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BITCOIN BOX SCORE

Exchange Rate: $63,700
Market Capitalization: $1.26T
Hash Rate (90 days): 594.0 EH/s
Transactions (30 days): 17,704,816
Network Fees (economy): 5 sat/vB
Bitcoin Dominance: 54.98%

What do these numbers mean?

The last few years of inflation and sluggish job growth has left a mark on most Americans' pocketbooks. But what about the future under a new president, as prediction markets currently expect? A future Trump administration, as outlined in a recent Bloomberg interview, would advocate for low interest rates, tax cuts, and significant tariffs.

This combination could create an economic cocktail unlike anything mainstream economists have recommended or seen in decades. The Heritage Foundation's Peter St Onge, the opposite of a typical "regime economist," writes positively about Trump's plans. The key here is not that Trump's eschewing of mainstream consensus or "expert" advice is necessarily a bad thing, but rather that it is uncharted (or forgotten) territory. Therefore, most analysts cannot model or predict the future dynamics of the Trump economy, adding uncertainty to the mix.

Despite the uncertainty elsewhere, one thing everyone is converging on is bitcoin. Trump will deliver the keynote speech at Bitcoin 2024 next week, and, according to the New York Post, his VP pick JD Vance “is the first candidate on a presidential ticket to own bitcoin, and his past pro-crypto comments will help give Trump ultimate credibility in the crypto space."

Even former skeptics Jamie Dimon and Mark Cuban are turning around. In a sea of chaos and uncertainty, bitcoin is emerging as an anchor.

NEWS

💵 State Street explores stablecoin issuance

State Street is exploring the creation of stablecoins and tokenized deposits for blockchain-based settlements and considering involvement in digital-cash consortiums, including options with Fnality International. The bank is partnering with Galaxy to develop bitcoin trading products and revamp its custody services.

Wait, banks working with bitcoin is now ok?

According to a Bloomberg Tax report, the SEC has been quietly working with select banks and brokerages to grant them exemptions to the controversial SAB 121 rule, which currently prevents firms from bringing most bitcoin products to market. This looks a lot like regulators doing special favors for their cronies in big finance, which Caitlin Long outlines below.

👨‍⚖️ Craig Wright forced to admit he’s not Satoshi

A U.K. court ruled that Craig Wright is not the inventor of bitcoin and had lied extensively and forged documents in an elaborate ruse. As part of the judgment, Wright was ordered to display a notice on his website for six months declaring that he is not Satoshi Nakamoto, with a link to the full judgment and details about his forgeries. This ruling follows a Crypto Open Patent Alliance (COPA) lawsuit that sought prevent Wright from claiming copyright over the bitcoin whitepaper and suing critics and developers under false pretenses.

This is what victory looks like 👇️ 

🟠 Tradfi leaders continue bitcoin pivot

Traditional financial leaders are continuing to change their view of bitcoin from dismissal to acceptance. BlackRock's Larry Fink recently declared himself a "proud believer" on CNBC. Mark Cuban shared a detailed thread on X about bitcoin's breakout potential, and Cantor Fitzgerald CEO Howard Lutnick is set to speak at Bitcoin 2024. Additionally, Forbes reports that JP Morgan CEO Jamie Dimon is rumored to be "softening his stance" on bitcoin.

😱 WazirX hacked, over $230 million funds lost

Indian exchange WazirX experienced a security breach in one of its multisig wallets, leading to the loss of over $230 million, primarily in alt coins Shiba Inu and Ether. The exchange confirmed the breach and temporarily paused withdrawals while investigating the incident. Blockchain analysis firm Elliptic attributed the attack to North Korea-linked hackers, with the stolen funds accounting for over 45% of WazirX's total reserves.

Get your bitcoin off the exchanges!

Like many before, the event serves as a reminder to transfer your bitcoin to self custody if you haven't done so already. If you are a Coinbits member and want to discuss self custody, now's a great time to set up a complimentary call with our experts.

BITCOIN ADOPTION CONTINUES

Maelstrom, led by BitMEX co-founder Arthur Hayes, announced a "Bitcoin Grant Program" to support bitcoin developers with grants up to $250,000 annually.

Per Dennis Porter, President Trump might announce a strategic bitcoin reserve at the Bitcoin 2024 conference in Nashville.

Weikeng Chen's team achieved the first zero-knowledge verifier using bitcoin script, a significant breakthrough for making bitcoin more scalable.

Bitso has partnered with Lightspark to integrate the Lightning Network, enabling faster and cheaper bitcoin transactions for its over 8 million users and 1,700 institutional customers.

Agile Energy X, led by CEO Kenji Tateiwa, is integrating bitcoin mining with renewable energy sources to create a flexible, resilient, and antifragile energy grid in Japan.

HOW BITCOIN WORKS

Learn one key idea about bitcoin each week. This week:

What is Nostr?

Nostr, short for "notes and other stuff transmitted by relays," is a decentralized communication protocol designed as an alternative to traditional social media platforms. Unlike centralized platforms, Nostr relies on a network of users and relays to exchange messages. It shares several qualities with bitcoin, such as decentralization, censorship resistance, and public-private key cryptography.

Nostr operates through a simple yet effective system where clients (applications) and relays (servers) exchange messages. Relays store and broadcast content; users can choose which relays to follow or ignore, providing a customizable experience. This decentralized structure ensures that no single entity controls user data, allowing users to transfer data across different applications seamlessly.

Addressing issues with centralized social media

Nostr tackles several issues in centralized social media:

1. Censorship: Unlike platforms like X, which can restrict content under pressure from governments, management ,or other external parties, Nostr's decentralized nature prevents any single entity from having the power to censor information.

2. Proprietary Algorithms: Nostr clients display messages chronologically or based on user-defined criteria, eliminating the manipulation seen in traditional social media feeds.

3. Spam: Although spam exists on Nostr, strategies like proof-of-work, selective relay interaction, and verification badges are being explored to sustainably control it.

Nostr's design ensures interoperability between applications, enhancing user freedom and control. Bitcoin synergizes with Nostr, serving as the network's native currency and enabling features like tipping, donations, and service payments.

New developments: Nostr Web Services

Beyond social media, Nostr is evolving into a versatile communication protocol with broader applications. A recent development, Nostr Web Services (NWS), exemplifies this potential by bridging Nostr and the HTTPS protocol.

NWS allows HTTPS connections to be established via Nostr, using a proxy that connects entry and exit nodes similar to the Tor network. This innovation means users can access web content through Nostr with enhanced privacy. It enables hosting web applications on Nostr without relying on DNS, a centralized web component susceptible to censorship.

Calle, the creator of the Cashu eCash protocol, demonstrated the use of NWS to connect an HTTPS Cashu mint. This process allows users to securely access and interact with the mint, bypassing traditional DNS dependencies. The potential for NWS extends beyond Cashu, potentially revolutionizing web access by mitigating single points of failure and enhancing censorship resistance.

The Bitcoin Adviser simplifies the process of moving your coins off exchanges safely and securely. Get one month free when you sign up with this link!

COIN CHECK

In which year did the infamous Mt. Gox hack occur, resulting in the loss of approximately 850,000 BTC?

1. 2012

2. 2011

3. 2014

4. 2017

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

3. 2014.

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