Pitch Day at The Bitcoin Conference is back! Bitcoin Magazine and The Bitcoin Conference are looking for the next wave of Bitcoin startups to compete in the ultimate Bitcoin pitch competition. Taking place in Nashville July 25-27 at Bitcoin 2024, the world’s largest Bitcoin conference, founders will present their vision on Bitcoin’s biggest stage to panels of judges across 6 categories:

• Layer 2 + Scaling Technology
• Mining + Energy
• Investing (Alpha)
• Open Source
• Ordinals
• Locals Only (Nashville-based startups)

Pitch Day at the Bitcoin Conference has highlighted elite Bitcoin startups across the ecosystem since 2021 with previous winners including: Debifi, Geyser Fund, Nunchuck, Alby, The Bitcoin Company, Elixir Games, and 24 Exchange.

Layer 2 + Scaling Technology

As Bitcoin adoption heats up, demand for block space continues to grow, and we are searching for innovative projects at the forefront of increasing the capacity of Bitcoin to scale and incorporate greater transaction volume while expanding use cases beyond monetary value transfer.

The Layer 2 + Scaling Technology track is focused on identifying top founders and companies working on applications related to Lightning, alternative Layer 2 proposals, cross-chain settlement and the utilization of newly identified tech including BitVM.

Mining + Energy

Bitcoin mining maintains a unique position in the broader energy landscape given its flexibility, geographic distribution and capacity as a tool for unique energy services. The Mining + Energy track will bring together innovators creating novel business applications for bitcoin mining, hardware, software and firmware for operations, as well as the digital infrastructure for enabling the growth of bitcoin mining around the world.

Investing (The Bitcoin Alpha Competition)

First launched at Bitcoin 2023 in Amsterdam, The Bitcoin Alpha Competition, sponsored by Samara Alpha Management, is back – setting out to identify the next top Bitcoin fund manager to offer $1 million USD in seed capital to deploy their strategy.

As the bitcoin market has changed dramatically with the advent of Spot ETFs in the United States, the Investing track seeks to highlight innovative strategies delivering out performance with BTC as the benchmark.

Open Source

Open source technology lies at the heart of Bitcoin and is crucial to providing the valuable services that everyone transacting on Bitcoin today enjoys. The Open Source track is bringing the magic of the Open Source Stage into the pitch arena and will recognize the top open source projects in the Bitcoin ecosystem.

Ordinals

Ordinals have exploded onto the scene in the past year, upending the market for digital collectibles and altering the market dynamics of the entire crypto ecosystem. The Ordinals track is seeking the top projects utilizing inscriptions – whether that is in the form of digital collectibles or the infrastructure enabling the growth of ordinals as a whole.

Locals Only

Pitch Day is coming to Nashville, and it’s only right to highlight the homegrown Bitcoin talent in the Music City. The Locals Only track is putting the top Nashville-based Bitcoin startups on the map no matter what sector of the Bitcoin economy they operate in.

Think You Have What it Takes?

Interested startups and open source projects may apply to compete in Bitcoin Pitch at Bitcoin 2024. Click here to enter the competition.

Interested in Sponsoring?

Click here to inquire about title sponsorship, individual track sponsorship, or to see how your Venture fund can get involved as a judge for the competition.

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It’s officially been one year since the nation of El Salvador became the first to begin buying Bitcoin every day, joining the millions of savers around the world who dollar cost average into the cryptocurrency.

As profiled by Bitcoin Historian Pete Rizzo today, it was on this date last year when El Salvador’s President Nayib Bukele committed to purchasing one bitcoin every day. One year later, the results are in, Bitcoin is up 120%.

While it is unclear whether El Salvador stuck to the plan, if it has, it has amassed a total of 365 bitcoins at a reported cost of $13 million during that time. However, the cost basis for these acquisitions is notably lower at $9.5 million, or a $3 million gain.

The results showcase the potential benefits of consistent and measured investment in the volatile Bitcoin market.

Time will tell if the results will silence critics, however, who have been critical of the country’s strategy. El Salvador has faced scrutiny for its Bitcoin purchasing efforts, with skepticism arising from the lack of transparency regarding the actual purchases. While President Bukele has publicly disclosed the ownership of 2,381 bitcoins acquired at an average price of around $44,300, there remains a challenge in verifying these claims.

As a result, El Salvador may, at least temporarily, still be down on its overall Bitcoin investment. The country became the first in the world to make Bitcoin legal tender in September 2021, a move that has boosted tourism but drawn the scrutiny of international regulators who fear it is moving away from the U.S. dollar.

As the nation continues to navigate this uncharted territory, the impact of its pioneering DCA plan, should it have followed through on the promise, will no doubt go a long way toward mitigating concerns given its strong performance.

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Bitcoin White Paper Day, celebrated on October 31, marks the 15th anniversary of the release of the groundbreaking Bitcoin white paper by the pseudonymous person or group known as Satoshi Nakamoto. This pivotal document, titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” introduced the world to a revolutionary technology that has since disrupted traditional financial systems and sparked a global interest in digital currencies. On this special day, it is important to reflect on the significance of Bitcoin’s white paper, understand the underlying technology, and contemplate its future trajectory.

Understanding the Significance of Bitcoin White Paper Day

Bitcoin White Paper Day holds immense significance within the Bitcoin community and beyond. It not only commemorates the birth of Bitcoin but also serves as a reminder of the transformative potential of this technology. This day offers an opportunity to delve deeper into the genesis of Bitcoin’s white paper and explore why it continues to hold relevance in today’s digital landscape.

The Genesis of Bitcoin White Paper Day

Bitcoin White Paper Day marks the day when Satoshi Nakamoto first shared their vision for a decentralized digital currency with the world. On October 31, 2008, the Bitcoin white paper was posted to the cryptography mailing list METZDOWD, outlining the principles of a peer-to-peer electronic cash system. This document laid the foundation for Bitcoin and sparked a movement that would eventually disrupt traditional financial systems.

Within the white paper, Nakamoto proposed a solution to the long-standing problem of double-spending in digital currencies. By utilizing a decentralized network of nodes, Nakamoto’s concept allowed for secure and transparent transactions without the need for intermediaries such as banks. This breakthrough idea paved the way for the creation of a new financial system that operates independently of any central authority.

Furthermore, the white paper introduced the concept of mining, which is the process through which new Bitcoins are created and transactions are verified. This innovative incentive mechanism not only ensures the security and integrity of the Bitcoin network but also incentivizes individuals to participate in its maintenance.

Why Bitcoin White Paper Day Matters

Bitcoin White Paper Day matters because it highlights the importance of Satoshi Nakamoto’s groundbreaking ideas. The white paper introduced several key concepts that have since become fundamental to the cryptocurrency ecosystem, including decentralization, immutability, and cryptographic security. By revisiting the white paper, we can gain a deeper appreciation for the technological innovations that underpin Bitcoin.

Decentralization, one of the core principles outlined in the white paper, is a key feature that distinguishes Bitcoin from traditional financial systems. Instead of relying on a central authority, such as a government or a bank, Bitcoin operates on a network of nodes spread across the globe. This decentralized nature ensures that no single entity has control over the currency, making it resistant to censorship and protocol manipulation.

Immutability is another crucial aspect introduced in the white paper. Once a transaction is confirmed and added to the blockchain, it becomes nearly impossible to alter or tamper with. This property provides a high level of security and trust, as it eliminates the need for intermediaries to validate transactions. The immutability of the blockchain has far-reaching implications beyond finance, with potential applications in supply chain management, timestamping systems, and intellectual property rights.

Cryptographic security is the foundation upon which Bitcoin’s trustless system is built. The white paper explains the concept of public-key cryptography, which allows users to securely transact with each other without revealing sensitive information. By utilizing cryptographic algorithms, Bitcoin ensures that only the intended recipient can access the funds, providing a level of privacy and security that traditional payment systems often lack.

Bitcoin White Paper Day serves as a reminder of the transformative power of ideas. It encourages us to reflect on the impact of Nakamoto’s white paper and the subsequent developments in the Bitcoin space. As we celebrate this day, let us continue to explore the possibilities that Bitcoin offers and strive to build a more inclusive and decentralized financial future.

The Evolution of Bitcoin Since the White Paper

Since the release of the Bitcoin white paper in 2008, the industry has experienced a remarkable journey of growth and adoption, revolutionizing the financial world irreparably. In a recent op-ed from Technical Editor Shinobi, Bitcoin Magazine took a look at the latest white paper releases from just this past year, including BitVM, Ark, Zerosync, CivKit and more.  

Commemorating Bitcoin White Paper Day

Bitcoin White Paper Day is an opportunity to celebrate the revolutionary technology that has transformed the world of finance. It also provides a chance to reflect on the continued relevance of the Bitcoin white paper and the enduring impact it has had on our society.

Ways to Commemorate Bitcoin White Paper Day

There are several meaningful ways to commemorate Bitcoin White Paper Day. One can organize local meetups, attend virtual conferences, or participate in educational initiatives to spread awareness about the importance of the white paper. Additionally, contributing to open-source projects or engaging in discussions about the future of blockchain technology can be a valuable way to celebrate this special day.

The Continued Relevance of Bitcoin’s White Paper

Although over a decade has passed since the release of the Bitcoin white paper, its relevance remains intact. As new use cases for blockchain technology emerge and the world becomes increasingly digital, the principles and ideas presented in the white paper continue to guide the development and progress of digital assets. By acknowledging the continued importance of the white paper, we recognize the enduring legacy of Satoshi Nakamoto and the profound impact of their visionary creation.

As we celebrate this day, let us not only reflect on the past but also look forward to the promising future of Bitcoin.

News Recap of the Week (October 30 – November 3)

• Sam Bankman-Fried (SBF) has been found guilty on all 7 counts, including wire fraud, conspiracy to commit wire fraud, money laundering, and a handful of other charges. The jurors finished deliberation within 4 hours. At the sentencing hearing in March, he can face up to 115 years of prison time.
• SEC and the DOJ charged SafeMoon founders and top executives with 3 criminal counts. Their crypto token reached at its peak a total valuation of $8 billion. The Department of Justice charged them with running a fraud that diverted tens of millions of dollars from investors. SafeMoon’s Chief Executive John Karony and Chief Technology Officer Thoms Smith have both been arrested, but Creator Kyle Nagy is still on the run. Police have issued warrants for his arrest.
• Meanwhile in Utah, Bitcoin Miner, Marathon Digital Holdings, has started a pilot mining project using methane gas from landfills to power bitcoin mining operations.
• In order to tackle high inflation, Prime Minister Fumio Kishida is staking the future of his premiership on a $113 billion stimulus package that will involve tax cuts and cash handouts.
• MicroStrategy acquired an additional 155 bitcoin for $5.3 million dollars. The company now holds 158,400 bitcoin on its balance sheet.
• Senator Ted Cruz has now started accepting bitcoin for campaign donations for his reelection campaign.

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In a compelling tale of persistence and financial prudence, a Reddit user embarked on a unique investment experiment, demonstrating the potential rewards of consistently investing small amounts, or dollar cost averaging, into Bitcoin. 

The Redditor, going by the handle u/Gorillahair2000, initiated an experiment to determine whether allocating just $5 per day into Bitcoin was a worthwhile endeavor, and over the course of one full year, diligently recorded their progress.

After 365 days of investing $5 per day, the Redditor accumulated a total stack of 0.075 Bitcoin. The average purchase price stood at $24,108.58, while the current price of Bitcoin was $34,158.20. 

The total expenditure over the year amounted to $1,825.00, and the current value of the investment was $2,585.75, yielding a net change of +41.68%.

The Redditor also noted that they accounted for the 0.5-1.0% spread on each of their purchases, meaning the gains remained after adjusting for fees. The user indicated that they buy with Strike, a popular Bitcoin Lightning wallet, and then withdraw the Bitcoin to a hardware wallet, in line with industry best practices.

In a year’s time, they transformed the daily expense equivalent to a Starbucks coffee into $2,500 in current value, or a $750 gain.

The experiment proves that even with a modest budget, investing in Bitcoin can yield significant returns, and it further demonstrates the power of dollar-cost averaging, a strategy that involves consistently purchasing assets at fixed intervals, regardless of their price, thereby mitigating the effects of market volatility.

Further, it also highlights Bitcoin’s main advantages as a sound money, one that doesn’t depreciate like traditional savings vehicles tied to inflationary fiat currencies.

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The curtains are coming down on Europe’s premier Bitcoin event, Bitcoin Amsterdam, as it concludes its final day. 

As the conference wraps up, the final day promises to be just as engaging as the preceding ones, with notable speakers taking the stage:

1. Adam Back, CEO of Blockstream: Renowned for his contributions to the field of cryptography and his pivotal role in the development of Bitcoin, Adam Back is expected to share his insights on the current state of the cryptocurrency landscape and its future prospects.
2. Paul Sztorc, Creator of Drivechains: Paul Sztorc, the mind behind Drivechains, is set to delve into the intricacies of this innovative technology, which has garnered considerable attention within the Bitcoin community. The technical debates surrounding Drivechains (BIP 300) are anticipated to be a focal point of the day’s discussion, moderated by BTC Inc CEO David Bailey.
3. Giacomo Zucco, Creator of RGB: Giacomo Zucco, developer of RGB, a protocol for Bitcoin assets, will join Bitcoin Magazine Editor Pete Rizzo for an on-stage discussion about the software’s ongoing cultural upheaval.

The day follows a packed day one that included notable appearances from Edward Snowden, famed American whistleblower, and Eva Vlaardingerbroek, a Dutch political commentator known for her support of the country’s farmer movement.

As the final day of Bitcoin Amsterdam unfolds, attendees can expect to witness dynamic discussions, technical debates, and valuable takeaways that will contribute to the ongoing advancement of the Bitcoin ecosystem.

For those unable to attend in person, a live stream of the event is available on YouTube, Rumble, and X.

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This is an opinion editorial by Mickey Koss, a West Point graduate with a degree in economics. He spent four years in the infantry before transitioning to the Finance Corps.

“That was before my time… Of course it’s true, everybody knows it’s true.”

The quote above is from the movie “The Sea Beast.” And although the film never mentions Bitcoin specifically, it might just be one of the best Bitcoin movies I’ve ever seen. 

It is set in a fictional world gripped by perpetual war between a sea-faring economic power and a population of monsters who appear to attack ships out of nowhere. The hunters, the heroes of the story, patrol the seas in a near-constant state of combat, fighting to keep trade routes open and safe. In exchange, they are paid after presenting proof of their monster kills to the monarchy.

It was a fairly overt critique of the military industrial complex, though the deeper theme that I saw was the toxic effects that the media propaganda complex has on a society, reducing peoples’ ability to exercise discernment, and obscuring objective truth.

Learn History Or Repeat It

I think the reason why “The Sea Beast” had such an impact on me is because at its core, it is a story of what can happen to society when truth becomes obscured by revisionist history and propaganda. In the end, it was up to individuals to exercise discernment, and break the societal trance that had been propagating violence for generations. In the end, the rulers only ever had power because the people had allowed them to.

American culture and history is rich with individualism and critical thought, such as the idea that taxation without representation is immoral. This ideal ultimately led to the Revolutionary War which founded this country. But now, people are afraid to have real and engaging conversations, especially in public, because it might be considered “wrong think” or offensive, ultimately leading to the cancellation of their public lives and digital exile.

Bitcoin reinvigorates many things, but the most important I think is the discernment of truth.

Bitcoin is fundamentally an exercise in regaining your power of discernment. One must sift through a slew of propaganda and fear, uncertainty and doubt (FUD) in order to learn the truth and see true value. The journey that one must take in order to truly understand Bitcoin necessitates discernment and critical thought. And once we reach a critical mass, the intransigent minority becomes entrenched in the culture.

Furthermore, once you are able to store your hard-earned wealth in a self-sovereign way, the courage to speak freely becomes self evident. No more are the worries of cancellation and debanking. The changes in time preference as well will likely increase your savings rate, making people more financially stable and less fearful of leaving or losing a job that may be holding them back.

‘You Can Be A Hero But Still Be Wrong.’

I know that many Bitcoiners criticize the military and governments especially. They detest war in all its forms and hope to bring about the end of it with the dawn of a new, hard-money standard. This is, of course, a worthy goal. But I must urge Bitcoiners to separate the service members from the policy decisions they are charged with executing.

According to analysis from Jordan Peterson that I have seen, one of the main reasons individuals join the military is the desire to find meaning and purpose in life. Peterson argues that young men often lack a clear sense of direction and purpose, and the structure and discipline of military life can provide them with a sense of belonging and fulfillment. Additionally, the military can offer opportunities for personal growth, challenge and adventure, as well as providing a sense of pride and accomplishment.

Many have died in the pursuit, hence the day of remembrance that we celebrate on Memorial Day. And yet, some much-needed criticism has been quashed in the name of the troops.

The line, “You can be a hero and still be wrong” from “The Sea Beast” was especially striking in this context. Without the ability to see objective facts, it is difficult to ascertain objective truth. Discernment is a skill, a skill that has atrophied drastically throughout society in the passing years. It is perhaps one of the reasons why cries for the government to protect us have grown so loud.

There is no truth without debate and disagreement, characterizations of which have been elevated from being uncomfortable to becoming outright unsafe. And yet, creeping protectionism has its costs as well; the slow erosion of freedoms that we may never get back. The very freedoms that many service members have died to protect, the very service members who we are charged with remembering on Memorial Day.

If we are to remember and honor those sacrifices, perhaps the best way to do so in the current age is to exercise our discernment. Critical thinking is a skill that can be learned, or relearned in certain cases. Bitcoin helps those seeking to regain responsibility in their lives, and yes, exercise some critical thinking in order to discern fact from fiction, propaganda from news.

Bitcoin reinvigorates critical thought, critical thought leads to truth. Some have the humility to accept it. Others have to be slapped across the face with it, ultimately experiencing the pain of ego death. Truth is the only way to honor the fallen. Have the courage to choose truth, and live not by lies.

This is a guest post by Mickey Koss. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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Crypto Twitter was briefly set ablaze on May 14 with a suggestion that the world’s first real-world purchase made by Bitcoin may have been for a JPEG, not pizza. 

In a tweet from independent developer Udi Wertheimer, the Bitcoin advocate shared a screenshot showing what could have been the first-ever purchase using Bitcoin — even predating the infamous Bitcoin Pizza.

This Twitter Space was FIRE

We discovered that:

the first purchase EVER with bitcoin was buying a JPEG for 500 BTC in Feb 2010

it pre-dates the the famous 10,000 BTC pizza

satoshi himself helped facilitate the JPEG sale

laser-eye cult in absolute SHAMBLES pic.twitter.com/b6ESOkbf0i

— Udi Wertheimer ‍ (@udiWertheimer) May 14, 2023

The posted screenshot is dated Jan. 24, 2010, a full four months before Bitcoin Pizza Day — when Bitcoin developer ​​Laszlo Hanyecz paid 10,000 Bitcoin for two pizzas in what is widely considered to be the first real-world purchase made using Bitcoin.

The screenshot shows a user called Sabunir attempting to sell a picture for 500 Bitcoin — worth roughly $1 at the time — on theBitcoin forum Bitcointalk.

It even highlighted that pseudonymous Bitcoin founder Satoshi Nakamoto was trying to get involved in helping the sale go through.

Doubt has been cast on the claim however, with a tweet from professional poker player turned crypto investor Mike McDonald pointing to a screenshot that suggests the Bitcoin transaction could have been a donation, meaning the JPEG was never actually “sold.” 

I’m not sure if it has been dispelled yet but it seems like Sabunir’s 500 btc was a donation rather than sale.

He posted his address for his NFT Jan 24, then posted it again in the btc logo thread on Feb 24. Feb 24 500 btc was sent, Feb 25 he thanks 2 people for donations 1/2 pic.twitter.com/6Rk9Ont9KU

— Mike McDonald (@MikeMcDonald89) May 14, 2023

In a subsequent tweet, Wertheimer conceded his original tweet may have been inaccurate, saying that although Sabunir did list a JPEG for sale at the price of 500 BTC and that they received the same amount in their address a month later, “it’s possible that the 500 BTC were sent as a donation for a different interaction” and that the sale of the JPEG was never actually conducted.

Without in-person confirmation from Sabunir, it remains unclear what the 500 BTC were transferred for, said Wertheimer.

Related: Bitcoin ordinals hit Binance NFT Marketplace in latest update

The rumor comes in the wake of the Bitcoin Ordinals phenomenon, which has at the time of publication seen more than 6.1 million images, videos and even tokens — by way of the BRC-20 token standard — minted on the Bitcoin blockchain.

Wertheimer has been a major advocate of Bitcoin NFTs since the Ordinals protocol was created by Casey Rodamor on Jan. 21 this year, allowing users to “inscribe” new pieces of data on the Bitcoin blockchain.

Wertheimer has since been working to drive a fresh wave of NFT enthusiasts to Bitcoin by way of an Ordinals project called Taproot Wizards, which draws its namesake from the Taproot soft fork that enabled the creation of the Ordinals protocol in the first place.

Magazine: $3.4B of Bitcoin in a popcorn tin — The Silk Road hacker’s story