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It's Wednesday, so get your coffee ready, stack some sats and sit down for your daily dose of Bitcoin signal!
The price might go up and down, but our conviction only goes up. LINDY! | | Today's Rundown: - Better than Gold: A reflection on bitcoin's resource cost debate.
- Investors Beg For it: 90% of Fidelity investors ask about bitcoin.
- Banks Are Empty: Afghan's attempting to flee find no cash in banks.
- Greed From Fiat: The continuous debasement of value.
Let's do this. | | | The Bitcoin Energy Debate Is A Modern Reprise Of The Gold Resource Cost Debate
By Nic Carter
The debate over the resource cost of gold is critical in understanding the present-day fixation with Bitcoin's energy costs.
Over the last couple of months, the topic about the resource cost of Bitcoin has intensified. The author mentions in his article, that this same issue happened before with Gold, in which its energy resource use was criticized in favor of fiat currencies.
The problem, which is addressed in this article, is that critics will only measure the cost of resources, which is the "denominator," but do not take into account the "numerator" of the equation which is: Bitcoin providing valuable monetary freedom for tens of millions of individuals worldwide, especially those in unstable states, lacking meaningful property rights.
Unfortunately, there is always a narrative measuring the resource cost of Bitcoin and Gold, but never the one from irredeemable paper money.
"I do not know of any attempt to measure the real resource costs of an irredeemable paper currency and to compare such costs with the real resource costs of a commodity currency. That is clearly a much needed research project." - Friedman on The Resource Cost Of Irredeemable Paper Money
35 years after his request, and 50 years after the total collapse of Bretton Woods, it might be time to revisit Friedman's question once again. | | 90% Of What Fidelity's Biggest Clients Are Asking About Is Bitcoin
By Alex McShane Bitcoin has become the main focus for the Digital Assets division of Fidelity Investments.
In an interview with Boston Globe, Christine Sandler, head of sales and marketing for Fidelity, said that 90 percent of Fidelity's biggest clients were asking about bitcoin.
The company has been growing the staff on the Digital Assets division, and as the demand grows, their involvement in the space does so in parallel. They are also waiting for a response to their bitcoin ETF filling.
Interestingly, the institutional interest in Bitcoin has spiked over the last couple of months. And now it is beginning to be seen as a sound hedge against inflation.
"You're seeing the emergence of a real asset class." - Tom Jessop, President of Digital Business Unit at Fidelity, on Bitcoin | | Click the links:
1. It shouldn't be surprising that a decentralized, open-source monetary network is good at organization.
2. Lloyds Banking Group, the U.K.-based bank, can opt to focus on bitcoin and ensure lasting change or get lost in the "crypto" realm and lose resources.
3. Despite a small country living on a bitcoin standard, the first step is always the hardest, and a domino effect might bring bigger players to the game.
4. An initiative in El Zonte, El Salvador is seeking bitcoin donations to help provide the community with proper dental care.
5. Blockstream has announced Blockstream Energy, a new service that allows energy producers to maximize energy production efficiency and sell surplus electricity.
6. Galaxy Digital has filed with the SEC for a Bitcoin Futures Exchange-traded Fund under the Investment Company Act of 1940.
7. Noise about the legitimacy of the stablecoin Tether (USDT), with claims of "pumping the price of bitcoin" are being made. | | Bank Runners In Afghanistan See No Cash, Sought To Flee The Country After Taliban Takeover
By Namcios As the Taliban advanced after the President fled, Afghans failed to withdraw life savings due to cash shortages.
With the Taliban taking Kabul, the population in Afghanistan is living in times of fear and uncertainty. People have been rushing to their bank agencies to withdraw their life savings and flee the country, only to encounter a brick wall in front of them: for many, there was no cash to withdraw.
Although is sad, it can also be taken as a reflection for people in different countries to ask themselves: "Is your money in the bank actually yours?" | | The Inherent Greed Of The Fiat System
By Ulric Patillo The current monetary system of the world exposes the poor and disadvantaged to continuous debasement of value.
An interesting reflection on how the current fiat monetary system has been embedded in our culture, and incentivizes the culture of instant gratification and greed for "unjust gain." When the currency we hold is subject to a perpetual loss of purchasing power over time, the hidden incentive is to buy as much as you possibly can as soon as possible. Fortunately, Bitcoin changes this dynamic.
"As the dollar lends itself to greed, so bitcoin lends itself to contentment, or fulfillment." - Ulric Patillo | | | 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 Bitcoin Magazine h/t @stephanlivera
Bitcoin changes us. Hard money changes us. Strong societies are built on hard money.
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