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⚡️Happy Bitcoin Infinity Day 🚀

Croxroad

21 Aug 2023 — 8 min read

GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

Imagine dedicating seven months of your life to a project that started as a mere test design. That's the story of the Bitcoin Infinity Day Keys. It's a tale that took unexpected turns, with the Bitcoin community playing a pivotal role in its evolution.

The inception of the idea was rather sneaky. After completing The Bitcoin Full Node Sculpture 7.0, the artist was inspired to experiment with colored mirrors. The test designs unexpectedly caught the attention of the community, and soon, they were seen as standalone art pieces. The artist embraced this newfound love, envisioning an art piece for the masses.

But, as life often does, it threw a curveball. The artist got engrossed in another project, the Full Node Sculpture #8. By the time it was completed, Bitcoin Infinity Day was just around the corner. For those unfamiliar, Bitcoin Infinity Day celebrates the meme "Bitcoin: Everything there is, divided by 21 million." Interestingly, the original article that inspired this meme was published on 8/21, which can be read as the infinity symbol divided by 21, hence the name.

The Infinity Day Key's first transformation was sparked by a conversation with a collector. The idea was to create a key for the occasion. With time running out, the artist worked non-stop, and just in time for Bitcoin Infinity Day, the key was ready. But the journey didn't end there.

After showcasing the key, the artist was flooded with requests to purchase it. Initially, only five keys were made, but the demand was overwhelming. A giveaway contest was organized, which eventually led to the decision to produce 21 keys. The last key, embodying the "8/21" meme, was set for auction.

The second transformation involved creating numbered mirrored plates for each key, adding a personal touch. And then came the Public Keys, designed for those who missed out on the Private Key giveaways. The artist wanted to ensure everyone had a chance to own a piece of this unique art.

The sale of the Public Keys was innovative. Instead of a set time duration, the sale was determined by Bitcoin block time. The price increased with each mined block, making it a race against time for potential buyers.

As the auction day approached, the artist was filled with apprehension. Would people understand the concept? Would they care? The sale began with a bang, with 42 keys sold in mere seconds. By the end of the day, over 150 Public Keys were sold, and the Private Key auction reached 21,000,000 satoshis.

The climax was on Bitcoin White Paper Day. The artist, amidst a Bitcoiner BBQ, watched in astonishment as a bidding war erupted. The climax? A jaw-dropping bid of 6 BTC, which later corrected to 0.6 BTC. Still, the journey of the Bitcoin Infinity Day Keys was nothing short of a roller-coaster, filled with twists, turns, and a whole lot of Bitcoin.

BITCOIN NEXT MOVE: KEY PRICE POINTS TO MONITOR AFTER MAJOR DROP 🤔

Amid a significant sell-off in the crypto market, Bitcoin investors are keeping a close eye on a crucial price point that might determine its next move. Just when Bitcoin was trying to break the $30,000 mark, this sell-off took place. A crypto analyst named RLinda pointed out the importance of the $25,000 support level for Bitcoin. There are two main reasons for this:

Sellers seem keen on pushing the price down to the $25,000 mark.

Buyers are showing interest in this level, seeing it as a good entry point.

RLinda also mentioned specific support levels at $25,000 and $24,819, with resistance levels at $26,707, $28,474, and $30,575. She highlighted that the price is building momentum towards the strong support at $25,000. If this support level is retested, it could lead to a trend reversal or a strong bullish response.

However, the crypto market isn't just moving on its own. Traders are eagerly waiting for the U.S. Securities and Exchange Commission's (SEC) decision on Bitcoin Exchange-Traded Fund (ETF) futures applications. A positive decision could bring a fresh wave of enthusiasm and momentum to the market.

Interestingly, this potential movement might be a strategic play to buy Bitcoin at a lower price before an expected growth phase. This is a common trading strategy: buy during price dips and profit during bullish times.

The recent Bitcoin sell-off led to a loss of about $1 billion in the crypto sector's market cap in just 24 hours. One of the reasons being discussed is Elon Musk's SpaceX selling its Bitcoin after noting a $373 million write-down. This sell-off coincided with global drops in stock and bond values. There's a growing sentiment among investors that U.S. interest rates might stay high as the economy continues to show strength.

At the time of the article, Bitcoin was priced at $25,928, showing a nearly 2% daily correction and a 10% weekly drop. Technical analysis indicates a bearish momentum for Bitcoin, with many indicators suggesting a "sell" or "strong sell" stance.

In a nutshell, the crypto market is in a tense state, with everyone waiting for the next big move that could potentially trigger a rally. But remember, investing in crypto is speculative, and there's always a risk involved.

HUT 8 MINING AND US BITCOIN CORP: A NEW BUSINESS ALLIANCE ON THE HORIZON! 🇺🇸

So, Hut 8 Mining Corp., which you might know by its ticker on Nasdaq as HUT, has some exciting news. They're teaming up with U.S. Data Mining Group, Inc., which goes by the snazzy name of US Bitcoin Corp. This isn't just a handshake and a "let's work together" kind of deal. Nope, it's a full-blown business combination, and they're doing it by the book, under the Business Corporations Act of British Columbia.

Now, here's where it gets a bit legal. The Supreme Court of British Columbia gave them a nod with an interim order. What's that for, you ask? Well, it's to hold a special meeting for all those folks holding common shares in the company. They'll get together, have some coffee (probably), and decide if they're on board with this arrangement. Mark your calendars, folks, because this meeting is set for September 12, 2023, at 10 a.m. ET. And if you're wondering who gets an invite, it's those who were shareholders by the end of business on August 8, 2023.

But wait, there's more! The company's been super transparent about this. They've put out all the info about this special meeting on SEDAR, EDGAR, and their own website, Hut8.io. So, if you're a shareholder, or just plain curious, you can find out how to join this meeting and what's going to go down.

Now, before you get too excited, there are some hoops to jump through. The deal's completion hinges on a few things. The shareholders have to give it a thumbs up, the Supreme Court of British Columbia has to give its final order (they've penciled that in for September 15, 2023), and a few other typical conditions have to be met. But if all goes well, and the stars align, this big merger should be wrapped up by September 30, 2023.

A DECADE OF DIGITAL SAFES: TRACING THE PROGRESS OF CRYPTO WALLETS 💡

Way back in 2009, the world saw its first-ever cryptocurrency wallet, released hand in hand with bitcoin. Imagine that! Just like you and me need a wallet to stash our cash, cryptocurrencies needed a digital haven. These crypto wallets let folks manage their digital riches and make transfers via the blockchain. Some even let you buy or sell assets and play around with decentralized apps. And oh boy, the tech behind it? They use these super complex cryptographic keys. Think of the public key as your bank account number and the private key as your secret PIN.

Now, here's a fun fact: the OG crypto wallet made by Satoshi Nakamoto required users to download the entire BTC blockchain history. It was cool at first, but as bitcoin got famous, keeping up became a real chore. By 2012, you'd have to keep the wallet running almost non-stop to stay updated. Talk about high maintenance!

2011 brought a breath of fresh air with the first mobile bitcoin wallet for Android by Electrum. It was like having your digital gold in your pocket! With crypto becoming the talk of the town, new wallet services popped up, each trying to outdo the other with snazzy features.

Fast forward to 2014, and the scene welcomed hardware or "cold" wallets. These bad boys store private keys offline, giving online hackers a run for their money. Trezor was one of the first to jump on this bandwagon.

That same year, multisignature wallets made an entrance. Instead of one, they needed multiple signatures to approve a transaction. It's like having a shared vault where everyone needs to turn their key to open it. Armory, Guarda Wallet, and Linen Wallet are some of the big names here.

2016 was Ethereum's time to shine. With its own wallet ecosystem, it allowed users to store any digital goodies built on the Ethereum platform. Think of it as an online banking app, minus the bank. And there's a buffet of over 50 Ethereum wallets to pick from!

2017 saw the rise of token wallets. With new cryptocurrencies like cardano joining the party, there was a need for wallets that could juggle various tokens from different blockchains. Coinbase and Robinhood didn't miss the beat and launched their own versions.

Zooming into 2023, the big players in the wallet game are hardware wallets, software (or "hot") wallets, and paper wallets. Yep, you heard right, paper wallets! They're like treasure maps with all the info to access your digital doubloons.

To wrap things up, the future's looking bright for crypto wallets. Predictions say the industry might hit a whopping $60 billion by 2030. So, if you're on the hunt for the best crypto wallet, do your homework and pick what suits you best. After all, it's your digital treasure chest!