Crypto News Updates

Electric Vehicle Capable Of Mining Bitcoin Announced

Daymak is accepting pre-orders for the car, which will be capable of mining bitcoin utilizing solar technology.

The Daymak Spiritus will be the first automobile capable of mining bitcoin, according to a news release by the automaker.

The patent pending technology would be the first of its kind, marking a major milestone in the innovation surrounding the bitcoin mining industry.

“Every Spiritus vehicle will be a node on the Blockchain, and will include Daymak Nebula Miner and Nebula Wallet,” states the release. The combination of technological advancement in the automobile, renewable energy, and bitcoin is an absolute testament to the extraordinary pace at which we are developing.

The release reads, “We envision a future where your highway tolls, your parking, and your drive-thru order will be paid directly on the fly with crypto.”

I personally believe that this is an admirable vision for the future, and is extremely bullish in terms of the level of innovation we can expect to see from the industry going forward. With a slight chagrin, we can look back at this previous post on Bitcoin Magazine, titled “What Does The Future Of Energy HODL,” an essay on the potential for Tesla to utilize its own renewable energy to mine bitcoin, and see that another automaker entirely has taken on this mission.

What is curious to ponder is whether or not other automakers will begin to feel pressure to implement this technology themselves, as those who become customers of bitcoin-mining capable vehicles literally profit from ownership. This breakthrough is a prime example of the incentive structures bitcoin presents, and is a perfect example of a response to energy fear, uncertainty and doubt

Source: Bitcoin magazine

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Dhruv Bansal Combines Bitcoin And Science

We got to catch up with the CSO and Co-Founder of Unchained Capital in this pre-conference interview!

At Bitcoin 2021, you’ll be able to experience a variety of speakers with many different backgrounds. One amazing guest we will be privileged to host is Dhruv Bansal, co-founder and CSO at Unchained Capital, and author of the “Bitcoin Astronomy” series discussing the implications of bitcoin and blockchain technology being used in space. He will be presenting “The Bitcoin Stack,” alongside Ryan Gentry June 4, 11:15 am EST on the Stacking Sats stage.

Set a reminder for Bitcoin 2021 Day 1 YouTube Live Stream →

Being a personal fan of Bansal and his work, I was elated to get the opportunity to interview him via email, along with planning for an in-person interview at the conference. Below is our interview discussing his own Bitcoin journey, what he’s looking forward to in the industry, and some questions particular to his work in science.

How would you describe your bitcoin journey in terms of how it changed your life?

My background is statistical physics and distributed systems engineering. It was the connections between bitcoin and these areas which first drew me into the bitcoin “rabbit hole.” But understanding bitcoin requires understanding so much more than physics and engineering. I’ve really enjoyed learning more about money, economics, finance, and politics on my bitcoin journey, as well as meeting the people who taught me these things. Bitcoin is a passion and a career for me now, a focal point of so many old and new interests.

What are you most excited about for the rest of the year in bitcoin?

I’m excited for all the growth we’re experiencing, both at my company, Unchained Capital, and in bitcoin as a whole. As the value of their bitcoin increases, HODLers’ minds turn to better custody. I believe that key ownership is a vital part of bitcoin ownership so I’m excited for the increased interest in multisig collaborative custody.

Your essays on the ramifications of space exploration on bitcoin and hash rate are phenomenal – what’s your experience been in terms of reaction from the traditional academic community?

Not much! What I most enjoyed about writing my “Bitcoin Astronomy” series was its highly speculative nature. I’m no longer an academic and I have no scientific reputation to defend so I’m free to look foolish making such speculations. I think the traditional academic community is rightly more conservative about speculation. My sense is that many academics — certainly most physicists, astronomers, astrobiologists, and SETI researchers — are still somewhat suspicious of bitcoin and other cryptocurrencies.

Do you expect an increasing amount of connections to be drawn between hard sciences and the application of bitcoin?

Following on the last question, as the general public becomes more familiar with and accepting of bitcoin I believe the attention paid by the scientific community to bitcoin will also increase. Computer scientists, cryptographers, physicists, as well as practitioners from many other fields are already producing some research on bitcoin’s virtual machine, architecture, network, etc. As bitcoin grows I expect an acceleration in science’s learnings about bitcoin. But I’m especially excited to see what learnings scientists make about their own fields inspired by bitcoin!

What are your goals for 2021, and how are you working towards them?

My biggest 2021 goal is to ensure my company, Unchained Capital, continues to scale with the demand we’re seeing in this bull market. We’re hiring engineers, upgrading systems, automating workflows, all while building new products and services. It’s a wonderful problem to have. I would also like to ship some essays and other content on scaling bitcoin through layers — the topic of the talk I’m giving at Bitcoin2021 with Ryan Gentry from Lightning Labs — as well as my own thoughts on connections between bitcoin and the hard sciences.

To hear more about the conference, follow both #Bitcoin2021 and Bitcoin Magazine on Twitter and Instagram, plus join our conversation on Telegram. And be sure to subscribe to our newsletter to keep up with all the happenings at Bitcoin 2021.

Source: Bitcoin magazine

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Everyone Who Bought And Held Bitcoin In 2021 Is Still Richer Than You

Despite ludicrous claims that bitcoin has decreased in value, those on a sat standard have been accumulating wealth at a discount.

Bitcoiners need not fear — for those who have already determined that the bitcoin standard is the monetary policy for them, recent dips in nominal fiat value can only be good. You see, as determined in my previous article, “If You Don’t Buy Bitcoin You Can’t Be Rich,” fiat wealth is only as reliable as its issuance and issuer, of which neither has been reliable in every single case of fiat’s existence, most famously the U.S. Dollar.

So the only truly rich people in this world are people who accumulate and hold bitcoin, the only immutable currency in existence. Therefore, anyone who has accumulated bitcoin and held that bitcoin in 2021 is still richer than those who haven’t. The caveat here is the act of holding; selling bitcoin can certainly teach one a lesson denominated in fiat.

But this lesson should be quick to extract from the actual event of losing money; never sell your bitcoin. Riches, especially those guaranteed by bitcoin — not of the material kind but of independence and freedom — are a long-term acquisition. The act of HODLing is the only insulation to the volatility implied by the monetization from zero that bitcoin is currently experiencing.

So, while the extremes of bitcoin can be uncomfortable otherwise, if they’re treated as opportunities to accumulate the scarcist digital money in existence at a discount, sentiment can change. In addition, if one merely utilizes satoshis as their standard for how much value they have, HODLers will always slowly be getting richer.

For more information on why, in the long run, bitcoin will ascend beyond inflationary fiat currencies, I recommend Dylan Leclair’s “The Conclusion of the Long-Term Debt Cycle and the Rise of Bitcoin.” 

Source: Bitcoin magazine

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Major Oil Spills Won’t Happen Under A Bitcoin Standard

Environmental disasters are the result of cut corners, and cut corners are the result of inflation.

There has been, on a consistent basis, environmental fear, uncertainty and doubt (FUD) in regards to the electricity consumption of bitcoin mining, since Bitcoin began. I pose that not only does Bitcoin not harm the environment, it is actually our best chance to save it. If we accept that our current environmental woes are the result of cheap credit, inflationary monetary tactics and lifestyles of overconsumption that are a result of fiat money, then we find a succinct solution in bitcoin.

Of course, I cannot help but cite Dr. Saifedean Ammous, who has written about the exact subject I reference in his book “The Bitcoin Standard,” “One of the key problems caused by a currency whose value is diminishing is that it negatively incentivizes saving for the future.”

What is the direct result of such a problem? Consumption must take here, and now, at an ever increasing rate. Given this parameter, would it not be expected that our world would quickly fill with junk? How can one necessitate constant expenditure without expecting to bear witness to the waste induced by needless consumption?

With all this being demanded of the world by the global economy, an increase in the cutting of corners so as to save costs should be expected. These cost-saving measures have been found to infect even the most important of industries, as evidenced by the Exxon Valdez oil spill.

According to the Wikipedia page for the spill, “Multiple factors have been identified as contributing to the incident:

  • Exxon Shipping Company failed to supervise the master (ship’s captain) and provide a rested and sufficient crew for Exxon Valdez. The NTSB found this practice was widespread throughout the industry, prompting a safety recommendation to Exxon and to the industry.
  • The third mate failed to properly maneuver the vessel, possibly due to fatigue or excessive workload.
  • Exxon Shipping Company failed to properly maintain the Raytheon Collision Avoidance System (RAYCAS) radar, which, if functional, would have indicated to the third mate an impending collision with the Bligh Reef by detecting the “radar reflector,” placed on the next rock inland from Bligh Reef for the purpose of keeping ships on course. This cause was brought forward by Greg Palast and is not present in the official accident report.”

As the page details, there were several problems contributing to what is considered one of the worst environmental disasters in history. Almost all of these contributing issues were the result of cost-cutting measures so as to increase the bottom line of the company, and were apparently “widespread throughout the industry.”

There are several reasons bitcoin solves the backward incentives which lead to these measures.

Dr. Ammous details the difference between a sound money like bitcoin, and unsound fiat, “With unsound money, on the other hand, only returns that are higher than the rate of depreciation of the currency will be positive in real terms, creating incentives for high-return but high-risk investment and spending.”

While this extrapolates on the meaning of high return and high risk, it can be said that the high risk of transporting oil is the spillage of that oil. Therefore, one might say that through inflationary monetary policy, those given the charge of taking care of our environment (i.e., the oil transportation industry) are incentivized to spend the least capital doing so. Instead, with each passing year of continuous currency depreciation, they look further into cost-cutting measures and ways to increase their bottom line in a never-ending race to beat inflation.

This is the generation of the archetypal evil corporation in real time. Here is where we can see the birth of our environmental woes — not in the mining of bitcoin, but in the fiat currency system which underlies every single environmental disaster to date. Bitcoin is the chance to re-enter a society that values capital, defers consumption and lowers its time preference.

Source: Bitcoin magazine

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If You Don't Buy Bitcoin, You Can't Be Rich

Rich is a subjective term, yet it is apparent that those with no bitcoin unknowingly lack the freedom necessary for true wealth.

Undoubtedly, fiat millionaires will read the title of this article and laugh. Languishing in mansions with foundations of debt, materialism and the physical world of fiat rich people is deceptively luxurious. Assuredly, the great empires of Rome, Venice and Constantinople also had many rich people enjoying the various splendors of wealth.

Indeed, turkeys live happy lives — until Thanksgiving.

If we can consider the fiat ice cube melting, it would be wise to conceptualize that, until the ice is fully melted, the water feels cold. It isn’t until this ice is melted that the water left behind rapidly warms relative to the temperature of the space the water is in.

This describes the stuffed bank accounts of wealthy Americans across the country. Many believe that they are keeping themselves safe by investing their money into various assets, such as equities and real estate. The problem with these markets is that they fundamentally rely on the currency system that bitcoin works to fix.

The stock market continuously reaches all-time highs because the Federal Reserve maintains low enough interest rates and a liquid enough credit market to keep it afloat. Without this third party injection of funds, the current market conditions would rapidly evaporate.

A stock market crash would eliminate much of the wealth that upper-class Americans enjoy. The difference between poverty and opulence for many is FAANG stocks that carry with them the responsibility of keeping America “rich.”

If You Do Not Buy Bitcoin, You Cannot Be Rich

Rich, as I will define it, is the freedom and ability, as enabled by one’s wealth, to do as one wishes. Perhaps there are people who feel they have enough fiat currency stored to fit in this definition. I wager that if they simply witnessed the shifting sands beneath their castle, they would immediately retract their feeling of freedom and ability.

How can one have freedom with a looming stock market cycle permanently on the horizon? Credit cycles have forced Americans into being okay with programmatic recessions in the economy, despite the drastic ramifications these busts and booms have. How come people continuously pursue real estate as a store of value despite the previous market crash of 2008?

Buying real estate as a store of value right now is like jumping at the end of an elevator falling down its shaft.

You will still be subject to the same crash and burn that all fiat is destined to experience, albeit with the extra padding your 12-inch vertical provided.

The only way to assuredly be rich, to enable one’s freedom and ability to do as one pleases, is to have an immutable noncontrolled computer program as the basis of their money. Only through the decentralized nature of the Bitcoin network can one feel secure in the maintaining of their wealth. Rich, it must be, to entrust one’s entire net worth in the only financial settlement system incapable of liquidity injection.

Inflationary monetary keeps rich people happy, but only in the same sense that alcohol keeps a college student with a paper due that night happy. The deflationary monetary policy of bitcoin is the choice to stay in and study — the safest choice, the secure choice and the smart choice.

It is with the regret of a hangover that wealthy Americans will come to realize their mistakes in ignoring this path of stability. 

Source: Bitcoin magazine

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El Salvador Surf Team Rides The Bitcoin Wave

The home country of Bitcoin Beach once again enjoys the immense benefits of the initiative that gave back to the community.

The small Central American country of El Salvador can thank Bitcoin for pushing its national surf team to new levels.

“Bitcoin has also helped El Salvador fund their National team and map out a training facility. On March 19, 2021, the Men’s and Women’s Salvadoran surf teams signed their first-ever paid contracts. These contracts, funded by the Bitcoin Beach initiative, make them the only national sports team funded solely by Bitcoin,” reports StabMag, a surfing publication. 

This major achievement for bitcoin on a community level is the result of the Bitcoin Beach initiative. Indeed, this is not the first time that El Salvador has made bitcoin-related headlines. In a world where banking is often non-accessible to remote locations and underprivileged communities, bitcoin has become a shining light of an alternative.

El Zonte, a beach community and village on the coast of the country, is known as “Bitcoin Beach.” The circular economy being built by surfers like Michael Peterson was the subject of a Bitcoin Magazine piece in January 2020. The project started after an anonymous donor gave a large sum of bitcoin to the village in hopes of igniting a separate local economy entirely built on the digital asset.

“The anonymous donor agreed to give the money to the village under the condition that the currency not be cashed out. Through this demand, the Bitcoin Beach initiative took form,” writes StabMag on the initial philanthropy which started the movement.

Very quickly, bitcoin became integrated into the daily life and economic activity of the citizens residing there. Catapulting past the traditional financial regulations and red tape, the village immediately sprung into monetary modernity on the back of the Bitcoin and Lightning networks. And now, there is real economic progress to behold, as the once rugged village leverages the power of this immense technology.

“Just how successful has the operation been? The once struggling area is now functioning well enough to host two events for the 2021 ISA Games at La Bocana and El Sunzal. As the last round of Olympic qualifiers, the events will fill the five remaining spots for men and seven for women,” states the StabMag article on the developments.

As Bitcoin continues to grow both in price and community, it should be expected that more and more localized economics will entirely adopt the bitcoin standard. Previous progressions in monetary technology only brought marginal change to the structure of disenfranchised populations. What good is the ever increasing pace of Visa transactions to those without debit cards? But bitcoin, operant on the most basic digital infrastructure available, brings forth a monetary revolution unmatched. It will be exciting to see communities like Bitcoin Beach continue to lead this revolution. 

Source: Bitcoin magazine

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Tesla Announces Major Profit After Selling Small Portion Of Bitcoin

Despite taking a reported $272 million in profit, Tesla still seemingly retains a majority of its original bitcoin stack.

Tesla has sold portions of the bitcoin it held on its balance sheet, according to its latest quarterly earnings report. The auto-tech giant reportedly took in profits of $272 million from the sale of its digital assets, accounting for just a small percentage of its total BTC holdings, given its initial purchase of $1.5 billion.

While the move to sell its bitcoin at a profit is assuredly what many mainstream investors have been expecting, the small portion that was sold suggests that the company believes retaining most of its bitcoin will be beneficial in the future. CEO Elon Musk took to Twitter to clarify that Tesla sold 10% of its BTC holdings to prove the asset’s liquidity and viability as an alternative to cash on its balance sheet.

If Tesla and Musk were simply interested in using bitcoin to get rich quick, the company would have gotten rid of its entire stock of bitcoin. The reality is that Tesla utilized the Number Go Up technology of bitcoin to secure itself a large profit in a short amount of time, while also securing an unfathomable amount of bitcoin for its future. In reality, the offloading of this bitcoin, while astronomical in scope, still leaves Tesla with an extremely large accumulation base.

In his tweet, Musk also noted that he has his own separate stack of bitcoin that remains unsold. On May 15, 2020, he announced publicly that he owns 0.25 BTC, but it’s reasonable to assume that stack has grown given Tesla’s own embrace.

Source: Bitcoin magazine

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What We Can Learn From Local Bitcoin Communities

Local events like those that take place in Southern California are paramount to the continued growth of the Bitcoin community.

The idea of Bitcoin as a network and technology is one that is global, interconnecting and expansive. As the price of bitcoin has continued to increase, the scope and scale of what is occurring across the world increases as well.

While Bitcoin is a macro-scale phenomenon that will have extensive economic and historical impacts, we shouldn’t forget to pay attention to community-level utilization of the technology.

On April 24, in Newport Beach, California, OC Bitcoin (aka Orange County Bitcoin) will be hosting a bitcoin payments launch party for Nexx Burger, a gourmet burger restaurant. The event, sponsored by Strike and Bitcoin Is, with music provided by Bitrefill, is an example of the expanding reach of bitcoin on a local level and its potential impact.

OC Bitcoin has been one of the most consistent and large-impact arrangers of bitcoin community meetups; I was lucky enough to talk to some of the people arranging this event, and they gave me fantastic insight into the various aspects of Bitcoin localism.

First, Dimitrios Politis, CEO of Nexx Burgers, gave comment as to why he chose to begin accepting bitcoin at his business:

How did you first learn about Bitcoin, and what was your impression of it?

“I was first introduced to Bitcoin sometime in December of 2017 from a good friend. He explained what Bitcoin was created for and how it worked. Bitcoin interested me and I saw how it could become a futuristic digital currency. I started to really dive into Bitcoin last year in March and have been learning ever since.”

At what point did you decide Bitcoin was right for your business?

“I decided Bitcoin was good for Nexx Burger this February. Nexx Burger can test Bitcoin out and improve on it now before it becomes completely mainstream.”

What has been your experience in the Bitcoin community thus far?

“The Bitcoin community has been great. Brian from the Orange County Bitcoin network has been a great help educating me on Bitcoin even further.”

Comments from OC Bitcoin’s Lead Organizer Brian Harrington expanded on how local gatherings of like-minded individuals leads to the spread of ideas and practices, in turn motivating business leaders to implement real change:

“This has happened to us multiple times now at Orange County Bitcoin Network, we get business owners starting to drop in on the meetups and want to know how they can implement Bitcoin payments in their stores. We love it and are always happy to help. The Bitcoin circular economy is growing in Orange County and we couldn’t be more excited.”

Local growth and use of bitcoin is paramount to the adoption of Bitcoin on a macro scale. In fact, Bitcoin started out as a small network in use among cypherpunks subscribed to an email list. These small interactions laid the groundwork for earth-shifting change, and demonstrate continued necessity to grow the network.

If bitcoin is to be accepted across the world, there must be focus on converting the microeconomies surrounding us. George Mekhail from Bitcoin Is, a bitcoin circular economy advocacy and information outlet, spoke with us about what this looks like.

How long have you been working in the Bitcoin industry, and what do you define as your role in the Bitcoin space?

“I’ve been in Bitcoin since 2017. I’m most passionate about helping develop bitcoin communities and making the moral case for bitcoin while encouraging people to exit the corrupt fiat economy. I’m also a co-author of ‘Thank God For Bitcoin: The Creation, Corruption And Redemption Of Money.’”

What inspired you to start Bitcoin Is?

“In September of 2019, Russell Okung and I were looking for the best ways to engage with Bitcoiners. We decided to put together a last-minute event in L.A. that focused on helping newbies gain exposure to the best voices in the space. Bitcoin Is now works with a handful of Bitcoin startups, provides resources for getting people started and consults with meetups across the country.”

Bitcoin Is educates people on joining “the Bitcoin circular economy.” Can you explain what that is?

“The Bitcoin circular economy is the economy that exists outside of the legacy fiat system. It is a new paradigm that encourages people to preserve their hard-earned money in sats, and promotes vendors who accept BTC for payment.”

And why is this important?

“If enough people adopt this mindset, society can move to sound money which will result in a dramatic shift in the economy. In a bitcoin circular economy, goods and services become more affordable as savings and purchasing power increases rather than the current paradigm of bailouts and stimulus packages debasing our currency.”

The continued mission to empower business owners via the Bitcoin circular economy is one which is clearly underway in Southern California. It is the responsibility of Bitcoin advocates to encourage and express clear desire for continued expansion of access to bitcoin payment services in local economies. The event taking place in Newport Beach is but one example of the success local Bitcoin meetups can have — previous meetings influenced a business to begin accepting bitcoin, and perhaps now further businesses will look to copy the successful utilization of the technology.

Anyone in the Southern California area is encouraged to check out the OC Bitcoin network, as well as attend the launch of bitcoin payments at Nexx Burger in Newport Beach, on April 24 from 12:00 PM to 3:00 PM. Getting immersed in a local Bitcoin community is a practice that expands one’s conversation around Bitcoin, and is immensely beneficial to both the network and local economy. 

Source: Bitcoin magazine

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BitMEX’s Arthur Hayes Surrenders To Authorities

The former CEO of BitMEX has appeared in court in Honolulu and is out on $10 million bond, according to reports.

The former chief executive officer of BitMEX cryptocurrency exchange, Arthur Hayes, has turned himself in. According to a Bloomberg report, although Hayes currently resides in Singapore, he appeared in a Honolulu courtroom on charges related to alleged violations of know-your-customer laws in the United States. He was released on a $10 million bond pending forthcoming court proceedings in New York.

After failing to implement anti-money laundering procedures that are required by businesses operating within the North American jurisdiction, the executives responsible for the exchange were indicted on charges of violating the U.S. Bank Secrecy Act.

In March of this year, BitMEX co-founder Ben Delo surrendered to authorities and was arraigned in New York. It is unknown if this spurred any motivation within Hayes to surrender himself, but it is apparent that the cryptocurrency executives have leverage of some kind, given their ability to evade being charged until now.

Bloomberg reports that Hayes’ lawyer stated, “Arthur Hayes is a self-made entrepreneur who has been wrongly accused of crimes that he did not commit,” and, “Mr. Hayes voluntarily appeared in court and looks forward to fighting these unwarranted charges.”

The self-sovereignty of individuals has only increased since the inception of Bitcoin, and will continue to increase. The ability to remain a productive citizen while fighting charges as immense as those brought against Hayes indicate clear advancement in the capacity of the common people to defend themselves against the state.

Source: Bitcoin magazine

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Today, Bitcoin’s Satoshi Nakamoto Turns 46

An online profile for the pseudonymous creator of Bitcoin, Satoshi Nakamoto, includes an auspicious birthday of April 5, 1975.

Eighty-eight years ago today, the United States Federal government issued Executive Order 6102, making citizen’s private ownership of gold illegal. This egregious overstep of government-mandated monetary policy is, coincidentally, the chosen date of Satoshi Nakamoto’s birthday, according to the verified profile for the pseudonymous creator of Bitcoin on the P2P Foundation Forums. It isn’t by accident that the profile reflects this date; Satoshi also chose the year as 1975, the year in which Executive Order 6102 was cancelled.

The choice is representative of Satoshi’s understanding of the government’s historical treatment of monetary policy and the citizens it impacts. One could even extrapolate that by choosing the birth year as 1975, Satoshi wanted their own pseudonymous identity to symbolize the ending of government control of money. As Satoshi has disappeared, last heard from in 2010, they are unable to explain or detail why they chose this date specifically.

Still, we can collectively learn from the experience of Satoshi’s appearance and disappearance. To celebrate the pseudonymous creator’s chosen birthday, we have gathered some of Bitcoin Magazine’s best Satoshi Nakamoto-focused content; we hope you enjoy it. Happy birthday, Satoshi Nakamoto.

Source: Bitcoin magazine