Weekly Bulletin (Nov 25, 2018)

CoinSheet #227

The roots of education are bitter, but the fruit is sweet.

— Aristotle (384-322 BC)

Weekly Bulletin

Since we’re still talking about hash wars

I don’t want to comment on the whole BCHABCDEFG shenanigans but I do want to point you in the right direction.

There’s a common misconception that miners control Bitcoin.

And if you think miners control Bitcoin, I can’t get mad at you, it’s also not a super intuitive concept to understand.

Miner consensus is only relevant if they mine valid blocks. If they mine a different “coin”, users are not obligated to switch.

A miner can spent billions of dollars on energy and hash rate mining blocks…but if it doesn't follow the rules to which you agree, you can reject those blocks.

Folks running nodes are independent validators that checks everything in accordance with the current consensus rules. (You can read more about this here)

TL;DR - No nodes, no consensus.

If you want to understand this better, check out Pierre Rochard's speech on Bitcoin governance.

MV Index Solutions Launches a Bitcoin US OTC Spot Index

This is the first bitcoin index based on U.S. price feeds from established OTC trading operations. (Source)

Quick refresher, OTC = Over-the-counter. This is just trading that isn’t done on open exchanges, instead a middleman is involved, and prices aren’t usually published for the public.

The MVIS Bitcoin US OTC Spot Index (MVBTCO) (finance bro’s love their acronyms) is going to track the spot price of bitcoin based on its performance on the top three providers of OTC liquidity, Circle Trade, Cumberland and Genesis Trading.

Here’s why I bring this up.

Below is an excerpt from the June 2018 VanEck/SolidX/Cboe ETF proposal.

So the news here is that we now know the OTC exchanges that are going to be used for pricing data in the proposed bitcoin ETF.

Bakkt Delays Bitcoin Futures Platform Launch

Intercontinental Exchange announced that it would be postponing the launch of its Bitcoin futures trading platform, Bakkt, until the 24th of January.


State of Ohio Will Accept Bitcoin as a Payment Option for Taxes

Not gonna lie, I thought this was some click-bait bullshit.

This is actually legit.

Starting this week, Ohio businesses will be able to register with the state government to pay some taxes with bitcoin by visiting OhioCrypto.com. (Source)

They got a real site and everything, no bamboozle.

Bitcoin price is 80% cheaper than last year…yet it’s more mature, developed, lindy, etc…

What a time to be alive.

I’ll end this weekly recap with a dose of hopium

Don’t say I never done anything for you.