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- Russia Mining, Unregistered Securities, El Salvador and Texas - Week 27
Russia Mining, Unregistered Securities, El Salvador and Texas - Week 27
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News
Operation Checkpoint 2.0
The SEC is going after unregistered securities and targeting staking first. A lot of news over the last week has been released, with one of the biggest stories being Kraken.
Kraken was targeted for allowing staking and not disclosing proper guidance to users. They have since settled with the SEC for $30 million USD. Many other unregistered securities could be next, given that any crypto built with the anticipation of profit, a pre-mine, or an ICO could pass the Howey test.
Earlier today I had a chance to sit with @andrewrsorkin to discuss yesterday's @SECGov enforcement case regarding Kraken.
— Gary Gensler (@GaryGensler)
Feb 11, 2023
Strike Announces Open API
Strike, a platform that allows users to send USD internationally over the Lightning Network, has announced its open API.
This means that any business that would like to lower its international or national transaction fees would be able to do so and pay a much smaller fee. Money transmission is very lucrative, but it seems Bitcoin and Strike have blown the doors off this business, making Bitcoin's incentives and network effects much stronger.
El Salvador Opens Embassy In Texas
El Salvador is the first country to support Bitcoin as legal tender, and Texas is one of the most supportive states for Bitcoin and Bitcoin mining. This past week, El Salvador announced it would be opening an Embassy in Texas.
Bitcoin Magazine covers the full story here.
Russia Builds Fleet Of 30,000 Miners
A government-affiliated company in Russia has announced it will start bitcoin mining utilizing 30,000 miners in a 100 MW facility.
This is important, considering Russia is one of the largest energy suppliers in the world and could trade that energy for an uncensorable currency. If Russia makes more bitcoin by selling energy surplus, the country could be more incentivized to use it as a trading mechanism.
Price
After the CPI announcements on Tuesday, Bitcoin rose to its relative high of ~$23,000 as the CPI numbers were higher than expected.
Today, Bitcoin hit its year-to-date high of $24,365.92 USD and is currently holding above the $24k level.
“Illiquid supply” has hit an all-time high at 78%. This metric measures the number of total bitcoins being held outside of exchanges.
It is relative, considering users of Bitcoin can easily send BTC back to exchanges at any time. However, it does show the current sentiment, which is that users are taking control of their keys and putting BTC into cold storage.
Tweets
Adam Back Thread on Bitcoin Adoption
early this year i was curious of the claim "bitcoin 2x's per year on average". it checks: the decade jan 2013 - dec 2022 #bitcoin went up 2.036x/year (1200x in a decade). if that continues we'll cross $10mil/BTC and $200 tril market cap by end of next 2 halvenings, about 9 years.
— Adam Back (@adam3us)
Feb 12, 2023
Macro Market Talk
My latest episode features @PrestonPysh and @LukeGromen together discussing their macro analysis for the start of 2023, #Bitcoin and what to take into consideration when you're investing this year.
Really grateful for their time and insights.— Natalie Brunell ⚡️ (@natbrunell)
Feb 13, 2023
Rich Dad Poor Dad on Bitcoin
Giant crash coming. Depression possible. Fed forced to print billions in fake money. By 2025 gold at $5,000 silver at $500 and Bitcoin at $500,000. Why? Because faith in US dollar, fake money, will be destroyed. Gold & Silver Gods money. Bitcoin people’s $. Take care.
— Robert Kiyosaki (@theRealKiyosaki)
Feb 13, 2023
Fundamental Bitcoin Supply Chart
More than 98% of all the #bitcoin to ever exist will be mined by the end of this decade.
Buy some while you still can.
— CoinBeast (@coinbeastmedia)
Feb 14, 2023
Halfin
that's a concise and clear summary of how and why bitcoin works from @halfin 2011. reddit.com/r/Bitcoin/comm…
— Adam Back (@adam3us)
Feb 13, 2023
To DCA or Buy the Dip?
So, u get paid weekly and want to save a bit of that in #bitcoin. Should u lump sum it all right away or spread it out evenly over the following week with a daily DCA? Well, it depends on your conviction.
Lump sum is a high risk, higher reward strategy.
DCA is more conservative.— Wicked (@w_s_bitcoin)
Feb 15, 2023
Jobs
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What to read
Toward A Node World Order - Bitstein
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