News of the Day

Oh look at that a cold place figured out you can get heat for free.

You don't say? Bitcoin doesn't waste energy after all? It's the stupid humans that are burning coal and wasting the energy all along? I am shocked.

Now MintGreen is getting into industrial sales with a 12-year contract to provide heat with their new “Digital Boilers” (which recover more than 96% of the electricity used for mining) to North Vancouver’s district energy system to heat commercial and residential buildings.

Yeah, you can get 96% of the energy back used from mining as a form of heat, which was so stupidly obvious. I've talked about this multiple times.

What most people don't realize is that it is exactly this strategy that's going to decentralize mining around the entire globe. A warehouse full of mining rigs can not compete with mining rigs stationed in places that can reclaim 96% of the energy lost. Think about that for a second.

If you can reclaim 96% of the energy, you don't even have to upgrade the mining equipment. You can just let it run for ten years. Even if the new rigs are way faster than the old ones it doesn't matter until they become twenty times more efficient. Even then it might not matter.

This will spread mining out to some of the coldest and more uninhabitable places out there. Free heat will be a godsend to a lot of folks in the world. In fact, it won't even be free heat... it will be free heat on top of passive income generated. What a wild thought... that I have blogged about several times over the years.

Owner Declines Offer to Sell His CryptoPunk NFT for Record-Breaking $9.5 Million: Here's Why

The second I heard this news I decided it was fake with no further research... how could it not be? If your cryptopunk is your brand and you set up a fake bid that's the perfect way to further your own brand at zero cost to all parties involved.

https://twitter.com/richerd/status/1449187165875826693

Why I rejected a 2500 ETH ($9.5M USD ) offer from
@poapxyz
on CryptoPunk #6046

On further review, it is possible that this was a real offer, but I still kinda doubt it. I just think it's funny that so many gullible people out there are willing to believe this stuff without giving it a second thought. Like, there are dozens of people on Twitter chastising him for not taking the deal, as if the possibility of the bid being fake never occurred to them... to the point of feeling the need to make harsh judgements against a person they don't even know. Social media never ceases to amaze.

Two BTC futures ETFs?

The ProShares ETF will begin trading tomorrow on NYSE Arca under the ticker $BITO. The Valkyrie Bitcoin Futures ETF is still yet to be determined. Expect this to open a tidal wave of ETF approvals.

We can't be sure if a spot price ETF will be approved (as opposed to the futures markets) but this definitely opens the door for a spot-EFT to have a higher chance of getting approve, lest the SEC be exposed as the hypocrites that they are.

It's hard to say if these ETFs will bring money into the space or extract it. Tomorrow definitely feels like a "sell the news" situation, and with four pumps in a row with no pullback, that seems even more likely. However, I'm still wildly bullish and expect all time highs at the end of the month regardless of what happens tomorrow.

Speaking of tomorrow...

Binance is making good on their promise to enforced KYC. Good thing they have the underground Mandala exchange. I'll be doing a report on that and Huobi soon.

Also this:

Apparently Binance's Trust Wallet can also be used to subvert regulations using ThorChain. These are all great examples of how devs are running circles around the regulators. The establishment is being disrupted from top to bottom, and as the regulators try to plug the big holes all the tiny ones just keep getting bigger in the background, some of which are going totally under the radar at this point. Expect a full report from me soon™.

How's the market doing?

The ETFs have been approved and about to start trading, Biden has increased the Debt Limit, and both Mercury and Jupiter's retrograde ended today. The Blood Moon comes in two days, signaling another potentially bullish period. If I'm being honest likely none of this matters, because the overwhelmingly bullish 4-year macro cycle pretty much trumps everything else. Still expecting $100k in November without much fuss.

Conclusion

There's so much going down right now it's hard to keep up. Expect the noise to keep getting louder and louder every week. The mega-bubble is coming. The regulators will keep scrambling and trying to manipulate these markets. The devs will keep building. The money will keep flowing.

Keep your head down and keep hodling.

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