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Bitcoin Is Peace After 9/11

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Bitcoin Is Peace After 9/11


For full context, make sure you read Part One of this two-part series before continuing. In it, we discussed how the United States’ irresponsible spending stems from the fiat money system, which allows them to engage in continual abstract wars (such as “the war on drugs”) and how a return to a sound monetary standard through bitcoin would stop the endless conflict we’ve experienced over the last century.

War On Poverty

The War on Poverty — the granddaddy of the United States’ poor spending habits.

58 years ago, former President Lyndon B. Johnson launched a war which would eat into people’s wealth all while trying to cure wealth inequality — a contradiction for the ages.



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Castles Made of Sand Dollars: SBF, FTX, and other Three Letter Agents – Bitcoin Magazine

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Castles Made of Sand Dollars: SBF, FTX, and other Three Letter Agents - Bitcoin Magazine



The story of Bitcoin has certainly had its fair share of nefarious characters, criminal activity, bad haircuts and worse wardrobes, and yet our anti-hero du jour has seemed to outdo them all. Sam Bankman-Fried, better known by the three letter acronym SBF, burst onto the scene at the peak of the 2017 bubble, founding Alameda Research that September, just four years after graduating from an internship into a full-time position at one of the world’s largest market makers, Jane Street Capital.

SBF is the son of Stanford Law professor and founder of left-wing super PAC Mind The Gap, Barbara Fried, and Stanford professor Joseph Bankman, an expert on tax shelter laws and government regulation. At the start of 2018, SBF had struck digital gold while taking advantage of the arbitrage opportunity presenting itself between a higher demand for bitcoin in the Asian market, colloquially known as the “kimchi premium”. By the end of the year, and after amassing a considerable fortune from this high-volume bitcoin/dollar spread, he officially moved to Hong Kong, formally founding the derivatives exchange FTX in the following spring.





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Kazakhstan Continues Bitcoin Mining Regulation – Bitcoin Magazine

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Kazakhstan Continues Bitcoin Mining Regulation - Bitcoin Magazine



Kazakhstan is moving forward with regulation that will further stifle its bitcoin mining industry.

The country’s federal parliamentary body has completed secondary approval of a bill “On Digital Assets in the Republic of Kazakhstan.” With a third approval, the legislation will introduce new licensing requirements for bitcoin miners based on their facility ownership and operational structure. It would also require that miners purchase their electricity from the energy provider Korem at market rates.

Previously, specific reporting and tax requirements were implemented, including registration of names, locations and quarterly reports to the government. These occurred as a result of the major influx of mining amidst energy shortages and protests, all while bitcoin miners fled China as a response to the government’s banning of bitcoin.

Kazakhstan’s close proximity to China and previously highly favorable energy access led to the large amounts of hash rate migrating to the country. Afterwards, Kazakhstan went as far as seizing up to $200 million in mining equipment who did not comply with regulation, and the country continues to try and absorb the benefits of the influx in bitcoin mining using legislation like this most recently approved bill.

Bitcoin Magazine previously reported on regulation in Kazakhstan, citing a report from the Russian media outlet Tass. In the report, Ekaterina Smyshlyaeva, a member of the Committee on Economic Reform and Regional Development of the Majilis (Kazakhstan’s federal parliamentary body) detailed the government’s intentions, describing how, “Kazakhstan was used as a raw material appendage of the blockchain industry. [Through] bills, we oblige miners to license in Kazakhstan, that is, to create legal entities and become full-fledged subjects of taxation.” 



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Paraguay Fails To Pass Bitcoin Mining Bill – Bitcoin Magazine

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Paraguay’s Bitcoin Bill Passes the Senate



  • The Paraguay legislature did not pass a bill that would have regulated cryptocurrency mining in the country.
  • The bill, originally passed in July of 2022, was subsequently vetoed by President Mario Abdo Benítez in August, which sent it back to the legislature.
  • If passed, the bill would have limited outsized charges levied against bitcoin miners for their energy usage.

According to a Coindesk report, “The industry has found itself in a fight with the local grid operator provider, Ande, and some members of the legislature who claim that the grid’s infrastructure cannot handle the excess load and that the industry doesn’t greatly benefit the local economy and society.”

Ande had requested that the Paraguayan government raise electricity tariffs by as much as 60% over the industry standard — and the bill would have capped these increases to 15%.

Paraguay has become a major location for bitcoin mining as a result of the country’s abundant power. The Itaipú dam, one of the largest in the world, has proven to be a boon of cheap energy, enabling a rush to absorb this value into the Bitcoin network via mining. If the country seeks to expand on this rush of investment into the energy infrastructure of the country, getting regulation correct is critical to not stifling that.

Industry players involved in Paraguay include Bitfarms, who has a 10MW facility based there, and Pow.re, who has operations totaling 12MW there.



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