Bitfinity Weekly: Money Electric
Welcome to Issue #127 of Bitfinity Weekly for our #BITFINIANS community. If this newsletter was forwarded to you, sign up here.
What's in Today's Email?
- Global Crypto News
- This Week in our Blog
- NFT Market Bytes
- Tweet of the Week
- Meme Time
- A Matter of Opinion
Global Crypto News
Unicorn Company: Uniswap, one of the largest DEXs in the world by volume, announced on Thursday that it will be launching an Ethereum L2 called Unichain. This new layer-2 solution will be built to optimise usage of the Optimism Superchain, a consortium of Ethereum L2s such as Base and Worldcoin. Unichain will also utilize TEEs (Trusted Execution Environment) and a community validation network.
Going Super Sonic: Sonic SVM, a Solana L2 focusing on gaming, launched a tap-to-win game that is natively launched inside TikTok. SonicX mirrors similar crypto games which have seen popularity on Telegram, where players can engage with integrated mini games within the social media platforms in order to earn in-game points. While the game shares name and design similarities to the Sonic the Hedgehog franchise, there is no official affiliation between the two entities.
Rooting For You: Coinbase introduced the ability to send Bitcoin to Taproot addresses this week, addressing a gap in its services since the Taproot upgrade launched in November 2021. This new feature enables users to benefit from Taproot's enhanced privacy and lower transaction fees, as well as a potential native Runes trading compatability in the future. The move also brings Coinbase in line with other major exchanges like Kraken and Binance, both which already support Taproot transactions.
Reverse Uno Card Move: Crypto.com is filing a lawsuit against the U.S. Securities and Exchange Commission (SEC) following the receipt of a Wells notice from the agency, indicating impending legal action. In the lawsuit, Crypto.com alleges that the SEC “invented the term Crypto Asset Security out of whole cloth to expand its jurisdiction over the digital asset industry.”
This Week in our Blog
Learn about the BitSNARK Verification Protocol, a pivotal Bitcoin development that has recently become open source, opening the doors to innovation in the realm of zero-knowledge cryptography:
Hans
This week in our Discord
SQD Workshop : We had an amazing workshop on the latest technology to analyse blockchain data, conducted by our partners SQD. Participants got a chance to win credits on the SQD platform worth 50 USD!!!!!! Knowledge is power! Check out more about SQD here : https://www.sqd.dev/
Bit-fun : Join us in this channel for daily games like Gartic, Rumble Royale, exciting community competitions, and much more. Feeling creative? Share your memes or artwork related to the project – even AI-themed creations are welcome!
NFT Market Bytes
Timing the Auction Market: Prestigious auction house Christie's hosted its first ever Bitcoin Ordinals auction on Thursday with a dynamic art piece titled 'Ascend'. The piece uses advanced 3D techniques to bring life to decaying Soviet-era architecture in Georgia. The artwork dynamically shifts between day and night based on the real-world time at the physical location, a feature enabled by innovative coding tied to the Bitcoin blockchain.
Upgrade U: Metaverse project Decentraland is releasing a desktop client, which promises a significant visual upgrade as well as improved performance compared to its browser experience. This update will enhance the overall graphics and introduce new gameplay mechanics, helping the platform become more immersive and user-friendly. The developers also hinted at possible integration with virtual reality in the future.
Gift Exchange: Telegram introduced a new "Gifts" feature, which allows users to send and receive animated gifts that can be displayed on profiles or converted into 'Stars', the platform's in-app currency that supports payments and creators. Notably, Telegram plans to enable the conversion of limited-edition gifts into NFTs later this year, utilizing the TON blockchain. This update will allow users to auction and trade tokenized gifts outside the app, with ownership recorded on the blockchain.
Tweet of the Week
⏳ The countdown to Mainnet continues!! pic.twitter.com/4B9Is4DLff
— Bitfinity Network (@bitfinitynet) October 9, 2024
Meme Time
A Matter of Opinion
In a world obsessed with identity and fueled by clickbait, it’s no surprise that HBO’s latest crypto documentary, Money Electric: The Bitcoin Mystery, promised to reveal what has eluded us for over a decade: the identity of Bitcoin’s enigmatic creator, Satoshi Nakamoto. But what happens when the pursuit of a great mystery falls flat? Unfortunately, the documentary's attempt to demystify Satoshi resulted in a misfire, leaving audiences more confused and dissatisfied than enlightened.
The documentary sets the stage by diving into Bitcoin’s origins, revisiting key figures who were involved in the early development of the cryptocurrency. Among them, Adam Back and Peter Todd are featured prominently as potential candidates for the elusive Satoshi. Yet, as the documentary builds toward its grand reveal, the filmmakers fail to deliver on their promise, making a case for Todd’s involvement that feels tenuous at best. The claim is based on circumstantial evidence and loose connections that never quite add up. As Todd himself points out, many people contributed to the development of Bitcoin in its earliest days.
The real issue, however, is not the identity of Satoshi Nakamoto. It’s the underlying myth-making that keeps us chasing shadows in the first place. Nakamoto’s anonymity has been a defining feature of Bitcoin’s narrative—one that reinforces the cryptocurrency’s ethos of decentralization and trust in code, not individuals. In this sense, the search for Satoshi is almost antithetical to the principles Nakamoto laid out in the Bitcoin whitepaper. By focusing so much on who Nakamoto might be, the documentary (and others like it) risks overshadowing what Bitcoin represents: an idea bigger than any one person.
What Money Electric ultimately shows us is that our fixation on the “who” rather than the “what” of Bitcoin may be misplaced. Perhaps it’s time to stop chasing after the man behind the curtain and instead appreciate the revolutionary technology itself, a creation that has sparked an entire financial revolution. The documentary’s shortcomings highlight an important lesson: some myths are better left unsolved, and the true value of Bitcoin lies not in the identity of its creator but in the transformative power of the technology they unleashed.
For viewers hoping for answers, Money Electric delivers more questions than resolutions. Yet, in doing so, it reminds us that Bitcoin’s story is far from over—and perhaps its greatest mystery is still unfolding.
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