Hello Humble Bitcoiners!


Get ready for your daily dose of Bitcoin signal!
📝 Today's Rundown
  • Warren Buffett & Bitcoin: Nubank, Warren Buffett's-backed digital bank, buys bitcoin.
  • Rent Seekers: The fiat monetary system ultimately disincentivizes productivity and the creation of real value and instead attributes wealth to rent-seekers.
  • BIP119:  The debate about BIP119 has two central issues being conflated: the proposal itself and the activation mechanisms that could be used to implement it.

🥇 Warren Buffett & Bitcoin

Warren Buffett-Backed Digital Bank, Nubank, Buys Bitcoin & Adds Trading In App
By Shawn Amick

Nubank, the largest Brazilian bank, now allows customers to buy, sell and hold bitcoin in the bank's mobile application. Additionally, the fintech company, announced that they will allocate 1% of their equity to bitcoin, a move seeking to strengthen the company's conviction in the current and future potential of bitcoin in disrupting financial services.

This may come as a surprise to many as Nubank's treasury allocation to bitcoin will be giving indirect exposure of the asset to the legendary investor and known Bitcoin critic Warren Buffett, chairman and CEO of Berkshire Hathaway, whose company:

  • invested $500 million in Nubank in June 2021.
  • aquired 30 million shares for $250 million as it went public in December.
  • then doubled-down with a $1 billion investment.
Read Full Article
🏡 RENT SEEKERS

Bitcoin SongSheet: A Nation Of Rent Seekers
By Jimmy Song

Rent-seeking refers to an economic concept that takes place when an individual or even an institution seeks to obtain wealth from others without any reciprocal contribution of productivity. 

Today's society is submerged in a pandemic of rent-seekers and fiat money is what spreads it. The amount of people trying to obtain wealth with the least amount of work is increasing alarmingly, not because of a morality or ideological change across generations, but because the global financial system allows that and, in a way and to some degree, it forces us to seek that. The fact that saving our hard earned money is impossible due to inflation and that money can be created out of nothing does not incentivize productivity. 

The author of this article writes about this increasing social issue while explaining why government bureaucracy, human resources, the banking industry and even altcoins are the ultimate rent-seeking sectors. Fortunately, Bitcoin is the antibody that can easily destroy the cancer of rent-seeking.

Read Full Article

📰 THE DAILY BITS

1. The recent bitcoin price action demonstrates that it’s time for a more grown-up culture of building, development and adoption around Bitcoin.

2. Bitcoin’s price revisited early 2021 levels on Wednesday as the currency struggled to maintain the $30,000 zone.

3. As hash rate and energy costs grow, bitcoin mining becomes less profitable and equipment is less cost-effective which impacts mining companies.

4. The Luna Foundation Guard was forced to send a majority of its holdings to exchanges as it tried to hold the dollar peg for its Terra stablecoin.

5. CPI inflation data exceeded market expectations, maintaining a near 40-year high of 8.3% as bitcoin falls below its $30,000 line of support.

6. MARA, a cryptocurrency infrastructure company backed by Coinbase, will advise the Central African Republic on bitcoin adoption after making it legal tender.

7. Distributed Ledger Inc and GulfQuest Maritime Museum have partnered for a sustainable bitcoin mining project recently approved by the City of Mobile, Alabama.

8. Continental Diamond, a St. Louis-based jewelry store, has partnered with BitPay enabling its customers to use bitcoin as payment.

9. Grayscale met with the SEC behind closed doors to persuade regulators to approve the fund’s application to convert into a spot-bitcoin ETF.

10. Bitcoin fits into the framework of economic equality, which exposes Nakamoto’s intentions to provide an opportunity to opt out of the financial system.

11. Understanding the monetary system is foundational to seeing what’s wrong with the current system and to have a true grasp of Bitcoin and its importance.

12. Use of an air-gapped computer improves general operational security relative to the exposure other devices experience.

13. Bitcoin is in a league of its own compared to other cryptocurrencies and it’s important to know the distinction to protect financial freedom.

14. Bitcoin can repair the broken incentive systems created by finance and low interest rates that lead to unsustainable practices.

💻 BIP119

Analyzing BIP119 And The Controversy Surrounding It
By Shinobi

The Bitcoin Improvement Proposal 119 (BIP119), seeks to implement the Check Template Verify (CTV) operational code to allow the integration of covenants. Covenants are useful for constructing smart contracts and can be used to create restrictions on how bitcoin can be spent beyond key ownership. In bitcoin transactions, covenants refer mainly to restrictions on where coins can be transferred after acquisition.

Recently, BIP119, together with CTV, has been the center of an absurd and ridiculous controversy. The author of this article explains the dispute between Bitcoiners about the proposal and covers the basseles statements made by some. Ultimately, the choice of what to activate or enforce comes down to what each Bitcoin user chooses to do with their node and the cumulative result of that across the entire network that each of those individual choices adds up to. That is how Bitcoin works.

Read Full Article

MEME OF THE DAY 

By Satoshi BTC

It is normal to feel the fear as the price of bitcoin plunges so rapidly in the last couple of days. But don't forget the development that has been going on non-stop within the space.

Stay humble and stack sats.

With love,
Bam

📗 BITCOIN MAGAZINE PRINT

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