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Bitty Kitty: Cat spoils Bitcoin node during price crash with ‘dirty protest’

The story of one Bitcoiner’s cat that sought to disrupt the decentralized network with a “dirty protest.”

A Bitcoin node is a pivotal piece of the Bitcoin (BTC) protocol. For bad actors, attacking nodes and bringing them offline is a sound strategy to undermine the network’s resilience. For one British Bitcoiner, such an attack took place, as the actions of his feline friend rendered his Bitcoin node “unreachable.”

Bodl_hodler (who wishes to remain anonymous) told Cointelegraph that he “started running Raspberry Pi as Umbrel node January 2021,” as he wished to contribute to the overall decentralization of the Bitcoin network.

Below is a picture of node in question before the attack. Notice the air vents on the node —a crucial element of the saga.

Bodl's Bitcoin node. Source: @Bodl_Hodl

The node ran smoothly since connection, confirming Bitcoin blocks on average every 10 minutes as per the difficulty adjustment. However, in late May 2022, when the price began to tumble under $30,000, Bodl “Went to log into the node for the first time in a while and it couldn’t be found on the network.”

“So I pulled it out from behind the sofa only to discover it was covered with a crusty layer of baked on cat sick.”

To his horror, Bodl discovered that his large black cat, Pablo, had vomited on the Bitcoin node. The "dirty protest" had affected the node’s ability to connect to the internet and run. Bodl explains, “The vomit got through the vent slots and took the node offline.”

Pablo the Bitcoin node attacker and cat. Source: Bodl

Indeed, if a Bitcoin node goes offline, it no longer contributes to the security of the network, potentially jeopardizing the Bitcoin protocol. Bodl jokes that “Maybe he [Pablo] mistakenly thought it was running a dog-themed shitcoin,” and "couldn't stomach the volatility." Bodl is a Bitcoin maximalist who has no time for the likes of Dogecoin (DOGE).

Related: Brazil beams Bitcoin from space: A case for BTC satellite nodes

Fortunately, it is also very easy to turn the node back on and to catch on the missing blocks. Bodl said he “removed the power, plugged it back in again, luckily it powered on fine and took a few minutes to re-sync to add all the blocks that it had missed.”

The node was immediately brought back to life, confirming transactions and securing the network. “Tick tock, next block,” has become a popular catchphrase among node runners due to the regularity of the Bitcoin blocks.

Incidentally, running a BTC node is increasingly easy and allows Bitcoin users to easily verify their transactions. Bitcoin hobbyists can now run Lightning nodes while some hope to earn passive income along the way. As for Pablo, he now has the company of a new kitten called Lottie who has recently joined the Bodl family.

Armstrong Predicts Bitcoin Surge, XRP Traders Brace for Action, and More — Week in Review

Brazil beams Bitcoin from space: A case for BTC satellite nodes

Bitcoin’s blast off to becoming “space money” takes one giant leap with a satellite full node in Brazil.

A Bitcoiner in Brazil has beamed the blockchain from space. Mauricio Cessere, product manager at Ledn and a Venezuelan national, has established the purported first Bitcoin (BTC) satellite full node in Brazil. 

The full satellite node that Cessere has established downloads the Bitcoin blockchain directly from the Blockstream Satellite Network, negating the need for a reliable internet connection. It’s a small step for Bitcoin’s web of nodes but a giant leap for Bitcoin adoption, evincing that those in remote or hard to reach areas could run nodes.

Cessere poses with the satellite dish that receives the Bitcoin blockchain. Source: Cessere

A refresher for those new to nodes: a Bitcoin full node is software that continuously monitors the blockchain and its complete transaction history. A full node prohibits non-legitimate transactions and thwarts attempts to spend Bitcoin twice, known as a “double-spend”. Cessere explains that nodes “grant their owners decentralized access to the only uncensorable monetary network that we know of today.”

However, up until 2020, configuring a Bitcoin node (sometimes called a Bitcoin peer, as Bitcoin is a “peer-to-peer version of electronic cash”) was wholly dependent on local internet providers. Thanks to upgrades in Bitcoin company Blockstream’s Satellite Network, Bitcoin believers around the world can download a full node without an internet connection.

The satellite receiver from novra technologies. Source: Cessere

But, why does it matter? As Cessere explains: “Satellite Full Nodes are the next step to further decentralization of the Bitcoin network,” adding:

“The use case for Satellite Full Nodes could not be brighter. A few offline access points of these can fully connect remote communities to Bitcoin, even ones without prior internet access.”

There is a compelling case for satellite full nodes, particularly in countries that struggle with unstable governments, unreliable internet connections and weak digital infrastructure. In effect, a satellite full node can help more emerging countries and individuals without internet connections contribute and eventually participate in the Bitcoin network.

Bitcoin Gandalf (not his real name), of Braiins Bitcoin mining company explained to Cointelegraph that "using Blockstream satellite adds an additional level of redundancy should more traditional connectivity methods be interrupted." 

In neighbouring Venezuela, for example, a Bitcoin satellite node was installed in 2020. Venezuela benefits from a robust infrastructure of satellite dish networks which as Cecere explains, “can be leveraged to expand Bitcoin’s offline signal on earth.”

Cecere connected to a Blockstream satellite from his homeland, after television network provider DirecTV left the country:

“I recycled a dish that DirecTV had installed at my parent’s house more than 10 years ago and turned it into an access point to the most powerful monetary network on Earth. That’s experiencing the power of borderless money at its utmost in the flesh!”

Venezuela is an increasingly pro-crypto nation, having experienced high levels of inflation since 2016. Across the border in Brazil, it’s another hotbed for adoption, particularly in light of a new bill that proposes protections to private keys as well as the legalization of crypto payments. The ability to run a satellite node in these countries as an offline connection point is a boon for adoption and the network’s resilience.

For Cessere's satellite node in Venezuela, he “modernized`“ the dish with a clothes pin to assist the download of the blockchain. Source: Cessere 

The Brazilian satellite full node Cessere built is connecting from a family member's house in Santos, just south of Brazil's largest city São Paulo . If the node runs successfully, the intention is to "port the equiment to Fundação Parque Tecnológico de Santos Gustavo," a technology and innovation park where it will remain permanently connected as an offline connection point.   

Related: Bitcoin Lightning Network developer updates node software with Taproot support

However, the Bitcoin space signal has some limitations. Cessere explains it's a “one-way street, since one can only download data from it but not push any; hence, they’re not capable of broadcasting transactions to the network."

In the future, Blockstream may introduce an even more advanced version of their satellite equipment which may enable those with extremely limited access to internet access — such as crypto mining companies in far-flung destinations — to connect to Bitcoin.

Then, and only then will Bitcoin take on the mantle of being “space money.”

Armstrong Predicts Bitcoin Surge, XRP Traders Brace for Action, and More — Week in Review

Mind games: Bitcoin education at an escape room in Lebanon

At a Bitcoin-themed escape room in Lebanon's capital Beirut, it's all fun and games until you take the orange pill.

Bitcoin (BTC) sets people free. At least, that was the story at Lebanon’s first Bitcoin-themed escape room in Beirut. 

Lebanese Bitcoiners from the group Bitcoin du Liban took on the latest Bitcoin education challenge — Bitcoin Escape the System. The best part? The team of four snuck out of the escape room in the fastest time to date.

For the uninitiated, an “escape game” or “escape room” is a team game where players work together to solve puzzles, clues and conundrums usually based on a theme such as spies, zombies, and now, Bitcoin. As per the name, the mission is to “escape” the site of the game within a certain time.

Sooly Kobayashi, MENA advisor for Swan Bitcoin and a moderator at Bitcoin du Liban, told Cointelegraph that “All of us (except one) had never played escape rooms before. We entered the room without relying on our Bitcoin knowledge.”

However, they likely had a slight advantage over those new to Bitcoin. The escape game’s themes revolve around fiat money, time-chain technologies (commonly referred to as blockchain), SHA-256 (the Bitcoin hashing algorithm), and self-custody.

The escape artists: @marco_bdl @Sooly_Kobayashi @Thomssmn @al3apodcast @BitcoinduLiban. Source: Kobayashi

While the escape game is a bit of fun, according to Kobayashi, it’s another example of the Lebanese Bitcoin community’s creative approach to onboarding more Bitcoiners. Kobayashi, who is also a Moderator at Bitcoin du Liban, told Cointelegraph that “education is challenging in a country that hasn't invested much in this sector.”

“And with a history filled with instability, the Lebanese population has been busy surviving in economic restlessness. Hence, Bitcoin education needed a creative modern approach.”

As shown in the following graph, government education expenditure in Lebanon pales in comparison to that of Argentina; a country that also sufferers from critical problems relating to inflation and instability. It’s therefore on the people to take financial education, and creative orange-pilling techniques, into their own hands with grassroots activities.

Source: Kobayashi

Indeed, Bitcoiners from Lebanon to Slovakia are taking Bitcoin education by the scruff of the neck, seeking to spread the word of sound money. Bitcoin books, games and even family-friendly days out are spaces for Bitcoin veterans or those new to the tech to learn in ways that suit them best.

The team solving one of the puzzles during the escape game. Source: Kobayashi

For the escape game, due to the at times high-stress, adrenaline-fuelled nature of escape games (if you know you know), it’s possible that participants absorb information quicker and retain it longer. As a result, a Bitcoin-themed escape game could be a quirky yet quick way of educating people about Bitcoin. Kobayashi explains:

“It's been scientifically proven that humans learn better in two scenarios. First, when we are emotionally driven. [...] Second, when we are expected to pass on information to someone else, our minds tend to focus and memorize knowledge better.”

Related: Jack Dorsey and Jay-Z collaborate on Bitcoin Brooklyn educational program

To date, the escape room founder, Said Nassar, an international business engineer, had only seen a “few” Bitcoiners play the game. Despite the Bitcoin-friendly appeal, the game had been enjoyed by newcomers to Bitcoin, or “no-coiners,” as they are sometimes known. 

Kobayashi adds that some of the players are "shitcoiners," including individuals interested in Ethereum (ETH):

No one would play this escape room and not learn about Bitcoin.”

For some Bitcoiners, there's an irony to exiting a Bitcoin escape room. To some, the whole world may already feel like an escape room, and Bitcoin is the only way out. The Bitcoin Escape the System joins a fledgling list of Bitcoin-themed escape rooms, including The Bitcoin Heist in Macedonia, and the DIY Bitcoin escape room, Badass Daddy's Bitcoins. 

Armstrong Predicts Bitcoin Surge, XRP Traders Brace for Action, and More — Week in Review

Bear market delivery! Ohio guy rejoins DoorDash to buy more Bitcoin

A software developer from Ohio is taking on extra work at Door Dash to grow his stack of Bitcoin.

What did you do in the 2022 bear market, anon? For one Bitcoiner, the opportunity to take on a second job to “stack sats” (buy more Bitcoin (BTC)), was too great. Isaiah, the founder of the Cleveland Bitcoin Meetup, is delivering food to Ohio residents to earn cash on the side.

Isaiah told Cointelegraph “I joined Door Dash 2 years ago. But I only recently started doing it again once the price fell into the 20[K]s.” Door Dash is an American food delivery service (similar to Glovo or Deliveroo), where riders pick up food from restaurants to take to people’s homes. 

Isaiah “originally joined door dash to make extra side hustle money,” but he’s now making roughly “36,000 sats per order” ($7) as per this tweet:

For Isaiah, who knows a thing or two about being underwater thanks to training as an open water diver– the “price levels are too great not to stack more.” Driving for door dash compliments his full-time job as a software developer to save more in Bitcoin. He told Cointelegraph:

“When Bitcoin is back above the 200 weeks, I’ll likely stop door dashing and continue stacking Bitcoin with my regular day job. Doordash is just extra sat stacking money for me.”

The price of Bitcoin has languished under the 200-week moving average and the $20,000 price level for weeks.

The Bitcoin price is under the 200wSMA (blue line) and has been since the 13th June. Source: Trading View 

He shares the same view as Former congressman Ron Paul, that “Bitcoin is money,” and thanks to its deflationary supply schedule, it’s also a savings technology. Natalie Brunell the host of Hard Money shares the same view; Bitcoin can preserve time and wealth: 

“Bitcoin is my money. It’s what I save in (and occasionally spend). Being able to store the value of my labor outside the control of any corporation or government is incredible.

Related: Trader puts faith in crypto despite the failed first investment

As for beating those bear market blues, Isaiah organizes and attends the monthly Bitcoin meetup in Ohio while sharing Bitcoin-related advice for readers:

“For all the people getting caught up in the price. Focus on your Bitcoin stack instead of the fiat price. Seeing the amount of sats you own go up will help keep your mental health better during these rough times.”

Looking after mental health is particularly pertinent. Despite Jim Cramer, who lashed out by saying that crypto has "no value," here is a Bitcoin meetup held at a wildlife park.

Armstrong Predicts Bitcoin Surge, XRP Traders Brace for Action, and More — Week in Review

Bitcoin Lightning Network developer updates node software with Taproot support

The latest software release, named lnd 0.15 beta (v0.15-beta), aims to empower developers to create solutions for more use cases by leveraging the Bitcoin network’s capabilities.

Lightning Labs, a developer of the Bitcoin (BTC) Lightning Network (LN), released a beta version of the Lightning Network Daemon (lnd) — a complete implementation of the LN node — with added support to the latest protocol upgrades including Taproot and Musig2 among other improvements.

lnd is a software component that handles various aspects within the LN including managing a database, generating payment invoices and revoking payments to name a few. The latest software release, named lnd 0.15 beta (v0.15-beta), aims to empower developers to create solutions for more use cases by leveraging the Bitcoin network’s latest capabilities.

In the announcement, Lightning Labs’ product growth lead Michael Levin revealed that over 50 contributors participated in launching the company’s first release in the year 2022, adding that:

“This release gives complete Taproot support for the internal lnd wallet, making it one of the most advanced Taproot wallets today. Further, this release has support for an experimental Musig2 API compliant with the latest BIP draft.”

The primary goal of MuSig2, a multi-signature scheme, is to allow the creation of aggregate public keys that can be used in Taproot outputs, thus, introducing the ability to authorize transactions with Schnorr signatures.

Unlike previous versions, the beta release also removes the redundant data from the revocation log bucket, which showed a reduction of 95% in database size during initial testing. While the update does not reclaim space for existing states, Levin envisioned that a follow-up release may include a migration feature that could reclaim old disk space.

Staying true to their commitment to make the LN more reliable, robust, and secure, Lightning Labs introduced greater control over pathfinding preferences — ultimately helping to reduce the transaction fees by identifying the lowest cost route.

Related: Bitcoin network power demand falls to 10.65GW as hash rate sees 14% drop

The Bitcoin network recorded the year 2022’s lowest power demand of 10.65 gigawatts (GW) on June 25. As a result, the computing power for mining BTC blocks came down to 199.225 exahash per second (EH/s).

Bitcoin network power demand from 2018-2022. Source: ccaf.io

The sudden reduction in Bitcoin’s power demand is directly correlated to the falling hash rate. The mining hash rate corresponds to the computing power required by BTC miners to successfully mine a block — a key security metric.

Armstrong Predicts Bitcoin Surge, XRP Traders Brace for Action, and More — Week in Review

Why the crypto market crash may play in Bitcoin’s favour

Podcaster and Bitcoin educator, Natalie Brunell, believes the current market turmoil could lead to regulation favouring Bitcoin over alts.

Natalie Brunell, the host of Coin Stories podcast, thinks that the recent incidents involving Terra and Celsius and the following market sell-off will lead to regulatory action that will likely favour Bitcoin over the rest of cryptocurrency. 

“I'm going to be watching for regulation developments, just signifying that Bitcoin is a digital property and that maybe there's more fair accounting that can be done to allow institutions to invest", she said in a latest interview with Cointelegraph. "And the other cryptocurrencies, I think will be deemed securities”, she continued. 

Brunell defines herself as a Bitcoin maximalist and therefore sees Bitcoin as a fundamentally different asset class from the rest of crypto, mainly because of its trustlessness nature. 

"I see it [Bitcoin] as digital property, as a savings technology, and that's why I focus my energy on that." she points out, ading that other cryptocurrencies are much more vulnerable to third-party risks. 

"I have to worry about: who's creating them [altcoins], who's expanding the supply, who might be hired or fired, what experiment are they trying?",  

After a brilliant career in Journalism, Natalie went full time in crypto after discovering Bitcoin. She then  launched the Coin Stories podcast, where she interviews the leading voices of the crypto industry.

Don’t miss the full interview on our YouTube channel and don’t forget to subscribe!

Armstrong Predicts Bitcoin Surge, XRP Traders Brace for Action, and More — Week in Review

The BTC origin story: Who designed the Bitcoin logo?

Enthusiasts continue releasing new logos for Bitcoin to date, but the BTC community has yet to come across a symbol that comes close to the beloved orange ₿.

The bright orange Bitcoin (BTC) logo, for over a decade, has become synonymous with financial freedom amid modern-day recession and stringent governmental oversight. However, unlike the mysteries tied to Bitcoin’s origin, the development of the Bitcoin ‘₿’ logo is fairly documented in the depths of the internet. 

When Bitcoin was introduced 13 years ago by creator Satoshi Nakamoto, the first iteration of the Bitcoin logo represented a gold coin with a “BC” text embedded in the center, as shown below.

However, on February 24, 2010, Nakamoto came up with a new Bitcoin logo, which saw the replacement of the “BC” text with “₿” embedded within the gold coin.

Satoshi Nakamoto's second attempt on Bitcoin logo. Source: bitcointalk.org

Based on community feedback, Satoshi then incorporated changes into the new logo and released the copyright-free images into the public domain. The logo then went on to be accepted as the official logo for Bitcoin for a short amount of time.

Satoshi Nakamoto incorporates design changes based on community feedback. Source: bitcointalk.org

The decentralized nature of the Bitcoin ecosystem allows the general public to contribute to the Bitcoin network in various forms based on community consensus, including logo designs. On November 1, 2010, Bitcoin community member bitboy released a new iteration of the Bitcoin logo based on Satoshi’s design. However, this time the designer chose to replace the gold coin with the iconic orange circle and tiled the “₿” logo 14% clockwise.

bitboy's design a.k.a. official Bitcoin logo. Source: bitcointalk.org

As a result of overwhelming support from the community, bitboy’s design stands as the official logo for Bitcoin over the last 12 years. After releasing the finalized version of the Bitcoin logo, bitboy stated:

“Now everyone can make use of the graphics freely even for commercial purposes with this license and not bound by any restriction.”

Enthusiasts continue releasing new logos for Bitcoin to date, but the BTC community has yet to come across a symbol that comes close to the beloved orange ₿.

Related: Bitcoin ecosystem makes a U-turn recovery in global ATM installations

Bitcoin ATM installations made a steep recovery in June after witnessing a consistent decrease throughout 2022.

Chart showing the net change of cryptocurrency machines number installed and removed monthly. Source: Coin ATM Radar

The above graph shows that May 2022’s drop reached a range that was last seen in 2019. Over the last two years, in 2020 and 2021, Bitcoin ATM installations grew consistently owing to friendlier regulatory landscapes amid a rewarding market when numerous cryptocurrencies attained their all-time highs momentarily.

Armstrong Predicts Bitcoin Surge, XRP Traders Brace for Action, and More — Week in Review

‘Buy Bitcoin, plant a tree, lower your time preference’: a Sequoia story

“I'm trying to get people to plant trees," says Fangorn, a green-fingered Bitcoiner, "as an avenue for low-time preference.”

When the market falls faster than a tree in the forest, the phrases “zoom out,” and “lower your time preference,” take root.

“Zoom out” refers to taking a break from the omnipresent price charts that populate news feeds and Twitter threads. Consider looking at the price of Bitcoin (BTC) over the past five years–as opposed to over the past 6,12 or 18 months.

HODLing Bitcoin has far outperformed HODLing stocks over the past five years. 

But what does “lower your time preference,”–popular parlance among Bitcoiners, actually mean? Commonly attributed to Saifedean Ammous, the polarizing author who penned The Bitcoin Standard, lowering one’s time preference translates to thinking long-term, and to valuing the future over the present.

In contrast to a fiat standard, where money loses value due to inflation; a system in which quick gains, immediate satisfaction, and instant gratification make the medicine go down, a Bitcoin standard promotes delayed gratification. The theory is that in a Bitcoin Standard, the value of money saved in Bitcoin goes up over time to be enjoyed at a later stage.

This lesson is a tough pill to swallow, (particularly during a crypto winter) but it's a vital step to understanding Bitcoin. At least, that’s what Fangorn, a passionate Bitcoiner turned tree-planter believes. A software developer and history major with a background in biology, he stumbled across Bitcoin on a Hacker News site in the summer of 2017 (when one BTC was worth around $3,000).

Something twigged during 2017 and 2018, but it took the Covid-19 market crash of 2020 for Fangorn to really “go down the rabbit hole.” He read more broadly, engaging with popular Bitcoin author Gigi’s works, who wrote 21 lessons as well as an article called Bitcoin is Time. At this point, a lightbulb went off:

“Holy shit, this [Bitcoin] is way more than just like digital gold. This is profoundly advanced engineering for civilization.”

His appetite for understanding sound money grew and he hasn’t “looked back since.” He shared “the one thing to focus on is Bitcoin–the rest is a bunch of fluff.”

Sequoias are the largest trees in the world. What better way to visualize a low-time preference? Source: Twitter

An outdoorsy family man with a penchant for planting trees–he regularly gifts his father Sequoia trees for Father’s Day–Fangorn’s ideas, much like the giant trees, began to germinate. He connected the dots between a low-time preference, Sequoia trees, and the Bitcoin network:

“I can look at these trees when I’m 100 years old and think, damn it’s going to persist for another 3,000 years. And my grandkids’, grandkids’, grandkids’ will think ‘Thanks, great great grandpa for planting this tree thousands of years ago!”

Like many Bitcoiners, Fangorn has faith that the Bitcoin network will sustain civilization as sound money for years to come. Moreover, Bitcoin and Sequoias are pretty similar, they take “a lot of work, they stand the test of time, and they lift the human spirit.”

“Here’s this thing that allows us to cast our minds forward for thousands of years, plan long term, and reconnect with that core aspect of civilization, which is lowering one's time preference and planning for the future.”

Indeed, while Bitcoin is a tool famed for its “number go up” properties, it’s also a tool that allows for securing a long-term outlook.

He shares that “planting trees is a super easy, super cost effective way of explaining” what a low-time preference is. The tree is a visual representation of a low-time preference; the roots are the network. Moreover, planting trees flies in the face of the environmental FUD to which Bitcoin is often subjected.

Fangorn encourages Bitcoiners and no-coiners to plant trees to visualize a low-time preference. He shipped seeds to Andre Loja, the man behind the island of Madeira’s Bitcoin strategy; he distributed seeds at the Bitcoin Miami conference in 2022 as well as at meetups in Winsconsin where he resides.

The Sequoia seeds received by Andre Loja in Madeira. Souce: Loja

He jokes that when Hal Finney (the first person to receive a Bitcoin transaction) comes round from his cryogenic freeze, “In 3,000 years, I want there to be 21 million trees that are fully grown and 30 feet in diameter–trees that were planted in the first few epochs.”

Bitcoin will enter its fourth epoch sometime in 2024 and its last epoch–when the last Bitcoin is mined–in the year 2140. By 2140, the Sequoia seeds Fangorn and other Bitcoiners plant now will still be considered young trees: they reach full maturity after 500 years.

For Fangorn, the Bitcoin mined today should still be in existence, maybe even used to pay for goods and services by his great-great-grandchildren.

Armstrong Predicts Bitcoin Surge, XRP Traders Brace for Action, and More — Week in Review

Bitcoin miners’ exchange flow reaches 7-month high as BTC price tanks below $21K

Bitcoin mining profitability has dropped by over 75% from the market top and is currently at its lowest since October 2020.

Bitcoin's (BTC) price tanked to a 52-week low of $20,800 earlier on Wednesday, down by over 70% from its all-time high of $68,788. Although the price has since recovered above $21,000, key market indicators point toward bears having a significant hold on the current market.

Bitcoin Miners to Exchange flow, a metric that indicates the volume of BTC sent by miners to crypto exchanges, rose to a seven-month high of 9,476. The rise in exchange flows indicates miners are currently selling their BTC in anticipation of the price going down.

The actions of the BTC miners often reflect the larger market sentiment as they mostly sell BTC to ensure they don’t incur losses on their mining rewards. The rise in Bitcoin miners selling activity is backed by the significant decline in mining profitability.

Related: Biggest Bitcoin exchange inflows since 2018 put potential $20K bottom at risk

Mining profitability has dropped over 75% from the top, and Bitcoin's hash price currently sits at $0.0950/TH/day, which is the lowest point since October 2020.

Bitcoin Hashprice Index one-year chart. Source: Hashrate Index

The miner netflow to exchanges has also turned positive. When the miner netflow is positive, it signifies that more coins are being sent to exchanges than are being sent to personal wallets. Such behavior would indicate that miners are bearish on the price and are under pressure to sell.

Many BTC mining rigs have turned unprofitable with the price dropping below $21,000 and risk being shut down if the price doesn’t recover. The rest of the crypto market followed BTC in its price action as the overall market cap dipped below $1 trillion.

Over the course of the past decade, BTC has seen numerous bull cycles followed by an 80%-90% decline from the top, however, the BTC price has never fallen below the all-time-high of the previous cycle. Currently, BTC is trading very close to its 2017 high of $19,783, and any possible sell-off from here could push it to 2017 territory.

Armstrong Predicts Bitcoin Surge, XRP Traders Brace for Action, and More — Week in Review

Bitcoin at the WEF: What did the world’s elite think of crypto?

In a Cointelegraph video, the world's elite and some crypto believers rub shoulders to share their views on crypto.

Cointelegraph introduces “Crypto Street,” a series of spontaneous conversations with strangers on the street to educate, entertain and take a temperature check on the world’s relationship with crypto.

The first episode comes from the gates of the World Economic Forum (WEF) in Davos, Switzerland. Cointelegraph reporter Joseph Hall attempted to speak with the world’s elite where he was rejected, ridiculed, and ignored before stumbling across crypto believers among the WEF attendees.

Sporting a Cointelegraph sweatshirt with the loudest Bitcoin (BTC) logo, Hall asked passersby to guess what was print represented. Some WEF-goers refused to talk on camera while others claimed ignorance.

“That’s not Bentley, it’s Bugatti!” One passerby at the World Economic Forum joked. That, or they genuinely believed that the Bitcoin logo is a luxury car brand.

The shoot then moves to the blockchain streets of Davos, where cryptocurrency companies outweigh the tradfi presence. Irina Heaver, a crypto lawyer and Bitcoin believer told Cointelegraph that Bitcoin is “freedom.” She explained that for her family:

“When the Soviet Union Collapsed, they were left absolute penniless — so did millions of other people [...] If they could have some of that (Bitcoin) can you imagine how their families would be better off?”

Heaver also explained that more and more Russians transact with Bitcoin and crypto, reflecting the growing popularity of cryptocurrency in the country. WEF attendees from India, where crypto education is weak at best, explained that the “younger generation is a lot more curious about Bitcoin and cryptocurrency.”

“Some rethinking and action need to happen to make it [crypto] more sustainable.”

The International Monetary Fund is close friends with the WEF, and it consistently pushes for central bank digital currencies as well as moving cryptocurrencies away from proof-of-work blockchains to less energy-intensive proof-of-stake blockchains.

Related: ‘CBDCs are the natural evolution,’ says HyperLedger director Barbosa

There’s also a cameo from Nas Daily, the Youtuber and Bitcoin HODLer who lost $200,000 on Bitcoin to date. He appears on camera and exclaims, “I lost so much money.”

Finally, there’s also a Golden Retriever who holds his tongue regarding Dogecoin (DOGE) price predictions for 2022, and an acapella rendition of Nina Simone by up-and-coming vocalist, Evan Klassen. Incidentally, Klassen is signing at the FIFA World Cup in Qatar this year; will he croon a crypto tune?

Armstrong Predicts Bitcoin Surge, XRP Traders Brace for Action, and More — Week in Review