Newsletter #146 - We got China'd but we will survive
This week we have juicy China exit news, global Bitcoin action and relationship updates. Calling it eclectic is an understatement.
You may have noticed an influx of China FUD as of late. Here’s Travis Kling with an in-depth breakdown of what that attack on Bitcoin looked like in June. It was quite a month.
As these strict measures reverberated around China businesses were forced to respond.
Bitmain was affected too. To help “smooth (the) transition of the industry” they have decided to suspend miner sales.
Kevin has been a solid person to follow during all of this, his mining knowledge is as deep as it gets. If you were wondering what happens when hashrate drops dramatically well here’s an explanation.
The block times took a serious hit. However, as Alex points out Bitcoin isn’t going anywhere. It might not be "up only" right now but at least we're not free falling to zero. Woo!
It’s not all bad news though, Bitcoin is cleaning up its image and its energy. Saylor is getting the rest of the world of board by dispelling myths about Bitcoin being powered only by non-renewables. It's worth noting that the sample size on this is allegedly pretty small (~5% of miners) but this means number go up... right?
Those government officials are finally coming around. Dollar weak. Bitcoin strong!
We briefly divert your attention to one poor CT shitposter who didn’t believe it was coming home. We hope she didn’t actually bet all of her Bitcoin on this. That was evidently much riskier than putting it all in experimental DeFi protocols.
Here’s Peter with some gloating.
Now to a new section of the newsletter where we discuss bagholders and their quest for the Holy Grail, a girlfriend. We are happy to report that you will soon be able to use Bitcoin to find the love of your life. No, we aren’t talking about hookers, welcome to Bitcoin dating! We just hope we can flaunt our Rare Pepes to win over potential matches.
One bagholder already got himself a girlfriend. Turns out he can’t wife her up though as he possibly held too many dog tokens.
Here’s Romano delivering some home truths. It’s important to check an arranged marriage candidate is not a supermodel before writing her off.
That’s enough relationship chat for one newsletter. Point72 are getting into Bitcoin.
Bitcoin has always been global but it seems that since the El Salvador news the rest of the world is moving things along a little faster than before. Brazil’s first Bitcoin exchange has just raised a bunch of cash.
Meanwhile the President of Tanzania is getting into Bitcoin too!
Here’s the OG El Presidente Nayib explaining how Bitcoin payments work. His presentation is so wholesome.
Nayib has learned a thing or two from crypto. He’s getting in on the airdrop game. Pump my bags!
Meanwhile in South Africa a founder accused of stealing $2.3 Billion USD in Bitcoin has reappeared. We think he’s going to struggle to blame this one on a boating accident.
Craig Wright has a habit of resurfacing too. The “creator of Bitcoin” has won a lawsuit against Bitcoin.org.
Here’s Cobra stating his terms for covering Craig’s costs.
In other news the “Father of Bitcoin toxicity” Mircea Popescu was found drowned off the coast of Costa Rica. RIP.
OG Bitcoiners were quick to point out that this should be considered significant. Popescu was rumoured to be one of the world’s largest Bitcoin holders. Read all about it below.
With Ethereum 2.0 taking forever to launch many of you are being forced into a community member life. Also RIP.
To top it off, many of us are terrible traders.
Here’s Frank with another reason why so many are destined to fail.
If you were ever wondering how destroy a project all you have to do is unlock coins for strategic investors and let them dump on your bagholders. Simple.
Or you just leave holes in the code and allow someone to drain your stablecoin to zero.
We round this one off with some important news. We unfortunately will not see Maren face off against an adversary in Dubai.
Maybe we can get Size Chad’s Mum to step in?