Saturday Update: 13 May 2023
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Headlines
announces it will finally integrate Lightning Network after it had to hit the pause button on Bitcoin withdrawals, twice, due to an escalating backlog of transactions attributed to the surge in BRC-20 tokens that are built on top of the Bitcoin timechain.
proposes to ban ‘spam’ ordinals through a ‘bugfix’. Changes suggested to the Bitcoin codebase might remove all non-standard Taproot transactions, BRC-20 tokens included, which have been the cause of a surge in fees the past week.
has announced plans to allow Bitcoin as payment for government services. Liechtenstein is a debt-free country that saves up to three times its annual budget and invests in securities. In 2019, the country enacted the “Liechtenstein Blockchain Act”, which was one of the first comprehensive regulatory frameworks for cryptocurrencies.
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Top Stories
(19 min read)
This article published by Swan Bitcoin focuses on the role of Bitcoin custodians in accelerating adoption. It introduces a new framework called "Satoshi's Hierarchy of Needs" which is an evolution of Maslow's famous hierarchy and helps clarify why different people prioritize different aspects of a monetary network based on their needs. The piece argues that custodial services play a key role in driving Bitcoin adoption, especially for those at lower levels of Satoshi's Hierarchy. It suggests we are in a race against time to onboard the world to Bitcoin before CBDCs take over. To choose the right custodians you should look for: Bitcoin-only services, FOSS support, friendly jurisdiction, Lightning & Segwit integration, advocacy of self-custody, and proof of reserves. Avoid custodians with these red flags: involvement in shitcoins, closed-source tech, hostile jurisdiction, no proof of reserves, no self-custody advocacy, and a history of unreliable services.
(32 min read)
The tragedy of fiat money is the central theme of this piece which argues that fiat money has caused widespread economic and social damage, as governments manipulate the supply of money to achieve political goals. It discusses the European Central Bank's (ECB) monetary policy and its effect on the value of the euro. It suggests that the ECB has printed over five times the amount of euros in circulation since 2002, amounting to over €1,308 billion, compared to the €2.34 billion that existed in 2002. The piece explains how monetary expansion works, discusses the effect of ECB monetary policy on the real economy and questions the beneficiaries of newly created money. It argues that "Bitcoin offers an escape from the tyranny of the state and the debasement of fiat currency." By allowing individuals to transact without intermediaries, Bitcoin empowers people and promotes economic freedom.
