Greetings Bitcoiner,

Welcome to issue #114 of the Bitcoin Breakdown, where we no longer have to entrust the custody of our wealth to centralized banking institutions that are not only difficult to verify but have, by proxy, already violated our trust simply by partaking in the corrupt system of fractional reserve banking—the biggest Ponzi scheme of all time.

Happy readings! 👽️

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⚡️ QUICK BITS

• Standard Chartered: Bitcoin set for bull rally after Federal Reserve rate cut, driven by favorable macroeconomic conditions rather than election outcomes.

• Giant inflatable Bitcoin rat appears at the Jekyll Island Club, symbolizing distrust in central banking and its secretive origins.

• Donald Trump makes history as the first former US president to stand next to a bitcoiner purchashing ‘crypto burgers’ at Pubkey.

• Commerzbank and DZ Bank, two of the largest five banks, launch Bitcoin and crypto trading services, marking a significant shift in mainstream access.

• ZachXBT uncovers $243M Bitcoin Core wallet theft linked to social engineering attacks, leading to multiple arrests in a significant criminal operation.

• Sani, founder of Timechain Index and on-chain analyst, reveals he has tracked all the addresses for the Bitcoin ETFs and verifies they are backed 1:1 currently.

• German government closes 47 exchanges for failing to comply with KYC regulations.

• KPMG publishes a report on the importance of custodians in Bitcoin adoption and ownership.

• River Financial, a Bitcoin-only exchange, launches Proof of Reserves verifying over $800M in fully reserved bitcoin holdings.

• BlackRock releases its Bitcoin whitepaper, emphasizing the non-correlated alternative asset’s role in monetary stability and lack of traditional counterparty risk.

• Louisiana state government now accepts Bitcoin Lightning for transactions, enhancing payment options and promoting security in public services for its residents.

• Robert F Kennedy Jr, in a letter to The Economist, defends bitcoin mining against environmental criticisms, arguing it supports renewable energy and stabilizes electricity grids effectively.

• Bryan Johnson, an anti-aging billionaire, finds a surprising connection between Bitcoin's rejection of inflation and longevity efforts.

• Geyser Fund halts Bitcoin for Palestine projects amid regulatory scrutiny, impacting vital aid efforts due to increasing financial censorship in conflict zones.

• Dark Angels hacker group makes off with $75M in BTC after hacking into the systems of drug distributor Cencora, who negotiated a 50% cut.

• Bitmain revealed to significantly influence bitcoin mining through proxy pools, raising concerns over the centralization of the mining network.

• Cathedra Bitcoin, a Canadian Bitcoin mining company, shifts focus from mining to acquiring as much BTC as possible on the open market, also following the ‘MicroStrategy playbook’.

• DBS, Singapore's largest bank, offers OTC Bitcoin and crypto options trading for institutional clients in Q4 2024, becoming the first major Asian bank providing sophisticated Bitcoin derivatives.

• Deutsche Digital Assets, a German Bitcoin and crypto asset manager, expands its Bitcoin exchange-traded product (ETP) offerings by listing its DDA Bitcoin Macro ETP on Euronext Paris.

• Keonne Rodriguez, detained developer of Samourai wallet, gets his motion to remove home detention conditions for bail, denied.

• HTX, formerly known as Huobi and one of the largest exchanges globally, announces it will be integrating the Bitcoin Lightning Network in partnership with Bitcoin firm IBEX.

• MicroStrategy plans another $700M convertible note issuance, days after announcing the purchase of $1.1B worth of bitcoin.

• A Stacker News user puts out a bounty for recovering mistakenly deleted private keys from an Ubuntu encrypted USB stick.

• Norway's Hadsel town faces electricity cost hikes of 20% after closing a Bitcoin mine.

• Bhutan now holds more BTC than El Salvador at 13,011 BTC worth around $780.49M, according to Arkham Intelligence.

• Howard Winklevoss, father of the Winklevoss twins, donates $4M bitcoin to Grove City College, where he studied in the 1960's.

• Hackers demand $6M in bitcoin for files they stole from Seattle’s airport operator.

• ETH/BTC ratio hits lowest level since April 2021.

• HRF’s Bitcoin Development Fund grants 1B satoshis to 20 projects worldwide.

• Bit2Me, a Spanish exchange, obtains license in Argentina as a Virtual Asset Service Provider.

• Binance announces they are combatting ‘clipper malware’ attacks that target withdrawals by blacklisting suspicious addresses.

• SWIFT reveals plans to integrate digital tokenized solutions and CBDCs into its global payment network.

• Artikel 5 e.V., an organization that operates exit nodes on Tor, gets raided by the police in Germany.

• JPMorgan reports that Bitcoin mining profitability hits record lows as prices drop and network hashrate climbs to pre-halving levels.

POLL

OTHER NEWSLETTERS TO CHECK OUT*

*You can find more here.

🎥 QUICK MEDIA

• Peruvian Bull delves into the Federal Reserve's surprise 50 basis point rate cut which signals a new wave of liquidity injection, potentially driving asset prices higher and re-igniting inflation (Sept 19 | 18:26).

• Matthew Kratter of Bitcoin University encourages doomerist Whitney Webb to move in the direction of more orange pills and fewer black pills (Sept 16 | 10:18 min watch).

• Alex Gladstein collaborates with Reason Magazine to publish video that presents Nostr as an antidote to social media censorship (Sept 17 | 5:04 min watch).

• G Sovereignty delivers a talk at Nostriga 2024 on the separation of state and business, the challenges facing Bitcoin adoption, how Nostr offers a solution and the concept of a parallel economy (Aug 25 | 23:31 min watch).

• Pierre Rochard, VP of research at Riot Mining, explains on the Stephen Livera Show how to ‘mine fiat’ using Bitcoin and real estate (Sept 13 | 1:39 min watch).

• Aqua wallet posts moving graph that charts the value of $100 invested every month in Bitcoin, gold and saving deposit over the years (Sept 14 | 1 min watch). 

• River Financial publishes video of how their newly launched proof of reserves feature works (Sept 19 | 13:15 min watch).

• Max Kei, CEO of Debifi, dives into the current flaws of the credit card market at Baltic Honeybadger 2024 and unveils how Bitcoin, as a ‘supercollateral’, could change everything (Sept 12 | 8:26 min watch).

• Tom Emmer, a US house representative, says in an interview that government is scared to death of decentralization because it restores what the US was built on, which is by the people from the ground up (Sept 17 | 1:24 min watch).

💥MEME BREAK

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Thank you for reading!

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Until our next transmission,

Naiw

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