Bitfinity Weekly: Bitcoin's Sweet Sixteen
Welcome to Issue #130 of Bitfinity Weekly for our #BITFINIANS community. If this newsletter was forwarded to you, sign up here.
What's in Today's Email?
- Bitcoin Bytes
- Global Crypto News
- In the IC
- This Week in our Blog
- Tweet of the Week
- Meme Time
- A Matter of Opinion
Bitcoin Bytes
Mining for BitGems: Bitfinity Network is preparing for its upcoming TGE (Token Genesis Event) with a Phase One community event. Bitfinians can tweet and complete various missions to start mining BitGems as well as be a part of a movement to help shape the future of Bitcoin. TGE and the Bitfinity mainnet launch will be on November 19th. To sign up, head to bitgems.xyz
White(paper) as a Ghost: This Halloween marked the 16th anniverary for Satoshi Nakamoto's Bitcoin white paper. "Bitcoin: A Peer-to-Peer Electronic Cash System" was made public in 2008, laying out the framework for the cryptocurrency and the vision of a new, decentralized, trustless financial system. Community speculations still abound as to why Nakamoto chose Halloween as his publishing date, while others (like American Presidential hopeful Trump) simply celebrate the most influential white paper in crypto's history.
Just Trust Me, Bro: Yet another individual has stepped forward to claim that he is the real Satoshi Nakamoto, complete with a press conference attended by a BBC journalist as well as other respected news platforms such as DLNews. Stephen Mollah, a macroeconomist who additionally lays claim to inventing the "ChatGPT protocol" and other feats, suffered from technical difficulties during the event and could not provide substantial proof to his alleged identity as the Bitcoin creator.
Another Layer: The Stacks Nakamoto upgrade is now live, making all actions made on the network as permanent as mainnet Bitcoin transactions, as well as improving tx times. Stacks is a Bitcoin L2. You can learn more about Stacks and the Nakamoto upgrade by reading our deep dive earlier this month.
Global Crypto News
SOL Proprietors: Canary Capital filed with the SEC for a spot Solana ETF, joining the ranks of other prominent American asset management firms awaiting approval, including VanEck. Solana, a Proof-of-Stake L1 network, is the fifth largest cryptocurrency by marketcap and has rose to become one of the most socially prominent blockchains thanks to its bustling memecoin scene.
The Cutting Room: Investors may be hopeful about the markets but it seems crypto companies are looking to strategize with a major round of layoffs. Ethereum software company Consensys laid off 20% of its global staff while dYdX, a crypto derivatives trading platform, fired 35% of its core team this week. To add fuel to concerned speculation, Coinbase's third quarter report showed lower-than-expected revenue and forecast a modest fourth quarter.
The Belly of the Beast: A team of on-chain sleuths, led by notable crypto angel investor Kasper Vandeloock, released a massive document detailing Mr. Beast's shady crypto history. Mr. Beast (real name Jimmy Donaldson) is a popular YouTuber has found himself the center of several major allegations this year, including serious fraud like faking charity work in videos with CGI. The "MrBeast Investigation" alleges that Donaldson committed crypto scams across over 50 different wallets, netting more $23M in profit.
In the IC
All Treats, No Tricks!: DFINITY's October Global R&D Meeting session is now available to view. Catch up on exciting new developments happening across the Internet Computer ecosystem, such as core infrastructure upgrades as well as Dapp demos from ecosystem projects.
ICP Intelligence: DFINITY founder Dominic Williams recently gave a keynote speech at Tech Forum Argentina, where he spoke about ICP and its role in the future of AI technology. You can catch a recording of the presentation here.
Growing and Growing: A new NNS proposal was created this week, which if passed, would add 20 new subnets to the Internet Computer Protocol network. This means that compute power would increase significantly, as block rate would increase and new nodes assigned to subnets.
This Week in our Blog
We are proud to introduce Lendfinity to our Bitfinians community. Lendfinity has been collaborating with the Bitfinity team since their start as an ICP Hub hackathon project. Their mission? To provide a unique, efficient way to lend and borrow assets across the ICP and Bitfinity networks:
Bitfinity
Bitcoin is evolving into something much, much more than a simple distributed ledger, thanks to a vibrant emerging ecosystem enabling DeFi (and more). Its comparison as 'digital gold' is more apt than ever, as Bitcoin much like gold, can now be shaped into a multitude of new and varied offerings:
Hans
Tweet of the Week
📢Exciting Opportunities for #bitfinians! 🔥
— Bitfinity Network (@bitfinitynet) October 31, 2024
Do you know you can get Bitgems by participating in quests?👀
💎In the current phase of #Bitgems, you can tweet and engage with the community to mine. Wondering how to get started?🤔
👉https://t.co/DmakLBk6Si pic.twitter.com/Yz9KHjwUCa
Meme Time
A Matter of Opinion
Recently, crypto trading firm DWF Labs fired an unnamed partner, following allegations that he drugged a woman at a restaurant during a business meeting. This incident highlights two major challenges in current crypto culture--the lack of female voices in what is often described as a 'boy's club', and the general need for a higher standard of conduct.
Crypto, after all, is supposedly built on ideals of transparency and fairness. Bitcoin itself was born from a desire to escape the corruption and power imbalances in traditional finance. As our industry grows, we must avoid replicating these very same flaws.
Unlike conventional finance, where hierarchical structures and power games often obscure accountability, crypto’s decentralized ethos offers a unique opportunity to foster a respectful, values-driven culture. The crypto community must enforce higher standards of behavior on a cultural level, lest we repeat the problems of the old world and fall to corruption.
Crypto leaders, in particular, bear the responsibility to model and advocate for standards that ensure safe, inclusive environments, whether at industry events, online forums, or workplaces. A commitment to ethical behavior is more than just a public relations measure; it is a direct reflection of crypto’s foundational values. Creating an environment where such gross misconduct is not tolerated nor brushed under the rug is essential.
As the industry matures, establishing and upholding a strong code of conduct will not only protect internet citizens but also reinforce crypto’s reputation as a forward-thinking alternative to traditional systems. Crypto must remain true to its revolutionary roots, challenging and improving upon the standards of the existing structures. Otherwise, what's the point?
Mainnet and TGE on 19th November.
Connect with Bitfinity Network
Bitfinity Wallet | Bitfinity Network | Twitter | Telegram | Discord | Github
*Important Disclaimer: The information provided on this website is for general informational purposes only and should not be considered financial or investment advice. While we strive for accuracy, Bitfinity makes no representations or warranties regarding the completeness, accuracy, or reliability of the content and is not responsible for any errors or omissions, or for any outcomes resulting from the use of this information. The content may include opinions and forward-looking statements that involve risks and uncertainties, and any reliance on this information is at your own risk.
External links are provided for convenience, and we recommend verifying information before taking any action. Bitfinity is not liable for any direct or indirect losses or damages arising from the use of this information.
Comments ()