📰 HEADLINES

BlackRock, the world’s owner of everything, has applied to the Securities and Exchange Commission (SEC) to launch a spot Bitcoin ETF, with Coinbase as the custodian. This comes after the US government has signaled in no unclear terms to institutional investors that Bitcoin, not “crypto”, is where they are safe to deploy capital. If approved (which it will probably be, seeing that BlackRock has a record of getting ETFs approved by the SEC of 575-1), it will ostensibly make BlackRock the largest holder of bitcoin in the world.

Apple is forcing popular Nostr iOS client app, Damus, to remove the zap button that rewards a post with bitcoin. They are demanding their 30% cut because they claim awarding posts is "selling digital content". Both Jack Dorsey and Elon Musk called out Apple for their idiotic stance as tipping somebody doesn’t amount to “selling digital content”. The development might further spur the move to progressive web apps which makes the need for gate-keeping app stores, redundant.

Hong Kong's banking regulator, the Hong Kong Monetary Authority (HKMA), is urging banks, including HSBC and Standard Chartered, to onboard crypto exchanges as clients. The HKMA questioned these UK-based lenders, as well as the Bank of China about their reluctance to accept crypto exchanges as customers, emphasizing that due diligence should not create an undue burden. While the US SEC is suing Binance and Coinbase, Hong Kong's pro-Beijing lawmaker has invited crypto exchanges to set up in the city.

🏆 TOP STORIES

Why Boomers Don’t Trust Bitcoin (6 min read)

In this op-ed for Bitcoin Magazine, author and high school teacher Dan Weintraub addresses the skepticism of baby boomers towards Bitcoin, drawing comparisons between their resistance to new musical genres and digital currency. He argues that this resistance is rooted in false narratives and prejudices, and calls for open-minded exploration and independent research into the technology. Weintraub emphasizes the revolutionary potential of Bitcoin's transaction verification system, which could foster a more secure and transparent financial system. He advocates for understanding the potential of Bitcoin in restoring trust in a world where it is rapidly diminishing. He concludes by encouraging individuals to probe into Bitcoin before dismissing it, viewing its verification mechanism as a hopeful solution to the erosion of societal trust.

How The Ark Protocol Could Potentially Scale Private Bitcoin Payments (2 min read)

Roman Sterlingov, accused of operating the Bitcoin mixer, "Bitcoin Fog," exemplifies escalating antagonism towards Bitcoin transactional privacy, underscoring the need for a tool like the Ark Protocol, writes Kudzai Kutukwa. The Ark Protocol, a Layer 2 solution enabling cost-effective, anonymous, off-chain Bitcoin transactions, can potentially augment non-custodial Bitcoin use amid growing custodial users in the Lightning Network, primarily due to liquidity constraints. Ark functions as trustless e-cash or a liquidity network, akin to the Lightning Network but with an entirely off-chain UTXO set. Users delegate channel or liquidity requirements to untrusted Ark Service Providers (ASPs), and all transactions occur within a CoinJoin for improved privacy. Interoperable with Lightning, Ark eliminates liquidity constraints and potential identity leaks without necessitating direct sender-receiver connections, vital in an increasingly privacy-hostile world.

From Sharpe World to Chinese Capital: Why the Crypto Market is Shifting (27 min read)

In Arthur Hayes’ latest piece, he draws parallels between the current market setup and the summer of 2015 when the People’s Bank of China's devaluation sparked a rally in Bitcoin. Chinese retail investors' capital flows into the crypto market have decreased since 2021, with the US becoming the influential marginal retail buyer. Hayes believes that concerns about the removal of US retail investors from the crypto market are misplaced because capital is fungible, and Chinese capital may flow into crypto through Hong Kong's financial markets.

Language User Interfaces, “Approved AI” & Controlled Speech (11 min read)

Bitcoin Maxi, Aleksandar Svetski argues that while artificial general intelligence (AGI) and conscious AI are not imminent threats, generative AI poses a significant risk to humanity even though it is merely a tool that emulates intelligence through language. The paradigm shift lies in the transition from graphical user interfaces (GUI) to language user interfaces (LUI), which allow for faster and more conversational interactions. However, Svetski warns that this shift could result in a danger to society as generative AI determines the answers to questions and becomes the lens through which information is consumed. He criticizes the potential censorship and filtering of information by generative AI systems, leading to a homogenization of thought. To counteract this risk, he advocates for the development of open-source alternatives and diverse platforms to maintain a marketplace of ideas.

The Monetary Tsunami is Coming (6 min read)

Macro Jack discusses his decision to invest heavily in Bitcoin and explains his reasons for doing so, despite traditional finance principles emphasizing portfolio diversification. He believes that the macroeconomic landscape and historical evidence suggest that all investments are essentially one trade at this stage of a long-term debt cycle. He argues that governments globally are running Ponzi Schemes, and he expects a monetary tsunami due to excessive money printing and debt issuance. In this context, Macro Jack sees Bitcoin as the most suitable asset to protect and grow wealth, highlighting its scarcity and the potential to preserve purchasing power during inflationary times. He suggests that as more investors realize the need to weather the storm, capital will shift rapidly towards Bitcoin.

Bit by Bit: Uncovering the Bitcoin Adoption Landscape in Cross-Border Payments (83 min read)

River Financial's latest research report delves into the integration of Bitcoin within the global payments industry, a $156 trillion market. Despite widespread smartphone access, money transfers take days and cost an average of 6.24% for remittances. The research estimates 800,000 active Bitcoin addresses daily, though this does not reflect the actual number of users. With approximately 32.9 million active entities and 44.4 million addresses with balances, exchanges play a significant role. The report emphasizes the need for Bitcoin advocates to educate and resonate with non-interested individuals, targeting those affected by inflation, capital controls, and countries reliant on remittances.

Unmasking Bitcoin Mining: A New Methodology Reveals Accurate Energy Consumption Estimate (27 min read)

In a captivating report released by Coin Metrics, they introduce a new methodology for determining the market share of every major Bitcoin mining machine, or ASIC, by analyzing nonce patterns and incorporating data sourced from real-world ASICs. By fingerprinting specific types of mining machines, the study generates precise energy consumption estimates. Coin Metrics' approach incorporates data directly from ASICs, making it more accurate and easily adaptable to newer hardware models. The analysis estimates Bitcoin's total power draw at 13.4 GW, about 16% less than Cambridge University's estimate, placing Bitcoin's energy use at approximately 1/10th of 1% of global energy consumption. The report aims to provide neutral and informative data to fuel constructive discussions among industry leaders and policymakers on Bitcoin's energy profile and other related research areas. [The absence of MicroBT Whatsminer M50 series machines in their analysis however raises questions regarding its completeness].

📖 GUIDES & EXPLAINERS

Secure Your Bitcoin: Embrace Full Self Custody with Sparrow Wallet (9 min read)

Sparrow Wallet is one of the most widely recognized Bitcoin desktop wallets and is recommended to all users, regardless of what level of funds you hold. This article by Athena Alpha provides a step-by-step guide for downloading, installing, and setting up Sparrow Wallet, including options to connect to public or private servers for enhanced privacy and security. It explains how to create a new wallet, send bitcoins, back up wallet data, and includes a FAQ. Sparrow Wallet is simple enough for beginners to use, but can also grow with you over time as it supports advanced security and privacy features such as multisignature wallets and spending via coinjoin.

How To Use PayJoin Using Nostr (7 min read)

In this article, The Bitcoin Manual discusses how the Nostr protocol can be used for PayJoin transactions, which enhances user privacy by involving collaboration between the sender and receiver. Nostr's decentralized and privacy-focused messaging protocol makes it an ideal medium for coordinating PayJoin transactions, breaking transaction assumptions and disrupting chain analysis. The article concludes by highlighting the potential applications of Nostr in dark markets and the importance of privacy in maintaining financial autonomy for Bitcoin users.

The Importance of Bitcoin's Distributed Public Ledger: Five Reasons Why It Matters (3 min read)

Bitbyte News highlights the significance of Bitcoin's distributed public ledger, known as the timechain, and its impact on the world of digital finance. The article outlines five key reasons why the ledger is a game-changer. Firstly, decentralization empowers individuals by shifting power away from centralized institutions and towards users, ensuring financial sovereignty. Secondly, the transparency of the timechain promotes accountability and trust, as every transaction is publicly available. Thirdly, the timechain's immutability and cryptographic protection make it highly secure against fraud and tampering. Fourthly, Bitcoin's peer-to-peer transactions eliminate intermediaries, resulting in faster and cost-effective transfers. Lastly, the timechain offers potential solutions for financial inclusion, allowing anyone with a smartphone and internet access to participate in the Bitcoin economy and access financial services.

⚡️ QUICK BITS

• Boltz introduces new web app.

• Fidelity rumored to also file for Bitcoin ETF.

• Binance exits the Netherlands due to failure to secure a license from the Dutch central bank.

• Strike CEO Jack Mallers in Bloomberg interview on how free-market discovery ultimately leads to Bitcoin's dominance (7:20 min watch).

• Self-custody Bitcoin wallet Bitkey to integrate with Coinbase and Cash App.

• EU’s leaked digital Euro bill outlaws interest, large holdings, and programmability for CBDCs.

• BTCapsule introduces Nostr.Sites: convert your nostr note into a personal webpage, like Linktree.

• THNDR Games released new custom avatars available for all users of their games.

• Bitcoin Product Community launches opportunity board for FOSS Bitcoin projects to post open positions they need to round out their teams.

• Atomic Wallet heist tops $100 million.

• Blockstream has set its sights on launching its first Bitcoin ASIC in late 2024.

• Winklevoss twins warn Dems that young voters “won’t forget war on crypto”.

• Rational Root explains his bullish models on the What Bitcoin Did show.

• Binance is under investigation in France for alleged money laundering.

• JP Morgan strategists suggest “other” classification for unregulated security, Ethireum.

• Binance cancels registration in the UK amid regulatory scrutiny.

• RoboSats admin banned from Telegram, moves to Matrix, SimpleX and Nostr.

• Edge Browser feature raises privacy concerns for sending information back to Microsoft (see link for how to disable the feature).

• The MSM writes four times more positive environmental write-ups on Bitcoin than negative during the first 125 days of 2023.

• Unchained Capital introduces HODL Cave which analyzes the spread of historical returns for Bitcoin.

• Cory Klippsten Bloomberg interview on Bitcoin (8 min watch).

• Bitcoin Policy UK responds to the House of Commons Treasury Committee’s “Regulating Crypto” report that idiotically conflates Bitcoin with gambling.

• The Bank of England is funding a digital wallet for a CBDC.

• Basem Alas shared a short video charting Bitcoin's price and hashrate over time.

• Cointelegraph releases short video of how Peter McCormack is turning an unknown town into a Bitcoin hub (19:29 min watch).

• Glassnode: Long-term Bitcoin hodlers unfazed by Binance, Coinbase lawsuits.

• Walletano introduces feature that allows users to send sats to any email address.

• Ripple convinces the Colombian central bank to partner with it and explore creating a CBDC.

• United Nations Policy Brief talks of a digital ID linked to your bank account.

• Jack Dorsey pledges $5 million to help Bitcoin core developers.

• Blockstream updates the Bitcoin Satellite software on top of the new Bitcoin Core 25.0 release.

• Apple also rejects Bitcoin Lightning wallet Zeus citing transmission of a virtual currency without necessary licenses and permissions.

• BitBanana is a native android app that works like a remote control allowing you to use your node as a wallet wherever you go.

• SimpleX is now available on Start9's StartOS.

TOP 3 MEMES 💪

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Our path ahead is not without challenges, but I know that, together, there exists a world wherein we successfully steered the course toward a future of unprecedented prosperity and exploration for both our species.

Until our next transmission,

Naiw

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