Summary of Morning Crypto #424

Bitcoin is a cryptocurrency that is increasingly being used as a secure and intermediary-free means of transaction. It offers security and empowerment to users as it was developed as an alternative to bank-controlled money. Additionally, Bitcoin is a cryptographic protocol that enables the preservation of financial freedom and will be one of the few ways people will have to safeguard their freedom in the future.

Bitcoin can be stored in hardware, paper, offline computers, nodes, or private keys. Recently, Twitter CEO Jack Dorsey donated $5 million to the Brink Foundation, which funds Bitcoin-related projects.

Another technology that is gaining prominence is Nostr, a communication protocol that uses encryption to enable freedom of expression. It can be used through a website (snort.social), Android apps (Amethyst), and iOS apps (Damus), and the keys can be saved using a browser plugin (GetAlby). Nostr is used to send encrypted messages, videos, audios, and texts, which are delivered to the recipient securely.

Nostr is a modern decentralized protocol that allows the sending of encrypted messages. It is more resistant to censorship than other protocols and enables the sending of "Zaps" (satoshis through the Lightning Network) to other users. It is possible to create a private node to share with a specific group and it is important to install a plugin like GetAlby in the browser to use Nostr. The private node is an important tool for backing up data and it is possible to run Nostr locally as a relay or use Snort.Social. Nostr is a new network in its early stages and it is possible to run Nostr without using an internet interface. Nostr is an alternative to Bluesky, which was encouraged by the founder of Twitter. The Nostr ecosystem is very good, but the majority of users are Bitcoin maximalists, and the community that first adopted Nostr ends up expelling others who want to talk about other topics.

The technology behind Bitcoin is also being used by authoritarian governments to control the population. The Chinese government already uses digital currency to exert control, employing a social score system for that purpose. Furthermore, the president of Brazil has signed a bill that puts the central bank in charge of regulating the crypto market. Regulators and governments are discussing the use of cryptocurrencies in Brazil.

Another topic that has generated much discussion is Bitcoin mining. Binance is opening a cloud mining service, which raises concerns due to the existence of various fraudulent mining schemes. On the other hand, publicly traded Bitcoin mining companies in the US stock market are more transparent. Binance is also leaving Cyprus and the Netherlands due to regulations.

The founder of 3AC was sued in the United States for not responding to subpoenas, resulting in a daily fine of $10,000. He is launching OPNX to succeed FTX but had his license denied in Dubai. Celsius is also trying to reach an agreement with creditors to convert all altcoins into Bitcoin and Ethereum.

BlackRock's Investment Fund, which holds over eight trillion dollars in assets, has applied for a Bitcoin ETF in the United States. The adoption of Bitcoin by major banks goes against the original premises of its creation and could lead to a significant concentration of Bitcoin in the hands of large banks.

The Curve ecosystem is also in a stalemate due to the high level of loans taken by one of the Exchange's founders. The Curve founder has been seen purchasing expensive mansions and taking on more loans within the Exchange, which concerns the ecosystem. Therefore, caution is recommended for investors using cryptocurrency platforms.

Lastly, AMD is launching a new chip to compete with Nvidia, which can be used for artificial intelligence processing.

In summary, Bitcoin is a cryptocurrency that is increasingly being used as a secure and intermediary-free means of transaction, offering security and empowerment to users. Additionally, Nostr is a communication protocol that uses encryption to enable freedom of expression. On the other hand, authoritarian governments are using the technology behind Bitcoin to control the population through CBDCs.