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A. Posch ⚡ learnbitcoin.link Profile picture
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15 Aug, 4 tweets, 2 min read
1/ 50 years ago today, the US, lead by President Richard Nixon, unilaterally terminated convertibility of the US dollar to gold, effectively bringing the Bretton Woods system to an end and rendering the dollar a fiat currency. #wtfhappenedin1971
2/ Afterwards currencies around the world became fiat currencies, and the global monetary system became less ordered.
3/ This was the first time in human history that this happened, where all currencies in the world at the same time were rendered into fiat currencies, which are backed by ...nothing, it's money by decree.

#Bitcoin

Want to learn more? 👇 learnbitcoin.link
Gotta h/t @LynAldenContact I forgot

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More from @AnitaPosch

A. Posch ⚡ learnbitcoin.link Profile picture
10 Jul
1/ Is This the End of Privacy?

It’s really sad and annoying to observe that Europe aims to be the next China regarding mass-surveillance. Backdoors in private messaging apps will fire back at those who are now in favor of these new legislations.
2/ Countries like Germany and Austria should actually know better, but it seems we haven’t been learning from our dark history. I’m thankful for all the “Cypherpunks who write code” as Eric Hughes put it in his Cypherpunk manifesto from 1993.
3/ “Privacy is necessary for an open society in the electronic age. … We cannot expect governments, corporations, or other large, faceless organizations to grant us privacy … We must defend our own privacy if we expect to have any.
Read 5 tweets
A. Posch ⚡ learnbitcoin.link Profile picture
10 Jul
1/ Chatcontrol: Eu Parliament Approves Mass Surveillance of Private Communications patrick-breyer.de/en/chatcontrol…
2/ On July 6th, the European Parliament approved the ePrivacy Derogation, allowing providers of e-mail and messaging services to automatically search all personal messages of each citizen for presumed suspect content and report suspected cases to the police.
3/ German Pirate Party Member of the European Parliament Patrick Breyer, shadow rapporteur on the legislative proposal, comments on his website: “The adoption of the first ever EU regulation on mass surveillance is a sad day for all those who rely on free and confidential…
Read 18 tweets
A. Posch ⚡ learnbitcoin.link Profile picture
10 Jul
1/ One of the Oldest Hydro-Power Stations in the US Is Mining #Bitcoin
👇
2/ “We think this is the oldest renewable energy facility in the world that’s still running,” said Jim Besha Sr., CEO of Albany Engineering Corp., which owns the Mechanicville hydroelectric station, built in 1897.
3/ After years spent rebuilding the plant that was abandoned by National Grid, it is now back to full power. It is using all the original 1800s machinery, not enough for a lot of profit, which is why some of the plant’s energy is being used to mine bitcoin.
Read 9 tweets
A. Posch ⚡ learnbitcoin.link Profile picture
4 Jul
1/ Buy Bitcoin Without Fees

@jackmallers announced that it’s now possible to buy bitcoin on @ln_strike with no fees outside of the market spread. He shows what you get, when purchasing #BTC for $100 after fees:
Coinbase: $97.01
Venmo: $97.70
CashApp: $97.74
2/ We can see Coinbase remains the most expensive, at nearly 3%. Venmo and CashApp are cheaper, but still, often charge retail well over 2% to buy bitcoin.
3/ reuters.com/article/paypal… PayPal recently lifted its costs for merchants (unseen for customers) from 2.59% plus 49 cents to 3.49% plus 49 cents per transaction.
Read 6 tweets
A. Posch ⚡ learnbitcoin.link Profile picture
4 Jul
1/ Banks Stormed in #Lebanon

“Lebanon, which already had a fragile economy, has been sinking into an unprecedented financial crisis since 2019. In two years, the local currency, the Lebanese pound, has lost about 90 per cent of its value.
equaltimes.org/in-the-midst-o…
2/ While the official rate set by the Central Bank of Lebanon is 1,500 pounds to the US dollar, and the bank rate is 3,900 pounds, in reality, on the black market, a dollar is today equivalent to 13,000 pounds. This inflation is having a dramatic impact on farmers.”
3/ But not only on farmers, students who need their savings to pay for studying abroad are not getting their money out of the bank. Making the advantages of self-custodying money are obvious. upi.com/Top_News/World…
Read 8 tweets
A. Posch ⚡ learnbitcoin.link Profile picture
20 Jun
1/ Reactions towards El Salvador making #bitcoin legal tender: The head of the Central American Bank for Economic Integration (CABEI) said on Monday the bank will give El Salvador technical assistance to implement bitcoin as legal tender, reuters.com/business/cenam… even though…
2/ …it still issues debt only in dollars. CABEI’s executive president, Dante Mossi, said the move would offer Salvadorans many opportunities, including lowering the cost for relatives abroad to send remittances.
3/ The World Bank was less supportive, citing “environmental and transparency shortcomings” as reasons why they cannot support Bitcoin.
Read 7 tweets

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