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Elon Musk-owned Boring Company has enabled Dogecoin (DOGE) payments for Loop. The new payment option will allow customers to pay for rides on the Tesla-powered Las Vegas transit system.
These rides let people take a ride around the city at 35 miles per hour (mph), according to a report from CNN, in a subway-like transportation surface transportation system. The DOGE payment option was announced last Friday, July 1, 2022, at the Las Vegas Convention Center.
Each ride has three stops and will be offered to the public at zero costs for an unspecified period of time. After, the customer will be able to scan a QR code to pay in DOGE or to use any traditional payments rials.
Rides will sell for $1.50 each, and clients will have the option of purchasing a $ 2.50-day pass, CNN reported. The Boring Company opened the first Loop station and has received authorization for an expansion from Clarke County, Nevada.
The Elon Musk company plans to open over 50 stations on the famous Vegas Strip. This location is famous for its Casinos and resort establishments which include the NFT’s Las Vegas Raiders Allegiant Stadium.
These stations will connect to different locations, such as the Resorts World, said Lori Nelson-Kraft a spokeswoman for the Las Vegas Convention and Visitors Authority, CNN said. The Boring Company expects to transport over 400 passengers an hour via the Convention Center stops.
In addition, the report claims that the rides will operate with free schedules. At the time of writing, a representative from Resorts World, Dana Rutkin, said passengers only need to wait for “a few minutes at most for a ride”.
The report claims that the project only has one available tunnel connecting stations with Resorts World. Therefore, passengers might need to wait in traffic as they advance to their destination.DOGE’s price trends to the downside on the 4-hour chart. Source: DOGEUSDT Tradingview Elon Musk Doubles Down On Dogecoin (DOGE)
This DOGE payment option for Loop comes at the heels of supporting statements for the cryptocurrency from Elon Musk. The billionaire entrepreneur claims he supports Dogecoin because “a lot of people who are not that wealthy” asked him to.
Musk announced his support for the meme coin back in 2021. At that time, DOGE’s price was about to rally from below $0.010 to an all-time high near $0.75. Despite its recent downside price action, the Tesla CEO claims he is still and will continue to support the meme coin.
The Boring Company’s announcement supports these claims. Expanding on what Loop passengers will experience, Nelson-Kraft said:
It’s still a very swift trip, but it’ll be, hey these five cars go through this direction. When they’re safely at the passenger station, it will then switch directions.
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Musk’s Boring Company is currently developing projects for other U.S. states. Data from The Las Vegas Convention and Visitors Authority, provided by CNN, claims that the transportation system has carried over 400,000 passengers and reportedly has 4.9 out of 5 satisfaction stars on average.
Bitcoin ETFs had been seeing a lot of interest since they were first given the green light by the Securities and Exchanges Commission (SEC) last year, and while some of them have waned, they still remain a good option for institutional investors wanting to bet on the digital asset but not hold any of it themselves. Following the success of the futures bitcoin ETFs have come the short bitcoin ETFs which have now begun to dominate the market.ProShares BITI Barrels Ahead
The ProShares BITI ETF, popularly known as the first short bitcoin ETF in the United States has been making waves since lits aunch. Only a little over a week old, the ETF has garnered the favor of institutional investors who have flocked to take advantage of it. This has led to one of the fastest growth rates in the history of bitcoin ETFs given how quickly inflows have poured in.
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The BITI was reported to have made a splash just four days after launch which saw it become the second-largest bitcoin ETF in the country. As its popularity has grown, so have the investors flocked to it. It would do even better in its second week, setting a new record with the amount of BTC flowing in.
As of early this week, BITI’s holdings have climbed to a total of 3,811 BTC. Most of the inflows had come into the ETF towards the end of June where 700 BTC and 1,684 BTC had flowed into the fund on June 29th and 30th respectively.
Short BTC ETF hits new record | Source: Arcane Research
With this, BITI has barreled forward, and although it still remains the second-largest BTC ETF in the region, it has put more gap between it and competitors such as Valkyrie and VanEck bitcoin futures ETFs.Are Investors Bearish On Bitcoin?
With $51 million said to have flowed into short BTC ETFs for the past week and setting a new record, it does seem to point to the fact that institutional investors are bearish on the future of bitcoin. However, this is only the case when it is looked at from one point of view.
BTC trending at $20,000 | Source: BTCUSD on TradingView.com
Even with its massive growth, the BITI still pales in comparison to the ProShares BITO, a long BTC ETF. At 3,811, the short bitcoin ETF only makes up about 12% compared to the size of its long counterpart. This shows that although interest is growing in short bitcoin ETFs, the majority of investors still prefer to be long in bitcoin, and that points to more bullish sentiment.
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Nevertheless, the inflows into the BITI show that even if just in the near future, more investors are trying to take advantage of the perceived weakness in the market. Experts in the space have said they expect this to continue at least through the end of the year. As such, it is no surprise that investors are trying to profit off what they believe to be another six months of declining prices.Featured image from Admiral Markets, charts from Arcane Research and TradingView.com
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In April of last year, the British Treasury unveiled a number of efforts aimed at establishing the United Kingdom as a premier destination for crypto technology and investments.
In a press release that month, the Chancellor of the Exchequer, Rishi Sunak, stated that the steps described will help ensure that companies can “invest, develop, and grow” in the United Kingdom.
Three months later, on July 6, Sunak announced his resignation as Chancellor of the Exchequer, citing a series of claims against the government led by Boris Johnson.
Sunak was not the only individual to do so. In addition to other ministers, Health Secretary Sajid Javid left Johnson’s cabinet.
Rishi Sunak. Image: PanaTimes New Crypto Framework In The Works
Despite his decision to separate himself from the Johnson administration, Sunak continues his work.
Despite the Bank of England’s concerns about the financial stability of the technology, the former finance minister is moving through with a proposed legislation that will clear the way for everyday cryptocurrency payments.
As part of the aim of the British Treasury and the government to make Britain a “crypto hub,” the British Treasury has indicated that it will introduce legislative changes recognizing stablecoins as a legitimate form of payment.
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This will allow consumers to utilize stablecoin payment services with confidence, British Treasury official John Glen stated at the recent Global Finance Summit.
Glen noted that the government will adopt this measure in an effort to establish a world-leading regulatory framework for stablecoins.
The UK’s financial regulator, the Financial Conduct Authority, released a study on cryptocurrencies in 2019 stating that organizations using digital assets for cross-border payments may be subject to payments services legislation, but the tokens themselves would not be regulated.
Crypto total market cap at $854 billion on the daily chart | Source: TradingView.com Bank Of England, British Treasury At Loggerheads
Meanwhile, the disagreement between the British Treasury and the Bank of England on cryptocurrencies is the most recent squabble between the two institutions, which have been at odds over Brexit policies, the cost-of-living dilemma, and other hot issues.
BOE’s warning comes after crypto prices have plummeted so severely in recent months that analysts have begun to doubt the technology’s future.
Andrew Bailey, governor of the Bank of England, remarked:“The experience we’ve had over the past few weeks demonstrates that there are problems in both the unbacked crypto world and the so-called stablecoin sector.”
The Treasury stated the following in response to a consultation on crypto assets:“The reasoning behind this is that certain stablecoins have the potential to become a popular form of payment, including among retail consumers, thereby increasing consumer choice and efficiency.” Regulatory Framework For Stablecoins: Clearing The Way
Stablecoins are cryptocurrencies designed to maintain their value. The British Treasury and the government’s intention to build a world-leading regulatory framework for stablecoins is expected to pave the way for enterprises to enable daily transactions in stablecoins.
The government announced that consultations will be held before the year ends regarding the regulation of a broader range of crypto assets and related transactions.Featured image from BTCManager, chart from TradingView.com
Jason Fung, the former head of TikTok gaming, exited the fastest-growing social media platform. After his exit, the ex-executive rolled out his new startup on Blockchain gaming. Through his announcement on July 5, Fung stated that he exited TikTok to facilitate the launch of MetaO.
He explained that MetaO is a startup that focuses on blockchain video games. According to Fung, his resignation from TikTok is born from the desire to create lasting solutions for video game development. With his background and experience in the gaming industry, he believes he can bring positive changes.
Through an interview, Fung has also stated that he left TikTok to handle some issues in the NFT gaming sector. He pointed out that there is no adequate blockchain infrastructure for developers to access easily. For him, it’s an open opportunity to overlap with his technological abilities.
In a further outline of his work, Fung, through one of his PR, disclosed some of his responsibilities. First, he is to ensure MetaO expansion in forming the right ecosystem suitable for game developers and channel partners.
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He would oversee different strategic decisions such as directing campaigns in fundraising, facilitating profitable collaborations, and others. Also, he would imitate the recent move from the Polkadot network in innovative advancement. This means instituting the operation of L1/L2 blockchains on MetaO as a Layer-0 network.MetaO Would Create Interoperability For Functional Blockchain Gaming Industry
Speaking on the motivation behind the launch of MetaO, Fung mentioned that he plans on creating a bridge through interoperability. With his new project, game developers won’t be limited to a few platforms for the works.
Since MetaO could connect to several blockchains, users would have many options to operate efficiently. He cited instances where NFT and game developers are tied to using just a single blockchain like Binance Smart Chain, Solana, or Polygon.
The MetaO would follow the sequel of other cryptocurrency startups. It would embark on token issues to raise some funds and engage suitable strategic investors and capitalists through negotiations. Some key players in Web3 developments include Animoca Brands, Binance, Kardia Ventures, Consensus Lab, and a16z.
Despite the recent drop in the crypto market that has affected blockchain games, there are still active communities in the industry. Furthermore, records show a massive explosion in 2021 for blockchain and NFT games.Cryptocurrency market in solid-state for a bull run | Source: Crypto Total Market Cap on TradingView.com
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A similar upward flow was identified within Q1 2022 for the crypto gaming industry as it registered more than $2.5 million. Some play-to-earn games such as CryptoBlades, Axie Infinity, Mir4, and Plant vs. undead have received more attention.
In countries like Argentina, Venezuela, and the Philippines, some players use the games as their primary income source.Featured image from Pexels, chart from TradingView.com
Bitcoin has been struggling for the last month and has struggled to hold the $20,000, losing its footing multiple times. Through this time, altcoins, while having followed the digital asset on the way down, had begun to gather momentum through the small recoveries recorded over the last couple of weeks. As July draws in on its first weekly close, performance across the market has shown that bitcoin is getting left behind.Altcoins Take The Lead
The altcoins had been the worst losers of the downtrend. Although all of the indexes including bitcoin had seen losses into the double-digits, the small cap altcoins especially had recorded more losses. However, now that the market is headed into what looks like a recovery stretch, the smaller altcoins have pushed their heads forward to claim the majority of the gains.
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The Small Cap Index has seen gains up to 4.9% barely a week into the month of July/. This recovery is replicated across the Mid Cap Index which, surprisingly, had returned the highest gains for the time period. With 5.0%, the Mid Cap Index comes out ahead of all of its counterparts.
As for the Large Cap Index, it was not left out of the recovery trend with 3.1% in gains recorded so far. These coins had followed the rally of bitcoin the closest and as such, had been the closest to it in terms of the gains that have been seen so far.BTC returns worse performance against altcoins | Source: Arcane Research Bitcoin Suffers A Worse Fate
Bitcoin, although the market leader, has returned the least gains out of all of the indexes. The digital asset had provided a somewhat safe haven when the market was crashing back in June but altcoins are getting all of the gains as the market begins to stabilize.
Bitcoin’s gains so far for the month of July have come out to 0.5%, the lowest of all of them. This has been quickly followed by a decline in market dominance given the performances of the other indexes. However, the decline has been quite small with only a -0.10% recorded change for the last week.BTC failed to break $20,500 resistance | Source: BTCUSD on TradingView.com
This sharp recovery in altcoins in comparison to bitcoin shows that faith is recovering towards lower cap altcoins. These altcoins which carry more potential for higher returns are highly favored by investors chasing a 100x or similar.
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As for the stable cons, they continue to maintain their dominance and have in fact seen good growth in this time. Top stablecoins USDT, USDC, and BUSD recorded 0.23%, 0.18%, and 0.08% increases respectively. in their market share. BNB also followed this trend with a 0.06% increase but all other large cap coins saw declines with Ethereum losing 0.22% of its market share.Featured image from Binance, charts from Arcane Research and TradingView.com
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The talks to allow digital currencies to exist in U.S. economy are underway. The suggestion is to achieve this by linking cryptocurrencies to the U.S. dollar. This contemplation took place on Tuesday at a meeting held by the U.S. Fed.
At the meeting, a panel of speakers stated that the dollar status would gain more strength with crypto assets in the U.S. economy. Moreover, this will also give a boost to the digital currency industry.Strength Of Dollar Could Improve Through Cryptocurrencies
The current state of cryptocurrencies is still posing some level of uneasiness in the mind of cryptocurrency traders. Many still doubt that the market will take a bullish turn sooner than later. Considering this, the panelists thought it wise to mention incorporating these digital currencies into the U.S. dollar.
They believe that this will improve the status of the dollar and the cryptocurrency community. The panel added that the rise would be possible as crypto traders continue to use these digital currencies, particularly the CBDCs. They stated that the dollar changes would be evident in its role in the international market.Cryptocurrency market stands vulnerable | Source: Crypto Total Market Cap on TradingView.com
According to the Fed Chair, Jerome H. Powell, there is a tendency for altcoins and stablecoins to increase in price. He made this statement last month. This reveals that the move to link cryptocurrencies to the U.S. dollar has been in the pipeline. He added that due to the fast growth of these digital assets, the Federal Reserve is now assessing the use of CBDCs.
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The idea behind the assessment is to know whether or not a CBDC would stand the test of domestic payment efficiency and safety. In addition, according to the U.S. Fed’s white paper, a CBDC could contribute positively to maintaining the international status of the U.S. dollar.CBDCs As An Improvement To The U.S. Dollar
Going further in the discussions between the panelists, specific questions were addressed. One of which was whether or not the roles of the dollar can be positively affected by crypto technology. They concluded that the technological aspect alone of these digital currencies could not improve the ecosystem of this globally recognized currency.
This response had a reason backing it up; the ecosystem of these cryptocurrencies revolves only around retail investors. Also, there were steps to migrate to institutional investors, but those became abortive due to the missing regulatory framework.
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As a result, the US CBDCs will concentrate on retail sectors. This prevents any threat to the U.S. dollar while maintaining its international status. However, they also cited that there are still restrictions on the possibility of using cross-border CBDCs.Featured image from iStockPhoto, Charts from TradingView.com
The second quarter of the year was dramatically bloody for Bitcoin. The coin ended Q2 down by 56% with the price dropping from $45,000 to $19,900, experiencing its worst quarter since Q3 2011. Bitcoin is now playing with its $20k level, a key zone.Bitcoin trading at around $20k in the daily chart | Source: BTCUSD on TradingView.com A Historic Decline For Bitcoin
Bitcoin had a 37% decline during June. But it is not just the numbers that have been gloomy.
June was also the month of the unsurprising rejection of Bitwise and Grayscale’s spot-based bitcoin ETF applications –immediately followed by Grayscale’s promised lawsuit–.
Moreover, the effects of the Terraform Lab’s UST stablecoin and Three Arrows Capital collapses seem to have turned into something contagious amongst crypto firms: another crypto lender and trading platform, Vauld, suspended all withdrawals, trading, and deposits quoting the “financial challenges” of current market conditions.
During 2022’s second quarter, Bitcoin opened at $45,000 and declined to below $20,000, managing to recover its key $20k price level just in time to close June above it. As NewsBTC reported recently, the coin “needs to break above $20,500 and continue above $22,000 to clear out any potential short-term downside risk.”
Overall, the latest Arcane Research weekly report notes that this decline “marked a historic quarter for the bitcoin price, and we have to go back 11 years to find a more brutal quarter. Bitcoin ended the quarter just below $20,000, dropping 56%.”Bitcoin price action sees its worst quarter since 2011 Q3 | Arcane Research Weekly Report
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However, the BTC price action could see more positive times soon.Analyst Michaël van de Poppe thinks that the coin could soon flip the $20K-20.4K key level and then “go towards $23K and the summer relief rally.” He added today that the coin is “sustaining” and “looking ready for a big move relatively soon.” As Arcane Research shared, Bitcoin’s $20k level marks the peak of its last bull run, adding that “Technically speaking, the close of the monthly candle was positive”, with June’s closing price being above the 2017 peak. The report also points to a possible support/resistance flip “where previous resistance will act as support.”
However, macroeconomic factors could be the ones to flip positive expectations later on. Global uncertainty keeps increasing pressure. S&P 500 is down by 20% from its January high, which also reflects on Bitcoin. Deutsche Bank AG Chief Executive Christian Sewing thinks there is a 50% chance of a global recession, other large banks see it coming as well. An economical decline that size could last for several quarters.
Bloomberg reported about the current effects of inflation rates and noted that “The gauge for the US is already 12.2%, similar to levels witnessed at the start of the pandemic and in the wake of the 2008 financial crisis.”
Anna Wong, the chief US economist at Bloomberg Economics, wrote that “The risk of a self-fulfilling recession—and one that can happen as soon as early next year—is higher than before. Even though household and business balance sheets are strong, worries about the future could cause consumers to pull back, which in turn would lead businesses to hire and invest less.”
Likewise, said feared self-fulfilled recession could also paint a grim picture for the crypto market. High-risk assets are expected to suffer investors’ retraction during economic declines, which can lead to panic selling and more gloomy prices.
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It’s time for the Libertarian Party and Bitcoiners to team up and make their voices heard in order to declare our monetary independence from the Fed.
This is an opinion editorial by Joe Moffett, a contributor at Bitcoin Magazine.
The Democrat and Republican parties have been wielding social movements as weapons in a culture war. Is it time the Libertarian Party wields the Bitcoin hammer in the battle against the Federal Reserve?
In the cypherpunk mailing list, Satoshi Nakamoto had a back-and-forth exchange with an unknown cryptographer:
“You will not find a solution to political problems in cryptography.” — Unknown cryptographer
“Yes, but we can win a major battle in the arms race and gain a new territory of freedom for several years.
“Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.” — Satoshi Nakamoto
Between Nakamoto’s emails, the Bitcoin white paper and the source code, there was probably nothing they said with a more aloof tone than this quote. I have to imagine they understood the economic ramifications that would come with developing such a system and this was likely why they remained anonymous. Then again, maybe they were blissfully unaware that there is no more dangerous enemy to the power of the state than economically free people.
Many early adopters of bitcoin were more likely software and tech gurus than they were economists or libertarians, but this comment by Nakamoto was profoundly libertarian. After all, if the government can wage war on poverty, drugs, crime and terror, why can’t libertarians and Bitcoiners alike wage war on money printing? It’s hard to overstate the phrasing here: “[W]e can win a major battle in the arms race and gain a new territory of freedom.”
The Libertarian Party, under new management, recognizes just how important Bitcoin is in this battle. Angela McArdle, chair of the Libertarian National Committee, embraces the importance of bitcoin’s scarcity, self-sovereignty, and censorship resistance. On a phone interview, McArdle shared:
“Inflation is being reported at 8.6%, but if you fill up the gas in your car, you know that it must be higher than that. No one knows the real rate of inflation, but what I do know is you cannot print more bitcoin. You can print dollars perpetually until it’s worthless like Venezuela, but you can’t print more bitcoin.”
Sure, the Libertarian Party is using the language, “Declare your independence from the Fed,” in a metaphorical way, but we can never forget that our country was founded on a very real Declaration of Independence that led to something very tangible.
“We, the members of the Libertarian Party, challenge the cult of the omnipotent state and defend the rights of the individual.” — The Libertarian Party’s Statement of Principles
Today more than ever, the enforcement tool of the so-called “omnipotent state” and those in power is their monetary policy. The monopolization of fiat currency and the burden of taxes have become weapons of the state to empower Washington and disenfranchise the people. Libertarians and Austrian economists have been sounding the alarms for decades, but as Ron Paul has attributed to George Orwell, “Truth is treason in the empire of lies.”
At a certain point however, the truth comes out.
This inflation was either due to incompetence or deliberate debasing of the U.S. dollar, but Jerome Powell, chair of the Federal Reserve Board, admitted that he doesn’t understand basic economics. I would have preferred him to come out and admit he lied.
Our favorite Bitcoiner, Peter “Gold” Schiff, along with every Austrian economist, pointed out how inflation works when the money printer started in March 2020 (when Schiff comes to the same realization as Bitcoiners, we will welcome him with open arms),
So here we are, July Fourth is coming up and we, the people, are in a quandary. Our leaders lie, our media covers for them, our financial institutions are corrupt and consent of the governed sounds more like a brand slogan than the foundation of our government.
So what options do we have?
Fix the money, fix the world.
Bitcoin is the greatest peaceful revolution the world may ever know. Back to that seemingly innocuous Nakamoto quote, “[W]e can win a major battle in the arms race and gain a new territory of freedom for several years.” The arms race they must be referring to is power — political and economic — of governments versus economic power in the hands of individuals. Maybe it’s time to turn Rosie the Riveter into Dolores the Diamond Hands.(Painting/J. Howard Miller)
Libertarians and Bitcoiners are allies in the fight for sound monetary policy. Speaking of a Bitcoiner and Libertarian alliance, McArdle said, “It’s important for us to build a parallel economy, so in the event the dollar collapses completely, or some kind of financial crash, we have something to shift over to laterally. The more people that have Bitcoin and understand it, the better.”
Nakamoto had this revelation when they said, “It’s very attractive to the libertarian viewpoint if we can explain it properly. I’m better with code than with words though.” Clearly, they weren’t wrong. Nakamoto’s creation spawned a movement without a speech or catchy slogan, just code and believers. Some of us libertarians may have been a bit late to bitcoin, myself included, but the troops are coming.
“Once more unto the breach, dear friends, once more” — King Henry in “Henry V” by William Shakespeare
The Libertarian Party is hosting a livestream event at 2:00PM EST on July 3, 2022. Join the call and declare your independence from the Fed.Declare your independence from the Fed
Join the Libertarian Chair Angela McArdle and Vice Chair Joshua Smith July 3 at 2:00 PM EST with the Bitcoin experts Saifedean Ammous, Marty Bent, Stephan Livera, Jameson Lopp and Guy Swann.
Think about doing three things in preparation for Independence Day:Watch the livestream and donate some sats (bitcoin) for libertyStack some sats for yourselfHelp one friend or family member stack their first sats
I want you… to buy bitcoin.(Source)
This is a guest post by Joe Moffett. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.
The cryptocurrency exchange and digital wallet provider Lemon Cash is partnering with OpenNode to enable Bitcoin Lightning payments for its 1 million customers.OpenNode partners with Lemon Cash to bring the Lightning Network to over one million Argentines. Lemon Cash is a LATAM fintech company well-known for its digital wallet and cryptocurrency exchange which will begin supporting Lightning. Argentina has seen a 12-month rolling period of over 60% inflation and ranks 10th globally in adoption of cryptocurrencies, by country.
More than one million Argentines will soon have access to Bitcoin’s Lightning Network on the Lemon Cash digital wallet through a partnership with bitcoin payments infrastructure company OpenNode, per a joint press release.
Lemon Cash is a fintech company based in Argentina and is mostly known for being a cryptocurrency exchange and also for operating the aforementioned digital wallet. The company serves well over one million customers in the Latin American (LATAM) region. This integration will allow all of these customers to facilitate transfers of value on Bitcoin with low-fees and fast settlement times through Lightning.
"Introducing the Lightning Network to more than one million users in partnership with OpenNode will be a huge step towards our main goal: to make crypto more usable and accessible in LATAM," Lemon Cash co-founder Borja Martel Seward said.
LATAM has a higher level of concentrated adoption of bitcoin and other cryptocurrencies than most regions, but Argentina itself ranks 10th globally in a report from on-chain analytics firm Chainalysis. Countries with heightened levels of inflation are more prone to rely on bitcoin as a store of value, which is also the case for Argentina as Reuters reported a rolling 12-month period of over 60% inflation.
“This partnership is yet another example of our capability and belief in Bitcoin as the new base layer for global payments," says Josh Held, head of strategy at OpenNode. "We're proud to support Lemon's mission, its desire to scale and benefit its customers and ultimately the growth of the Bitcoin economy in Latin America and beyond."
By making traffic between network peers encrypted, Bitcoin Improvement Proposal 324 can improve privacy by hiding node locations and other private data.
The below is a direct excerpt of Marty's Bent Issue #1231: “BIP 324 would bring encryption to bitcoin's P2P layer and it needs some review.” Sign up for the newsletter here.Visualizing how encrypting data can obfuscate network connections via bip324.com
As some of you freaks may be aware, Bitcoin is by no means a perfect system. Satoshi Nakamoto launched the protocol in January 2009, and gifted the world with a sly, roundabout way to take money out of the hands of the government so that we can get back to an economic system built on truly free markets and an accurate pricing mechanism. However, that doesn't mean Nakamoto was infallible. There are aspects of Bitcoin that can be significantly improved. One of those aspects is privacy at the peer-to-peer layer where transactions are broadcast and propagated.
Since inception, peers on the network have been communicating with each other using unencrypted connections. This type of communication leaves network participants at the peer-to-peer layer susceptible to man-in-the-middle attacks where nefarious actors — like governments — can sit on top of the network and identify where nodes are being operated and which node is broadcasting which transaction. In fact, in a report that was contracted out by the Defense Advanced Research Projects Agency (DARPA) and released last week. The researchers (whose report was riddled with many inaccuracies) did correctly highlight this shortfall and pinpoint it as an avenue through which nefarious actors can attack the network.via Trail of Bits
This is a critical attack vector that could be made significantly more secure by making it so traffic between peers is encrypted. Luckily for us, there is Bitcoin Improvement Proposal (BIP)324, which would do just this. BIP324 has been around for many years, but hasn't been merged and set live at the peer-to-peer layer yet. However, earlier today, Bitcoin core maintainer Wladimir van der Laan took to Twitter to signal boost BIP324 and throw out a call to action to other developers for review of pull requests (PRs) that have been standing idle for an extended period of time. It seems that this BIP has been neglected and could use some love.
Let this rag serve as a signal boost of van der Laan’s signal boost. If you are a developer who is interested in making the Bitcoin network more private and less susceptible to somewhat trivial attacks at the peer-to-peer layer, give these PRs some love by giving them a review and some feedback. Review is necessary to get the network closer to implementing better privacy tech into the bitcoin stack (if that review deems it acceptable and worthy), so let's push this issue forward.
While everyone and their mother is focused on the latest credit explosion in the space, it could be a good time to get back to basics and drive value to the underlying protocol by making it more private and secure.