🧠Quote(s) of the week:

“Buying Bitcoin during Cyprus bank bail-ins was smart.
Buying Bitcoin during the Mt.mart.
Buying Bitcoin during the Gox collapse was smart.
Buying Bitcoin during March 2020 during peak “pandemic” panic was s FTX collapse was smart.
Buying Bitcoin during the SVB collapse was smart.
Buying Bitcoin during “a recession is looming” is smart. Bitcoin is the most resilient money ever created.
Act accordingly.” –
80IQmindset

“Next year Bitcoin is going to have the *exact* same monetary policy as it does right now. You don’t have the *slightest* guarantee or even know what the monetary policy of $USD $JPY $CNY $GBP $CAD $EUR will be *Next Week.* Even worse, you don’t even know why TF they keep drastically changing it. You just have to blindly swallow whatever reason they say, accepting the hilarious notion that they would never lie to us. Bitcoin is my money. We are not the same.” – Guy Swan

🧡Bitcoin news:
➡ The more things change, the more they stay the same. 14yrs ago Satoshi Nakamoto changed the world, but some things never change. Bitcoin is the way to escape the doom loop. My hope is that Bitcoin will prevent further violations once it has become the standard.

➡New record Bitcoin hashrate! 420,000,000,000,000,000,000x per second.

➡ca. 1,500,000 Bitcoin remaining to be mined.

➡Release of white paper on BitVM – a computing paradigm for smart contracts on Bitcoin. These more expressive smart contracts enable functionality that was previously believed to require a soft fork.  Is this an altcoin killer?
“Any computable function can be verified on Bitcoin”
Full paper: https://bitvm.org/bitvm.pdf
Personally, I love seeing more developments like these. Hopefully it ends up in something tangible, but for now 20% of the paper is fugazi to me.
TLDR: Basically, write and execute Bitcoin contracts with much lower costs. This is pretty cool!

➡SEC has been sending feedback and holding private meetings with applicants regarding their spot Bitcoin ETF filings – Bloomberg The SEC is finally engaging. A big change from the contemptuous silence, delays, and eventual rejection.
Bloomberg Intelligence calls for a US recession by year-end with Bitcoin price risks “tilted toward $10,000”
If this happens, great I will buy the shit out of that dip.
more on the Bitcoin ETF topic:

➡ex-BlackRock director says SEC will approve ALL spot bitcoin ETFs within 3-6 months!

➡ Investment bank Jefferies calls Bitcoin a “critical hedge” against the potential for monetary policy that reduces the value of currency, as well as the return of inflation

➡Jack Dorsey’s Block has released their new Bitcoin wallet. Bitkey Beta is an open-source mobile app & hardware wallet.

➡Bitcoin cross-border payments are more “substantial” than public data shows – Reuters Bank of International Settlements has developed a prototype Bitcoin monitoring system.

➡Despite an 11.1% decline in Q3,  Bitcoin is still the top-performing asset of the year, with a +63.3% YTD.

➡The biggest podcaster in the world Joe Rogan says Bitcoin has the best chance of “becoming a universal currency”.

➡”Bitcoin miners continue to provide ‘mission critical’ services to grid operators in the middle of extreme weather events. Miners are so good at in fact that grid operators pay millions to miners to provide this important service.
Electricity prices have gone parabolic in Texas due to sunset. Bitcoin miners are curtailing to offset the loss of solar generation.” ERCOT paid a Bitcoin miner over $13 million to curtail electric use in the summer heatwave.

➡Even JPMorgan understands that proof of stake is an inherently centralizing consensus mechanism.
“The rise in ether (ETH) staking since the Merge and Shanghai upgrades has come at a cost to Ethereum as the network has become more centralized and the overall staking yield has fallen, JPMorgan (JPM) said in a research report on Thursday last week.”
It’s just the fiat system rebuilt on blockchain rails.  Proof of stake is the legacy system. Proof of work is the innovation. Bitcoin only.
Source: https://www.coindesk.com/tech/2023/10/06/ethereum-has-become-more-centralized-since-the-merge-and-shanghai-upgrades-jpmorgan/

➡ An Argentinian barber has been jotting the price of every haircut for over 20 years, providing a unique glimpse into the country’s decades of inflation.  In 1991, a haircut cost 15 pesos. Today, it costs 3000 pesos, an increase of 19,000%. Bitcoin fixes this.

Traditional Finance & Macro/Geopolitics:
🏦Banks:
👉🏽Metro Bank suspended trading after a 29%+ plunge on Thursday, due to an attempt to raise £600M ($727M) in debt and equity, per CNBC.

🌎Macro/Geopolitics:
👉🏽Kevin McCarthy has been removed as US Speaker of the House. This makes him the shortest-serving Speaker of the House since 1876. He is also the first ever Speaker of the House to be removed.

👉🏽FED’S POWELL: THE FED’S FOCUS IS ON A HEALTHY ECONOMY.
Healthy economy:
Net worth top 0.1%: $18.6 trillion
Net worth bottom 50%: $3.6 trillion
Household count in the top 0.1%: 132,262
Household count in the bottom 50%: 66,050,020

A healthy economy, right? Look how skewed that number is toward the top .1%.
So yeah healthy economy for the top 0.1%

Example:
Dianne Feinstein had +$100m in assets when she died.
– $60 million private jet
– $21 million mansion in San Francisco
– $7.4 million house in Washington
– $5 million house in Hawaii
– $70 million in CASH
She made $200k a year in salary.

Who was Feinstein? Dianne Goldman Berman Feinstein was an American politician who served as a United States senator from California from 1992 until her death in 2023. Remember she made $200k a year in salary. See the system works? Healthy economy!

👉🏽US National Debt jumps $275 BILLION in a single day. It has increased by 448B in the last two weeks alone.
A SINGLE DAY, that’s more than half of Bitcoin’s entire market cap in debt. That’s something like 10 million
BTC. And yet there are still people who are unsure if $27k is a good price to buy.
Total US debt is now $33.513 trillion, hit $33 trillion just 3 weeks ago. That’s $28.5 billion in new debt per day, and on pace to add another trillion in 1.5 months.

“US national debt has been growing faster than GDP for nearly 10 years. However, US national debt is now growing faster than GDP by its largest margin in history. As of 2 weeks ago, the national debt crossed $33 trillion, nearly 124 times as big as it was 70 years ago.”- The Kobeissi Letter

👉🏽Treasury 30-year yield rises to 4.856%. Highest since 2007.
The long bond yield is now up 55 bps in 13 trading days. “Something is breaking in financial markets. 10y yields have jumped by 150bps in the US and 80bps in Germany. The yield curve has bear-steepened to a more normal level. Getting used to a more typical rate structure doesn’t sound like such a terrible thing. But after 15 years of living in an unnaturally low rate regime, normal sounds, well, abnormal.” – Holger Zschaepitz

As yields continue spiking, losses on US Treasuries have reached $1.619 trillion.

Sven Henrich: Perfect doom loop:
https://twitter.com/NorthmanTrader/status/1709254206379454938

👉🏽”Job openings in August just unexpectedly jumped from 8.92 million to 9.61 million. This jump of 690,000 job openings is the biggest since July 2021. Not to mention, July 2023 job openings were revised HIGHER from 8.81 to 8.92 million. The beat on expectations of job openings is the biggest beat since September 2022. This is the last thing the Fed wanted to see. Higher for longer is alive and well.” – The Kobeissi Letter

👉🏽’Credit card debt exploded by $14.68 billion last month. This happens at the end of every cycle—when personal savings are drained, and people take out new credit cards they don’t intend to pay back. A classic blow-off top in consumer credit is underway, you know what happens next” Joe Consorti

So what happens next? Recession

👉🏽Last week I mentioned that “the Canadian government, armed with one of the world’s most repressive online censorship schemes, announced that all “online streaming services that offer podcasts” must formally register with the government to permit regulatory controls. Basically, Trudeau is trying to crush free speech in Canada. May I remind you that Canada is a G7 nation.”

New laws in Canada are affecting what news outlets and news stories are allowed to be consumed. For example, Bloomberg is considered controversial and the Canadiens are unable to view it. WTF!

👉🏽Turkey’s inflation tops 60% despite massive interest rate hikes as oil surge worsens outlook. Turkey’s inflation is the result of previous broad money expansion. And yet the people are still voting for Erdogan.

👉🏽In Germany, the construction sector is really crashing. The German PMI Construction Index fell to 39.3 in Sep from 41.5 in Aug, the lowest level since statistics began.

👉🏽”As geopolitical tensions now spread across the Middle East, oil prices are likely to spike even further. Meanwhile, the US Strategic Petroleum Reserves (SPR) have 17 days of supply remaining, their lowest in history. This is roughly half the historical average of ~33 days dating back to 1990. Furthermore, this week OPEC reaffirmed their commitment to over 1.5 million barrels per day of voluntary production cuts. All while Russian exports of crude oil are being limited and the world’s largest oil producers are at war. There has never been a worse time to have a depleted SPR.”- The Kobeissi Letter

So what is the SPR? The U.S. Strategic Petroleum Reserve (SPR) is the world’s largest emergency oil stockpile. Established in 1975 after the oil embargo.

👉🏽 Meanwhile here in Europe, Lagarde is in Lalaland. ECB President Lagarde says she is positive about the ECB meeting the 2% inflation target and Europe’s gas reserves, per Reuters.

👉🏽 “Average interest rate on a 30-year mortgage rises to 7.93%, its highest since July 2000. Since January 2021, less than 3 years ago, interest rates have gone from 2.65% to 7.93%. This means that homebuyers just 3 years ago would see their interest rate TRIPLE if they decided to move. This is exactly why existing home sales are at their lowest since 2010. The average new home is about to cost LESS than the average existing home for the first time since 2005. You know something is wrong when old costs more than new.” – TKL

The median monthly home payment in the US rises to an all-time high of $2,839/month. According to Reventure Consulting, the median home payment has now gone from $1,035/month to $2,839/month in just 10 years. Sjeezzz! :S

I end this Weekly Recap with the following tweet by Pierre Rochard:

“The $33 trillion national debt and $2 trillion annual deficits are odiously immoral and economically unsound. They represent a multi-generational and bipartisan failure of leadership. But they’re also inevitable with a fiat system. Only Bitcoin fixes this, not politics.”

“The remarkable thing about Bitcoin is that despite the internal disagreements, it continues to work flawlessly. That, in essence, is the crux of it. I am 99.9% confident that within my lifetime, Bitcoin will be recognized as one of the most significant discoveries in human history. Bitcoin maximalists have been consistently right in their predictions.”

Credit: I have used multiple sources!
#zap #weeklyrecap #nostr #plebchain #grownostr #stacksats

https://image.nostr.build/52f46f92233292e0879d9be0b19084b6bd8ea176d7a9b06ebd63bcae1843985b.png

https://image.nostr.build/4a58ca2a5710f6d5b23b1822b5c9e2eab04921615e85fa87f4cc226e21eaf15a.jpg


Bitcoin Amsterdam will be (for now) my last major conference.
Noderunners / some freaks will be represented, but we can channel our energy to the most important ones -> Small, high-signal meetups and really orange-pill people. Teach & guide people.


Good morning Nostr!

https://x.com/excellion/status/1709383373205205446?s=46&t=F791BMa98sP9DJoLz_JvoA
nostr:npub1excellx58e497gan6fcsdnseujkjm7ym5yp3m4rp0ud4j8ss39js2pn72a

Let that sink in for a minute! Fam, you don’t stack hard enough!🧡

#zapathon      #bitcoin      #nostr      #plebchain      #grownostr #zap      #pleb


Can I say that Bitcoin incentivizes peace and fiat incentivizes war? Just a thought.

#zapathon     #bitcoin     #nostr     #plebchain     #grownostr #zap     #pleb #peace #fiatwar https://image.nostr.build/cf98c4072cee657cb64d245acd0a0e484924ae00a837f3a29614334d4fcc133d.jpg


🧠Quote(s) of the week:
"The HIGHER interest rates go.
The HIGHER inflation will go. That's because the HIGHER interest rates go, the LARGER the DEFICIT.
The LARGER the DEFICIT the FASTER the currency printer goes BRRR
The FASTER the currency printer goes #BRRR the FASTER inflation rises.
Debt Death Spiral
The HIGHER interest rates go.
The HIGHER costs go for businesses.
The HIGHER interest rates go.
The MORE people can spend yield  Based on:
-> The exponentially rising cost to finance gov's massive deficit budget
-> The increasing cost structure for businesses
-> The increased amount of yield that can be spent into the economy.
I don't think we are correctly "fighting" inflation.  The results will be devastating
Opt out of  with Bitcoin" - CJKonstantinos

🧡Bitcoin news:
➡ Historically, we are now entering the two most bullish months for Bitcoin, October and November.

➡ America's 13th largest city mines Bitcoin. The mayor of Fort Worth, Texas says, "We want to be a city that’s at the forefront of technology innovation, energy security, and the future". The machines are plugged into City Hall.
Texas is now the top US Bitcoin mining state with 28.5% of the national hash-rate - Foundry

➡ The largest Bitcoin mine in America. Riot Blockchain in Texas computes 10,500,000,000,000,000,000 mathematical algorithms every second in a global race to secure the next block of the blockchain.

➡Bitcoin mining can reduce GLOBAL emissions by up to 8% by 2030 - Institute of Risk Management

➡ Remember what I said awhile on politicians: "My personal opinion. Be wary of politicians who promise to give you exactly what you want. Politicians are just politicians! Bitcoin doesn't need politicians, politicians need Bitcoin (and votes). Don't lose the plot. And stop larping! Stay humble & stack sats."
RFK Jr.: "30-year fixed mortgages now over 8%. No one can afford to buy now. Rents shooting up too. Time to implement my plan of tax-free, government-backed 3% mortgage bonds to make homeownership accessible again."
Can’t fix a broken system from within the broken system.
Rule #1 of government subsidies: The thing being subsidized just gets more expensive.
RFK wants to end the Fed's interest rate manipulation but also wants a government-backed mortgage bond fixed at 3% which will... manipulate interest rates.

➡ Japanese car giant Honda now accepts Bitcoin. Honda enters into a significant partnership with the blockchain payment system FCF Pay to accept Bitcoin as payment for vehicles.

➡Microsoft is building a Bitcoin and crypto wallet into XBox according to a leaked roadmap. Xbox has +120 million monthly active users.

➡$33 Trillion U.S. ‘Debt Death Spiral’ could boost Bitcoin's price suddenly - Forbes

➡The murder rate in El Salvador falls from the world's highest to the lowest in the Western Hemisphere — at 2.3 per 100k in 2023. Bitcoin + Bukele = booming economy.
Santander Bank's research to institutional investors profiles El Salvador's booming economy thanks to Bitcoin, falling crime, and increasing tourism.
The murder rate in El Salvador has fallen from being the world's highest—103 per 100k in 2015—to the lowest in the Western Hemisphere, at 2.3 per 100k in 2023.
Can I say that Bitcoin incentivizes peace and fiat incentivizes war? Just a thought.

➡Chase Bank tells customers in the UK it will decline payments for Bitcoin and crypto.
Bankwest makes new conditions for credit card users Your account may be cancelled if you make a payment to a cryptocurrency exchange. Just use Peach Bitcoin or try out Relai.
➡ Bitcoin miner Core Scientific buys 27,000 Bitcoin mining rigs for $23 million in cash and a $53.9m equity investment.

💸Traditional Finance / Macro:
🏦Banks:
👉🏽Two weeks ago, previous Weekly Recap, I mentioned that US banks are between a rock and a hard place. But gladly we have the BFTP. Using that program banks can get unsecured lending from the Fed.

Last week we received the news that the losses on US Treasuries have surpassed $1.5 trillion—now $1.527 trillion.
Risk-free! *unless you have to sell. Good thing the Fed has created facilities so that banks never have to sell. BTFP is just a zero percent 12/mo credit card roll.

The losses on older US Treasuries are immense for pension funds, bond fund managers, banks, and insurance companies
Bank deposits are contracting faster and more aggressively than at any time in the last 50 years.  Down 3.73% since last year and falling for 10 months in a row.

On the other hand, the unrealized losses on investment securities for banks are skyrocketing.  For Q2 2023, there are nearly $550 billion in unrealized losses.  To put this in perspective, that’s nearly 25% of all banks’ equity capital.

🌎Macro/Geopolitics:
👉🏽 "The 10-year Note Yield's leap to 4.70% - a peak not seen since 2007 - is turning heads. From its low in March 2020, it's skyrocketed by a whopping 430 basis points. And while treasury yields seem to be breaking records daily, an additional rate hike now seems less likely.  Yet, with the expected hiatus until July 2024 and the influx of US Treasury bonds (thanks to deficit spending), bond markets are feeling the pressure, causing yields to soar.  Could we be bracing for 8% mortgages soon? It's a game-changer, and it's vital for everyone to stay informed and prepared." The Kobeissi Letter / DisruptiveBytes

👉🏽First, let's talk about mortgages. Here is a 'fun' stat:
"US housing market affordability is, by far, at its lowest point in history.  Even in the worst part of the 2008 financial crisis, affordability was ~15% BETTER than its current levels.  With the recent move higher in treasury yields, we should see 8%+ mortgages within a week or so.  This also means that the median home payment will soon cross $3,000/month for the first time ever.  Homebuyers are now spending 50% of median PRE-TAX household income on house payments." - The Kobeissi Letter

👉🏽 Second, yields. A 'golden rule' in monetary policy says that when US real yields rise above 2%, economic activity is severely impacted, and the odds of a recession increase accordingly.
As of Friday:
5-year US real yield: 2.38%
10-year US real yield 2.20%
20-year US real yield 2.27%
30-year US real yield 2.33%
and please brace yourself...

👉🏽Because the Bank of Japan is planning another bond-buying operation. But “the additional operations could accelerate the speed of the yen’s weakening” by preventing debt yields from rising. “It will eventually become impossible to continue with these operations” https://www.bloomberg.com/news/articles/2023-10-02/boj-to-conduct-additional-bond-purchasing-operation-on-oct-4

The Bank of Japan (BoJ) currently holds approximately 50% of the total outstanding Japanese Government Debt.
The Japanese Yield curve is now the steepest in history.  This is also the fastest move in the Japanese yield curve's history.
When debt is issued, the underlying economy operates on the assumption that it will eventually be repaid. Removing this assumption can lead to significant alterations in the behavior of economic participants.

👉🏽 The US will hit $40 trillion in total debt by the end of 2025 at the rate it's issuing debt every quarter.
The debt ceiling was eliminated in June under the... "Fiscal Responsibility Act"
On Saturday it passed a motion for MORE funding in the next 45 days.  With even more US Treasuries set to be issued, the selloff and rate spike aren't slowing down anytime soon. - Joe Consorti

👉🏽 "Nearly one-third of all outstanding US debt is set to mature over the next 12 months.  52% is set to mature over the next 36 months, meaning this debt needs to be refinanced.  However, since this debt was last financed, debt service costs have doubled from 1.5% to 3.0%.  This means that maintaining this debt is now 2x as expensive and it will soon be 3x as expensive as rates rise.  Headlines of US interest expense hitting $1 trillion will be gone soon.  $2 trillion in annual interest expense is coming quickly." - The Kobeissi Letter

I was shocked to learn that the US government is now spending more to pay interest on its $33 trillion national debt than it does on national defense. The US Bond Market has now been in a drawdown for 38 months, by far the longest bond bear market in history.

"Congressional Budget Office (CBO) projections show US Federal debt rising by $5.2 billion per day for the next 10 years.  However, since the debt ceiling “crisis” came to an end, US debt has jumped by $30 billion per day.  We have added roughly $1 trillion per month in US debt since then.  Interest expense alone is on track to hit $3 billion per day.  That means EVERY HOUR the US is borrowing $1.3 billion and paying $125 million in interest." - The Kobeissie Letter

JPMorgan's Lebovitz: “If rates continue to rise the way they’ve been rising, there will be a financial accident. Something will break and that will get the Fed moving in the other direction."
The following article by Jesse Myers summarizes the USA debt spiral and the (limited) options available.
https://www.onceinaspecies.com/p/643-april-2023-market-update-on-bitcoin

👉🏽And it's not only the US or Japan but also Germany:
"From the US to Germany to Japan, once unthinkable bond yields now new normal. Selloff has been so extreme it’s forced bullish investors to capitulate & Wall St banks to tear up their forecasts. Yields on 10y German debt close to 3%, a level not reached since 2011. Their US equivalent back in line w/avg from before GFC, within striking distance of 5%." Bloomberg
https://www.bloomberg.com/news/articles/2023-09-30/once-unthinkable-bond-yields-are-now-the-new-normal-for-markets

👉🏽M2 money supply in the US fell 3.7% in August.  The longest, deepest streak of money supply contraction in 90 years continues. Although that alone is alarming we should be a bit cautious, why? It is following the largest expansion, by far, so it's not overly surprising we now have a money supply contraction. The main question should be: What are the effects?

👉🏽August PCE inflation, the Fed's preferred inflation metric, RISES to 3.5%, in line with expectations of 3.5%.  Core PCE inflation fell to 3.9%, in line with expectations.

👉🏽The Canadian government, armed with one of the world's most repressive online censorship schemes, announces that all "online streaming services that offer podcasts" must formally register with the government to permit regulatory controls. Basically, Trudeau is trying to crush free speech in Canada. May I remind you that Canada is a G7 nation.

👉🏽The Bank of England is in the process of designing lending tools that allow it to give directly to insurance firms and pension funds, after the near-death experience of the Liability-Driven Investment (LDI) crisis in 2022.
https://www.cityam.com/bank-of-england-seeks-more-ammunition-to-deal-with-financial-instability-after-ldi-crisis/
It's a bailout, but we are not calling it a bailout. They can just throw money at this issue caused by throwing money at this issue. Classic!

Credit: I have used multiple sources!

My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: nostr:npub1sqzr42dj8vx32yd5jcvvl3ytux45kl0etgf6y2ymjvmd7lqmuwmqk9vk7vis especially suited for beginners or people that want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.

Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node...be your own bank. Not your keys, not your coins. It's that simple.

Is this post helpful to you? If so, please share it and support my work with sats.  #zap 🧡  #weeklyrecap  #nostr     #plebchain     #grownostr    #stacksats
https://image.nostr.build/7a757b11ef5810a58a31c0ee049439544c5a9640e65d6774f2f52a59506c46cd.png


From my archives, May 2020:

"As mentioned, the biggest issue is the fiat side of the equation. The bright side is that as bitcoin adoption increases, a circular economy should develop reducing the need to interact with fiat at all. Those who wish to accumulate bitcoin will either earn it or accept it in exchange for goods and services leveraging self sovereign software stacks such as BTCPayServer. Most won't buy bitcoin – they will earn it. Most won't sell bitcoin – they will spend it. This reality will take some time to develop  and I think we must be able to provide KYC'd users decent privacy - without losing auditable supply - until we bootstrap a circular bitcoin economy."

https://www.discreetlog.com/why-bitcoiners-should-care-about-using-bitcoin-privately/


LFG!!!


Not sure. I can not find any other information.
Enjoy your weekend!🧡


Yooo!

Public API is available for you guys to build cool stuffs on a peer2peer #bitcoin  exchange. GOOO 🚀

docs.peachbitcoin.com/#introduction https://image.nostr.build/04e652f8f9c338d2d03e87101bccf60c51ba78da71e6bd31bf6df7b4b83529b3.jpg


Good morning / good afternoon fam!🧡


Better mine Bitcoin!🧡

https://x.com/dsbatten/status/1704394499538247757?s=46&t=F791BMa98sP9DJoLz_JvoA

 #zapathon   #bitcoin   #nostr   #plebchain   #grownostr #zap   #bitcoinmining #pleb


bitcoin mempools may never clear again - get your utxo management in order during low fee periods to reduce the fees you will have to pay in the future

https://www.discreetlog.com/utxos/


🧠Quote(s) of the week:

"I am a Bitcoin maxi because:
1. Economic systems converge on one monetary tool.
2. Bitcoin is immutably scarce.
3. Bitcoin has the least future uncertainty.
4. Altcoin monetary policy is more mutable than BTC.
5. Altcoins decay against BTC in the long run." - Joe Burnett

"All of the relentless plebs who've been daily DCAing Bitcoin since the ATH are once again in profit and the fiat maxis are still completely clueless about how saving in hard money works" - Wicked

🧡Bitcoin news:
➡ The number of long-term Bitcoin Hodlers continues to hit new all-time highs. It seems like they are accumulating for the next bull run. Over 57% of Bitcoin in the network have not moved their capital in over 2 years.

The number of Bitcoin Addresses Holding 0.1+ Coins just reached an ATH of 4,486,752.

➡$1.5 Trillion Asset Manager Franklin Templeton has filed for a spot Bitcoin ETF.
After the news came out CNBC had an item on Bitcoin:
Bitcoin “outperformed every asset on the 1 year, 5 year, and 10 year.” “BlackRock and all the folks we thought were never going to do this are doing it” “It’s becoming institutionalised”

"The pressure is now firmly on the SEC to approve a Bitcoin ETF.
-Wall Street wants it (BlackRock, Fidelity, et al)
-Court rules against SEC rejection as illogical, capricious, and arbitrary.
-CNBC has pro-Bitcoin panelists openly advocating for Bitcoin" - Bitcoin Archive

➡Last week we had the former President of PayPal talking on CNBC about Bitcoin to make the $7.5 trillion daily foreign exchange market a much more efficient and profitable place.

For me, the two things that got me excited are:

1. The former President of PayPal and creator of the Libra project at Meta is focusing his time and energy on Bitcoin & and lightning.
2. A conversation about lightning is being held in mainstream media.

"We're trying to turn Bitcoin into a global payment network. There's no universal protocol for money on the internet that enables value to be transported," says @lightspark CEO David Marcus

➡ Last week the team of 21Bitcoinapp released a new update.
Features at a glance:

⚡ Bitcoin 24/7 instant purchase & savings plan
🏦Free real-time transfers up to €100,000.00 (SEPA Instant)
📈Graphic price orders – trade on your terms
🔒Non-custodial mode – full control & security of your Bitcoin
✨ Redesigned user interface for an even more intuitive user experience
Easy integration with tax software

This Bitcoin investment app (KYC) is especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly, and limit orders (24/7). With our code CRYPTOFRIDAY, you permanently pay 20 basis points less in fees.

You can download the app here: 21bitcoin.app/download

➡ Coinbase finally will integrate Lightning on their platform. Brian Amstrong, CEO of Coinbase, confirmed the US's largest (shitcoin casino) crypto exchange will integrate Lightning. The implementation date remains undisclosed.

I can say a lot of things, end of the day Bitcoin is getting more and more traction.

Ok...let me say one thing. Still, Coinbase needs to drop all the shitcoins whose narratives eventually will be destroyed.

➡ $1.4 trillion giant Deutsche Bank to hold Bitcoin and crypto for institutional clients. The largest bank in Germany, Deutsche Bank, is officially partnering with Taurus to provide crypto custody and tokenization services. Indeed, the bank has tabbed the Swiss firm after participating in its $65 million Series B funding Round. - Reuters (hyperlink->

https://www.reuters.com/business/finance/deutsche-bank-hold-crypto-institutional-clients-2023-09-14/#:~:text=LONDON%2C%20Sept%2014%20(Reuters),in%20a%20statement%20on%20Thursday.

➡ Bitcoin mining uses 58% clean energy - Bitcoin Mining Council

Today Bloomberg Intelligence reported that Bitcoin Mining uses energy that is +50% from sustainable sources.

The data above attest to the Bitcoin industry’s reputation as one of the most sustainable industries worldwide.

It is impressive to see Bitcoin mining using more and more clean energy. The narrative around Bitcoin and Bitcoin mining is shifting. Who would have thought Bloomberg would publish something positive about Bitcoin (mining)?

➡ Money sent on the Bitcoin blockchain this year has surpassed PayPal and is nearing Visa.

➡ "Bitcoin nodes are now one step closer to being able to sync in seconds. This is game-changing. Light clients can now sync instantly, and full nodes will soon be able to do so as well! Don’t know what I’m talking about?" Great article by Namcios. He is a features writer and reporter at Bitcoin Magazine covering relevant news and developments in Bitcoin.

Read the article here: https://bitcoinmagazine.com/technical/bitcoin-nodes-now-one-step-closer-to-instant-sync

💸Traditional Finance / Macro:
🏦Banks:
👉🏽 "US commercial banks lost $71.2 billion in deposits last week. If this was 2008, that would've been the 3rd largest outflow during the entire Great Financial Crisis. Since the March 2023 banking panic... it's only the 8th largest." Joe Consorti

When banks lose deposits they can:
1. Increase deposit rates (bad for margins)
2. Leverage assets via repos (collateral worth less so less funding)
3. Sell bonds (realizing losses)
4. Issue shares (time-consuming)

Banks are between a rock and a hard place, and the above sure puts it in perspective. But gladly we have the BFTP. Using that program banks can get unsecured lending from the Fed.

We all know that the US economy runs on debt. Debt comes from banks via loans. Now read the above again and the bit below on the US debt & and deficit.

👉🏽A bank liquidity indicator sounds the alarm! Emergency loans from the Fed's BTFP facility rose to $108bn this week – a new high – as long-term US govt bond yields keep rising. Growth has been flat for 15 weeks, acute regional bank stress hasn't faded though. Banks are just selling securities instead of going to the Fed — banks' UST & MBS holdings are down $158 billion since March.

"2023 has been the biggest bank run in a very long time. US banks have lost roughly $633.85 billion in deposits since January.

-Deposit flight
-Credit contraction
-E-conomic contraction

Not great for the US economy." - Joe Consorti

Macro/Geopolitics:
👉🏽 In Germany, where long-term interest rates keep rising, this makes debt more and more expensive. 30y Bund yields recently rose to 2.82%, the highest level since 2012.

👉🏽 US childhood poverty more than doubled from 5.2% in 2021 to 12.4% in 2022

👉🏽 August CPI inflation data shows the US inflation rate rose to 3.7%, above expectations of 3.6%. Core CPI inflation fell to 4.3%, in line with expectations of 4.3%.

This week we will see what the Fed will do. Given two months of rising inflation will the Fed raise the rates once more on Wednesday?

👉🏽Last week I mentioned that in the US corporate bankruptcies are rising at the fastest pace since 2010 (barring the pandemic), and are double the level seen this time last year.

On the 13th of September we found out that in Germany, the number of corporate insolvencies is rising sharply. In June 1548 comps went bankrupt, +36% YoY. In H1 2023, German district courts reported 8,571 corporate insolvencies filed. That was 20.5% more than in the 1st half of 2022.

Germany is not alone in its current problems. But Germany's leadership on specific energy and trade policies - overly lauded until recently - put the whole of Europe in a vulnerable position. This is a structural weakness now. Not easy to fix.

👉🏽 The U.S. is spending 100% of current tax receipts on social programs and entitlement benefits, and then an additional 33% equivalent of tax receipts each on interest expense and the defense budget. - Dylan LeClair

How I see it, boomers are going to die then will leave everyone else holding the bag. 100% of tax receipts are just a total pyramid scheme to fleece the young to pay the old.

In general, the US has a spending problem. "It is now running a deficit that equals 8% of GDP, slightly above 2008 lows. Furthermore, deficit spending as a percentage of GDP is roughly DOUBLE the historical average of 4%. While the Fed is no longer forecasting a recession, deficit spending is at 2008 levels. This is another major reason why interest rates continue to rise. Deficit spending is so large that over $1.9 trillion of US Treasury bonds are being issued over 2 quarters."

👉🏽 In Canada, all of a sudden price controls are on the table. You can't make this shit up. Trudeau says the heads of large grocery stores need to come up with a plan to stabilize food prices: "Let me be very clear: If their plan doesn't provide real relief ... then we will take further action and we are not ruling anything out, including tax measures."

Socialists have zero understanding of how the economy works. ZERO! Price controls won't work, never has been.

Want to learn more on this topic and why I say this: read the book 'Forty Centuries of Wage and Price Controls: How Not to Fight Inflation:  https://amzn.to/3r71ak4

May I remind you that Canada is a G7 nation.

👉🏽 The US government posted an unexpected $89 billion surplus to their budget in August. Why did this happen? Due to a $319 BILLION reversal of the student loan forgiveness plan after the Supreme Court ruled it unconstitutional. Had student loan forgiveness been approved, the US would have posted a $230 billion DEFICIT for August. Still, the US deficit YTD is at $1.5 trillion and up 61% compared to last year.- The Kobeissi Letter

👉🏽 "American workers are now striking at some of the highest levels on record. Last month alone, large stoppages from strikes resulted in 4.1 million missed days of work. This is, by far, the largest volume of work stoppages since August 2000. As the UAW strike kicks off, we are on track for a record of workdays lost to strikes in 2023. People are feeling the pain of inflation and want higher wages." -The Kobeissi Letter

👉🏽 Remember the below statement from last week's Weekly Recap: (and I encourage you to read the full statement)

"Germany's utopian energy fantasies are getting wrecked on the sharp rocks of reality. A solar industry magazine reports that 15% of Germany’s solar panels could be defective." Here is the article: https://t.co/kyuJx9rmiU

Here is some fun fact / additional data:

In 2009 there were about 35.000 people employed in the nuclear industry in Germany, which at that time produced 135 TWh of electricity.

In 2016 there were 160,000 people employed in the German wind-turbine industry which produced a total of 80 TWh of electricity.

Increased employment, jippieeee!

For more in-depth info on this topic read the following tweet:

https://twitter.com/E_R_Sepulveda/status/1701570630473183384

TLDR: German electricity consumers paid €320 billion to help subsidize wind, solar, and biomass operators.

Credit: I have used multiple sources!
#zap #weeklyrecap #nostr #plebchain #grownostr #stacksats

https://image.nostr.build/981dbabb3927bf4933f0376d1da6cddcecca497f4fb9aca1962ab9f146563cd2.png


Not my words but I couldn't agree more. Two days ago, I shared on IG (stories) that I am not always negative about the so-called finfluencers. But sometimes it’s good to be skeptical.

I am not on social media to sell you a fancy course/program. My mission is to change the world through Bitcoin education. So, yes, one part of that mission is to warn people about scams, pump-and-dump tokens, and uninformed influencers. No matter what their incentives are.

This tweet and compelling thoughts from @Andrew_J_Howard (Twitter) who’s been here since 2017, are in line with my mission and thoughts. (see especially points 10 & 11!)

But sometimes I feel like I am too excited about Bitcoin. See point 6.  Few people are even comparing me with the Jehovahs, in their eyes, I am just another ‘toxic’ Bitcoin maxi.👀

The only thing I can say is to learn from those who have been around longer than you.

End of the day, you can use my info or not, that is up to you.🧡

 #zapathon   #bitcoin   #nostr   #plebchain   #grownostr #zap   #pleb https://image.nostr.build/f42e51d324c12dafedaf4bf53fca30591fa420341013dd32ff2cde160dd3cbd3.jpg https://image.nostr.build/48fb7534289ca014789502214d19750c40acbf203849ac14ec588a14f35b48a7.jpg https://image.nostr.build/b73a2e1ed779eb8738add637875764296342ba8abdf6ce5cc3260b5c93241679.jpg https://image.nostr.build/d04e678494fed46d876e89971c27c9ee5ec16a9268e331ad4c34a39598d3cc3d.jpg


Haha same here! https://image.nostr.build/f802bbe1d0f7974e6cd073ea7a4410c1256bf952c8218dc02b6402c4863c223f.gif


#nostr #memes #bitcoin #tzu https://image.nostr.build/c62a3675e37e376d4d75932fe269e3efdbfa9cde978377c06c6eee1b0f926120.jpg


Good night Nostr!💜🧡

 #zapathon  #bitcoin  #nostr  #plebchain  #grownostr #zap  #memes #pleb https://image.nostr.build/41add1d0558abe1cc7f430465c1e0e05201304ad2bdfba66270940a3355bfce2.jpg


🧡💜 https://image.nostr.build/154f35819f1645e60b532d1155a1706060753c673fd3034cd13629e87557698f.jpg


Really? My bad, I should’ve verified the quote.

I know that half of Einsteins quotes were just not appropriate for our simplistic modern public/ social media. His quotes were often long-winded and speculative and he changed his mind a lot.

Thanks for the info, I will do some research!


Big time!🙊👀🤣


The entity that spent $510K on a single Bitcoin transaction fee was PayPal.

Apparently, due to a software bug and it took them 24 hours to realize and halt withdrawals.

Future of finance!😬💀

 #zapathon  #bitcoin  #nostr  #plebchain  #grownostr #zap  #memes #pleb https://image.nostr.build/9e4f22ed3639f6e3972b6c3df735831feb8bb70b89aced28eb306513aeb2f918.jpg https://image.nostr.build/b2152cd9a78db9c5c854d905c71a6e7c59a2ed12ac1cc4913ad43faa0fd8ff45.jpg


Overall US CPI moved up to 3.7% in August from 3.2% in July. 2nd straight month with an increasing YoY inflation rate! 😬 🙊

few understand the following and I quote nostr:npub1cj94enk44kn5mvrcma4sp7jnlsgnn4em7rk3dh3jt4fzyqs3m02s560efa :
"If you work 40 hrs/wk: at 5% inflation and after 5 years, you need a 28% pay raise or to work 44 more hours (*one full extra week* per month+) to make up the difference. This is inflation."

Albert Einstein reported said “Compound interest is the eighth wonder of the world. He who understands it earns it. He who doesn’t pay it.”

It is aptly said, what compound interest gives, inflation takes away. Put it another way - inflation is effectively the reverse of compound interest - it's like decompound interest.

My savings account: Bitcoin🧡

#zapathon  #bitcoin  #nostr  #plebchain  #grownostr #zap  #inflation #pleb https://image.nostr.build/2dcee3ea319b5f67f4fbf4ade75cce9cdb62cd1301d5c2bd2f05219d259dc95d.jpg


Cheers mate! You✌🏽


Good morning Nostr💜🧡

#zapathon  #bitcoin  #nostr  #plebchain  #grownostr #zap  #memes #pleb https://image.nostr.build/4da8efa681fa6c47a38d1c5e4d7868ede40847a41c1dea65b98745ed02a70deb.jpg


I’m crying, I’m laughing so hard!🤣🤣

it’s only funny because it’s true…
Stay safe out there!🧡
Just DCA and HODL, easy setup!

Credit: naiivememe/naiivecat

 #zapathon  #bitcoin  #nostr  #plebchain  #grownostr #zap  #art #memes #pleb https://video.nostr.build/a4ca9babf03827ae0d734ed4bccaf194a1f444ebea1927e43afef48f9052f93b.mov


GM!🙏🏽


GM Nostr!💜🧡

 #zapathon  #bitcoin  #nostr  #plebchain  #grownostr #zap  #pleb https://image.nostr.build/fbf54d424b2f78c0476fc6b758705ea3018d9c673e3b7be21552fec8207bfc31.jpg


Mosquito’s are like fiat money.

They’re everywhere, they’re fucking annoying, the amount keeps increasing but nobody knows the actual supply, they make people sick…

All mosquito’s must and will die!


GM / Good afternoon or good evening fam🧡🔥


Life can be easy!
⬇⬇⬇
Majority of the people are just lazy. nostr:note1akzfhl26jnrmukmy60yqw54qjev3rqa90ckw0m7xdsuvqwl6h5csgy2tdm


🧠Quote(s) of the week:

"1 BTC in self-custody is better than 1,000 BTC in FTX IOUs.

1 BTC in self-custody is better than 10,000,000 shares of the Blackrock Bitcoin ETF.

Many will learn this the hard way.

April 5, 1933

August 15, 1971"

- Joe Burnett

"If you take out $100K in debt for college people will congratulate you.

If you take out $400K in debt for a new home people will congratulate you.

But if you buy 1.0 BTC for $25,000 people tell you it’s a risky investment.

The moral of the story: WE ARE EARLY"

-TheBTCTherapist

🧡Bitcoin news:
➡ The next thing has nothing to do with Bitcoin or is it? One of the world’s most popular types of rough diamonds has plunged into a pricing free fall, as a growing number of Americans choose engagement rings made from lab-grown stones instead. In the analogy to the CrYpTo market, you can say that diamonds are real-world NFTs/Shitcoins. There's a lesson in this for those paying big $$ for NFTs/shitcoins or in the upcoming bullrun AI tokens or whatever hype we will encounter. Apparently, Diamonds are not rare and (Kayne's voice) Diamonds are NOT forever. - Source Fortune

Remember there will only ever be 21 million Bitcoin

➡ Long-awaited Bitcoin and crypto accounting reform has been passed in a unanimous vote by FASB, allowing companies to use fair value measurement on their books - Bloomberg

Why is this big news: Previously companies could only value their Bitcoin at the lowest price since they bought it, which meant they would have to record losses, but not gains when the price recovered. "This historic news will help facilitate global adoption by making it easier for companies such as Google, Apple, Tesla, Microsoft, and Amazon to hold Bitcoin."

If you want to learn more about FASB and if you need help understanding the importance of this rule change, please check the following thread by James Lavish:

https://twitter.com/jameslavish/status/1592228100934438913

➡ The first spot Bitcoin ETF will be approved between October and March 2024, says $676 BILLION fund manager AB Bernstein.

➡ Some interesting stats in the Iris Energy (Bitcoin miner) monthly investor August update:

- Negative 8c power at Childress in August, $56k mining profit per BTC. Yes, you read that right a Bitcoin miner paying -$0.08 per kWh, negative 9 cents per kilowatt hour!

- Targeting next-gen compute and generative AI with NVIDIA H100 GPUs

- Avg hashrate of 5,493 PH/s, 410 BTC mined, $11.5m revenue

Don’t forget that miners are also paid by grids to mine Bitcoin when there is excess power and insufficient demand! The operation of electrical power grids will rely on Bitcoin in the future:

Iris Energy was "paid to produce Bitcoin last month in Texas.

~US$28k per Bitcoin in *negative* electricity costs;

plus ~US$28k per Bitcoin when we sold it."

Again! You read that right, they got paid $28k per Bbitcoin by Demand Response programs. Then they sold those “free” Bitcoin for $28k each.

Mindblowing!

And it's not only Iris Energy. Also, RIOT got paid. Bitcoin miners are so good at balancing the grid during shortages that they get paid millions to do so.

In August, RIOT platforms earned $7m from ERCOT for ancillary services to reduce demand, less than 1% of the program.

They earned $24m in power credits from their retail provider TXU/Vistra for selling back pre-purchased power

They made 84,000 megawatt hours available to the grid, enough to power nearly 100k homes for a month, & and ensure that no consumers experienced disruptions.

On the 7th of September: "ERCOT saved the Texas grid from outages today by deploying Ancillary Services, including Bitcoin miners." - Pierre Rochard

Bitcoin miners played a big role last week in stabilizing the grid in Austin and other areas of Texas.

Real value for the power companies whose charter is to provide reliable, resilient, and dependable energy to the people.

The future of Bitcoin mining is so unimaginable I will just keep stacking sats. For some of you stock pickers you might want to deep dive into RIOT, and Iris Energy.

➡More Mining news: A renewable, modular data center from Peth company DC Two is now operating at biogas company LMS Energy’s Victorian facility.

I quote Daniel Batten:

"DC Two (Australia) = first landfill gas-powered Bitcoin Mining outside the US

Nodalpower: 4.8MW

Vespene: 1.6MW

DC Two: 0.8MW

Total: 7.2MW, mitigating 90,000 t CO2e emissions/yr"

Sources: https://www.crn.com.au/news/renewable-modular-dc-two-data-centre-operational-at-lms-energy-site-in-victoria-584842

➡ Grayscale lawyer asked to meet with the SEC "as soon as practical" to discuss converting Grayscale’s Bitcoin trust into a spot ETF.

"Grayscale is the 2nd largest Bitcoin holder with 628K BTC in their possession ($16B). Arkham Intelligence reveals that the funds are distributed among more than 1,750 addresses, each holding 1,000 BTC or less." - Bitcoin News

Personally, I couldn't care less if they will have a Bitcoin ETF or not. I’m not buying GBTC even for speculation. Paper Bitcoin is for idiots.

➡ Bitcoin supply on exchanges has increased by 3.1% over the past two weeks. No clue why! But if people want to sell cheap sats, fine by me.

➡The IMF had no data backing their claims that Bitcoin would have a negative impact on El Salvador's economy. Yet they continuously pushed falsehoods on Elsavador's Bitcoin legal tender law.

The first major bank, Santander, to point out that President Bukele's Bitcoin policy has delivered a new growth model. "It also suggests the potential for an alternative growth model with high tech the obvious extension from the BTC launch two years ago."

El Salvador's bonds are up 90% this year! Best performing in the world.

➡ "In quiet apathy, great adoption is occurring. Full Bitcoin wallets are approaching all-time highs, while the price is still -60% down. The number of addresses with a balance of over $1000 is back at the 2021 peak." - Charles Edwards

💸Traditional Finance / Macro:
🏦Banks:

"2023 has been the biggest bank run in a very long time. US banks have lost roughly $633.85 billion in deposits since January.

-Deposit flight

-Credit contraction

-Economic contraction

Not great for the US economy." - Joe Consorti

"Usage of the Fed's emergency bank funding facility jumped by $328 million last week. It now stands at a new record high of $108 billion, even as the regional bank crisis is "over." The current rate banks are paying the Fed on these loans? An alarming ~5.5%. The banks that almost collapsed are now borrowing record levels of expensive debt from the Fed." - The Kobeissi Letter

Two things that come to my mind. 1. 2008 vibes, and 2. If it is that bad in the US, how bad are the EU banks?

🌎Macro/Geopolitics:

Debt of various types is the biggest issue right now. The rate hikes only exacerbated this issue. Zombie economic countries/ zombie companies/zombie households are a real problem. One difficulty away from insolvency:

👉🏽World debt has rapidly increased since 1997. (Please study the Asia crisis and the ramifications - https://www.thebalancemoney.com/what-was-the-asian-financial-crisis-1978997) And is now around $225 trillion. Again, this is not sustainable.

In the US "over the next year, a record $7.6 TRILLION of US debt is set to mature. In other words, 31% of all outstanding US government debt will mature over the next year. Previously, this was not a problem as we have had historically low rates for 15+ years. This debt would simply be refinanced at the same or even lower interest rates. How about now? Interest rates have more than doubled over the last 2 years and refinancing this debt becomes a bigger problem. US interest expense is about to skyrocket."..."The US debt-service costs are now at their highest since 2009 as rates soar. Over the next year, this will continue to rise as US debt is refinanced at higher rates. Yet another sign that $4 trillion in "free stimulus" is not really free."..." Meanwhile, the US is issuing record levels of debt to cover deficit spending. Over the next 2 quarters, the US is set to issue nearly $1.9 trillion in Treasury debt. Deficit spending is pushing rates higher."- The Kobeissi Letter

👉🏽And it's not only the US that has a debt problem. China’s economy is in trouble:

"34 out of the top 50 private real estate developers in China are suffering delinquencies. According to Bloomberg, the remaining 16 developers face a combined $1.5 billion of bond payments this month. In January 2024, these remaining 16 Chinese developers will face a massive $3.0 billion in bond payments. This all comes just weeks after Evergrande filed for Chapter 15 bankruptcy. Meanwhile, the Chinese HY real estate index is down 82% in 2 years. China seems to be on the brink of a credit event."- The Kobeissie Letter

On top of that China's US Treasury holdings just hit $835B, a 14-year low. How will that affect the worldwide economy?

👉🏽Bankruptcy filings have spiked to levels last seen during C19 and the Financial Crisis. All the QT from the FED tends to have a lagging effect on the economy. Things are not looking good for small businesses.

👉🏽”The debt-to-income ratio for all homebuyers in the US just hit 40% for the first time in history. Even in the 2008 financial crisis, this ratio peaked at ~39%. This comes as total household debt just hit a record $17.1 trillion and credit card debt crossed $1 trillion for the first time ever. Consumers are borrowing at a record pace all while savings are declining and rates are rising." - The Kobeissi Letter

These are just facts and raw data. An increasing number of indicators suggest a market/macro correction. Private debt/income is the highest in history, public debt/tax rev the highest in history, and we're about to enter a recession. This is “why Bitcoin" inflation and our current financial systems turn us into debt slaves. Bitcoin, no debt.

👉🏽Corporate bankruptcy filings in 2023 are the highest in 11 years, and we still have 4 months until the year is over. Corporate bankruptcies are rising at the fastest pace since 2010 (barring the pandemic), and are double the level seen this time last year. It’s likely just the start of a wave of corporate defaults: A decade of cheap money instilled a false sense of invincibility in business executives and private equity managers who forgot that bust normally follows boom. Now, a combination of weakening demand, surging inflation, over-indebted balance sheets, and much higher borrowing costs will prove too much for weaker borrowers.

Just another part of the everything bubble. Everywhere you look = pain at the moment. Remember from last week's Weekly Recap:

"According to the Fed's own "best indicator," the probability of a recession is at its highest level since the 1980s. The interesting part is that the "Soft landing" narrative is now the consensus. This also happened in 2000 and 2006. Both instances ended in severe recessions. While it's always a possibility, trading with the objective of time a recession timing is not worth it. The market tends to have many fakeouts before a macro recession happens."

People/companies are borrowing at record-high levels while saving at historically low levels.

What could go wrong?

👉🏽"The median inflation rate of G20 countries is 4.2% year-on-year. In the US inflation is at 3.7%. That already feels high. But the 20 countries with the highest inflation have a median rate of 42.5%. If you haven’t experienced that first hand it is really hard to understand how bad that is for the people living there." - Ecoinometrics

👉🏽”Germany's utopian energy fantasies are getting wrecked on the sharp rocks of reality. A solar industry magazine reports that 15% of Germany’s solar panels could be defective." Here is the article: https://t.co/kyuJx9rmiU

Data/Numbers:

-15% of Germany's solar power is disintegrating.
-10 GW could be affected = €2 billion ($2.18 billion) in replacement costs.
-Only a fraction of the affected panels have likely been detected so far.

So let me get this straight. The "green" alternatives are expensive to maintain, unreliable, and also falling apart while they phase out the traditional energy sources that built their economy.

How much economic pain will Germans have to endure before politicians turn the nuclear reactors back on? Billions spent on 'renewables' would have been better spent on nuclear, or at least a mix of both!

“Fortunately for the grid, the power isn't needed because Germany is just losing its industries instead of growing the clean energy supply.” This is not just a catchy line:

From my Weekly Recap a while ago:

Overall industrial production is at the same level as in 2007. Of Germany's 6 major industrial sectors, only the electrical industry managed to rise above its pre-corona level in 2019. Germany's flagship industries, automotive and mechanical engineering sectors, are stagnating. The situation is particularly bad for the chemical industry.

👉🏽Recently we received the news that China was dumping US treasuries. Now also Saudi Arabia is dumping their US Treasury holdings.

Feb 2020: $184B Jun 2023: $108B

Source: https://t.co/ei5Y2sC8bF

Think of the long-term impact on the country. US Treasury holdings & and USD were/are what made the US the superpower of the world. What will happen if everyone dumps USA debt who will fund their borrowings? Dedollarization? By no means I am saying the Saudis are doing this to undermine the USA. The world is too complex. See it from another lens. The Saudis needed to sell treasuries to make ends meet during Covid (because oil prices crashed and their budget), and we have to wait how China and the Saudis will react after the next Fed monetary expansion cycle...what will be the effects?

I just hope we won't get into a currency battle, Study history, and you will know that will always lead to bullets.

I hope the Saudis just needed $.

They need $ to pay for football players, like Neymar, Benzema etc. Right?

Anyway,

Opt out: Bitcoin

Credit: I have used multiple sources!

My savings account: Bitcoin
The tool I recommend for setting up a Bitcoin savings plan: nostr:npub1sqzr42dj8vx32yd5jcvvl3ytux45kl0etgf6y2ymjvmd7lqmuwmqk9vk7vis especially suited for beginners or people that want to invest in Bitcoin with an automated investment plan once a week or monthly. Hence a DCA, Dollar cost Average Strategy. Check out my tutorial post (Instagram) & video (YouTube) for more info.

Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node...be your own bank. Not your keys, not your coins. It's that simple.

Is this post helpful to you? If so, please share it and support my work with sats.

#zap #weeklyrecap #nostr #plebchain #grownostr #stacksats https://image.nostr.build/0c5e2a1c7d3b2dadb0f599368904e65740212fd7c567d06df06889e9f4ffe095.jpg


Good morning Nostr!💜🧡

My workplace for today.

 #zapathon  #bitcoin  #nostr  #plebchain  #grownostr #zap  #art #pleb https://image.nostr.build/ac34fe2abb77a83a56f6e83fa931908e4640ae4eeabf2b9c86f0005b44ee4eee.jpg


Good morning! Stunning view, enjoy 🧡🙏🏽


GM Nostr💜🧡

 #zapathon   #bitcoin   #nostr   #plebchain   #grownostr #zap   #thesovereignindividual #pleb https://image.nostr.build/42e2981fd1c4481cd23d08ddd347647b2625c48b9a6a76808e2e2f9e5bdf5d5e.jpg


Big ufffff! https://image.nostr.build/509c68bbfda6ae1807cc969fedbbad9e45bd63e4b7be39b009398a21ab6fb8ea.jpg


GM Nostr 🧡💜

#zapathon      #bitcoin      #plebchain      #grownostr  #zap        #pleb nostr:note1l53dt4fhr4ejc8dut9gnqmuxa79hxnvugz7k9a4pyekf3yec8gas904w80


See you soon!🙏🏽


GN!!

Maybe tomorrow 21🧡

#zapathon      #bitcoin      #plebchain      #grownostr #zap     #pleb #goodnight https://image.nostr.build/d20d4b2f18e17bd3a07dda3fc09ee01f485e7dddbf340588372e021f6119ee5b.jpg


Working on Zwolle Bitcoinstad!🧡

#zapathon     #bitcoin     #plebchain     #grownostr #zap    #zwollebitcoinstad #pleb https://image.nostr.build/71dfae872db0dc6a70bdda7dc5d7a6907e5599dd36e1cb7f3b6a01d86eb4a4bb.jpg


I read that study a while back that discussed how incentives could become unstable in a fee-only scenario, with extra block re-orgs. There have probably been more studies since then. My analysis and research at the time pointed to that there seem to be various fee-smoothing mechanisms that are somewhat straightforward and could be implemented, but it also seems like not an existential risk and something that could be implemented if it starts being a problem.

One of my opinions of the paper I read was that they didn’t sufficiently take into account economic incentives. Miners put serious capex into ASICS with long lifespans, and so even if block-by-block incentives can incentivize more re-orgs, the long term revenue comes from the reliability of the network. So it’s unclear that miners would cause enough block re-orgs to make the network stability shitty. But if that’s how it works out, there are fixes as you pointed out. Seems like something that can be done if it actually materializes as a problem one day, rather than something that needs to be done years or decades in advance of there *maybe* being a problem.


GM🧡


Received the same message a while ago. I can still earn some sats and also earn the in game sats without giving away my phone number.


There some interesting stuff in the Cambridge Centre for Alternative Finance, Cambridge Judge Business School's article about the Bitcoin Electricity Consumption Index (CBECI)...

🔍 What's New?

The Center has recently updated its methodology for estimating Bitcoin's electricity consumption, introducing more precise metrics and assumptions. It looks like the changes aim to enhance the accuracy and reliability of the CBECI.

1⃣ Past Estimates Revised: The updated methodology was applied retroactively, showing a significant adjustment in the 2021 figure from 104.0 TWh to 89.0 TWh, and a less pronounced but noteworthy difference in 2022 and 2023.

2⃣ Efficiency Reassessed: The paper now takes into account the release dates and weights each considered mining hardware accordingly. The new estimates are better aligned with real-world efficiencies, hopefully improving the model's accuracy.

3⃣ Future Outlook: The study acknowledges that Bitcoin's electricity consumption is elusive and depends on various factors, including geography and the type of energy sources used. Future research aims to provide a more nuanced view of Bitcoin's electricity mix.

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Some stuff that will probably cause (errr...) conversation 😁

📉 Significant Downward Revision of 2021 Electricity Consumption: From 104.0 TWh to 89.0 TWh.

🌍 Implications for Public Perception: Could be seen as softening Bitcoin's criticized environmental impact.

🏛 Policy Impact: Could affect regulations and investment strategies related to Bitcoin's environmental sustainability.

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And some optimistic outlook as well! 😁

🌿 Potential Green Practices: Discusses mitigating methane emissions and other novel concepts like waste-heat recovery, which could make Bitcoin mining more sustainable.

🛠 Model Improvement: Enhanced methodology to include weighting older, less efficient mining hardware differently, making the estimates more reliable.

🌐 ❓ Expansion Beyond Bitcoin: There are plans to augment the Cambridge Blockchain Network Sustainability Index with Ethereum's pre-Merge and post-Merge greenhouse gas emissions and cover more blockchain networks, indicating a more comprehensive look at the industry's environmental impact as a whole.

Perhaps a final point..?

🔁 Continuous Improvement: I know not everyone will agree, but Cambridge updating their model and data doesn't necessarily suggest that previous estimates were fundamentally flawed but rather, as with all academic work, it's a natural part of the ongoing process of refining and enhancing research. Personally I'd rather applaud the academic rigor and transparency shown.

Thanks to nostr:npub1837u93v8am8q2rauvkqfk9sf6xfq07p9m4m82jueqh5u4qzkg25qesqrr4 for posting the article!

https://www.jbs.cam.ac.uk/2023/bitcoin-electricity-consumption/

https://void.cat/d/NoziTR4LBFQ1UNUHYoGMSH.webp


Big news! Thanks to a grant from nostr:npub10pensatlcfwktnvjjw2dtem38n6rvw8g6fv73h84cuacxn4c28eqyfn34f , we're adding some more Nostr features to Mutiny Wallet! First up: a live Zaps Feed to see who your friends are zapping.

https://blog.mutinywallet.com/content/images/2023/09/nostr-sync.webp

Having a different contact list for payments app is annoying and lame. With Mutiny Wallet you can now just import your nostr follows as contacts. All you need is an npub. It's easy to use and there's zero lock-in. Protocols not platforms!

https://blog.mutinywallet.com/content/images/2023/09/Screenshot-from-2023-09-06-15-57-18.png

The Zaps Feed, inspired by nostr:npub1l2vyh47mk2p0qlsku7hg0vn29faehy9hy34ygaclpn66ukqp3afqutajft with ZapLife.lol, shows you who your friends are zapping and who is zapping them. It's like Venmo's social payments but with a nostr twist. Learn more about it here: https://blog.mutinywallet.com/nostr-contacts-and-zap-feed

Big thanks to nostr:npub12vkcxr0luzwp8e673v29eqjhrr7p9vqq8asav85swaepclllj09sylpugg for adding a `zaps_feed` to their API. We're now running our own Primal server to keep things decentralized: https://primal-cache.mutinywallet.com/api

These new features complement some of the existing integrations we have like Nostr Wallet Connect. This allows for payment requests to show up right inside your wallet for you to approve.

https://blog.mutinywallet.com/content/images/2023/09/nwczaps.webp

We're far from done! Stay tuned for non-custodial zap receives and new NWC features like budgeting. Try the Zaps Feed on Mutiny Wallet now and share your thoughts!

The web version of the wallet is at https://app.mutinywallet.com - if you already have it installed as a Progressive Web App, just close and refresh! The android version is located here: https://github.com/MutinyWallet/mutiny-web/releases/tag/v0.4.16