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- The Bitcoin Minimalist Week 13 - $13 Billion Biden Energy Relief, Iris Energy, Deribit Hack and More
The Bitcoin Minimalist Week 13 - $13 Billion Biden Energy Relief, Iris Energy, Deribit Hack and More
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News
Biden Admin Plans For Energy Bill Relief
At the beginning of a natural gas energy crisis, the Biden admin plans to issue $4.5 billion for low-income households, CNBC reports. This is to provide payments for their high energy bills. Another $9 billion will go to low-income households to help with energy-efficient home upgrades.
Lightning Network Bug
There was an exploit to LND yesterday, shutting down almost half of the entire lightning network, down for almost half a day. Lighting Labs promptly sent out a fix. Tony covers this more here.
A quick thread on the LND drama, because there is quite a lot to cover.
First of all, I don't even run a LN node because I consider the LN state of the art to be weak security. So I'm not taking sides with LND or anything here.So, someone sent a transaction to break things. 1/n
— Kevin Loaec 🧙♂️🐟 (@KLoaec)
Nov 1, 2022
Bitcoin Whitepaper Anniversary
The Bitcoin Whitepaper Anniversary was on Oct 31st, this past Monday. Coincidentally or intentionally, it was released on the same day Martin Luther started The Reformation, the separation of church and state. Rizzo talks interesting facts on the whitepaper here.
Iris Close To Default
News this morning from Global Wire stated that Iris could pay for less than 50% of its loan for its miners with their revenue.
Bitcoin Miner Iris Energy is close to default on $103m of loans made to special purpose vehicles by NYDIG.
The loans, which are secured by ASIC miners, have monthly principal and interest payment obligations or $7m/month while the miners generate $2m in monthly profit.
— Dylan LeClair 🟠 (@DylanLeClair_)
Nov 2, 2022
Deribit Hacked for $28 Million Halting Trades
Deribit’s hot wallet was hacked this morning. They have halted all trading and fund transfers. According to Twitter, Deribit keeps 99% of customer funds locked in cold storage.
Deribit hot wallet compromised, but client funds are safe and loss is covered by company reserves
Our hot wallet was hacked for USD 28m earlier this evening just before midnight UTC on 1 November 2022.
— Deribit (@DeribitExchange)
Nov 2, 2022
Price
Bitcoin Continues on its journey sideways, falling from the weekly high of almost $21k.
Historically, Bitcoin has made unprecedented moves while in an environment of low volatility and sideways price action. This could either be up or down, but according to past events, Bitcoin will move soon.
Some historical charts show us bottoming here, but a bigger macro recession may push us lower. Only time will tell.
Tweets
Bukele Calls Out the FED
“The Federal Reserve is nothing federal and has no reserves. They rob you from your wealth and from your savings and that’s immoral. It’s not only immoral but it also destroys some basic economic principles like saving.”
- @nayibbukele
#Bitcoin fixes this. twitter.com/i/web/status/1…
— Samson Mow (@Excellion)
Nov 1, 2022
Lightning May Solve Bot Problem
Lightning (instant + near-free #bitcoin payments) should be an accepted payment method.
Would allow for global, inclusive, private payments (important for pseudonymous users) that are cash-final (no chargebacks).
Services like @CashApp already support these payments
— Jack Mallers (@jackmallers)
Nov 2, 2022
Bitcoin Payments In Africa
Kids in South Africa using #bitcoin to purchase groceries 🇿🇦
The future is bright! 🙌
— Bitcoin Magazine (@BitcoinMagazine)
Nov 1, 2022
Bitcoin Light Show
#Bitcoin light show above the City of Lugano, Switzerland🇨🇭
— Bitcoin Magazine (@BitcoinMagazine)
Nov 1, 2022
3 Out Of 32 Halvings
#Bitcoin has 32 halvings
We've only seen 3.
You're an early adopter.
— Relai 🇨🇭 (@relai_app)
Oct 31, 2022
Jobs
We have recently launched Bitcoinjobs.com! Looking for a job in the Bitcoin space? Visit Bitcoinjobs.com for more job openings.
What to read
Energy Problems: Yes, Still There - A Macro look at the energy crisis and what that means for the global financial system