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- š§ Censorship has come to Bitcoin
š§ Censorship has come to Bitcoin
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GM - Arsen here. ā
Welcome back to Bitcoin Therapy. You know that feeling when your favorite song comes on the radio? Weāre the email version of that.
First, happy and relaxing Sunday to 3,132 patients reading today. š
Merry Christmas, anon!
I hope you get to spend your holidays like me: surrounded by family and eating great food.
As always, I will try to orangepill some of them. Wish me luck!
Alright, hereās what I got for you this week:
You can now censor Bitcoin transactions
The ETF wars have begun
Bitcoin š¤ Bathhouse Spa
Estimated read time: 3 minutes and 18 seconds
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CENSORSHIP HAS COME TO BITCOIN
Whatās that sound?
Thatās the JPEG h8ers partying.
Why? Because the day has finally come: miners can now actively block Bitcoin NFTs
How? By using the OCEAN pool (I wrote about it here).
Itās a new and unique pool where miners (and not the pool) get to choose what goes into blocks.
And thatās why OCEAN calls itself "decentralized.ā
There are 3 options to choose from when mining with OCEAN:
OCEAN recommended - blocks most āspamā transactions
Bitcoin Core + āOrdisrespectorā spam filter - blocks Ordinals
Unmodified Bitcoin Core - doesnāt block any valid transactions
1 and 2 will have a 0% fee, while 3 will have a 2% fee
Why? To incentivize miners to make choices that help Bitcoin in the long term (and not only look at short-term profit).
The argument is that profit will be higher in the long term because Bitcoin will be more functional (and not crippled by āspamā).
This is not a new idea. Weāve seen many industries destroy their short-term profit to maximize long-term profit (and vice versa).
As expected, this topic has divided the Bitcoin community into 2 camps:
āOCEAN is anti-freedom. Youāre the enemy of Bitcoin!!!1ā
āGiving miners a choice to filter transactions that donāt align with their idealogy is great!.ā
Notice how I write āspamā in quotes? Thatās because itās subjective: one manās trash is another manās treasure. The same applies to digital dickbutts.
And giving miners a choice is good, right?
Well, itās not that simple. Whether you like it or not, this IS censorship.
Donāt get me wrong: censoring certain things is good (for example, child p*rn)
But this makes Bitcoin pools/miners similar to ISPs who have the power to block traffic from certain countries and to certain websites.
And thatās a very slippery slope.
Anyways, Bitcoin is an open protocol. People can run any version of the software (as long as itās compatible), and thereās nothing you can do about it.
Only time will tell how itās going to play out.
Here are my thoughts on NFTs perfectly summed up:
PAPER BITCOIN BACKUPS SUCK
I stand by the title.
Why? Because securing your generational Bitcoin wealth on a piece of paper isā¦ letās just say, not very smart.
This is why I use Stamp Seed - a titanium seed storage solution.
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Heat-resistant up to 3,000ĀŗF, rust-proof, crush-proof, & time-proof
No loose pieces - no risk of losing crucial parts
Itās estimated that ~30% is lost forever. A big reason why is poor seed phrase security.
Be your own bank, anon. Get your Stamp Seed here.
PS: You get 15% off your purchase with the code āTherapy15' š
Thanks for the support! ā¤ļø
BITCOIN ETF MARKETING HAS OFFICIALLY BEGAN
2024 will be a great year:
Just finished my home gym - jacked Arsen, hello.
A new LOTR animated fantasy film is coming (shoutout to my fellow LOTR nerds)
Bitcoin will become a household name
Donāt believe I will get jacked? Fine.
BUT you canāt deny that Bitcoin will reach a new level in mainstream consciousness.
The reason? Bitcoin ETF ads.
We just saw Bitwise drop an š„ ad in preparation for their Bitcoin ETF approval.
And not just any ad - they partnered with āThe Most Interesting Manā (yup, that old dude from Dos Equis beer commercial).
Iām talking about the living meme and an absolute unit of a man who:
Steps on legos as part of his morning routine
Once, he took an arrow to the knee because he wanted acupuncture
Brushes teeth with wasabi
Calls brakes ācoward pedalsā
Says āMIFsā instead of āMILFsā
And heās on our side now š¤
You can watch the commercial here.
So, there are now 13 Bitcoin ETF applications (!). I canāt wait to see these guys try to one-up each other with their ETF marketing campaigns.
VanEck has already embraced the culture by making the ticker for their ETF ā$HODLā. And now, weāre seeing epic meme marketing from Bitwiseā¦
Whatās next?
The Bitcoin ETF wars have begun, and Iām all here for it šø
BITCOIN š¤ SPA
There are a few things that go well together:
Peanut butter and jelly
Bacon and eggs
Spa andā¦Bitcoin?
Yup, we got some hot innovation (literally) in the house.
This Spa in Brooklyn, New York, is heating its pools with Bitcoin miners (yup, you read that right). Hereās how it works:
They need lots of energy to heat the pools, saunas, etc
The owners decided to set up a Bitcoin miner in the spa
Theyāre doing āsubmersion cooling,ā which is placing the miner in a pool of mineral oil
The mineral oil keeps the miner cool, and the heat the miner generates heats the pools
Also, the owner is hodling this Bitcoin (approximately 1 BTC per year).
A total Chad move.
This bathhouse spa in New York is heated by recycling the warmth of #bitcoin mining.
ā Documenting āæitcoin š (@DocumentingBTC)
4:53 PM ā¢ Dec 20, 2023
This is amazing.
Now imagine all the businesses that require heat:
Water purification
Home heating
Food processing
Automobile manufacturing
ā¦and literally 99% of businesses
Bitcoin can generate additional revenue for businesses just by keeping their miners on.
Donāt sleep on this, anon.
QUICK NEWSā”
Bitcoin from the Satoshi era is on the move. Satoshi, dat u?
El Salvador gets the green light to issue Bitcoin Bonds in 2024! Vamosss!
Argentina proposes massive deregulation. You can now pay your debts in Bitcoin!
THIS WEEK IN A MEME š
Bitcoin ETF confirmed ā
Bitcoin ETF confirmed
FROM THE ARCHIVE š
First they laugh at youā¦then you laugh back.
PATIENT REVIEW š§
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See you next Sunday,
Bitcoin Therapy Team
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