Bitfinity Weekly: Tech Talks
Welcome to Issue #145 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
Internet Magic: NomadTheSavior has taken the helm as CEO of both BitcoinWizardry and MagicNetMoney, announcing a potentially free mint for a new 10k PFP (profile picture) Ordinals collection. Nomad is one of the co-founders for BitcoinWizardry, a Bitcoin project associated with the "Bitcoin Wizard" meme, which is claimed to be one of the first memes in crypto history.
One Man's Trash: British engineer James Howells may finally gain access to the landfill containing the 8000 Bitcoin (currently valued at $780 m) he lost more than a decade ago. The landfill is slated for closure in the 2025-2026 fiscal year and Howells has expressed his desire to acquire it, along with potential investment partners. Howells has been locked in a legal battle with the Newport, Wales council for years attempting to gain a permit to sift through more than 350k tons of trash to locate his old harddrive.
Dynamic Difficulties: Bitcoin's mining difficulty has reached new heights, following a 5.6% upward adjustment. Mining difficulty is a measure adjusted approximately every two weeks (after every 2,016 blocks mined) to ensure that blocks are added at regular intervals despite fluctuations in the total mining power. This latest increase in difficulty comes alongside the Hash Ribbon metric signaling miner capitulation, where less efficient miners might find it unprofitable to continue, potentially leading to a shift in network dynamics.
Global Crypto News
CAR Crash: The President of the Central African Republict took to X to announce the launch of a national memecoin ($CAR), which saw its market cap surge to $900 million before experiencing a significant crash. Despite warranted skepticism (the coin's official X account was suspended), the Central African Republic's government has confirmed the coin's legitimacy through official statements, leading some degens to joke about 'being rugged' by a country.
Second Wave: OpenSea, a leading Ethereum-based NFT marketplace, has announced the launch of its $SEA token, which will reward both active and historical users of the platform. The token airdrop will not require KYC verification and will include U.S. users, dispelling earlier rumors. This move comes as part of OpenSea's broader strategy to expand from just an NFT marketplace to a platform for trading all digital assets, such as fungible tokens, with the introduction of OS2.
Another One: Popular DEX (Decentralized Exchange) Uniswap has launched Unichain, its own Ethereum layer-2 blockchain. Unichain aims to reduce transaction fees, increase liquidity, and enhance decentralization. It promises one-second block times and significantly lower gas costs compared to Ethereum's mainnet, though some critics have questioned the liquidity and the effects of fragmented liquidity on what feels like an already crowded Ethereum L2 market.
In the IC
OpenChat Bots: The OpenChat Botathon is now open for registration! The Botothan is the first OpenChat community-driven hackathon event for building bots to run on the OpenChat platform. There is a prize pool worth $50k in 5 different categories, and the botathon is open to devs of all levels.
Tech Talks: Pierre Samaties, CBO of DFINITY, spoke at UC Berkeley to discuss DeAI (Decentralized AI) and the "self-writing internet" made possible on the Internet Computer Protocol blockchain. Jan Camenisch, DFINITY's CTO, also spoke about cryptography and privacy through decentralized systems at the Haas Berkeley Blockchain Club event.
Compliance Partners: Merkle Science and the DFINITY Foundation have announced a strategic partnership to enhance security and compliance across the ICP ecosystem. Merkle Sciences uses behavior-based transaction monitoring in their suite of investigative tools, and will bolster the ecosystem's ability to detect and mitigate illicit activity across the Internet Computer's infrastructure.
This Week in our Blog
Bitcoin and Ethereum take different paths in DeFi, balancing scalability, security, and smart contract capabilities. Discover how their unique approaches shape the future of decentralized finance.
Hans
Tweet of the Week
🗣️Sometimes Metaprotocols can be confused with Bitcoin L2s...🤔
— Bitfinity Network (@bitfinitynet) February 8, 2025
But here are the clear differences🫳 pic.twitter.com/HVTzwFqSmN
Meme Time
A Matter of Opinion
OpenSea, one of the leading NFT marketplaces in the world, found itself at the center of controversy about the alleged conditions of their upcoming $SEA token airdrop. Although OpenSea has now publicly decried KYC (Know Your Customer) and geolocation verification as rumors, there was substantial evidence to support the initial community claims that an open and anonymized airdrop was not the marketplace's initial direction.
A mandatory KYC check would have been a move completely at odds with the decentralized and privacy-centric values that many in the crypto space hold dear. Some in the X crypto community additionally pointed out the dangers of mandatory KYC airdrops, citing the recent rise in crypto-related kidnapping and ransom attacks. Others specifically pointed out the inherent dangers of exposing sensitive data to OpenSea, a platform that has suffered from data breaches in the past. The overall backlash from the broader crypto community was large and immediate, with users expressing their outrage about this becoming a potential precedent in the future for other airdrops as well.
Cryptocurrency was initially built on the promise of financial sovereignty and anonymity. These principles were not just about opposition to traditional financial systems but were seen as fundamental to creating a more equitable and accessible digital economy. Privacy in transactions and the autonomy to manage one's digital assets without oversight are not merely features but in fact the the bedrock of what makes blockchain technology revolutionary.
The community's reaction to the rumored KYC requirement for the OpenSea airdrop was a testament to how deeply these values are ingrained in the crypto culture. While airdrops and the promise of free money may betempting (especially in times of extreme market volatility), it is essential for people to stick to their principles and let their voices be heard.
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 ()