Yallashootus

  Bitcoin is outdated. Bitcoin is too slow. Bitcoin is too simple. Chances are you’ve heard one of these arguments, or maybe even made some of these claims yourself. With bitcoin sitting around $40,000 at the time of this video, many people feel as though they have missed the boat. “If I just could have gotten in at $10, $100, or even $1,000,” they think, “then I’d be set for life.” The truth, of course, is not so simple. In reality, if you would have bought bitcoin at $10, you likely would have sold right around $20 and then bragged to your friends about your 100% gains. Or maybe you would have ended up like this guy: It takes a special — maybe even a bit crazy — type of person to sit on 300,000% unrealized gains. Chances are you’re not that guy. This then brings us to a very important point. It is not about when you buy; it’s about why you buy. Many people who first got into bitcoin over a decade ago remain broke, while many others who just a few years ago began religiously stacking

  In previous Daily Dives, we’ve discussed the continued bitcoin game theory playing out on the national stage. Today, it was taken another step further with this news: “Russia is open to accepting bitcoin for its natural resources exports, the chairman of the country’s Congressional energy committee, Pavel Zavalny, said in a press conference on Thursday.” This comes at a time when Russia looks to demand that “unfriendly” countries pay for natural resources in hard currencies such as gold or in rubles. They are willing to accept bitcoin from “friendly” countries if countries choose this option. The fact that bitcoin is even mentioned as an option at this scale is a testament to the power of its decentralized, permissionless monetary network properties and asset maturation on the international stage. That said, if Russia were to use bitcoin the asset or Bitcoin the network to work around Western economic sanctions and traditional financial rails, one would expect a scenario in which Wes

  Thanks to Glassnode’s latest creativity and data engineering, we have a unique view of bitcoin’s price changes across major regional working hours. The charts below leverage their new data which tracks the cumulative 30-day price change during U.S., EU and Asian trading hours. This provides us with an interesting view of the market’s buy- and sell-side pressure across geographic areas. The first chart below shows the absolute 30-day change in price since 2018. As price progresses higher, the recent price changes over the last year stand out more in the first chart. Below, we normalize this to a relative percent change for easier historical comparisons. The latest bitcoin upwards price momentum seems to be coming from western buyers, but persistent Asian-hours selling pressure is tempering bullishness. Monthly buy- and sell-side pressure by regional working hours from 2017 through the present Over the last year, we can see that the July 2021 drawdown was heavily sold by the U.S. and m

  In today’s analysis we cover the dynamics in the mining industry, with a particular focus on hash ribbons as a market indicator. We have covered the hash ribbons market indicator multiple times in previous daily issues, in particular on August 10, titled “One of The Biggest Indicators In Bitcoin Flashes,” before bitcoin rallied 50% over the following three months. Hash ribbons take the 30-day and 60-day moving average of the Bitcoin hash rate, which is used to determine when sufficient miner capitulation has occurred.  Analyzing the changes in average hash rate to measure miner capitulation in the bitcoin market can be a market indicator for miner capitulation. Bitcoin hash ribbon "buy" signal indicated in red. Hash ribbons serve as such an effective and historically accurate buy indicator for bitcoin because it uses the changes in bitcoin hash rate to measure miner capitulation in the bitcoin market. During periods when mining operations are turning off their rigs, it show

  Goldman Sachs initiates its first bitcoin options trade with the help of Galaxy Digital. The options trade was a non-deliverable, over-the-counter contract that allows the purchaser to cash-settle for price volatility in bitcoin. Galaxy Digital and Goldman Sachs have a history of working together and it seems this relationship has more to come. Goldman Sachs Group Inc lept into Bitcoin with their first over-the-counter, non-deliverable, options trade, which is a derivative of bitcoin that allows the purchaser of the option to profit in long or short-term price volatility of the underlying asset, as reported by Bloomberg. The trade was facilitated by Galaxy Digital, a cryptocurrency financial services firm specializing in institutional on-boarding for crypto-based services, founded by former Goldman partner Michael Novogratz. “If you think of crypto today, part of the concern of the sector is most of the players in the sector are not players that are familiar to regulators and politic

  When going through basic training for the Army, the cadre of drill sergeants and general leadership make it a point to effectively engrain values that I would argue are paramount to any (and all) mature adults and active members of a society: values that go above and beyond their effectiveness in a military environment; values that seem to have been lost to the annals of history, masked by the luxuries of the modern era and buried under the mountains of data and information that are available at our fingertips. These values are: Personal courage, lost with the ease of life and complacency that has flourished. Honor, forgotten as the average civilian doesn’t face their own mortality – whether through ignorance or accompanying complacency of the masses, nor do they feel the need to question the morality of their actions. Selfless service, actively avoided as it does not yield a profit outside of sensations of accomplishment by doing good, without direct or tangible benefit beyond its m

  Everyone has the right to seek and to enjoy in other countries asylum from persecution. 60 years ago, it was not Syrians, Afghans, Iranians and people from various African states who had to leave their homes and sought refuge. It was Kazakhs, Ukrainians, Jews, Poles, Russians and Germans who needed a new home before, during and after World War II. Displaced by an occupying power, by the ruling government and by hunger and war. Many had to leave their hometowns and were not able to take much with them, let alone transfer money across national borders. This is what happened to many Jews. Refugees were deprived of their remaining possessions in Germany. In a perfidious way, the war and the extermination of the Jews were thus co-financed. Within experiences of these and other inhuman acts, the Universal Human Rights have been defined. A commission led by Eleanor Roosevelt worked out 30 articles under the auspices of the United Nations in 1948. Reading these 30 articles, it becomes clear

  Although our focus has largely been on the current macro picture, bitcoin miners continue to operate like normal, producing blocks every 10 minutes. Over February 2022, the top public miners increased their hash rate and bitcoin holdings but produced less bitcoin compared to January. Almost all of the miners with available public data increased their hash rate last month with aggregate hash rate reaching 28.41 EH/s. If we include previous reporting numbers for Bit Digital, hash rate reached 31.01 EH/s across the below group of 11 public bitcoin miners. We’ve added CleanSpark, Northern Data and Iris Energy since our last miner update, The Daily Dive #145 - Public Miners January Update. Core Scientific still makes up the lion’s share of hash rate with over 26% at 8.2 EH/s. That figure only includes their self-mining hash rate and doesn’t count their 7.7 EH/s in hosted hash rate capacity offered as a service to other miners. Across both their self-mining and hosting hash rate, they plan

  BITCOIN SMART CONTRACTS ARE THE NEW FRONTIER When Elon Musk tweeted at the World Food Programme (WFP) to open their books and provide readily accessible accounting to solve world hunger, the organization used a lot of fancy words but did not honor his request. Why? Why would an organization, whose mission it is to “Solve Global Hunger,” not do whatever they could in their power to accept an additional $6 billion from the richest man in the world? Are they hiding something? What if the organization didn't quite live up to its mission statement? I mean, how would we know? Are we expected to trust a few marketing pictures and accounting tricks to disclose where donations actually go? This begs the question of transparency and its role among other charitable organizations. The Red Cross. Doctors without Borders. Save the Children. My intent here is not to smear any of these organizations. The question is: Do we believe charitable organizations have a duty to prove that money and supp

  Bitcoin is often confronted with various criticisms (about speculation, volatility, money laundering, terrorism, pollution, etc.). However, there is a vast body of data and analysis rebutting these accusations item by item, which is easily accessible on the internet to anyone who takes the trouble to research such criticisms, or objections, to Bitcoin. So why do the same accusations come back tirelessly, without taking into account these refutations which have been published for years? The intellectual laziness of some denigrators does not explain everything. Nor do the obvious biases of those whose power or business model is threatened by the rise of cryptocurrencies. There is a more fundamental reason, of an ideological nature. In “The Open Society And Its Enemies” (1945), the great philosopher Karl Popper recalls that civilization is the progressive recognition of a few major principles: equal rights, freedom of opinion, intellectual pluralism, critical rationalism, property right

  What a difference a year makes. The Bitcoin 2021 conference was my coming-out party as a Bitcoiner. Though I had been closely following Bitcoin since early 2013, career and family commitments had prevented me from becoming an “IRL” Bitcoiner up until that point. But that all changed last year when I hopped in our family minivan with another dad from my kids’ school, and started on the 18-hour drive from the Midwest to Miami last June. As I headed to the conference with wide-eyed enthusiasm, I had a mission in mind as well. About six months earlier I’d started a tiny open-source project built around the idea that people could securely save and spend bitcoin using a device built with off-the-shelf electronic components and powered by free-and-open-source (FOSS) software. The whole idea was born as I came up against pain points in the winter of 2020-21 while trying to migrate my HODL stack into multisignature cold storage. Setting up a multisig wallet commonly requires buying several ha

  In resistance to Justin Trudeau’s Canadian vaccine mandate for truckers traveling through U.S. borders, thousands of Canadian truckers and their supporters took to the streets on January 22 in a protest dubbed the “Freedom Convoy,” lining up and gridlocking central roads in Ottawa. As the protests captured national attention, a GoFundMe fundraiser collected about $7.9 million before being shut down by the platform from political pressure due to the protest’s association with right-wing political figures. The protestors then quickly pivoted to an alternative Christian crowdfunding platform, GiveSendGo, which has since raised more than $9.7 million, 60% of its $16 million goal. Yet the truckers were not out of the woods yet. The Superior Court of Justice in Ontario issued a court order to GiveSendGo, demanding that the fundraising platform halt the distribution of funds to protestors. The platform vehemently pledged to disobey the court order. Practically speaking, however, the courts

  The article describes Bitcoin’s role in the Ukrainian economy during wartime. Although Russia’s unprecedented aggression has caused serious threats to people’s lives and national security, Bitcoin offers a reliable solution. Despite the banking system not working properly, Ukrainians are still able to support their army and each other. As Bitcoin is legal in Ukraine, both government officials and citizens can reliably count on it on a daily basis. People from all over the world actively contribute to Ukraine’s fight for freedom. The recent events also illustrate how Russia’s military aggression appears to be the major environmental threat, while Bitcoin assists in minimizing it. A COUNTRY IN NEED OF A LIFELINE Ukraine faces unprecedented aggression from Russia in a conflict described by the BBC as the “biggest war in Europe since 1945.” In an attempt to pursue its imperialist policies, Russia now deliberately violates basic international treaties and legal standards such as the Genev

  If you have spent time going down the rabbit hole of bitcoin or bought bitcoin from an exchange, then you have come across the term KYC (Know Your Customer). You’ve also most likely participated in the process by handing over a ton of personal information to said exchange in order to purchase bitcoin. After your purchase you are holding what others call “KYC bitcoin.” What does that even mean? It means that your identity is now tied to the purchase of that bitcoin and the associated wallet address of where that bitcon resides as a UTXO (unspent transaction output). IS KYC BITCOIN REALLY BAD? If you place a high priority on privacy and freedom, then the short answer is yes. KYC bitcoin is a major piece of identifying data that can be used to track your transactions. Many believe that KYC goes against everything a Bitcoin maximalist believes in. The average user of bitcoin often knows no different. I will get into personal preferences and tools later on for those who wish to know more

  The first time I encountered the concept of a web of trust I was perusing the “Gnu Privacy Handbook” as any good privacy advocate would do. At the time that document was written in the late 1990s, PGP in email was a niche topic shared among security experts and enthusiasts, and while it is still widely used today, we normally expect end-to-end encryption to be taken care of for us. PGP, like Bitcoin, is made possible by public key cryptography. Initially, I assumed basic cryptography was enough to authenticate and prevent tampering of communications, so I was a bit taken aback to discover that a web of trust was integral to the process of sharing keys. Why would this be? Consider this concrete example. You download a piece of software. You’re encouraged to also obtain a cryptographically signed file corresponding to the software release. You can verify the download is authentic by confirming the signature was produced by the developer’s public key. However, this still leaves one very