#bittalk

BitTalk #13: Noones whitepaper alpha, Privacy Wars, BTC stablecoins & a return to the 1970s

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Discover intriguing insights on Bitcoin, privacy, and a new project called Noones in the latest episode of Bit Talk! Our experts discuss the current Bitcoin weather, highlighting the similarities between the 1970s and today’s financial climate. They dive into the importance of privacy within the Bitcoin space, examining the heated battles between Wasabi and Samurai, CoinJoin implementations.

Moreover, our panelists reveal Noones, an upcoming project that aims to develop a decentralized peer-to-peer trading platform. The project leverages technologies like Lightning, Nostr, and Discrete Log Contracts to build a circular economy for Bitcoin.

The whitepaper, which is expected to be released soon, showcases the collaboration between some of the brightest minds in the Bitcoin, Lightning, and open-source development communities. Don’t miss out on the discussion of the potential for a stablecoin on top of the Lightning Network and how this can revolutionize the Bitcoin ecosystem.

Sign up for CryptoSlate Alpha today and watch this exclusive episode before anyone else!

The post BitTalk #13: Noones whitepaper alpha, Privacy Wars, BTC stablecoins & a return to the 1970s appeared first on CryptoSlate.

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1 Year until the Bitcoin halving - BitTalk #12

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In this week’s episode of BitTalk, your weekly bite-sized Bitcoin news, we look at CFTC coming after Binance, the potential for Bitcoin ETFs, rate hikes, and Bitcoin development on Lightning.

In recent times, the US regulatory landscape has been reacting to the evolving cryptocurrency market, particularly in the case of Binance and the CFTC. The ongoing battle between the SEC and the CFTC over jurisdiction in the crypto space has led to some uncertainty. However, it is widely agreed that Bitcoin is classified as a commodity. This could pave the way for a Spot Bitcoin ETF in the near future, which would be approved by the SEC, while the CFTC would be involved in regulating manipulation from futures.

Comparing Bitcoin ETFs to Gold and Silver ETFs

When looking back at the launch and performance of gold and silver ETFs, it is evident that these assets experienced significant growth in value following their introduction. For example, the SPDR Gold Shares ETF experienced a 309% increase over eight years, while the iShares Silver Trust saw a 255% increase in just five years. With Bitcoin’s fundamentals being stronger than those of gold and silver, the potential introduction of a Bitcoin ETF could generate even greater returns for investors.

The Role of Public Miners in Hash Rate Growth

The Bitcoin hash rate has been growing exponentially, with the recent surge reaching 350 terahashes over a 7-day moving average. To better understand this growth, it is essential to consider the role of public miners who have been deploying new, more efficient mining equipment. Many of these public miners had planned to implement new ASIC miners in 2023, which would significantly increase the hash power within the network. This could potentially lead to the highest hash rate growth in the past five years, further fueling the cryptocurrency market.

Navigating Market Uncertainty and Rate Hikes

The current macroeconomic climate is characterized by uncertainty, as demonstrated by the market’s pricing in rate hikes, pauses, and rate cuts simultaneously in June. This volatility can have a direct impact on the cryptocurrency market, causing fluctuations in value across assets such as Bitcoin. However, despite this uncertain environment, many investors continue to stack sats and remain optimistic about the long-term potential of the market.

The Growing Ecosystem of Lightning Network Apps

The Lightning Network has seen increased adoption and innovation in recent years. Micro-payment Lightning apps like Stacker News have demonstrated that it is possible to create engaging and informative platforms using this technology. As the Lightning Network continues to evolve, it is expected that more user-friendly applications will emerge, providing a seamless experience for both new and seasoned cryptocurrency enthusiasts.

Listen to Nick, James, and Akiba’s takes on these issues, as well as Michael Saylor’s 22% discounted loan from Silvergate and more in this week’s BitTalk via the video above.

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Bitcoin is not going to $1M, yet - BitTalk #11

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In the latest episode of BitTalk, hosts Nick, James, and Akiba discussed the recent market activity, central bank policies, and the potential for Bitcoin to reach $1 million in 90 days. The conversation was insightful and informative, with each host offering their unique perspective on the current state of the cryptocurrency industry.

James began by highlighting the recent credit swiss fiasco and UBS buying them out, explicitly referencing AT1 bonds valued at zero, leading to shareholders receiving over $3 billion while debt holders received nothing. This event further highlighted the importance of holding an asset like Bitcoin that one has complete control of, especially in extraordinary circumstances where central banks may come into play.

Nick expressed cautious optimism about Bitcoin’s growth and progress, citing increased on-chain transactions and activity on the Lightning network. However, he noted that non-custodial wallets still have a long way to go before widespread adoption.

The conversation then turned to the recent prediction by former Coinbase CTO Balaji Srinivasan that Bitcoin could reach a million dollars within 90 days. While the hosts acknowledged it as a good PR stunt, they agreed that the likelihood of such a prediction coming true was low.

Akiba raised whether recent actions by newly acquired banks to remove digital deposits could be considered an attack on crypto on-ramps. However, Nick dismissed this as a conspiracy theory, instead pointing to the crushing cost of compliance and outdated regulation systems as the main reasons for traditional financial institutions’ slow adoption of cryptocurrencies.

The hosts also discussed the recent liquidity programs and stealth quantitative easing by central banks, with James sharing a fascinating breakdown of the issues at play. He pointed to a game of confidence in the banking system, where once one thing breaks, it could lead to a house of cards situation. Nick echoed this sentiment, stating that the compliance and regulation systems in the financial industry are outdated and not fit for purpose.

Overall, BitTalk 11 provided an insightful and informative discussion on the current state of the cryptocurrency industry. The hosts offered their unique perspectives on recent market activity, central bank policies, and the potential for Bitcoin’s growth. While cautious optimism was expressed, the hosts agreed that there is still a long way to go before widespread adoption is achieved.

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Bitcoin's role in the banking crisis - BitTalk #10

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In the latest episode of BitTalk, hosts Akiba, James, and Nick discussed the recent surge in Bitcoin’s price, which had surpassed $26k. While the hosts acknowledged the importance of discussing price in the crypto industry, they also pointed out the need to focus on Bitcoin’s use case as a currency and the challenges it faces.

Bitcoin’s role in a potential banking crisis

The hosts discussed the current state of Bitcoin, its potential role in a possible banking crisis, and the challenges of scaling the Bitcoin network to accommodate increased demand. The conversation began with the team noting the recent surge in Bitcoin’s price, which had reached a new high of $26,300 at the time of recording.

Challenges with using Bitcoin as a currency

Nick expressed concern about the difficulty of using Bitcoin as a currency due to its price volatility. He argued that it’s hard to use Bitcoin for everyday transactions when its value can swing so wildly, making it difficult to determine the true cost of goods and services. Additionally, he pointed out that the current infrastructure for Bitcoin is not yet ready to accommodate widespread adoption by hundreds of millions of people.

The impact of a banking crisis on Bitcoin

The team also discussed the possibility of a banking crisis, noting the recent failure of three banks and the potential for more bank failures in the near future. While the short-term impact on Bitcoin’s price might be positive, the long-term effects are less certain. Nick argued that the Bitcoin network could not currently scale to accommodate the increased demand that would result from a widespread banking crisis. He cited the limited capacity of the Bitcoin mempool and the Lightning Network as key challenges to scaling the infrastructure.

Role of other cryptocurrencies

When asked if other cryptocurrencies, such as Ethereum and various Web3 projects, could help support Bitcoin during a potential banking crisis, Nick remained skeptical. He noted that Ethereum has also experienced issues with high fees and limited capacity during times of heavy use. Moreover, he argued that many layer-two solutions for Ethereum are still centralized and not yet fully developed.

Bitcoin’s potential for growth

Despite these challenges, the hosts remained optimistic about the future of Bitcoin. James argued that the current issues with the global financial system underscore the need for an asset like Bitcoin that is fixed in supply and can provide a more stable benchmark. He also noted that the number of transactions in the Bitcoin mempool had reached a three-year high, indicating that demand for Bitcoin transactions is on the rise.

In conclusion, while the Bitcoin network may not yet be ready for widespread adoption, it is clear that cryptocurrency is playing an increasingly important role in the global financial landscape. As the infrastructure continues to develop and mature, it will be interesting to see how Bitcoin responds to potential challenges such as a banking crisis and increased demand from users.

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Nostr, Nostr, Nostr - Bitcoin development continues to thrive - BitTalk #8

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The latest episode of the BitTalk podcast has offered an interesting insight into the current state of Bitcoin, including NFTs, mining pools, lightning nodes, and institutional adoption.

Quick Take

The development of new Nostr apps and use cases, such as a Nostr cloud for privacy and a decentralized shopkeeping system

The trend of peer-to-peer technology and how it is gaining interest in the Bitcoin community

The ease of development on Nostr and the creativity it has sparked

The economics and future of Ordinals in the NFT space

The dominance of mining pools and the misconceptions around their centralization

The distribution of Lightning nodes and the limitations of identifying their ownership and location

The usefulness of Mempool.Space as a tool for collecting data and analytics in the Bitcoin ecosystem.

Hash rate difficulty and its exponential growth

Profitability of mining with the current Bitcoin price

Increase in OTC balance and the possible return of institutions to Bitcoin trading

Closure of the OTC platform Local Bitcoins and its impact on the market

The difficulty of using exchanges and the increasing demand for concierge services in crypto trading.

Decreasing transaction sizes for ordinals

James started the discussion by presenting the Bitcoin weather forecast and pulling up charts to show the Mempool total size of transactions by cohort. It indicated a decrease in transaction sizes for Ordinals. However, the team believed that Ordinals would continue to thrive as a protocol, especially in the case of premium collections.

NFTs and Bitcoin

James also brought up the news about Yuga Labs using Bitcoin for NFTs, which could add to the momentum of Bitcoin in the NFT space. Nick noted that the economics of the Bitcoin blockchain would not allow for 10,000 mints of a copy of a popular project due to the high cost, but pure art NFTs like Yuga Labs is an exciting prospect.

Mining pools and decentralization

The hosts also discussed the dominance of mining pools, with Foundry having a 33% share of the market. However, they believed that the noise about centralization was unfounded, as miners could easily switch between pools, and this topic is almost as old as Bitcoin itself.

Lightning nodes and institutional adoption

Akiba shared his conversation with Unchained Monkey, who deployed their 10,000-piece collection onto Ordinals, a small space in terms of how much is being stored on the platform. They also discussed the OTC market, with James noting a spike in OTC balances and suggesting that institutions might be coming back in. OTC desks offer a concierge service, which is increasingly attractive to users due to the difficulties in using exchanges that ask for more personal information than banks.

Conclusion

The bite-sized Bitcoin podcast went into more detail on the above topics, so listen to the full podcast to stay up to date with everything Bitcoin. Overall, the hosts believed that Bitcoin was still seeing a lot of activity and development, with Nostr bringing rapid development cycles to the platform. The podcast provided insights into the current state of Bitcoin, highlighting ongoing developments and trends.

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The state of Bitcoin and Ordinals - BitTalk #5

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In this episode of BitTalk, hosts Akiba, James van Straten, and Nicholas Gregory discussed the state of and NFTs. First, Nicholas brought up the Ordinals debate, causing a buzz in the bitcoin world. He explained that while NFTs have been around for some time, with the introduction of a new protocol called Ordinals, they have become a hot topic. Storing large NFTs on the Ordinals protocol would take up a significant amount of block space, bringing up memories of the block size wars.

NFTs on Bitcoin have sparked debate within the Bitcoin community around block size and the possibility of malicious data being stored on the blockchain. Nicholas pointed out that with the release of SegWit, which added witness data to the one-megabyte blocks, the potential for storing large JPEGs on the blockchain increased. He also mentioned that the potential issue with storing NFTs on the blockchain was that it would increase the price of block space.

Nicholas said,

“I don’t think the whole NFT ecosystem of Ethereum, OpenSea, smart contracts, you name it, is suddenly going to move to the Bitcoin blockchain. That would blow up the block size, that would blow up the price of block space… and it just wouldn’t scale anyway.“

James also shared his thoughts on the state of Bitcoin, stating that the climate in the Bitcoin world was a bit unpredictable, with fluctuations in price, but overall, it had been a good couple of weeks for Bitcoin. Watch the full episode above for a complete insight into James’ Bitcoin Weather segment.

The team acknowledged that NFTs and their potential impact on the Bitcoin blockchain were subjects of much discussion and debate. Although there are potential problems with storing NFTs on the Bitcoin blockchain, the speakers agreed that the system would need to adapt and find solutions to these challenges in the coming weeks.

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Exploring Regulatory Proposals, Bank Adoption, and Decentralized Social Media on Bitcoin - BitTalk #2

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In the second episode of the podcast BitTalk, the hosts discuss several recent developments in the world of Bitcoin. They begin by discussing a proposal from Elizabeth Warren that would require individuals and companies working with Bitcoin to obtain a license from the government. The hosts express concern about this proposal, stating that it is misguided and demonstrates a lack of understanding of technology. They also mention that the Basel Committee has suggested that banks can have up to 2% exposure to Bitcoin, which they view as a positive development.

The hosts also discuss a project called Nostr, which aims to use public key cryptography to build decentralized social media platforms. Jack Dorsey has provided funding for this project, and the hosts believe it has the potential to open up new use cases for Bitcoin and lightning, including incentivizing people to tweet. They also mention the concept of discrete log contracts, which allow individuals to make bets on the price of Bitcoin or other events using Oracle agreements. The hosts suggest that this concept could be used in the creation of decentralized apps (dApps) within the Bitcoin ecosystem.

In addition to these topics, the hosts mention a few other developments in the world of Bitcoin. They discuss the potential for lightning to be used in social media and the possibility of more decentralized approaches to social media. They also mention that they have not seen much in the way of technical developments in the past few weeks, but that they are interested in the work of an anonymous developer named FiatJaf who has shown a lot of interest in state change and is involved in the Nostr project.

Overall, the BitTalk hosts cover a range of topics related to recent developments in the world of Bitcoin, including regulatory proposals, the potential for Bitcoin adoption by banks, and the use of lightning and public key cryptography in decentralized social media platforms.

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