How Bitcoin Adjusts To Changing Circumstances
Plus a new crypto debit card from Binance and a great initiative from Square
Happy Thursday Blockfolians
Every 14 days, bitcoin automatically adjusts how difficult it is to mine in order to keep block times consistent around 10 minutes. This mechanism creates significant resiliency to price changes. Yesterday saw a difficulty adjustment of nearly 16% - the second largest in bitcoin’s life (and the largest since ASIC miners were introduced in 2013). The power of the system is that this exactly how things were designed to work:
Enjoying Blockfolio’s Market Refresh? Sign up to have it delivered every day.
Highly Relevant Reading
Binance has launched a crypto debit card
Leading crypto data company CoinMetrics has raised a $6m Series A from Coinbase, Fidelity and more
Former CFTC Chair’s digital dollar project recruits more ex-Government talent
US Government accuses Venezuela’s Maduro of hiding drug ring profits in crypto
On a day that saw record setting jobless claims contrasted with the return of a bull market, we gotta agree with Token Daily’s Soona Ahmaz
And for those of you whose frustration is not quite assuaged, check out Taleb’s new essay about the bailouts, contextualized by
A Really Big Number We Should Be Paying Attention To
That’s the amount that Block.one has invested in the Voice social network to spin out and run independently. Talk about a war chest.
Jack back doin’ cool Jack things.