OP_CAT and the Infinite Nothing

Introduction You may have heard about re-enabling OP_CAT as a potential upgrade for bitcoin’s script language. Depending on where you get your news OP_CAT has been called “only 10 lines of code”, “the best way to enable experimentation with covenants”, “too powerful”, “dangerous and leading to miner centralization”, or “guaranteed to lead to a contentious soft fork”. I’m going to make the case that all of these perspectives are mistaken. OP_CAT is very useful, can be used as a covenant, and not (alone) the best next move for bitcoin. Nothing…

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Bitcoin ETPs Get Approval to List on the London Stock Exchange

The UK’s Financial Conduct Authority (FCA) has approved asset manager WisdomTree to list Bitcoin and Ethereum exchange-traded products (ETPs) on the London Stock Exchange (LSE). BREAKING: 🇬🇧 Financial Conduct Authority has approved #Bitcoin ETPs to list on the London Stock Exchange. Gradually, then suddenly 🚀 pic.twitter.com/hMjN24qRMl — Bitcoin Magazine (@BitcoinMagazine) May 22, 2024 The FCA gave the green light for WisdomTree’s Physical Bitcoin ETPs to begin trading on May 28. The $111 billion AUM firm will initially offer the products exclusively to professional investors. This move follows the FCA’s March…

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America’s First Bitcoin President: Trump Now Accepts Crypto Donations

President Trump, in a press release published on his website this afternoon, announced that his campaign to take back the White House will begin accepting donations using Bitcoin. BREAKING: 🇺🇸 Donald Trump now officially accepts #Bitcoin for campaign donations. pic.twitter.com/ySkwNQT1D2 — Bitcoin Magazine (@BitcoinMagazine) May 21, 2024 This announcement by his campaign is sure to stoke the fires between the incumbent President Joseph Biden, who alongside fellow Democrat Senator Elizabeth Warren (D-MA), has spent the majority of his term in Washington waging an all-out regulatory attack against the digital asset…

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OP_CAT & Bitcoin Ossification With Blockstream’s Andrew Poelstra

In a recent interview with Bitcoin Magazine, Shinobi sat down with Andrew Poelstra from Blockstream to discuss his colleague Rusty Russell’s ambitious proposal. Rusty plans to restore several abandoned features from Bitcoin’s code, a bold move that could significantly enhance the functionality and expressivity of Bitcoin scripts. Understanding the New Costing Model One of the central aspects of the “Great Script Restoration” proposal is the introduction of a new costing model for opcodes. Currently, in Bitcoin, every operation costs the same, regardless of its computational complexity. This model, however, does…

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Whistleblowing In The Surveillance Age

This article is featured in Bitcoin Magazine’s “The Inscription Issue”. Click here to get your Annual Bitcoin Magazine Subscription. Bitcoin allows for the permanent inscribing of data onto the public record. Still, whistleblowing on the blockchain remains a terrible idea. Leaking information is risky business. If you’ve obtained sensitive information — particularly if you’re not supposed to be in possession of said information in the first place — you can’t just send out an email or post it to your Twitter feed. If you did, before you knew it, you’d…

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Running The Self-Sovereign Bitcoin Business

As we take the concluding tenth and final step in “10 Steps to Self-Sovereignty”, we’ve articulated nine ways that Bitcoin can enable the sovereign individual. But what about building the sovereign Bitcoin business? From longer timeframe accounting practices to managing a bi-weekly payroll, to using a volatile asset that operates on a 24/7 market, there is no shortage of needed techniques and technologies that enable entrepreneurs to leverage bitcoin for their companies. As companies delve into the state-change of money that is Bitcoin, they are confronted with a myriad of…

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Dismantling The Cash-flow Narrative: Real Estate vs. Bitcoin

Bitcoin sceptics frequently argue that bitcoin lacks intrinsic value, claiming that investments like real estate, with their tangible cash flows, are superior. In this article, I will debunk the myth of ‘intrinsic value’ and illustrate why cash flow has no direct impact on an asset’s ability to serve as a reliable store of value, even in the context of real estate. The myth of intrinsic value The idea that value is inherently embedded in objects is a misconception. This common belief, influenced by the labor theory of value (LTV) –…

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Ecash Makes Bitcoin (And Fiat) Private With Calle’s Cashu

Editor’s note: Cashu is a protocol, not a company. Founders: Calle Date Founded: October 2022 Location of Headquarters: Remote Amount of Bitcoin Held in Treasury: N/A Number of Employees: 20-30 open-source developers Website: https://cashu.space/ Public or Private? N/A Of Bitcoin’s many notable properties, privacy isn’t one of them. In fact, the transparency of the Bitcoin blockchain contrasts starkly with the privacy that Chaumian ecash, a form of digital cash created by legendary cryptographer Dr. David Chaum in 1982, offers. So, what do these two technologies have to do with one another?…

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Ecash Makes Bitcoin — And CBDCs — Private With Calle’s Cashu

Editor’s note: Cashu is a protocol, not a company. Founders: Calle Date Founded: October 2022 Location of Headquarters: Remote Amount of Bitcoin Held in Treasury: N/A Number of Employees: 20-30 open-source developers Website: https://cashu.space/ Public or Private? N/A Of Bitcoin’s many notable properties, privacy isn’t one of them. In fact, the transparency of the Bitcoin blockchain contrasts starkly with the privacy that Chaumian ecash, a form of digital cash created by legendary cryptographer Dr. David Chaum in 1982, offers. So, what do these two technologies have to do with one another?…

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Case Study: Enabling Bitcoin as a Medium of Exchange at the Bitcoin Asia Conference in Hong Kong

The Bitcoin Asia conference held on May 9 and 10, 2024 in Hong Kong demonstrated a significant milestone in the adoption of bitcoin as a legitimate medium of exchange. This article outlines the strategies and technologies implemented to facilitate seamless bitcoin transactions for goods and services over the two days, leveraging the capabilities of self-custodial payment processing through BTCPay Server. Executive Summary Throughout the event, 212 Bitcoin transactions were processed, involving four vendors and totaling 7,714,253 sats, equivalent to 36,974.63 HKD. The average transaction was approximately 36,560 sats (about 175…

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