Crypto News
The Reformation of Money: Bitcoin’s Whitepaper And Its Parallels To Martin Luther
It’s that time of year when the leaves are changing, the chill of winter is in the air, and many of us in the Western world are once again gearing up for the holiday season. Thanksgiving and Christmas are important holidays for many and one of the best times to gather with family. Still, I would argue that one of the most important holidays is only celebrated by .01 percent of the global population.
That’s right, I am talking about Whitepaper Day. It was 15 years ago today that one of the most important documents ever written was released to the world. The importance of this document is akin to Martin Luther, who published his 95 Theses in Wittenberg, Germany, on October 31, 1517.
Satoshi Nakamoto must have been a student of history because there is little chance this was a coincidence and Satoshi must have understood the significance of publishing the Whitepaper on this day. The parallels between the Whitepaper and the 95 Theses simply can’t be ignored.
Martin Luther’s 95 Theses directly challenged the established moral authority and teachings of the Catholic Church that were never questioned by the average person in those days due to blind obedience to the powers that be.
To the typical citizen back then, the Church had the final say on everything and was never to be questioned. This system worked for a very long time until, one day, people started asking questions.
Such meaningful changes to how people see the world, such as what occurred during the Reformation, don’t happen in a vacuum. There was a series of events that led people to this paradigm shift.
The Catholic Church in the 1500s operated more like a government than a religious institution. Popes in those days were in charge of massive bureaucracies that dealt with everything from forging alliances, building armies, and preying on the fears of their congregants to create a corrupt money-making enterprise.
Essentially, over the centuries, the Catholic Church diverged from the original mission of spreading the Gospel and obeying God’s commandments and became more focused on worldly issues of money and power.
The same paradigm shift about money and power is occurring right now and is present in the genesis block. “ The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” is more than an observation of the news: It is a realization that the global monetary system is irreparably broken.
Man has proven time and time again over the centuries that when given absolute power over the lives of others, even the most pious and well-meaning among us will become corrupt. It is a fatal flaw of the human condition. The only thing that we as humans can do is to mitigate this urge as much as possible.
This is what makes the Bitcoin Whitepaper such a profound and essential part of world history.
Money Makes The World Go Round
Everybody knows, young and old, that money makes the world go round. This is why most people roll out of bed and head to a job they hate to earn little pieces of paper that their governments say have value. People do this because they want what the pieces of paper represent.
These pieces of paper represent time, labor, and desires for goods and services that can benefit their lives. Just like in the days of Martin Luther, the masses were content with the Church having all the power. People today are content with governments controlling the money printer. But a few are starting to ask questions and notice things.
The surging inflation of the last two years is becoming hard for the average consumer to ignore, and the burgeoning global debt crisis is an intractable problem that central banks can only solve by printing more political currency units, thus further devaluing them in a vicious debt spiral until monetary collapse.
The publication of the Bitcoin whitepaper and the widespread dissemination of this information has shown the world that there is a better way to create money, in a way that takes the power and temptation away from our so-called leaders to print new money at will for their own benefit. Bitcoin binds this innate temptation towards corruption in an unbreakable chain of positive incentives, decentralization, transparency, and hard-capped supply, enabled by the ingenious difficulty adjustment and backed by the world’s energy.
These features never existed in the barter system, the gold standard, or the fiat system we are living under right now. Today, we have the opportunity to remake the world with better money that works for everyone and not just the elite. This is a social experiment that has never been tried in human history and is one that we can ill afford not to try.
We have seen the results of other types of money. Why not try money that can’t be created out of thin air or confiscated by governments? What else do we have to lose? Our backs are against the wall, folks; it’s either freedom or tyranny. Liberty or death. Which way will humanity go?
On this glorious Whitepaper day, choose hope over despair. Stand up to the powers that be like Martin Luther did so long ago and change the world with each action you take.
Remember, “ It does not take a majority to prevail… but rather an irate, tireless minority, keen on setting brushfires of freedom in the minds of men.” – Samuel Adams
The Bitcoin Whitepaper challenged the unquestioned orthodoxy of government control over money the same way Martin Luther challenged the unquestioned orthodoxy of the Catholic Church.
Crypto News
Detroit Aims to Drive Digital Asset Innovation on Day Three of the America Loves Crypto Tour
Crypto-natives and fans of Detroit rapper Big Sean flocked to the Lager House, just outside of downtown Detroit, for the third stop of the America Loves Crypto Tour. The event provided both an evening of live entertainment and a call to action to get out the crypto vote in the upcoming 2024 elections following previous stops in Arizona and Nevada.
Michigan is considered a battleground state, and the Stand With Crypto Alliance sees the state’s 940,000 bi-partisan Bitcoin and crypto owners — 25,000 of which are Stand With Crypto members — as potentially crucial for the upcoming presidential election. The 2020 election’s margin within Michigan was only about 156,000 voters, which means that crypto voters could well swing the electoral outcomes in 2024.
Local startup founders, university blockchain clubs, former State Representative Ryan Berman (R) and operatives of the Stand With Crypto Alliance took the stage for the third stop on the battleground state roadshow to communicate a simple message: Digital asset owners and entrepreneurs have leverage, and it’s time to make their political voices heard.
The last few years have seen the US Securities and Exchange Commission’s (SEC) inconsistent regulatory actions have a chilling effect on the industry. Adam Zientarski, co-founder of Detroit Ledger Technologies, remarked that he would like to see that change so that “startups can actually be focused on growth and not on moving the company to another country”. On behalf of entrepreneurs in the state, he simply asks regulators to “let them build.”
In an interview with Bitcoin Magazine, former Michigan State representative and Attorney General candidate Ryan Berman echoed similar thoughts on the role of regulation.
“You can’t predict what is going to happen in this technology space, but we want to make sure people can innovate and have the tools necessary without government blocking them,” Berrman said. “Detroit has been on a rebound over the last couple of decades. It would be beneficial and put Michigan on the map to say ‘Hey, we want to welcome these types of companies, we want innovation.’”
Berrman went on to emphasize the economic importance of fostering innovation in the state:
“Here, at this event, we’ve heard from these entrepreneurs from the University of Michigan, [which] has half of their student body from out of state. The other half is in-state kids from our big schools – currently, our students leave the state looking for jobs. What can we do to keep our students here? Technology is at the forefront.
Crypto Education: Not Just For Elected Officials
Technological innovation took the driver’s seat during the America Loves Crypto’s stop in The Motor City, and what stuck out was the cultural interest in Bitcoin and crypto co-mingled with the pride many Detroiters, in particular college students, have for their state of residence. President of the University of Michigan Blockchain Club Evan Solomon received raucous applause from the crowd when shouting out his alma mater.
College students and educational institutions, a particular point of pride for Michigan, seem to be paying strong attention to Bitcoin and crypto during this election season. Speaking with Bitcoin Magazine, Solomon proudly shared that his on-campus club has received support from the prestigious Ross School of Business to host an event with 25 visiting organizations in attendance.
Yet, Solomon also remarked that clear regulation is “the single most important thing” when it comes to fostering talent and strengthening the industry in the state. When students consider what careers or companies to pursue post-college, the stigma of over-regulation is a major factor. But the tides are turning and Solmon is optimistic following a 2023 meeting with U.S. Senator Gary Peters (D), saying: “I thought the reception was great, they wanted to hear us out, and they wanted to hear about the applications.”
Code And Law: Constitutional Battles for Developers
Bitcoin and crypto are in the State of Michigan not just a matter of revenue and economic development, but of important constitutional considerations for more than 940,000 Michigan crypto owners.
Berman, who has a background in law, explained that overlapping First, Second and Fourth Amendment considerations have informed his perspective on crypto. Specifically, he argued that 3D printing files for creating firearms are as much a Second Amendment constitutional right as they are issues of free speech and privacy, and he sees overlap with cryptocurrency in that regard now that developers of open source privacy tools are also being prosecuted.
“Freedom of speech is what our Founding Fathers were all about. Publishing a manual can be bad if somebody uses it for a bad purpose, but [in the case of 3D-printed guns] there’s plenty of legitimate purposes as well. But even if there aren’t any, it doesn’t matter what the purpose is, it’s all about freedom, it’s all about the First Amendment. I’m totally an advocate for not only the Second and First Amendments, but the Fourth Amendment in particular when you’re talking about encrypted communications.”
America Loves Crypto continues its road show this week and the following in Milwaukee, Philadelphia and Washington D.C. Attendees can RSVP for these free events where they will be able to register to vote while connecting with like-minded folks ahead of election day this November.
The Motor City and State of Michigan see opportunity in creating a business-friendly environment for the Bitcoin and crypto industry, welcoming the Stand With Crypto Alliance.
Crypto News
Bitcoin Surges to $60,000 as Markets Brace for Potential Fed Rate Cut
Bitcoin has climbed back to $60,000, fueled by anticipation of a Federal Reserve interest rate cut expected next week. Bitcoin’s rally comes as markets prepare for the possibility of a 25-50 basis point rate reduction, a move that many believe could further boost BTC and risk-on investments.
BREAKING: $60,000 #Bitcoin 🚀 pic.twitter.com/pualhxdQOU
— Bitcoin Magazine (@BitcoinMagazine) September 13, 2024
Earlier this summer, Federal Reserve Chair Jerome Powell hinted that a rate cut could come as early as September. Speaking on June 12th, Powell noted that the central bank would consider lowering rates once they were confident inflation was moving back toward their 2% target. This week’s announcement that U.S. inflation has dropped to 2.5%, lower than expectations, has potentially paved the way for such a move.
JUST IN: 🇺🇸 Fed Chair Powell says an interest rate cut could come as soon as September 👀 pic.twitter.com/RuIFqVZqSC
— Bitcoin Magazine (@BitcoinMagazine) July 31, 2024
The Federal Reserve announce its decision this coming Wednesday, September 18, at the next scheduled Federal Open Market Committee (FOMC) meeting. A rate cut could provide additional momentum for Bitcoin, which has already risen more than 125% over the last year.
Just yesterday, the European Central Bank cut its key interest rate by 0.25 percentage points, following the Bank of Canada’s decision to also reduce its policy rate by 25 basis points last week.
Bitcoin touches $60,000 ahead of a potential interest rate cut by the Federal Reserve, signaling market optimism amid falling reported inflation data.
Crypto News
Bitcoin Price Action: What to Expect Next
Bitcoin’s recent price movements have caused concern among investors about what might come next. However, by looking at key indicators such as the 200-week moving average, Pi Cycle Top Indicator, and the Golden Ratio Multiplier, we can gain insights into potential support and resistance levels for Bitcoin.
Leaning Bearish?
In recent weeks, Bitcoin’s price has fluctuated, dipping as low as $53,000 before stabilizing in the middle of our newly formed $50,000 to $60,000 range. If this bearish price action is to continue and price breaks to lower lows the 200-week moving average heatmap (blue line), a historically critical support level, is currently close to $39,000 but fast approaching $40,000 (white line). This round psychological level also aligns with the Bitcoin Investor Tool (green line), which has also converged with the 200-week moving average, could serve as potential downside targets.
Figure 1: Converging levels of support at $40,000 if bearish price action continues.
Nearby Targets
Above current price there are several important levels closer to the current price that investors need to keep an eye on. The Pi Cycle Top Indicator (upper orange line) suggests a crucial resistance level around $62,000, based on the 111-day moving average. The Golden Ratio Multiplier (lower orange line) indicates that the 350-day moving average, currently around $53,000, has been a solid level of support during this market cycle, especially as this is close to the technical $52,000 support and significant psychological support of $50,000.
Figure 2: Nearby support between $53,000 and $50,000, with immediate resistance between $60,000 and $62,000.
More Chop?
In the short term, Bitcoin could very well continue ranging between the low $50,000 region and the $60,000 resistance, similar to the range we had formed between $70,000 and $60,000 that led to fairly stagnant price action for a majority of 2024. Despite recent downturns, Bitcoin’s long-term outlook is still promising. In the past, Bitcoin has experienced similar periods of fluctuating prices before eventually reaching new highs. However, this process can take some time, potentially weeks or even months, before a sustainable trend reversal occurs following periods of low volatility.
Figure 3: Monthly volatility is rapidly decreasing, potentially as BTC finds a new range between $50,000 and $60,000. View Live Chart 🔍
Conclusion
For long-term investors, it’s important to remain calm and not be swayed by day-to-day price changes. Over-trading often leads to poor decisions and losses, and the key is to stick to a strategy, whether it involves accumulating at support levels or taking profits at resistance.
Bitcoin’s recent price action has not been ideal, but with some simple technical analysis and a clear understanding of support and resistance levels, investors can prepare and react rather than over overreact to natural market fluctuations.
For a more in-depth look into this topic, check out our recent YouTube video here: Bitcoin Price Action: What to Expect Next
Bitcoin’s Path Forward: Insights into Price Targets, Support, and Resistance Zones
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