January 27, 2023
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Bitcoin allows for universal communication of value. In a chaotic world, it is a force for stability and harmony.

January 27, 2023
Bitcoin allows for universal communication of value. In a chaotic world, it is a force for stability and harmony.
In a chaotic world, it is a force for stability and harmony.
Humans are a special type of creature because we like to stay busy. Instead of conserving energy, we spend as much as we can access, because our brains allow us to direct its use to improve our lives and our environment.
With so much energy being expended by people with different ideas and competing interests, chaos is inevitable. People need common ground so that they can communicate, and eventually cooperate to build a better world.
Universal units of measurement allow economies to form and grow. One day, bitcoin may be recognized as a fundamental measurement of value, on par with standard units of time, space, energy, and other phenomena.
We love this animation from @StarfuryFlames which perfectly captures the power of bitcoin as a stabilizing force.
Digital payment giant Block published a report titled "Bitcoin: Knowledge and Perceptions" that shed light on the state of bitcoin in the global economy. Some key findings:
A bill containing a moratorium on Proof-of-Work mining has passed New York's senate, and now awaits approval from the governor's office. It specifically forbids new miners from utilizing power from fossil fuels.
Prominent bitcoiner Nic Carter noted that the state had effectively "banned a kind of computation." Blockchain association VP and lawyer Jake Chervinsky described the bill as "feel-good performative politics dangerous for both the environmental and economic sustainability of the U.S."
Senators Cynthia Lummis (WY) and Kirsten Gillibrand (NY) released their highly anticipated bitcoin bill. It was met with high praise from bitcoin community. Some highlights of the bill include eliminating capital gains tax on transactions under $200, self custody as a right, and the treatment of bitcoin as a commodity under the CFTC (as opposed to a security regulated by the SEC).
During an interview with CNBC, Senator Lummis praised bitcoin as "some of the hardest money ever created in the world" while advocating for its place in retirement portfolios.
The Federal Reserve blog posted a chart denominating eggs in bitcoin in an apparent attempt to dunk on bitcoin – and deflect attention from record inflation. Unfortunately for the Fed, people on the internet zoomed out on the chart, which showed that the cost of eggs when priced in bitcoin crashes – and represents bitcoin's amazing, exponentially-rising purchasing power.
In another example of the unreliability and centralization of digital assets not named bitcoin, popular network Solana had to temporarily shut down in order to fix a bug. The network was offline for over 4 hours, the second outage in a month, prompting the price to drop more than 12%. In related news, bitcoin never shuts down, halts, or goes offline.
Join us for a fun weekly Q&A where you can hang out with other bitcoiners and talk about current events.
It takes place every Thursday from 8pm to 9pm Eastern Time. Register here.
Learn one key idea about bitcoin each week. This week: Bitcoin is equal opportunity for everyone.
When first learning about Bitcoin’s creator Satoshi Nakamato and his mysterious disappearance, people quickly become intrigued.
‘So this person or group just created this digital money out of nowhere, handed it to the world, and left?'
'…And no one knows who they are?’
Yes and yes.
A few seconds of more pondering pass by.
‘Did they keep any bitcoin for themselves? What if he or she comes back?’
It’s estimated that Satoshi mined about 1 million or so bitcoin in the first seven months of the network’s existence, when each block reward yielded 50 bitcoin. For context, at this point in the halving cycle miners earn 6.25 bitcoin per block. Satoshi’s bitcoin remains untouched to this day.
There is a lot of speculation as to why the bitcoin hasn’t moved. The creator could have lost their private keys. They could have died - the final message from Satoshi was sent 11 years ago. Or, they could be demonstrating incredible restraint in an act of true benevolence.
Satoshi sent this final message on the bitcointalk.org forum and then updated bitcoin.org’s contact page to include the names and emails of the other developers that started helping him build on the network… and removing his own.
Potentially the most powerful aspect of bitcoin lies in the answer to ‘what would happen if Satoshi came back?’ Short answer: Nothing.
Satoshi would have no more influence over the network than you. Or me. Or anyone. Bitcoin’s open source nature ensures that no single entity has any more authority than any other. That is, if Satoshi ran his own node and tried to spend the same bitcoin twice or allocate a larger share to himself, the other nodes would reject his advances, same as any other bad actor.
One final caveat: if Satoshi did come back and attempted to dump his bitcoin, the price would certainly take a short-term hit. Fortunately, bitcoin is used to large drawdowns - and there’s no reason to believe it wouldn’t recover and return even stronger than previously, as it has many times before.
What did Satoshi code in the first bitcoin block, known as the genesis block?
Check your answer at the end of the page.
Special Edition: Courageous Coinbits employee makes an unannounced visit to the Central Bank of Egypt to bitcoin. Read the whole story on Twitter!
➡️ Want bitcoin? Sign up for Coinbits.
➡️ Join us at BitBlockBoom in August! Use discount code "Coinbits" to save 10% on registration.
➡️ Was this newsletter forwarded to you? Sign up here.
➡️ Follow us on Twitter
➡️ Need coffee? Shop Queen City Coffee Roasters and get 15% OFF your order with promo code BITCOINROUNDUP
➡️ Want to work with us? Explore careers at Coinbits.
Answer: 2. The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. Displayed proudly at Coinbits HQ:
June 9, 2022
Bitcoin allows for universal communication of value. In a chaotic world, it is a force for stability and harmony.
In a chaotic world, it is a force for stability and harmony.
Humans are a special type of creature because we like to stay busy. Instead of conserving energy, we spend as much as we can access, because our brains allow us to direct its use to improve our lives and our environment.
With so much energy being expended by people with different ideas and competing interests, chaos is inevitable. People need common ground so that they can communicate, and eventually cooperate to build a better world.
Universal units of measurement allow economies to form and grow. One day, bitcoin may be recognized as a fundamental measurement of value, on par with standard units of time, space, energy, and other phenomena.
We love this animation from @StarfuryFlames which perfectly captures the power of bitcoin as a stabilizing force.
Digital payment giant Block published a report titled "Bitcoin: Knowledge and Perceptions" that shed light on the state of bitcoin in the global economy. Some key findings:
A bill containing a moratorium on Proof-of-Work mining has passed New York's senate, and now awaits approval from the governor's office. It specifically forbids new miners from utilizing power from fossil fuels.
Prominent bitcoiner Nic Carter noted that the state had effectively "banned a kind of computation." Blockchain association VP and lawyer Jake Chervinsky described the bill as "feel-good performative politics dangerous for both the environmental and economic sustainability of the U.S."
Senators Cynthia Lummis (WY) and Kirsten Gillibrand (NY) released their highly anticipated bitcoin bill. It was met with high praise from bitcoin community. Some highlights of the bill include eliminating capital gains tax on transactions under $200, self custody as a right, and the treatment of bitcoin as a commodity under the CFTC (as opposed to a security regulated by the SEC).
During an interview with CNBC, Senator Lummis praised bitcoin as "some of the hardest money ever created in the world" while advocating for its place in retirement portfolios.
The Federal Reserve blog posted a chart denominating eggs in bitcoin in an apparent attempt to dunk on bitcoin – and deflect attention from record inflation. Unfortunately for the Fed, people on the internet zoomed out on the chart, which showed that the cost of eggs when priced in bitcoin crashes – and represents bitcoin's amazing, exponentially-rising purchasing power.
In another example of the unreliability and centralization of digital assets not named bitcoin, popular network Solana had to temporarily shut down in order to fix a bug. The network was offline for over 4 hours, the second outage in a month, prompting the price to drop more than 12%. In related news, bitcoin never shuts down, halts, or goes offline.
Join us for a fun weekly Q&A where you can hang out with other bitcoiners and talk about current events.
It takes place every Thursday from 8pm to 9pm Eastern Time. Register here.
Learn one key idea about bitcoin each week. This week: Bitcoin is equal opportunity for everyone.
When first learning about Bitcoin’s creator Satoshi Nakamato and his mysterious disappearance, people quickly become intrigued.
‘So this person or group just created this digital money out of nowhere, handed it to the world, and left?'
'…And no one knows who they are?’
Yes and yes.
A few seconds of more pondering pass by.
‘Did they keep any bitcoin for themselves? What if he or she comes back?’
It’s estimated that Satoshi mined about 1 million or so bitcoin in the first seven months of the network’s existence, when each block reward yielded 50 bitcoin. For context, at this point in the halving cycle miners earn 6.25 bitcoin per block. Satoshi’s bitcoin remains untouched to this day.
There is a lot of speculation as to why the bitcoin hasn’t moved. The creator could have lost their private keys. They could have died - the final message from Satoshi was sent 11 years ago. Or, they could be demonstrating incredible restraint in an act of true benevolence.
Satoshi sent this final message on the bitcointalk.org forum and then updated bitcoin.org’s contact page to include the names and emails of the other developers that started helping him build on the network… and removing his own.
Potentially the most powerful aspect of bitcoin lies in the answer to ‘what would happen if Satoshi came back?’ Short answer: Nothing.
Satoshi would have no more influence over the network than you. Or me. Or anyone. Bitcoin’s open source nature ensures that no single entity has any more authority than any other. That is, if Satoshi ran his own node and tried to spend the same bitcoin twice or allocate a larger share to himself, the other nodes would reject his advances, same as any other bad actor.
One final caveat: if Satoshi did come back and attempted to dump his bitcoin, the price would certainly take a short-term hit. Fortunately, bitcoin is used to large drawdowns - and there’s no reason to believe it wouldn’t recover and return even stronger than previously, as it has many times before.
What did Satoshi code in the first bitcoin block, known as the genesis block?
Check your answer at the end of the page.
Special Edition: Courageous Coinbits employee makes an unannounced visit to the Central Bank of Egypt to bitcoin. Read the whole story on Twitter!
➡️ Want bitcoin? Sign up for Coinbits.
➡️ Join us at BitBlockBoom in August! Use discount code "Coinbits" to save 10% on registration.
➡️ Was this newsletter forwarded to you? Sign up here.
➡️ Follow us on Twitter
➡️ Need coffee? Shop Queen City Coffee Roasters and get 15% OFF your order with promo code BITCOINROUNDUP
➡️ Want to work with us? Explore careers at Coinbits.
Answer: 2. The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. Displayed proudly at Coinbits HQ: