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- The Bitcoin Minimalist Week 7 - Markets Spook, Pro-Bitcoin Canadian Leader, And Tornado Cash
The Bitcoin Minimalist Week 7 - Markets Spook, Pro-Bitcoin Canadian Leader, And Tornado Cash
Macro updates and political rumblings in Bitcoinland
This week:
Hodlonaut trial with Craig Wright
Conservative party of Canada gets Pro Bitcoin advocate
August CPI and Inflation
US Treasury releases clarification on Tornado Cash Sanctions
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News
Hodlonaut v. Craig Wright Trial
@SpecificMills has been covering the trial of Hodlonaut vs. Craig Wright. The trial started when Hodlonaut tweeted that Craig was not Satoshi. Since then, Hodlonaut has been raising money for the trial in defense. The above is a thread of the covered trial.
CPI And Inflation Still Running Strong
Inflation numbers have come in August. Along with overall CPI hitting 8.3%, other metrics such as fuel, gas, and electricity are upwards of 69%. Couple this with Biden burning through the emergency oil reserves, suggesting energy price increases could be much worse.
Pierre Poilievre Elected Leader Of Canada’s Conservative Party
Supporter of Bitcoin and the Freedom Convoy, Pierre Poilievre has been elected the leader of Canada’s Conservative party. After Poilievre won his election, Trudeau tweeted this in response:
Telling people they can opt out of inflation by investing in cryptocurrencies is not responsible leadership. Fighting against life-saving vaccines is not responsible leadership. Opposing the pandemic supports that saved jobs and helped families is not responsible leadership.
— Justin Trudeau (@JustinTrudeau)
12:52 AM • Sep 13, 2022
Clarification For OFAC Sanctions Of Tornado Cash
The US Treasury Department has released more information regarding Tornado Cash. Some of this guidance is related directly to the dusting events where The US Treasury states they will not “prioritize enforcement.” However, this remains unclear if these addresses are immune to enforcement or not in the future. They also state interacting with these transactions or open source code in any way is prohibited, failing to mention anything about freedom of speech (Bernstein v. Department of Justice). For more information, visit the breakdown here.
Price
Bitcoin price has gone up and down this week (like most weeks). The difference this week is the subsequent drop in price after this month’s CPI numbers yesterday. This suggests the market was spooked, possibly expecting an ease in inflation or rates, and didn’t get it.
Below is a chart illustrating the base of the different cycles of the 4-year halving starting at the lowest price. According to the chart, Bitcoin is in a territory where it has bottomed in the past.
Tweets
Bitcoin Not Shitcoins: Congressman Warren Davidson
„There‘s #Bitcoin and there are #Shitcoins.“ - Congressman Warren Davidson
— Carl ₿ MENGER ⚡️🇸🇻 (@CarlBMenger)
7:59 PM • Sep 10, 2022
Bitcoin Is A New Form Of Life
If Bitcoin is a new form of life:
* Electricity is its food
* The Internet is its circulatory system
* Miners are its hearts
* Blocks are the heartbeats
* Full nodes are the white blood cells
* Human participants are the brain cells— Jameson Lopp (@lopp)
6:33 AM • Sep 13, 2022
Hashrate All-Time-High
#Bitcoin hash rate reaches new high!
240,000,000,000,000,000,000 computations EVERY second ⚡️
— Documenting ₿itcoin 📄 (@DocumentingBTC)
12:19 PM • Sep 13, 2022
Short-Term And Long-Term Holder Cost Basis
Have we bottomed?
Historically, bottoms coincide with short term holders having a lower cost basis than long term holders.
We are close, but not there yet. Some more time to burn IMO.
(In 2015 we did a final capitulation in this area, in 2019 it was the absolute bottom.)
— Willy Woo (@woonomic)
7:55 AM • Sep 14, 2022
Man Mines Bitcoin With Seed Oils
Kaboom!! @A2JUN_AJPU_bits @BillWhittaker11@LakeBitcoin@Gerente_suenos@CesarTanchez@ShewchukJim@fabu69420@Eduardo19283149#waste2hash#waste2energy#Bitcoin#plebminermonth#therealplebs started from the bottom but all the homies gonna eat #WeAllEat
— iwilldieontheSatStandardhill (@mrcdbrown3)
11:00 PM • Sep 9, 2022
Jobs
We have recently launched Bitcoinjobs.com! Looking for a job in the Bitcoin space? Here are three featured positions you might find interesting. Visit Bitcoinjobs.com for more job openings.
(Senior) Full Stack Engineer @ bolt.observer
Strategy Analyst @ Bitstamp
Bitcoin/Lightning Engineer @ Strike
What To Read
When Companies Track Purchases, Bitcoin Privacy Is More Important Than Ever
The Volcker Moment and Can This Fed Have One, Too?