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- The Bitcoin Minimalist Week 14 - ECB CDBC, FTX, Department of Justice Bitcoin Seizure
The Bitcoin Minimalist Week 14 - ECB CDBC, FTX, Department of Justice Bitcoin Seizure
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News
CBDC in ECB
Christine Lagarde and others in the ECB have discussed a CBDC in Europe. According to The Block, ECB executive board members say the Digital euro transaction will have limits and savings caps. The same week, Natalie Smolenski wrote a paper on why the US should reject a CBDC. Such top-down control completely changes the dynamic of our money system and goes against fundamental American values.
FTX implodes
Over three days, FTX token FTT went from $22 to $4. SBF called out Changpeng Zhao, the CEO of Binance, after Binance announced the selling of their FTT holdings.
FTX slowed and eventually halted withdrawals. The three days ended with CZ announcing they were in talks of acquiring the FTX exchange.
1) Hey all: I have a few announcements to make.
Things have come full circle, and FTX.com’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for FTX.com (pending DD etc.).
— SBF (@SBF_FTX)
Nov 8, 2022
This morning, Binance strongly considered dropping out of the deal after seeing their financials. - Coindesk.
This movement has sparked some talk on “proof of reserves,” which is a way of using public addresses to be transparent and supposedly showing there isn’t rehypothecation. John Carvalho, an entrepreneur and developer, rebelled against it, promoting holding your keys.
Walmart Selling ASICs
A new Antminer S19 pro is listed on Walmart’s website, confirming the sale of bitcoin miners on a major nationwide realtor.
NEW: Walmart is now selling #Bitcoin miners on its website
— Bitcoin Magazine (@BitcoinMagazine)
Nov 4, 2022
Department of Justice seizes 3.36Billion
According to WatcherGuru, the Department of Justice has seized $3.36 Billion worth of Bitcoin from someone who allegedly stole it from the silk road. This is the second-largest financial seizure ever.
Price
After the FTX fiasco, Bitcoin has plummeted, hitting new bear market lows. The capitulation event is likely due to market frenzy and liquidations causing the sale of Bitcoin as collateral.
@therationalroot has been tracking the growth of bitcoin in a seldom-used circular chart. It is mapped out in a 4-year cycle, with the southernmost point targeting the Bitcoin bottoms. Coincidentally the bottoms have all occurred in that area.
Tweets
Zooming Out
Thread: 8 Attributes Of Money
In 2018 @real_vijay published an article (now book) that carefully laid out the case for bitcoin becoming the future global monetary base.
This thread recaps the 8 attributes of a good store of value covered in the book:
— Anil ⚡ (@anilsaidso)
Nov 9, 2022
El Salvador Stats
EL SALVADOR 🇸🇻 2021:
🟢GDP +10.3%
🟢Tourism income +52%
🟢Employment +7%
🟢New businesses +12%
🟢Exports +17%
🟢Energy generation +19%
🟢Energy exports +3,291%
🟢Internal revenue +37% (without tax increases)2022 Crime & Murder rate DOWN 95%
#Bitcoin is a winning strategy!🚀
— Bitcoin Archive (@BTC_Archive)
Nov 6, 2022
FTX
Whom the gods would destroy, they first make talk shit about bitcoin
— Saifedean Ammous (@saifedean)
Nov 8, 2022
“Speculative Asset”
Wait what? I thought Bitcoin and cryptocurrencies were the problem.
— Anthony Scaramucci (@Scaramucci)
Nov 6, 2022
Jobs
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What to read
A Central Bank Cryptocurrency? The U.S. Should Reject It
Binance Launches a Speculative Attack Against FTX, and Wins