Greetings Bitcoiner,

Welcome to issue #122 of the Bitcoin Breakdown, where we enjoy the peace of mind and free time that being consistently Bitcoin-only brings, with no need to waste time on any other shiny new crypto projects that cannot compete in taking down central banks or becoming the next global reserve currency while also protecting your spent time and energy against monetary debasement.

🔈️We're trying out a new format for Quick Bits and Quick Media this week. Please let us know what you think below.

Happy readings! 👽️

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⚡️ QUICK BITS

• Craig ‘Faketoshi’ Wright files £911B lawsuit against Bitcoin Core and Square, claiming misrepresentation of Bitcoin’s original design principles, raising potential legal violations.

• Google's new nuclear power plan aims to integrate small modular reactors for eco-friendly bitcoin mining by 2030.

• JPMorgan projects a bullish Bitcoin and crypto market for 2025, influenced by factors like a likely Trump win and increased adoption.

• Mempool.space feature identifying inscriptions stirs ‘purity test’ debate within the Bitcoin community over its purported impact on foundational principles (see more comments here).

• Blockstream raises $210M through convertible note financing to enhance Bitcoin treasury, expand mining operations, and accelerate layer-2 adoption.

• Bitcoin is now the world’s 6th largest monetary asset, as shown by Porkopolis Economics.

• Adam Back asserts that Bitcoin's value derives from its founder's anonymity (Wink Wink - Ed).

• MicroStrategy’s equity outperforms Nvidia and other top S&P 500 stocks since adopting its Bitcoin strategy, growing in value by 1,620%.

• Samara Asset Group plans $32.8M bond to also increase its bitcoin reserves and diversify investments in alternative funds.

• Ex-con Arthur Hayes says Bitcoin will 'rise stupendously' if Middle East conflict grows and the US subsequently starts printing money.

• Michael Saylor envisions MicroStrategy transforming into the world’s leading Bitcoin Bank, targeting a trillion-dollar valuation through innovative financial strategies.

• BlackRock purchases over $680M in BTC over two days to support its IBIT Bitcoin ETF.

• FBI arrests Alabama man accused of hacking SEC’s X account that caused bitcoin price spike.

• Italy to increase its Bitcoin capital gains tax from 26% to 42% while eliminating the minimum revenue requirement for the Digital Services Tax.

• A Change.org petition urges the Italian government to maintain current tax rates on Bitcoin and crypto and not penalize investors.

• Trump-allied PAC raises $7.5M in bitcoin contributions from industry leaders to support his presidential campaign.

• Trump's World Liberty Financial token launch flops due to restrictive investment eligibility, non-transferability, website crashes, and perceptions of it being a scam.

• Donald Trump earns 75% of revenues without holding an official position according to the ‘Gold paper’ of his WLF sh!tcoin project.

• Kamala Harris unveils Bitcoin and crypto regulation plan focused on black investors but offers no specifics on policies during campaign speech.

• Bitcoin whale moves another $630k Satoshi-era coins to Kraken.

• British man sues city council for $647M after local authorities block excavation of landfill holding 8,000 bitcoin.

• The Soufan Center publishes a brief on Bitcoin and crypto adoption by terrorist groups, citing outdated, incorrect, and misleading statements.

• Tesla moves approximately $765M in bitcoin to unknown wallets, raising investor interest but showing no signs of an imminent sale

• YieldNodes sues Chainalysis for defamation after being labeled a major crypto scam in their 2022 report without providing sufficient evidence.

• Ripple concedes it, after all, doesn’t have a use case by launching a dollar-pegged stablecoin.

• TD Bank fined $3B for money laundering (less than 1% of the bank's revenue from 2013 to 2023), revealing a calculated risk in enabling criminal activities.

• Buratiya in Russia to revamp a thermal power plant to deal with increasing power demand, as the region attracts more bitcoin miners.

• Chicago Mercantile Exchange's Bitcoin Friday futures debuted with a bang, becoming CME's most successful crypto futures launch ever.

• Francisco Gavidia University survey reveals that only 7.5% of 1,224 respondents in El Salvador uses bitcoin for transactions.

• Hong Kong police dismantle a crypto scam using AI deepfakes to exploit lonely men, leading to HK$360M in losses.

• Metaplanet's shares surge 16% after the firm purchases 107 bitcoin, bringing its total holdings to 855.5 bitcoin amid rising investor interest.

• Larry Fink did not claim that bitcoin will rival the US housing market, contrary to some reports.

• Coinmetrics’ quarterly ‘State of the Network’ report reveals bitcoin mining revenues drop to $2.5B in Q3 2024 as miners adapt to new challenges.

• Fiatjaf, creator of Nostr, says it's time for big public relays to start adding some restrictions on the content they accept.

• TikTok faces allegations of operating as an unlicensed exchange in the UK, raising money laundering concerns.

• Google search volume for ‘bitcoin’ reaches its lowest weekly level in a year, despite a significant price increase.

• FBI secretly creates a token, NexFundAI, to investigate crypto pump-and-dump schemes and price manipulation.

• Norwegian government enhances its citizens' rights to use cash in retail transactions, signaling a shift in the battle against cashlessness.

• Adam Back receives his own Bitaxe home Bitcoin miner from Bitcoin Brabant, joining the movement to decentralize Bitcoin hashrate.

• OpenSats announces long-term support for Greenart7c3, a Nostr developer.

• Eric Trump will speak at the Bitcoin MENA Conference in the UAE scheduled to take place on December 9-10, 2024.

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🎥 QUICK MEDIA

• Dylan Leclair explains on Fox Business that Bitcoin is a $100T idea, MicroStrategy is the biggest story in corporate finance and that non-bitcoin crypto is a sideshow (Oct 16 | 4:09 min watch).

• Larry Fink, CEO of BlackRock, calls Bitcoin ‘an asset class in itself’ and an ‘alternative to other commodities’ in leaked earnings call (Oct 15 | 0:29 min watch).

• Donald Trump declares he will impose a 100% tariff on countries abandoning the US dollar as world reserve currency if elected US president (Oct 16 | 0:42 min watch). 

• HASHY, a fresh new cartoon Bitcoin educator makes the case why holding bitcoin is better than holding MicroStrategy’s equity (Oct 14 | 0:52 min watch).

• HASHY also explains why taking self-custody of your bitcoin is important (Oct 14 | 0:52 min watch).

• Ioni Appelberg, Bitcoin educator, embarks on a thought experiment comparing Bitcoin to Schrödinger's dead-and-alive cat (Oct 14 | 9:23 min watch).

• Peter McCormack discusses on BBC Radio 4 the HBO doc fingering Peter Todd as Satoshi Nakamoto (Oct 15 | 4:37 min listen).

• Elizabeth Warren embarrassed by Senate Candidate John Deaton in a debate about the Bitcoin and crypto industry (Oct 16 | 8:25 min watch).

• Matthew Kratter of Bitcoin University debunks some common Bitcoin myths surrounding its block time, smart contracts and its status as a purely speculative asset (Oct 15 | 12:40 min watch).

💥 MEME BREAK

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Until our next transmission,

Naiw

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