Humble Bitcoiners!
Taproot is finally here! The biggest update to the bitcoin protocol in the last few years, and it went smoothly, as expected. Now let us get ready for your daily dose of Bitcoin signal! |
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Today's Rundown: - Taproot: An important addition to Bitcoin.
- Pay With Bitcoin: AMC Theatres now accept bitcoin for payment.
- A New Animal: Bitcoin is challenging the duck curve of the energy grid.
- Mining Market: Compass Mining launches a sales platform for miners.
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Why Taproot Is An Important Addition To Bitcoin
By Shawn Amick In 2018 a Gregory Maxwell, a Bitcoin Core developer, released the notes for Taproot. After almost 4 years, this weekend Taproot went live.
Taproot is an important addition to bitcoin in two big ways: - Not allowing easy distinguishability between transactions
- Improved scalability
The reasons are interrelated, as the new taproot signatures help to obfuscate multisignature transactions and make them appear as if they were normal single signature ones. This increases privacy on the parties who are closing channels, but also helps scalability, as closing channels can be represented in only one transaction, instead of many.
"There need not be a reason to sacrifice security or privacy for the sake of scale or adoption, and Bitcoin has proven that it can be done, and managed it without a central authority." - Shawn Amick |
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AMC Theaters Now Accept Bitcoin For Payment
By Alex McShane Adam Aron, CEO of AMC Theaters announced via Twitter that the chain now accepts Bitcoin for online payment. This decision follows up on a promise made in a shareholder call back in August 2021, where he mentioned that the company would accept bitcoin for tickets and concessions ordered online on its nearly 1,000 movie theaters around the globe.
The CEO has also been exploring how else AMC could participate in the cryptocurrency universe. For now it is unclear whether the company plans to sell or hold any of the Bitcoin in reserve.
As the price rises, the trend is looking clear. More and more companies are joining the network — some definitely see the value on bitcoin as a pristine and sound monetary asset, while others are taking advantage of the free publicity, only to soon find out the real benefit of sound money. |
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Click the links:
1. Local Bitcoins, the peer-to-peer trading platform, launched an iOS version of its mobile app three weeks after launching on Android.
2. Discussing recent conversations with Senator Ted Cruz and potential legislation to create "Bitcoin-friendly" U.S. states.
3. The highly-anticipated Taproot upgrade is set to roll out over the weekend, changing Bitcoin for the better.
4. The Security Exchange Commission released a disapproval letter citing investor protection concerns and the lack of manipulation prevention in the market.
5. Discussing a recent attack on the Bitcoin network, in which some nodes were flooding peers with fake IP addresses.
6. Taproot and Schnorr will be boons for bitcoin usability, allowing individuals to do much more with their UTXOs.
7. Digging into leverage dynamics can explain why the bitcoin price dipped below $63,000. |
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Forget Bears: Bitcoin Takes On The Duck Curve By Mark Goodwin
Bitcoin has already brought a mass awakening and understanding of the real free market to the world. With its proof of work governance, token issuance and security model, bitcoin allows a truly permissionless energy market where it can effectively and efficiently for the first time set a real price to energy.
Proof-of-work for the creation of sound money makes a fair system where any player has mathematically the same probabilities of finding the next block, and by consuming energy, instead of wasting it, it merely transforms the value, making bitcoin the first mechanism ever to become the buyer of energy of last resort.
In the piece, the author also goes into further detail of the different types of energy, and how they have been evolving into becoming the sources that are making solar and wind today, a great opportunity for both development and usage to feed the grid and the bitcoin network.
"There is simply no energy wasted in the Bitcoin network, much like there is no energy wasted in the universe. As it licks its bear-bloodied chops and stares off towards the duck pond, Bitcoin might just turn out to be the most important discovery in energy efficiency technology in the history of humanity" - Mark Goodwin |
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Compass Mining Announces New Service For Trading Used Asics
By Jesse Willms
Compas Minning is launching a sales platform for individual miners where anyone can register as a vendor to buy and sell used ASICs. The company is taking advantage of a market opportunity to help individual miners who are willing to get into the space, while the big industrial mining companies like Atlas, North, Hut8, Riot, Bitfarms, are consolidating their operations into high-powered mining machines.
The company is on a mission of bringing mining back to its roots, by making it accessible for everyone. Today there is an increasing demand of home mining, but not only because of its price appreciation, but also: - Mining from the comfort of your home
- Use heat from miners for home heating
- No hosting facility fees
- No KYC
- Being part of a growing community
"On a mission to strengthen Bitcoin's network by democratizing hash rate" - Compass Mining |
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