The Bitcoin Minimalist Week 14 - ECB CDBC, FTX, Department of Justice Bitcoin Seizure
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CBDC in ECB
Christine Lagarde and others in the ECB have discussed a CBDC in Europe. According to The Block, ECB executive board members say the Digital euro transaction will have limits and savings caps. The same week, Natalie Smolenski wrote a paper on why the US should reject a CBDC. Such top-down control completely changes the dynamic of our money system and goes against fundamental American values.
Over three days, FTX token FTT went from $22 to $4. SBF called out Changpeng Zhao, the CEO of Binance, after Binance announced the selling of their FTT holdings.
FTX slowed and eventually halted withdrawals. The three days ended with CZ announcing they were in talks of acquiring the FTX exchange.
This morning, Binance strongly considered dropping out of the deal after seeing their financials. - Coindesk.
This movement has sparked some talk on “proof of reserves,” which is a way of using public addresses to be transparent and supposedly showing there isn’t rehypothecation. John Carvalho, an entrepreneur and developer, rebelled against it, promoting holding your keys.
Walmart Selling ASICs
A new Antminer S19 pro is listed on Walmart’s website, confirming the sale of bitcoin miners on a major nationwide realtor.
Department of Justice seizes 3.36Billion
According to WatcherGuru, the Department of Justice has seized $3.36 Billion worth of Bitcoin from someone who allegedly stole it from the silk road. This is the second-largest financial seizure ever.
After the FTX fiasco, Bitcoin has plummeted, hitting new bear market lows. The capitulation event is likely due to market frenzy and liquidations causing the sale of Bitcoin as collateral.
@therationalroot has been tracking the growth of bitcoin in a seldom-used circular chart. It is mapped out in a 4-year cycle, with the southernmost point targeting the Bitcoin bottoms. Coincidentally the bottoms have all occurred in that area.
Thread: 8 Attributes Of Money
El Salvador Stats
What to read
A Central Bank Cryptocurrency? The U.S. Should Reject It
Binance Launches a Speculative Attack Against FTX, and Wins
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