This Week in Bitcoin

Three game-changing shifts this week will reshape the average Bitcoin holder and reignite centralization concerns. What just changed, what's driving the urgency, and how will it impact the Bitcoin network.

Affiliate LINKS:

• Buy Sats on River
• The Bitcoin Company

Links

• Christine Lagarde - Stabilizing Inflation & Regulating AI for the Global Economy | The Daily Show - YouTube
• SEC Greenlights Options Trading for BlackRock’s IBIT Spot Bitcoin ETF
• Who Owns the Most Bitcoin in 2024? | River
• Jeff Park on X - If there were one thing to read today re the game-changing nature of Bitcoin ETF options, read (and bookmark) this one for 2025
• BlackRock Bitcoin ETF demands 12-hour BTC withdrawals from Coinbase
• JUST IN: 🇺🇸 The largest U.S. custodian bank BNY to launch Bitcoin ETF Custody
• Bhutan Reveals Fourth-Largest Government Bitcoin Holdings Worth $750M
• Bitcoin Core :: Disclosure of memory DoS due to headers spam
• Telegram Changes Policy to Share Phone Numbers & IP Addresses in 'Valid Requests'
• SimpleX Chat: private and secure messenger without any user IDs (not even random)
• US Congressman Tom Emmer grills Gary Gensler over crypto regulation

Music

• Disco Swag by The Doerfels

Why a .5% rate cut is such a shock, what Bitcoiners should watch for next, and where to find the signal long-term. I also share my thoughts on Trump's DeFi token, project updates, and more.

Affiliate LINKS:

• Buy Sats on River
• The Bitcoin Company

Links

• Fed cuts rates by a half point at September 2024 meeting
• Federal Reserve goes big with half-point interest rate cut, its first since 2020
• Fed moves to protect weakening job market with bold rate cut
• The Fed is making its WORST policy mistake since 1929
• BlackRock Presentation - Bitcoin a Unique Diversifier.pdf
• The Real Estate Guys Radio Show - Real Estate Investing Education for Effective Action | Uncovering Evidence of Massive Fraud in Property Tax Valuations | Podcastindex.org
• Trump's crypto business presents possible conflict of interest

Project Updates

• Sparrow 2.0.0 released
• River Proof of Reserves: Setting a new standard for Bitcoin exchanges
  • River's Proof of Reserves Page
• What Is Proof of Reserves? 
• Bitcoin Proof of Reserves - River - YouTube

Music

• Don't Take This For Granted - By: Two Weeks In Nashville

Using a Bitcoin lens, I'll explain why the housing market is propping inflation numbers up and why traditional "experts" can't explain it.

Plus, a Bitcoin reality check, my thoughts on a town that claims to be getting sick from the local Bitcoin mine,  a visit to noobie corner, and a lot more.

Affiliate LINKS:

• Buy Sats on River
• The Bitcoin Company

Links

• Here’s the inflation breakdown for August 2024 — in one chart
• 37% of US small businesses have seen their earnings drop over the last 3 months
• Good news for consumers: Some experts say companies are done with price gouging.
• US economy is rapidly slowing - Global Markets Investor
•  Dow falls 400 points, Nasdaq reverses losses after CPI report
• Higher 'core' inflation in CPI could derail chance of larger Fed rate cut 
• How Many Americans Own Stock? 
• Median Sales Price of Houses Sold for the United States (MSPUS) | FRED | St. Louis Fed
• 314% increase since 1999 for the average US family health insurance premium.
• Apple's treasury lost $15b in the past decade
• River Report: Why Business Bitcoin Adoption Grew by 30% in 1 Year
• Inside the Texas bitcoin mine reportedly making residents sick - YouTube
• Marathon's Commitment to Granbury, TX | MARA Granbury
• Michael Saylor on CNBC Today - $13 Million BITCOIN - YouTube

Noobie Corner

• How Bitcoin Fees Work 
• Managing LN wallets liquidity
• Bitcoin’s UTXO Model: What Is It and How to Manage UTXOs
• More UTXOs, more problems: High fees, signing failures, and how to avoid them
• How does Liquid keep my transaction data confidential? 
• Aqua Bitcoin Wallet: A Beginner's Guide
• mempool.space 

Updates

• Alby go
• RoboSats v0.7.0-alpha: Desktop App, Nostr Orderbook & More
• Peter Schiff & Jack Mallers Debate Bitcoin Vs. Gold, Collapse Of Dollar - YouTube

Music

• Devil's Hand by Luke Wood

A breakdown of Bitcoin credibility attacks this week, plus a review of some macro-sickness and the no-good, real lousy month for Bitcoin miners.

Affiliate LINKS:

• Buy Sats on River
• The Bitcoin Company

Links

• Americans Are Really, Really Bullish on Stocks - WSJ
• Economic & Market Update | J.P. Morgan Asset Management
• "Nikkei 225 down 3.7% and the usd/yen headed lower. Looks like we are about to find out how much of that Yen Carry Trade is still out there.
• Government hiring is inflating jobs numbers.
• Ueda Reiterates That BOJ Will Lift Rates If Outlook Realized - Bloomberg
• Bank of Canada delivers third straight interest rate cut, bringing policy rate down to 4.25 per cent
• Mining: revenues drop in August and difficulty at all-time highs
• Bitcoin miners sold 2,655 $BTC over the weekend, worth around $154 million!
• CNBC reports that almost half of all corporate money raised for the presidential election is from Bitcoin and crypto.
• New FTC Data Shows Massive Increase in Losses to Bitcoin ATM Scams | Federal Trade Commission
• North Korea Aggressively Targeting Crypto Industry with Well-Disguised Social Engineering Attacks

Music

• Free by Tony Salomone

US employment fell by 818,000 jobs in the latest Government revision. I'll break down the report and what it means for Bitcoin. Plus, a batch of news, Bitcoin basics, and more.

Affiliate LINKS:

• Buy Sats on River
• The Bitcoin Company

News Links

• The Bitcoin Office (@bitcoinofficesv): "🇸🇻EL SALVADOR CONTINUES TO TRAILBLAZE! El Salvador will soon begin providing #Bitcoin instruction and certification to 80,000 public servants." | X Cancelled
• Illicit Finance - National Crime Agency
• German Authorities Seize $279,000 in Bitcoin ATM Crackdown - Decrypt
• Nonfarm payroll growth revised down by 818,000, Labor Department says
• Nonfarm payroll growth revised down by 818,000, Labor Department says
• Fed's Powell Confronts Policy Crossroads With All Eyes on Jackson Hole - Bloomberg
• Powell may use Jackson Hole speech to hint interest rate cuts | AP News
• Watch Live: Fed Chair Jerome Powell at Jackson Hole | WSJ - YouTube
• Bitcoin ETFs Record 14% Increase in Institutional Investors' Adoption | Coinspeaker
• Why Wall Street Is Investing in Bitcoin ETFs: A Q2 2024 Analysis
• Grayscale’s Share of Bitcoin ETF Market Falls Below 25% as Rivals Rise - Decrypt
• Institutions Increased Their Bitcoin (BTC) ETF Allocation in Second Quarter, Bitwise Says
• Spot Bitcoin ETFs maintain positive flows for 8 out of the last 10 days
• vitalik.eth on X: "I have been told that I need to "do less philosophizing and do more ethereum bullposting".

Noobie Corner Links

• The Lightning Network, Explained. Bitcoin has a frequently cited… | by Blockchain.com | @blockchain | Medium
• Bisq - A decentralized bitcoin exchange network
• Learn RoboSats

Project Updates

• Fountain 1.1 - Open Social Podcasting Powered by Nostr
• Release v0.9.0-rc1 · ZeusLN/zeus
• Anatomy of Bitcoin

Music

• Swamp Thing by Abel James

Job done! Didn't you notice? Inflation has been licked; the Yen carry trade is nearly wound down, and the fed is about to cut. What could go wrong?!

Affiliate LINKS:

• Buy Sats on River
• The Bitcoin Company

Links:

• Wholesale inflation shows few warning signs. Fed interest-rate cut still on track.
• US PPI July 2024: Producer Prices Increased by Less Than Forecast - Bloomberg
• Credit Card and Auto Loan Delinquencies Surge in the Second Quarter – MishTalk
• Thursday morning JP Morgan said 75% of the carry trade was unwound. 
• NEW EVIDENCE THAT Kamala Harris WILL CONTINUE CRYPTO CRACKDOWN
• Democrats launch 'Crypto for Harris' campaign to counter Trump’s industry appeal
  • Crypto executives clash with Democratic leaders in heated Zoom meeting 
• President Trump's 20 core promises to America - No Bitcoin on there
• Tim Pool on X: "The CIA invented bitcoin

Projects:

• Lightning.Pub
• Justin (shocknet)⚡ on X: "Huge milestone ⚡️
• Mutiny Wallet is Shutting Down
• Olympus by ZEUS x Lightning.Pub integration

Final Clip:

• Bitcoin: Global Utility w/ Alex Gladstein - YouTube

Music

• 1night by Daddy NAT

The four horsemen of the apocalypse are riding roughshod over Bitcoin… and the no-coiners are cheering. I'll break down the FUD, separate facts from fiction, and explain what set all this off.

Affiliate LINKS:

• Buy Sats on River
• The Bitcoin Company

Links:

• Japan's stock market, the Nikkei 225, is currently set to post its largest 2-day drop in history. 
• The Bank of Japan (BoJ) is caught between tightening monetary policies, risking a collapse of the carry trade, or maintaining low rates, which threatens financial stability. 
• Magnificent Seven set to shed $1 trillion in value, led by Apple, Nvidia
• Treasuries Surge as Traders Bet on Emergency Fed Rate Cut
• Schwab, Fidelity resolve temporary disruptions on frenetic trading day
• Are Banks Sweeping Dud Property Loans Under the Rug? - WSJ
• Biden's Treasury accused of trying to juice U.S. economy pre-election
• Schwab, Fidelity resolve temporary disruptions on frenetic trading day
• The Japanese Yen has retraced an entire year's worth of price action in just 26 days.
• Dow tumbles 1,000 points, S&P 500 posts worst day since 2022 
• Wharton's Jeremy Siegel says Fed needs to make an emergency rate cut
• Carry trades: A major unwinding is underway amid a stock sell-off
• The Reason Behind Bitcoin's Price Crash: Arthur Hayes Speculates
• Bitcoin Crash Wipes Out 18% Of Profitable Investors In 24 Hours - BitcoinWorld
• Bitcoin Falls Below $53K, Wiping Out $600M in Leveraged Longs - Co…
• Saylor's $2 Billion Bitcoin Plan Amid Market Chaos
• Polymarket 26% chance of U.S. Recession in 2024
• Tezos co-founder calls Bitcoin “pretend internet money” on CNBC
  • Tezos Price Price Chart
  • Tezos

Music

• Jim Cramer pumps Crowdstrike and dumps Bitcoin by Annonymal

I discuss the macro mayhem this week and why it's time for Bitcoin to shine. I also explored the Bitcoin Reserve bill and tried Alby Hub & Cloud.

Affiliate LINKS:

• Buy Sats on River
• The Bitcoin Company

Links:

• The Magnificent 7 stocks have now erased a combined $2.6 TRILLION of market cap over the last 20 days.
• All while deficit spending as a percentage of GDP is currently at World War 2 levels
• Bloomberg just confirmed businesses are warning investors they're unable to pass on costs to the consumer anymore.
• A week ago we saw the biggest one-day drop for the S&P 500 since December 2022
• Quarterly Refunding Statement of Assistant Secretary for Financial Markets Josh Frost
• US Plans to Hold Note, Bond Sales Steady for ‘Several Quarters’
• 'We Did It—Congratulations': David Schweikert Decries US Reaching $35 Trillion In National Debt - YouTube
• Hawkish FOMC 'Still Waiting For Greater Confidence' On Disinflation 
• Quarterly Refunding: Treasury To Hold Bond, Note Sales Steady For "Several Quarters", Will "Modestly Increase" Bill Offering Size
• Trump Embraces the “Bitcoin-Dollar”, Stablecoins to Entrench US Financial Hegemony 
• Lummis-Gillibrand Payment Stablecoin Act 
• The Bitcoin-Dollar
• Tether holds more US Treasuries than Germany, ranks 19th globally 
• Lummis Announces Revolutionary Proposal to Supercharge the Dollar, Bolster U.S. Economy  » Senator Cynthia Lummis
• Cynthia Lummis Unveils Bitcoin Strategic Reserve Bill - YouTube
• Senator Cynthia Lummis long-term thinking is to prop up the dollar
• Russia Legalizes Crypto Mining and Brings and Experimental Cross-Border Exchange Regime
• Strike on X: "Our pilot program with @BtcpayServer at @TheBitcoinConf was a success!
• God Bless Bitcoin | Full Movie | Documentary - YouTube
• BITCOIN Myths ₿usted - YouTube

Music

• Kurtisdrums | 4am 4ever

Highlights from the Bitcoin 2024 Nashville conference. I monitored the conference, so you don't have to. The story behind the news made at the event.

Affiliate LINKS:

• Buy Sats on River
• The Bitcoin Company

Links:

• Trump proposes strategic national crypto stockpile at Bitcoin Conference
• US 2024 Election: Trump Plans Bitcoin (BTC) Strategic Reserve, RFK Jr. Says - Bloomberg
• 🇺🇸 Senator Tim Scott says, "Bitcoin’s future has to be in America.
• 🇺🇸 US Senator Bill Hagerty explains why he loves Bitcoin at the Bitcoin 2024 Conference in Nashville
• U.S. Congressman Ro Khanna says the U.S. needs to be leaders in Bitcoin “Let America lead”
• Democratic Lawmakers Urge Pro-Crypto Stance in Open Letter to DNC 
• Democrat politicians have written a letter to the DNC
• Kamala Harris campaign reaches out to crypto industry

Music:

• Politics Be Damned 

Conference hype vs. reality check. Plus, the big banks admit massive KYC/AML failures and then offer worse solutions. Plus, why the Ethereum ETF won't dethrone Bitcoin.

Affiliate LINKS:

• Buy Sats on River
• The Bitcoin Company

Links:

• Asset manager says Trump admin may make Bitcoin strategic reserve asset
• Trump to deliver potentially ‘historic’ message while at Nashville, TN Bitcoin conference - YouTube
• Bitcoin as US reserve currency: Trump team reportedly considers adding BTC to Treasury | Kitco News
• Bitcoin 2024 - Nashville
• Eric Balchunas on X: "Here’s BlackRock’s Ether pitch to normies
• Banks Find AML “Ineffective”, Propose Access To Social Media
• About - Wolfsberg Group
• Wolfsberg Group Statement on Effective Monitoring for Suspicious Activity.pdf
• How Money & Banking Work (& why they’re broken today) - Lyn Alden - YouTube
• Principles for Dealing with the Changing World Order by Ray Dalio - YouTube
• Proton Launches Proton Wallet 
• Alby Hub ✨Lightning sovereignty for everyone
• hub on GitHub
• Fold Is Set to List on NASDAQ with Over 1000 BTC in Corporate Treasury
• ACH Bill Pay Rewards – Fold
• Natalie Brunell ⚡️ on X: Bitcoin is the bridge from chaos to hope.

Music:

• Cool Summer by Tony Salomone