This is an opinion editorial by Brandon Green, the chief of staff for BTC Inc and an organizer of the Bitcoin 2023 conference. Bitcoin 2023 and Bitcoin Magazine are both operated by BTC Inc.
If you’re reading this, congratulations, you’ve now experienced a true bitcoin bear market. Yes, the winter is cold, and no it may not warm up for a little while, but it is in these moments, when the freezing air fills your lungs and the ringing in your ears from the noise of the past two years starts to fade, that the entire mission comes back into focus and the signal starts to shine a path in front of you again.
It is a winter wonderland indeed. And while, somehow, it continues to surprise everyone that winter follows summer, let us not forget that spring is sure to come, too, and it’s best to start preparing for it properly.
We’ve experienced quite a few of these seasons at Bitcoin Magazine, and it seems like after each cycle, we get a little closer to figuring out how hyperbitcoinization will truly progress, and what we need to do as a community and industry in order to help get us there. Unfortunately, the mechanism by which we figure this out tends to be via pain and harsh lessons.
In 2013 to 2014, we learned “not your keys, not your coins” as the largest exchange in all of Bitcoin (by far) collapsed. In 2017 to 2018, we learned how governance should work in a system without defined governance via bitter fork wars. Now, in 2021 to 2023, we’re learning how the introduction of credit and debt cycles affect and distort markets, as well as the various attack vectors introduced by paper bitcoin and IOUs, especially in a system with near-instant settlement.
Indeed, Bitcoin is taking us through a speedy crash course on the past 2,000-plus years of financial innovation. Anyone following Bitcoin’s trajectory closely can rightly consider him or herself an expert in monetary theory, among other things.
However, it is not enough to merely learn these lessons.
In the cold of winter, we do not hibernate; we build. It’s time to take these lessons from the past decade and apply them to the future of the global financial system. Many of the companies and projects helping us do that are already here, fine tuning their offerings and building a robust infrastructure for us to utilize. Many more have not even been imagined yet.
Bitcoin 2019 was founded four years ago, in the heart of the 2018 bear market on the heels of the bitter civil war. The goal was to “Make Bitcoin Fun Again”, heal wounds and help craft a path forward for this industry.
The industry surrounding Bitcoin grew tremendously over the proceeding four years, and our conference was designed to be an enabling force in that growth. Many of today’s Bitcoin-focused companies were founded at our events. Startups were pitched and funded. Companies met with and hired key employees. Business partnerships were forged in our meeting rooms. Products and services (and more!) were announced on our stages. You’d be hard pressed to find a company in our space that didn’t change the trajectory of their business by attending or sponsoring our conference.
In 2019, the community was divided and Bitcoin hadn’t properly been prioritized in the broader discourse. In 2023, the community is stronger than ever, but the industry surrounding Bitcoin has gotten absolutely rekt. The graveyard of companies that became overextended, overleveraged or outright fraudulent is huge. There are massive gaps in the products and services those companies created, and massive opportunities to build new products and services with the core tenets of Bitcoin as the focus. We have a unique opportunity to reimagine what a financial system with Bitcoin at its center looks like, and the Bitcoin 2023 conference will be our first chance to come together as a community and do just that.
Bitcoin 2023 is coming on May 18, 2023. The companies and builders who attend have a chance to be the leaders who shape the future of our industry for years to come. The ideas generated among attendees and speakers can be the underpinnings of the next growth phase of the industry. We will build back with Bitcoin at the core of every product and service on the market. And we will prove to the world that an idea whose time has come cannot be stopped.
This next epoch will perhaps be the most pivotal to Bitcoin’s success. Bitcoin’s “prove it” moment is upon us, and the whole world is watching. The future of Bitcoin awaits.
Israel and Syria have agreed to a ceasefire, the US ambassador to Turkey has said.
Several hundred people have reportedly been killed this week in the south of Syria in violence involving local fighters, government authorities and Bedouin tribes.
Israeli Prime Minister Benjamin Netanyahu’s government said it aimed to protect Syrian Druze – part of a small but influential minority that also has followers in Lebanon and Israel.
In a post on X, the US ambassador to Turkey, Tom Barrack, said Israel and Syria had agreed to a ceasefire supported by Turkey, Jordan and others.
“We call upon Druze, Bedouins, and Sunnis to put down their weapons and together with other minorities build a new and united Syrian identity,” Mr Barrack said in a post on X.
The Israeli embassy in Washington and Syrian Consulate in Canada did not immediately comment or respond to requests for comment from the Reuters news agency.
The ceasefire announcement came after the US worked to put an end to the conflict, with secretary of state Marco Rubio saying on Wednesday that steps had been agreed to end a “troubling and horrifying situation”.
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He then claimed Israel has “consistently targeted our stability and created discord among us since the fall of the former regime”.
It comes after the United Nations’ migration agency said earlier on Friday that nearly 80,000 people had been displaced in the region since violence broke out on Sunday.
It also said that essential services, including water and electricity, had collapsed in Sweida, telecommunications systems were widely disrupted, and health facilities in Sweida and Daraa were under severe strain.
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Donald Trump has filed a lawsuit against Rupert Murdoch, two Wall Street Journal reporters and the publication’s owner, News Corp.
The US president has accused the named individuals of defamation, claiming they acted with malicious intent and caused him overwhelming financial and reputational harm.
The lawsuit, which was filed in Miami, seeks at least $10bn (£7.5bn) in damages.
In a post on Truth Social, Mr Trump called the lawsuit “historic legal action” which was filed on behalf of himself and all Americans who he said will “no longer tolerate the abusive wrongdoings of the Fake News Media”.
“I hope Rupert and his ‘friends’ are looking forward to the many hours of depositions and testimonies they will have to provide in this case,” he wrote.
It comes afterMr Trump claimed that a letter he allegedly wrote to paedophile Jeffrey Epstein was “fake” and said he would sue the “ass off” Rupert Murdoch, who owns the Wall Street Journal (WSJ), which first published the story.
The publication had said Mr Trump wrote the letter as part of a collection Epstein’s former girlfriend, Ghislaine Maxwell, planned to give him as a 50th birthday present in 2003.
It claimed the message, allegedly from Mr Trump, featured several lines of typewritten text, concluding with: “May every day be another wonderful secret.”
The text was framed by what appeared to be a hand-drawn outline of a naked woman, the WSJ claimed. The letter is also said to have featured the signature “Donald”.
Mr Trump immediately denied writing the letter when the WSJ report was published on Thursday night.
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2:28
Memes of Epstein undermine victims, says lawyer
“The Wall Street Journal printed a FAKE letter, supposedly to Epstein,” he wrote on Truth Social.
“These are not my words, not the way I talk. Also, I don’t draw pictures. I told Rupert Murdoch it was a Scam, that he shouldn’t print this Fake Story. But he did, and now I’m going to sue his ass off, and that of his third rate newspaper.”
Mr Trump ignored questions about Epstein as he signed a cryptocurrency bill at the White House earlier on Friday.
The president’s lawsuit comes as the US government filed a motion to unseal grand jury transcripts related to Epstein, who took his own life while awaiting trial in 2019.
In a Manhattan federal court filing, the Department of Justice said the criminal cases against Epstein and Maxwell are a matter of public interest, justifying the release of associated grand jury transcripts.
Earlier on Friday, Mr Trump said attorney general Pam Bondi had been asked to release the transcripts because of “the ridiculous amount of publicity given to Jeffrey Epstein”.
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The president has faced increased scrutiny over his alleged friendship with Epstein since his administration’s U-turn on the so-called ‘Epstein files’.
Mr Trump pledged to release files on Epstein during his presidential campaign, as his MAGA movement accused the Biden administration of suppressing the extent of Epstein’s paedophilia, predatory behaviour and his so-called “client list” – thought to contain names of the rich and famous who conspired with him in his child sex trafficking operation.
But after a review of the evidence the US government has, the Justice Department recently determined that no “further disclosure would be appropriate or warranted”.
Venezuela releases jailed Americans in prisoner swap
The Trump administration said on Friday that it had negotiated an exchange with Venezuela, resulting in the release of 10 jailed Americans.
US secretary of state Marco Rubio said the prisoners, who had been held in the South American country, were “on their way to freedom”.
Image: Men in the CECOT jail in EL Salvador. Pic: Reuters
In return, 252 Venezuelan migrants being held in El Salvador have been freed, the Venezuelan government said.
They had been held in the notorious maximum security CECOT prison after being deported by the US.
CHICAGO — NASCAR is pressing pause on its Chicago Street Race, answering at least one major question about its schedule for next season.
NASCAR raced on a street course in downtown Chicago on the first weekend in July each of the last three years. But it had a three-year contract with the city, leaving the future of the event in question.
Writing to Mayor Brandon Johnson on Friday, race president Julie Giese said the plan is to explore the potential of a new event weekend with his office and other community leaders while also working on a more efficient course build and breakdown.
“Our goal is for the Chicago Street Race to return in 2027 with an event that further enhances the experience for residents and visitors alike, as we work together towards a new potential date, shorter build schedule, and additional tourism draws,” Giese wrote in her letter to Johnson.
Giese said NASCAR is keeping its Chicago Street Race office and plans to continue its community partnerships.
“We deeply value our relationship with the City of Chicago and remain steadfast in our commitment to being a good neighbor and partner,” she said in the letter.
NASCAR is replacing its Chicago stop with a street race in San Diego.
A message was left Friday seeking comment from Johnson’s office.
NASCAR’s Chicago weekend featured Xfinity and Cup Series races on a 12-turn, 2.2-mile course against the backdrop of Lake Michigan and Grant Park – to go along with a festival-like atmosphere with music and entertainment options.
The goal was an event that appealed to both a new audience in one of NASCAR’s most important regions and the most ardent racing fans. NASCAR used to race at Chicagoland Speedway in Joliet, a 45-mile drive from downtown, but it pulled out after the 2019 season.
Johnson’s predecessor, Lori Lightfoot, was in charge when the three-year contract for the downtown weekend was finalized.
It wasn’t exactly a popular move in Chicago. Local businesses and residents were frustrated by the street closures in a heavily trafficked area for tourists in the summer. But organizers shrunk the construction schedule from 43 days in 2023 to 25 this year, winning over some of the race’s critics.
Drivers and their teams had some concerns about the course ahead of the first weekend. But the setup was widely praised by the time the third year rolled around – both the course and the ability to walk to the circuit from their downtown hotel.
Hendrick Motorsports driver Kyle Larson called Chicago “probably my favorite event in NASCAR each year.”
The racing in downtown Chicago has been dominated by Shane van Gisbergen, who won the Xfinity and Cup races this year from the pole. He also won in Chicago in his Cup debut in 2023 and last year’s Xfinity Series race.
“I love the track,” he said after this year’s Cup win. “It’s a cool place to come to. You feel a nice vibe. You feel a good vibe in the mornings walking to the track with the fans. It’s pretty unique like that.”