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Norwegian Town Dumps Miners, Gets Rekt 🇳🇴💸
Our latest newsletter featuring how a Norwegian Town suffered by shutting down a miner.
Hola fam. Our job is to keep you up to date with everything happening in the Bitcoin universe right now. So here we are with the latest stuff.
Feel free to skip👇
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Global News
🚨Coinbase's cbBTC: Bitcoin in ETH Clothing? 🐺🐑
Hold onto your hardware wallets 🔒💾, fellow Bitcoin maxis, because Coinbase just pulled a move that's got us more confused than a nocoiner at a blockchain conference 🤯🎪.
cbBTC
They've gone and wrapped our precious BTC in an ERC20 token called cbBTC 🎁🔗. Yeah, you heard that right - they're dressing up our digital gold 🥇 in Ethereum's hand-me-downs 👚. It's like putting a Lamborghini engine in a Prius 🏎️🚗 - sure, it might go faster, but at what cost?
Coinbase claims this cbBTC nonsense will let us play in the DeFi sandbox 🏖️ without letting go of our BTC. They're pitching it as a way to "do more" with Bitcoin 🤹♂️. But here's the thing - Bitcoin doesn't need to "do more" 🛑. It's already perfect as it is: hard, sound money that tells the legacy financial system to take a hike 🥾💸.
Now, they're saying we can lend our BTC, use it as collateral, or throw it into yield farms 🌾💰. Sounds an awful lot like the traditional finance shenanigans we've been trying to escape, doesn't it? What's next, Bitcoin credit default swaps? 🎭🔄
Look, we get it. Coinbase wants to onboard a billion people to crypto 🌍👥. But wrapping Bitcoin in Ethereum's clothing isn't the answer 🙅♂️. It's like trying to make a vegan eat a beyond meat burger 🍔🌱 - it misses the whole point.
So, while the DeFi degens might be popping champagne 🍾 over this news, we'll be sticking to our guns (and our BTC) 🔫💎. Because in Bitcoin we trust, and in "wrapped" tokens we... well, we don't 🚫.
Stay vigilant, and keep stacking sats, you beautiful Bitcoiners! 🍊💊🚀
Source: https://www.coinbase.com/blog/coinbase-wrapped-btc-cbbtc-is-now-live
Norwegian Town Dumps Miners, Gets Rekt 🇳🇴💸
Listen up, you filthy nocoiners! Here's a tale that'll make you hodl your sats tighter than ever. 🧊🙌
The data center at Myran outside Stokmarknes is controversial due to noise issues. Earlier this week, the data center ceased operations.
So there's this quaint little Norwegian town called Hadsel, right? They thought they were real smart, giving the boot to a Bitcoin mining operation. "Too noisy," they said. "Bad for the environment," they cried. Well, guess what? They just learned a hard lesson about the true cost of ignorance! 🤦♂️💡
Here's the 411: This mining op was chewing through enough electricity to power 3,200 homes. Yeah, that's a lot of juice, but it's called securing the network, you plebs! 🔒⚡
The locals got their panties in a bunch over some fan noise. Boo-hoo! Like the sweet sound of ASICs humming isn't music to your ears? 🎵🖥️
So they shut it down. Mayor "Shortsigthed" Freiberg was all smiles... for about five minutes. 😁😨
Plot twist: That mining operation was bankrolling 20% of the local ISP's income. Now it's gone, and guess who's picking up the tab? That's right, every household in town! 🏘️💸
We're talking 2,500-3,000 NOK extra per year on internet bills. How many sats is that, I wonder? 🤔
Now the mayor's scrambling to find new "projects" to use up all that spare electricity. Good luck with that, pal. Nothing uses energy more efficiently than Bitcoin! ♻️🌍
The moral of the story? Don't mess with Bitcoin, kids. It's not just magic internet money - it's an economic force of nature. Try to fight it, and you might just played yourself. 🃏🤡
Remember: Stay humble, stack sats, and never underestimate the power of proof-of-work! ⛏️💪
Orange pill your neighbors before they orange pill your wallet! 🍊💊
Source: https://www.nrk.no/nordland/datasenter-la-ned-driften-_-na-far-innbyggerne-sjokkregning-1.17042643
MicroStrategy's Bitcoin Hoarding Spree Continues! 🐋💼
🚨 MicroStrategy's Bitcoin Hoarding Spree Continues! 🐋💼
Alright, Bitcoiners, grab your hardware wallets and hodl on tight, because MicroStrategy is at it again! 🎢
Michael Saylor and his merry band of corporate Bitcoin maximalists have just announced their latest power move. They've scooped up another 18,300 BTC, bringing their total stash to a whopping 244,800 BTC! 🏆
Let's break it down:
MicroStrategy now hodls more Bitcoin than some small countries. 🌍
They're not just holding – they're yielding. We're talking 4.4% QTD and a mind-blowing 17.0% YTD! 📈
While your boomer uncle is bragging about his 2% CD, MicroStrategy is stacking sats like there's no tomorrow. 🏗️
This move isn't just bullish – it's bull-on-steroids-riding-a-rocket-to-the-moon-ish! 🐂🚀
What does this mean for the average HODLer? It's simple:
Big money believes in Bitcoin (duh!)
The supply squeeze is real, folks
Your stack, no matter how small, is competing with corporate giants now
So, while people are still debating whether Bitcoin is real money, MicroStrategy is out there hoarding it like a dragon guarding its gold. 🐉💰
Remember, in a world of infinite fiat, there will only ever be 21 million Bitcoin. And MicroStrategy just locked up another chunk of that finite pie.
Stay strong, keep stacking, and maybe one day we'll all be sipping margaritas on Bitcoin Beach while the printer of the legacy financial system goes brrr into oblivion! 🏖️🍹
/s
Price Analysis
Previous Day’s Performance
Opening Price: $58,695.8
Closing Price: $57,642.9
Percentage Change: Bitcoin's price moved -2.5% over the past 24 hours.
Bitcoin started the day at $58,695.8 and closed at $57,642.9, marking a negative change of 2.5%. The price action over the previous day indicates a volatile market, with Bitcoin experiencing some selling pressure.
Indicators
1. Moving Averages (MA)
20-Day Moving Average: $58,981.0
50-Day Moving Average: $57,145.7
200-Day Moving Average: $59,635.0
The 20-day MA is at $58,981.0, while the 50-day and 200-day MAs are at $57,145.7 and $59,635.0, respectively. This suggests that Bitcoin is currently trading below its short- and long-term moving averages, which indicates bearish momentum.
2. Fear and Greed Index
Current Value: 39
Market Sentiment: Fear
Today’s Fear and Greed Index stands at 39, indicating fear. This reflects the current cautious sentiment in the market, with investors showing risk-averse behavior. A reading of 39 means that investors are likely being conservative in their decision-making.
3. Relative Strength Index (RSI)
RSI Value: 42.69
The RSI is currently at 42.69, placing Bitcoin in neutral territory. A value above 70 typically suggests overbought conditions, while a value below 30 indicates oversold conditions. Today's RSI reading signals a stable market without extreme price movements.
4. MACD (Moving Average Convergence Divergence)
Histogram: -261.78
The MACD histogram is at -261.78, suggesting decreasing momentum. While the exact MACD and Signal Line values aren't provided, the negative histogram indicates that the market could be losing steam and may face further corrections.
Summary and Outlook
Market Sentiment (Fear & Greed): Fear
RSI Reading: Neutral
MACD Signal: Bearish
Moving Averages: Trading below moving averages
The overall market sentiment is cautious, with RSI and MACD indicating potential downside risk in the near term. Bitcoin is currently facing resistance near its 20-day MA and may face further downside pressure if bearish momentum persists.
Key Levels to Watch:
- Support: $55,534.4
- Resistance: $60,670.0
As always, stay cautious and monitor these indicators closely for any sudden shifts in momentum.
Tech News
Privately sending payments while offline with BOLT12
andyschroder posts an idea “for devices to authorize payments from their remote online node while the device authorizing the payment has no direct internet connection” on Delving Bitcoin
Source: https://delvingbitcoin.org/t/privately-sending-payments-while-offline-with-bolt12/1134
Burak introduces NOIST
NOIST is a non-a non-interactive, single-round t-of-n threshold signature scheme.
Excited to introduce NOIST: a non-interactive, single-round t-of-n threshold signature scheme.
— Burak (@brqgoo)
11:24 AM • Sep 15, 2024
SoloSatoshi explains BitAxe
SoloSatoshi published an article on their website explaining how their Bitcoin miners work from the inside.
Memes
We always like to end with some memes to set your mood light!
He did it again
— Bittr 🐷💰 (@GetBittr)
1:41 PM • Sep 13, 2024
Which one do you prefer?
#bitcoin— Glocke 🧡 (@Kluckies_)
11:20 AM • Sep 16, 2024
Hope you enjoyed! See you tomorrow👋