Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

I know it’s the end of the year so we will dive right into today’s headlines!

📰 News Highlights:

🔄 Donald Trump Sells Millions in ETH After NFT Sales Nosedive (Link)(Link)(Link)(Link)

In a surprising twist, former President Donald Trump is shedding his Ethereum holdings, selling off $2.4 million worth of ETH in the last three weeks.

This move follows Trump's attempts to rejuvenate his NFT trading card business, which faced challenges with diminishing values and a lukewarm response. Blockchain intelligence firm Arkham reveals Trump's strategic shift, leaving him with just $2.2 million in various cryptocurrencies.

The crypto community speculates on Trump's motives, with some attributing the sell-off to legal fees, while others note that this might instead signal a potential pivot to a rival blockchain network.

💰MicroStrategy Has Accumulated 189,150 Bitcoins Worth Over $8 Billion (Link)(Link)(Link) 

MicroStrategy, led by crypto enthusiast Michael Saylor, continues its remarkable journey in amassing Bitcoin, now holding 189,150 bitcoins valued at over $8 billion. 

The software company recently acquired an additional 14,620 bitcoins, amounting to $616 million, in a month-long buying spree. With a year-to-date stock surge of 350%, MicroStrategy's strategic alignment with Bitcoin proves to be a lucrative venture.

As Bitcoin's value continues to rise, MicroStrategy's stock experiences unprecedented growth, highlighting the relationship between traditional tech stocks and the ever-evolving crypto landscape.

🔐 Ordinals Website Suffers DDoS Attack (Link)(Link)

In an unexpected turn of events, the Ordinals.com website finds itself the victim of a distributed denial of service (DDoS) attack, causing connectivity issues and raising eyebrows across the crypto community.

Casey Rodarmor, the creator of Ordinals, took to social media to share the news of the DDoS assault.

The attack, which took place on Dec. 27, marks the first of its kind since Ordinals' launch in January, adding a layer of intrigue to the ongoing discourse around Ordinals and its impact on the Bitcoin network.

Andrew Poelstra, Director of Research at Blockstream acknowledged there is no technical means to eliminate Ordinals from Bitcoin but says the nonfungible token-like inscriptions are a “passing fad,” also adding:

While some critics find amusement in this situation, the broader crypto community engages in debates around the nuanced relationship between Ordinals and the larger Bitcoin ecosystem.

🛑 Bitzlato exchange suspends withdrawals as assets are sized by French government (Link)(Link)(Link)(Link)(Link)

Bitzlato, a popular European crypto exchange is reeling from recent legal developments, and announces the temporary suspension of all Bitcoin withdrawals. This setback follows the co-founder's guilty plea and the agreement to dissolve the crypto exchange, forfeiting $23 million in cryptocurrency.

The crypto community grapples with the implications of this suspension as Bitzlato prepares for upcoming legal hearings concerning seized assets in France. The tumultuous journey of Bitzlato, marked by legal entanglements and a founder's guilty plea, underscores the regulatory challenges within the crypto space. 

Users await further clarity on the fate of their assets as legal proceedings unfold, adding another chapter to the complex narrative of cryptocurrency exchanges facing legal scrutiny.

🔍 Industry Insights: 

💡 Vitalik Outlines Ethereum's Future With (PoS) Upgrade (Link)(Link)

Ethereum co-founder Vitalik Buterin proposes a visionary upgrade to the Ethereum blockchain's proof-of-stake (PoS) consensus, aiming to streamline and simplify its operations. 

Buterin, on Dec. 28, introduces a method to reduce the burden on Ethereum by minimizing the number of signatures required from validators to maintain network functionality. The proposal suggests a shift from the current high signature count, around 28,000 per slot, to a more manageable 8,192 signatures per slot.

This strategic move aligns with the pursuit of a balanced approach to decentralization, efficiency, and quantum resistance within Ethereum. Buterin presents three potential approaches: decentralized staking pools, a two-tiered staking system, and rotating participation with accountable committees.

As Ethereum navigates its ongoing evolution, Buterin's proposal reflects a commitment to scalability, quantum resistance, and broader participation, setting the stage for a more streamlined and future-proof PoS consensus.

Today’s Sponsor:

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This week we have partnered with Trezor.

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😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com