🚀 The Bitcoin Business Model

The World Computer, Bitcoin Billions, and a new Trans-action

May 7th, 2021 | Sign Up

Good Morning. Happy Friday. If you’re thinking of eating that cold leftover pizza for breakfast this morning, Italy got its first fresh-pizza vending machine recently, in case you thought your idea was bad.

Crypto Markets

⬇️  Bitcoin: $56,393 ( -1.81%)

⬇️  Ethereum: $3,489 ( -0.98%)

⬇️ Dogecoin: $0.581 ( -11.15%)

⬇️  Chainlink: $47.154 ( -4.88%)

🚀 SushiSwap: $16.51 ( +15.01%)

Prices as of 11 PM EST 11/6, data from FTX.com

Today

🌎 The Dfinity Foundation is launching The Internet Computer—the what?!

💸 The latest public company to report monster Bitcoin earnings

🏳️‍🌈 An unlikely ally stands up for transgender rights in a Supreme Court ruling


Small Bitez

  • California bar owner charged with multiple felonies for selling fake Covid vaccination cards. You can scratch this one off your post-second-shot barhopping list.

  • Yesterday we learned some of the biggest ISPs (Internet Service Providers) paid over $8M for fake internet comments opposing net neutrality. Not surprised.

  • A new study estimates that the number of people who have died of COVID-19 in the U.S. is more than 900,000 a number 57% higher than official figures.

  • Popular games Animal Crossing and StarCraft get inducted into the Video Game Hall of Fame. In case you didn't know that was a thing.


DEFI

One World, One Computer 💻

If you’ve ever wondered about some of the real-world applications of crypto and blockchain beyond buying it on Coinbase, this one is for you.

You may already know that Bitcoin puts a decentralized payment and store of value system on a blockchain, but what about doing the same with the internet? Well, that’s what the combination of the Ethereum network, smart contracts, and dApps enable— the ability for the internet and all of its applications to run on a blockchain. The Zoomer Money Crypto Dictionary is coming soon, hang tight!

The Dfinity Foundation plans to launch its Internet Computer today, providing a limitless, fast, and scalable environment for smart contracts to run on. The Internet Computer (TIC) is what Dfinity calls its new decentralized system for running all the applications we are familiar with from the open web as well as on blockchains like Ethereum and Binance Smart Chain. Think decentralized Amazon Web Services. (As proof of concept, Dfinity announced that it had built a TikTok alternative called CanCan.)

“We want people to abandon traditional IT and move all systems and services to smart contracts,” said Dominic Williams, the chief scientist at Dfinity.

Basically, you’ll be able to put websites directly onto the internet without relying on privately owned servers or a centralized cloud service. For more on how it works, check out Dfinity’s FAQ.

Big Picture

Regardless of whether or not this specific foundation is successful at achieving putting the internet independently on-chain, the movement to build all systems and services with smart contracts is happening, and we’ll have you covered every step of the way.


EARNINGS

The 2021 Business Model is Buying Bitcoin 💰

You didn’t think Tesla’s Bitcoin-fueled earnings report was the last of them, did you? Another crypto-positive public mega-company released their latest earnings report yesterday: payments and processing company Square. Square hauled in $3.51 billion in Bitcoin revenue during 2021’s first quarter. Not bad.

Mr. Dorsey had some words about Bitcoin and the role it plays in his company

“Our focus, first and foremost, is on enabling ... bitcoin to be the native currency. It removes a bunch of friction for our business. And we believe fully that it creates more opportunities for economic empowerment around the world.”

Numberz

  • $75 million in Bitcoin gross profits

  • Cash App Bitcoin Volume hit $3.5 Billion in

  • Gross profits from Cash App’s Bitcoin offering contributed 7.7% to the total gross profit

  • Total revenue for the firm rose to $5.06 Billion. That’s a growth of 266% year-over-year

  • The firm currently holds $472 million worth of BTC in total.

For our chart fans…

Zoom Out

Following the Tesla ER report, Square’s Bitcoin-boosted earnings add confluence to the institutional adoption super-cycle theory. Square became one of the first publicly traded firms to invest a portion of its cash reserves into Bitcoin when they purchased 4,709 BTC for $50 million in October. Wall Street and governments have historically played hard to get with Bitcoin and cryptocurrency as a whole—nobody wants to be the first to jump. In 2020 and 2021, with influential companies like Square and Tesla jumping into the deep end of crypto, the success of Bitcoin has become too much of a reality for those resistant to cryptocurrency to discredit the role it plays in the future of our society.


NEWS OF THE FUTURE

Didn’t See That One Coming 👩‍⚖️

Utah, home of Mormons and liquor laws where beer over 3.2% alcohol is considered hard liquor, is surprising us all. The Utah Supreme Court ruled on Thursday that transgender Utahns can change their name and gender on Utah birth certificates, driver licenses, and other state records to match the gender they identify with. This court ruling comes in the midst of a wave of legislation targeting the transgender community around the United States.

In 2016, a Utah District Court judge refused to grant petitions from Angie Rice, a transgender woman, and Sean Childers-Gray, a transgender man, to legally change the gender on their birth certificates to match their gender identity. Angie and Sean appealed in 2018 and have been waiting on a supreme court ruling ever since.

Justice Deno Himonas wrote in the majority opinion:

“A person has a common-law right to change facets of their personal legal status, including their sex designation,”

Big Picture

What does this ruling mean for Utahns and the transgender community as a whole? Candice Metzler, Transgender Education Advocates of Utah Executive Director, said the ruling “rekindles a sense of hope” for transgender Utahns to feel more included in society.

The future of finance is nothing without the future of those who will shape it.


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