcios
Square's Bitcoin business TBD released the white paper of its decentralized bitcoin exchange proposal, tbDEX. The protocol aims be a bridge between the fiat and bitcoin world, as bitcoin becomes more popular and more people want to buy it. While many still receive their salaries in bitcoin and the bills to pay are denominated in fiat, TBD wishes to fill that gap for those who want to convert their debasing fiat currencies into bitcoin in the purest free market possible.
The protocol itself will not collect any personally identifiable information, and it will attempt to use Decentralized IDs to build trust between participants as they decide how much information they are willing to share, making it a free market with varying fees depending on how anonymous the user desires to be.
“There is no governance token. Instead, the tbDEX protocol allows participants to negotiate trust directly with each other — or mutually and voluntarily rely on trusted third-parties to vouch for the counterparty.” - TBD team |
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Print Magazine - Save 21% on 4 issues/year! |
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By Danny
There are rumors that the $58K gang keeps pulling us down to these levels — but nothing to worry about, we will push through.
Keep stacking. |
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