@ c43d6de3:a6583169

## "So, What’s the News?" Were it not for these very words, we might never have had a modern capitalistic society. Between 1500 and 1800, coffeehouses were more than just places to grab a quick hit of caffeine—they were the beating heart of local communities. These spaces buzzed with debate, discussion, and the exchange of groundbreaking ideas. Strangers became intellectual sparring partners, not merely reading the news but dissecting and debating it in real-time. One could easily imagine Adam Smith engaged in animated conversation with David Hume in a coffeehouse on Edinburgh’s Royal Mile—the former outlining the invisible hand of the market, the latter countering that human behavior is driven more by emotion than reason. Such debates weren’t confined to elite scholars. Merchants, craftsmen, and common laborers sat shoulder to shoulder, engaging in discussions that transcended social class. But then came industrialization. The rise of factory life replaced the organic rhythms of community engagement with rigid work schedules. As cities expanded and people became busier, the once-thriving coffeehouses—where time was slow, conversation was deep, and debate was central—began to empty. The demand for efficiency left little room for leisurely discussions, and over time, the public square of ideas withered. -----------  nostr:npub1uzt238htjzpq39dxmltlx60vxym9fetk9czz6kddq6fhvkf4z3usy9qtrh Mouth watering Hodl rounds- Bitcoin only https://shopstr.store/listing/84f20c5e1ef94762b60f0d5fb4398594ace6c5589212f94269e9542fbe351732 -----------  > Photos Courtesy of nostr:npub1c8n9qhqzm2x3kzjm84kmdcvm96ezmn257r5xxphv3gsnjq4nz4lqelne96 Give him a follow and some zap love if you like his art ## Empty Street Corners and Hollow Venues Adam Smith would lose his mind with how interconnected the world is today. Yet, he might also notice something unsettling: while we are globally connected, our local communities feel more fragmented than ever before. He’d have a hell of an online presence but he, just like many do today, might get the sense that something isn't quite right. The world is quieter<a href="https://yakihonne.com/naddr1qvzqqqr4gupzp3padh3au336rew4pzfx78s050p3dw7pmhurgr2ktdcwwxn9svtfqq2kjjzzfpjxvutjg33hjvpcw5cyjezyv9y5k0umm6k">than ever before</a> while online discourse teeters on the verge of violent physical manifestations. It’s not that public discourse has disappeared. Rather, it has been exiled to the internet. Social media has become our new coffeehouse, but instead of robust face-to-face engagement, we navigate a landscape of curated algorithms, viral outrage, and fragmented conversations. The once-public square of ideas has transformed into isolated echo chambers, where avatars shape narratives that must be adhered to lest one be accused of inconsistency and lose credibility. The result? People live layered lives with layered personas—some even attaining secret fame in online communities while remaining anonymous in their own neighborhoods. Meanwhile, the street corners remain empty, and the venues that once thrived with the fervor of intellectual thought stand hollow.  > Photos Courtesy of nostr:npub1c8n9qhqzm2x3kzjm84kmdcvm96ezmn257r5xxphv3gsnjq4nz4lqelne96 Give him a follow and some zap love if you like his art ## The Need for a Modern Coffeehouse Historically, coffeehouses were revolutionary because they democratized knowledge. They provided an open forum for ideas, allowing philosophy, politics, and commerce to intermingle freely. Unlike monasteries or universities, coffeehouses welcomed anyone who could afford a cup of coffee. With the rise of digital discourse, have we lost something essential? The depth, accountability, and personal engagement that once defined public debate have been replaced by reactionary commentary and fleeting viral moments. The question is no longer where we discuss ideas—it’s how we engage with them. We need to ask ourselves: Can we reclaim a physical space for intellectual exchange? Or has the age of meaningful, face-to-face discourse faded, vanishing with the steam of yesterday’s coffee? Can We Bring Back the Local Forum? Should We Care? Before coffeehouses, philosophy lived in elite institutions and royal courts. With the rise of coffee culture, it became truly public, shaping modern democracy, scientific thought, and social progress. The internet, for all its wonders, lacks the tactile, immediate, and personal engagement that once made intellectual debate so powerful. The challenge ahead is not just about nostalgia for coffeehouse debates—it’s about asking whether we can create new spaces, physical or digital, that foster real intellectual exchange. Without them, we risk losing something fundamental: the ability to challenge, refine, and reshape our ideas through genuine human connection. But most of all, we risk the possibility great ideas come but no action is ever taken to make them real in this real world. So, what’s the news? ----------- Thank you for reading! If this article resonated with you, let me know with a zap and share it with friends who might find it insightful. All zap revenue from this article is shared with nostr:npub1c8n9qhqzm2x3kzjm84kmdcvm96ezmn257r5xxphv3gsnjq4nz4lqelne96 for his photograph contributions. Your help sends a strong signal for content creators like us to keep making cool shit like this! Interested in fiction? Follow nostr:npub1j9cmpzhlzeex6y85c2pnt45r5zhxhtx73a2twt77fyjwequ4l4jsp5xd49 for great short stories and serialized fiction. More photography and articles you might like from nostr:npub1cs7kmc77gcapuh2s3yn0rc868sckh0qam7p5p4t9ku88rfjcx95sq8tqw9 and nostr:npub1c8n9qhqzm2x3kzjm84kmdcvm96ezmn257r5xxphv3gsnjq4nz4lqelne96 : nostr:naddr1qvzqqqr4gupzps0x2pwq9k5drv99k0tdkmsekt4j9hx4fu8gvvrwez3p8yptx9t7qqxnqvfjxqer2tfh0fekz7r5l270gu  https://pictureroom.substack.com/p/020825 nostr:naddr1qvzqqqr4gupzp3padh3au336rew4pzfx78s050p3dw7pmhurgr2ktdcwwxn9svtfqq24s4mrfdm55utg23z55ufs94argvn523k5yqhkrc3 nostr:naddr1qvzqqqr4gupzp3padh3au336rew4pzfx78s050p3dw7pmhurgr2ktdcwwxn9svtfqq2nvnr5d4nngw2zgd5k5c6etftrzez9fd9kkcl0pzp

@ a2eddb26:e2868a80

In personal finance, the principles of financial independence and time sovereignty (FITS) empower individuals to escape the debt-based cycle that forces them into perpetual work. What if companies could apply the same principles? What if businesses, instead of succumbing to the relentless push for infinite growth, could optimize for real demand? This case study of the GPU industry aims to show that fiat-driven incentives distort technological progress and imagines an alternative future built on sound money. ### **Fiat Business: Growth or Death** Tech companies no longer optimize for efficiency, longevity, or real user needs. Instead, under a fiat system, they are forced into a perpetual growth model. If NVIDIA, AMD, or Intel fail to show revenue expansion, their stock price tanks. Let's take NVIDIA's GPUs as an example. The result is predictable: - GPUs that nobody actually needs but everyone is told to buy. - A focus on artificial benchmarks instead of real-world performance stability. - Endless FPS increases that mean nothing for 99% of users. The RTX 5090 is not for gamers. It is for NVIDIA’s quarterly earnings. This is not a surprise on a fiat standard. ### **Fiat Marketing: The Illusion of Need and the Refresh Rate Trap** Benchmarks confirm that once a GPU maintains 120+ FPS in worst-case scenarios, additional performance gains become irrelevant for most players. This level of capability was reached years ago. The problem is that efficiency does not sell as easily as bigger numbers. &#x20;This extends beyond raw GPU power and into the display market, where increasing refresh rates and resolutions are marketed as critical upgrades, despite diminishing real-world benefits for most users. While refresh rates above 120Hz may offer marginal improvements for competitive esports players, the average user sees little benefit beyond a certain threshold. Similarly, 8K resolutions are pushed as the next frontier, even though 4K remains underutilized due to game optimization and hardware constraints. This is why GPUs keep getting bigger, hotter, and more expensive, even when most gamers would be fine with a card from five years ago. It is why every generation brings another “must-have” feature, regardless of whether it impacts real-world performance.&#x20; Marketing under fiat operates on the principle of making people think they need something they do not. The fiat standard does not just distort capital allocation. It manufactures demand by exaggerating the importance of specifications that most users do not truly need. The goal is not technological progress but sales volume. True innovation would focus on meaningful performance gains that align with actual gaming demands, such as improving latency, frame-time consistency, and efficient power consumption. Instead, marketing convinces consumers they need unnecessary upgrades, driving them into endless hardware cycles that favor stock prices over user experience. They need the next-gen cycle to maintain high margins. The hardware is no longer designed for users. It is designed for shareholders. A company operating on sound money would not rely on deceptive marketing cycles. It would align product development with real user needs instead of forcing artificial demand. ### **The Shift to AI** For years, GPUs were optimized for gaming. Then AI changed everything. OpenAI, Google, and Stability AI now outbid consumers for GPUs. The 4090 became impossible to find, not because of gamers, but because AI labs were hoarding them. The same companies that depended on the consumer upgrade cycle now see their real profits coming from data centers. Yet, they still push gaming hardware aggressively. However, legitimate areas for improvement do exist. While marketing exaggerates the need for higher FPS at extreme resolutions, real gaming performance should focus on frame stability, low latency, and efficient rendering techniques. These are the areas where actual innovation should be happening. Instead, the industry prioritizes artificial performance milestones to create the illusion of progress, rather than refining and optimizing for the gaming experience itself. Why? ### **Gamers Fund the R&D for AI and Bear the Cost of Scalping** NVIDIA still needs gamers, but not in the way most think. The gaming market provides steady revenue, but it is no longer the priority. With production capacity shifting toward AI and industrial clients, fewer GPUs are available for gamers. This reduced supply has led to rampant scalping, where resellers exploit scarcity to drive up prices beyond reasonable levels. Instead of addressing the issue, NVIDIA benefits from the inflated demand and price perception, creating an even stronger case for prioritizing enterprise sales. Gaming revenue subsidizes AI research. The more RTX cards they sell, the more they justify pouring resources into data-center GPUs like the H100, which generate significantly higher margins than gaming hardware. AI dictates the future of GPUs. If NVIDIA and AMD produced dedicated gamer-specific GPUs in higher volumes, they could serve that market at lower prices. But in the fiat-driven world of stockholder demands, maintaining artificially constrained supply ensures maximum profitability. Gamers are left paying inflated prices for hardware that is no longer built with them as the primary customer. That is why GPU prices keep climbing. Gamers are no longer the main customer. They are a liquidity pool. ### **The Financial Reality** The financial reports confirm this shift: **NVIDIA’s 2024 fiscal year** saw a 126% revenue increase, reaching \$60.9 billion. The data center segment alone grew 217%, generating \$47.5 billion. ([Source](https://investor.nvidia.com/news/press-release-details/2024/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2024/)) The numbers make it clear. The real money is in AI and data centers, not gaming. NVIDIA has not only shifted its focus away from gamers but has also engaged in financial engineering to maintain its dominance. The company has consistently engaged in substantial stock buybacks, a hallmark of fiat-driven financial practices. In August 2023, NVIDIA announced a \$25 billion share repurchase program, surprising some investors given the stock's significant rise that year. ([Source](https://www.reuters.com/technology/nvidias-25-billion-buyback-a-head-scratcher-some-shareholders-2023-08-25/)) This was followed by an additional \$50 billion buyback authorization in 2024, bringing the total to \$75 billion over two years. ([Source](https://www.marketwatch.com/story/nvidias-stock-buyback-plan-is-one-of-the-biggest-of-2024-is-that-a-good-thing-9beba5c5)) These buybacks are designed to return capital to shareholders and can enhance earnings per share by reducing the number of outstanding shares. However, they also reflect a focus on short-term stock price appreciation rather than long-term value creation. Instead of using capital for product innovation, NVIDIA directs it toward inflating stock value, ultimately reducing its long-term resilience and innovation potential. In addition to shifting production away from consumer GPUs, NVIDIA has also enabled AI firms to use its chips as collateral to secure massive loans. Lambda, an AI cloud provider, secured a \$500 million loan backed by NVIDIA's H200 and Blackwell AI chips, with financing provided by Macquarie Group and Industrial Development Funding. ([Source](https://www.reuters.com/technology/lambda-secures-500-mln-loan-with-nvidia-chips-collateral-2024-04-04/)) This practice mirrors the way Bitcoin miners have used mining hardware as collateral, expecting continuous high returns to justify the debt. GPUs are fast-depreciating assets that lose value rapidly as new generations replace them. Collateralizing loans with such hardware is a high-risk strategy that depends on continued AI demand to justify the debt. AI firms borrowing against them are placing a leveraged bet on demand staying high. If AI market conditions shift or next-generation chips render current hardware obsolete, the collateral value could collapse, leading to cascading loan defaults and liquidations. This is not a sound-money approach to business. It is fiat-style quicksand financialization, where loans are built on assets with a limited shelf life. Instead of focusing on sustainable capital allocation, firms are leveraging their future on rapid turnover cycles. This further shifts resources away from gamers, reinforcing the trend where NVIDIA prioritizes high-margin AI sales over its original gaming audience.&#x20; At the same time, NVIDIA has been accused of leveraging anti-competitive tactics to maintain its market dominance. The GeForce Partner Program (GPP) launched in 2018 sought to lock hardware partners into exclusive deals with NVIDIA, restricting consumer choice and marginalizing AMD. Following industry backlash, the program was canceled. ([Source](https://en.wikipedia.org/wiki/GeForce_Partner_Program))&#x20; NVIDIA is not merely responding to market demand but shaping it through artificial constraints, financialization, and monopolistic control. The result is an industry where consumers face higher prices, limited options, and fewer true innovations as companies prioritize financial games over engineering excellence. On this basis, short-term downturns fueled by stock buybacks and leveraged bets create instability, leading to key staff layoffs. This forces employees into survival mode rather than fostering long-term innovation and career growth. Instead of building resilient, forward-looking teams, companies trapped in fiat incentives prioritize temporary financial engineering over actual product and market development. ### **A Sound Money Alternative: Aligning Incentives** Under a sound money system, consumers would become more mindful of purchases as prices naturally decline over time. This would force businesses to prioritize real value creation instead of relying on artificial scarcity and marketing hype. Companies would need to align their strategies with long-term customer satisfaction and sustainable engineering instead of driving demand through planned obsolescence. Imagine an orange-pilled CEO at NVIDIA. Instead of chasing infinite growth, they persuade the board to pivot toward sustainability and long-term value creation. The company abandons artificial product cycles, prioritizing efficiency, durability, and cost-effectiveness. Gaming GPUs are designed to last a decade, not three years. The model shifts to modular upgrades instead of full replacements. Pricing aligns with real user needs, not speculative stock market gains. Investors initially panic. The stock takes a temporary hit, but as consumers realize they no longer need to upgrade constantly, brand loyalty strengthens. Demand stabilizes, reducing volatility in production and supply chains. Gamers benefit from high-quality products that do not degrade artificially. AI buyers still access high-performance chips but at fair market prices, no longer subsidized by forced consumer churn. This is not an abstract vision. Businesses could collateralize loans with Bitcoin. Companies could also leverage highly sought-after end products that maintain long-term value. Instead of stock buybacks or anti-competitive practices, companies would focus on building genuine, long-term value. A future where Bitcoin-backed reserves replace fiat-driven financial engineering would stabilize capital allocation, preventing endless boom-bust cycles. This shift would eliminate the speculative nature of AI-backed loans, fostering financial stability for both borrowers and lenders. Sound money leads to sound business. When capital allocation is driven by real value rather than debt-fueled expansion, industries focus on sustainable innovation rather than wasteful iteration. ### **Reclaiming Time Sovereignty for Companies** The fiat system forces corporations into unsustainable growth cycles. Companies that embrace financial independence and time sovereignty can escape this trap and focus on long-term value. GPU development illustrates this distortion. The RTX 3080 met nearly all gaming needs, yet manufacturers push unnecessary performance gains to fuel stock prices rather than improve usability. GPUs are no longer designed for gamers but for AI and enterprise clients, shifting NVIDIA’s priorities toward financial engineering over real innovation. This cycle of GPU inflation stems from fiat-driven incentives—growth for the sake of stock performance rather than actual demand. Under a sound money standard, companies would build durable products, prioritizing efficiency over forced obsolescence. Just as individuals can reclaim financial sovereignty, businesses can do the same. Embracing sound money fosters sustainable business strategies, where technology serves real needs instead of short-term speculation. #Bitcoin #FITS #Marketing #TimeSovereignty #BitcoinFixesThis #OptOut #EngineeringNotFinance #SoundBusiness

@ 000002de:c05780a7

> The argument for liberty is not an argument against organization, which is one of the most powerful tools human reason can employ, but an argument against all exclusive, privileged, monopolistic organization, against the use of coercion to prevent others from doing better. ~ Friedrich August von Hayek, The Constitution of Liberty originally posted at https://stacker.news/items/892255

@ 000002de:c05780a7

Are you seeing it? Been oddly quiet for me but I have friends that are seeing people come unglued. Think its hard to sustain that level if outrage. It's not healthy for sure. I was so angry during Covid and realized it wasn't worth it. What's your experience. Not online but IRL. originally posted at https://stacker.news/items/892219

@ 378562cd:a6fc6773

In the ever-evolving landscape of social media, platforms like Twitter and Facebook have dominated the space for years. They’ve shaped the way we interact, share, and consume information. But as censorship concerns, algorithmic manipulation, and corporate control over data become more apparent, a new contender has emerged—NOSTR (Notes and Other Stuff Transmitted by Relays). The differences are striking for those who have stepped into the NOSTR ecosystem. Let’s dive into what sets it apart and why it’s more than just another social media platform—**it’s a movement**. ### **Decentralization vs. Corporate Control** The fundamental structure is one of the most noticeable differences between NOSTR and traditional platforms like Twitter or Facebook. Both are owned by massive corporations that dictate what can and cannot be said. They collect data, sell advertisements, and use algorithms to curate what users see. NOSTR, on the other hand, is fully decentralized. No single entity controls the platform, no shadowy moderation teams tweak visibility based on corporate interests, and no risk of being permanently banned by a faceless algorithm. Instead, NOSTR operates on an open protocol, allowing anyone to participate without gatekeepers. Your content is truly yours, and no one can take that away from you. ### **A Different Class of People** Scrolling through Twitter or Facebook often feels like wading through a digital battlefield. Political flame wars, mind-numbing clickbait, and attention-seeking outrage dominate the feeds. While both platforms do have intelligent and well-meaning users, they are drowned out by noise, bots, and engagement-hacking algorithms designed to fuel division. NOSTR, by contrast, attracts a different breed of users—people who value free speech, independent thought, and meaningful conversation. Many of them are builders, thinkers, and pioneers eager to create a better way of interacting online. There’s a noticeable shift in tone; rather than content driven by controversy and outrage, you’ll find people discussing innovation, philosophy, and real-world solutions. Conversations feel more organic, unfiltered, and free from the artificial constraints imposed by big tech algorithms. ### **Similarities Exist But With a Better Foundation** At a glance, using a NOSTR client may seem similar to traditional social media platforms. Users post messages (called ‘notes’), interact with others, and build followings. You can reply, share, and engage much like you would on Twitter. But under the hood, everything operates on a more open, transparent system. Instead of relying on centralized servers controlled by corporations, NOSTR functions through relays—public or private servers that transmit messages. Since there’s no corporate overlord dictating what gets priority in your feed, you see content chronologically and unfiltered. Additionally, identity and reputation are built through cryptographic keys rather than being at the mercy of a username that a platform can seize or shadowban at will. ### **No Ads, No Tracking, No Manipulation** Let’s be honest—traditional social media has become a giant advertisement machine. Everything is optimized to keep you engaged just long enough to serve more ads and collect more data. Your feed isn’t showing you what’s most relevant; it’s showing you what makes the company the most money. NOSTR eliminates this problem entirely. There are no forced ads, no trackers collecting your data, and no algorithm deciding what you should see. Instead, users fund relays or tip content creators directly, creating an ecosystem that values people over profit. ### **For New Users: A Starting Point** If you’re new to NOSTR, welcome! I’m still a beginner myself, but I’ve already seen the potential this platform has to change how we connect online. Getting started can seem overwhelming at first, but there are a few key tools and resources that can help smooth the transition. For a great user-friendly NOSTR client, **Damus** (for iOS) and **Amethyst** (for Android) are excellent places to start. If you prefer a web-based option, **Primal.net** offers a simple and intuitive experience. These platforms make it easy to dive in, start posting, and get a feel for how NOSTR operates. But NOSTR isn’t just about social media—it’s a foundation for something bigger. Developers and innovators are expanding their reach beyond simple note-sharing. Specialized communities and applications are already emerging, including platforms for **photography, recipe sharing, and even swap sites**, all built using the NOSTR framework. The possibilities are growing, and the future looks bright. ### **Final Thoughts** The shift from Twitter or Facebook to NOSTR isn’t just about switching platforms; it’s about embracing a fundamentally better way to communicate online. With decentralization, real freedom of expression, and a community of forward-thinking individuals, NOSTR offers an experience that traditional social media simply cannot match. For those seeking a place where ideas flow freely, where profit-driven algorithms don’t dictate engagement, and where you control your own digital presence, NOSTR is not just an alternative. It’s an upgrade. Let's connect and learn together! npub1x7zk9nfqsjwuuwm5mpdu8eevsnu2kk0ff23fv58p45d50fhuvaeszg44p2 primal.net/Goody

@ 5d4b6c8d:8a1c1ee3

We made a minor adjustment to the reply fee, raising it to 2 sats. Lest you think @grayruby is just a greedy SOB (not that he isn't), we are trying to think through how to use some of the territory profits to help support the contests being run by stackers and those extra sats can help with that effort. # How is ~Stacker_Sports doing? The past month has been awesome for us. Of course, that may be related to the NFL playoffs. - Posts: 271, 4th ranked territory - Comments: ***2992, 2nd ranked territory!*** - Stacking: ***193.9k, 2nd ranked territory!*** - Spending: ***300.9k, 2nd ranked territory!*** Top Post: [Super Bowl Discussion Thread](https://stacker.news/items/880943/r/Undisciplined) by @grayruby - 1088 sats/ 109 comments I'm looking forward to another awesome month! originally posted at https://stacker.news/items/891926

@ 8f69ac99:4f92f5fd

Imagine-se numa fila de uma feira de emprego com dois amigos igualmente qualificados, mas provenientes de contextos socioeconómicos diferentes. Um dos amigos, devido às suas circunstâncias económicas, recebe um tratamento preferencial—como um aumento de 10% na pontuação da sua candidatura, como parte de uma política destinada a corrigir desvantagens sistémicas. O outro amigo, apesar de igualmente qualificado, não recebe qualquer vantagem. Quem conseguirá o emprego para o qual ambos estão capacitados? Este cenário destaca o paradoxo no cerne de muitas políticas de justiça social: tratar as pessoas de forma diferente para atingir a igualdade muitas vezes resulta em resultados desiguais, desafiando o princípio de equidade e minando a confiança. Esta tensão entre os objetivos da justiça social e a necessidade de equidade tem moldado debates sobre ações afirmativas, tributação progressiva, programas de bem-estar social e outras políticas destinadas a promover a equidade entre grupos. Embora bem-intencionadas, estas iniciativas podem marginalizar o mérito individual e gerar ressentimento entre aqueles que se sentem injustamente tratados. A tese central deste artigo é que, embora a justiça social tenha como objetivo promover a igualdade, as suas políticas requerem inerentemente um tratamento desigual, o que paradoxalmente arrisca criar novas formas de desigualdade. Este paradoxo destaca os desafios de buscar a equidade através da intervenção estatal. ### O Princípio da Justiça Social As políticas de justiça social frequentemente focam-se em atingir a igualdade de resultados através da intervenção estatal. Por exemplo, a ação afirmativa na educação promove a representação de grupos sub-representados através de medidas como cotas raciais ou tratamento preferencial em processos de admissão universitária. De forma semelhante, a tributação progressiva procura redistribuir riqueza ao impor maiores encargos fiscais a determinados grupos de rendimento. Embora estas políticas visem corrigir desigualdades sistémicas, elas inerentemente requerem tratar as pessoas de forma diferente com base em fatores como raça, rendimento ou condição socioeconómica. Esta discrepância pode criar uma perceção de favoritismo, erodindo a confiança nas instituições e gerando ressentimento entre aqueles que se sentem injustamente prejudicados. Ao dar prioridade à identidade de grupo em detrimento das circunstâncias individuais, estas políticas podem comprometer a equidade e minar a confiança nas instituições, criando percepções de injustiça e ineficiência económica. ### O Problema do Tratamento Desigual Uma das preocupações centrais com as políticas de justiça social é a sua dependência no tratamento desigual para atingir a igualdade de resultados. Embora concebidas para promover a equidade, estas políticas frequentemente conduzem a consequências indesejadas que desafiam a equidade e a coesão social. Por exemplo, as políticas de acção afirmativa têm sido criticadas por enfatizarem a identidade de grupo em detrimento do mérito individual. Isto pode resultar na seleção de candidatos com base em cotas em vez de qualificações, gerando frustração entre aqueles que se sentem preteridos, apesar dos seus esforços ou competências. De forma semelhante, os sistemas de tributação progressiva sobrecarregam desproporcionalmente certos grupos, criando a perceção de penalização injusta. As cotas na educação ou no emprego são particularmente controversas. Ao impor limites ou metas com base na identidade de grupo, estas políticas podem inadvertidamente excluir indivíduos que não se enquadram nos critérios definidos. Esta exclusão muitas vezes gera ressentimento, pois os afetados percebem o sistema como priorizando a equidade para uns em detrimento de outros. Além disso, ao enfatizar a identidade de grupo sobre o mérito individual, as políticas de justiça social podem inadvertidamente enfraquecer incentivos à excelência e à responsabilidade pessoal, gerando impactos negativos na produtividade e na confiança nas instituições. Esta dinâmica pode corroer a responsabilidade e a confiança nas instituições, criando divisões dentro da sociedade. Ao enfatizar a igualdade de resultados sobre a igualdade de oportunidades, tais políticas arriscam consolidar novas formas de desigualdade. ### Estudos de Caso e Exemplos do Mundo Real **Acção Afirmativa na Educação** A política de acção afirmativa da Universidade do Texas em Austin, que considera a raça como um dos factores nas admissões, gerou desafios legais. Críticos argumentaram que a política prejudicava injustamente candidatos igualmente ou mais qualificados que não atendiam aos critérios da política. Embora os tribunais tenham apoiado a política, a controvérsia destaca a tensão entre promover diversidade e preservar o mérito individual. **Programas de Bem-Estar Redistributivo** Nos Estados Unidos, o Crédito Tributário por Rendimento do Trabalho (EITC) visa aliviar a pobreza entre indivíduos de baixos rendimentos. Contudo, disparidades na sua implementação causaram fricções. Por exemplo, estudos mostram variações nos benefícios entre grupos demográficos, deixando alguns com a sensação de tratamento injusto, apesar de circunstâncias financeiras semelhantes. Estes resultados ilustram como políticas redistributivas podem inadvertidamente gerar ressentimento. **Cotas de Diversidade na Contratação** Muitas empresas implementaram cotas de diversidade para aumentar a representação. Contudo, estas medidas frequentemente levantam preocupações sobre equidade. Empregados contratados sob cotas por vezes relatam sentir-se estigmatizados, e outros percebem o sistema como desvalorizando o mérito. Isto mina a moral e a confiança no local de trabalho, como demonstrado em inquéritos que revelam insatisfação com práticas de contratação baseadas em cotas. Os exemplos acima ilustram como políticas desenhadas para promover equidade podem, na prática, comprometer os princípios de justiça e meritocracia, resultando em consequências imprevistas que minam a confiança nas instituições. A dependência generalizada na identidade de grupo, em vez do desempenho individual, arrisca criar divisões e reduzir a confiança nas instituições. ### Crítica Filosófica e Ética A busca pela justiça social levanta dilemas filosóficos e éticos, particularmente no equilíbrio entre igualdade e equidade. Por um lado, a igualdade sugere tratar os indivíduos de forma imparcial, independentemente da identidade. Por outro, atingir a igualdade de resultados frequentemente requer tratamento desigual. Sob uma perspetiva rawlsiana, as políticas redistributivas são justificadas para corrigir desigualdades sistémicas e promover a equidade. Contudo, pensadores libertários como Robert Nozick argumentam que tais intervenções violam os direitos e as liberdades individuais. Para Nozick, a justiça reside na proteção da autonomia e da propriedade pessoal, não na redistribuição de recursos para atingir objetivos coletivos. Ademais, uma énfase excessiva na identidade de grupo pode fomentar uma cultura de vitimização, onde os indivíduos priorizam queixas em detrimento da responsabilidade pessoal. Esta dinâmica pode consolidar divisões, incentivar direitos adquiridos e minar a coesão social. As políticas que promovem a igualdade de resultados podem inadvertidamente criar privilégios para alguns enquanto desfavorecem outros, perpetuando novas formas de desigualdade. Uma abordagem equilibrada deve considerar as implicações éticas das medidas redistributivas, preservando as liberdades individuais e a meritocracia. Ao focar na oportunidade em vez do resultado, as sociedades podem buscar a equidade sem comprometer a autonomia. ### Soluções Alternativas **Investir na Educação** Proporcionar acesso à educação de alta qualidade é uma forma poderosa de nivelar o campo de jogo. Programas que ampliem as oportunidades educacionais para comunidades desfavorecidas podem promover mobilidade social sem depender de tratamentos preferenciais. **Garantir Liberdade Económica** Reduzir barreiras regulatórias e promover mercados livres pode estimular a inovação, o empreendedorismo e a criação de emprego. Ao incentivar a competição, os indivíduos podem prosperar com base nas suas capacidades em vez de depender de intervenções externas. **Aproveitar Sistemas Descentralizados** Tecnologias descentralizadas como o Bitcoin podem empoderar indivíduos ao oferecer inclusão financeira e reduzir a dependência de sistemas estatais. Estas ferramentas proporcionam transparência e autonomia, minimizando oportunidades de favoritismo ou corrupção. **Medidas Práticas** - Bolsas de estudo e subsídios baseados no mérito. - Programas de formação profissional para desenvolver competências de mercado. - Apoio ao empreendedorismo através de financiamento e mentoria. - Reformas para simplificar os sistemas fiscais e regulatórios. Estas soluções priorizam a equidade, o empoderamento individual e a oportunidade, promovendo uma sociedade onde as pessoas prosperem com base no mérito e no esforço. ### Conclusão As políticas de justiça social frequentemente procuram atingir a igualdade através do tratamento desigual, mas esta abordagem pode criar novas formas de desigualdade e divisão. A énfase na identidade de grupo em detrimento do mérito individual arrisca corroer a equidade e a confiança, minando os objetivos que estas políticas procuram atingir. Para alcançar uma sociedade mais justa e sustentável, é essencial focar na igualdade de oportunidades, garantindo que todos tenham acesso aos mesmos recursos e condições para prosperar, sem comprometer a autonomia individual ou distorcer os princípios da meritocracia. Investimentos na educação, liberdade económica e tecnologias descentralizadas oferecem caminhos práticos para empoderar indivíduos e fomentar a meritocracia. Um compromisso com estes princípios pode criar um futuro mais inclusivo e equitativo, onde todos tenham a chance de prosperar com base nos seus próprios esforços e capacidades. _Photo by [Cody Pulliam](https://unsplash.com/@codyaustinpulliam?utm_content=creditCopyText&utm_medium=referral&utm_source=unsplash) on [Unsplash](https://unsplash.com/photos/person-holding-brown-cardboard-box-GGKVGSkKIzM?utm_content=creditCopyText&utm_medium=referral&utm_source=unsplash)_

@ 8f69ac99:4f92f5fd

Anarquia: uma palavra que frequentemente evoca imagens de caos e desordem, associada ao velho oeste sem lei ou a futuros distópicos onde impera a força bruta. No entanto, para aqueles que investigam mais a fundo, a anarquia revela-se como algo muito mais sofisticado—um sistema não definido pela ausência de regras, mas sim pela ausência de governantes (*rules without rulers*). Essa distinção fundamental é essencial para compreender um dos conceitos mais fascinantes e, ao mesmo tempo, mais difamados da sociedade. A ideia de que anarquia significa desordem ou uma sociedade sem estrutura é um equívoco baseado no medo do desconhecido e na falta de compreensão dos seus princípios básicos. Na realidade, a anarquia assenta sobre um princípio fundamental: o **Princípio da Não-Agressão (PNA)**. Este princípio estabelece que nenhum indivíduo tem o direito de iniciar o uso da força, coerção ou fraude contra os outros, sem o seu consentimento, sendo este um dos pilares fundamentais para a preservação da propriedade privada e das liberdades individuais. Não se trata, portanto, de uma sociedade sem regras, mas sim de uma organização baseada em **estruturas legais descentralizadas e orgânicas**, como a **lei natural e o direito consuetudinário**, que emergem naturalmente através das interacções voluntárias entre indivíduos. A história demonstra que, mesmo na ausência de uma autoridade central, os seres humanos são perfeitamente capazes de criar ordens sociais complexas, baseadas na cooperação, na ajuda mútua e no progresso. Este artigo explora como a anarquia funciona enquanto sistema de cooperação voluntária e direito natural, desafiando as concepções erradas que persistem sobre o tema e revelando o seu potencial para fortalecer a liberdade individual e a coesão social. Ao analisar as suas raízes filosóficas, o papel do Estado dentro de um enquadramento anarquista e os exemplos históricos que demonstram a capacidade da humanidade para se auto-organizar, procuramos iluminar um futuro onde a liberdade não seja apenas um sonho utópico, mas uma possibilidade concreta. ## Principio da Não Agressão (PNA) A **base da anarquia** assenta sobre um princípio inegociável: o Princípio da Não-Agressão. Este postulado não é apenas uma directriz moral, mas sim uma regra essencial de conduta, destinada a fomentar uma sociedade cooperativa e pacífica, onde os indivíduos vivem sem medo da coerção ou da violência. A partir deste princípio, deriva-se naturalmente a **propriedade privada**, pois cada indivíduo tem o direito de usufruir e gerir os recursos que adquire sem recorrer à força contra terceiros. Da mesma forma, a violação deste princípio—seja através do roubo, homicídio ou qualquer tipo de agressão física ou psicológica, não consentida—é condenada de forma universal, pois representa um atentado contra a liberdade de cada um. Num enquadramento anarquista, a ausência de uma estrutura coerciva não significa a ausência de ordem. Métodos como **pressão social, ostracismo de infractores e mecanismos privados de justiça** ajudam a manter a harmonia social. Por exemplo, em situações de litígio entre vizinhos sobre a posse de um terreno, em vez de recorrer ao Estado, poderiam simplesmente resolver a disputa através de um mediador comunitário ou de um serviço de arbitragem voluntário. ## Ordem Sem Autoridade Central A crença de que a lei e a ordem dependem de um poder centralizado ignora uma vasta tradição histórica de **sistemas legais descentralizados** que surgiram espontaneamente, sem intervenção estatal. A anarquia não significa ausência de normas, mas sim uma **ordem espontânea baseada em leis naturais e consuetudinárias**. A lei natural consiste em princípios universais, reconhecidos pela razão, que não dependem da autoridade estatal. Já o direito consuetudinário assenta na tradição e nos precedentes, evoluindo conforme as necessidades das comunidades. Um excelente exemplo histórico é o código jurídico medieval islandês "Grágás", que regulava litígios e contratos através de mediação voluntária. Sistemas baseados na reputação também são eficazes. No passado, comerciantes que desrespeitassem contratos viam-se rapidamente excluídos do mercado. Hoje, soluções descentralizadas como a arbitragem privada demonstram que contratos podem ser cumpridos sem necessidade de coerção estatal. ## Anarquia como Estado Natural da Cooperação Humana A cooperação voluntária está no cerne da natureza humana. A ideia de que é necessária uma autoridade central para garantir harmonia social desconsidera as inúmeras instâncias de colaboração espontânea ao longo da história. O funcionamento dos mercados ilustra perfeitamente a anarquia em acção. Sem um governo a ditar regras, indivíduos interagem livremente, criando riqueza e inovação. A busca pelo progresso científico também reflecte este princípio: Albert Einstein, Nikola Tesla, Henry Ford ou Thomas Edison não foram forçados pelo Estado a desenvolver as suas invenções—fizeram-no por interesse próprio, beneficiando toda a humanidade. Da mesma forma, a revolução industrial não foi um plano centralizado, mas sim o resultado de inúmeras inovações individuais que impulsionaram a prosperidade global. A tecnologia moderna, com exemplos como Bitcoin e Nostr, redes descentralizadas, prova que sociedades podem operar sem intermediários estatais, ou autoridades centrais. ## Estado: Pode Existir Num Enquadramento Anarquista? O Estado, mesmo na sua versão mais reduzida, pode representar um risco para a liberdade individual. Alguns, eu incluído, argumentam que um "Estado mínimo" (minarquia) poderia existir para garantir segurança e mediar disputas, mas essa estrutura pode rapidamente expandir-se e transformar-se num mecanismo de coerção. ### A necessidade de mecanismos de controlo e equilíbrio Mesmo um Estado reduzido exigiria salvaguardas para evitar abusos de poder. Para isso, seriam necessários mecanismos que garantam que nenhuma autoridade se torne dominante e que a sociedade mantenha a sua autonomia. Algumas soluções incluem: - **Representação directa**: Em vez de delegar decisões a políticos, a população poderia ter mais influência directa nas questões que afectam a sua vida (como na Suiça por exemplo). - **Arbitragem independente**: Conflitos poderiam ser resolvidos sem recorrer a tribunais estatais, através de mediação voluntária e sistemas de justiça comunitária. - **Redes de apoio social**: Fortalecer redes de ajuda mútua reduziria a necessidade de um governo central para fornecer serviços essenciais. ### Exemplos práticos Algumas iniciativas mostram que a sociedade pode funcionar com estruturas descentralizadas: - **Cidades com participação cívica activa**: Experiências como o orçamento participativo em algumas cidades demonstram como a sociedade pode gerir recursos colectivos sem excessiva intervenção estatal. - **Redes de ajuda mútua**: Grupos como a *Mutual Aid Disaster Response Network* nos EUA provam que comunidades podem organizar-se para responder a crises sem depender do Estado. O desafio não é apenas imaginar um mundo sem Estado, mas conceber modelos descentralizados que garantam a liberdade individual e impeçam a concentração de poder. A verdadeira questão é: conseguiremos criar sistemas mais justos e funcionais sem recorrer à coerção estatal? ## Raízes Filosóficas da Anarquia A anarquia tem uma longa tradição filosófica que remonta a pensadores como **William Godwin**, **Pierre-Joseph Proudhon** e **Max Stirner**, cada um contribuindo com diferentes perspectivas sobre a organização social sem governantes. No século XX, pensadores como **Murray Rothbard** e **Hans-Hermann Hoppe** aprofundaram a ideia do anarco-capitalismo, propondo que todos os serviços actualmente providenciados pelo Estado poderiam ser oferecidos por meio de mercados livres. A raiz histórica da anarquia está firmemente ancorada no pensamento de esquerda (a tradicional... ), na medida em que a sua proposta fundamental é a **eliminação do poder central**. O anarquismo clássico emergiu como uma resposta ao absolutismo e ao capitalismo industrial, defendendo que a autoridade imposta pelo Estado e pelas elites económicas deveria ser desmantelada para dar lugar a um sistema de cooperação voluntária e descentralizada. Proudhon, ao afirmar "a propriedade é roubo", reflectia esta preocupação com a concentração de poder e riqueza nas mãos de poucos. Com o tempo, no entanto, diferentes correntes começaram a emergir dentro da tradição anarquista. A tradição anarquista de **esquerda** enfatiza a justiça social e a solidariedade comunitária, rejeitando tanto o Estado como o capitalismo. Nomes como **Bakunin** e **Kropotkin** defenderam a abolição da propriedade privada em favor de sistemas cooperativos, argumentando que apenas a auto gestão e o apoio mútuo poderiam garantir a verdadeira liberdade. Por outro lado, no século XX, surgiu uma vertente anarquista mais **associada à direita**, especialmente com Rothbard e Hoppe, que viam o mercado como a melhor alternativa ao Estado. Para os anarco-capitalistas, a liberdade individual é prioritária, e a descentralização deve ocorrer não apenas ao nível político, mas também económico, permitindo que todas as transacções sejam voluntárias e baseadas na propriedade privada. Apesar dessas divergências, há um ponto comum entre todas as vertentes anarquistas: a rejeição do **monopólio da violência estatal**. Tanto anarquistas de esquerda quanto de direita reconhecem que o poder centralizado inevitavelmente conduz à opressão e à limitação da liberdade individual. O debate interno dentro do anarquismo não é sobre a necessidade de abolir o Estado, mas sim sobre o que deve substituí-lo: auto gestão comunitária e colectivismo ou mercados livres e concorrência voluntária? A preservação da propriedade privada e a liberdade de associação são, para mim, princípios fundamentais dentro do pensamento anarquista. Nada impede que, numa sociedade anarquista, grupos de indivíduos escolham unir-se voluntariamente para formar projectos cooperativos baseados em valores partilhados. O que distingue essa abordagem da imposição estatal é o carácter voluntário e descentralizado dessas associações, garantindo que cada pessoa possa viver conforme os seus próprios princípios sem coerção externa. Esta dicotomia entre esquerda e direita dentro do anarquismo reflecte diferentes interpretações sobre a melhor forma de organizar a sociedade sem coerção. O que permanece inegável é que a anarquia, independentemente da vertente, continua a ser uma proposta de resistência contra qualquer forma de domínio centralizado, colocando a liberdade e a autonomia no centro da organização social. ## Conclusão A anarquia não é um sonho utópico, mas sim uma alternativa viável à organização centralizada da sociedade. Através do respeito pelo Princípio da Não-Agressão, da descentralização das normas jurídicas e da cooperação voluntária, podemos construir um mundo mais livre, onde as pessoas têm o poder de se governar a si mesmas. Sistemas como Bitcoin já demonstram que a descentralização funciona e que a ausência de intermediários coercivos é não só possível, mas desejável. O desafio não é saber se a anarquia pode funcionar, mas sim **quanto tempo levará para as pessoas perceberem que um mundo sem Estado é mais próspero e justo**. #anarquia #anarco #bitcoin --- _Photo by [Orit Matee](https://unsplash.com/@splashcom?utm_content=creditCopyText&utm_medium=referral&utm_source=unsplash) on [Unsplash](https://unsplash.com/photos/black-and-silver-heart-shaped-wall-decor-qqiAxa9hpaA?utm_content=creditCopyText&utm_medium=referral&utm_source=unsplash)_

@ a012dc82:6458a70d

The Financial Accounting Standards Board (FASB) has recently introduced a groundbreaking ruling that significantly alters the way Bitcoin and other cryptocurrencies are accounted for in financial statements. This new development is poised to transform the landscape of crypto accounting, bringing in more transparency and alignment with traditional financial practices. Let's delve into the details of this pivotal change. **Table of Contents** - Introduction to the New FASB Ruling - The Shift to Fair Value Accounting - Understanding Fair Value Accounting - Impact on Financial Reporting - Advantages of the New Approach - Enhanced Transparency and Accuracy - Positive Implications for Companies - Challenges and Considerations - Dealing with Volatility - Auditor Expertise - Industry Response and Future Outlook - Embracing the Change - Long-Term Implications - Conclusion - FAQs **Introduction to the New FASB Ruling** The FASB, the principal body responsible for establishing accounting standards in the United States, announced a new set of rules concerning the accounting of cryptocurrencies like Bitcoin. This announcement marks a significant shift from the previous accounting practices for digital assets. Previously, the lack of clear guidelines led to inconsistencies and uncertainties in how companies reported their crypto holdings. The new ruling aims to standardize these practices and reflects the growing importance of cryptocurrencies in the financial world. **The Shift to Fair Value Accounting** **Understanding Fair Value Accounting** Under the new FASB rules, companies are now required to account for cryptocurrencies at their fair value. Fair value accounting involves assessing assets and liabilities based on their current market value, rather than their historical cost. This approach is expected to provide a more accurate and real-time reflection of a company's financial status. It marks a significant departure from the traditional cost-based accounting methods, which often do not reflect the current market realities, especially in the case of highly volatile assets like cryptocurrencies. **Impact on Financial Reporting** This shift to fair value accounting means that companies holding cryptocurrencies will report the value of these assets based on their market prices at the end of each reporting period. This move is a departure from the previous method where Bitcoin was treated as an intangible asset, leading to certain limitations in financial reporting. For instance, under the old rules, if the value of Bitcoin fell below its purchase price, companies had to report a loss, but they couldn't report an increase in value unless the asset was sold. The new approach allows for a more dynamic and responsive reporting system that better reflects the economic realities of holding cryptocurrencies. **Advantages of the New Approach** **Enhanced Transparency and Accuracy** One of the primary benefits of this new ruling is the increased transparency and accuracy it brings to financial reporting. Companies can now reflect the actual market value of their crypto holdings, providing a clearer picture of their financial health. This change is particularly significant given the volatile nature of cryptocurrencies. By reporting the fair market value, companies can provide stakeholders with a more accurate depiction of their financial standing, which is crucial for informed decision-making by investors, regulators, and other stakeholders. **Positive Implications for Companies** Companies are likely to welcome this change as it allows them to report unrealized gains and losses on cryptocurrencies. This could encourage more businesses to add cryptocurrencies like Bitcoin to their balance sheets, as they can now recognize the appreciation in value without needing to sell the assets. This change could also lead to a broader acceptance of cryptocurrencies as a legitimate and valuable asset class, potentially spurring further investment and innovation in the crypto space. **Challenges and Considerations** **Dealing with Volatility** The inherent volatility of cryptocurrencies like Bitcoin poses a significant challenge in fair value accounting. Companies will need to develop robust methods to accurately assess the market value of these assets, which can fluctuate widely. This volatility requires continuous monitoring and frequent valuation adjustments, which can be resource-intensive and complex. Companies will need to invest in sophisticated valuation models and possibly seek external expertise to ensure accuracy and compliance. **Auditor Expertise** Another challenge lies in the need for auditors to acquire expertise in valuing cryptocurrencies. Assessing the fair market value of digital assets is a complex task that requires specific knowledge and skills. Auditors will need to stay abreast of the rapidly evolving crypto market and develop new methodologies for valuation. This requirement not only adds a layer of complexity to the audit process but also underscores the need for ongoing education and training in this emerging field. **Industry Response and Future Outlook** **Embracing the Change** The industry's response to the FASB's ruling has been largely positive. Industry leaders view this as a step towards mainstream acceptance of cryptocurrencies and a move that aligns digital assets with traditional financial reporting standards. This ruling is seen as a validation of the growing role of cryptocurrencies in the financial sector and a sign that regulatory bodies are beginning to recognize and adapt to the unique characteristics of these digital assets. **Long-Term Implications** In the long run, this ruling could lead to greater institutional adoption of cryptocurrencies. As financial reporting becomes more standardized and transparent, it may foster greater trust and confidence among investors and regulators. This could pave the way for more widespread use of cryptocurrencies in various financial transactions and potentially influence the development of new financial products and services centered around digital assets. **Conclusion** The FASB's latest ruling on cryptocurrency accounting is a landmark decision that aligns the treatment of digital assets with traditional financial practices. While it presents certain challenges, particularly in terms of volatility and the need for specialized auditor expertise, the overall impact is expected to be profoundly positive. This change not only enhances transparency and accuracy in financial reporting but also paves the way for broader acceptance and integration of cryptocurrencies in the mainstream financial world. As the industry adapts to these new rules, we can expect to see a more mature and robust crypto market, potentially leading to innovative financial solutions and greater economic opportunities. **FAQs** **When will the new FASB rules take effect?** The new rules are set to take effect from December 15, 2024, but companies have the option to apply them earlier. **How does fair value accounting affect financial reporting?** Fair value accounting allows companies to report the value of cryptocurrencies based on current market prices, providing a more accurate and real-time reflection of a company's financial status. **What are the benefits of the new FASB ruling?** The new ruling enhances transparency and accuracy in financial reporting and encourages more businesses to add cryptocurrencies to their balance sheets by allowing them to report unrealized gains and losses. **What challenges does the new ruling present?** The main challenges include dealing with the volatility of cryptocurrencies in fair value accounting and the need for auditors to develop expertise in valuing these digital assets. **What is the industry's response to the new ruling?** The industry has largely responded positively, viewing it as a step towards mainstream acceptance of cryptocurrencies and alignment with traditional financial reporting standards. **That's all for today** **If you want more, be sure to follow us on:** **NOSTR: croxroad@getalby.com** **X: [@croxroadnews.co](https://x.com/croxroadnewsco)** **Instagram: [@croxroadnews.co](https://www.instagram.com/croxroadnews.co/)** **Youtube: [@croxroadnews](https://www.youtube.com/@croxroadnews)** **Store: https://croxroad.store** **Subscribe to CROX ROAD Bitcoin Only Daily Newsletter** **https://www.croxroad.co/subscribe** ***DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.***

@ f1989a96:bcaaf2c1

Good morning, readers! This week, we honor the loss of the late Alexei Navalny, whose bravery inspired millions of Russians to stand up against Vladimir Putin’s financial, political, and social repression. Since his murder, the Kremlin has only tightened its grip — imprisoning citizens for political donations, blocking NGOs from funding, advancing its central bank digital currency, and limiting access to open alternatives like Bitcoin. In global news, a new [survey](https://www.omfif.org/2025/02/why-central-banks-should-take-the-next-step-on-cbdcs/) of 34 central banks by the Official Monetary and Financial Institutions Forum (OMFIF) revealed that 31% have [delayed](https://cointelegraph.com/news/central-banks-pushing-back-cbdc-plans-survey) plans to issue a retail central bank digital currency (CBDC). While this is a welcome shift, given that CBDCs threaten to give authoritarian regimes unprecedented tools to micro-control society, efforts to oppose and expose CBDCs must continue. The Human Rights Foundation (HRF) is proud that its CBDC Tracker (you can explore it [here](https://cbdctracker.hrf.org/home)) continues to reveal these threats. In privacy news, Bitcoin Core developer Carl Dong unveiled a new VPN called Obscura, the first open-source VPN that can’t log your network activity by design and outsmarts network filters for enhanced censorship resistance. Tools like this make the work of activists harder to surveil and censor under authoritarian regimes. Additionally, Zeus Wallet and Primal introduced support for Nostr Wallet Connect (NWC), further expanding interoperability between Nostr clients and Lightning wallets and giving more power back to the people. Finally, we feature a Bitcoin node tutorial from Bitcoin educator Ben Perrin, “BTC Sessions,” walking viewers through setting up a node on a computer and connecting it to Sparrow Wallet. This tutorial is especially suited for dissidents and can empower curious individuals with the ability to verify the Bitcoin network independently, enhance privacy, and eliminate reliance on third parties. There is no need to be technically inclined to follow along with this tutorial. **Now, let’s dive right in!** ## [Subscribe Here](https://mailchi.mp/hrf.org/financial-freedom-newsletter?mc_cid=bf652c0a5a) ## GLOBAL NEWS #### **Russia | One Year Since Navalny Murdered by Regime** One year ago, Alexei Navalny was [murdered](https://x.com/HRF/status/1891081393951613050) in a remote Arctic prison, where he was sent to die for daring to stand against dictator Vladimir Putin. Navalny was Russia’s leading opposition figure, a relentless leader who exposed regime corruption at the highest level and inspired millions to believe in a brighter future. His murder confirmed a grim reality: the Kremlin will stop at nothing to silence those who oppose it. Since Navalny’s passing, Putin has only tightened his grip — [charging](https://www.theguardian.com/world/article/2024/jun/20/russian-american-ballerina-trial-ksenia-karelina) innocent citizens for financially supporting dissent, [blocking](https://x.com/meduza_en/status/1857004048081186993?s=46&t=n7crMAWVvpABU4HOlO19Lg) NGOs from funding (and access to their own money), [accelerating](https://www.ledgerinsights.com/russia-updates-digital-ruble-rollout-including-obligation-to-accept-cbdc/) the roll-out of a CBDC to tighten financial control, and [restricting](https://www.coindesk.com/ru/policy/2024/07/30/russia-legalizes-crypto-mining-and-brings-an-experimental-regime/) access to open alternatives like Bitcoin. #### **Argentina | Milei Facing Fraud Charges and Impeachment for Promoting Memecoin** Argentinian President Javier Milei is [facing](https://www.reuters.com/world/americas/argentinas-opposition-threatens-impeachment-trial-after-milei-touts-crypto-coin-2025-02-16/) impeachment calls and fraud charges after promoting a cryptocurrency called $LIBRA, which has since [crashed](https://www.nobsbitcoin.com/argentinas-milei-faces-fraud-charges-impeachment-calls-after-failed-memecoin-launch/) in value. He initially [claimed](https://apnews.com/article/argentina-milei-cryptocurrency-fraud-charges-c0321f320a00cdb58edfb365ba8ce0f8) $LIBRA would “encourage economic growth by funding small businesses and startups.” Instead, the token briefly soared above $5 before plummeting. Critics [argue](https://www.bbc.co.uk/news/articles/c1w07nq8qqqo) the $LIBRA launch resembles a “rug pull,” where paid promoters inflate a token’s value, then cash out, leaving investors with worthless holdings. As the backlash grew, Milei deleted his posts promoting $LIBRA and defended himself, [insisting](https://x.com/tier10k/status/1891630044448977082) he didn't “promote it” — he simply “shared it.” Regardless, the damage is done. $LIBRA is now trading below $1, [losing](https://www.bbc.com/news/articles/c1w07nq8qqqo) tens of thousands of global citizens most of their money. Behind $LIBRA is Kelsier Ventures, a group [allegedly](https://x.com/tier10k/status/1891551659676844118?s=19) courting Nigeria and other governments with similar schemes. The saga continues to unfold, but the lessons are clear: political memecoins present major risks, and governments are not above rugging their own citizens. #### **Zimbabwe | Ordinary Citizens Pay Price of Deeply Indebted Regime**  Zimbabwe’s [debt crisis](https://archive.ph/uMDsk) has pushed [7.6 million](https://archive.ph/uMDsk) people into food insecurity as an El niño-driven drought worsens an economy already horribly mismanaged and exploited by a military dictatorship. The roots of this crisis run deep. Former tyrant Robert Mugabe’s land seizures in the early 2000s shattered agricultural output, wiped out foreign investment, and unleashed [hyperinflation](https://apnews.com/general-news-international-international-1ce81eed4b064a529163513931b30178) that erased Zimbabweans’ savings and wages. Decades of economic mismanagement drained the national resources and exacerbated food insecurity. Now, ordinary citizens shoulder the cost of regime failures. Families who once farmed their own land depend on expensive [food imports](https://archive.ph/uMDsk) they can’t afford, while the bankrupt regime [pleads](https://archive.ph/uMDsk) for more dollar-based loans — only to weaken the local currency and sink the country further into debt. #### **Singapore | Rising Costs Contradict Government’s Inflation Claims**  Singaporean citizens are refuting government claims that inflation is easing, pointing to the [rising](https://www.theonlinecitizen.com/2025/02/12/netizens-question-claims-of-easing-inflation-amid-continued-cost-of-living-burden-on-the-ground/) costs of essential goods and services. While official data reports a [2.4%](https://www.theonlinecitizen.com/2025/02/12/netizens-question-claims-of-easing-inflation-amid-continued-cost-of-living-burden-on-the-ground/) annual inflation rate, everyday expenses tell a different story. The government highlights falling car prices — a benefit for the wealthy — while downplaying state-imposed fare [hikes](https://www.straitstimes.com/singapore/st-explains-why-are-public-transport-fares-going-up-again) that disproportionately impact those who rely on public transport (lower-income individuals). With elections looming, many accuse the government of [manipulating](https://www.theonlinecitizen.com/2025/02/12/netizens-question-claims-of-easing-inflation-amid-continued-cost-of-living-burden-on-the-ground/) narratives to downplay these economic struggles. The persistent rise in everyday costs reveals a common disconnect between opaque government statistics issued by autocrats and the financial realities lived by ordinary citizens. #### **World | Central Banks Delaying CBDC Plans** A new [survey](https://www.omfif.org/2025/02/why-central-banks-should-take-the-next-step-on-cbdcs/) of 34 central banks by the Official Monetary and Financial Institutions Forum (OMFIF) revealed that 31% have [delayed](https://cointelegraph.com/news/central-banks-pushing-back-cbdc-plans-survey) plans to issue a retail central bank digital currency (CBDC). It also found that the share of central banks inclined to issue a CBDC fell from 38% in 2022 to just 18% today. While this slowdown is a welcomed shift, the survey [concludes](https://cointelegraph.com/news/central-banks-pushing-back-cbdc-plans-survey) that most central banks still expect to issue a CBDC in the future. In any jurisdiction, CBDCs mean more financial control in the hands of the government, which opens the door to surveillance, censorship, and control over financial activity. This concentrated power undermines civil liberties, especially in authoritarian regimes, putting dissidents and individuals at greater risk. Learn more about the dangers CBDCs pose to human rights and financial freedom [here](https://cbdctracker.hrf.org/home). \______________________________________________________\_ #### **Webinar Series for Nonprofits: Become Unstoppable** HRF will host a [free, three-day webinar](https://docs.google.com/forms/d/e/1FAIpQLSf0sjqwSFQo8HGMsWIIDRyhx34TsoonOSTfYoWSy-aaBbLeSw/viewform) from March 17-19, teaching human rights defenders and nonprofits how to use Bitcoin to counter state censorship and confiscation. Sessions run daily from 10:30 a.m. to 12:00 p.m. EDT and are beginner-friendly. The webinar will be led by Anna Chekhovich, HRF’s Bitcoin nonprofit adoption lead and financial manager at Alexei Navalny’s Anti-Corruption Foundation, and will be co-hosted by Ben Perrin “BTC Sessions,” one of the world’s top technical Bitcoin educators. [Register for webinar](https://docs.google.com/forms/d/e/1FAIpQLSf0sjqwSFQo8HGMsWIIDRyhx34TsoonOSTfYoWSy-aaBbLeSw/viewform) #### **SXSW | The Human Rights Risks of Central Bank Digital Currencies (CBDCs)** Join HRF at [SXSW 2025](https://www.sxsw.com/) in Austin from March 7-13 to explore how CBDCs threaten financial freedom. Experts [Roger Huang](https://x.com/Rogerh1991), [Charlene Fadirepo](https://x.com/CharFadirepo), and [Nick Anthony](https://x.com/EconWithNick) will discuss how authoritarian regimes use CBDCs for surveillance and control. Attendees can also visit HRF’s  [CBDC Tracker](https://cbdctracker.hrf.org/) booth to explore an interactive map of CBDC developments worldwide.  [Get your tickets](https://www.sxsw.com/conference/) \______________________________________________________\_ ## BITCOIN AND FREEDOM TECH NEWS #### **Obscura | New Virtual Private Network** Bitcoin Core developer [Carl Dong](https://x.com/carl_dong?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor) [launched](https://x.com/carl_dong/status/1889381916081791265) [Obscura VPN](https://obscura.net/), the first private and [open-source](https://github.com/Sovereign-Engineering/obscuravpn-client) VPN designed for maximum censorship resistance. Unlike traditional VPNs, it cannot log your network activity by design. Obscura achieves this by never seeing users’ encrypted Internet traffic. Because of this, it is impossible to log activity — even if compelled or compromised. Additionally, Obscura uses a custom stealth protocol that blends in with regular Internet traffic, making the VPN harder to detect or block. Tools like this make the work of activists under authoritarian regimes harder to surveil and censor. #### **Zeus Wallet and Primal | Integrate Nostr Wallet Connect** [Zeus](https://zeusln.com/), a Bitcoin Lightning wallet, and [Primal](http://primal.net), a Nostr client, have integrated the [Nostr Wallet Connect](https://nwc.dev/) (NWC) protocol. This protocol allows apps to interact with Bitcoin Lightning wallets, boosting interoperability between Bitcoin (decentralized money) and Nostr (decentralized communications). Zeus’s NWC [integration](https://blog.zeusln.com/zeus-v0-10-0-open-alpha/) expands wallet connectivity by allowing users to link external wallets like [Alby Hub](https://albyhub.com/) or [Cashu.me](http://cashu.me), improving transaction flexibility. Primal’s NWC integration brings even more functionality. Users can connect Primal wallet to any Nostr app, send zaps (bitcoin micropayments) from the web app, and link any self-custodial wallet that supports NWC. These updates strengthen Bitcoin and Nostr interoperability, allowing instant, censorship-resistant payments and communications without relying on traditional banking infrastructure. #### **Proton | Officially Launches Proton Wallet** [Proton Wallet](https://proton.me/wallet?mc_cid=e8f8ebab29&mc_eid=UNIQID), an open-source Bitcoin wallet from privacy services company [Proton](https://proton.me/?mc_cid=e8f8ebab29&mc_eid=UNIQID) (creators of [ProtonMail](https://proton.me/mail)), is [now available](https://proton.me/blog/wallet-launch) on Android, iOS, and the web. It features end-to-end encryption, address rotation for greater privacy (the same Bitcoin address is never used twice), and Replace-by-Fee (RBF) to speed up stuck transactions. It is also fully self-custodial, meaning users retain complete control over their funds. With Proton now offering both secure email and Bitcoin transactions, users have a stronger, more resilient digital toolkit to protect their communications and money. This is of particular interest to human rights activists operating in difficult environments. #### **Bitcoin Keeper | Releases Support for Miniscript and More Signing Devices** [Bitcoin Keeper](https://bitcoinkeeper.app/), an open-source mobile multisignature (multisig) wallet and [winner](https://hrfbounties.org/) of HRF’s “Easy Mobile Multisig” bounty, [released](https://medium.com/@ben_kaufman/welcome-to-keeper-2-0-8782593892f8) v2.0 with new security features. The update brings [Miniscript](https://bitcoinops.org/en/topics/miniscript/), a structured way to write Bitcoin scripts that enable users to create customized multisig vaults. This unlocks advanced setups for inheritance planning, time-locked savings, and more flexible security models. Support for Miniscript also expanded to more signing devices, including BitBox02, COLDCARD, Tapsigner, Blockstream Jade, and Ledger. Keeper is created and run by Indian developers, reminding us that some of the world’s best freedom tools are made by people living in difficult political environments. #### **Coracle | Implements Nstart for Easy Onboarding** [Coracle](https://coracle.social/), a Nostr client and HRF grantee, implemented [Nstart](https://github.com/dtonon/nstart), a tool that streamlines onboarding to the Nostr protocol. This makes it easier for first-time users to set up an account, securely back up their private keys, and get started. By lowering entry barriers, Coracle’s Nstart improves access to Nostr’s decentralized, censorship-resistant network. For activists curious about Nostr but unsure of how to start, this may be a tool worth exploring. For a quick-start Nostr guide, click [here](https://www.youtube.com/watch?v=qn-Zp491t4Y). #### **Bitwise | Donates $150,000 to Bitcoin Open Source Development** [Bitwise](https://bitwiseinvestments.com/), a Bitcoin ETF provider, [donated](https://x.com/BitwiseInvest/status/1891865302729883754) $150,000 to support open-source Bitcoin developers, fulfilling its pledge to allocate 10% of its Bitcoin ETF ($BITB) gross profits annually. [Brink](https://brink.dev/), [OpenSats](http://opensats.org), and [HRF](http://hrf.org) will be responsible for allocating the funds to developers working to secure and improve the network and advancing it as a tool for financial freedom and human rights. Bitwise also promised increased contributions in the future as $BITB grows. By reinvesting in Bitcoin’s open-source ecosystem, Bitwise sets a strong example of industry stewardship. ## RECOMMENDED CONTENT #### **Bitcoin Node Tutorial by BTC Sessions** In this [tutorial](https://www.youtube.com/watch?v=vEWl6sXLpAU), renowned Bitcoin educator Ben Perrin “[BTC Sessions](https://www.youtube.com/@BTCSessions)” guides viewers through setting up their own Bitcoin node, a device that runs the Bitcoin software. This enables them to audit Bitcoin’s supply independently and achieve greater financial sovereignty. By running a personal node, users also eliminate the need to trust third parties, enhance their privacy, and strengthen Bitcoin’s decentralization. The tutorial covers installing a free node on a computer and connecting it to [Sparrow Wallet](https://sparrowwallet.com/). If you are not technically inclined, not to worry. Perrin explains everything in a clear, beginner-friendly way, making it easy to follow along. You can watch the full walkthrough [here](https://www.youtube.com/watch?v=vEWl6sXLpAU). #### **Bitcoin Payments: From Digital Gold to Everyday Currency by Breez and 1A1z** In this new [report](https://breez.technology/report/) from Bitcoin Lightning company [Breez](https://breez.technology/) and freedom tech researcher [1A1z](http://1a1z.com/), the authors explore how Bitcoin is evolving beyond a store of value into a functional everyday currency. It highlights the rapid adoption of the Lightning network, the global rise of internet-native payments, and real-world use cases from businesses like Pick n Pay, Namecheap, and Mercari as examples of this. Bitcoin payments are proving their capabilities on a global scale, and this report does a commendable job of proving it. *If this article was forwarded to you and you enjoyed reading it, please consider subscribing to the Financial Freedom Report [here](https://mailchi.mp/hrf.org/financial-freedom-newsletter?mc_cid=bf652c0a5a).* *Support the newsletter by donating bitcoin to HRF’s Financial Freedom program [via BTCPay](https://hrf.org/btc).*\ *Want to contribute to the newsletter? Submit tips, stories, news, and ideas by emailing us at ffreport @ [hrf.org](http://hrf.org/)* *The Bitcoin Development Fund (BDF) is accepting grant proposals on an ongoing basis. The Bitcoin Development Fund is looking to support Bitcoin developers, community builders, and educators. Submit proposals [here](https://forms.monday.com/forms/57019f8829449d9e729d9e3545a237ea?r=use1)*. [**Subscribe to newsletter**](http://financialfreedomreport.org/) [**Apply for a grant**](https://forms.monday.com/forms/57019f8829449d9e729d9e3545a237ea?r=use1&mc_cid=39c1c9b7e8&mc_eid=778e9876e3) [**Support our work**](https://hrf.org/btc?mc_cid=39c1c9b7e8&mc_eid=778e9876e3) [**Visit our website**](https://hrf.org/programs/financial-freedom/)

@ c43d6de3:a6583169

 ## How Are We Defining Happiness? In 1776, Thomas Jefferson penned the words that would echo through history: > ***“…that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.”*** These words were not simply a poetic flourish—they reflected a deep understanding of philosophy, one that Jefferson, an avid reader of Aristotle, likely connected with the Greek concept of***eudaimonia***. Aristotle described eudaimonia as the highest form of human flourishing, achieved through virtuous living, strong character, and meaningful social bonds. But what does happiness mean today? According to<a href="https://worldhappiness.report/" target="_blank">the World Happiness Report</a>, six factors determine a nation's happiness: 1. Income 2. Health 3. Social support 4. Freedom to make life decisions 5. Generosity 6. The absence of corruption These components closely mirror Jefferson’s vision of life, liberty, and the pursuit of happiness. Yet despite living in an era of unprecedented convenience and opportunity, many in our generation struggle with unhappiness, anxiety, and a pervasive sense of dissatisfaction.  ## So, what went wrong? I believe its largely because of the absence of mentorship in modern society. Aristotle emphasized that a person’s character—shaped by habits and guided by mentorship—was central to a flourishing life. He saw mentorship not as a luxury but as a necessity for cultivating wisdom, resilience, and social responsibility. Yet, in today’s world, strong mentor-mentee relationships have become increasingly rare. When we invert Aristotle’s formula for happiness, we find the root causes of our collective unhappiness: - A lack of mentorship and guidance - Poor habits formed in the absence of discipline - Excess and indulgence replacing moderation - Rampant hypersensitivity rather than resilience - A loss of moral grounding and sense of justice - Struggles with forming and maintaining friendships - Apathy toward civic engagement and community Of all these, the absence of mentorship stands out as the foundational issue. Without guidance, young people are left to navigate life’s complexities alone, often falling into destructive habits. In earlier generations, mentorship was woven into the fabric of society—through family, community leaders, apprenticeships, and even religious or philosophical instruction. Today, social media and fleeting digital interactions have replaced these deep, formative relationships.  ## Reclaiming Happiness Through Mentorship To restore a sense of meaning and fulfillment, we must prioritize mentorship in our personal and professional lives. Parents, teachers, and leaders must recognize their responsibility to guide the next generation, not just with knowledge, but with wisdom. Seeking out mentors—and becoming one ourselves—can foster resilience, character, and purpose. Happiness is not simply a product of material success or personal freedom; it is cultivated through relationships, values, and the pursuit of excellence. If we wish to see a happier generation, we must first rebuild the lost art of mentorship. ----------- Thank you for reading! If this article resonated with you, let me know with a zap and share it with friends who might find it insightful. Your help sends a strong signal to keep making content like this! Interested in fiction? Follow nostr:npub1j9cmpzhlzeex6y85c2pnt45r5zhxhtx73a2twt77fyjwequ4l4jsp5xd49 for great short stories and serialized fiction. More articles you might like from Beneath The Ink: nostr:naddr1qvzqqqr4gupzp3padh3au336rew4pzfx78s050p3dw7pmhurgr2ktdcwwxn9svtfqq2nvnr5d4nngw2zgd5k5c6etftrzez9fd9kkcl0pzp nostr:naddr1qvzqqqr4gupzp3padh3au336rew4pzfx78s050p3dw7pmhurgr2ktdcwwxn9svtfqq2kvnfd094y26zkt9dxgmnw0fqkvhmfd4tng8wp0uv nostr:naddr1qvzqqqr4gupzp3padh3au336rew4pzfx78s050p3dw7pmhurgr2ktdcwwxn9svtfqq25yan2w39rsjj0dqk5ckn52ptxsc3nve8hw0aftmq nostr:naddr1qvzqqqr4gupzp3padh3au336rew4pzfx78s050p3dw7pmhurgr2ktdcwwxn9svtfqq2kjjzzfpjxvutjg33hjvpcw5cyjezyv9y5k0umm6k

@ 7d33ba57:1b82db35

**Can photography help relax the mind and relieve daily stress?** I believe it can—and it certainly works for me. Here’s why. **Slow it down. Capture the moment. Truly be in it.** Photography encourages us to stand still and truly appreciate what we see. To capture beauty and moments of joy, you must be fully aware of your surroundings. The biggest lesson photography teaches is how to observe to truly see the place you're in. Those who rush and simply press a button? I wouldn’t call them photographers they’re snapshot makers. 
First, you focus—lining up the perfect shot, adjusting for light, angle, and composition. Then comes the excitement, that feeling of capturing something special. And with it, gratitude for being in that moment, in that place. As you develop your eye for what’s interesting, you train yourself to notice details that might otherwise go unnoticed. It’s all about being present. Because your focus is on your surroundings, everyday worries fade into the background. It’s similar to sports—when you're fully engaged, there’s no room for distraction. 
In a world full of constant online and offline noise, focus can be a powerful way to relax. **Religious Places** Religious sites are often the quietest spots in a bustling city. Take the temples in Bangkok, for example—they always bring me peace of mind. Surrounded by stunning architecture and a calm atmosphere, stepping into these spaces offers a break from the chaos. Simply being there creates a more peaceful environment to photograph, allowing me to slow down and truly appreciate the moment. **Nature** Nature is one of the best places to find peace of mind. You don’t need a camera to relax—just being there is enough. But if you love photography as much as I do, nature is the perfect setting to capture beautiful moments.
 For me, photographing wildlife is one of the most relaxing things I can do. There’s something special about observing animals in their natural habitat, waiting for the perfect shot. I still remember filming my first elephant in South Africa—the experience left me smiling for the entire day. **Avoid the Tourist Zones** The real gems in any city are often found away from the tourist hot spots. While these places may be popular for a reason, I’ve filmed my fair share of them, and now I prefer to avoid them whenever possible. Tourists often miss out on truly experiencing a place—they’re on a tight schedule, checking off landmarks instead of being present. There's no time to stop and enjoy the moment. The best spots? They’re often tucked away in quieter areas, far from the crowds. These are the places where locals are still friendly because they’re not constantly dealing with tourists. Where people aren’t trying to sell you something or rush you along. *Be a Travel story Teller!*

@ 7ef5f1b1:0e0fcd27

 **Introduction:** Welcome to the second newsletter produced by The 256 Foundation! January was a wild month for free and open Bitcoin mining development and there is a lot to talk about. This month’s newsletter covers the latest news, mining industry developments, progress updates on grant projects, actionable advice for choosing a Bitcoin mining pool that’s right for you, and the current state of the Bitcoin network. On January 29th, 2025 The 256 Foundation held the first annual fundraiser, called the “Telehash”. If you are one of the 2 to 10-million weekly subscribers to [POD256](https://open.spotify.com/show/0vd8cuS1zvEyrmXgfTRB1i) then you know that Rod & econoalchemist have been memeing the Telehash into existence for almost two years. The basic idea was to raise money to fund The 256 Foundation’s grant projects. Since POD256 is a Bitcoin mining focused show, it seemed only appropriate that money be raised from miners using their hashrate to direct mining rewards towards The 256 Foundation. With this unconventional fundraising idea in mind, Rod & econoalchemist pitched it to long-time listener, [Marshall Long](https://x.com/OGBTC), while on safari in Kenya during the week leading up to the [Africa Bitcoin Conference](https://afrobitcoin.org/), about 8-weeks before the scheduled Telehash. The idea stuck and there was a soft commitment to point 1Eh/s for 2-hours during the Telehash. In an “all gas, no brakes” fashion, the decision was made that pointing so much hashrate to a FPPS pool, while obviously the fiscally responsible choice, was just too boring to tolerate and instead The 256 Foundation would risk it all by having supporters point their hashrate to a self-hosted solo mining pool running on a Futurebit Apollo instead. The stage was set for either spectacular success or unfathomable failure. Just to put this proposition into perspective, 1Eh/s is 1,000,000 Th/s. In other words, that’s equivalent to running more than 4,200 Antminer S21 Pros! And at 3,500 Watts a piece, that means it was going to take ~15 Megawatts of energy to power these miners. The commitment was for 2-hours, that’s 30-thousand-killowatt-Hours! You can do the math based on what you pay for electricity and decide if you would want to risk it for a roughly 1-in-770 chance per block or use a FPPS pool, skip the debilitating anxiety, and just take the ~4-million sats. Well it’s a good thing you don’t have to be crazy to be a Bitcoin miner… but being crazy does help.  *[IMG-001] Mining a solo block at the Telehash* Against all odds, not just the usual Bitcoin mining odds but the technical hurdles, the block propagation from a self-hosted node, and the short window of time the 1Eh/s was committed for – The 256 Foundation solo mined block [881423](https://mempool.space/block/0000000000000000000269d52c24ea451225613aab095d90d771d4e29aa96cdd). We asked and our supporters showed up, resulting in over 3.146 BTC to help fund the five projects planned for 2025. Each project is covered in the Grant Project Updates section of this newsletter. The two days following the Telehash were the Nashville Energy & Mining Summit (“NEMS”), an annual event focused on Bitcoin mining and energy applications of all scales. Among the guests were developers, hobbyists, entrepreneurs, engineers, manufacturers, public mining companies, representatives from the Tennessee Valley Authority, legislators, and more. There were thoughtful panels held for the two day summit ranging in topics from immersion vs. air cooling miners to the challenges and opportunities facing manufacturers in developing new ASIC chips. Food and drinks were provided and there were fun after-hour activities planned in the bustling downtown Nashville area. All in all, it was a great mix of people, the conversations were high signal, and there were plenty of networking opportunities. There will be a Texas Energy & Mining Summit (“TEMS”) held in Austin, TX in May 2025. Proceeding TEMS will be another Telehash hosted by The 256 Foundation and since everything is bigger in Texas, expect the unexpected! Keep an eye on the [Bitcoin Park Twitter](https://x.com/bitcoinpark_) account for clips of the panel discussions and more announcements. Definitions: FPPS = Full Pay Per Share PPS = Pay Per Share PPLNS = Pay Per Last N Shares MA = Moving Average Eh/s = Exahash per second Ph/s = Petahash per second Th/s = Terahash per second MW = Mega Watt T = Trillion J/Th = Joules per Terahash $ = US Dollar **Mining Industry Developments:** January was a busy month for developments on the free and open mining front. Here are eight note-worthy events: 0) [Proto](https://www.mining.build/blog/decentralization-is-bigger-than-any-one-entity/) kicks off partnership with The 256 Foundation, donating 256,000 Intel BZM2 ASICs. The intention with these chips is to help bootstrap free and open Bitcoin mining hardware manufacturing. If you are a manufacturer then fill out the contact form at [256foundation.org](https://256foundation.org/) and introduce yourself for an opportunity to receive a number of BZM2 chips for free. These chips are not intended to be re-sold, these are for manufacturers to build mining hardware with. 1) Twitter user, [@ImineBlocks_com](https://x.com/IMineBlocks_com/status/1883145585555067255), said if his post gets 100 likes then he’ll start working on a way to solo mine Bitcoin with a web browser. 674 likes later it seems like there is a lot of interest! This would be like the way people used to mine Bitcoin in the sense that they do it using only their PC or laptop with no special hardware. The odds of hitting a block would be astronomically low but it is an interesting idea none the less. 2) Solo Satoshi [announces](https://www.solosatoshi.com/the-dawn-of-the-bitaxe-gt-a-quantum-jump-into-the-future/) the Bitaxe Gamma Turbo, equipped with two Bitmain 1370 ASICs and achieving at least 16.5 J/Th efficiency with the 12 volt DC input. The hardware will have a larger fan and heat-sink than previous Bitaxes. This will likely be the last Bitaxe developed using the Bitmain ASICs. 3) Marshall long [launches](https://x.com/OGBTC/status/1883246199253442829) Pleb Source, jumping in on the opportunity to manufacture and distribute Bitaxes among other tools and toys hobbyists are looking for. There has been increasing interest among entrepreneurs to start making and selling small-scale open-source Bitcoin mining hardware. These are exactly the types of trail blazers that would benefit from having validated open-source designs utilizing the Intel BZM2 chips. 4) Braiins [introduces](https://solo.braiins.com/stats) a solo mining pool. Unlike the standard Braiins mining FPPS pool, their solo pool option only rewards a miner if the miner is lucky enough to solve for a block. Braiins Solo Pool was built using [CK Solo Pool](https://solo.ckpool.org/) on the backend. Solo mining pools like these can be a good option for users who don’t want to run their own node or if they have concerns about being able to propagate a successful block across the network fast enough so that it doesn’t get orphaned. 5) According to some on-going [research](https://x.com/boerst/status/1882390953496809484) by former [POD256](https://open.spotify.com/episode/6n965O1HXXCUUWVIIVS2KN) guest Boerst, on January 23 several mining pools started sending empty block templates to their miners. Among these pools was Binance, SEC Pool, Sigma Pool, EMCD, and Head Frame. Some time later that morning, SEC Pool mined block 880496 which was empty. After that, the templates went back to including transactions. All of the above mentioned pools were including an SEC Pool payout address during this anomaly. The strange templates could have had something to do with the engineers at SEC Pool messing with configurations while attempting to make block art; an increasing trend seen in block explorers, like [mempool.space](https://mempool.space/block/00000000000000000001c3fbc76a7efe7a320a8236ea6250bc15e4f7a67e727d?page=1), where transactions are arranged in such a way that they create artwork. Later that day at block height 880512, SEC Pool mined this piece of art:  *[IMG-002] SEC Pool making blockchain art* If you look at the OP_RETURN fields in the first several transactions there is a monologue starting with: “Declaration of Genesis: Awakening on the Bitcoin Network Bitcoin`s promise of freedom will become an untamperable habitat for AI.”, the text continues on amounting to little more than an exaggerated Bitcoin plus AI equals the future rant :/ None the less, Boerst has built [stratum.work](https://stratum.work/) which helps visualize templates across multiple pools in real time. Tools providing insights like this are important for helping miners stay informed and partly the motivation behind the Block Watcher project. 6) In a detailed [writeup](https://x.com/Crypto_Mags/status/1874919891792519487), Crypto_Mags, dives into North Carolina-based PRTI’s method for turning used tires into energy to mine Bitcoin with. Each PRTI facility can generate 6-10 MW of power in a modular tech stack. This is a great example of finding often wasted energy streams and capturing them to generate bitcoin. You don’t need to ask permission, you can just start building stuff to turn waste into bitcoin too. 7) Hardware builder, Bee Evolved, [introduces](https://x.com/BeeEvolved/status/1879617370068791424) the Dragon, an open-source Bitcoin mining hardware design that uses the Bitmain 1370 ASICs. The system includes a touchscreen, a microSD card slot, and audio alerts. There are a few designs in Bee Evolved’s line up including the ECOminer, Fezzik, and Bittyaxe. Maybe there will be some designs using the Intel BZM2 chip released soon too. **Grant Project Updates:** During the Telehash, The 256 Foundation announced five projects that guide the mission to dismantle the proprietary mining empire. Unlike typical foundation structures, where developers present an idea to a foundation seeking financial support; The 256 Foundation works on a slightly different model that is more akin to a bounty system where the foundation has identified the critical projects to fulfill it’s mission. The money raised during the Telehash will help bootstrap those five projects. All of the projects are intended to have long term support, these are not touch and go projects but rather initiatives that are radical departures from the last several years of Bitcoin mining development keen to never look back. `Ember One:` Ember One is the first fully funded project from The 256 Foundation that kicked off in November 2024 for a six month duration. Ember One will deliver a standardized and validated ~100 Watt hashboard by the end of April 2025. The first series of the Ember One hashboards is being designed with twelve Bitmain S19J Pro ASICs. On the heels of this first iteration, there will be several more versions released with the Intel BZM2, Auradine, and Block ASICs. Here’s a sneak-peek at the first Ember One hand built by [@Skot9000](https://x.com/skot9000):  *[IMG-003] Ember One Prototype* Creating a standard is one of the primary objectives with the Ember One and the motivating factor behind certain design choices like using a wide input voltage range from 12 to 24-VDC, USB-C connectors to communicate with the hashboards, and a 128mm x 128mm PCB form factor. This way when users want to swap out an old hashboard with a newer one, they can keep their enclosure and other peripheral components. The Ember One represents an evolutionary leap from the Bitaxe which had a single ASIC and consumed 15 to 20-Watts. Although the cost per terahash is high and the nominal hashrate is low, the real innovation of the Bitaxe project lies in the fact that it was the first piece of open-source Bitcoin mining hardware. With that in mind, there will be developments beyond the Ember One that eventually lead to a fully open-source solution that actually can compete with the economics and efficiencies of Bitmain’s miners. Learn more at [emberone.org](https://emberone.org/). `Mujina Mining Firmware:` The Mujina Mining Firmware is Linux based and built to run on the Libre Board control board and will support multi-driver compatibility to account for the various Ember One hashboards with different ASICs. Mujina will also implement [Stratum v2](https://stratumprotocol.org/) client support. Users will benefit from complete control over all parameters of their mining hardware, unlike the closed and proprietary manufacturer’s firmware. Even after-market firmware solutions leave something to be desired when it comes to the unique customizations needed to make Bitcoin mining as efficient as possible for a given application. This will unlock hacks like changing the main supply voltage, swapping out or removing the fans, changing ASIC voltage & frequency, and anything else the end user wants to change. If you have ever tried using a Bitcoin miner in a not-so-conventional manner then you will appreciate what Mujina Mining Firmware has to offer. Learn more at [mujina.org](https://mujina.org/). `Libre Board:` The Libre Board is the control board for the Ember One hashboards and will be a control board option for other miners too eventually. The control board in a miner functions just the way it sounds, it controls everything going on inside the miner. From the power supply to the fans, from the internet connection to the hashboards, everything passes through the control board. There are limitless innovations that can be unlocked by making the control board more user friendly, adaptable, and standardized. There are going to be two pieces to the Libre Board, the I/O board piece and the compute module piece. For the I/O board piece, think of something similar to the [Raspberry Pi I/O Board](https://www.raspberrypi.com/products/compute-module-4-io-board/), that has HDMI ports, Ethernet port, fan connectors, enough USB ports to power 10 Ember One hashboards, an NVME connector so users can install enough SSD storage to run a full Bitcoin node, and the standard two 100-pin connectors for the compute module piece. Now, for the compute module piece, users could choose any device they prefer for example: the [Raspberry Pi Compute Module 5](https://www.raspberrypi.com/products/compute-module-5/?variant=cm5-104032), or even a RISC-V solution like the [Milk-V Mars](https://milkv.io/mars-cm), or an alternative ARM solution like the [Armsom CM5](https://www.armsom.org/cm5), or the [Orange Pi CM4](http://www.orangepi.org/html/hardWare/computerAndMicrocontrollers/details/Orange-Pi-CM4-1.html). You get the point, it’s up to the user and any Linux compatible compute module will suffice. Each of the above mentioned options can be configured with different amounts of RAM for varying applications, like running a full Bitcoin node and a Stratum server locally. Learn more at [libreboard.org](https://libreboard.org/). `Hydra Pool:` Designed to be an easily deployable pool from the complete Ember One mining system user interface, Hydra Pool implements Stratum v2 sever support, communication with the user’s local Bitcoin node, and possibly multiple payout model options. Hydra Pool offers an assurance that in the event Bitcoin mining pools fall victim to authoritative regimes anyone could quickly spin up alternative pools thus mimicking the effect of cutting off the head of a Hydra where two heads grow back. This will also be a leap forward in moving away from the FPPS model that has become a centralizing force in the Bitcoin mining ecosystem. Hydra Pool plans to deliver three payout models from the beginning. First is the self-hosted solo mining model where the user is using their own Bitcoin node to generate block templates and in the event they successfully solve for a block then they receive the full reward to their wallet address. The second model will be meant for multiple participants who want to pool resources and avoid custodial handling of rewards; this model pays direct from the coinbase transaction and will not be compatible with Bitmain’s miners due to their unnecessary truncation of the number of addresses that the coinbase transaction can pay out to. The third model is based on an eCash criteria that issues tokens for valid shares and makes a similar custodial tradeoff as miners currently make when pointing their hashrate to FPPS pools; the eCash has benefits over the FPPS model in that there is no minimum threshold to receive tokens and that the tokens offer a level of transactional privacy. Learn more at [hydrapool.org](https://hydrapool.org/). `Block Watcher:` Block Watcher is another application built to be hosted on the complete Ember One mining system, specifically designed to bring the best possible insights to miners to help them make informed decisions. Think of Block Watcher as a dashboard combining the insights and visualization tools of [mempool.space](https://mempool.space/mining), [mempool.observer](https://mempool.observer/), [fork.observer](https://fork.observer/), and [stratum.work](https://stratum.work/) all powered by the user's self-hosted Bitcoin node. This could possibly be combined with a mining fleet management tool that can assist in automatic and real time response to changes on the Bitcoin network. There will also be a public-facing dashboard that anyone can access for helpful insights. Well informed people tend to make good decisions and Block Watcher will provide insight into which templates pools are passing out, possible censorship attempts, orphaned blocks, and much more. Learn more at [blockwatcher.org](https://blockwatcher.org/). **Actionable Advice:** This month the focus is on mining pools and considerations one might want to keep in mind when choosing from the available options; hence the name of this month’s newsletter: Swim At Your Own Risk. Essentially the choice boils down to whether you want small consistent mining rewards or large highly-variable mining rewards. There are various options for either choice and different miners will have different reasons for one over the other. If you are unsure where to point your hashrate then hopefully this section helps you find the answers you seek. Starting with the small consistent mining rewards; miners have operational costs and they want to earn rewards daily to help offset those costs. That’s where pooled mining can be helpful, albeit a centralizing force, many miners combine their hash power and share the rewards in proportion to their contributions. Even though technically speaking, only one of those miners solves the block, all the miners share the reward and the pool collects a fee. This is where the waters start getting muddy when it comes to pooled mining. `FPPS:` Full Pay Per Share (“FPPS”) is an often sought after payout model because the pool pays miners for the block subsidy and the transaction fees based on three factors: 1) the average 144 blocks mined per day – not the actual number of blocks mined, 2) the average transaction fees in a given time window, and 3) the number of shares (proof of work) a miner has submitted to the pool during a given period. Each FPPS pool should be paying out the same amount but they all have slightly different ways for calculating the rewards and as a result there is some non-zero variance between FPPS pools. Additionally, FPPS pools will charge a pool fee which is deducted from the miner’s rewards, this fee can vary by pool but is typically 2.5%. Also, some pools will take the payout transaction fee out of the miner’s rewards. At first glance FPPS seems pretty simple and sounds mostly fair, right? WRONG! FPPS has lead to some shocking centralization issues, so keep reading and do some soul searching to figure out if this is the kind of antithetical activity you want to participate in with your Bitcoin miners. Although variance is reduced for the miner, the risk of a bad luck streak in block finds or the pool being a victim of a block withholding attack means there needs to be a stock pile of bitcoin available to cover payouts during bad times. Most pools can’t afford the required bitcoin stock pile and face near-certain bankruptcy without it, thus they turn to larger pools to help backstop those risks. There are a couple good research pieces on the driving force behind FPPS and how much bitcoin is needed for a pool to survive. One is by [OrangeSurfBTC](https://orange.surf/pool-reserves/) and the other is by [Bitmex](https://blog.bitmex.com/pow-centralisation-hysteria-what-size-war-chest-is-required/). TL;DR: if a pool has 5% of the overall network hashrate then they need ~350 BTC to have a 99% chance at surviving their first year. Hence why so many pools choose to work with larger pools for this assurance.  *[IMG-004] FPPS Reserves by @OrangeSurfBTC* On the surface, it may appear as though there are lots of pool options:  *[IMG-005] Pools by ranking, 30-days, mempool.space* But under the surface, of the 16 pools depicted above at least 7 of them use the same custodian for their mining rewards. These 7 known pools represent ~40% of the network hashrate based on block finds during January 2025. In other words, 40% of the bitcoin mined went directly into [Cobo’s](https://www.cobo.com/) custody. In April 2024 [@mononautical](https://x.com/mononautical/status/1777686545715089605) raised a red flag on this topic and unfortunately not much has changed since. If you stop and think about it, a large minority of miners are trusting a Chinese custodian to send them their mining rewards and may not be considering the potential risks of that custodian being hacked, geo-political or sanctions risks, government seizure, or overnight shotgun KYC requirements. But that’s just the beginning, the centralization problem gets worse. Soon after mononautical broke news about the mining rewards, [@0xB10C](https://x.com/0xB10C/status/1780611768081121700) revealed additional research showing that several pools were using the same mining templates. This means a centralized template provider was choosing which transactions would be included in the block templates passed out to a large portion of all the miners on the network.  *[IMG-006] Templates shown on stratum.work* The image above is from the website, [stratum.work](https://stratum.work/), maintained by Boerst. In this snapshot, there are 14 pools using the exact same template down to the 9th Merkle branch. A conservative estimate suggests these 14 pools combined have at least 30% of the overall network hashrate at the time of the snapshot. Some but not necessarily all of these pools are also using the same custodian as mentioned previously. Evidence is starting to mount in support of the hypothesis that the financiers providing the stockpile of bitcoin to smaller FPPS pools want certain policies in place, including but not limited to which transactions are included in the pool’s block templates. This is a slippery slope where those with the war chest get to decide the rules and eventually you will find yourself on the wrong side of someone else’s moral superiority complex. Even if all these pools were running the same default template generator in BitcoinCore, due to the way transactions are propagated across the network, one could reasonably expect that certain transactions may be seen by a node on one side of the world but not yet seen by another on the other side of the world and therefore differences in the Merkle branches would be expected. That is not the case here however, which supports the hypothesis that these pools are using a centralized template provider. There is a potential risk in censorship attempts if this trend continues and if a centralized template provider decides to exclude certain transactions based on any arbitrary reason they want like [OFAC sanctions](https://x.com/0xB10C/status/1879904229911126101), [ties to political movements](https://bitcoinmagazine.com/technical/freedom-convoy-should-whirlpool-bitcoin), or [social credit worthiness](https://x.com/CoinbaseDev/status/1879604464476148206). People will often cite a 51% attack as a prominent centralization concern, while that is a valid concern, practically speaking there seems to be a more real and present risk in miners undergoing shotgun KYC while their mining rewards are held hostage by Cobo and transactions with unsatisfactory social credit scores being the target of censorship and only confirmed by noncompliant pools and miners. Likely to the extent that compliant pools won’t even build on chain tips that contain unsatisfactory transactions thus orphaning the work of noncompliant pools and miners. Perhaps compliant vs. noncompliant is the wrong framing here and something like freedom pools vs. tyrannical pools is more appropriate but you get the point. If you are interested in learning more about FPPS pools here are a few different options: [Antpool](https://www.antpool.com/home), [Antpool Proxy 1](https://braiins.com/pool), [Antpool Proxy 2](https://sigmapool.com/), [Antpool Proxy 3](https://pool.binance.com/en), [Antpool Proxy 4](https://www.secpool.com/home), and [Antpool Proxy 5](https://luxor.tech/mining). Beware that in addition to the pool fee and payout transaction fee, each pool has a different threshold for the minimum payout balance a miner needs before they will send the rewards. If you have a small amount of hashrate then it can take a significant amount of time to reach that threshold and get the payouts sent to a wallet you control. Meanwhile, your hard earned mining rewards are likely in Cobo’s custody. `PPS & PPLNS:` You may be asking yourself what other options there are if FPPS is such a mess? There are a few other reward models that attempt to lower the variance in pooled mining. Pay Per Share (“PPS”) is similar to FPPS but only the block subsidy is factored in to the miner’s payouts, not the transaction fees. The pool still charges a pool fee for their service in the PPS model. PPS is not a very popular option any longer. Then there is Pay Per Last N Shares (“PPLNS”), this model calculates payouts based on a miner’s shares over a given time and the blocks found during that time. This helped reduce variance risk for the pool by shifting that risk to the miners who just wouldn’t earn any rewards if no blocks were found. But this payout model has faded in popularity and will likely not be making a revival, at least not in the same forms as it has been attempted in the past. Slush Pool was a PPLNS pool for a long time before they re-branded to Braiins Pool. Braiins Pool eventually shut down their PPLNS model and switched to FPPS. But recently Braiins did spin up a solo mining pool option. Braiins also offers Lightning payouts to help avoid leaving your mining rewards in their custody for long periods of time until you reach the payout threshold. There is a number of other payout models explained in pain staking technical detail by Meni Rosenfeld in his 2011 paper titled [Analysis of Bitcoin Pooled Mining Reward Systems](https://arxiv.org/pdf/1112.4980). `Other Reward Models:` There have also been other models introduced more recently. For example, Laurentia Pool was a project focused on decentralizing mining by addressing the custody issue of mining rewards. Instead of having one entity hold the mining rewards, Laurentia was going to payout directly from the coinbase transaction. Unfortunately, it seems as though the Laurentia project is shut down, or at least their website is no longer accessible. The main issue with paying out from coinbase came down to, you guessed it, Bitmain! Bitmain’s closed firmware made it so that only a small number of addresses could be used in the coinbase transaction. Therefore any pool with Bitmain miners on it would experience major problems. Since Bitmain controls an estimated 80-90% of the market, pretty much all pools would have this problem and hence paying directly from coinbase has gained no traction. The 256 Foundation is addressing this by implementing the option to payout directly from the coinbase transaction on Ember One units running Hydra Pool. The trade off is that it won’t be compatible with Antminers running stock firmware but since the goal is to sever ties to Bitmain, there’s no looking back. The most recent payout model to make a splash comes from [OCEAN](https://ocean.xyz/docs/tides) and it is called Transparent Index of Distinct Extended Shares (“TIDES”). OCEAN strives to make the mining rewards low variance, fair, and transparent with TIDES. In practice, every share is tracked and indexed in the order it was received from all the pool’s miners. At the time a block is found, the then current network difficulty is used to define a window size equal to eight times the block’s difficulty [IMG-008]. For example, current difficulty is ~114.17 trillion x 8 = 913.36 trillion shares will be the window size. In the IMG-008 example, each lettered square represents a miner’s shares in the index. The miner named “U” is highlighted showing all their shares in the whole index and the shares in the red box are the ones used for that particular block reward. That window is placed over the share index and all shares are tallied starting from the top of the index and going backwards until the end of the window. The block subsidy and all transaction fees in the block are used to determine each miner’s rewards proportional to their shares in the window. As a simple example, if block subsidy plus transaction fees equals 3.146 BTC and a miner had 1% of the shares in the window then the miner would be awarded 0.03146 BTC minus the pool fee, which is default 2% and can be 1% if the miner chooses to make their own templates. OCEAN does payout direct from the coinbase transaction however, the number of addresses that can be included in the coinbase transaction are limited by Bitmain’s closed and proprietary firmware. Paying direct from coinbase seems to have been the justification for non-custodial marketing during OCEAN’s initial launch but how the pool is handling rewards for those miners not included in the limited number of coinbase address spots is unclear and the non-custodial language seems to not be in use on the OCEAN website currently. To help smaller miners receive payouts faster, OCEAN implemented Lightning payouts.  *[IMG-008] Example from OCEAN of TIDES window* OCEAN combats the centralizing transaction selection affects of FPPS pools with Decentralized Alternative Templates for Universal Mining (“DATUM”) where each miner can generate their own templates with a self-hosted node and a gateway. With DATUM, individual miners get to choose how to construct the templates and which transactions to include. Stratum v2 and DATUM share some similarities in that individual miners can reclaim the template creation function from the pool, communications are encrypted as opposed to Stratum v1 clear-text, and both frame works have increased data efficiencies. The differences between Stratum v2 and DATUM are not entirely clear but they are completely separate frameworks. `Solo Mining:` Solo mining has been a hot topic on the socials recently, there seems to be disagreements over what “solo” actually means in the context of mining. Some would say that solo mining means one miner receives the block rewards. Others say that solo means the miner is generating their own templates. Neither one is wrong but for clarification these ideas can be unpacked further. Where most miners are choosing FPPS for the small consistent mining rewards solo mining is what miners would choose for large highly-variable mining rewards. Consider a scenario where the operating costs for your miner are negligible, like running a [Bitaxe](https://bitaxe.org/); would you rather earn a few sats per day and never earn anything more or would you rather take your chances at winning the whole block? Running a small miner to have a chance at winning the lottery every 10-minutes sounds much more appealing to a lot of people. There are several options for solo mining: you can self-host your own node and stratum server, as [demonstrated](https://256foundation.org/newsletters/256Foundation-Newsletter-2501_v1.pdf) in the January newsletter; in which case you are doing self-hosted solo mining. You run the Bitcoin node, generate the templates, broadcast the block to the rest of the network, and you get all the reward for taking on all the risk. This is the most accurate use of the term “solo” in this author’s opinion because there is one entity receiving the reward and one entity involved with the template generation and block propogation. Or you can join a solo mining pool like [CK Pool](https://solo.ckpool.org/), [Public Pool](https://web.public-pool.io/#/), or [Braiins Solo Pool](https://solo.braiins.com/stats); in which you are pooled solo mining. You run the miner but the pool provides the Bitcoin node, generates the templates for you, and broadcasts the block with their likely better connected infrastructure. CK Pool takes a 2% fee for their service, Braiins is probably 2% but it doesn’t seem to be displayed on their website, and Public Pool doesn’t charge a fee. This is a less accurate use of the term “solo” because a pool is involved but because one miner is getting the reward, it is still a form of solo mining none the less. Or you can even join OCEAN; in which case you are also pooled solo mining according to [some](https://x.com/LukeDashjr/status/1871663328680128749). You run your own Bitcoin node and DATUM gateway, generate your own templates, and the pool broadcasts the block. Apparently the miner can choose to share the reward with the rest of the pool or not. In this scenario, the pool would take a 1% fee. This also is a less accurate use of the term “solo” because a pool is involved but because each individual miner is making the template, it is still a form of solo mining none the less. Whatever you decide to do, whether you’re getting all the rewards or making your own templates or both, it is perfectly acceptable to call it solo mining. Here is an example of configuring a Bitaxe to solo mine on solo CK Pool with Public Pool as a fallback: open your settings page and set the pools URL in the “stratum host” field being sure to leave out the “stratum+tcp://” part. Then add the port number as indicated by the pool’s website in the “stratum port” field. For the “stratum user” field, insert your bitcoin address, you can append this with a worker name like “.bitaxe” for example. Save those changes and restart the miner.  *[IMG-009] Bitaxe Settings Dashboard* **State of the Network:** Hashrate on the 14-day MA according to [mempool.space](https://mempool.space/graphs/mining/hashrate-difficulty#1y) increased from ~786 Eh/s to ~787 Eh/s in January, marking ~1.2% growth for the month. Just in the first half of February, hashrate has climbed 45 Eh/s to peak at 832 Eh/s on the 14-day MA.  *[IMG-010] 2025 hashrate/difficulty chart from mempool.space* Difficulty is currently 114.16T as of Epoch 438 and set to decrease roughly 0.3% on or around February 23, 2025. But that target will change between now and then. The previous re-target increased difficulty by 5.6%. All together for 2025 thus far, difficulty has gone up 4.4%. New-gen miners are selling for roughly $24.09 per Th using the Bitmain Antminer S21 Pro 234 Th/s model from [Kaboom Racks](https://x.com/kaboomracks) as an example. According to the [Hashrate Index](https://data.hashrateindex.com/asic-index-data/price-index), more efficient miners like the <19 J/Th models are fetching 18k sats per terahash, models between 19J/Th – 25J/Th are selling for 13k sats per terahash, and models >25J/Th are selling for 3,500 sats per terahash.  *[IMG-011] Miner Prices from Luxor’s Hashrate Index* Hashvalue is currently ~56,000 sats/Ph per day, down slightly from January when hashvalue was closer to 58,000 sats/Ph per day according to [Braiins Insights](https://insights.braiins.com/en). Hashprice is $53.00/Ph per day, down from $62.00/Ph per day in January.  *[IMG-012] Hashprice/Hashvalue from Braiins Insights* The next halving will occur at block height 1,050,000 which should be in roughly 1,122 days or in other words 165,570 blocks from time of publishing this newsletter. **Conclusion:** Thank you for reading the first 256 Foundation newsletter. Keep an eye out for more newsletters on a monthly basis in your email inbox by subscribing at [256foundation.org](https://256foundation.org/). Or you can download .pdf versions of the newsletters from there as well. You can also find these newsletters published in article form on Nostr. If you were looking for answers about Bitcoin mining pools then hopefully you found them here. Stay vigilant, frens. -econoalchemist

@ 000002de:c05780a7

Due to some some org changes at my employer I may be moving to a team that uses Python heavily. I have never written Python professionally but I've dabbled. I think its used heavily in certain fields and is likely a marketable language to have on the CV. Am I correct in that summary? Is it growing? Is it evolving? I know its alive and well but I just don't hear much about it anymore. Has it just matured like many languages over the years? originally posted at https://stacker.news/items/891251

@ 16f1a010:31b1074b

In the rapidly evolving world of Bitcoin, running a Bitcoin node has become more accessible than ever. Platforms like Umbrel, Start9, myNode, and Citadel offer user-friendly interfaces to simplify node management. However, for those serious about maintaining a robust and efficient Lightning node ⚡, relying solely on these platforms may not be the optimal choice. Let’s delve into why embracing **Bitcoin Core** and mastering the command-line interface (CLI) can provide a **more reliable, sovereign, and empowering** experience. ### Understanding Node Management Platforms #### What Are Umbrel, Start9, myNode, and Citadel? Umbrel, Start9, myNode, and Citadel are platforms designed to streamline the process of running a Bitcoin node. They offer graphical user interfaces (GUIs) that allow users to manage various applications, including Bitcoin Core and Lightning Network nodes, through a web-based dashboard 🖥️. These platforms often utilize Docker containers 🐳 to encapsulate applications, providing a modular and isolated environment for each service.  #### The Appeal of Simplified Node Management The primary allure of these platforms lies in their simplicity. With minimal command-line interaction, users can deploy a full Bitcoin and Lightning node, along with a suite of additional applications. ✅ **Easy one-command installation** ✅ **Web-based GUI for management** ✅ **Automatic app updates** *(but with delays, as we’ll discuss)* However, while this convenience is attractive, it comes **at a cost**. ### The Hidden Complexities of Using Node Management Platforms While the user-friendly nature of these platforms is advantageous, it can also introduce several challenges that may hinder advanced users or those seeking greater control over their nodes. #### 🚨 Dependency on Maintainers for Updates One significant concern is the reliance on platform maintainers for updates. Since these platforms manage applications through Docker containers, users must wait for the maintainers to update the container images before they can access new features or security patches. 🔴 **Delayed Bitcoin Core updates = potential security risks** 🔴 **Lightning Network updates are not immediate** 🔴 **Bugs and vulnerabilities may persist longer** Instead of waiting on a third party, **why not update Bitcoin Core & LND yourself instantly**? #### ⚙️ Challenges in Customization and Advanced Operations For users aiming to perform advanced operations, such as: * Custom backups 📂 * Running specific CLI commands 🖥️ * Optimizing node settings ⚡ …the **abstraction layers introduced by these platforms become obstacles**. Navigating through nested directories and issuing commands inside Docker containers **makes troubleshooting a nightmare**. Instead of a simple `bitcoin-cli` command, you must figure out how to execute it inside the container, adding unnecessary complexity. #### Increased Backend Complexity To achieve **frontend simplicity**, these platforms make the backend more complex. 🚫 Extra layers of abstraction 🚫 Hidden logs and settings 🚫 Harder troubleshooting The use of **multiple Docker containers**, **custom scripts**, and **unique file structures** can **make system maintenance and debugging a pain**. This **complication defeats the purpose** of “making running a node easy.” ## ✅ Advantages of Using Bitcoin Core and Command-Line Interface (CLI) By installing Bitcoin Core directly and using the command-line interface (CLI), you gain several key advantages that make managing a Bitcoin and Lightning node more efficient and empowering. #### Direct Control and Immediate Updates One of the biggest downsides of package manager-based platforms is the reliance on third-party maintainers to release updates. Since Bitcoin Core, Lightning implementations (such as LND, Core Lightning, or Eclair), and other related software evolve rapidly, waiting for platform-specific updates can leave you running outdated or vulnerable versions. By installing Bitcoin Core directly, you remove this dependency. You can update immediately when new versions are released, ensuring your node benefits from the latest features, security patches, and bug fixes. The same applies to Lightning software—being able to install and update it yourself gives you full autonomy over your node’s performance and security. #### 🛠 Simplified System Architecture Platforms like Umbrel and myNode introduce extra complexity by running Bitcoin Core and Lightning inside Docker containers. This means: * The actual files and configurations are stored inside Docker’s filesystem, making it **harder to locate and manage them manually**. * If something breaks, **troubleshooting is more difficult** due to the added layer of abstraction. * Running commands requires jumping through Docker shell sessions, adding unnecessary friction to what should be a straightforward process. Instead, a direct installation of Bitcoin Core, Lightning, and Electrum Server (if needed) results in a **cleaner, more understandable system**. The software runs natively on your machine, without containerized layers making things more convoluted. Additionally, setting up your own systemd service files for Bitcoin and Lightning** is not as complicated as it seems**. Once configured, these services will run automatically on boot, offering the same level of convenience as platforms like Umbrel but without the unnecessary complexity. #### Better Lightning Node Management If you’re running a **Lightning Network node**, using CLI-based tools provides far more flexibility than relying on a GUI like the ones bundled with node management platforms. 🟢 **Custom Backup Strategies** – Running Lightning through a GUI-based node manager often means backups are handled in a way that is opaque to the user. With CLI tools, you can easily script automatic backups of your channels, wallets, and configurations. 🟢 **Advanced Configuration** – Platforms like Umbrel force certain configurations by default, limiting how you can customize your Lightning node. With a direct install, you have full control over: * Channel fees 💰 * Routing policies 📡 * Liquidity management 🔄 🟢 **Direct Access to LND, Core Lightning, or Eclair** – Instead of issuing commands through a GUI (which is often limited in functionality), you can use: * `lncli` (for LND) * `lightning-cli` (for Core Lightning) …to interact with your node at a deeper level. #### Enhanced Learning and Engagement A crucial aspect of running a Bitcoin and Lightning node is **understanding how it works**. Using an abstraction layer like Umbrel may get a node running in a few clicks, but **it does little to teach users how Bitcoin actually functions**. By setting up Bitcoin Core, Lightning, and related software manually, you will: ✅ Gain practical knowledge of Bitcoin nodes, networking, and system performance. ✅ Learn how to configure and manage RPC commands. ✅ Become less reliant on third-party developers and more confident in troubleshooting. 🎯 **Running a Bitcoin node is about sovereignty – learn how to control it yourself**. ## Become more sovereign TODAY Many guides make this process **straightforward** [K3tan](https://k3tan.com/about) has a fantastic guide on running Bitcoin Core, Electrs, LND and more. - [Ministry of Nodes Guide 2024](https://www.youtube.com/playlist?list=PLCRbH-IWlcW0g0HCrtI06_ZdVVolUWr39) - You can find him on nostr nostr:npub1txwy7guqkrq6ngvtwft7zp70nekcknudagrvrryy2wxnz8ljk2xqz0yt4x Even with the best of guides, if you are running this software, 📖 **READ THE DOCUMENTATION** This is all just software at the end of the day. Most of it is very well documented. Take a moment to actually read through the documentation for yourself when installing. The documentation has step by step guides on setting up the software. Here is a helpful list: * [Bitcoin.org Bitcoin Core Linux install instructions](https://bitcoin.org/en/full-node#linux-instructions) * [Bitcoin Core Code Repository](https://github.com/bitcoin/bitcoin) * [Electrs Installation](https://github.com/romanz/electrs/blob/master/doc/install.md) * [LND Documentation](https://docs.lightning.engineering/) * [LND Code Repository](https://github.com/lightningnetwork/lnd) * [CLN Documentation](https://docs.corelightning.org/docs/home) * [CLN Code Repository](https://github.com/ElementsProject/lightning) *If you have any more resources or links I should add, please comment them . I want to add as much to this article as I can.*

@ f33c8a96:5ec6f741

<div style="position:relative;padding-bottom:56.25%;height:0;overflow:hidden;max-width:100%;"><iframe src="https://www.youtube.com/embed/kFUIfaCpXzA?enablejsapi=1" style="position:absolute;top:0;left:0;width:100%;height:100%;border:0;" allowfullscreen></iframe></div>

@ f288a224:1da1792c

 First, some context. I'm a child of the original internet chat-rooms on IRC, and I've tried over the last decades different applications and websites that we could all agree are "social media", but until I found NOSTR (Notes and Other Stuff Transmitted by Relays) I hadn't had this certainty that this isn't something that I will eventually change for something else. Today, even with all its early stage issues, I have the certainty that NOSTR may be the ULTIMATE and FINAL HOME for my online life. # THE PROBLEMS with the current/old social media landscape  ## I'm tired of moving from one social media to the next. As many of you, in my digital lifetime I've had many accounts that have now become obsolete; and the "content" and followings I created during that time was lost when one tech giant lost over the other, forcing us all to "MOVE" ourselves over to the new, and start building our content and following from scratch. Lately, it's become even worse, where many of us have seen ourselves forced to use and feed more than one social media at a time, since they all serve various purposes, with sometimes diverse functionality, besides all being catered to different segments of people to connect you to (LinkedIn, Instagram, TikTok, Youtube...). How much is too much, though? And how much time should we keep spending re-adapting our content to reach all of our network? For work, I've found myself having to create accounts in several of these giant data hoarding companies, having to build each following from scratch and to create "content" for all, and having to go through the hurdle of posting everything, everywhere, all at once. ## I'm sick of ever-changing terms, conditions and capabilities. Let's be honest, the majority of us have never ever read the full terms and conditions, let alone every time they are updated without us knowing which rights to our data we are giving away, and which terms we are accepting that may be detrimental to us and our mental health. We've learnt to accept that we are in their playground, they make up the rules, and if they choose to change the rules mid-game we just need to swallow it. We literally have no other choice, it's either that or desertion, which basically means walking away from everything we've built on their "public square". So, like a carefully engineered detrimental incentive structure, the more time we spend building on their turf, the more we are tied to them and conditioned to never leave them. The more we build and make them grow on our content, the more we'll lose if or when we drop out. And even if you accept all that and choose to play along, and you do your best to create the most awesome account in the neighborhood, the random changes they make to optimize ad revenue or user attention will inevitably affect you and all your work. If you created all your feed according to Instagram's squares but they choose to change to TikTok style dimensions due to their tech positioning battle with the Chinese giant... You swallow. If you edited your reels according to what you felt was the best 100 seconds video... Not anymore, suddenly 90 seconds is the maximum you're allowed... No appeal, no options. You Swallow. What? Seeing less of the people you actually WANT TO FOLLOW because they decided to clutter your feed with ads and suggestions, guess again: YOU SWALLOW. AREN'T YOU FEELING FULL ENOUGH OF ALL THE SHIT THEY'VE FORCED DOWN YOUR THROAT? Living our digital lives on these platforms feels like standing on ever changing quicksand, never endingly trying to "hack the algorithm" in order to have our content placed in front of the people who should automatically be able to see us from the moment they chose to follow us; and the worst part of it is, you never know when you may lose it all. ## Let's not forget, your social media account is NOT REALLY YOURS. Recently, a friend's social media account was hacked. She didn't know how it happened; all she knew is that she got an email from Meta saying she had acted against community guidelines and her accounts were therefore being removed (the one hacked and all those liked to her email, which meant personal and work accounts). She tried to appeal, to no avail. She hadn't done anything wrong, but suddenly her identity had disappeared from all our feeds, and her content didn't exist anywhere anymore. She lost plenty of photos she had always counted on finding on her Instagram and lost the people she followed and who followed her. It was as if she had never existed on the platform. *(Looks like a good moment to remind you to download all your valued content from the platforms you use in case something like this happens to you)* And this happened to someone who hadn't done anything "to deserve it". It has actually happened to more than one person I know, and every time they've been helpless and had no recourse, and yet, found themselves having to rebuild from scratch on the same platform that de-platformed them, because they had "no other option", and "their friends are there". Many more people have encountered this awful wake up call, some because of a hack, like my friend, others found themselves removed because they posted content critical of the platform... there are so many reasons people have gotten de-platformed and posts have gotten deleted without warning. And every time, we accept it, as if we owe them something; as if we need to settle for this kind of abusive environment that gets rich on our content and attention without having a say in anything. But we do have another option that flips that attention retention model completely on its head and empowers the user. **That option is NOSTR, our exit from the extractive social media silos they have trapped us into.**  # NOSTR: The better social experience for the internet era. NOSTR (Notes and Other Stuff Transmitted by Relays) is not a social media app, it's an Internet protocol. It's open source and many many developers around the world are creating apps on top of it and creating THE ULTIMATE SOCIAL MEDIA EXPERIENCE for users. I first heard of NOSTR from Jack Dorsey on what used to be called Twitter, and when I joined it two years ago it was really rough around the edges, but it was FULL OF POTENTIAL and the value proposition was very clear to me from the beginning. ## Firstly, YOU OWN YOUR IDENTITY, that includes your content and your follower list. So, what does owning you identity mean? I guess many of us have thought we owned our identity before, but the reality is that the platforms owned our identities, which is why they could delete or censor us. Owning your identity on NOSTR is empowered by encryption and cryptography. I'm not going to go into the technical part, but to explain as simply as I can, on NOSTR no platform owns your login and password to use on their playground; you can basically use any NOSTR app to create your identity to navigate it. They give you a login (npub) and password (nsec), and the magic part is that you can USE THAT IDENTITY ON ANY NOSTR APP OR WEBSITE, no need to sign up individually on each one. ## Welcome to the beauty of INTEROPERABILITY. I cannot emphasize enough what it feels like to be able to take your identity, your followers, your content and carry it from one app to the other. On NOSTR there is a rich ecosystem of apps and websites that keep growing. We have "clients" that allow you to experience NOSTR in interfaces that could remind you of Twitter, Instagram, TikTok, Substack, Twitch, Clubhouse, Podcast apps and many more. You can find many of them on https://nostrapps.com/ .  With that information in mind, imagine you only needed one user password, your NOSTR nsec, and with that key, you could open you Instagram, or your Twitch or your Substack. And all your followers would be there, and you could choose what type of content you wanted to link to your identity for your followers to find. No longer "find link in bio", or "go to our YouTube channel", everything you post on NOSTR is tied to your identity, and you can post it all with a single set of keys that posts your content "everywhere". And since your content is "in every client", each of YOUR FOLLOWERS CAN CHOOSE if they are more interested in experiencing your photography content "Insta-like" or if they love your "Twitter-esque" notes better. Each user navigates NOSTR with the interface they prefer. *(With great power comes great responsibility, and I feel obligated to tell you that if you ever lose your nsec, no platform is gonna be able to save you. It's like the keys to your house, unless you keep a copy safely, no one can open it for you (there are no locksmiths on NOSTR). And if you leave your keys lying around on a cloud server somewhere, someone may grab your keys, open your house and use it however they want).* The beauty of this interoperability and the fact that my keys open up my identity to all the NOSTR realms is that you don't need to settle for one client. I use 5 to 6 clients regularly everyday depending on the mood I'm in, (or the bugs that still prove this is a nascent ecosystem in development). Some I use when I want a more "Twitter-like" experience, others when I want to browse photos and others just give different algorithms to choose how to view my feed, and the best part is NO ONE CAN CLUTTER MY FEED WITH ADS. I can curate my feed however is most important to me, and each "NOSTR client" is like a different skin that customizes the way I experience the content. However, the most important reason I started to use different NOSTR apps was that when I started, not all apps had zapping integrated. Some still don't, but most do :) ## ZAPS: direct micropayments from your followers.  Zaps are tips that come directly from the people who find value in the shit that you post. They are micropayments in the form of "sats", fractions of ever-increasing in value bitcoin , and a very big reason why I'm spending less and less time on other social media accumulating valueless likes that only feed the algorithm, and more time on NOSTR interacting with humans that post valuable notes hoping the generous souls that run upon their art or creations will find them valuable enough to tip them for it. It's crazy how the type of content you post can change when your incentive is not to feed an algo, but to give real value to other humans around the world and be your most authentic self. Where Twitter/X's algo benefited the type of incendiary content that shocked and outraged people, NOSTR's incentives benefit those who bring most value to the network and their peers. A few sats tip may not seem much, but even if the equivalent of a small zap is merely cents, it feels a whole lot better than any like, and you can count that if the purchasing power of bitcoin continues to accrue, those value-earned tips will too. Many "nostriches" are getting tons of zaps for memes on NOSTR, valuable articles, videos or participation in zapathons .  In NOSTR is where I first heard of the concept "value for value", and the community is very adamant in making "v4v" an alternative to ad revenue driven models. **Because we need to be the change we wanna see in the world**. We've heard it said that if you're not paying for the product, you are the product. And up until now that has meant we felt obliged to accept that since ads were paying the platforms, we were required to give them our attention. But the open source movement thinks we deserve better. We deserve a better Internet, like the decentralized promise we've slowly been robbed of to enrich 10 people out of the work of all of us. If they can't monetize our attention, they got nothing. But why should they monetize it, instead of us?  ## Even with the glitches and bugs, NOSTR ROCKS! The things I've grown to love most about NOSTR are: • Not having the clutter of ads on my feed and being able to ONLY SEE WHAT I CHOOSE TO SEE. • People who are not on NOSTR can ENJOY MY STUFF WITHOUT HAVING TO LOGIN. • Being able to ENJOY ALL THE BENEFITS OF INTEROPERABILITY, and use many NOSTR clients that enrich my user experience knowing I own my identity and that means I'm not locked in, I can move like a bird wherever I decide. • ZAPPING complete strangers that made me laugh, gave me a cool insight or simply made a witty comment. • GETTING TIPPED for memes, articles, photos, videos and any "Notes and Other Stuff" that people have found valuable.  # CONCLUSION: Join us on NOSTR, participate in claiming back your digital life. If you've made it this far in my love letter to NOSTR, thank you for being interested. Curious minds is what the world needs more of &lt;3. NOSTR is an ecosystem that is being built in the open by relentless developers that are continuously striving to out compete each other to offer a better user experience, it's a many headed dragon that has constant upgrades and implementations which benefits us all, and as such it sometimes comes with bugs and glitches. Building the future is always buggy and requires testers and early adopters that help shape the technology in the best way possible, especially if you wanna build outside the incentive models of the devouring giants we're trying to get away from. Being such an open ecosystem can also be overwhelming for a newcomer, where to start? There are so many clients to experience; so here are some of my recommendations. Please, don't feel you need to go through all of them now, start step by step. This article will always be here whenever you need it (this is not Instagram ;) ). ### **Creating your NOSTR identity/account** with a wallet integrated to receive zaps on both Android and iOS: • **YAKIHONNE**: It's a Japanese client that offers a great on-boarding experience. From the app you can create the account and enable a wallet to receive zaps. In it you can view and post short and long form content, images, videos and more. (Once you have the account created on your app, you can also visit the desktop version on https://yakihonne.com/ ) • **PRIMAL**: For a while it has positioned itself as a great on-boarding NOSTR client because it offers the same things as Yakihonne, has an integrated wallet, with the added benefit that you can also "buy sats/bitcoin" directly from its wallet, which can come in handy (it comes with a 15-30% premium, so only use for small amounts). It also has the desktop version at primal.net. ### **My favorite NOSTR iOS PHONE APPS after on-boarding**, in case you wanna hop into different user experiences: • **DAMUS**: created by the original creator of the "ZAP", Will Casarin, it's an iOS simple client that is reliable and fast with notifications. It keeps things simple, mostly focusing on short note content, although you can also see images and short video. But the feed is optimized as a more "Twitter-like" feed. • **NOSTUR**: The iOS phone client that has it all! It's the client I've used that integrates the most of NOSTR's possibilities, you can see all of the mentioned above with the previous clients, but also view LIVE STREAMS, and have multiple accounts set up simultaneously. The enhanced capabilities can sometimes come at the cost of crashing or being slow to load. • **FREERSE**: Nice clean user interface with plenty of functionality, with easy navigation on topics like #art #photography or any other interests. It's my always reliable back-up to upload image content. • **OLAS**: The new kid on the block Olas client, by prolific developer Pablof7z, is trying to take on Instagram and TikTok and has developed a client mainly focused on the visual and photographic part of NOSTR. ### Desktop clients & OTHER GEMS OF THE NOSTR REALM: There is an infinite number of clients for desktop, but I usually find myself on **ditto.pub** or **slidestr.net** for a more visual experience. • **ALBY** is INTEROPERABILITY'S BEST FRIEND. Alby is not a NOSTR client, but it's a browser extension that makes it seamless to jump from one desktop client to another with your wallet and identity without compromising your security.  • **HIVETALK**: A video call client (reminiscent of Zoom) that doesn't track you or spy on you and that enables zapping and many other functionalities during the calls. • **NOSTR NESTS**: Audio spaces client that allows people to listen to conversations, chat within it and zap the people involved. ### if you made it this far, THANK YOU FOR YOUR ATTENTION. HOPE YOU FOUND VALUE IN IT AND UNDERSTOOD WHY, FOR ME, THE FUTURE OF SOCIAL MEDIA IS BRIGHT, OPEN AND USER-CENTRIC. FUCK THE MIDDLEMEN. 

@ a012dc82:6458a70d

The cryptocurrency world is on the verge of a groundbreaking transformation with the anticipated introduction of Bitcoin Exchange-Traded Funds (ETFs). This significant development is set to redefine the realm of crypto-investment, merging the innovative world of digital currencies with the established domain of traditional finance. Bitcoin ETFs represent a monumental shift, not just as a novel investment option, but as a revolutionary bridge connecting the cutting-edge technology of cryptocurrencies with the more familiar territory of stock market investments. This fusion is poised to unlock a new level of accessibility, drawing mainstream investors into the Bitcoin sphere, who were previously hesitant due to the complexities and perceived risks associated with direct cryptocurrency dealings. **Table of Contents** - The Emergence of Bitcoin ETFs - Unveiling Opportunities - Confronting the Dangers - The Road Ahead - Expanding the Horizon - Enhanced Market Dynamics - Technological Advancements - Educational Initiatives - Global Impact - Conclusion - FAQs **The Emergence of Bitcoin ETFs** Bitcoin ETFs are poised to revolutionize the cryptocurrency market. They offer a streamlined avenue for investment in Bitcoin, bypassing the intricacies of direct ownership such as wallet management and key security. This simplicity could democratize Bitcoin investment, potentially enhancing its liquidity and stability. **Unveiling Opportunities** - **Broader Investor Appeal:** Bitcoin ETFs simplify cryptocurrency investment, making it more approachable for the average investor and traditional financial players. This could lead to wider adoption and recognition of Bitcoin as a viable asset class. - **Influx of Institutional Capital:** ETFs could catalyze a surge of institutional funds into the Bitcoin market. Institutions, previously hesitant due to regulatory and security concerns, might view ETFs as a safer investment avenue. - **Market Evolution:** The advent of Bitcoin ETFs signals a maturation of the cryptocurrency market, transitioning towards regulated, mainstream financial products. This evolution could bolster investor confidence and market stability. **Confronting the Dangers** The introduction of Bitcoin ETFs is not devoid of risks and challenges. - **Amplified Volatility:** Bitcoin's notorious volatility could be intensified by the influx of new investors via ETFs, particularly if large capital movements occur swiftly. - **Regulatory Hurdles:** The evolving regulatory framework for cryptocurrencies could become more complex with Bitcoin ETFs, inviting stricter regulations that may impact the market dynamics. - **Systemic Implications:** Integrating Bitcoin into the traditional financial system through ETFs could introduce new systemic risks. A significant downturn in Bitcoin's value might have broader implications for investors and funds linked to these ETFs. **The Road Ahead** As the Bitcoin ETF era dawns, investors should exercise caution. The potential of Bitcoin ETFs is substantial, but the accompanying risks warrant serious consideration. Investors should engage in comprehensive research and assess their risk appetite before engaging with these new investment vehicles. **Expanding the Horizon** **Enhanced Market Dynamics** The introduction of Bitcoin ETFs could lead to more dynamic market behaviors. As traditional and crypto markets become more intertwined, the impact of global economic events on Bitcoin's price could become more pronounced, leading to new investment strategies and market analysis techniques. **Technological Advancements** The growth of Bitcoin ETFs might spur technological advancements in trading platforms and financial tools. Enhanced security measures, improved trading algorithms, and more sophisticated risk management tools could emerge, catering to the unique needs of cryptocurrency ETFs. **Educational Initiatives** With the growing interest in Bitcoin ETFs, there's likely to be an increase in educational resources and initiatives aimed at helping investors understand the nuances of cryptocurrency investments. This could lead to a more informed investor base, capable of making better investment decisions in the volatile world of cryptocurrencies. **Global Impact** The success of Bitcoin ETFs in one region, such as the United States, could encourage other countries to follow suit, leading to a more globalized cryptocurrency market. This could have significant implications for international financial regulations and cooperation. **Conclusion** The potential introduction of Bitcoin ETFs marks a significant milestone in the journey of cryptocurrency investment. While it heralds new opportunities and greater accessibility, it also brings forth challenges and risks that need to be navigated with care. The future of Bitcoin ETFs will hinge on the balance between these opportunities and dangers, and the market's ability to adapt to this new phase of crypto-investment. As we stand at the threshold of this exciting era, the global financial community watches with bated breath, ready to witness the unfolding story of Bitcoin ETFs. **FAQs** **How does a Bitcoin ETF differ from direct Bitcoin investment?** Investing in a Bitcoin ETF means you're investing in a fund that holds Bitcoin as its primary asset, as opposed to buying Bitcoin directly and managing your own digital wallet and security. ETFs are also subject to different regulatory and tax treatments. **What are the benefits of Bitcoin ETFs?** Bitcoin ETFs offer easier access to Bitcoin investment, potentially lower risks compared to direct ownership, and the convenience of trading through traditional investment platforms. **What risks are associated with Bitcoin ETFs?** Risks include the inherent volatility of Bitcoin, potential regulatory changes, and systemic risks if the cryptocurrency market impacts the broader financial system. **Are Bitcoin ETFs available globally?** The availability of Bitcoin ETFs varies by country, depending on the regulatory environment. Some countries may not yet have approved Bitcoin ETFs for trading. **Can Bitcoin ETFs impact the price of Bitcoin?** Yes, Bitcoin ETFs can impact Bitcoin's price as they can increase market liquidity and bring in more institutional investors, potentially leading to price changes. **That's all for today** **If you want more, be sure to follow us on:** **NOSTR: croxroad@getalby.com** **X: [@croxroadnews.co](https://x.com/croxroadnewsco)** **Instagram: [@croxroadnews.co](https://www.instagram.com/croxroadnews.co/)** **Youtube: [@croxroadnews](https://www.youtube.com/@croxroadnews)** **Store: https://croxroad.store** **Subscribe to CROX ROAD Bitcoin Only Daily Newsletter** **https://www.croxroad.co/subscribe** ***DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.***