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It's Monday, so get your coffee ready, stack some sats and sit down for your daily dose of Bitcoin signal!
Can you feel the green candles? | | Today's Rundown: - Language Of Bitcoin: A Series about what bitcoin is, and its relationship with language.
- KYC Is A Honey Pot: The bad side of KYC, and how Bitcoin presents hope.
- When Legal Tender: An interview with the President of Argentina and his opinion regarding bitcoin.
- Fixing Triffin Dilemma: Bitcoin as a solution to the Triffin Dilemma.
Let's do this. | | | Bitcoin Is The Best Explanation For The Way Money Is
By Alex McShane
A Weekly Series Of Essays About The Language Of Bitcoin.
In this series, the author answers the question "What is Bitcoin and what is money?" from a philosophical perspective. McShane makes reference to the present misconceptions of money, in which we are trained to believe that money is debt.
With a poor understanding of money, our societies live in a debt spiral due to not having a clear definition of the system and properties we live in.
An interesting contrast he makes is the reflection of the Bitcoin and fiat universe. While the fiat universe is unknown and expansive, an untenable universe because it is mostly vapid and empty, bitcoin has strict parameters, a reliable vessel.
"What is known about Bitcoin is known to all, if not readily available. Through this vessel, we can travel wherever we like as a species in agreement, with the simple confidence that our money is sound." - Alex McShane
| | KYC Will Not Protect Us, Bitcoin And Encryption Will
By Mitch As regulators attempt to institute KYC and AML rules at the peril of our personal data, Bitcoin and encryption offer salvation.
Most of us are familiarized with KYC or AML practices in our everyday lives. These measures, of which the intention is to combat fraud and to target money laundering and terrorist activities, while "well-intentioned," end up hurting a big portion of the society through the increase in rules and restrictions to move through the economy freely.
Interestingly, there is another side of the story which the author brings up, and which it's often dismissed: KYC becomes a Honey Pot.
While attempting to record all the information of everyone registering to buy bitcoin on exchanges, there is a created incentive to attempt to steal this information to directly target potentially wealthy individuals, for which Bitcoin presents hope.
"If a major goal of KYC is to protect the most vulnerable among us by preventing heinous crimes, then we cannot ignore instances where KYC does the exact opposite by negatively impacting the health and safety of the victims of humanity's most atrocious acts." - Mitch | | Click the links:
1. On the 50th anniversary of the fiat dollar, the U.S. is addicted to instant gratification through money printing, processed foods and more.
2. Calling Bitcoin's blockchain the "timechain" would honor Satoshi's intention and help clear up altcoin misdirection.
3. The bitcoin price has historically been volatile and managing investment risk is the key to avoiding another major market sell off.
4. Explaining Lightning Network specification BOLT 12 and how it works with the Bitcoin Layer 2 protocol.
5. Once again, Bitcoin demonstrates why it is the best money, the people's money; China did ban mining, but it is finding a new home.
6. Clear, welcoming regulation, abundant energy sources are among the main two reasons why Wyoming is becoming the next big Bitcoin state.
7. Mawson Infrastructure Group, the Australian bitcoin mining infrastructure provider bought 17,352 Avalon A1166 and A1246 machines from rig maker Canaan.
8. HIVE Blockchain ordered 1,800 new bitcoin miners from Bitmain Technologies. | | President Of Argentina Open To Adopting Bitcoin As Legal Tender
By Alex McShane Alberto Fernandez, President Of Argentina, Is Open To Adopting Bitcoin As Legal Tender To Fight Inflation.
In an Interview with Filo News, Alberto Fernandez, the President of Argentina, was asked about his position in regards to Bitcoin, and whether the country was open to adopting it as a legal tender to fight inflation.
His answer surprised the crowd. While admitting that he should proceed with caution towards what is unknown territory for him, he showed to be well informed on the benefits that adopting a bitcoin standard could bring against an inflationary currency.
For context, Argentina has an inflation rate of 51.8% according to Trading Economics and was cataloged as the second most miserable economy in 2020 by Bloomberg.
"They say the advantage is that the inflationary effect is largely nullified" - President Fernandez | | Bitcoin Will Fix The Triffin Dilemma
By Dylan LeClair As the U.S. sees wealth disparity increase due to the dollar's status as a world reserve currency, Bitcoin offers an alternative.
The Triffin Dilemma is a conflict of economic interest that arises between short-term and long-term objectives for countries whose currencies serve as a global reserve currency, such as the US dollar.
As being in this position naturally comes with benefits, the author explains the negative side of the coin, and how Bitcoin could serve as a solution to mitigate the problem in order to build a more prosperous economy without hurting the working class.
"The Federal Reserve and the U.S. federal government are stuck. If they wish to remain the world reserve currency, then the status quo of ever-increasing disparity between the haves and have-nots will persist, and domestic manufacturing will continue to move offshore to cheaper regions with weaker currencies (and thus, cheaper labor)." - Dylan LeClair | | | We're excited to be celebrating our 10th Twitter anniversary in August by giving away 10 Bitcoin 2022 conference tickets. The giveaway will start Sunday, August 1 at 12:00 p.m. ET and run until August 31 at 12:00 p.m. ET. The winner will be contacted by email on Wednesday, September 1. To enter, go to: http://www.rafflecopter.com/rafl/display/b28baf753/ | | By Lina Seiche
Yesterday was the 50th anniversary of President Nixon's message of "temporarily" stopping the convertibility of the US. dollar into gold. Since then, there have been strong correlations of a decaying economy, which most probably are a consequence of this event – completely getting rid of hard money, for the experiment of fiat currencies, which bitcoin has now come to fix.
There is nothing more dangerous than the word "temporarily" coming from the government.
Find out WTF happened in 1971.
Keep stacking! | |  | |
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