https://bit.ly/3KqED8I via /r/Bitcoin https://bit.ly/3U1bio9
Friday 31 March 2023
"Bitcoin is freedom money" - Pierre Rochard testifying to Texas Senate
https://youtu.be/CnTpPmF6fdA
Submitted March 31, 2023 at 05:15AM by FortniteFiona https://bit.ly/40DrEpS
Submitted March 31, 2023 at 05:15AM by FortniteFiona https://bit.ly/40DrEpS
People are dumb as hell and brainwashed in r/investing
Just reading the post about „is bitcoin useful for real world implications from almost a month ago and all the comments seem they are from some bankers ceo kids who want to manipulate.Someone said all crypto is a litetal ponzi scheme 😂 I wonder in which context he first learned that term via /r/Bitcoin https://bit.ly/40OY6VF
Withdraw all our money at once on April Fools Day to prank our dead Banker Bros ... What if ... 😅
https://bit.ly/3TWcWYr
Submitted March 31, 2023 at 09:54PM by sylsau https://bit.ly/3M6TdmR
Submitted March 31, 2023 at 09:54PM by sylsau https://bit.ly/3M6TdmR
An official in the US Space Force wants the government to weaponize Bitcoin - Coiner Magazine
https://bit.ly/3ZAZ1bg via /r/Bitcoin https://bit.ly/3K3spRK
Thursday 30 March 2023
Good or bad for bitcoin?
https://bit.ly/40sfxvG
Submitted March 30, 2023 at 10:56PM by GodBlessYouNow https://bit.ly/42RDeix
Submitted March 30, 2023 at 10:56PM by GodBlessYouNow https://bit.ly/42RDeix
Proof of Work comes in many forms
https://bit.ly/3m2BjH8
Submitted March 30, 2023 at 11:00PM by No-Comparison-9307 https://bit.ly/3zD8hRX
Submitted March 30, 2023 at 11:00PM by No-Comparison-9307 https://bit.ly/3zD8hRX
I made a split-flap display so I didn't have to check the bitcoin price on my phone. You can configure the amount and currency it displays, to suit your needs
https://bit.ly/3KkRMzX via /r/Bitcoin https://bit.ly/3TYpm1H
Out with the old and in with the new
https://bit.ly/42RpWT0
Submitted March 30, 2023 at 10:52PM by Ryder_Lee100 https://bit.ly/3zgoUma
Submitted March 30, 2023 at 10:52PM by Ryder_Lee100 https://bit.ly/3zgoUma
Wednesday 29 March 2023
Bitcoin is freedom for Nigerians
https://youtu.be/1BIlV76zAfc
Submitted March 29, 2023 at 07:40PM by Runeverycity https://bit.ly/3nttg6N
Submitted March 29, 2023 at 07:40PM by Runeverycity https://bit.ly/3nttg6N
How Irish farmers are turning cow poop into digital gold
https://youtu.be/xkVOJAWP688 via /r/Bitcoin https://bit.ly/3ZpKU8K
Would buying through cashapp be a legit good start to purchasing bitcoin?
I am tryna just make a slim investment, somthing i can see grow but just let it do the work, i also had noticed that cashapp had a bitcoin option, would it be wise to put it in there??
Submitted March 29, 2023 at 08:43AM by noob_blacksmith33 https://bit.ly/3JQVKPu
The urge to orange pill everyone around you.
https://bit.ly/3JYu0Iy via /r/Bitcoin https://bit.ly/3KiSa1Q
Tuesday 28 March 2023
Big hodlers, what's stopping you from running a Lightning node?
Lightning is awesome and the liquidity on the metwork is still less than 1 % of the circulating supply, why are you guys on board yet? What are you waiting for? More Lightning adoption won't come from non-bitcoiners if the liquidity isn't there first.
Submitted March 28, 2023 at 02:40PM by fverdeja https://bit.ly/40EjSvm
My question is, if a country in the verge of being sanctioned by the U.S., Then why they don't liquidate their assets and bonds into BTC as a store value, and if they are skeptical about the BTC, with the amount that they bought BTC, they buy the Gold at leisure time? Am I missing something here?
No text found via /r/Bitcoin https://bit.ly/3ZmH6Fd
Hong Kong regulators to assist #crypto firms with banking in effort to become a digital asset hub.
https://bit.ly/3LXJWNO
Submitted March 28, 2023 at 11:35PM by CryptoKingSA https://bit.ly/3LWLMyq
Submitted March 28, 2023 at 11:35PM by CryptoKingSA https://bit.ly/3LWLMyq
The Lightning Network will drive widespread Bitcoin adoption across Africa. Here is why:
The Lightning Network will drive widespread Bitcoin adoption across Africa. In countries where the majority of the population is unbanked, national currencies are not a safe store of value.Bitcoin’s Lightning Network allows transactions with virtually zero fees and enables nearly instantaneous cash payments around the world.Limited access to commercial bank branches and digital banking options make moving money in Africa expensive and complex. Mobile money transactions rose 40% to over $700 billion in 2021.Bitcoin would eliminate intermediaries, allowing direct digital payments without relying on credit or incurring multiple settlement fees.The biggest challenge is the lack of infrastructure. Many people around the World do not have access to reliable electricity or the internet. via /r/Bitcoin https://bit.ly/3LYMnQd
Dollars no more
https://bit.ly/42OPXCm
Submitted March 28, 2023 at 10:19PM by boring--planet https://bit.ly/42KkNfz
Submitted March 28, 2023 at 10:19PM by boring--planet https://bit.ly/42KkNfz
Hong Kong regulators to assist #crypto firms with banking in effort to become a digital asset hub.
https://bit.ly/3LXJWNO via /r/Bitcoin https://bit.ly/3LWLMyq
Monday 27 March 2023
anyone up for a little april fools prank?
https://bit.ly/3nrs83x
Submitted March 28, 2023 at 03:05AM by Stolened_Is_Stolened https://bit.ly/42HClsO
Submitted March 28, 2023 at 03:05AM by Stolened_Is_Stolened https://bit.ly/42HClsO
The reason Bitcoiners talk about Bitcoin constantly with their friends and family is because they care.
https://bit.ly/3zawpe9
Submitted March 27, 2023 at 06:48PM by bitcoinbumblebee https://bit.ly/3JNJlLZ
Submitted March 27, 2023 at 06:48PM by bitcoinbumblebee https://bit.ly/3JNJlLZ
anyone up for a little april fools prank?
https://bit.ly/3nrs83x via /r/Bitcoin https://bit.ly/42HClsO
Bitcoin is useful for entrepreneurs
https://bit.ly/3ZiNwVJ
Submitted March 27, 2023 at 09:02PM by notlarangi123 https://bit.ly/40BN71Y
Submitted March 27, 2023 at 09:02PM by notlarangi123 https://bit.ly/40BN71Y
What happens when your debt is the world's reserve currency and no one wants to prop it up anymore? Weimar Republic
https://bit.ly/3Kb3du1
Submitted March 27, 2023 at 09:09PM by KAX1107 https://bit.ly/3TOMQGB
Submitted March 27, 2023 at 09:09PM by KAX1107 https://bit.ly/3TOMQGB
Sunday 26 March 2023
Bitcoin Cracks 400 Exahashes Per Second
https://bit.ly/3LNuTq2 via /r/Bitcoin https://bit.ly/3nmbUZv
Bitcoin Supra sparking a lot of conversations at the track today!
https://bit.ly/3z5IAce
Submitted March 27, 2023 at 12:12AM by VoskCoin https://bit.ly/3LSW82h
Submitted March 27, 2023 at 12:12AM by VoskCoin https://bit.ly/3LSW82h
It’s a popularity contest! Newer tokens/ token utility will never matter, there will always be something better. Bitcoin is too mainstream to be replaced. Popularity=Adoption
https://bit.ly/3LVaI9O via /r/Bitcoin https://bit.ly/3LY7YZj
There is no second best
https://bit.ly/3FOps6b
Submitted March 26, 2023 at 10:21PM by notlarangi123 https://bit.ly/3Zn1oOS
Submitted March 26, 2023 at 10:21PM by notlarangi123 https://bit.ly/3Zn1oOS
Bitcoin Supra sparking a lot of conversations at the track today!
https://bit.ly/3z5IAce via /r/Bitcoin https://bit.ly/3LSW82h
The Fiat Federation Seeks Total Annihilation of Bitcoin On-Ramps
https://bit.ly/3FS1Gq6
Submitted March 26, 2023 at 06:36PM by No-Wolverine1275 https://bit.ly/3LTEDz8
Submitted March 26, 2023 at 06:36PM by No-Wolverine1275 https://bit.ly/3LTEDz8
Saturday 25 March 2023
So yeah this is a thing lol bitcoin cologne
https://bit.ly/3lEOZrK
Submitted March 26, 2023 at 12:23AM by tinyswan450 https://bit.ly/3z6DwEt
Submitted March 26, 2023 at 12:23AM by tinyswan450 https://bit.ly/3z6DwEt
New drinking game - a shot for every time he says "Change Bitcoin's code"
https://bit.ly/3FNf3rp
Submitted March 25, 2023 at 01:45PM by Forward_Cranberry_82 https://bit.ly/3JJCNOn
Submitted March 25, 2023 at 01:45PM by Forward_Cranberry_82 https://bit.ly/3JJCNOn
A wholecoiner due to a sad circumstance
My buddy kicked the bucket and left me 1 btc. I dont know how i should feel.
Submitted March 25, 2023 at 09:44PM by _k182 https://bit.ly/42zE4jT
Over 1,200 German banks can now offer Bitcoin trading to their retail customers
https://bit.ly/3FMIBFB
Submitted March 25, 2023 at 10:13PM by bitcorner22 https://bit.ly/3TIVE0C
Submitted March 25, 2023 at 10:13PM by bitcorner22 https://bit.ly/3TIVE0C
So yeah this is a thing lol bitcoin cologne
https://bit.ly/3lEOZrK via /r/Bitcoin https://bit.ly/3z6DwEt
Friday 24 March 2023
Laser eyes
https://bit.ly/3ZdefD5
Submitted March 25, 2023 at 01:06AM by Bitcoin_Maximalist https://bit.ly/3nhRLUv
Submitted March 25, 2023 at 01:06AM by Bitcoin_Maximalist https://bit.ly/3nhRLUv
This guy was paid 32 bitcoin to wear this hat and hold this sign on a busy street in 2011
https://bit.ly/42PoXmy via /r/Bitcoin https://bit.ly/3K6mmNx
“Bitcoin is like pet rocks”-CEO, JPMorgan Chase, 2018 -> “JPMorgan's Nickel Bags Turned Out to Filled With Stones”
https://bit.ly/3LOFp0m
Submitted March 24, 2023 at 08:10PM by anytownusa11 https://bit.ly/3K6cvay
Submitted March 24, 2023 at 08:10PM by anytownusa11 https://bit.ly/3K6cvay
When people tell me to diversify my portfolio
https://bit.ly/3Z8qqB7
Submitted March 24, 2023 at 05:42PM by MilesPower https://bit.ly/3FJRkIY
Submitted March 24, 2023 at 05:42PM by MilesPower https://bit.ly/3FJRkIY
Thursday 23 March 2023
Did Satoshi create bitcoin with the intention of global adoption?
Did Satoshi have the worlds financial system in mind? via /r/Bitcoin https://bit.ly/3nhH4RO
We're Early, Keep Educating.
https://bit.ly/3JZFmNM
Submitted March 23, 2023 at 09:01AM by WhaleFactory https://bit.ly/3lFsfYH
Submitted March 23, 2023 at 09:01AM by WhaleFactory https://bit.ly/3lFsfYH
Even If You’re a Bitcoiner, You Wouldn’t Want the Price of Bitcoin to Reach $1M by June 15, 2023. Here is why.
https://bit.ly/3LIjsjp via /r/Bitcoin https://bit.ly/3lxkuUO
In the light of recent incidents...
https://bit.ly/3FONaPR
Submitted March 23, 2023 at 03:05PM by kirovreported https://bit.ly/3z2r7Bm
Submitted March 23, 2023 at 03:05PM by kirovreported https://bit.ly/3z2r7Bm
Bill introduced in Congress expressing the importance of bitcoin mining to help the US achieve its energy goals and grow its economy
A new resolution has been introduced to the 118th Congress by Congressman Pete Sessions to foster the growth of bitcoin mining in the US recognizing its importance to the United States ability to achieve its energy goals and growth of its economy, infrastructure and national security.The bill highlights many unique benefits of bitcoin mining as a flexible, interruptible, location agnostic energy consumer of last resort that can directly subsidize energy costs, mitigate methane emissions, monetize curtailment, expand renewable infrastructure, stabilize grids, provide energy access to remote places and scale sustainable energy production.PoW mining uses .14 percent of the global energy supply, which is less than the amount of electricity lost in transmission and distribution each year.PoW mining seeks out low-cost energy and can utilize excess supply during off-peak periods, which improves the overall economic viability of renewable energy projects.PoW mining also contributes to grid stability through demand response, whereby miners can quickly curtail load to maintain equilibrium between supply and demand on the electrical grid.PoW mining economics are notably responsive to electricity prices, and miners can curtail operations when electricity supply is low or prices are high, providing more energy to households and the grid during times of heavy demand.During the winter of 2022, the State of Texas experienced record cold temperatures straining the electrical grid, Bitcoin miners collectively reduced usage by up to 1,475 MW which is enough power to heat 1,470,000 small homes.PoW mining can reduce methane emissions by using stranded or wasted methane as a fuel source, thus reducing the amount of methane that enters the atmosphere.It is the sense of the House of Representatives that energy development should be a key pillar to the growth of the United States economy, infrastructure, and national security, and Proof-of-Work mining can help develop advancements in all of these sectors.Proof-of-Work mining is an important part of the United States ability to achieve energy independence and continued national security.Link to the bill - https://bit.ly/3JIDpDY via /r/Bitcoin https://bit.ly/40qk6Xr
Pretty cool way to get kids into Bitcoin. Back of the new Bitcoin PEZ Dispenser packaging.
https://bit.ly/3FN7tND
Submitted March 23, 2023 at 07:36AM by Coracm41 https://bit.ly/3TF7GYN
Submitted March 23, 2023 at 07:36AM by Coracm41 https://bit.ly/3TF7GYN
The government crackdown rolls into operation
https://bit.ly/3nfBwHq via /r/Bitcoin https://bit.ly/3nfBxLu
Wednesday 22 March 2023
Finally got around to setting up a price tracker
https://bit.ly/3lEqtXF
Submitted March 22, 2023 at 11:08PM by mackey_ https://bit.ly/3JJGnbA
Submitted March 22, 2023 at 11:08PM by mackey_ https://bit.ly/3JJGnbA
We may be shooting ourselves in the foot and hampering bitcoin adoption if we don't change course quickly
The recent uproar around changes to the UCC is the result of a fundamental lack of understanding of commercial law, and we may be shooting ourselves in the foot and hampering bitcoin adoption if we don't change course quickly.Texas Blockchain Council, Bitcoin Today Coalition and Bitcoin Policy Institute are now coordinating to try to correct misperceptions being advanced by some in the bitcoin space around the impacts of recently proposed UCC amendments being voted on at the state level.The crux of the UCC issue is very well laid out by Carla Reyes in her recently released paper: Emerging Technology's Unfamiliarity with Commercial Law - "Far from advantaging CBDCs, the 2022 UCC Amendments promote stability and predictability in commercial transactions involving cryptocurrency."If you read nothing else in the paper, please focus on this paragraph. The bottom line is that these UCC amendments actually enshrine bitcoin's core tenets in state laws around the country, while doing nothing to advance CBDC adoption.If you are going to reach out to your state legislatures, please read Carla Reyes's paper first and gain an understanding of the issue.You can view Carla Reyes's paper online in your browser by following this link and I will also include a copy of her paper below.ABSTRACTOver the course of a three-year, collaborative process that was open to the public, the Uniform Law Commission (ULC) and the American Law Institute (ALI) undertook a project to revise the Uniform Commercial Code (UCC) to account for the impact of emerging technologies on commercial transactions. The amendments, approved jointly by the ULC and ALI in July 2022, touch on aspects of the entire UCC, but one change has inspired ire and attracted national media attention: a proposed revision to the definition of “money.” The 2022 UCC Amendments alter the definition of “money” to account for the introduction of central bank digital currencies, such as the Bahamian Sand Dollar, and create a separate asset classification category for cryptocurrencies such as bitcoin — controllable electronic record. Opponents of this change state concern that the UCC seeks to “ban” cryptocurrency or otherwise advantage central bank digital currencies and disadvantage cryptocurrencies. This essay examines this dispute over the 2022 UCC Amendments, and argues that it stems from a misunderstanding of core commercial law concepts. Ultimately, it seems, diminishing familiarity with commercial law — a side effect of expanding reliance on emerging financial technology products — stands as a key obstacle to the enactment of a legal changes designed to give the objectors the very legal effects they desire.INTRODUCTIONCryptocurrency stories of woe have dominated the news cycle since May 2022. Some of this news coverage reveals the general public’s lack of familiarity with commercial law concepts. For example, when a ruling in the Celsius bankruptcy determined that certain customer deposits belonged to Celsius, and, relegated customers to unsecured creditor status, the world generally seemed shocked. Well, everyone seemed shocked except commercial lawyers. Those lawyers familiar with the Uniform Commercial Code (UCC) and its interaction with the Bankruptcy Code might have predicted such an outcome, and, indeed, had they been consulted, might have helped prevent it. Unfortunately, as the regular use of checks and other negotiable instruments dwindles in favor of emerging financial technology products, commercial law familiarity also diminishes.In a somewhat twisted turn of fate, emerging technology’s unfamiliarity with commercial law now threatens the adoption of key commercial law changes designed to improve the use of emerging payment mechanisms in commerce. This essay examines the proposed 2022 UCC Amendments6 and recent claims that the Amendments seek to “ban” bitcoin and facilitate the adoption of a controversial asset called Central Bank Digital Currency (CBDC). The essay argues that such claims rest in a failure of emerging technology’s advocates to understand commercial law terms of art and the purposes they serve in the UCC. Far from advantaging CBDCs, the 2022 UCC Amendments promote stability and predictability in commercial transactions involving cryptocurrency.I. THE BACKDROP: BITCOIN VS. CENTRAL BANK DIGITAL CURRENCIESRecent concerns that the 2022 UCC Amendments push a pro-CBDC and anti-bitcoin agenda9 stem from a deep cultural and value clash between proponents of bitcoin and proponents of CBDCs. By way of brief background, bitcoin is a cryptocurrency intrinsic to the Bitcoin network. Introduced by Satoshi Nakamoto in 2009, the Bitcoin blockchain protocol provides a mechanism for recording electronic transactions through a distributed adversarial network in which it is computationally impractical for any party or group to retroactively modify transactions. Bitcoin enables the cryptographic demonstrability and relative permanency of each digital transaction, facilitates direct peer-to-peer financial transactions without intervention by a third-party intermediary, and incentivizes network support and security by issuing new bitcoin, subject to a cap, according to pre-determined rules coded into the network. Bitcoin is a medium of exchange laden with a variety of values, including preferences for: deflationary monetary economics, privacy, autonomy, and freedom in financial transactions.These values stand in stark contrast to many of the technical and cultural elements of proposals to create CBDCs. The Board of Governors of the Federal Reserve System (FRB) defines CBDCs “as a digital liability of the Federal Reserve that is widely available to the general public.” Even while lauding potential benefits of CBDCs, such as convenience, safety, and liquidity, the FRB also expressed concern for potential negative effects. In particular, many worry that CBDCs will increase government financial surveillance, restrict financial autonomy, and potentially disincentivize savings, among other economic implications. Ultimately, as a result of these issues, the face-off between bitcoin and CBDCs acts as a battleground over important value and political differences.While this value-laden and politically-tense debate over the nature of money and alternative payment mechanisms brewed, a variety of stakeholders began a completely unrelated, deliberative, and open process to amend the UCC considering the last decade’s technological advances. One key issue posed by emerging technology centered on improving the commercial law rules for digital assets such as bitcoin.II. THE PROBLEMATIC TREATMENT OF BITCOIN UNDER EXISTING UCC PROVISIONSA variety of lenders secure loans using cryptocurrency as collateral. As early as 2014, commercial lawyers and scholars pointed out the potential limiting effect of existing UCC provisions for the negotiability of encumbered cryptocurrency. Under the existing UCC provisions, bitcoin (and other cryptocurrency) is a general intangible. When a lender takes general intangibles as collateral for a secured loan, the lender may only perfect its security interest by filing a financing statement in the relevant filing office. As discussed in further depth below, bitcoin’s treatment as a general intangible caused two problems for those lending against bitcoin as collateral: (1) crypto-native lenders lacked an optimal method of perfecting bitcoin collateral, and (2) bitcoin users could only ensure they received unencumbered bitcoin by conducting a search in the Article 9 filing system.First, crypto-native lenders expressed concern about filing financing statements for fear of reducing the privacy interests of debtors. Lenders worried that third-parties could ascertain when a debtor owned cryptocurrency (including, say, bitcoin) and had perhaps borrowed against it. Debtors sought more privacy than that. As a result, some lenders began taking “control” of the bitcoin collateral by, for example, taking the bitcoin into a wallet the lender controlled. While this was good for gaining access to the collateral upon default, under the existing UCC, that lender, without filing a financing statement with the relevant filing office, remained an unperfected secured creditor. Such status, of course, would pose a problem if the debtor defaulted to another, perfected, secured creditor, or if the debtor became insolvent and filed for bankruptcy. In either case, the crypto-native lender with control of the bitcoin but no filed financing statement would lose in a contest for the value of the bitcoin collateral to a secured party who filed a financing statement or to the bankruptcy trustee. Second, treatment of bitcoin as a general intangible imposed a severe limitation on the negotiability of bitcoin. An onward transferee of bitcoin could never be sure without searching the filing system whether the bitcoin they received was encumbered or not.Many initially think the answer to the problem of treating bitcoin and other cryptocurrencies as general intangibles lies in making bitcoin “money” under the UCC. Under the UCC “money” receives treatment as super-negotiable; a recipient of encumbered money from a debtor takes it free of a security interest granted by the debtor. However, ultimately, this solution remains suboptimal. Making intangible bitcoin “money” for UCC purposes is problematic because a security interest in “money” can only be perfected by possession. Possession in the UCC is a physical, tangible concept. You must be able to hold a thing in your hands in order to possess it. So, if you make bitcoin “money” for UCC purposes, you make it impossible to perfect a security interest in bitcoin, which is worse for lenders than classifying bitcoin as a general intangible — at least as a general intangible, an actual way to perfect a security interest exists.III. THE 2022 UCC AMENDMENTS RESPECT BITCOINS NEGOTIABILITY AND DECENTRALIZATIONThe 2022 UCC Amendments offer nuanced resolutions to these issues. First, the amendments create a new category of asset for UCC purposes (and for UCC purposes only). That category of assets is called a “controllable electronic record” (CER). A CER “means a record stored in an electronic medium that can be subjected to control under Section 12-105.” In an innovative move, the technology agnostic 2022 UCC Amendments defer to the technical system of the CER to determine what constitutes control as a technical matter, so long the person who has control obtains: (1) the power to enjoy substantially all the benefit of the CER; (2) the exclusive power to prevent others from enjoying “substantially all the benefit” of the CER; and (3) the exclusive power to transfer control of the CER.34 Notably, exclusivity is not lost if it is shared by agreement (or by technology — such as multi-signature arrangements).This definition of “control” serves two purposes: (1) it serves a definitional purpose — namely, not all electronic records are CERs, just those capable of being subject to the defined term control, and (2) lenders who take cryptocurrency, including bitcoin, as collateral, may now perfect security interests by control.36 Indeed, the amendments make control the preferred method of perfection for CERs over filing. This, of course, is exactly what existing industry players had already been doing — just without the legal benefits they would have wanted under the existing provisions of the UCC. The 2022 UCC Amendments seek to bring the law up to speed with what bitcoin-native secured lenders thought was best all along. Additionally, the 2022 UCC Amendments provide that if a purchaser of a CER (such as bitcoin) is a qualifying purchaser, the purchaser will benefit from a take-free rule; the purchaser gets an unencumbered CER. In this way, treating bitcoin and other cryptocurrencies as CERs resolves the two prominent problems lenders taking bitcoin as collateral face under the existing UCC provisions.Far from favoring CBDCs, the 2022 UCC Amendments seek to facilitate the negotiability of CERs such as bitcoin. Without such rules as the take-free rules, bitcoin and other CERs would be at a disadvantage to CBDCs in terms of negotiability. Instead, the 2022 UCC Amendments preserve the negotiability of bitcoin and other CERs in a way that should better enable individuals to freely transact in bitcoin without worry that they are taking the bitcoin subject to a secret lien. This represents an extremely important change to commercial law rule for the maintenance of bitcoin and cryptocurrencies as freely transferable bearer-like instruments.As the 2022 UCC Amendments were being drafted and debated, El Salvador adopted bitcoin as legal tender. Arguably, El Salvador's move made bitcoin “money” under the existing UCC. Of course, this presents a problem because no lender can now perfect a security interest in bitcoin. Recall that “money” must be perfected by possession and possession is a concept for tangible things you can hold in your hands. The existence of intangible bitcoin as “money” does not fit within that model of perfection by physical possession. Further, some countries already developed CBDCs like the Sand Dollar. The Sand Dollar, as e-currency authorized by the Bahamian government, clearly falls under the UCC’s existing definition of “money,” leaving lenders with no way to perfect security interests in Sand Dollars or other CBDCs, because possession, as a physical concept simply does not work.Further, as a form of legal tender, many expect CBDCs to integrate with the existing banking system, and the existing UCC rules already account for how to perfect in collateral like a deposit account (namely by control, defined in a different way). Notably, even El Salvador’s adoption of bitcoin integrates with the existing banking system similarly to CBDCs. El Salvador implemented its adoption of bitcoin as legal tender through the Chivo wallet, a custodial wallet that does not give users control over their private keys. The 2022 UCC Amendments could have taken its cue from the El Salvador implementation and required that perfection of bitcoin and other cryptocurrency take place via a custodial wallet provider or deposit account. The 2022 UCC Amendments opted for a different approach. Namely, to address the likely integration of CBDCs with the existing banking system while also attempting to honor the decentralized nature of cryptocurrencies and blockchain protocols like that found in bitcoin, the 2022 UCC Amendments kept the CER category for bitcoin and created a separate concept of “electronic money.”“Electronic money” includes any “medium of exchange that is currently authorized or adopted by a domestic or foreign government,” but excludes “an electronic record that is a medium of exchange recorded and transferable in a system that existed and operated…before the medium of exchange was authorized or adopted by the government” (like El Salvador and bitcoin). Notably, this change does not preference CBDCs, but instead deals with unique issues. Namely, if electronic money is credited to a deposit account (which in UCC-speak means a bank account, and could include an account at a central bank), then the normal deposit account perfection rules will apply. If the electronic money collateral is not credited to a deposit account, then a security interest in electronic money could be perfected by control. As a practical matter, because of the nature of CBDCs, the default method of perfection in electronic money in practice will likely be by perfection of deposit accounts. It should come as no surprise, then, as to why treating bitcoin like “electronic money” and folding it into the definition of “money” would be sub-optimal. Namely, such treatment would likely encourage recentralization of bitcoin holdings through deposit accounts or intermediated securities accounts. Such recentralization would be a step in an incredibly wrong direction. Rather, enabling maximum party autonomy by allowing individualized control over a CER to act as a method of perfection for bitcoin and other cryptocurrencies represents a more beneficial approach, as signaled by the fact that crypto-native secured lenders employed this approach before the 2022 UCC Amendments project began. The separation between “electronic money” and CERs, far from somehow favoring CBDCs, respects existing commercial practice and the decentralized nature of bitcoin and other cryptocurrency.CONCLUSIONThe worries raised about the UCC including CBDCs in the definition of “money” while excluding bitcoin center on a concern that other laws might copy the definition for other purposes. In this regard, the private law nature of the UCC plays an important role. The UCC is not regulatory in nature, and the definition of “money” in the UCC has no direct impact on the definition of “money” for other legal purposes such as in taxes, anti-money laundering, money transmitter regulations, security regulations, commodities regulations, or even which mediums of exchange serve as U.S. legal tender. The definition of “money” in the UCC serves a narrow commercial law purpose: to provide predictability and stability in commercial transactions relating to a specific type of medium of exchange. The unique and decentralized nature of bitcoin and other cryptocurrency require a different approach to enabling stable and predictable commercial transactions involving those assets.The 2022 UCC Amendments seek to preserve the decentralized nature of bitcoin and other cryptocurrencies, enable secured lenders to enjoy legal benefits of their existing commercial practices, and by protect the negotiability of bitcoin by allowing onward transferees to take bitcoin and cryptocurrencies free of existing encumbrances. Without an understanding of the role that the definition of “money” plays in the UCC, however, bitcoin’s proponents may miss the opportunity to support a law that respects some of bitcoin’s core values. Although unfamiliarity with blockchain-related terminology often motivates sub-optimal legislation and regulatory schemes for cryptocurrency, smart contracts, and other emerging technology, this battle over the 2022 UCC Amendments stems from the opposite: unfamiliarity with commercial law among proponents of emerging technology. Emerging technology’s language wars, it seems, run both ways.In the case of South Dakota, while the governor’s rhetorical response reflects well on her political judgment, this proposed bill does not, unlike the Governor and others claim, tilt South Dakota toward a CBDC purgatory. Nor does it restrict Bitcoin’s adoption. It’s actually bullish for Bitcoin.How this misunderstanding has metastasized through political discourse — from state governors to Bitcoin-friendly Congressmen — deserves its own deconstruction, but I’ll leave that to others.The bill in question — based on an update to the Uniform Commercial Code — not only expands definitions and protections for Bitcoin, but actually creates a legal mechanism for recognizing self-custody and for the protocol’s inclusion in traditional lending, insurance, and commercial transactions.In a sense, it’s an upgrade to existing commercial law that would allow Bitcoin to be used as collateral for all future financial contracts. It’s “not your keys, not your coins” in commercial law.Not only would this bill protect your Bitcoin in any commercial transaction, but it would also better define and protect ownership of your Bitcoin in a bankruptcy scenario like FTX, Voyager, or BlockFi.More at https://bit.ly/3TD8spx via /r/Bitcoin https://bit.ly/3z0oxvI
Bitcoin marketing team
https://bit.ly/3yWKT15
Submitted March 22, 2023 at 10:21PM by KAX1107 https://bit.ly/3lDXMKr
Submitted March 22, 2023 at 10:21PM by KAX1107 https://bit.ly/3lDXMKr
Credit Suisse Bailout to Cost $13,500 to every Swiss Citizen
Switzerland’s tab for shoring up its reputation as a financial center could run to 12,500 Swiss francs ($13,500) for every man, woman and child in the country.
To backstop the emergency sale of Credit Suisse Group AG to its Zurich rival UBS Group AG, the Swiss government pledged to make as much as 109 billion francs available — a hefty burden for the country of 8.7 million people.
Submitted March 22, 2023 at 09:00PM by biba8163 https://bit.ly/42uw3fX
Tuesday 21 March 2023
Wish my mom was this smart!
https://bit.ly/3JT0zZD
Submitted March 22, 2023 at 12:51AM by jackietreehorn2022 https://bit.ly/3lwyL3W
Submitted March 22, 2023 at 12:51AM by jackietreehorn2022 https://bit.ly/3lwyL3W
Currently, Bitcoin is the 18th most valuable asset in the World! It's a matter of time to be number one!
https://bit.ly/3JXPIOf via /r/Bitcoin https://bit.ly/3JUmZd4
Bill introduced in Texas to boost local Bitcoin economy & protect the rights of holders, miners, and developers
https://bit.ly/3Z4I7ld
Submitted March 21, 2023 at 11:36PM by Bitcoin_Maximalist https://bit.ly/3JXnF1p
Submitted March 21, 2023 at 11:36PM by Bitcoin_Maximalist https://bit.ly/3JXnF1p
“Bitcoin uses too much energy. I prefer fiat.” How fiat secures its currency:
https://bit.ly/3ySRU3h
Submitted March 21, 2023 at 10:30PM by S_NAKAM0T0 https://bit.ly/403GMwp
Submitted March 21, 2023 at 10:30PM by S_NAKAM0T0 https://bit.ly/403GMwp
This is why they don't want you to have Bitcoin
https://bit.ly/40qQA30
Submitted March 21, 2023 at 08:44PM by notlarangi123 https://bit.ly/4043e8y
Submitted March 21, 2023 at 08:44PM by notlarangi123 https://bit.ly/4043e8y
Monday 20 March 2023
FL Gov: No CBDC in Florida
https://twitter.com/GovRonDeSantis/status/1637818887382396928
Submitted March 20, 2023 at 11:48PM by thats_just_right https://bit.ly/3JtQEZ6
Submitted March 20, 2023 at 11:48PM by thats_just_right https://bit.ly/3JtQEZ6
This is not a cryptocurrency. It’s First Republic, the 14th largest U.S. bank.
https://bit.ly/3lsW26U via /r/Bitcoin https://bit.ly/3lsS4ey
The US Dollar for the past 52 years
https://bit.ly/40jnti7
Submitted March 20, 2023 at 09:50PM by anytownusa11 https://bit.ly/3yTIrZe
Submitted March 20, 2023 at 09:50PM by anytownusa11 https://bit.ly/3yTIrZe
FL Gov: No CBDC in Florida
https://twitter.com/GovRonDeSantis/status/1637818887382396928 via /r/Bitcoin https://bit.ly/3JtQEZ6
Ex-Credit Suisse CEO: "Bitcoin the Very Definition of a Bubble"
https://bit.ly/3FxnbMP
Submitted March 20, 2023 at 09:30PM by escodelrio https://bit.ly/40kya41
Submitted March 20, 2023 at 09:30PM by escodelrio https://bit.ly/40kya41
Bitcoin is Hard Money - from Saylor's Twitter
https://bit.ly/3yRt8jT via /r/Bitcoin https://bit.ly/3lv7IWL
Sunday 19 March 2023
People had to be convinced that electricity was useful
https://bit.ly/42qtImo via /r/Bitcoin https://bit.ly/4008cDi
Software developers still don't get Bitcoin
https://bit.ly/3JRgWWM
Submitted March 19, 2023 at 04:00PM by eastern_infantry https://bit.ly/3n5PqMg
Submitted March 19, 2023 at 04:00PM by eastern_infantry https://bit.ly/3n5PqMg
When Money Loses Its Energy - This is $1 USD in Venezuelan Bolivars (~7 Yrs Ago)
https://bit.ly/3Trw6oE via /r/Bitcoin https://bit.ly/3Z7oJEk
World's largest generator of renewable energy from wind and sun, NextEra Energy is hiring for Bitcoin mining data center jobs
https://bit.ly/3n2IZtj
Submitted March 19, 2023 at 05:07PM by KAX1107 https://bit.ly/3FzxXlF
Submitted March 19, 2023 at 05:07PM by KAX1107 https://bit.ly/3FzxXlF
I lost it in a boating accident. #BTC
https://bit.ly/3Jrdq40
Submitted March 19, 2023 at 10:41PM by TheBTCTherapist https://bit.ly/3FBMptg
Submitted March 19, 2023 at 10:41PM by TheBTCTherapist https://bit.ly/3FBMptg
If you believe in the theory of ‘gradually and then suddenly’ as it pertains to mass adoption of Bitcoin, and you also hodl…
Then you believe at some point in the future that very suddenly hyper inflation will surge and people will flock to Bitcoin as an alternative.Which means you will be getting very rich during a very horrific and destabilizing short period of time. Sure, some decentralized utopia might be on the other side. But that period of time will be absolutely brutal. And you’ll be getting rich.Damn. Don’t forget to buy some guns and hodl them as well. via /r/Bitcoin https://bit.ly/3lqcd4R
Saturday 18 March 2023
The financial system is crashing for the first time in Bitcoin's history. This is what birthed Bitcoin and it'll be it's final test.
https://bit.ly/3lhQNXL
Submitted March 18, 2023 at 09:49PM by coldhazel https://bit.ly/3YWgQS2
Submitted March 18, 2023 at 09:49PM by coldhazel https://bit.ly/3YWgQS2
Is Bitcoin better than gold to hedge against inflation?
Curious on this. via /r/Bitcoin https://bit.ly/3yRwV0F
Could this be it? Could we finally, really be seeing Bitcoin decouple from traditional markets?
Since ATH, Bitcoin has lost a lot of value in comparison with DJIA but there are numerous examples of traditional markets in significantly positive days / week and Bitcoin appearing tightly correlated.
Granted, we are in a tumultuous time and we have had the 20% swings in bitcoin since we broke the ~$18k status quo we were sitting in for months. But with the bank failures recently, BTC seems to be relatively up while traditional markets are more stagnant / down / fearful.
On this sub we're all in relative agreement of course that BTC is the necessary antidote to the fiat BS, but it is almost feeling like there might be a greater sentiment in that direction. Not that I'm seeing that in news articles (usually signaling the end of a Bull market). But as the rubber is hitting the road I half expected BTC to be depressed by the recent catastrophes rather than what ought to happen, which is people flocking to it.
While no one is flocking, I'm hopeful that we are at a critical inflection point. Many of the BTC-liquid (short term) people have sold over the last year, we are left.
Then there are the people who never got in in the first place and maybe a non-negligible number of them are recognizing that despite BTC being dead again lately after FTX and other crypto-specific catastrophes, it's actually doing just fine and doesn't look to be on its deathbed even by a casual observer.
In addition to those there are the shrewd business-folks who, yes, need their cash and will still mainly deal in that, but are thinking it might be time to enter into BTC as a hedge / safe-haven.
Of course, we are still missing major pieces to full-fledged adoption, particularly by mainstream and larger volumes of wealth and that's everything to do with regulation. Yes, I know, I know "Bitcoin doesn't need your banks", of course, but without an entire financial collapse the fact of the matter is that regular joes are not going to learn crypto, so mainstream doesn't get here until someone major offers crypto-services, a Chase, Wells Fargo, Amazon, Google, etc. Those tech companies probably wouldn't even cut it, it would need to be a major player in the financial industry. I don't like it any more than you do but it's the reality.
Submitted March 18, 2023 at 02:28AM by hexbit65 https://bit.ly/42haAHn
Who’s still waiting for the sub 10k Bitcoin ??
https://bit.ly/3JMbK6r
Submitted March 18, 2023 at 03:51PM by Crypto-hercules https://bit.ly/3yPXxzc
Submitted March 18, 2023 at 03:51PM by Crypto-hercules https://bit.ly/3yPXxzc
Friday 17 March 2023
92% of all the Bitcoin that will ever exist have already been issued. Hardest money in existence.
Submitted March 17, 2023 at 09:53PM by 3584927235849272 https://bit.ly/3Lt5WA5
El Salvador Launches CUBO+ Program Aimed At Producing Elite Bitcoin And Lightning Developers Through The University System
https://bit.ly/3yMv6lC
Submitted March 17, 2023 at 07:41PM by KAX1107 https://bit.ly/3JMDRlX
Submitted March 17, 2023 at 07:41PM by KAX1107 https://bit.ly/3JMDRlX
Best technique to be able to acquire 1 BTC
HiWhich do you think is the best technique to be able to have 1 btc??1 go little by little buying few amounts, maybe from $1000 to $1000.2 wait for it to fall below 15 k and buy one at once. I look forward to your commentsThank you for your comments via /r/Bitcoin https://bit.ly/3JN1Ukz
@balajis on Twitter " The BitSignal How do you ring the fire alarm on the internet? How do you show it’s not a false alarm? I am putting up the BitSignal. $1M in BTC to alert us to the stealth financial crisis. $1000 per tweet, for the best 1000."
Submitted March 17, 2023 at 07:09AM by andrebotelho https://bit.ly/3Tq8vF6
I did it… I bitcoined
$250 today… planning to do $250 every Friday via crypto.com app bc it’s easy and makes sense.
Now call me a dumb 🦧
Submitted March 17, 2023 at 09:22PM by readysetmoon https://bit.ly/3lkifnt
In one week the FED undo months of hiking. The money printer goes brrrrrrrrr
https://bit.ly/3ljPIyz
Submitted March 17, 2023 at 08:11PM by DestructorEFX https://bit.ly/3JNAbAw
Submitted March 17, 2023 at 08:11PM by DestructorEFX https://bit.ly/3JNAbAw
Thursday 16 March 2023
This financial crisis will unfold ten times faster than 2008
In 2007 reddit was only a couple of years old and barely used, youtube was only two years old and barely used, twitter was only one year old and barely used. None of these websites gained mainstream popularity and mainstream usage until around 2010.
Before the 2008 crisis none of these platforms were used to share information, all people had was the financial times, forbes, and the nightly news. As the 2008 crisis was unfolding all people were hearing was the nightly news showing segments from george w bush and ben bernanke saying everything was fine, everything was contained and that there was no possibility of a recession or financial crisis. People had zero real information all they had was propaganda to listen to.
Fast forward to 2023 and billions of people consume information on these platforms in real-time. Not only do people now get all the information they need instantly they are also still well aware of how fragile banks can be after the global financial crisis, the european sovereign debt crisis and the cyprus bail-in crisis.
It is because of this that the financial crisis that appears to be starting right now could unfold so much faster than 2008. In 2008 people were complacent because of a lack of real information but today within one week the entire western world is mobilising their savings already moving it to the safest place they can think of. Today people have the information they need to protect themselves and they are doing so at a rapid rate. As people withdraw their deposits from their bank accounts to whatever form of safety they can this phenomenon will accellerate financial contagion.
In 2008 it took months for it to spread from the US to Europe, this time with credit suisse it has taken one week.
I expect this financial crisis to not only be worse than 2008 because of the higher debt levels and more agressive rate rises, I also expect it to unfold ten times faster because of social media and truthful real-time information.
As bitcoiners we are prepared. We all hold a swiss bank in our pockets immune to inflation, and i expect social media and real-time information to bring hundreds of millions of people to that same conclusion extremely fast. By the end of this year the world will be a different place likely full of new bitcoiners protecting themselves from their failing banks.
"There are decades where nothing happens, and there are weeks where decades happen"
Things are about to start happening extremely quickly and its better to be prepared a week early rather than a day late.
Submitted March 17, 2023 at 12:08AM by slvbtc https://bit.ly/3JfQvZ2
US Govt wants all your Bitcoin - DOJ pushes Treasury to exempt crypto from $500k cap on forfeiture - Coiner Magazine
https://bit.ly/3YU7GFi via /r/Bitcoin https://bit.ly/40d1rxv
Sam Bankman-Fried transferred $2.2bn in FTX customer funds for personal use, filings show
https://bit.ly/3YRIlMn
Submitted March 16, 2023 at 10:42PM by cata890 https://bit.ly/42l6w8Q
Submitted March 16, 2023 at 10:42PM by cata890 https://bit.ly/42l6w8Q
This financial crisis will unfold ten times faster than 2008
In 2007 reddit was only a couple of years old and barely used, youtube was only two years old and barely used, twitter was only one year old and barely used. None of these websites gained mainstream popularity and mainstream usage until around 2010.Before the 2008 crisis none of these platforms were used to share information, all people had was the financial times, forbes, and the nightly news. As the 2008 crisis was unfolding all people were hearing was the nightly news showing segments from george w bush and ben bernanke saying everything was fine, everything was contained and that there was no possibility of a recession or financial crisis. People had zero real information all they had was propaganda to listen to.Fast forward to 2023 and billions of people consume information on these platforms in real-time. Not only do people now get all the information they need instantly they are also still well aware of how fragile banks can be after the global financial crisis, the european sovereign debt crisis and the cyprus bail-in crisis.It is because of this that the financial crisis that appears to be starting right now could unfold so much faster than 2008. In 2008 people were complacent because of a lack of real information but today within one week the entire western world is mobilising their savings already moving it to the safest place they can think of. Today people have the information they need to protect themselves and they are doing so at a rapid rate. As people withdraw their deposits from their bank accounts to whatever form of safety they can this phenomenon will accellerate financial contagion.In 2008 it took months for it to spread from the US to Europe, this time with credit suisse it has taken one week.I expect this financial crisis to not only be worse than 2008 because of the higher debt levels and more agressive rate rises, I also expect it to unfold ten times faster because of social media and truthful real-time information.As bitcoiners we are prepared. We all hold a swiss bank in our pockets immune to inflation, and i expect social media and real-time information to bring hundreds of millions of people to that same conclusion extremely fast. By the end of this year the world will be a different place likely full of new bitcoiners protecting themselves from their failing banks."There are decades where nothing happens, and there are weeks where decades happen"Things are about to start happening extremely quickly and its better to be prepared a week early rather than a day late. via /r/Bitcoin https://bit.ly/3JfQvZ2
Traditional banking system will fall. It's time for PLAN B
https://bit.ly/3Lpz1wc
Submitted March 16, 2023 at 10:06PM by UFOBLAZE https://bit.ly/3leLI2n
Submitted March 16, 2023 at 10:06PM by UFOBLAZE https://bit.ly/3leLI2n
Wednesday 15 March 2023
I like to collect these reminders of hyperinflation (pictured with the solution)
https://bit.ly/3yIAw0O
Submitted March 16, 2023 at 02:12AM by Glittering-Ninja-495 https://bit.ly/3TiJ2Nw
Submitted March 16, 2023 at 02:12AM by Glittering-Ninja-495 https://bit.ly/3TiJ2Nw
Tell me your bank is scared, without telling me your bank is scared
https://bit.ly/42fUJZn
Submitted March 15, 2023 at 10:31PM by mattblackness https://bit.ly/42drDdi
Submitted March 15, 2023 at 10:31PM by mattblackness https://bit.ly/42drDdi
I like to collect these reminders of hyperinflation (pictured with the solution)
https://bit.ly/3yIAw0O via /r/Bitcoin https://bit.ly/3TiJ2Nw
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