I spent 2 weeks in Argentina

Here are a few observations + stories from locals wrt fiat currency & travel costs
1/ The largest denomination in 🇦🇷 is 2,000ARS ($2.40), recently created, but rare to receive from an exchange

I'm told the gov is contemplating a 20,000ARS bill (imo a necessity given continued inflation & the awkwardness of paying for any >$100 purchase
2/

The Bitcoin mining water critics are not doing the math right when it comes to water use for 3 reasons, a🧵👇🏼
1/ In effect, the critics assume the following:
1. Identify the electricity grid mix for each mining jurisdiction
2. Apply the water impact of each energy source (eg nuclear, hydro)
3. Apply 👆🏼 proportionally to how much ⚡️ bitcoin consumes
4. Estimate a per tx water use
2/

Today the @bankofcanada dropped a report from its #CBDC consulations.

The findings: Canadians do *not* want a CBDC. #canpoli

A🧵 of highlights 👇🏼
1/ 9 out of 10 Canadians don't trust the @bankofcanada to issue a secure #CBDC
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Not enough children's stories about Bitcoin? Create your own!

Here's one, spot the Easter 🥚s 👇🏼
---
𝗧𝗼𝘀𝗵𝗶 𝗮𝗻𝗱 𝗠𝗲𝗿𝗸𝗹𝗲'𝘀 𝗕𝗶𝗴 𝗠𝗶𝗻𝗶𝗻𝗴 𝗔𝗱𝘃𝗲𝗻𝘁𝘂𝗿𝗲

In the bustling town of Barksville, lived Toshi the sausage dog & his adventurous friend Merkle.
1/ Toshi was small but mighty smart. He always watched his owners to learn about technology, & his tiny paws were perfect for tinkering with electronics.

Merkle was a big dog, loved by everyone for his happy nature. His favorite things were food, branches, and a good adventure.
2/

Yesterday @Greenpeace released a "research" report asking financial institutions like @Fidelity support changing Bitcoin's code from PoW to PoS.

Let's dive in why this is in bad faith & #TheCodeisPerfect
1/ GPs "research" is the usual misinformation abt how bitcoin works & energy use that has been debunked by *real* climate activists in Bitcoin

> 50% of Bitcoin's network is ZERO emissions, period. Emissions are DECLINING. Carbon NEGATIVE is coming. See 👇🏽
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batcoinz.com/beest/

ERCOTs new study shows that Bitcoin miners are providing a benefit to the Texas grid
🧵👇🏼 The Texas grid operator ERCOT just released a report that evaluates the adequacy of installed generation capacity for the winter based on historic data + several risk scenario forecasts (eg extreme demand, low wind, extreme peak load)
2/

A new @bankofcanada report on Bitcoin ownership dropped

Highlights 🧵👇🏽
1/ 13% of Canadians owned #Bitcoin in 2021
2/

Bit by bit the noose tightens around citizens' ability to transact privately

Exchanges are starting to implement the travel rule & the EU is voting on regs 👇🏼👇🏼

The more legal precedents are set, the tighter the knot
1/

https://twitter.com/paddi_hansen/status/1507741898064252935

Beyond the loss of privacy, this harms the ability of smaller service providers (software wallets, domestic exchanges, etc) to compete w/ large global providers (exchanges, defi/cefi)

Reg burden is a moat. This is BAD FOR CONSUMERS, as it limits choice
2/

If you're creating & using multiple #Bitcoin, lightning ⚡, #crypto mobile/software wallets, dapps, browser extensions etc, here's a more secure option 👇🏼

Buckle in 🧵
1/ A useful tool to secure & manage multiple seeds is BIP85

BIP85 is a repeatable way to generate entropy for other wallets: one seed back-up to rule them all (my precious 💍)

More at bip85.com
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How to develop a domestic #Bitcoin strategy

🧵 👇🏼 #Bitcoin is a cross-cutting technology. It impacts multiple industries in our economy:
🔸️ Financial services
🔸️ Energy
🔸️ Manufacturing
🔸️ Government (& governance)
& many others indirectly due to economic incentives that incent waste reduction & resource optimization
1/

In this #Bitcoin bull run, don't underestimate the added impact on available BTC supply from:
1. #BitcoinMiners ⛏️ aggressively HODLing
2. BTC getting locked up on the #LightningNetwork ⚡️
🧵👇🏽 NA miners are leveraging capital markets (debt & equity) for equipment upgrades & expansion

Miners have never had so many options (both debt & equity) vs prior halving epochs, alleviating the need to sell #Bitcoin

Building a BTC treasury is a winning capital markets strategy
2/

#Bitcoin mining punches above its weight class wrt renewables adoption

It's also better able to transition to low carbon vs traditional industry

👇🏼🧵 will dive into:
🔸️how miners are decarbonizing
🔸️what's carbon negative vs neutral
🔸️context wrt trad industry
1/ #Bitcoin mining is unique: it's the only industry w/ an industrial footprint that produces a digital good. Further, production cost cannot be passed to consumers

As such, mining is an energy intense trade exposed industry like steel or cement, & locates where most competitive
2/

China has officially announced it will ban #bitcoin mining

This is part of a larger move to ban crypto trading & services to protect investors & curb financial risks
1/

https://twitter.com/WuBlockchain/status/1395744914000863233

China's #Bitcoin mining ban likely has multiple objectives:
🔸️ builds on top of prior ban to protect investors & financial markets
🔸️ closes a loophole as people invested in Bitcoin mining farms to aquire bitcoin
🔸️ helps China attain its carbon neutrality goals
2/

The biggest Canadian #crypto story is the downfall of one of Canada’s largest #cryptocurrency exchanges @QuadrigaCoinEx

The untangling of this case will set major legal precedents for Canada & influence regs & the future operations of #fintech & crypto firms

Highlights ⬇️
1/ KEY @QuadrigaCoinEx STATS:

THE 💰
$250M total cash & #crypto owed to users
$180M missing #cryptocurrency 💸
$70M fiat owed to users; $25.7M frozen by @cibc & currently unbankable

THE CUSTOMERS
115k users owed 💰
Largest user owed $70m 🐳

Sources: EY ey.com/ca/quadriga
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