🗽 NEW YORK'S MISTAKE

New York State To Place Moratorium On Non-Renewable Bitcoin Mining
By Shawn Amick

New York's State Senate has passed a bill with a 36-27 vote placing a two-year moratorium on proof-of-work (PoW) cryptocurrency mining with fossil fuels, precisely the consensus mechanism used for bitcoin mining.

Under this bill, no new applications will be accepted, nor new permits issued "for an electric generating facility that utilizes a carbon-based fuel and provides, in whole or in part, energy consumed to mine cryptocurrencies using proof-of-work." Existing operations will be grandfathered in. 

If you were wondering — yes, essentially the government passed a law restricting what type of code you can run with your computers, signaling where you can and can not utilize energy. 

“We sincerely hope that Governor Hochul will not sign this bill into law, as it represents the clear targeting of one industry among hundreds across New York State. States like California and Washington are studying this issue to understand the technology before taking drastic steps to limit its growth.” – Nic Carter

💸 BITCOIN AND CAPITALISM

Bitcoin Is Venice: These Were Capitalist
By Allen Farrington And Sacha Meyers

This is an article in a series of adapted excerpts from the book “Bitcoin Is Venice” by Allen Farrington and Sacha Meyers. In this chapter, the concept of capital is brought into discussion to demonstrate that the current world’s reserve currency, or any fiat currency whatsoever, can not and should not be considered capital at all. 

Capital is whatever can be transformed or used to produce goods that satisfy human needs. It can be stored, deployed and accumulated because it is productive. Fiat currencies are far from being considered capital because they can’t be stored and are definitely not productive due to their inflationary nature. Since we stopped using money that could be considered capital, we also have stopped living under a real capitalist system. 

Under real capitalism, healthy productive systems are expected to maintain or appreciate in value over time, something that we haven’t experienced since money became just a piece of paper. 

📰 THE DAILY BITS

Bitcoin Magazine Twitter Spaces Schedule

Times and guests subject to change. 

El Salvador Bitcoin Announcement Anniversary — Monday June 6th @ 5:30PM EST - 7:30PM EST
Guest(s): Jeff Booth, Mike Peterson, Josh Young,

How Bitcoin Can Unlock Ocean Thermal Energy — Tuesday June 7th @ 4:30PM EST - 6PM EST
Guest(s): Nathan Harmon

Bitcoin Magazine Pro — Wednesday June 8th @ 3PM EST - 4PM EST
Guest(s): Dylan LeClair, Sam Rule, Q Ghaemi, P, CK

Perth Heat — Thursday June 9th @ 8pm EST - 9pm EST
Guest(s): Perth Heat Baseball

How The Extropian Quest For Digital Cash Secured Our Trips To The Stars
By Aaron Van Wirdum

Extropianism is an evolving philosophy of values and standards for continuously improving the human condition. It could be said that it is one of the precursor ideologies that brought the cypherpunk movement into existence, a movement that Satoshi Nakamoto certainly took inspiration from to design the best form of money humankind has ever seen.

Extropians believe that advances in science and technology will some day let people live indefinitely and make us an interstellar species. Unfortunately, governments, laws, regulations and most importantly market control have been obstructing extropians, impeding innovation and progress. However, if Extropians are right, Bitcoin will, in the words of Nick Szabo, “make Earth a free and prosperous place, an extropian planet [where] space colonization will emerge.”

Tune In!

Do not miss tomorrow's session of Bitcoin Magazine Live, where you'll find:

• An interview with the Founder and CEO of Custodia Bank, Caitlin Long.
• Another episode of Fed Watch with Ansel Lindner and CK.
• News and Notes with Q, P, and Chris.

MEME OF THE DAY