35 Burst results for "First Bitcoin"
The Breakdown
Bitcoin Was Created for Times Like These...
"All right, well, when the storybooks are written, I think it's pretty clear that these last few weeks will have been a seminal moment in our discourse about banks and Bitcoin. And so today for long read Sunday, I'm going to read three different pieces that all have a little part of that story. And we're going to start with one that comes directly on the nose of it. Should I keep my money in Bitcoin or a bank? It's by coindesk writer Daniel Kuhn. Daniel writes three banks have failed in less than a week. U.S. government officials have stepped up to backstop losses in a bid to prevent further panic. There are genuine concerns about whether that was the right move, effectively bailing out two poorly run institutions facing highly irregular problems and letting the third collapse, as well as the risk that more banks will fail. So should you take your money out of your bank and keep it safe under the mattress or in Bitcoin? The answer is, if you're anything like me, whatever money you have in a checking account is insured by the federal deposit insurance corporation, up to 250,000. So no, it's improbable that JPMorgan Chase will rug you. Still, many are moving their money into crypto like Tatiana Kaufman, who described this move Monday in coin desk as an act of protest. Putting aside stablecoins, crypto is volatile, making these assets less than ideal currencies. If you want to preserve your wealth. But they offer quote unquote root ownership, meaning no one can make a run for your deposits.
CoinDesk Podcast Network
Bitcoin Was Born Out of a Banking Crisis
"Bitcoin as many have already said was born out of an earlier banking crisis. The blockchain's very first block contained a message about bailouts. It was designed to disintermediate third parties from Internet money by making people responsible for their own keys in contrast to the highly intertwined private banking sector and public sector. President Joe Biden has said U.S. taxpayers will not foot the bill for the bailout and that unlike in 2008, the architects of this financial crash will not benefit. There are enough responsible actors here to play the blame game, but if you're like Tatiana, the issue is the system itself. Senior management of Silicon Valley bank sold millions of dollars worth of shares in the lead up to the crash. This is seemingly the only risk management they performed. In 2015, SVB chief executive Greg Becker said institutions like SVB did not present systemic risks while testifying before Congress over plans to deregulate banking that were implemented in 2018. SVB essentially took a bet that interest rates would stay near zero forever. Over the past couple of years, it took deposits from a tech industry that was booming in part due to historically low rates that made venture capital financing worth the risk for many investors. In an effort to juice as much yield as possible from those deposits, SVB put a majority of its money into long-term fixed rate interest investments. The Federal Reserve essentially created the foundation for a tech hype cycle through financial engineering to stimulate the economy, and then through the frying pan into ice water when things got too hot. The recent interest rate rises were not necessarily unpredictable, but the fed's inconsistent messaging, saying rate hikes were unthinkable until they weren't, did not help the situation.
HASHR8
We're Seeing Similarities to May of 2022
"We are recording this Friday morning. It is 9 30 mountain time. So it's what love and 30 Eastern Time. Bitcoin's price almost broke to $27,000 this morning. It's up around 5% in the 24 hours previously and is up about 30% this week in 56% year to date. That's obviously pretty amazing for everyone's bags. And it's also helping out hash price a little bit. I think we're over 7 sets with hash price. The thing that's interesting to me is transaction count, which or the fullness of the mem pool, if you will, is increasing the drastically we've seen two large increases in the mempool size since the beginning of the year. Once in February, when ordinals started really going, haywire, and then the last week would Bitcoin's price has been going up. Historically, we often see the men pool really fill up with transactions during a bull run when a lot of retail floods into the market and this current fullness of men pull is very similar to May of 2022, which is when we had the contagion in the explosion and Tara Luna. So another time for a lot of transactions on chain. Get a throw it over to you for your thoughts on all that. Filling up the increasing transaction fees good for minors, first of all, good for miners on both fronts, price going up and more transactions. So that's exciting. It seems the mental to me seems to be kind of driven again by ordinals inscriptions. This seems like there's like some deja and competition for the 500,000th inscription. And there's some like pre hefty size transactions and the pool right now, which definitely seemed like very similar to the ones we were seeing. So that's kind of unique and interesting there.
The Breakdown
Wolf Lightning Accelerator CEO Kelly Brewster Shares His Story
"Kelly, welcome to the breakdown sir. How are you doing? Awesome. How are you? Good. You got that amazing background. This is designed for zoom videos. I'm sure. It's real. It's not. If I move quickly, you can see it's not pixelated. It's a real background. Awesome. I'm super excited to have you here. Appreciate you taking some time. I know that you guys are about to start this first class of wolf, but just quickly, before we dive in today, let's start with your background. How you got into Bitcoin and what you're doing now, what the inspiration for wolf was. Yeah, absolutely. And also thank you for having me. I'm a big fan of the show, and I listen frequently, so I'm excited to be here. My personal experience with Bitcoin goes back to about 2013. The time I was working at Goldman Sachs, I was working on one of the trading desks, and initially I heard about Bitcoin through coinbase. It wasn't first hearing about Bitcoin, and then later the exchanges was the other way around. But I heard about this company that was working on this amazing new exchange for these digital assets that I started learning at Bitcoin, learned a little bit about some of the other assets as well. And I thought it was fascinating. And I dabbled a little bit, but I had neither the Fiat savings nor the fortitude to get involved in a bigger way. But a little bit, and I started paying attention to it. And then fast forward a couple of years in 2016, I was working at stone ridge, which is the company that owns nigg and that owns wolf, which we'll talk more about today. And stone ridge was working on the technology and the business that ultimately became nij. And it was really during that time that I went much deeper down the rabbit hole, became much more focused on Bitcoin and became much more personally interested in Bitcoin over really everything else that was happening in crypto at the time. And of course, you know, now through a couple of cycles every time we've seen some of that, I personally just become even more sure that Bitcoin is the thing that is going to stick around and it's going to have some staying power.
Bitcoin Audible
Lightning Prisms by DerGigi
"Let's get into today's read. And its titled. Lightning prisms. Written by their GT. One aspect that is still massively underutilized is the programmability of Bitcoin. While simple things like scheduled payments and automated payment splits do exist, we are undoubtedly still trapped in conventional thinking when it comes to the flow of sats. I'd like to share a simple idea that was shared with me a couple of months ago in the hopes that it will spread far and wide. And in the best case that someone will just go ahead and implement it, or a better version of it. Here is the idea. All credit to mister Cox, who is now officially out of time to implement it himself. And here he has a graphic of two prisms separating and splitting up payments in a sequence. It starts with blog post at SAP prism dot com, and then the payment splits 51% going to cucks 28% going to dur Gigi in 21% going to activists at HRF dot org or the human rights foundation. But then there is another payment split, another prism off of activists at HRF dot org, where 5% goes to someone at HRF, 5% goes to another one at HRF and 5% or 80% goes to at any one at HRF dot org. Lightning prisms a lightning prism is a construct that allows for lightning address value split workflows to quote the originator. Here's the gist of it. A prism is identified by a lightning address or similar. A prism has one or more multiple recipients. Another prism can be one of the recipients, splits are defined programmatically. This simple construct allows for all kinds of use cases and can be implemented on the application layer without any changes to Bitcoin or lightning.
Bitcoin Audible
The Future Geopolitical Order and Bitcoin, Part 2 by Matthew Pines
"Let's go ahead and get into today's read. And this is part two of the future geopolitical order and Bitcoin. And initial assessment. And we are starting in on this section titled. Scenario analysis. What goes on inside is just too fast and huge in all interconnected for words to do more than barely sketch the outlines of it most one tiny little part of it at any given instant. David Foster Wallace every scenario in the arago of Pentagon wargaming starts with assumptions and artificialities, and then presents a ground truth. The former fix the parameters of the notional future, and the latter unpack the salient context and detail to examine the issue under analysis. Our assumptions and artificialities defined over the time horizon of interest. 2022 to 2030. One. Putin does not use nuclear weapons or mass use of chemical weapons beyond irritants in Ukraine. Two. Putin does not get deposed or assassinated. Though he may die of suspected disease, we assume his replacement is another style of Vicki, and won't fundamentally liberalize Russian society or change foreign policy. Three. China does not launch an unprovoked full scale invasion of Taiwan. This doesn't preclude actions against offshore islands like dong Ying, pratas, or other provocative moves in the South China Sea. Four. The Chinese Communist Party remains in power. Most likely with Xi at the helm, but this is not assumed. 5. No new breakthrough technologies or scientific discoveries are made that change the fundamental productivity or energy capacity of society, or destabilize human social order. For example, UAP disclosure. 6. No existing nuclear powers collapse or engage in nuclear hostilities. For example, Pakistan or North Korea, and new nuclear powers, examples of Saudi Arabia and Iran do not engage in nuclear conflict. 7. No debilitating attacks on global Internet infrastructure are launched. This includes cyberattacks, cable cuts to undersea fiber links, destructive anti satellite attacks, et cetera 8. No new COVID variant or other pandemic brings civilization back into a 2020 state of lockdown or worse. 9. The global food fertilizer system does not collapse and lead to multi continent famine, killing more than 5 to 10% of world population. Destabilizing social order throughout the world, including the west. And tin. The United States or Europe for that matter does not experience a political crisis that leads to a breakdown in constitutional order, a fundamental change in the federal structure of government or a secessionist breakaway block of states.
Ethereum Daily
Gitcoin Introduces GtcETH Liquid Staking
"GTC eth an index token of liquid stake in derivatives that also contributes a portion of staking rewards to get coin. GTC eth was created on index coupe, a DApp for creating custom index tokens. It also uses the same methodology as index cubes DSE liquid staking token index, which consists of R 8 by rocket pool, wrapped as the eth by lido and SET two by steak wise. Features a 3.24% variable APY for holders. 1.75% of the stake in rewards are also donated to Bitcoin. Index cube keeps a streaming fee of 0.25% for providing the service to initial liquidity pools for GTC eth have also been seated on uniswap V three. Good coin did not specify how it plans to allocate funds received from GTC eth holders. Liquid
What Bitcoin Did
Buying Bitcoin for the First Time With Dan Held
"When someone is thinking of buying Bitcoin for the first time, what are the kinds of things they should be thinking about? Bitcoin is like any other investment you might think about. You use basic investing principles of don't invest more than you could lose, invest out an amount that you find appropriate risk level wise, for example, if you're a pensioner or you're really old and you don't want to take a big risk with your money, you wouldn't want to put everything into Bitcoin. Similarly, when you're young, you might want to take a little bit more risk. You could ride the volatility as we all know Bitcoin has large fluctuations in price and bear markets in bull markets. So when approaching it, use basic investing skills of one, don't invest more than you can lose to you're definitely going to want to think about timing wise. So when you go invest, don't try to go time the market in terms of buying and selling on a daily basis, day trading, you're going to want to buy and hold, which means by the asset and holder for 5 to ten years. You're not going to beat the market in the short term. You might, but it's very risky. And the longer term you're going to want to buy and hold. And that's a strategy to employ.
The Breakdown
The Banking System Broke; Will That Force a Fed Pivot?
"All right guys, it continues to be interesting times and today was supposed to be the big financial event of the week with the CPI report. So let's pick up the story from where we left off yesterday and see if the CPI report actually had as much significance as it might once have seemed. So here's where we were. The falling dominoes were silvergate closing down on Wednesday, Silicon Valley bank being put into receivership on Friday, and over the weekend, the squawking chaos is the tech industry viewed itself facing moral peril. All of this led to the fed's coming in on Sunday Night as the white knight, saying, hey, we're invoking systemic risk. Everyone's deposits are safe, management is not protected and taxpayers don't have to foot the bill. Oh, and by the way, we shut down signature bank as well. Yeah, the crypto won. No, don't ask us to explain why. And into all of that on Monday morning, market started in turmoil. First republic began the day 70 plus percent down in small and regional banks everywhere had their trading halted for volatility. However, then, at least in the non banking sectors, markets started to recover and even move into the green. Many commentators were incredulous. Dimitri kofinis from the inimitable hidden forces wrote, we got a global pandemic that killed millions of people, the start of a potential World War that could kill millions more, the steepest interest rate cycle in 40 years and now the second largest bank failure in U.S. history and markets are still like nah, we going up. And it wasn't just stocks. Crypto absolutely roared yesterday led by Bitcoin, which was up nearly 20% on the day. And by the way, has continued to increase today as well, hitting 26,000 at the time of this recording. So what the heck you may ask is going on. Well, let's talk first about the crypto side. Yesterday I did a YouTube video exploring three possible explanations for why Bitcoin was going up. The first one is the one I'd most like to be true. And that is that this moment is piercing the veil of people's perceptions of the solidity of the banking system and showing them that they are a part of something that is more complex and risky than they might have been led to believe. Even if one isn't clamoring for the destruction of the fed and the end of Fiat money, it certainly strikes us that it might be better if a more informed electorate better understood the part they play and more specifically the role their money plays in the system we have
The Bitcoin Podcast
Talking Crypto Ups and Downs With Andy Boyan
"Regular year is like 17 years in crypto. It's like dog years. Yeah, we've been through some times. That's for sure. At 2019 session was rough. Long and rough. It's not a pleasant but good company to make it through and I think most of us are still around, but you suck through it, you know? You stuck through the, I mean, living in crypto is kind of like, I don't know. One day you have a bed the next day you're sleeping on cactus. The next day you have a luxurious bed. And the day after that you're sleeping on nails, like it's very upset downsy. I had a fortunate occurrence happen. And so when I got into crypto, I was looking for use cases. And so I came into 2017 when the money got hot, like I came in right before. So I saw $20 turn into a $100 fast. And so, wow, that was fast. Why did that happen? And then I just started digging in and learned about smart contract use cases pretty quick through Laura shin's podcast. And I was like, there's knowledge here. I need to find every other podcast. And so I did. I went to every single crypto podcast, which included the Bitcoin podcast, which was very shortly thereafter also hashing it out. And then you guys had a slack. And so I joined the slack and getting plugged in there. With a group of people who were not only concerned with the financial aspects, the financial aspects are a reason why stuff people are incentivized to do these interesting things that keep things secure and balanced. Having that as like a foothold just cemented where I was. And so I was fortunate to find the community that we have and the people that are still in there, whether they're newer or older, folks who have been around. That's why I'm still here. It's because of you guys and what you guys built and the people that are still in there today.
HASHR8
Bitcoin Mining Stocks Rally As Fed Bails Out SVB
"Again, welcome to the podcast. Thanks for having me. Great. So we'll jump right into it. Let's just start off with low context here. We are recording Monday at 1130 mountain time. I guess one 30 p.m. Eastern Time. And the lay of the land is SVB, Silicon Valley bank was shuttered last week, silver gate bank announced that it was going to voluntarily liquidate itself about two weeks ago now, and then yesterday is Sunday, signature bank. There was announcement that the FDIC and state regulators had decided to shut down that bank. All three of these banks had touches on crypto, notably, silver gate and a signature were used quite often by crypto banks or crypto companies in order to bank. This morning we saw a lot of commercialized banks see their stocks halt trading of the New York Stock Exchange, SOM went down 60, 70%, just more contagion in the banking sector. On the flip side, we saw Bitcoin go up about 10%. It's about $24,000 as of right now. And that means that our favorite mining stocks are also shooting at quite a bit. Reminding stocks are often a beta play on top of Bitcoin, meaning if Bitcoin price goes up, Bitcoin might suck scope a lot. If Bitcoin goes down, mining stocks go down a lot. So right now, as of one 30 eastern our change leaders for the day, of course, scientific up 27% up to 21%, marathon up 18% in digi host of 18%. The smallest gain right now is mawson basically about flat. So big day for mining stocks, anything toss it over to you. It's weird to look at this picture though and try to see why Bitcoin is going up. The steam has made the most sense to me was binance did announce they're buying $1 billion worth of Bitcoin ether and B and B this morning. But besides that it does seem to be some sort of narrative play, but there's not a strong link there at the moment. I'll be honest, I wasn't expecting the level of increase today that came as a bit of a shock with Bitcoin spite all the needs of the week and was right as you said about XV and the issues there and then these should we can sort of the banking institutions which again is mourning the markets initially. We've seen some recovery and of the UK bank HSBC have come in and informed the markets they are prepared to purchase the UK arm of SDB and so that will alleviate new take government having to sort of worry about the deposits for those people in there. So HTTP will sort that out.
CRYPTO 101
Banks Fail While Bitcoin Rips
"It was a monumental weekend. We saw it today, one of the largest moves in rates we saw Bitcoin as well move back up to 25,000. We saw the USD C stablecoin D peg down to something like 80 7 cents or something at some point while I mean three or four crypto banks just got literally a sawed off shotgun blown to the back of the head. Sorry, but it was a brutal takedown in a very coordinated effort. And some were still here in Bitcoin's at 25 K so pizza mine, what do we make of all this? I just finished a podcast recording earlier with erbil karaman from cumul finance, and in that podcast I said the game is rigged. So while it looks like the American government is completely anti crypto. And they don't want innovation on their soil. The actual opposite is true. And they're doing everything in their power to hold their legs around this industry that is just running a million miles an hour. And we know freaking old people in the government just can't keep up and they're saying, we don't want this to get away from us. We want to be able to participate. We want to keep control of this. But we're not ready. And the crypto space is saying, we don't need you to be ready. And we don't care about you. In fact, we were invented to fix all the problems you have created. So screw you. And they're saying, no way. So, here's what I'm seeing happening right now. We're seeing a coordinated effort to try and crash as many young startups as possible. So incumbent institutions can buy them up for pennies on the dollar
Bitcoin Audible
The Future Geopolitical Order and Bitcoin by Matthew Pines
"The future geopolitical order and Bitcoin. An initial assessment written by Matthew pines. The days move along with regularity, one day indistinguishable from the next, a long, continuous chain, then suddenly there is change. Travis bickle, taxi driver, 1976. On February 26th, 2022, a mere three days after Russia launched its invasion of Ukraine. The European Commission, France, Germany, Italy, the United Kingdom, Canada, and the United States released a quote joint statement on further restrictive economic measures. This statement joined by Japan two days later, declared how the group of 7 G 7 nations will quote commit to imposing restrictive measures that will prevent the Russian Central Bank from deploying its international reserves. This unprecedented sanction had the effect of freezing Russia's ability to access about half of its $600 billion of foreign reserves. And with a stroke of a pin, what Russia thought was its money one day, turned out not to be overnight. Amid the fast moving events of that period and additional sanctions since applied, the strategic import of this particular action was somewhat obscured. However, history will likely note that move as marking a fundamental pivot in the evolution of the international economic system and the associated global order. The lesson Russia learned in February was also learned by the Canadian truckers, and many others in recent history, and brings into sharp relief a question that hits at the core of the current monetary and political arrangement. What is money and who has the power to decide?
CoinDesk Podcast Network
SVB Depositors Will Get All Their Money After Frantic Weekend
"So Silicon Valley bank collapsed last week following a $42 billion bank run. And the bank did a count number of crypto entities as clients, including coin desk. Around 85% of depositors held money in accounts that were not FDIC insured, but FDIC came in and said, don't worry, we will save you. And basically, without FDIC insurance, it means that without federal action or purchase of the bank those funds could be irretrievable, but FDIC came in and is saving everything. This is a big story who wants to take over next and talk about it. I love the way you describe this Wendy. FDIC came in and said, don't worry. We got you. But it was a really kind of tumultuous weekend. I remember on Friday talking to a lot of people in the industry because I was stressed out, right? I am one of the people who get paid in USD C so I was like, oh my God, what's gonna happen? And a lot of people were like, well, you know, we don't know what to do. There's no literature on what can happen. This is something that, you know, people are not prepared for. And what that made me think about was, you know, when that person said there's no literature on this. I was like, well, if we think about the Bitcoin white paper, it was written out of something exactly like this, right? And so to see Bitcoin pumping today on Monday isn't surprising to me, I think we see all of these banks failing. A lot of people came out over the weekend and said, you know, this is not a crypto story. This is a larger economic story and to see one bank after the other fail, granted two of them were very crypto friendly. It doesn't surprise me to see Bitcoin pumping. Zach? Yeah, I mean, this is a classic bankrupt, right? We had Silicon Valley bank, which we talked about previously, right? Major investors advise some of their portfolio companies to maybe seriously consider moving funds out because things are looking dicey, right? They were having to sell off assets to meet this influx of withdrawals, and in doing so, just given how quickly sort of the macroeconomic footing has changed in the U.S., they were selling things due to the interest rates where they were selling things that were far less than what they had thought. And before you know it, they were no longer able to continue.
Coingape
BTC Price Prediction Can Bitcoin Price Retest to 200 Moving Average Restore Bullish Recovery
"5 p.m. Sunday March 12th, 2023. BTC price prediction can Bitcoin price retest to 200 moving average restore bullish recovery. BTC price prediction of the last three weeks correction phase has plunged the Bitcoin price from a peak of 25,200 to 19,800, registering a 22 loss the coin price is currently wavering above the 20 day moving average MA, with long lower price rejection, candles indicating the exhausted bearish momentum. Can this Emmy support resume the bullish recovery or the post BTC price prediction can Bitcoin price retest to 200 moving average restore bullish recovery appeared first on coin gape.
The Daily Hodl
Bitcoin Bursts to 22,000 As Biden Administration Tries to Stop Contagion in U.S. Financial System
"11 p.m. Sunday, march 12th, 2023 Bitcoin bursts to 22,000 as Biden administration tries to stop contagion in U.S. financial system. The price of Bitcoin BTC is soaring as the Biden administration races to prevent the collapse of Silicon Valley bank from triggering a mass exodus at regional banks across the U.S. the US Treasury Department is conducting a series of emergency meetings to determine whether it should ensure all depositors at SVB will be made. The post Bitcoin bursts to 22,000 as Biden administration tries to stop contagion in U.S. financial system appeared first on the daily HODL
Bitcoin IRA
Crypto Markets, Custody Security Who You Trust Matters
"6 p.m. Tuesday, march 7th, 2023. Crypto markets, custody security who you trust matters. Bitcoin IRA's chief operations officer, Rick syn rod, offers his executive insights on today's hot topics in cryptocurrency from recent market turmoil to crypto custody and security. Sin rod recaps what our industry can learn from last year's events and what investors should consider when deciding if and how to participate in a digital asset ecosystem going forward. The post crypto markets custody security who you trust matters appeared first on Bitcoin IRA official Bitcoin retirement account investment.
Bitcoin IRA
Is a Crypto IRA Tax Deductible
"8 p.m. Thursday, March 9th, 2023. Is a crypto IRA tax deductible. The growing popularity of cryptocurrencies has resulted in many investors adding them to their retirement portfolio. A crypto individual retirement account IRA offers investors several benefits, but also carries risks. It's important for investors to assess the tax implications of investing in a crypto IRA, and how it compares to traditional Roth and SCP IRAs. The post is a crypto IRA tax deductible appeared first on Bitcoin IRA official Bitcoin retirement account investment
Markets Daily Crypto Roundup
"first bitcoin" Discussed on Markets Daily Crypto Roundup
"Today's featured stories and opinion piece by coin desks, Danielle Cohn. Our feature today is entitled remembering Hal Finney on the 14th anniversary of the first Bitcoin transaction. It's been 14 years since the first Bitcoin transaction was sent. On January 12th, 2009, Satoshi Nakamoto, the pseudonymous creator of the Bitcoin system, sent Hal Finney, a well regarded cryptographer and computer scientist, ten Bitcoin. This test transaction sent before Bitcoin had a quotable price, was a sign of the many peer to peer transactions to come, enabled by the world's first cryptocurrency network. Finney, who died in August of 2014, was also the first person besides satoshi to download and run Bitcoin software. He detailed his story in a 2013 Bitcoin talk forum post, where he said he was also the first person that Phil Zimmerman, another legendary cypherpunk, hired for the PGP corporation to build the pretty good privacy encryption solution. When satoshi announced the first release of the software, I grabbed it right away if he wrote. He was primed to find interest in a project that separates money from politics, and enables user sovereignty over their wealth, having experimented with earlier instantiations of digital cash. Others, Finney claimed were initially more skeptical. Cryptographers have seen too many grand schemes by clueless noobs. They tend to have a knee jerk reaction. He wrote. So he mind a few coins found a few bugs and let the software run for a few days before determining the protocol was stable, but draining on his computer's CPU. And so switched it off. In August of 2009, a few months after he was the first to download receive and walk away from Bitcoin, Finney was diagnosed with Lou Gehrig's disease. A debilitating illness that attacks a person's nervous system. ALS says it's known left him paralyzed within the span of a few years. He eventually found his way back to Bitcoin to which he contributed after his own as forced him into an early retirement. At the time he was writing out his recollections, Finney was building a new type of wallet quote. It's very slow, probably 50 times slower than I was before. But I still have programming, and it gives me goals, he said. Bitcoin was a project he could see growing very quickly and received email to nakamoto, Finney was one of the first to put a price on the cryptocurrency. Estimating a fraction of total global household wealth would spill into the project, each of the 21 million coins could one day be worth $10 million. Since we're all rich with bitcoins or we will be once they're worth a $1 million, like everyone expects, we ought to put some of this unearned wealth to good use. He wrote in a separate 2011 Bitcoin talk post. If it sounds lofty, if any was aware of the speculative side of crypto economics. Quote, the danger is if people are buying bitcoins in the expectation that the price will go up. And the resulting increased demand is what's driving the price up. That is the definition of a bubble, and as we all know, bubbles burst, he wrote. His other economic predictions like the nature between the network's growth and security have more or less been borne out. Finney is commonly suspected to have invented Bitcoin. Beyond the fact that coders are often their own first users, and business founders, their own first customers. Finney certainly had the chops to design something like Bitcoin, which combined several preexisting cryptographic and computational ideas in a novel way. For instance, Finney created the first reusable proof of work system back in 2004, building on the original proof of work algorithm designed by Adam back. Another potential satoshi contender, allowing people to redirect computational energy towards the useful purpose. Finney's use case for our POW was a digital token system. But if satoshi's true identity didn't matter then, it hardly matters now. Finney wrote that in his correspondence with satoshi, he thought he was dealing with a very smart and sincere person. Quality he learned to recognize over the years. But what mattered most was that the code ran, and that the idea was sound. And that's our show for today. Thank you very much for listening. If you have any questions or comments, send the show an email at podcast at coin desk dot com or you can email me directly at Adam Levine at coin desk dot com. If you like what we're doing, we always appreciate reviews on Apple podcasts or your preferred listening platform. This episode was produced by Adrian blust and myself with further support from the podcast team over at coin desk dot com. Have a great rest of your day and we'll be back tomorrow with another episode of, Mark and staley.
Markets Daily Crypto Roundup
"first bitcoin" Discussed on Markets Daily Crypto Roundup
"Place for lawmakers to implement a regulatory framework, he said, quote, I think that can get done in Congress. We almost got it done last Congress. He would also like to see legislation mandating the registration of crypto exchanges. Coin desks for Velazquez reports. And finally, Kathy Woods crypto conviction continues as arc made another coinbase buy on Thursday. Coinbase is now the 12th largest holding for the ark innovation ETF behind CRISPR Therapeutics and game engine developer unity, taking up a little bit less than 4% of the fund's total weight. But it's been a costly bet. Overall, arc has a cost average of $254 per share of coinbase. Yesterday, the stock closed with a price of $47 and 55 cents, up about 8.6% on the day, and 23% over the past month, but still well below that cost average. Analysts are predicting a mean price target of $61 and 46 cents, according to data compiled by fact set. A Barclays analyst said in a recent note that quote next year is likely to remain challenging for coinbase, but, quote, rising rates are said to be a material tailwind. Coin desk, Sam Reynolds, has more on that one. And now here's Adrian bloss with today's traditional markets update. Thank you, Adam, and shifting to traditional markets. U.S. and European stocks edged up on Friday after U.S. inflation east further in December. Boosting the chances of a smaller interest rate rise when the Federal Reserve meets later this month. In the U.S., the Dow Jones Industrial Average and the tech heavy NASDAQ gained just under two thirds of a percent, while the S&P 500 ticked up just one third. In Europe, major indexes were mixed, the regional stock 600 traded flat while London's FTSE 100 gained two thirds of a percent. Germany's Dax, meanwhile, ticked just one tenth of a percent down. In Asia, stocks were also mixed with both Mainland China, Shanghai composite index and Hong Kong sang index gaining 1%. While in Japan, the nikkei two two 5 lost one and a quarter of a percent. And lastly, in commodities markets, Brent crude, the global benchmark for oil traded relatively flat yesterday, trading at $84 in 28 cents per barrel. Gold meanwhile ticked up a quarter of a percent trading hands at $1904 per Troy ounce. Today's traditional market coverage draws from market watch. Thanks so much for that Adrian. Stay tuned for after the break. We'll take a look back at how Finney and some important moments in the history of Bitcoin. Hope you're back. Join coin desks consensus 2023.
Markets Daily Crypto Roundup
"first bitcoin" Discussed on Markets Daily Crypto Roundup
"Gained 13% so far this month topping the $19,000 mark for the first time since November 8th, coindesk data shows. The slowing pace of price increases, a weaker U.S. dollar on the international stage, and expectations of less extreme Federal Reserve actions have helped the top token look past the lingering fallout from FTX collapse. Yesterday's lower headline inflation reading supported the narrative that markets most want to be true. Many crypto traders and traditional economists took the report as a sign that the Federal Reserve consumed declare victory in its campaign to bring down inflation, which means risky assets won't have to face stiff monetary policy tightening pressure for much longer. If correct. Fed chair Jerome Powell, of course, and other mouthpieces have taken every opportunity to try to quash this line of thinking. But for a whole variety of reasons that we've told you about on the show before, many market participants just don't believe them. And so, the beat goes on. Bitcoin posted its biggest one day return in two months over the last 24 hours, shooting at 5% to surpass the $19,000 level. Quote, if we can take out the 19 K level, then we are definitely en route to 21 K, a senior technical analyst at stock chart dot com, told coindesk TV is all about Bitcoin show. Coindesk markets analysts, Klan Williams junior, took a deep dive into the inflation figures, and argues that it might be too soon to get excited about a fed pivot. Traders in fixed income markets are pricing in expectations of a quarter percentage point hike at the fed's next meeting. A slowdown from the recent pace and the incredible pace that we saw over the course of the last year. Fed officials assert that while the pace of hiking may slow, the campaign itself isn't on the verge of ending anytime soon, with many more hikes to come, but quote, the market does not believe that Joe orsini, vice president of research at eagle brook advisers told coindesk TV. Dexterity capital, meanwhile, said an emailed remarks that, this week's rally notwithstanding, the lingering malaise from last year's crypto industry meltdown is just too much to shrug off yet. In fact, late Thursday, the U.S. Securities and Exchange Commission, better known as the SEC, alleged in a lawsuit that the crypto exchange Gemini and crypto lender genesis global capital sold on registered securities as part of their earn program, adding to the drama and speculation over the future of digital currency group, which also owns coin desk as an independent subsidiary. Quote, we still have a couple of big shake outs left in crypto with some bankruptcy messes that have to be sorted and other firms still fighting to stay solvent. They said, continuing, this will have a bigger impact on prices over the next couple of months. Elsewhere, Ethereum's historic shift last year to a proof of stake network known as the merge was one of the biggest stories of the year in crypto markets. Now, all eyes are on Ethereum's next major upgrade, expected to take place in March, known as the Shanghai hard fork, which will allow participants on the network to unlock their ether, staked on the blockchain as part of the consensus process, earning rewards, but inaccessible at this point for years. The decision to push forward on Shanghai was announced back in December overshadowed at the time by sour sentiment, as the crypto industry dealt with fallout from the epic collapse of sandbank and freed's FTX empire. But as, notwithstanding his new substack, things start to slow down until SPF's criminal trial set for early October begins, traders are turning their attention elsewhere. Ether has, so far this year gained about 12%, several governance tokens of top so called liquid staking products also rallied with lito Dow, jumping 53% in the past 7 days, and 92% in the past 30 days. According to data from coin gecko, Bitcoin cash, meanwhile, a fork of Bitcoin that became an independent project about a half dozen years back, whose purpose is to keep Bitcoin transactional rather than just as a store of value recently saw prices surge nearly 10%. As traders look ahead to potential network changes ahead of that protocols next upgrade as well. Today's crypto coverage comes courtesy of coin desk markets analysts. And managing editor. Bitcoin is currently training at 18,926 bucks per token that's up almost four and a half percent over the last 24 hours, while E three is trading at $1407 per eth. That's up a little bit more than 1% at the same time period. According to the coindesk market index. And speaking of the coin desk market index, we're looking at an absolute reading this morning of 908, that compares against yesterday's reading of 886 and represents about a two and a half percent gain since our last episode across the top traded tokens. Now, before we get you today, traditional markets update, let's take a quick look at some top headlines. First up, the U.S. Securities and Exchange Commission, better known as the SEC, has alleged that crypto exchange Gemini and crypto lender genesis global capital sold on registered securities in a lawsuit filed late last night. The investment contract regulator took aim at Gemini urn, the troubled yield bearing product that hundreds of thousands of U.S. investors entrusted with their crypto. Gemini generated yields on billions of dollars in crypto, by loaning deposits to genesis, which loaned them out again. But genesis is November closing of lending withdrawals, left some 340,000 Gemini earned customers, and about $900 million in crypto in limbo. The SEC said. And as we like to disclose, genesis is owned by digital currency group, which also owns coin desk. The regulator accused the popular program of being an unregistered security. Quote, defendants offered and sold the Gemini earn agreements through the Gemini earned program without registering with securities regulators, the complaint said, continuing, as a result, investors lacked material information about the Gemini earned program that would have been relevant to their investment decision. Shortly after the release, Gemini cofounder Tyler winklevoss took to Twitter to decry the move, saying in part quote, as a matter of background, the earned program was regulated by the New York department of financial services, and we've been in discussion with the SEC about the earned program for more than 17 months. They never raised the prospect of any enforcement actions until after genesis paused withdrawals on November 16th. Despite these ongoing conversations, the SEC chose to announce their lawsuit to the press before notifying us. Super lame. It's unfortunate they're optimizing for political points instead of helping us advance the cause of 340,000 earned users and other creditors. Coindesk Nick day and Danny Nelson have more on this one. In other news, FTX can put four key units, including derivatives arm, ledger X and stock clearing platform embed up for sale, a Delaware bankruptcy judge ruled on Thursday. An investment bank engaged by the company's new leadership is now allowed to start the sale process, which also includes the crypto exchanges European and Japanese units, and which have reportedly already attracted, as many as 117 expressions of interest, so called. The estate now run by restructuring expert John ray the third hopes to generate more value for creditors by speedily selling off some of the solvent and easy to separate arms of the business. As more on this one. Meanwhile, crypto dot com said that it's cutting its workforce by around 20%, as the crypto industry continues to reel from the effects of the recent bear market. The firm sided economic headwinds from the downturn in crypto markets and the FTX implosion is the reason behind the layoffs. Quote, we grew ambitiously at the start of 2022, building on our incredible momentum, and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments. The company's cofounder and CEO wrote in a post addressing the matter. According to various social media profiles, crypto dot com has around 3500 to 4500 employees, which would make the current round of layoffs something that would impact between 700 to 900 people. And Sam Reynolds have the details on this one. Meanwhile, lawmakers on Capitol Hill may now be more skeptical about crypto companies thanks to the collapse of the FTX. U.S. representative Jim heim is a Democrat from Connecticut, told coin STV's first mover program. Shields are up heim said, continuing the players in the industry no longer have the benefit of the doubt and quote, which of course anyone who's been around the industry for some time would understand most already did not. Continuing, there's no question that lack of skepticism because he was known to be a donor, I'm set of bank and freed. There were members of Congress who wanted to meet him. He was invited to conferences, and quote, what should the new Congress do next? Heim said the primary focus should be on stablecoins, with tens of billions of dollars of stablecoins trading each day, it may be the best
The Breakdown
"first bitcoin" Discussed on The Breakdown
"Most significant scaling protocol the lightning network experienced massive growth and development in 2022. Lightning network allows for instant cheap payments off chain, eliminating the need to wait for a block to confirm transactions. It is entirely decentralized and permissionless and improves Bitcoin scalability while still leveraging the security and settlement assurances of Bitcoin space layer. The network's publicly visible liquidity capacity rose from 1058 Bitcoin to more than 4771 Bitcoin in 2022. The number of lightning channels rose by 80%. From 37,298 to 67,339. The number of publicly visible lightning network nodes increased by 88%. From 8295 to 15,636 nodes. Though the rate of growth slowed in the second half. All told the growth of the lightning network was astounding this year, driven by numerous wallets that were launched, better tools for users that were built, and more educational resources that were produced. Instant cheap payments typically under one U.S. scent became widespread in 2022, as bitcoiners looked to exchange value peer to peer over the lightning network. Number three El Salvador, where no nation has gone before. In 2022, El Salvador experienced the greatest country we ran in history under president nayib bukele's policy of economic liberty and Bitcoin. Bukele appeared on the cover of Bitcoin magazine's year end edition, which showed the president looking like the founding father of hyper Bitcoin. The first mover in the leader who dared to embrace Bitcoin only in the economic liberty had offered to his people. In the column, bukele called for all bitcoiners around the world to recognize that El Salvador's fight against the global elites is their fight too. El Salvador's embrace of the Bitcoin currency made clear to all that it understands exactly what revolutionary money actually is. Despite the flood from mainstream media. While U.S. regulators and policy elites got taken in by the likes of Sam bankman fried, Bitcoin led to boom times in El Salvador. Tourism numbers of skyrocketed, GDP is growing and the country keeps stacking sats. October saw the creation by El Salvador of the world's first Bitcoin embassy in lugano. This Chamber of Commerce will be headed by Salvador and Bitcoin miner and investor turned Bitcoin diplomat and honorary consul hozu Lopez. November saw the creation of the Bitcoin office within the office of the El Salvador and president. The office was created to meet the growing demand for access and information from investors worldwide. The Bitcoin office further establishes the El Salvador template for more nations to copy on the road to hyper Bitcoin. El Salvador closed out the year in the most Bitcoin way of all, with president bukele announcing that El Salvador would start buying one Bitcoin every single day. In an ecosystem where innovation is the norm, it's the basics that are in the spotlight. Nexo is a company that has never put the safety of clients funds in question. With over 50 global licenses, $775 million in insurance, and a real-time audit of custodial assets. Nexo sets an example for security standards in the industry. Apart from keeping their 5 million clients safe, nexo has kept building. They've just announced their non custodial smart wallet. Visit nexo IO that's NEX O dot IO and sign up today. This episode is brought to you by circle. The sole issuer of USD C and a leader in crypto that's held to a higher standard. USD C is a fast safe and efficient way to send money around the globe. USD C is always redeemable one to one for U.S. dollars, and has over $45 billion in circulation as of October 13th, 2022. Plus, circle posts weekly reserve reports and monthly attestations of reserve capital, letting users know that USD C is safe transparent and compliant with regulations. Just go to circle dot com backslash transparency to see why USD C is a trusted stablecoin. As one of the largest, longest lasting and most secure exchanges, kraken sets the example for transparency and trust. While delivering on their mission to empower people with new ways to connect and transact. Millions of people around the world count on the kraken mobile app as the easiest, safest, and most flexible way to start building their crypto portfolio. Kraken's industry leading security keeps your funds and information safe, and their award winning client engagement teams are available for support 24/7. Download the kraken app on Google Play or the Apple App Store or visit kraken dot com slash breakdown to join. Four. Transacting with Bitcoin over text in Africa. This new service was coded in a few weeks by African developer, who noticed a problem. Most Africans have basic phones, but don't have access to a reliable Internet connection. So he created a solution. Matching kura enables people in Africa to receive and spend Bitcoin via text messages without needing an Internet connection. In a report from Caribou 94% of financial transactions in Africa are made through text messages and only 6% of these transactions are made via mobile apps. This new service allows individuals throughout Africa to use Bitcoin for the first time on technology that is already at their disposal. Projects like match and Cora will help push Bitcoin adoption in regions that need digital sound money the most. Number 5 tarot. Assets on the lightning network. This year lightning labs introduced a protocol proposal to Bitcoin and the lightning network that aims to allow for the minting sending and receiving of assets on the networks. Taro utilizes Bitcoin's latest protocol upgrade taproot to enable the issuance of theoretically any kind of asset on the Bitcoin blockchain, while still using the immutable verification of Bitcoin's proof of work consensus mechanism. Taro could allow for all kinds of assets like stablecoins, stocks, and bonds, to be issued on top of the Bitcoin protocol, opening the door for more use cases and more functionality on the network. Number 6, impervious AI. The first P2P lightning native browser. Impervious technologies launched the first web browser built on top of Bitcoin's second layer scaling system, the lightning network. It is a peer to peer web browser that offers a full suite of tools for communication, data transfers, and lightning payments without any middlemen. This comes in the form of secure peer to peer messaging, P2P video calls, P2P workspaces, decentralized identity management, decentralized data storage, and direct user monetization of their data. All of these tools are fully encrypted, and they remove centralized intermediaries that collect and sell the user's data. By utilizing the decentralized nature of the Bitcoin enlightening networks, impervious technologies has given us a hint of what the Internet will look like in the future. Collaborative custody. Is the new method to custody Bitcoin by forming collaborative custody communities to help secure each other's Bitcoin and protect privacy. This form of custody takes advantage of the inherent fact that humans trust those closest to them the most. It leverages technologies like federations and Tommy and E cash mints to cryptographically maintain privacy between the individuals of a group while also allowing them to share custody of the entire group's Bitcoin. This custody solution offers the possibility to scale Bitcoin, improve privacy, lower on chain fees, and you can get more individuals to take self custody of their Bitcoin around the world. Number 8, value for value, embedding payment functionality anywhere. Value for value is a new approach to content publishing, where the creator receives value after the customer enjoys the content. Once again, through the lightning network. Over 10,000 content creators have already implemented value for value on their podcasts and solutions such as lightning addresses in bolt 12 invoices, are making this possible for all other types of content, promising continued rapid growth in 2023. Number 9 lightning, community tools to make lightning more functional. An informal telegram group of ordinary people interested in running their own lightning nodes formed and is about to cross 5800 members. Not only do participants provide support to each other on best practices, but community members have developed and released numerous open-source applications to make some of the most advanced capabilities of lightning network easily accessible to anyone. As the lightning terminal is a browser based interface for managing channel liquidity, on self hosted lightning nodes. Performing submarine swaps view the lightning loop service, classifying channels and integrated loop D, pool D and Faraday demon. Bounds of satoshis makes it easy to balance channels making it easy to issue lightning transactions that balance channels inbound and outbound liquidity. L and D G and lightning jet offer similar capabilities with more advanced features for monitoring nodes and maximizing efficiency. Number ten gridless computing with Bitcoin mining. All over the world, people live with very little, very expensive or no electricity. Bitcoin mining is changing all this. One example shared by Twitter founder Jack Dorsey was powering a rural Kenyan village while securing the Bitcoin network with access hydropower, all while lowering rates to 2000 people or 500 families by approximately $10 a month to only $4. Far from being an isolated example of further $2 million in financing, led by still mark VC and bloc was secured in December to use Bitcoin mining to increase energy access across Africa while further distributing and securing the Bitcoin network. All right guys,
The Breakdown
"first bitcoin" Discussed on The Breakdown
"Price crashes and crypto collapses dominated headlines in 2022. But it was a year of significant progress for Bitcoin. In 2022, we saw how Bitcoin as a protocol allows for widespread innovation that fills whatever needs developers and entrepreneurs identified. Without any need for changes to that protocol. We've highlighted ten important developments below. Number one, another year of 100% uptime. The greatest achievement in Bitcoin this year was, once again, Bitcoin itself. Bitcoin continued to operate flawlessly with one block coming roughly every ten minutes, and its coin issuance precisely adhering to what was set out in Satoshi Nakamoto's white paper in 2008. There were no emergency restarts, no hard forks, no chain splits, and no protocol level hacks or bugs. Yet again, Bitcoin delivered 100% uptime and was available to anyone in the world all year in the face of everything 2022 through at it. Billions of dollars worth of Bitcoin were transferred every single day on its blockchain. Bitcoin did all this without any foundation supporting it. Without any direct employees, without any leaders or venture capitalists. As such, ongoing developments that rely on Bitcoin's reliability and predictability were able to proceed with uninterrupted focus for yet another year. And with the confidence that they'll be able to do so for the foreseeable future. It is worth noting that none of the remaining items on this list require any changes to Bitcoin's base layer consensus rules. Number two, growth of lightning network. While Bitcoin's base layer remains rock steady, its most significant scaling protocol the lightning network experienced massive growth and development in 2022. Lightning network allows for instant cheap payments off chain, eliminating the need to wait for a block to confirm transactions. It is entirely decentralized and permissionless and improves Bitcoin scalability while still leveraging the security and settlement assurances of Bitcoin space layer.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"first bitcoin" Discussed on Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"$100,000 Bitcoin price sometime between 2024 and 2025. But with that being shared, now the moment you have all been waiting for, I have so much respect for the citizens of El Salvador and their leadership and president, nige bukele, who recently made an announcement on crypto Twitter saying they were going to start purchasing one Bitcoin every single day, which started yesterday so much respect to everyone in El Salvador, talk about BTF D buying that freaking dip and put in your money where your mouth is, right? Let's break this down, bukele, president of El Salvador, announced late last night that the country would be purchased in one Bitcoin every day, starting today, which is now officially as of yesterday, the move to dollar cost average, better known as DCA and Bitcoin is common in the community, however, novel for nation state, currently the country holds a Bitcoin treasury of 2381 BTC, valued at over $39 million at the time of this recording, bukele has made a habit in the past year, making large Bitcoin purchases during times of market volatility and buying the dip and outside of just purchasing BTC and holding it on balance sheet for El Salvador, the bukele administration has fostered the birth of events, gathering world leaders from countries all over the world to learn about the financial freedom that Bitcoin adoption offers. For example, in September, it was announced that over 30 countries would over a 110 speakers, including senator and dera campus from Mexico, let's go may you go would gather to discuss financial inclusion and during the visit attendees were introduced to the financial applications of Bitcoin and were able to see Bitcoin in action at Bitcoin beach than in October, the state treasurer from North Carolina and the U.S. traveled to El Salvador on his own dime to learn about the changes Bitcoin has already made for the el Salvadoran economy, quoting him here. What we witnessed in El Salvador is very useful in our efforts to encourage more support and understanding for digital assets and emergent technologies here in South Carolina, said Dennis fossils, president of the South Carolina engineer and technology is association and as Bitcoin continues to foster throughout the el salvadorian economy through new initiatives such as Bitcoin diplomas, bukele and his administration clearly planned to double down on the country's investment into the king crypto, Bitcoin focused economy.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"first bitcoin" Discussed on Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"Invested in lost half their life savings, so freaking sad on the exchange also ran wild on Twitter and meanwhile, a source familiar with the matter also recently told coin telegraph that the former FTX CEO and FTX executives are looking to flee to Dubai, the United Arab Emirates. However, this plan may not be their fruit as the United States and UAE signed a treaty that works against criminals on February 24th, 2022, but there you have it. There's also rumors of a sex tape between him and Caroline Ellison, which I would not even want my worst enemies to see, but these are the type of rumors running out there right now, also a rumor after the bohemian authorities seized the assets off of FTX. They're supposed to have been like billions of dollars worth of assets. There's only 600,000 worth of assets because the back door that SPF set up, he likely siphon those funds or the higher ups controlling him may have been involved as well. Who knows, all I know, this is corruption and its highest form, we must keep in mind that the SEC and Gary gensler were the regulators that were having ongoing meetings with bankman fried and turning the other cheek. So if anyone's to be held responsible, I say it should be the regulators that SEC and Gary gensler, whom is in charge, but let me know your thoughts in those comments, write down below. With that being shared, now let's break down the worst case scenario for the king crypto, shall we? Here we go. Popular crypto analyst Benjamin Cohen is the examining whether Bitcoin has bottomed out after falling by over 75% from its all time high, which we reached in November of last year of almost 70,000 Cohen tells the 774,000 YouTube subs that based on the flagship crypto asset training history. Bitcoin could be on the cusp of a major bottom quoting the analysts. There are a lot of cyclical indicators for Bitcoin that are probably coming up pretty soon, right? We had major bottoms in the crypto asset class, beginning of 2015, basically then the 2014, but it bled into 2015. We had a major bottom at the end of 2018. We are potentially looking at another major problem in crypto at the end of 2022 or early 2023. This would correspond to what historically would be a major bottom, and I would contend that this would be a market cycle bottom. And according to the crypto strategists, digital assets bought them out after about a year of a bear market as these shares here, not only do you need price based capitulation, you also need time based capitulation, right? A time based capitulation is needed, as well and oftentimes in crypto, that looks like at least a year of a bear market in 2013. It took more than a year. It took like 14 months before the bottom was actually in, and Cohen says that one of the definite state or definitive signs at the bottom could be in will be the total market cap of the total 125 top crypto assets following about over 20% from the current levels, quoting him here. I think whether it is the bottom or not, will depend on how low it goes if it goes a lot lower. If it is more than a 20% correction from here, then I think we can start to make the case, the bottom is in. If it is not, then I still think we need to be on our toes and assuming that it can still continue to take a while to play out. So there you have it and to watch this video, the analyst did entitled where is the crypto bottom worst case scenario? Check the show notes, below the video in the description. And again, welcome everyone just tuning in to today's episode of crypto newsletter's podcast episode.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"first bitcoin" Discussed on Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"Long haul, move it over to cold storage wallet such as a treasure or ledger or forever hold your piece, not your keys, not your cheese, and I know I'm preaching to the choir, but it's very important as a lot of people are new to crypto though, and they don't learn from these lessons and it's very unfortunate. They have to learn the hard way. But with that being shared, now let's break down our next story of the day and discuss these record inflows into the binance exchange. Yeah, that's right. Data from our channel analytics platform, crypto quant shows on November 18th, a giant trench of almost 60,000 BTC entered binance's wallet, Bitcoin price contagion fears thanks to FTX insolvencies and related panic selling or ongoing at this time, but now the latest on chain figures from binance could provide an additional catalyst for these nervous markets. The exchange has seen as biggest daily inflow on record. This is the largest of all time when November 18th, not even over, partial data from crypto quant puts the current inflows at over a 138,000 BTC for the day, thus far, and keep in mind it's only noon. We're not even halfway through the day. Now to put a deposit, the deposit into perspective, even taken into account the outflows of not just binance, but at the other exchanges, the inflows are still the largest since November 30th of 2018 and two weeks two weeks later, Bitcoin bottomed at 3100 after falling 40%. So for binance itself, meanwhile, the move means that as Bitcoin reserves are now higher than before, the FDX debacle began, which had 573,000 at the time, compared to, I'm sorry, 513,000 on November 6th, currently has 573,000, so at an all time high, the event has not gone unnoticed and one commentator was quick to note that just over 59,000 had come from a D peg, a binance's Bitcoin token, now BT, CB is a Bitcoin backed token on the binance chain with a publicly known reserve address. The wallet contains 68,200 BTC at the time of this recording, having seen outflows of a 127,000 Bitcoin on the day, and unlike regular operations, however, the decrease in the BTC B market cap at the same time as the reserve decreased suggests that genuine selling is afoot, according to the crypto quant CEO, he explained the theory behind he called cell pressure and the following Twitter thread rationale. If you are CZ, the binance CEO, why do you unpack bitcoins from the BNB chain, your goal is to support projects on the B and B chain no, no announcements from binance means it's customers or investors money.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"first bitcoin" Discussed on Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"We've got Bitcoin up .87% for the day, trading just under 16,700 at the time of this recording. We got ether, outpacing Bitcoin, up one in a half percent, trading above 1200, while binance coin, XRP, and polkadot, all pumping in in the green, what litecoin, one of the top gainers in the top cryptos, and not much in the red, just got Solana near and hedera. H bar, excuse me, and checking out coin market cap is sitting at 836 billion, went 49 billion in volume at a past 24 hours. The current Bitcoin dominance is 38 and a half percent. What they eat their dominance at 17 .8% and checking out the top 100, cryptocurrency gainers in the past 24 hours. As you can see, we got chilies up 12% trading above 25 cents, followed by stacks up about 7% training above 24 cents followed by algorand up 9% trading at 28 and a half cents and below that we have quant and litecoin and checking out the top 100 configurations for the past week. We still got the trust wallet token, leading the pack up 95% and I don't blame them as centralized exchanges have a lack of trust for a parent obvious reasons, but the FTX debacle and collapse by bankman freed along with Al mere research. So a lot of people are moving to decentralize wallets such as the trust wallet and hence why it's pumping right now and we still have FTT down 42% for the week and is currently trading at around a dollar 50 at the time of this recording, keeping in mind billions have been lost in liquidity due to the FTX crash and check it out one of my favorite indicators, the crypto green inferior index shows we're currently rated at 23 back in extreme fear. Yesterday was a 20 last week at 25 and last month, a 23 in extreme fear. With that being shared, welcome, everyone, just tuning in to today's live show. We're gonna be discussing a $13,500 target, which would mean Bitcoin dropping another $3000 from the current price, according to some crypto analysts, so let's break this down. Bitcoin ranged around 16,500, November 17th, as markets digested, the latest events surrounding, the exchange, FTX, the saga continues data from coin telegraph markets for in trading view, should Bitcoin seeing only mild volatility at
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"first bitcoin" Discussed on Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
"In today's show, Bitcoin price target, now $13,500 as Bitcoin trader says, exit all the markets. That's right, Bitcoin shrugs off the FTX news, but analysts still warn that Bitcoin and altcoins are due for significant losses, quoting crypto capo, Bitcoin to 12 to $14,000. As a matter of time, altcoins
The Crypto Conversation
"first bitcoin" Discussed on The Crypto Conversation
"Different cryptocurrencies essentially locked away in vaults or digital wallets and not doing too much. People are just holding it. So from what I can see, the headline, if you like, as the standard is a next generation monetary system and you're trying to unlock this stored value. So take it away. Tell us, tell us what the standard is. The standard really we ran, which was the world's first Bitcoin physical gold exchange where you could, you know, it was an order book exchange. And that was after I lost a lot of money in the map gox collapse, which was the first Bitcoin exchange in the industry. And really, at that stage, we just had no transparency in Bitcoin exchanges, but also we were dealing in Fiat and so we all got into Bitcoin back then to get away from Fiat yet we were pricing everything in USD and we're dealing in Fiat and mount Cox took everyone's funds and basically died and everyone holding fear on that. The bank basically ran with that or if the bank went broke, they would also run with those funds. And so it was vulture at the time was about saying, hey, you know, we can trade rare numbers with rare metals and rare metals when you hold gold in a high security voting facility. You can hold it as allocated assets. And if they're allocated assets, it means that they're fully insured and fully audited. And no one can and if the exchange went broke, it doesn't matter because it's not on the exchanges books. It's not their property. And that's very different to a bank. And anyway, so we've been running that since 2015 that exchange. And it's still going now. But one of the big things that we saw was in 2020, you know, obviously we were a Bitcoin only business for a very long time. And we noticed this great big shift between freelancers and people working for us invoicing us in Bitcoin and later Ethereum to then starting to invoice in these stable coins. And I was like, why do you want this stuff? Why would you want this? And really a resounding answer that always came back was, look, my accountant is going to kill me if I give them another invoice in Bitcoin that's shifted in price. So much. And they have to calculate what it's worth now, and then research the laws and all the rest of us. So they just invoice in a stablecoin and then be able to get the value and then buy the speculative asset with those afterwards. And so that made a lot of sense. So that's where we saw the huge shift. And then I started more and more looking at some of the awful, stable coins that were happening. And Tara Luna was the latest. But I was invited to talk at a Bitcoin, which is the largest Latin American Bitcoin conference, and it's a wonderful conference, by the way, guys, if you ever get your chance to be over there. Anyway, in 2019, and I was on stage with Neville from reserve and we were discussing these algorithmic stablecoins and Tara leonards just as just released its white paper and I read it on the way over there on the plane and I just really thought this is just a joke. This is going to fail. You can't back a currency with a governance token. That you can print to infinite amounts. It just smells really bad. And so we gave a talk about that on stage that one of these is going to get really, really big, and then it's going to fail and then governments are going to step in and regulate the space like crazy. So let's not let that happen. And so about 6 months after that talk, I started thinking about another type of stablecoin and really taking maker, the makeup protocol, make a die and trying to think of a next generation version of that. And that's really what the standard came from. And obviously, the standard comes from the name, the gold standard, right? And so what is the gold standard? The gold standard was the ability of the state to hold a bunch of gold and then back use that as the backing for a bunch of paper flying around. And so being able to allow people anywhere to send Bitcoin or wrapped Bitcoin or Ethereum into a smart contract, lock that up, and so they still have the private keys. They're still the ones holding the keys. No one can speculate with those funds. But lock them up into a smart contract. And then issue at least 80% of that value as a stable cryptocurrency. Is so, so wonderful. That it's mind-blowing. And major things that we wanted to fix with that compared to maker and our unique selling points really were that I didn't want that interest rates were used as the base layer of money of this new type new monetary system that we're calling the standard. And so we tried to figure out a better way to peg the stablecoins than using an interest rate. And we also wanted to have better ways of stopping liquidations, but we can go into that later. But yeah, effectively, people are backing the cryptocurrency but always provably having more value in the smart contracts than stablecoins floating around. Yeah, right. And interesting when you're talking about lunar and yeah, what happened there and I suppose, yeah, I mean, they really did do what seems like an unfeasible amount of damage to the space by effectively letting the experimental algorithmic stablecoin out into the wild and quite no responsible fashion certainly in hindsight, right? Absolutely. I mean, when they were offering a continuous 20%, there's nothing wrong with certain projects offering 20% APY if you can know, okay, how is that happening? And how long can they keep that up? Because they can't keep it up forever, unless there's a legitimate market force behind where there's earning fees to actually make that. Because otherwise it is a type of Ponzi scheme, except it's even more hardcore than a Ponzi scheme because they can just print that 20% out of nowhere. And give it to you. At least with the Ponzi scheme there to work to get new people in. With tera Luna, they didn't even need to do that. So it's really about, you know, one good thing I try to look at the positives always is that as these sorts of events happen, a lot of people, you know, a lot of people get hurt from it, which isn't good. But at the same time, it's the mass educational moment where people go ah, okay, well next time that's not going to happen. And I feel that the world has been so de so, so protected from risk by governments. You know, you're not allowed to invest in anything unless you've got a $1 million of liquidity. Just lying around. And that's not locked up in a house that's like, so you're becoming accredited investor. You're allowed to go to the poker machines or to the dogs or to the horses. But you can't, you can't actually invest in projects.
Bloomberg Radio New York
"first bitcoin" Discussed on Bloomberg Radio New York
"First Bitcoin all the way to institutional traders which makes hundreds of millions of dollars every day And everything in between So you can find it in one place from a regulated platform that's got great UX and low fees And the business has been going phenomenally We grew about 22 times our revenue last year So just massive massive growth we grew from about 700 people to over 3000 So we must be doing something right for our customers In terms of the products that we offer and how we serve them You paused withdrawals transactions due to unauthorized activity quote unquote traders reported seeing suspicious activity What happened here What was behind this hack All right so first and foremost we invested very heavily in several security We've got over 200 professionals around the world who have collectively spent the last few years building a very robust infrastructure And we call it defense in depth There are multiple layers And this particular incident some of these layers were breached which resulted in about 400 accounts having unaltered transactions We very quickly stopped it possible We fixed it We were back online in about 13 14 hours And doing the same day all the accounts that were affected were fully reimbursed so there was no less of customer funds Obviously it's a great lesson and we are continuously strengthening our infrastructure One has to remember that given the scale of the business these numbers are not particularly material and customer funds were never risk So I'm curious what more you're doing about this What do you doing and what are the plans you're putting in place now to make sure this doesn't happen again in the future There are additional layers of security that we are implementing Historically we led the industry in terms of security standards certifications and we heavily very heavily invested in having no great infrastructure So we'll continue strengthening it and leading the district to keep this place more safe for everybody And that was Chris Marshall CEO of crypto dot com with Bloomberg.
Bloomberg Radio New York
"first bitcoin" Discussed on Bloomberg Radio New York
"So disruption Disruption going to leave it on that note Thank you Thank you Thank you Thank you That is Bloomberg's Carol master and conversation with Kathy wood the founder of arc investment life from the milken conference in Beverly Hills California Very wide ranging conversation One of the things that of the many things that would highlighted her firm has no exposure to China in the flagship arc ETF among other topics they were chatting a bit about Tesla wood says $3000 is her based case for Tesla shares by the way the company will report earnings tomorrow We're currently seeing Tesla trade around us 864 and wood said that her firm did not participate in the first day of trading in this first Bitcoin futures backed ETF which made big news today in the states And speaking of Bitcoin we're above 64,000 I'm Doug Kristen from Bloomberg world headquarters in New York This is Bloomberg daybreak I'm joined this hour by my colleague Rashad salami from our studios in Hong Kong wish will be by with a look at one of the sourest top business stories right after I fill you in on today's price section Equities have moved higher today earnings One of the key drivers we had results from Johnson & Johnson topping estimates in the company went on to raise its annual forecast pharmaceutical shares generally speaking advanced we had the S&P for me subgroup up about 2% today However the numbers from Procter & Gamble accentuated a key fear here margins under pressure now from higher commodity and freight cost P and G shares were down about 1.2% today and we had to move up in interest rates with a ten year treasury picking up about four basis points and yield We were last quoted here in New York at one 63 in terms of the equity trade We had the S&P higher by a little more than 7 tenths of 1% The Dow up 6 tenths of 1% nearly and the NASDAQ composite with the gain of about 7 tenths of 1% Later in the session in Asia Chinese property prices and China's loan prime rates will be talking more about that as we continue here on daybreak Asia Let's get to Rashad in Hong Kong hey rich I'm just having that the first Bitcoin linked ETF which listed in the U.S. of course having its debut becoming the second most heavily exchanged traded fund on record It's the pro shares Bitcoin strategy ETF training under the ticket bitter BIT O Bloomberg data showing that more than 24 million shares changed hands Tuesday Guggenheim global CIO Scott miner says and sees it as a compelling way for investors to bypass a Bitcoin wallets at the same time mine had said to the big winners in crypto remain to be seen But he would not short Bitcoin You see.
The Breakdown with NLW
"first bitcoin" Discussed on The Breakdown with NLW
"From earlier this year of salvadorans gave them ninety one percent approval of his handling of the pandemic in two thousand twenty the number of homicides per capita fell forty four point nine percent compared to twenty nineteen which was the lowest level since the end of the civil war. Although even this is complicated as there have been accusations and reports. This came from negotiations with the gangs to be less violent and support the party in exchange for more lenient prison sentences and better treatment. What's more there is no denying the corruption and rot of the previous parties. Three previous salvadoran presidents from the two parties have been charged with corruption. One died in house arrest. Awaiting trial wanted serving ten year sentence for stealing public funds. One is an asylum in nicaragua to avoid facing money laundering charges. This cannot help but impact how people see the actions that are being called on democratic. This is a selection from reddit user. Who wrote a post called quote. I'm from el salvador. And i'm here to clarify some things about bitcoin. Adoption recently announced quote. Kelly's party is made up of mostly young professionals tired of the corrupt system that has kept the country poor and underdeveloped for the past thirty years in just their first day in office. They fire the attorney general. Who had been protecting other corrupt politicians and five other magistrates accused of being bought by the oligarchy to protect their economic interests in just a month. The new congress approved unprecedented financing for education and infrastructure and has passed bills that make sure the predatory economic elites that used to by politicians in the past are kept in check many big infrastructure projects are expected to be approved by congress soon including the construction of a high-speed railway a new international airport. He goes on to talk about numerous other projects who kelly is spearheading. An infrastructure project called surf city that is bringing the world surfing games to el salvador. A revamped healthcare system a program to give laptops to one hundred percent of the students in the public school system. So by this reading the people who support kelly are sick of corruption in the institutions that are being called out by the international community for being violated are inherently corrupt. So what to make of all this. Well i thought it was going to spend my life dealing with warren post conflict societies and what i've observed over and over is that the corruption and control of institutions that are given the democratic seal of approval by the international community. Post-conflict can be one of the great multi generational drags on a people. It is completely understandable for salvadorans to want that corruption. Gone and to want it so much. They don't care much about the means but the means ten more often than not to matter. The world is absolutely replete with autocrats in authority thorough. Teheran's who swept to power on promises of reform and delivered for a while before slinging into their own new unique forms of corruption themselves. I don't believe that that's predestined for kelly. There are absolutely concerning indicators but there is also context and more than that there are choices the choices that bouquet has yet to make and will make about how he wants to wheel this power that he and his party have one. We can at least identify it as interesting that this particular powerful person decided to opt into a monetary system that they can't control alex glad stein pains to point out that we can be excited for people even if we're concerned about their leader pointed to the fundamentals of the situation he wrote..
The Breakdown with NLW
"first bitcoin" Discussed on The Breakdown with NLW
"Property which means that every time you try to spend it. It's a taxable event. If bitcoin is now a currency it can be spent in a non-taxable way wages like euros or british pounds if the irs needs to treat salvador and bitcoin is a currency it makes bitcoin much more viable as a medium of exchange too because salvadoran banks will need to allow citizens to deposit and withdraw bitcoin. Btc becomes much more deeply ingrained into the global banking system. Bitcoin as legal tender makes it much easier for corporations and other institutions to hold it on their balance sheets because the gap accounting rules for currencies are much simpler than the ones currently in place today. Usd is the official currency of el salvador. That's explicitly why they're making this move. The federal reserve moves to massively increase. The quantity of us t have detrimental. Inflationary effects on countries like el salvador. That used dollars as legal tender or pegged to the us usd in other words. El salvador isn't making bitcoin legal tender in an attempt to be trendy. This is an attempt to protect salvadorans from inflationary. Us policy a number of other countries could follow elvas. Lead caribbean nations would be a particular importance. Another key point. Some people like ray dallaglio worry. That is bitcoin becomes more successful. The us may seek to ban it but is the us willing to ban the exchange of legal tender with other nation states like el salvador. That becomes a lot harder today. El salvador's best known in the us as a source of migrants in the future. if president. bu. Kelly is successful. El salvador may become best known as a destination for emigrants from the united states. Especially those who care about building the bitcoin ecosystem thing about it this way. The gdp of el salvador's twenty five billion dollars the market value. All the crypto in the world is one thousand six hundred and forty billion dollars a reallocation of one point five percent of the world's crypto to s. lv twenty. Five billion at today's prices would be transformative. Salvador may be the smallest country in north america but if president. Bu kelly's bitcoin proposal becomes law. El salvador could become one of the most significant monetary centers in the world. Caitlyn long makes him similar points and goes even deeper on others. She writes thread about historic day in. Bitcoin el salvador president publicly announced support for legislation to make bitcoin legal tender. If it does become law it would have many secondary effects. Steel yourself because a big fight on this is probably coming though..
The Breakdown with NLW
"first bitcoin" Discussed on The Breakdown with NLW
"Time at el salvador's bitcoin beach project alongside others like square cryptos miles suitor and had already contributed to some interesting initiatives there for anyone paying attention that was clearly some ground up momentum around bitcoin and lightning in el salvador mahler's announcement however would catapult the country into a totally new status in the bitcoin. As you heard at the beginning of this show el salvador's president. Naib kelly was submitting a bill to recognize bitcoin as legal tender. They would be the first country to do so with significant implications and while the bill would still have to be reviewed by the country's legislative assembly bouquets waiver party new ideas had recently won a significant majority in the unicameral body so passage was nearly assured as you heard in his recorded statement president viuhkola that the world had lost too much of its optimism that it had forgotten. The future is what we make of it and that bitcoin he believed could be a force for restoring that optimism. What's more he went on to say that. In the immediate term it could create new jobs and help the seventy percent or so of the country citizens who aren't connected to the traditional financial system after the president's prepared statement mahler's read his favourite part of the bill central banks are increasingly taking actions that may cause harm to the economic stability of l. Salvador that in order to mitigate the negative impact from central banks it becomes necessary to authorize the circulation of a digital currency with the supply that cannot be controlled by any central bank.
CoinDesk Podcast Network
"first bitcoin" Discussed on CoinDesk Podcast Network
"Much more viable as a medium of exchange too because salvadoran banks will need to allow citizens to deposit and withdraw bitcoin. Btc becomes much more deeply ingrained into the global banking system. Bitcoin as legal tender makes it much easier for corporations and other institutions to hold it on their balance sheets because the gap accounting rules for currencies are much simpler than the ones currently in place today. Usd is the official currency of el salvador. That's explicitly why they're making this move. The federal reserve moves to massively increase. The quantity of us t have detrimental. Inflationary effects on countries like el salvador. That used dollars as legal tender or pegged to the us usd in other words. El salvador isn't making bitcoin legal tender in an attempt to be trendy. This is an attempt to protect salvadorans from inflationary. Us policy a number of other countries could follow elvas. Lead caribbean nations would be a particular importance. Another key point. Some people like ray dallaglio worry. That is bitcoin becomes more successful. The us may seek to ban it but is the us willing to ban the exchange of legal tender with other nation states like el salvador. That becomes a lot harder today. El salvador's best known in the us as a source of migrants in the future. if president. bu. Kelly is successful. El salvador may become best known as a destination for emigrants from the united states. Especially those who care about building the bitcoin ecosystem thing about it this way. The gdp of el salvador's twenty five billion dollars the market value. All the crypto in the world is one thousand six hundred and forty billion dollars a reallocation of one point five percent of the world's crypto to s. lv twenty. Five billion at today's prices would be transformative. El salvador may be the smallest country in north america but if president. Bu kelly's bitcoin proposal becomes law. El salvador could become one of the most significant monetary centers in the world. Caitlyn long makes him similar points and goes even deeper on others. She writes thread about historic day in. Bitcoin el salvador president publicly announced support for legislation to make bitcoin legal tender. If it does become law it would have many secondary effects. Steel yourself because a big fight on this is probably coming though. I don't know anything politics in el salvador but the world is about to pressure it given what's at stake. Here's a tr. If el salvador adopts legislation to make bitcoin legal tender bitcoin likely get status as money so treated on par with foreign currency by banks and possibly get cash accounting treatment under us gaap slash ifrs in other words solves. Bitcoin adverse accounting. That's why this is likely going to be a knock down fight. It may be a back doorway to enable banks to handle bitcoin and may solve bitcoins. Lower of cost market. Accounting problem politicized immigration debate in the. Us probably comes into play to incumbents will. Try to block this. What's the big deal. What's legal tender anyway. It's a commercial law term that means citizens must accept acts if offered in payment of an obligation in exchange for delivering property. Legal tender is key to commercial law. Which is the foundational layer of any legal system. In two thousand eighteen southern wyoming wanted to make bitcoin legal tender as wyoming had already done so with gold and silver article one section ten of the us constitution mentioned skuld and silver explicitly but making anything else legal tender in the us requires amending the us constitution so it wasn't possible to make bitcoin legal tender in the us without amending the us constitution. I thought at the time another country might do it though and thereby open the door.