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Issue #345: Square open sources their BTC cold storage

Oct 23, 2018
Marty's Ƀent

Issue #345: Square open sources their BTC cold storage

Yesterday afternoon, under the cover of a noise-filled day chock full of media attacks on shitcoinery, Square dropped a blog post explaining how they built their cold storage solution for bitcoin custody and their plans to open source the solution for other exchanges and the community to learn from and build on. This is an INCREDIBLE move from Square and shows that they are truly for the cause and philosophically aligned with the Bitcoin project.

The more cold storage infrastructure is commoditized and open sourced, the less overall power exchanges have over the ecosystem to create moats that give them an uncomfortable amount of control, the better off everyone using Bitcoin is. This move by Square should not be understated, it is a direct message to their users and the industry at large that they are friends of Bitcoin and want to stay true to its open nature, working in collaboration with other Bitcoiners to ensure decentralization and the long-term success of the project.

I've said it before, but I'll say it again; Square is quickly becoming my favorite Bitcoin-focused company and this move just makes me like them even more. It's actually pretty astonishing how the long-standing Bitcoin companies are getting completely outclassed by Square, which only launched Bitcoin buying capabilities for its Cash App users last November. Think about what they can do in the future with all of the Point of Sale infrastructure they've built out throughout the world, especially in 5-10 years when the Lightning Network somewhat mature and at a point where it is functional for the masses. I smell a HUGE opportunity for Square to become one of the biggest corporate allies of Bitcoin. Sounds sacrilege, I know! But it seems as though, up to this point in time, Square is down for the cause. And I, for one, could not be happier to have them on board.

Long read, great read

Iterative Capital's Thesis

Another bomb was dropped under the radar yesterday. Iterative Capital released their full thesis on "What's Really Driving the Cryptocurrency Phenomenon?" I have been making my way through this incredibly thorough thesis since the weekend and cannot recommend it enough to you freaks. The team at Iterative has assembled one of the most comprehensive pieces of literature on the cryptocurrency movement I've seen to date. They dive deep into the history of the cypherpunk movement, how some people are missing the point of this revolution, the social aspects of these distributed systems, the nitty-gritty details of the mining industry/PoW, and much more.

Definitely start tearing through it when you get a chance. Especially if you're sitting in a cube at a job you hate looking for inspiration to leave. This will get you all jacked up.

Final thought...

La Croix, still good. Don't @ me.


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