Then They Fight You: Bitcoin and the United States’ Fiscal Crossroads


Introduction

Scholars dispute whether it was Mahatma Gandhi who first said, “First they ignore you, then they laugh at you, then they fight you, then you win.” What cannot be disputed is that advocates of bitcoin have adopted the aphorism as their own.

Bitcoiners commonly prophesize that at some point, bitcoin will replace the US dollar as the world’s predominant store of value.[1] Less frequently discussed is the essential question of exactly how such a transition might take place and what risks may lie along the path, especially if the issuers of fiat currency choose to fight back against challenges to their monetary monopolies.

Will the US government and other Western governments…

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Appeals court rules against OFAC, says Tornado Cash sanctions unlawful 

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In another big win for the crypto industry, a panel of federal judges last night sided with Tornado Cash users. They ruled the US Treasury Department unlawfully sanctioned the cryptocurrency mixing service back in 2022. 

There’s nothing like a rare loss for the government heading into a long holiday weekend. 

A quick refresher: The Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash in August 2022, claiming the mixer had been used to launder more than $7 billion in cryptocurrency. 

In September 2022, six Ethereum blockchain users (with financial backing…

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BTC sees pre-Thanksgiving lift after ‘healthy’ correction

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Bitcoin’s drop below $91,000 yesterday (those words would have spurred a double-take a month ago) felt rather substantial. 

Perhaps because of the anticipation of BTC hitting the six-figure mark for the first time — followed by a dip after falling just short (around $99,800).

“However, bitcoin’s -8% dip over the last week barely rates when compared to the volatility during the 237 days of downward channel chop between Mar. 14, 2024 and Nov. 6, 2024,” Galaxy Digital research head Alex Thorn pointed out in a Tuesday note.

Over that span, there were at least seven drawdowns…

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Will The Bitcoin Price Repeat the November 28 ATH Pattern of 2013 and 2017 in 2024?

Bitcoin consistently captures headlines, and over the years, November 28 has emerged as a pivotal date in its history. On this day in 2013 and 2017, Bitcoin surged to new ATHs, sparking global interest and investor enthusiasm. As we approach November 28, 2024, the question arises: Can Bitcoin replicate its past performance and soar beyond $100,000?

A Look Back: November 28, 2013, and 2017

November 28, 2013: Bitcoin celebrated its first ATH by surpassing $1,000. This milestone was the result of a rapid ascent fueled by growing awareness, increased adoption, and excitement surrounding the disruptive potential of Bitcoin. At the time, Bitcoin was still a niche asset, but crossing the $1,000…

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Some Bitcoiners Need To Grow Up And Focus On Their Own Shit

Too much of the discussions around Bitcoin in the last year have been focused on how to use it. Or how it should be used. The entire Ordinals/Inscriptions mania over the last year has created a mob of Bitcoiners essentially shrieking like children about how other users decide to make use of their own bitcoin.

This is completely detached and disconnected from the entire philosophy of Bitcoin’s design in the first place: to be an open access permissionless…

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Flashbots’ BuilderNet to address Ethereum block builder centralization

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Blockchains sell blocks. A complex market of actors are paid to assemble those blocks, but a part of that market — specifically block builders — is a duopoly between two players (Beaverbuild and Titan).

Source: Mevboost.pics

This duopoly is bad for various reasons, but chiefly in regard to maximal-extractable value (MEV).

MEV is believed to be monetary value that the end user creates, so returning it to them is ethically preferable. But when a few block builders dominate block building, that creates maximal value extraction that is suboptimal for the Ethereum end user.

To mitigate…

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Bitcoin is Neither Racist, Xenophobic, nor Misogynistic: A Response to Ideological Stereotyping

Just hours after the U.S. election results were announced, I received messages from friends filled with striking assumptions. Some congratulated me, mockingly saying, “Congrats, your side won for Bitcoin.” Others expressed disapproval with remarks like, “It’s pathetic!” and “I’m shocked that Americans just voted for Hitler.” One friend said, “You were lucky to find safety in the U.S. as a refugee under Biden’s administration. Refugees and asylum seekers will now face a harder time here, but, hey, it’s still good for your Bitcoin.” Many of these friends work in high-level corporate jobs or are university students.

As a Green Card holder, I was not eligible to vote,…

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Price targets to watch as bitcoin struggles to hit $100K

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We’ve talked about the bullish narrative, we’ve talked about the historical possibility of a drawdown, and now, dear readers, let’s talk price targets and analysis. 

It’s been a while since we spoke to Ledn’s John Glover to get his end-of-year expectations and the levels he’s watching. Glover uses the Elliott Wave Theory, which is a technical analysis that uses previous price movements to predict future movements. 

Basically, if we’ve carved out the high here at just below $100k (last Friday we saw it go as high as $99,800 before falling back) then he’s looking at $125,000….

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Here’s How To Talk About Bitcoin At The Thanksgiving Table

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It’s that time again — time to sit around the Thanksgiving table and catch up with loved ones while you have Bitcoin on the mind thanks to its recent price action.

Some see this time as an opportunity to convince said loved ones that they should get on the Bitcoin rocket ship because it’s headed towards the moon.

My humble advice: Don’t be that person.

As you’ve probably learned if you’ve been in the Bitcoin space for some time…

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Zerebro: Actualizing creativity in the path toward AGI

Artificial General Intelligence (AGI) holds the promise of revolutionizing society in much the same way electricity did when it was first discovered—an unprecedented breakthrough that transformed every facet of life. However, just as electricity’s true impact was only realized through the creation of practical applications like lightbulbs, motors, and power grids, AGI’s potential remains theoretical without real-world deployment. The key lies in connecting this raw power to everyday uses that are innovative, decentralized, and accessible. Zerebro, an ambitious AI project, serves as this connection, unleashing creativity in AI systems to pave the way for AGI to actualize across all…

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