Bitcoin

In this documentary, I tell the true story of James ‘Jimmy’ Zhong. In 2012, while studying Computer Science at the University of Georgia, he found an exploit on the most notorious darknet market allowing him to take Bitcoins directly from the site. As the years went on and Bitcoin soared in value his loot had increased to a staggering $3.4 billion dollars. For nearly a decade he avoided the FBI & IRS, but in 2019, he made one single mistake leading them directly to his door. Jimmy's case is the second-largest seizure in the Department of Justice's history.

Bitcoin mining is a capital-intensive business where having access to low-cost capital is critical for the success of an operation. Unfortunately, bitcoin miners’ cost of capital is significantly higher than that of companies from comparable sectors. This high cost of capital limits miners’ growth prospects and eats into their net incomes.

Luckily, not all hope is lost for capital-hungry bitcoin miners. This article analyzes the high cost of capital in the bitcoin mining industry and explains how cash flow hedging with derivatives can open up new capital-raising opportunities for these companies.

Bitcoin Suisse is preparing for the next bull market by re-inventing itself as a fully-fledged “crypto asset manager” and wealth advisory firm that caters for an emerging breed of ultra high-net-worth individuals and crypto-curious institutions.

The strategy involves complex efforts by the digital asset gateway to secure a license from the Swiss Financial Market Supervisory Authority (FINMA), Switzerland’s financial regulator, as well as expanding operations into the European Union, the United Kingdom and the United Arab Emirates.

This is news from earlier in June but was overshadowed by the SEC lawsuits that came out at the same time. SWIFT represents critical banking infrastructure and its openness to crypto assets signals a sea change in attitudes among banks. This article is still the lead story on their site, www.swift.com , which is also telling, despite recent regulator crackdowns on tokens.

In February of 2013, theymos, a mod for /r/Bitcoin, requested submissions for an advertisement for the subreddit. That day, mavensbot submitted a MSPaint illustration of a wizard with the caption, "Bitcoin Magic Internet Money".

Original version of the artwork: https://i.imgur.com/bmMyvf3.jpg

Original reddit thread: https://www.reddit.com/r/Bitcoin/comments/18smyy/comment/c8hmtr2/?context=3

Artist: [email protected]

Bloomberg: The enterprise-software maker co-founded by crypto proponent Michael Saylor acquired 12,333 Bitcoin between April 29 and June 27 at an average price of $28,136, according to a US Securities and Exchange Commission filing on Wednesday

(edit 2023-07-04: it appears I killed the original link when I added the photo, so I have now fixed it so that the original article is now linked to this post)

The Skull of Satoshi created by art activist Benjamin Von Wong.

This phenomenal sculpture was quickly adopted by the bitcoin community taking on new meaning, and becoming an inspiration for those who aim to make the world a better place through the use of sound money.

People keep reporting on the IMF talking positively about crypto, which is funny because they could just link to the blog post and let it speak for itself. Most of the positivity in the post revolves around CBDCs. However, they were fairly neutral on the topic of Bitcoin adoption in the region, which is a clear departure from their past negative statements.

It is important to keep in mind this is just a blog post, not an official IMF statement. So, while it's a positive development, it's important to take it for what it is.

(edit: Link broke when I added the image, I have fixed the link so that it now properly goings to the original article)

Due to the rampant inflation of fiat currencies Bitcoin has reached a new All Time High (ATH) in 3 nations, and approaches it in a 4th.

Breached ATH

Argentina: https://www.google.com/finance/quote/BTC-ARS?sa=X&ved=2ahUKEwjd7aTVheT_AhUfMVkFHfXuDcgQ-fUHegQIARAc&window=MAX

Lebanon: https://www.google.com/finance/quote/BTC-LBP?sa=X&ved=2ahUKEwjto8f4heT_AhU0FlkFHceXCqYQ-fUHegQIARAc&window=MAX

Venezuela: I was unable to locate an accurate chart for BTC/VES due to the changes made to VES in 2021. https://www.nbcnews.com/news/latino/venezuela-unveils-new-currency-6-fewer-zeros-rcna2515

However if you take a look at the 1 and 10 year chart (https://www.xe.com/currencycharts/?from=BTC&to=VES&view=1Y) you can see that adjusted for this change the previous ATH was 210,403 and today's price is 846,874.

Approaching ATH

Turkey: https://www.google.com/finance/quote/BTC-TRY?sa=X&ved=2ahUKEwi-yqSOh-T_AhX0FFkFHV7nAVQQ-fUHegQIARAc&window=MAX

Running a node is easy and helps support the network. You can find instructions for the initial setup here: https://bitcoin.org/en/full-node#what-is-a-full-node

A resource with basic information and charts to help you analyze and learn about Bitcoin.

If you haven't already, consider subscribing to each of these communities:

• https://kbin.social/m/Bitcoin
• https://infosec.pub/c/bitcoin
• https://sh.itjust.works/c/bitcoin
• https://lemmy.world/c/bitcoin
• https://discuss.tchncs.de/c/bitcoin

(I'm intentionally leaving off the one on the tankie instance)

I recommend that we try to consolidate our activity to just one of the above. When posting, pick whichever community seems the most lively. Hopefully this way a clear winner will emerge and continue to grow.

Saifedean Ammous's stance on piracy: https://twitter.com/saifedean/status/1646822138047864839 This tweet also contains a link where you can download the ePUB version if you prefer that to a PDF.

The Bitcoin White Paper