Episode 93: FedNot
News
Fednow, the Federal Resrves new payment system for instant payments, has finally launched (https://www.frbservices.org/news/press-releases/072023-fednow-live-announcement) with '35 early-adopting banks and credit unions, as well as the U.S. Department of the Treasury’s Bureau of the Fiscal Service'
The US House of Representatives Fianncial Services Comittee, a House subgroup focusing on financial law, submitted a bipartisan crypto market bill (https://www.theblock.co/post/241508/democrats-oppose-crypto-market-overhaul-but-stablecoin-deal-possible) to the Aggriculture Comitte (which oddly is above it)
This bill would then be submitted to the house, likely would not pass
Contains the language for ICOs to become sufficiently decentralized and graduate into commodities
Economics
Commodity traders Goehring and Rozencwajg the patterns of commodity bull runs (https://blog.gorozen.com/blog/the-us-reserve-currency-and-commodities) and the relation to shifts in global monetary standards
Jesse Myers, aka CroessusBTC, observes the shifting Overton window of bitcoin (https://www.onceinaspecies.com/p/bitcoin-overton-window-lurches-forward) and how very little interest it needs to get really bullish
Dedollarization slowly proceeds with Argentina using Chinese RMB to pay off IMF debt (https://www.ntd.com/imf-hints-allowing-countries-to-use-chinese-yuan-for-debt-repayment_931020.html)
Privacy
The Director of Investigations at Chainalysis, a blockchain surveillance and ant-privacy firm, unaware of scientific basis (https://archive.ph/MYkId) of their surveillance product
The actual recorded testimony clarifies that Chainalysis does not validate (https://archive.ph/pGdx7) their results (why would they? Just trust us)
The FBI arrested the admin of a Mastadon server on charges unrelated to the server, but seized all his electronic devices (common clause in arrest warrants) wich included a backup of all server data (https://www.eff.org/deeplinks/2023/07/fbi-seizure-mastodon-server-wakeup-call-fediverse-users-and-hosts-protect-their?ref=nobsbitcoin.com)
Just getting off twitter doesn't solve the problem of privacy online
Energy and Bitcoin
Yet another bitcoin argument for mining logically reaching zero emissions (https://www.coindesk.com/consensus-magazine/2023/07/24/the-single-most-important-truth-about-bitcoin-mining-energy-and-the-environment/?utm_source=breakdown.beehiiv.com&utm_medium=newsletter&utm_campaign=worldcoin-controversy-reactions)
But what's the real energy disconnect between Greenpeace/COP21 and bitcoin energy maximalists? Doomberg thinks that the core fallacy is the economic theory of degrowth (https://www.vox.com/future-perfect/22408556/save-planet-shrink-economy-degrowth) that associates growth and environmental destruction.
Listen to Doomberg, Rozencwag, and Anas Alhaji on energy investing and shfiting ESG narratives (https://youtu.be/nDYtMvf0aKI?t=1551)
Bitcoin Education
Bitcoin Optech #261 covers lightning protocol discussions (https://bitcoinops.org/en/newsletters/2023/07/26/?ref=nobsbitcoin.com) on the bitcoin dev mailing list, as well as an interesting stack overflow where Peter Wuille explains why a bitcoin seed should probably have more than 128 bits of entropy (https://bitcoin.stackexchange.com/a/118928), but individual addresses don't
Feedback
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