Bitfinity Weekly: Bigger Than Silver
Welcome to Issue #132 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
The Silver Bull: Bitcoin rallied past $90,000 USD this week, its marketcap reaching higher than silver to become the world's 8th largest asset. The cryptocurrency has seen aggressive moves since President Trump's election win, on the speculation that the incoming Trump administration will clear long-standing regulatory hurdles imposed by the SEC and other regulatory bodies.
oooo & Ahh's: oooo Protocol, a Bitcoin-centric modular omnichain interoperability protocol, has partnered with Bitfinity and now supports ckBTC for cross-chain bridging. With the Bitfinity mainnet launch imminent next week, the partnership list continues to grow.
Rooting For You: Thursday was the third anniversary of the Taproot upgrade. Taproot is widely regarded as the most important Bitcoin upgrade to date, as it allowed for the implementation of the Ordinal theory. You can read here about this historical technical upgrade and what it changed for the Bitcoin ecosystem.
Inscribing Updates: ord saw a significant update this week, as Casey Rodarmor (creator of the Ordinal theory and the Runes protocol) implemented more changes. Among the exciting updates: you can now add metadata when burning inscriptions, and a new server endpoint allows you to get output information held by an address.
Global Crypto News
Shining Beacon: Ethereum's Justin Drake presented a major new proposal at Devcon Bangkok this week, set to potentially launch in 2029. Dubbed "Beam chain", the proposal would dramatically redesign parts of Ethereum's infrastructure, specifically interactions between the Beacon chain (which handles staking and tx records) and the Ethereum execution layer. The Beam chain proposal is part of a larger effort by the Ethereum foundation to push scalability, and one of its core features will be to natively integrate ZK-SNARKs.
18 Angry Men: The DeFi Education Fund, along with 18 American states, filed a suit against the SEC (Securities and Exchange Commission) and its commissioners, including Chairman Gary Gensler. The suit alleges that the SEC violated U.S. Constitution by regulating digital assets without Congressional authorization. The suit further accuses the SEC of knowingly defying standard procedure in an effort to conduct a "regulatory land grab".
Feature, Not A Bug: Elon Musk, a long-time proponent of Dogecoin, tweeted in favor of Doge's inflationary model. Musk replied in response to Dogecoin co-founder Billy Markus' tweet, saying that he saw "the flat inflation of Dogecoin, which means decreasing percentage inflation, is a feature, not a bug". The nature of Doge's built-in inflationary tokenomics has long been a point of contention for Doge critics. Musk did not reply further to the topic, however.
Coffee Shop Art: McDonald's and NFT brand Doodles are collaborating in a "GM Spread Joy" campaign, which will feature custom McCafé cups. The limited edition Doodles-themed cups will showcase the Doodles collection as well as scannable codes that customers can use to unlock digital collectibles, content, and access to physical merchandise. The collaboration will be available at participating McDonald's locations starting November 18th.
Buzz in Asia: Bitfinity is trending in some of Asia's biggest blockchain news outlets. Read here about how Bitfinity's cutting-edge protocol combines traditional assets and smart contracts for lightning-fast, scalable, and cost-efficient digital finance solutions.
In the IC
Roadmap Cruising: The Internet Computer celebrated the completion of three major milestones: Tokamak, Stellerator, and Beryllium. This officially marks a total of 8 milestones achieved since the new roadmap was unveiled this May. Among the achievements are core updates such as reduced end-to-end latency, increased onchain storage, and improved canister devops. You can watch a explanatory video session conducted by the DFINITY team on Monday.
Index Fun: DFINITY's $ICP is now officially part of the Coinbase 50 Index. The Coinbase 50 is an index that is marketcap-weighted to calculate the top 50 digital assets listed on one of North America's largest centralized exchange.
Cooking In The Lab: Ordinox Labs announced a partnership with DFINITY to empower the Bitcoin ecosystem. Ordinox is a Layer 1 protocol created to unify liquidity across all chains and will be using the Internet Computer's Chain Fusion technology for seamless cross-chain interoperability.
Poke(d) Cake Time: PokedStudio's NFT collection, Pokedbots, celebrated its third anniversary on Monday. The collection was created and continues to be maintained by artist Jonathon Ball, who has worked with brands like Disney, Nickelodean, Sony, Microsoft and more. An animated series pilot, the Pokedbots Delta City, is set to premier in 2025.
This Week in our Blog
All eyes were on the American presidential election, especially those eyes belonging to people in the crypto sector. What does a Trump presidency mean for web3 and the increasingly interconnected global economy? In this article, we explore the policies Trump ran his campaign on, as well as potential outcomes:
Fred
Unlock Bitcoin's full potential with BitVM, a revolutionary new technology that enables complex smart contracts and computations without altering Bitcoin's core! Discover how this game-changing innovation is reshaping scalability and paving the way for a decentralized future—without the need for a hard fork!
Hans
Tweet of the Week
The future of the blockchain industry is multi-chain, and Bitfinity catches this early on.
— Bitfinity Network (@bitfinitynet) November 14, 2024
Liquidity is no longer fragmented as Bitfinity connects EVM, #ICP, and #Bitcoin.🌐
⚡️With Bitcoin #Runes integrated into #Ethereum and ICP, @bitfinitynet delivers secure, decentralized… pic.twitter.com/d91Et2RIUb
Meme Time
A Matter of Opinion
Crypto (and web3 at large) has long been seen as a volatile realm, capable of both creating overnight fortunes and wiping out savings in a flash. Recent headlines, such as the story of an anonymous trader who turned a $16 into a $3 million in two weeks by betting on a Peanut the Squirrel memecoin, greatly amplify the possibility of rewards that comes with crypto. While this particular trader’s dreams may have come true, it's important to remember the dangers of acting on impulse and emotions.
As a multi-season trader, this Editor has seen many ups and downs that come with being part of the crypto market. Yes, crypto can change your life overnight, but the outcome is not always change in the good direction.
It’s extremely important to acknowledge the reality of situations. A memecoin like PNUT, which the millionaire trader bought early prior to breaking the PumpFun bonding curve, can spike dramatically in value without warning. But coins also can (and often do) plummet just as quickly as they rose. For every success story, there are countless others who suffer significant losses. The sheer unpredictability of the crypto market means that those who engage in trading without a solid strategy or understanding of the risks are often left vulnerable.
For individuals hoping to capitalize on this volatility, the key is to remain calm and grounded. While it’s tempting to act on the rush of excitement that comes with rapid price movements, decisions made in haste are often the ones that lead to regret. Emotion-driven trading can lead to poor outcomes, especially when it comes to speculative assets like meme coins, which can experience dramatic pumps and dumps in a matter of hours or days.
It can be extremely difficult not to act on emotions, especially that of FOMO (the Fear of Missing Out). It can often seem like everyone is making absurd amounts of money, especially on social networks like X. But it is very important to remember that people typically highlight their wins and not their losses.
It's worth acknowledging that crypto holds the potential for transformative change in one's life. The financial opportunities it presents are real, and it has already changed many lives. Over the years, we’ve seen many compelling stories of people who turn small sums of money into millions. But they are also statistical exceptions rather than the rule.
While it’s easy to get caught up in the excitement of stories like the lucky PNUT trader, it’s essential to approach all investments with a sense of caution and reason. Patience, research, and a well-thought-out strategy are critical components of navigating the crypto landscape. While being a 'degen' is certainly a viable strategy, investors should also prioritize understanding the fundamentals and risks of their investments.
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