Ten31 Timestamp 767,076
The Ten31 team participated in a full week of programming at Nashville’s Bitcoin Park aimed at advancing the full sovereign stack, from bitcoin to food security and beyond. The week included the second iteration of Nashville’s new monthly BitDevs, a broader meetup focused on bitcoin’s increasing uptake among ranchers and farmers, and a micro-summit for ranchers and cattlemen aligned with the Annual Meeting of the US Cattlemen’s Association. The week provided yet another set of encouraging data points showing that bitcoin is monetizing from the ground up and will reshape and enhance every industry and commercial activity in the world over time.
Jonathan published his piece Bitcoin: Digital Land Rush early in the week where he takes a new a priori approach to analyzing the bitcoin computer program. In the piece he dissects UTXOs, digital property rights, and describes blockspace as a new digital element for humanity to explore and build on in the digital age. The piece concludes with examples of how Ten31 is supporting innovators developing new ways to utilize blockspace for creating and capturing value.
Selected Portfolio News
Strike launched its Send Globally feature, which allows users to remit US dollars easily, instantly, and for free to Nigeria, Kenya, and Ghana, with funds seamlessly received as local currency in recipients’ bank, mobile money, or Bitnob accounts:
Bitnob helped to present the first annual Africa Bitcoin Conference in Ghana, where CEO Bernard Parah gave a keynote address:
Unspent capacity in Samourai Wallet’s Whirlpool achieved a new all-time high of more than 6,000 BTC:
Unchained opened its automated trading desk to clients in Alaska:
Strike noted that over 90% of bitcoin purchased on the platform during November was subsequently withdrawn, a very positive indicator for bitcoin self-custody:
Matt joined the Bitcoin Matrix podcast to discuss privacy and surviving the current market.
Sam Abbassi, founder and CEO of Hoseki, made an appearance on TFTC to discuss proof of reserves and his path to building Hoseki.
Marty sat down with Sean Avery on No Gruffs Given to parse the fallout from FTX and make recommendations for self-custody.
Popular bitcoin educator BTCSessions released an extensive tutorial for setting up and using Start9’s Embassy.
Bitcoin Magazine called out Hodl Hodl as one of the best options for acquiring bitcoin without KYC or custodial risk.
The bitcoin network saw its largest downward difficulty adjustment (-7.3%) since July 2021, which followed the sudden exodus of miners from China in the wake of the country’s mining ban.
Bitcoin Magazine argued miner capitulation – a typical bottom signal during bear markets – may have played out over the past 1-2 months.
Meanwhile, some estimates indicate November was the largest month for bitcoin net exchange outflows on record.
Gemini formed a creditors’ committee to recoup $900 million from Genesis Digital, its counterparty for the now-defunct Earn program, and Genesis’s parent Digital Currency Group (DCG).
The Bank for International Settlements estimated that pension funds and other non-bank financial institutions have accrued $80 trillion in off-balance sheet dollar-denominated obligations in the forms of FX swaps. This figure exceeds the combined total value of US Treasury bills, repo lines, and commercial paper.
In the wake of swiftly rising rates and deteriorating real estate fundamentals, Blackstone, Starwood, and Blackrock have begun enforcing withdrawal limits from commercial property funds as investors have rushed to liquidate holdings.
Senator Cynthia Lummis, co-sponsor of the Responsible Financial Innovation Act, suggested ether is now a security following September’s Merge to a Proof of Stake consensus mechanism; however, she conceded the possibility (dubious in our view) that it could ultimately be classified as a commodity with sufficient decentralization.
The European Commission announced plans to require any cryptocurrency company with EU clients to report users’ holdings and personal information to EU tax authorities.
The Nigerian government has enacted new limits on physical cash withdrawals from ATMs for individuals and businesses to encourage greater use of the eNaira, the country’s new CBDC.
Kazakhstan, once a hotbed for bitcoin miners exiled from China, advanced a bill to force new licensing and regulatory requirements on bitcoin miners. The proposed legislation needs one more approval to become law.
In a similarly restrictive move, government-owned Quebec utility Hydro-Quebec asked regulators to reallocate 270 MW set aside for bitcoin mining, as residential / commercial power demand has increased beyond prior projections.
In more positive mining news, Renegade Oil and Gas won a motion to dismiss a Colorado county’s request for an injunction against Renegade’s use of bitcoin mining to profitably consume its waste gas emissions and revive stranded gas wells.
The team behind the Mutiny Wallet project successfully rolled out a lightning wallet that can operate from a mobile browser without a dedicated app, which may have significant implications for censorship resistance over time.
The Iranian parliament floated a proposal to freeze bank accounts of women who fail to wear hijabs in public, again highlighting the dangers of permissioned, censorable payment systems.
Xi Jinping incrementally escalated what seems to be growing pressure on the petrodollar system in an address to Saudi Arabian leaders in Riyadh wherein the Chinese President called for more settlement of oil and gas in yuan.
In a cruel but predictable twist of irony, staff at the European Central Bank are threatening a strike in response to proposed pay increases well below the latest official eurozone inflation rate.
US federal spending continues to rack up black eyes as the Pentagon failed its fourth consecutive audit.
Porkopolis released their latest quarterly global money supply report, which ranks bitcoin as the ninth-largest base money in the world (down from number eight last quarter).