"Bitcoin blows minds for many reasons.
Computer scientists say Satoshi solving the Byzantine Generals' problem blew their minds.
Economists might be mystified by an asset that goes up in price without producers increasing production to increase supply.
Oil drillers say finding an alternative to flaring excess gas that's cleaner and more profitable was mind-blowing.
Human rights advocates say being able to own an asset that cannot be confiscated in a corrupt country, allowing people to grow wealth and escape tyranny was mind-blowing.
Power plant operators will say the load-balancing capability of mining is mind-blowing.
Merchants or users of remittance services will say the fact that BTC lowers friction and fees is mind-blowing.
Some might say Bitcoin encouraging saving and long-term thinking is mind-blowing. If Bitcoin hasn't blown your mind, you just haven't viewed it through the right lens yet." - Jamelos Lopp
🧡Bitcoin news:
➡️S&P Global Ratings upgraded El Salvador's credit rating, citing the government's restructuring of short-term local debt. El Salvador's debt rating is now raised from CCC+ to B-, equivalent to Ecuador and Nigeria.
Game theory at play! Now imagine what will be like in 10-15 years!? More countries will follow the same path.
➡️"Today there are 81,954 addresses that hold a minimum of $1M in Bitcoin This is up nearly 3X from January 2023 when just 28,084 Bitcoin addresses held a value of at least $1M" - Bitcoin News
➡️Let's compare gold performance with Bitcoin. Since August 10, 2020, when Microstrategy adopted its Bitcoin strategy.
Bitcoin 214%
Gold -3%
I don't dislike gold, don't get me wrong, but gold is now just noise that takes away from Bitcoin’s signal.
Gold could be used as the gateway drug for Boomers into Bitcoin. If you can teach them gold they eventually get Bitcoin.
Personally, I see gold as my insurance (CDS)* to Bitcoin and Bitcoin is insurance to fiat.
* Credit Default Swap. No clue what I am talking about, watch the movie 'The Big Short'.
Just to sum it up: Since March 2020, Bitcoin smoked (+258%) all the other assets (Nasdaq, S&P, gold) when deflated by the rise in the Fed’s balance sheet.
The following quote is from last week's Weekly Recap: "Gold will run hot early but will eventually peter out as it becomes clear that Bitcoin is a harder asset and superior sound money. Also, as boomers age and digitally native Millenials/Gen-Z enter prime earning years, demand will shift from gold to Bitcoin."
Now are yourself, what will happen to Bitcoin in the next 30 years, when internet-native Millennials inherit a large chunk of $142T currently held by the older generations?
➡️ "Cybermoney controlled by private markets will supersede fiat money issued by governments. Only the poor will be victims of inflation."
Great tweet by Bert de Groot (Bitcoin Brabant): https://twitter.com/BdGBertdeGroot/status/1723598425755623456
TLDR: Self-custody is key!
➡️ "The day that the Bitcoin ETF gets approved, that is the day that the retail era comes to an end and the institutional era for Bitcoin begins." Eric Weiss (the guy that orange-pilled Michael Saylor)
So why you should stack harder? I will quote Samson Mow:
"The era of institutional Bitcoin is something to be cautious of. Yes, it will make the price go up. But it also means Bitcoin may split into two segments, one free-moving and one siloed in the institutions. Always keep custody of your own coins."
➡️ If till now you still have your coins on an exchange or your self-custody process is still wack... the next video/post will maybe change that.
https://twitter.com/RMessitt/status/1723141037856596175
Rick hodled since 2012 and got hacked. 25 BTC gone.
Now I love Rick for posting this on Twitter and sharing his story. By resharing his story I want to warn you guys and by doing that I might help someone.
A reminder to us all that seed phrases should never touch the internet!!! I hope all of you take this as a warning to keep your keys offline.
I personally recommend the following hardware wallets:
Blockstream Jade (For the Dutch followers you can order your Jade here: https://bitcoinbrabant.com/product-categorie/opslag/ - For the international followers you can order your Jade here: https://store.blockstream.com/product/blockstream-jade-hardware-wallet/)
Bitbox02 - Bitcoin-only edition: Order here https://bitbox.swiss/bitbox02/?ref=IYjAmzKEXw
ColdCard: Order here https://store.coinkite.com/store
"Bitcoin is like a living organism trying to move from weak hands to strong. Strong how?
- Own physical vs paper claim (GBTC)
- No leverage vs leverage
- Cold vs hot wallet
- Self-custody vs custodian
- Multsig vs single sig
Strengthen your hands or your BTC may leave you." Vijay Boyapati
➡️ 31 days ago, Jim Cramer said Bitcoin is about to go down. BTC is up 37% since then.
➡️ Bitcoin has seen an 80% increase in transactions valued over $100,000, compared to the 30-day prior.
➡️ Swedish couple experienced a violent home invasion by a group of robbers who were intent on taking their Bitcoin wealth. This incident is just one example of the growing trend of cryptocurrency-related robberies in Sweden
➡️The amount of Bitcoin held for more than 5 years is literally going vertical! Stackers from the 2018 bear market are holding stronger. 5yrs ago represents coins acquired at the 2018 lows between $3k and $4k.
➡️ Over 700K new Bitcoin addresses were created on November 4. Daily adoption! Is retail finally waking up?
➡️ WisdomTree Enhanced Commodity Strategy Fund to invest up to 5% of its net assets in Bitcoin future contracts.
➡️ Bitcoin mining company Hut 8 receives authorization to launch a “stalking horse” bid for several natural gas power plants and a Bitcoin mining site.
More on mining! Last week Daniel Batten presented a new peer-reviewed paper "From Mining to Mitigation: how Bitcoin can support renewable energy development and climate action”
The authors found Bitcoin mining “can help attract private investment into the renewable energy sector, providing a much-needed boost” for renewable development This adds scholarly weight to what Bitcoin mining companies have been saying for some time: that Bitcoin mining supports the renewable transition
Note: ACS Sustainable Chemistry & Engineering ranks #14 out of 139 for all environmental science–chemistry journals
read the paper here: https://pubs.acs.org/doi/10.1021/acssuschemeng.3c05445…
Daniel Batten: "35x 4MW bitcoin mining operations on landfills that were previously venting their methane = a greenhouse negative bitcoin network. Globally, 1000s of landfills have no profitable use case other than Bitcoin mining. Let that sink in."
I can't get over the fact that Bitcoin mining allows anyone, anywhere in the world, to turn electricity into money. Add on that, inventing a peaceful internet protocol that aligns human incentives to reduce methane emissions. If that isn't revolutionizing, nothing is.
➡️ Starting November 17, 2023, Gemini UK will only allow outgoing Bitcoin and cryptocurrency transfers to other registered TRUST Virtual Asset Service Providers (VASPs). Transfers to non-TRUST VASPs will be blocked.
Ergo: Controlled by the government
Start using a hardware wallet and start using P2P exchanges like Peach Bitcoin, Bisq or HodlHodl. Don't use centralized exchanges like Coinbase, Binance, or Bitvavo.
If P2P exchanges are a bridge too far, start using services like Relai.
➡️Nouriel Roubini is launching his own investment token offering. It reports being “enabled by AI, ML, Climate Technology, and Blockchain”.
You can't even write this shit. Roubine total helmet doom posted about Bitcoin for nearly a decade... now launching a shitcoin.! This next bull run cycle is going to be bananas. Stay safe out there, I have warned you!
➡️The number of addresses holding more than $1k worth of Bitcoin has hit a new all-time high.
➡️Michael Saylor's MicroStrategy Bitcoin holdings hit $1.27B in profit! 158,400 Bitcoin, $29,5K average price, 23% profit. Saylor is playing chess while others play checkers.
💸Traditional Finance / Macro:
👉🏽"This week's look ahead for the global economy and markets include US economic indicators such as industrial production, the NFIB small business sentiment and, especially, retail sales; and CPI and PPI data, where consensus is expecting 0.1% (headline) and 0.3% (core) monthly inflation for both. While on price data, look also for Argentina’s CPI inflation where the annual measure is expected to come in at 146%." - Mohamed A. El-Erian (President, Queens' College, Cambridge Uni. Allianz, Gramercy advisor.)
👉🏽 https://twitter.com/LynAldenContact/status/1723736410807501002
My only take from this.... do a plot with real-world inflation, not the fake CPI.
The stock market depends on the government printing money to make profits. Now don't get me wrong a lot of companies do add value to our lives and economy, but there is a major difference between the real economy and the financial economy (stock market)
🏦Banks:
👉🏽 World's Biggest Bank forced to trade via USB stick after hack. hahaha, read that again! This is bonkers, to say the least!
https://twitter.com/Mayhem4Markets/status/1722911227364384862
🌏Macro/Geopolitics:
👉🏽"Moody’s cuts U.S. credit outlook from stable to negative. Reasons for the cut:
1. Downside risks to U.S. fiscal strength have increased
2. Fiscal deficits to remain very large
3. Debt affordability to be significantly weakened Since the debt ceiling crisis “ended” S&P has downgraded US credit ratings and now Moody’s cut their outlook. All as interest rates are soaring and the U.S. issues trillions of Dollars in debt. Warning signs are everywhere, but no one is listening."
Moody’s specifically cites higher interest rates as a risk with rising deficit spending. The U.S. is currently spending at World War 2 levels but calling for a “soft landing.” One more misstep and the US loses its last AAA.
So let's have a look at the US current Debt situation...
👉🏽"Total US household debt rose by $230 billion in Q3 2023, to a new record of $17.29 trillion. Breakdown of the large categories:
1. Mortgage Debt: +$126 billion to $12.14 trillion
2. Auto Loans: +$13 billion to $1.60 trillion
3. Student Loans: +$30 billion to $1.60 trillion
4. Credit Card Debt: +$48 billion to $1.08 trillion
Total household debt in the US is now up ~21% in 3 years and rising rapidly.
We are "fighting" inflation with debt." - TKL
The US has so much debt that it can't service it through income, but only by taking on more debt.
Would like to know more on this topic I highly recommend the following podcast 'What Bitcoin Did' - interview with Luke Gromen:
https://www.youtube.com/watch?v=4Fr7SMuv0zo&t=7s
If we have a look at the Credit Card Debt we see that the: "total credit card debt in the US rose by $48 billion in Q3 2023, to a record $1.08 trillion. This means that total credit card debt is now up $400 billion since 2013 and $300 billion since 2020. Meanwhile, interest rates are credit card debt are at a fresh record of 25%. The average consumer is now spending $1,600/month on their credit card. People continue to "fight" inflation with credit card debt." -TKL
Our economy, also here in Europe, is based on borrowed money. Now in essence that is not bad...but the debt level in the US and other parts of the world is out of control. We need austerity, but basically, that is from a political standpoint, suicide.
Just to give you some context on the US debt:
It is now paying over $1 trillion annually of *interest* on federal debt. That's more than every single other line item (including Defense spending) except Social Security.
Hence, the US is now spending nearly one and a half 2008 bailouts every year just to service the debt.
https://twitter.com/jameslavish/status/1722327226065228191
This is completely out of control. The Fed owns 25% of TIPS issuance. So if inflation is higher, obviously there gonna be an outsized effect on debt interest payments...well you do the math. Oh well, what is a trillion here and a giraffe there between friends, right? Opt the F OUT: Bitcoin.
The only feasible long-term plan is going to be an inflationary policy. There is no political appetite to raise more revenues or cut spending, and interest expense is soaring. The Fed will likely need to reverse QT back to QE. They will try to inflate their way out of this and CBDC will help them in the process.
👉🏽https://twitter.com/jsblokland/status/1721798471252914653
What happens when you replace cheap gas from Russia with expensive LNG from the US because someone blew your pipeline, and your energy infrastructure is a mess? A big thanks to the present social-green government.
German is the sick man of Europe.
Germany could restart their nuclear power plants and lower energy prices for CE, but Habeck and the Greens would rather sacrifice Germany's economy and competitiveness (and EUs) than reopen the nuclear power plants and acknowledge that the 'Energiewende' was a disaster.
Germany's industry shrinks more than expected amid recession risks. German industrial output fell for a fourth month in Sep. Production declined 1.4% vs -0.1% expected. The sector is reeling from higher interest rates and China's slowdown.
🎁If you have made it this far I would like to give you a little gift.
"If you don’t understand how treasury auctions work, there’s a very strong chance you’re going to need to educate yourselves."
Another fantastic, easy-to-read breakdown of a difficult concept: "Near-Failed Treasury Auction" by @jameslavish, in The Informationist.
https://ckarchive.com/b/5quvh7hvl425oup5xxd52arzrx344
"Let me remind you. This is a US Treasury Bond. The global reserve asset. The (supposedly) most risk-free, most pure, most perfect security on the planet. And on Thursday, it traded like a tech or meme stock. Insanity."
Credit: I have used multiple sources!
My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: npub1sqzr42dj8vx32yd5jcvvl3ytux45kl0etgf6y2ymjvmd7lqmuwmqk9vk7vis (npub1sqz…7vis) especially suited for beginners or people that want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.
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Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node...be your own bank. Not your keys, not your coins. It's that simple.
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Is this post helpful to you? If so, please share it and support my work with sats. #zap 🧡 #weeklyrecap #nostr #plebchain #grownostr #stacksats
