Bitcoiners,

Radical, ethical, money? At first glance, the idea of monetary ethics might seem strange, but it's a critical issue that requires careful consideration.  

We face a problem: The government's monopoly on money production and management (central banking) has no ethical or economic grounding and causes untold economic and societal harm.

The solution is simple- return money production to private market actors.

For decades, however, this seemed like a hopeless task. Gold proved insufficiently decentralized and censorship-resistant. Yet, thanks to Satoshi Nakamoto and the cypherpunks before him, bitcoin offers a viable free market solution, taking money production from the hands of government actors and returning it to the people.

Bitcoin is radical because it challenges authority and offers a legitimate alternative to the government's monetary system. It's ethical because of its monetary qualities.

Radical, ethical, money, indeed.

Now let's dive in.

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INSIGHTS

🥈 Perth Mint is caught debasing gold it sold to China

The gold industry titan reportedly faces a $9 billion recall for selling diluted gold since 2018. The "doping" began as a cost-saving measure that included adding cheaper metals to the bullion, such as silver or copper.

Verifying physical gold can be difficult and costly as it requires a complex process and expertise to authenticate it. Bitcoiners have always noted this as a massive advantage of bitcoin as a store of value and monetary network. However, rather than saying I told you so, let's simply opt-out for the better asset. ;)

📉 Silvergate fallout

After suffering massive customer withdrawals, Silvergate Capital, one of the largest banks servicing the crypto industry, announced it would repay deposits and shut down operations.

Silvergate's shutdown is significant because it is non-crypto native, providing lawmakers with ammunition to attack the "contagion" effects of the crypto sector. Previous collapsed institutions, such as Mt. Gox, Terra/Luna, and Three Arrows Capital, did not affect mainstream finance, making it harder for officials to justify regulation. Expect regulatory blowback.

👮🏻‍♂️ SEC goes after crypto that's not bitcoin, sends Wells Notices

Paxos, a New York-based brokerage and tokenization firm, faces a Wells Notice from the SEC, notifying the firm that the agency will bring an enforcement action against it. Rumors swirled this week regarding the SEC issuing notices to other firms and issuers, but they remain unconfirmed.

The SEC continues to ramp up its enforcement of "crypto" and crypto products in its turf war with the CFTC to gain regulatory control over the industry. More regulation is rarely good, but the agency's moves have yet to impact bitcoin-only companies negatively.

👀 Fed Chair Powell testifies in front of congress, announces potential policy reversal

Jerome Powell said the Federal Reserve is prepared to speed up interest rate hikes faster than initially planned in a speech that sent markets into a tailspin. Powell noted inflation and a hot job market as justification for further potential increases in the cost of money in his statement to lawmakers.

While year-over-year inflation is trending lower from 40-year highs, increased prices have been much stickier than policymakers expected. The Fed will continue using the only tool in their toolbox - increasing rates to stifle demand - and pray for a "soft-ish" landing.

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BITCOIN ADOPTION CONTINUES

ByBit is launching a bitcoin and digital asset debit card powered by the Mastercard network. It will allow users in Europe and the U.K. to make fiat payments with their digital asset balances.

American lawmakers reintroduced the "Keep Innovation in America Act, " a bill focused on reforming the tax treatment of bitcoin and digital assets to help further their adoption.

This week, Pennsylvania's first-ever nuclear powered bitcoin mining facility went online.

In an interview with Finbold, deVere Group CEO and founder Nigel Green says the latest push in the U.S. for a CBDC makes the case for bitcoin "significantly stronger."

Bitcoin-only investment platform Relai reached a $20 million valuation after their latest funding round.

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HOW BITCOIN WORKS

Learn one key idea about bitcoin each week. This week: Bitcoin is a renaissance.

Fiat beneficiaries Charlie Munger and Ray Dalio recently took separate, unprovoked shots at bitcoin.

Munger urged regulators to ban bitcoin and praised the likes of China for doing so.

Dalio acknowledged glaring issues in our monetary system but discarded bitcoin as a solution saying, “it has no relation to anything.”

We should expect this pushback from products of a legacy system that has served them well.

Dalio did get one thing right, however: the money is broken. The billionaire investor admitted, “money as we know it is in jeopardy” and “we are printing too much and its not just the United States.”

The data agrees.

Recent Federal Reserve statistics revealed 10% of American families own 89% of all U.S. equities.

The current system is not serving the majority.

Inequality by itself isn’t a bad thing, however. The possibility that individuals can increase their standard of living and achieve more breeds unique innovation and economic progress.

But the sheer immensity of inequality the fiat system has brought about is a cause for concern.

Instead of rewarding the productive, we reward the well-connected.

That is why we look to a fairer system, one built on rules, not rulers.

“No relation to anything” is a feature, not a bug.

The ability to manipulate the money supply has proven too tempting for those who can pull the strings.

Fiat has transformed our money system from one that incentivizes production and new development to one that prioritizes nepotism.

Bitcoin brings a fairer monetary system by removing human influence over money.

Therefore, the game transforms from one centered on easily accessing cheap new dollars to how market participants can provide something others value in exchange for sound money.

That is the revolution. And we will all be better for it.

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COIN CHECK

How is the price of bitcoin determined?

1. By a central authority
2. By supply and demand in the market
3. By the number of transactions on the network
4. By the amount of computing power used for mining

Check your answer at the end of the page.

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Answer: B. By supply and demand in the market

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