Hello Humble Bitcoiners!


What a hard downturn we've been experiencing. But let's stay focus and continue educating ourselves as bitcoin fundamentals remain unchanged!
📝 Today's Rundown
  • Pausing Withdrawals: The price of bitcoin fell in response to Celsius Network pausing all transactions off-platform in response to a liquidity crisis.
  • Enhancing Privacy: Reviewing Bitcoin’s history of proposed privacy improvements can help us learn from the past and keep up with new improvements as we go.
  • Web5: TBD’s Web5 takes a different approach than Web3 on how to build a properly decentralized internet, with Bitcoin being the single blockchain used in the project.

🛑 CELSIUS PAUSES WITHDRAWALS

Bitcoin Falls Below $23K, Celsius Network Pauses Withdrawals
By Shawn Amick

Bitcoin suffered a heavy downturn below $23,000 printing a new 52-week low. This represents a 67% downturn from the all-time high of $69,000 causing panic across the broader market.

The natural question of everyone is: How can this happen? There was recently a massive bitcoin sell-off as Terraform Labs, attempted to hold an algorithmic stablecoin peg by selling bitcoin into the market, but this time the sell off could be perhaps attributed to two main drivers:

  • Fears to the upcoming Federal Open Market Committee (FOMC) meeting with expectations of raising interest rates.
  • Celsius announcing that it would pause withdrawals from its platform to "stabilize liquidity and operations".
"A loss of institutional trust combined with intensifying market fears has caused a cascading depletion of market cap as financial markets bleed." – Shawn Amick
Read Full Article

💻 ENHANCING PRIVACY

Reviewing Privacy-Enhancing Proposals For Bitcoin
By Seth For Privacy

Privacy is fundamental to achieve true freedom. Without it, an authoritarian regime could easily resort to censorship or coercion to stop those that oppose them. Fortunately, no matter how powerful a tyrant could be, no one could ever stop the Bitcoin network from operating, but unfortunately, it is traceable and not totally private. Bitcoin is certainly unstoppable but its users are not. For that reason, it is important to study and evaluate possible privacy improvements to Bitcoin's protocol. 

This article is a detailed list of Bitcoin proposals and ideas to improve privacy that either are still a work in progress, were abandoned or never implemented, or failed to make an impact. Its author commentates and shares his insight about the proposals, describes the status, pros and cons of each one of them, and for those interested, he also shares further readings. 

Read Full Article

📰 THE DAILY BITS

1. Matthew Pines of the Bitcoin Policy Institute shares the goals of the new think tank as well as his take on the American and European approaches to bitcoin.

2. Jack Mallers announcing Bukele’s Bitcoin Law was a momentous occasion in history, not only for Bitcoin and El Salvador, but for the entire world.

 3. A recent financial inclusion conference in El Salvador gave the country an opportunity to share their bitcoin journey with other global financial policymakers.

4. On a zoomed-out scale, the U.S. dollar has been rapidly inflating against bitcoin since the time one bitcoin reached parity with one dollar in 2011.

5. A combination of unique energy infrastructure, favorable policy and unique incentives is making Texas the Bitcoin mining capital of the U.S.

6. These days, startups chase VC fiat and high valuations by attracting newly-printed money but without delivering value. Bitcoin fixes this.
👀  WEB 5

Jack Dorsey’s TBD Presents Bitcoin-Based Decentralized Web5
By Namcios

WEB5 is a new decentralized web announced and being developed by TBD, a Bitcoin-focused business unit and subsidiary branch of Block Inc., the latest venture of Jack Dorsey, Bitcoin enthusiast and former CEO of twitter. 

Along with being an open source platform that enables developers to build products and services on decentralized technologies, TBD plans to make use of Bitcoin’s features and technology to create a new ecosystem of decentralized identities, data storage and applications to enable everyone to access and participate in the global economy while making sure that users are in total control of their personal information, privacy and over how their personal data is used.

The author of this article explains everything you need to know about WEB5 in a technical but comprehensive way.

Read Full Article

MEME OF THE DAY 

By Bitcoin Magazine

"HODLing is simple, but it is not easy" - American HODL

Everyday you hold, it's another day you take the conscious decision of "rebuying" again your position at current price. 

It takes education & conviction to ride these turbulent waters, we are in this together.

With love,
Bam
Today's email was brought to you with ♥ by Bam.
Keep on reading, keep on stacking.
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