On this episode of the Unhashed Podcast, the gang’s all back together, covering influencer tweets and price movements, was Miami a super-spreader event, Mara pool getting their act together, Taleb aligning with BSV fraudsters, El Salvadorean volcano mining, decentralized social networks, and hot takes on hippie clothing.
Elon Musk tweeted Sunday that Tesla would again accept Bitcoin payments for Teslas if miners could demonstrate that 50% of their energy sources came from renewables. The next day, Billionaire hedge fund manager Paul Tudor Jones made a bullish comment regarding bitcoin on CNBC’s “Squawk Box: “I like bitcoin as a portfolio diversifier. Everybody asks me “what should I do with my bitcoin?” The only thing I know for certain, I want 5% in gold, 5% in bitcoin, 5% in cash, 5% in commodities,”. The cryptocurrency began its latest surge on Sunday after Tesla CEO Elon Musk said the electric vehicle maker could accept bitcoin transactions again in the future. Bitcoin pumped to $39,000 following Musk’s comments and was pushed over the edge to above $40k following Tudor’s.
Was Bitcoin2021 a “super spreader” event? If you follow CNBC then yes…maybe. However there appears to be very little evidence beyond the anecdotal for this. Eric Wall appears to have been beset by one of the more serious cases, tweeting (and then deleting) Thursday that he had “Just tested positive for COVID” and sharing a photo of himself in an ambulance or hospital attached to medical equipment. We wish Eric the best. The Miami Mayors office responded to claims of the conference being a super spreader event: “We have no reason to believe the conference was a ‘Super Spreader.’ At this point, with the information we know, this characterization of the event is not only unfair but also irresponsible,”. Bitcoin Magazine also responded that all attendees were provided with “the current recommendations of the CDC and State of Florida,” and they had expressed to the audience that “those who were high risk or hadn’t been vaccinated should consider waiting until next year.” It should also be noted that any US citizen has had access to vaccines for almost a month now, meaning that any risks taken put only the individual who took them at risk.
VOLCANO POWERED BITCOIN is the latest meme on Bitcoin Twitter following Salvadorian president Nayib Bukele’s announcement that they would be using Geo-thermal energy produced from a volcano to mine Bitcoin: “Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanoes. Starting to design a full #Bitcoin mining hub around it. What you see coming out of the well is pure water vapor”. Attached to the tweet was a video of a well spewing water into the air at incredible pressure. These comments follow a much larger announcement at Bitcoin2021 by Jack Mallers that El Salvador would pass a law that would recognize Bitcoin as Legal Tender and perhaps even keep Bitcoin as a reserve on the government’s books. The move is not without its criticism, primarily coming from those who have rightly pointed out Bukele’s historical strong man tactics in government and borderline authoritarian control over it. Perhaps most strangely of all the people who praised the move is none other than Bitcoin critic Frances Coppola, who tweeted “My unpopular opinion (well, perhaps popular in some circles): the President of El Salvador’s decision to adopt BTC as an alternative to the USD for transactions in his country is actually quite sensible.” Following news that the law had actually been passed was further proclamation from leaders in Brazil, Paraguay, Mexico, Argentina and other Central and South American countries that they would be considering similar laws in order to “de-dollarize” their economies.
Mara Pool, the bitcoin mining pool operated by digital asset technology company Marathon Digital Holdings, will update its miners to the latest Bitcoin Core 0.21.1 software (signalling Taproot activation), and stop censoring transactions, according to a press release. “”Marathon is committed to the core tenets of the Bitcoin community, including decentralization, inclusion, and no censorship,”” said Marathon’s CEO Fred Thiel. “”Over the coming week, we will be updating all our miners to the full standard Bitcoin core 0.21.1 node, including support for Taproot. By adopting the full standard Bitcoin core node, we will be validating transactions on the blockchain in the exact same way as all other miners who use the standard node.”” The announcement comes in great contrast to Marathon’s actions in the past few months. In late March, the company announced its bitcoin mining pool would filter transactions to mine blocks compliant with U.S. regulations, including anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) standards, effectively censoring transactions. And earlier this month, the company successfully mined its first “compliant” block. – https://bitcoinmagazine.com/business/marathon-to-stop-censoring-bitcoin-blocks
Taproot has locked in! In the early hours of Saturday morning, the threshold of 90% blocks signalling taproot support was reached for this difficulty epoch, which means that as of block 709632 (expected in November this year), taproot’s rules will be enforced on the network. Taproot is the first update to the bitcoin protocol in 4 years, since SegWit was deployed despite much contention back in 2017. This also validates the newly tested activation mechanism “speedy trial”, which has defused some tensions that were building over which mechanism to use to deploy taproot.
Everyone’s favorite publication, Coingeek, held a BSV conference in Zurich last week, and joining as speakers were notable Bitcoin critics Nassim Taleb and Nouriel Roubini. Our condolences to everyone involved.
On June 11, Jack Dorsey cast doubt on the future of Twitter, tweeting that “it is only a matter of time” to integrate the Lightning Network into the social network he runs. It is unclear if it would be implemented on Twitter on BlueSky, the project he is currently working on to decentralize social media