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SHORT THE STATE: HOW BITCOIN ENABLES JURISDICTIONAL ARBITRAGE | by heidi mukhtar

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  Because you are born into a nonconsensual monopoly brought upon you by the government, you have no real options — no real choices to pick the services that you want to receive from the State, the taxes you are willing to pay for it or the regulatory environment under which you decide to operate. Unless, you decide to enter the game of jurisdictional arbitrage and limit your dependency on any one particular state. What is jurisdictional arbitrage, you may ask. It is usually defined as a practice of taking advantage of the regulatory differences between legal jurisdictions. “Everything which is not forbidden is allowed,” as the old saying goes. In many ways, this is what jurisdictional arbitrage is built on. You learn the rules of the game in multiple jurisdictions, pick the one that serves you best for a particular purpose and then decide how to play it to your benefit. To give you a simple example: In order to get the highest-quality food, you might want to hit your local rancher for

Crypto resonates better with BIS’ vision of ideal monetary system | by heidi mukhtar

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  In its continued efforts to identify the ideal future monetary system, The Bank of International Settlements (BIS) revealed the edge of the crypto ecosystem over the present-day fiat economy when it comes to fulfilling the policy goals.  While sharing its vision for the future monetary system, the BIS outlined eight high-level goals it hopes to achieve — safety and stability, accountability, efficiency, inclusion, user control over data, integrity, adaptability and openness. In its study, BIS found the crypto ecosystem outweighs the traditional finance when it came to broadly fulfilling the policy goals. High-level goals of the monetary system set by the BIS. Source: BIS The above table shared by the BIS shows that the current-day fiat economy is far from meeting the requirements of an ideal monetary system. The report awarded points to the fiat ecosystem for the safety and stability policy while highlighting that “public oversight has helped achieve safe and robust payment systems.”

PRICE CONTROLS DON’T WORK EVEN UNDER PENALTY OF DEATH | by heidi mukhtar

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  Inflation is reaching a level so high that even mainstream news sites care now. Across the board, the average American is seeing an increase in prices in almost everything. From real estate to groceries to gasoline prices, consumers are getting less for more in nearly every sector. Even the massaged CPI inflation calculations provided by the government are looking pretty bad these days. As a result, policymakers like Elizabeth Warren are proposing legislation to enact widespread price controls and prevent “price gouging” across the country, protecting the consumer from the coming storm of hustlers. On the surface, this seems like a good idea as there is no federal law currently making price gouging illegal on a national basis. For those who have faith in the government's ability to control the economy this seems like a great relief to average people everywhere. Unfortunately, a price control law does not address the underlying mechanisms causing prices to rise in the first place:

IN SUPPORT OF RESPONSIBLY ASSESSING BITCOIN AND FINTECH | by heidi mukhtar

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  In an attempt to urge U.S. lawmakers to increase regulation in the cryptocurrency industry in favor of protecting “public interest,” 26 expert technologists put forward a signed letter concerned with the use, security and privacy of “crypto-assets.” But, rather than pointing toward the shortcomings of blockchain technology and cryptocurrency, the letter invokes a worrisome picture of the state of engineering expertise. The Letter in Support of Responsible FinTech Policy, directed at both majority and minority leaders of the U.S. government, aims to debunk unnamed claims of the crypto lobby, which, according to the authors, paint an unreservedly good picture of crypto assets, including cryptocurrencies, crypto tokens and Web3. Their goal is ensuring “technology is deployed in genuine service to the needs of ordinary citizens.” In general, the authors and signatories do not believe that cryptocurrencies are “in any way suited to solving the financial problems facing ordinary Americans.

INFLATION HITS UNEXPECTED 40-YEAR HIGH OF 8.6% AS BITCOIN HOLDS $29,500 | by heidi mukhtar

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  Inflation data for May shows a 40-year high of 8.6% for the U.S. Consumer Price Index report. The highest year-over-year vector consisted of the Energy Index (34%) with fuel oil rising over 106%. Month-over-month, fuel prices rose another 16% while bitcoin continues to hold $29,500. The Bureau of Labor Statistics (BLS) released the U.S. Consumer Price Index (CPI) inflation data for the month of May detailing a 40-year high of 8.6% while bitcoin holds $29,500 at press time. April’s inflation data also came in hot at 8.3% and this rising trend shows no signs of slowing down. The last time the U.S. experienced consistently high inflation reports approaching double digits was 1981. The data becomes much worse as one views inflation through a yearly lens. For the unadjusted 12-month inflation data, or a year-over-year perspective, the highest price increase is a 106.7% rise in the cost of fuel oil. This is followed by a 50% increase to energy commodities and a 48% for gasoline. Notably, t

BITCOIN MINING COMPANY CLEANSPARK PRODUCED 312 BTC IN RECENT UPDATE | by heidi mukhtar

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  CleanSpark, a sustainable bitcoin mining company, released its mining production update for the month of May. While bitcoin production marginally increased, operational capacity showed a large improvement from a month-over-month perspective. Currently the company holds 1,523 BTC ($46.1 million) in custody. CleanSpark Inc. (Nasdaq: CLSK), a sustainable bitcoin mining company, has released its mining and production update for last month via a press release sent to Bitcoin Magazine. In the month of May, CleanSpark produced 312 BTC currently valued at $9.4 million and year-to-date (YTD) has produced a total of 1,523 BTC worth $46.1 million. This is slightly up from the previous month’s 311 BTC produced. As of May 31, the company holds 550 BTC worth over $16.6 million in custody and converted 210 BTC at an average price of $32,639 per BTC for overhead. The converted BTC is worth $6.3 million at the time of writing, but generated the company $6.8 million at the time of sale. Currently, the

BITCOIN DEVELOPERS HAVE TECHNICAL EXPERTISE THAT USERS DON’T | by heidi mukhtar

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  Bitcoin is ultimately defined by its users, by the people actually running nodes and enforcing the protocol rules to verify the payments they receive over the network. This is a fundamental and inescapable property of the Bitcoin network, so long as users choose to engage in this activity. This does not however mean that users deeply understand how the protocol works, the different effects that proposed changes would make or the most efficient way on a strictly technical level to handle a problem or improvement. Users absolutely can understand these things if they take the time to do their research and actually learn about the protocol on a strictly technical level, but to assume you as a user understand these things simply because of the reality that users are the ultimate arbiters of how the protocol works based on what software they choose to run is pure hubris. Just because you drive a car does not mean you understand the deep and nuanced engineering trade-offs as well as the eng