July 22, 2022

💎🙌🏼 NY Yankees get diamond hands

While potentially temporary, some bullish signs begin to emerge from the rubble.

Joe Lupo
Joe Lupo

Reserve Client Manager

💎🙌🏼 NY Yankees get diamond hands

Table of contents

💎🙌🏼 NY Yankees get diamond hands

Technology is deflationary. Technological innovations save us time and energy.

Washing machines, for example, free us from the countless hours previous generations spent washing clothes by hand.

In the past 25 years, we've had a lot of technological advancements.

Yet, life doesn't seem easier with all of this progress. We don't appear better off financially, working less, or spending more time with our loved ones.

While work is certainly good for the soul, we'd argue living paycheck to paycheck in a never-ending rat race is not.

So, where is the disconnect? Why do we have even less time despite new technology?

It's simple.

The money is broken.

Our money supply is perpetually increased with the new money distributed disproportionately, depleting the benefits of innovation by redistributing them from the many to a few.

Productivity is siphoned away by a continuous reduction in our purchasing power. Costs rise, and the rat race continues.

Fortunately, there is a better way.

If money is deflationary instead of inflationary, we all share in the efficiencies technology brings and unlock the time it saves.

We achieve this by a fixed unit of measurement of value rather than an ever increasing one. Productivity goes up, prices go down.

At Coinbits, we don't measure progress in inflationary wealth, but in time you can spend with your friends and family. We believe bitcoin is a vehicle for that time.

News

😳 CBO releases monster budget over the next decade

The Congressional Budget Office projects interest payments for government debt will triple by 2032 to a staggering $1.2 trillion per year. The main factors driving this are an increase in interest rates and federal debt. This leaves us wondering, how will the government service an increasing debt load at higher interest payments? 🤔

⚾️ NY Yankees adopt bitcoin for employees

The legendary baseball team is teaming up with NYDIG to offer employees the option of automatically converting part of their paycheck to bitcoin. This is an exciting development as the Yankees, love em or hate em, are one of the most influential organizations in the world of sports.

☔️ Counter-party risk fall out continues

This week, bankruptcy proceedings began for cryptocurrency lender Celsius, starting a long restructuring process while customers' funds remain locked up. The lender reportedly owes $5 billion to half a million creditors. In other news, crypto broker Genesis claimed $1.2 billion against the now insolvent hedge fund Three Arrows Capital. The whereabouts of Three Arrows founders Kyle Davies and Su Zhu remain unknown.

📈 Bitcoin's price gets a much needed pump while Tesla reports sell-off

After ending its worst quarter since 2011, bitcoin's price jumped over $24k before settling back in the mid $23k range on Wednesday afternoon. The cleansing of leverage and potential signs of inflation decreasing next month might be driving the recent price increase, but nothing points to a sustainable price rally so far.

In the meantime, Tesla sold 75% of its bitcoin holdings in Q2. A deeper look shows the company was low on cash reserves, and the sell-off appears to be out of necessity rather than sentiment. Markets await a rate hike announcement from the Fed early next week.

Bitcoin adoption continues

Dutch farmers eye bitcoin in fight for their land. Boris van de Ven, host of a prominent bitcoin podcast and a meetup in the Netherlands, discussed the growing awareness of bitcoin among Dutch farmers. Van de Ven said farmers are looking to the Canadian trucker protests as a lesson for handling government overreach. "Farmers are financially savvy and understand the solution that bitcoin brings."

BNP Parabos launching bitcoin services. The largest Eurozone bank is now offering bitcoin and other digital asset custody services to its clients. The French banking giant has nearly $13 trillion in assets under custody.

Southland Credit Union launches bitcoin services. The billion-dollar credit union will allow its customers to buy, sell and hold bitcoin on its platform.

Former Blackrock exec: BTC for all. Former Executive and Investment Advisor of the 10 trillion dollar asset manager appeared on a bitcoin podcast this week stating 'bitcoin is going to be a part of everyone's portfolio.' See the full interview in the link.

Samsung jumps into bitcoin miner production. Samsung's new mining chipsets are reportedly 45% more energy efficient.

Paraguay senate approves new digital asset bill. The legislation consists of tax exemptions for companies and support for mining in the energy-rich country. The bill will become law with presidential approval.

UFC fighter to be paid in bitcoin. Luana Pinheiro decided to take her entire UFC salary in bitcoin. The 10-1 Strawweight compared bitcoin's ability to secure her financial future to her professional investment in a Jiu Jitzu black belt, a 10-15 year process.

Bitcoin Roundup Live

Join us for a fun weekly livestream where you can hang out with other bitcoiners and talk about current events.

It takes place every Thursday from 8 p.m. to 9 p.m. Eastern Time.

Reserve your spot

How bitcoin works

Learn one key idea about bitcoin each week. This week: Bitcoin is reality.

Bitcoin’s price is more than just a random number that quickly rises and falls.

The price of bitcoin, like all prices, conveys important information.

Prices are a key component of how markets function based on the simple supply and demand for a good or service. When there is more demand than supply, prices rise until supply adjusts to meet demand. When supply exceeds demand, the price decreases to adjust to the market.

What does this mean for bitcoin?

Bitcoin is unique because it has absolute scarcity. Its supply is fixed and finite. Unlike many other goods, its supply does not adjust to changes in demand.

Assets like gold are relatively scarce, meaning the supply, or gold miners, respond to rising demand and prices. When there is increased demand for gold, gold mining increases to match the demand, until the price adjusts to the market.

With bitcoin, when demand increases, there is no subsequent supply adjustment. The only way bitcoin responds to increases in demand is with an increase in price.

This is why bitcoin’s price conveys important information. Its price tells us exactly how much people value it. Bitcoin is the purest signal of demand, providing us with real-time information about its value.

In a world rife with currency manipulation and monetary malfeasance, bitcoin’s price is a dose of reality.

Coin check

Who enforces the rules of the bitcoin network?

A. People who use bitcoin

B. People who run bitcoin nodes

C. Bitcoin miners

D. Satoshi Nakamoto

E. Janet Yellen

Check your answer at the end of the page.

From the meme pool

Follow us on Twitter for more fresh bitcoin content

What to do next

➡️ Want bitcoin? Sign up for Coinbits.

➡️ Join us at BitBlockBoom in August! Use discount code "Coinbits" to save 10% on registration.

➡️  Orange pill the whole family. Get the “Bitcoin for Kiddos” book. 10% off your order with code: Coinbits

➡️ 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: B. People who run bitcoin nodes

July 21, 2022

💎🙌🏼 NY Yankees get diamond hands

While potentially temporary, some bullish signs begin to emerge from the rubble.

Joe Lupo
Joe Lupo

Investor Relations

💎🙌🏼 NY Yankees get diamond hands

Technology is deflationary. Technological innovations save us time and energy.

Washing machines, for example, free us from the countless hours previous generations spent washing clothes by hand.

In the past 25 years, we've had a lot of technological advancements.

Yet, life doesn't seem easier with all of this progress. We don't appear better off financially, working less, or spending more time with our loved ones.

While work is certainly good for the soul, we'd argue living paycheck to paycheck in a never-ending rat race is not.

So, where is the disconnect? Why do we have even less time despite new technology?

It's simple.

The money is broken.

Our money supply is perpetually increased with the new money distributed disproportionately, depleting the benefits of innovation by redistributing them from the many to a few.

Productivity is siphoned away by a continuous reduction in our purchasing power. Costs rise, and the rat race continues.

Fortunately, there is a better way.

If money is deflationary instead of inflationary, we all share in the efficiencies technology brings and unlock the time it saves.

We achieve this by a fixed unit of measurement of value rather than an ever increasing one. Productivity goes up, prices go down.

At Coinbits, we don't measure progress in inflationary wealth, but in time you can spend with your friends and family. We believe bitcoin is a vehicle for that time.

News

😳 CBO releases monster budget over the next decade

The Congressional Budget Office projects interest payments for government debt will triple by 2032 to a staggering $1.2 trillion per year. The main factors driving this are an increase in interest rates and federal debt. This leaves us wondering, how will the government service an increasing debt load at higher interest payments? 🤔

⚾️ NY Yankees adopt bitcoin for employees

The legendary baseball team is teaming up with NYDIG to offer employees the option of automatically converting part of their paycheck to bitcoin. This is an exciting development as the Yankees, love em or hate em, are one of the most influential organizations in the world of sports.

☔️ Counter-party risk fall out continues

This week, bankruptcy proceedings began for cryptocurrency lender Celsius, starting a long restructuring process while customers' funds remain locked up. The lender reportedly owes $5 billion to half a million creditors. In other news, crypto broker Genesis claimed $1.2 billion against the now insolvent hedge fund Three Arrows Capital. The whereabouts of Three Arrows founders Kyle Davies and Su Zhu remain unknown.

📈 Bitcoin's price gets a much needed pump while Tesla reports sell-off

After ending its worst quarter since 2011, bitcoin's price jumped over $24k before settling back in the mid $23k range on Wednesday afternoon. The cleansing of leverage and potential signs of inflation decreasing next month might be driving the recent price increase, but nothing points to a sustainable price rally so far.

In the meantime, Tesla sold 75% of its bitcoin holdings in Q2. A deeper look shows the company was low on cash reserves, and the sell-off appears to be out of necessity rather than sentiment. Markets await a rate hike announcement from the Fed early next week.

Bitcoin adoption continues

Dutch farmers eye bitcoin in fight for their land. Boris van de Ven, host of a prominent bitcoin podcast and a meetup in the Netherlands, discussed the growing awareness of bitcoin among Dutch farmers. Van de Ven said farmers are looking to the Canadian trucker protests as a lesson for handling government overreach. "Farmers are financially savvy and understand the solution that bitcoin brings."

BNP Parabos launching bitcoin services. The largest Eurozone bank is now offering bitcoin and other digital asset custody services to its clients. The French banking giant has nearly $13 trillion in assets under custody.

Southland Credit Union launches bitcoin services. The billion-dollar credit union will allow its customers to buy, sell and hold bitcoin on its platform.

Former Blackrock exec: BTC for all. Former Executive and Investment Advisor of the 10 trillion dollar asset manager appeared on a bitcoin podcast this week stating 'bitcoin is going to be a part of everyone's portfolio.' See the full interview in the link.

Samsung jumps into bitcoin miner production. Samsung's new mining chipsets are reportedly 45% more energy efficient.

Paraguay senate approves new digital asset bill. The legislation consists of tax exemptions for companies and support for mining in the energy-rich country. The bill will become law with presidential approval.

UFC fighter to be paid in bitcoin. Luana Pinheiro decided to take her entire UFC salary in bitcoin. The 10-1 Strawweight compared bitcoin's ability to secure her financial future to her professional investment in a Jiu Jitzu black belt, a 10-15 year process.

Bitcoin Roundup Live

Join us for a fun weekly livestream where you can hang out with other bitcoiners and talk about current events.

It takes place every Thursday from 8 p.m. to 9 p.m. Eastern Time.

Reserve your spot

How bitcoin works

Learn one key idea about bitcoin each week. This week: Bitcoin is reality.

Bitcoin’s price is more than just a random number that quickly rises and falls.

The price of bitcoin, like all prices, conveys important information.

Prices are a key component of how markets function based on the simple supply and demand for a good or service. When there is more demand than supply, prices rise until supply adjusts to meet demand. When supply exceeds demand, the price decreases to adjust to the market.

What does this mean for bitcoin?

Bitcoin is unique because it has absolute scarcity. Its supply is fixed and finite. Unlike many other goods, its supply does not adjust to changes in demand.

Assets like gold are relatively scarce, meaning the supply, or gold miners, respond to rising demand and prices. When there is increased demand for gold, gold mining increases to match the demand, until the price adjusts to the market.

With bitcoin, when demand increases, there is no subsequent supply adjustment. The only way bitcoin responds to increases in demand is with an increase in price.

This is why bitcoin’s price conveys important information. Its price tells us exactly how much people value it. Bitcoin is the purest signal of demand, providing us with real-time information about its value.

In a world rife with currency manipulation and monetary malfeasance, bitcoin’s price is a dose of reality.

Coin check

Who enforces the rules of the bitcoin network?

A. People who use bitcoin

B. People who run bitcoin nodes

C. Bitcoin miners

D. Satoshi Nakamoto

E. Janet Yellen

Check your answer at the end of the page.

From the meme pool

Follow us on Twitter for more fresh bitcoin content

What to do next

➡️ Want bitcoin? Sign up for Coinbits.

➡️ Join us at BitBlockBoom in August! Use discount code "Coinbits" to save 10% on registration.

➡️  Orange pill the whole family. Get the “Bitcoin for Kiddos” book. 10% off your order with code: Coinbits

➡️ 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: B. People who run bitcoin nodes