• A Bitcoin-themed PEZ dispenser has officially launched.
• Only 30,000 units will be produced.
• The scarcity of units is meant to both mirror the scarcity of bitcoin and create the first Bitcoin-themed candy collectible.

The world’s first Bitcoin-themed PEZ dispenser has launched for a limited-edition run, per a press release sent to Bitcoin Magazine.

ProSnacktive Sales, a newly formed family-owned business, launched the product exclusively on Walmart Marketplace. The company is producing a hard limit of 30,000 units, mirroring the hard money scarcity of bitcoin.

“We believe the future is bright for Bitcoin, and that is one of the main reasons we pursued this project,” said Chris Coradini, owner of ProSnacktive Sales LLC. “It’s a fun way to promote Bitcoin and leave a long-lasting impression with all crypto, collectible, and candy enthusiasts alike! And yes, bitcoin was used to help fund this project!”

While the markets are suffering a downturn and news of acquisitions, liquidation events and volatile prices crowd investors’ screens, ProSnacktive intends for this product to be a well-deserved break from the market madness.

The company noted that while these PEZ dispensers might not need to be HODLed quite as tightly as one’s bitcoin, they still might be worth holding onto as a collectible. One local Connecticut resident and PEZ collector is already excited for the product launch.

“It’s awesome to hear that Bitcoin was adopted as a custom PEZ design,” local Connecticut resident Phil Grimaldi said. “I’m definitely going to be buying more Bitcoin before the dispenser goes on sale. I hope I am lucky enough to get one. PEZ and Bitcoin to the moon!

This post First Ever Bitcoin Themed PEZ Dispenser Officially Launches first appeared on Bitcoin Magazine and is written by Shawn Amick.

Blockstream, a company focused on scaling bitcoin, is launching a platform to connect developers, entrepreneurs, and Bitcoiners from around the world to build on Core Lightning and the Liquid Network, per a release sent to Bitcoin Magazine.

Build On L2 (BOL2) encourages developers to challenge narratives in the broader cryptocurrency space that suggest blockchain projects need to have utility tokens. Developers will focus on solutions furthering Bitcoin’s second layer while building on Core Lightning and the Liquid Network.

“The success of Lightning ultimately depends on the contributions of its community members,” explained Lisa Neigut, Core Lightning engineer. “The Build On L2 initiative brings developers, startups, and other contributors together into the same conversation to share their visions and scale Bitcoin as a wider community.”

The Liquid Network is a layer-2 scaling solution that allows the trading of multiple assets outside of bitcoin, such as USD and stablecoins, utilizing a sidechain. Core Lightning is a modular Lightning implementation that brings instant, low-cost, global bitcoin micropayments.

“Liquid allows us to build a Bitcoin native financial system. It contains the tools for maintaining a decentralized asset registry for securities issuance, where Bitcoin is the native settlement currency,” said Scott Millar, founder at SideSwap. “We hope this vision resonates with the larger Bitcoin community, and we welcome anyone looking to get started on Liquid through the Build On L2 community.”

Additionally, communities within BOL2 will host events such as hackathons, virtual networking events, project bounties, international builder tournaments, career development programs, mentoring, and AMA’s with developers.

At launch, the manifesto of BOL2 has already been signed by prominent Bitcoiners such as: Blockstream CEO Dr. Adam Back, well-known CLN node operator Zero Fee Routing, Breez CEO Roy Sheinfeld, and others.

This post Blockstream Launches BOL2: Community For Bitcoin Development first appeared on Bitcoin Magazine and is written by Shawn Amick.

FTX Exchange, following the collapse of its business, has filed its first day declaration in bankruptcy court citing a “complete failure of corporate controls,” per a court filing.

John J. Ray III, the newly appointed CEO of FTX Exchange, addressed the many issues facing FTX Exchange and the lack of leadership exhibited by Sam Bankman-Fried and other executives previously in charge of the company.

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” said Ray. “From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”

Ray also explained that he has over 40 years of experience in restructuring companies, such as what is needed for FTX. His words cut a bit deeper when one realizes someone with that level of experience has never witnessed “failure” at this level.

The declaration spells out five core objectives that the new leadership team has in order to get things moving in the right direction: implementation of controls, asset protection and recovery, transparency and investigation, efficiency and coordination, and maximization of value.

Additionally, Ray expressed his concerns for currently available audited financial statements. Prager Metis, the audit firm for said documentation, is listed as the “first-ever CPA firm to officially open its Metaverse headquarters in the metaverse platform Decentraland.”

The new CEO of FTX explained that he did not know anything about this auditing firm and stated “As a practical matter, I do not believe it appropriate for stakeholders or the Court to rely on the audited financial statements as a reliable indication of the financial circumstances of these Silos.”

Furthermore, Ray expressed the improper use of FTX funds “to purchase homes and other personal items for employees and advisors.” 

This post FTX Exchange Release Day One Bankruptcy Filing: “Complete Failure” first appeared on Bitcoin Magazine and is written by Shawn Amick.

Nayib Bukele, President of El Salvador, announced late last night that the country would be purchasing one bitcoin every day starting today.

The move to dollar-cost-average (DCA) into bitcoin is common in the community, however novel for a nation state.

Currently, the country holds a bitcoin treasury of 2,381 BTC, valued at over $39 million. Bukele has made a habit in the past of making large BTC purchases during times of market volatility and buying the dip.

Outside of just purchasing BTC and holding it on balance for El Salvador, the Bukele administration has fostered the birth of events gathering world leaders from countries all over the world the learn about the financial freedom bitcoin adoption offers.

In September, it was announced that over 30 countries with over 110 speakers, including Senator Indira Kempis from Mexico, would gather to discuss financial inclusion. During this visit, attendees were introduced to the financial applications of bitcoin and were able to see bitcoin in action at Bitcoin Beach.

Then, in October, the State Treasurer from North Carolina in the U.S. traveled to El Salvador – on his own dime – to learn about the changes bitcoin has already made for the El Salvadoran economy.

“What we witnessed in El Salvador is very useful in our efforts to encourage more support and understanding for digital assets and emerging technologies here in South Carolina,” said Dennis Fassuliotis, president of the South Carolina Emerging Technologies Association, at the time.

As Bitcoin continues to foster throughout the El Salvadoran economy through new initiatives such as Bitcoin diplomas, Bukele and his administration clearly plan to double down on the country’s investment into a bitcoin-focused economy. It remains unclear how long the purchasing of 1 BTC per day will continue.

This post El Salvador To Buy One Bitcoin Every Day: President Bukele first appeared on Bitcoin Magazine and is written by Shawn Amick.

Scarce City, a bitcoin-focused marketplace, has launched a marketplace that sells anything in exchange for bitcoin known as SatsCrap, per a release sent to Bitcoin Magazine.

SatsCrap allows users to list or purchase products with bitcoin and thus maintain user privacy. Anyone with a device connected to the internet can list or purchase a product with no Know Your Customer (KYC) data collected. The marketplace does not use logins, bank accounts or a registration process.

“We’re already seeing strong listing and buying activity among our alpha community,” said Chris Tramount, CEP (chief executive pleb) of SatsCrap parent company Scarce City. “Sending a small amount of bitcoin as collateral is meaningfully easier than creating an account and linking a bank account.”

Furthermore, SatsCrap is celebrating the holiday season and its launch with a 5% discount on purchases and listing fees until Cyber Monday, on November 28.

The Scarce City team has already sold over 250 BTC worth of bitcoin-based products on its platform and is hoping to extend that expertise across a broader market with SatsCrap.

“The Bitcoin holder base is as strong as ever – Bitcoiners in the developed world can’t stack enough of it and people in hyperinflating countries increasingly rely on it for essential purchases,” said Tramount. “We believe the time is right to break out of our niche and expand Bitcoin’s global circular economy.”

The team behind SatsCrap hopes to deliver a unique experience by easing the listing process and allowing vendors to earn bitcoin for sales for the lowest rates on the internet, per the release.

This post Scarce City Launches Bitcoin ECommerce Platform SatsCrap first appeared on Bitcoin Magazine and is written by Shawn Amick.

Cryptocurrency lender Genesis Global Capital has paused withdrawals and loan applications following the collapse of FTX Exchange, per a tweet from Genesis Trading.

Genesis Global Capital boasts an institutional clientele with over $2.8 billion in active loans.

Genesis Trading operates as the broker arm of Genesis Capital and is independently operated and capitalized from the broader lending institution, interim CEO Derar Islim said. However, Islim did state that trading operations and custody services currently remain operational.

“Today Genesis Global Capital, Genesis’s lending business, made the difficult decision to temporarily suspend redemptions and new loan originations,” said Amanda Cowie, vice president of communications and marketing at Digital Currency Group (DCG), parent company of Genesis.

Islim also explained that Genesis was actively seeking solutions for its liquidity crises and would be looking for sources of “fresh liquidity”, per the report.

“This decision was made in response to the extreme market dislocation and loss of industry confidence caused by the FTX implosion,” Cowie said.

Following the collapse of FTX, Genesis made it known that over $175 million in locked funds were held by FTX, which prompted DCG to provide a $140 million equity infusion.

Genesis serves as the lending partner of Gemini Earn, and since Genesis can no longer honor withdrawals, neither can Gemini.

“We are disappointed that the Earn program [service agreement] will not be met, but we are encouraged by Genesis’ and its parent company Digital Currency Group’s commitment to doing everything in their power to fulfill their obligations to customers under the Earn program,” Gemini said.

This post Genesis Global Capital Halts Bitcoin, Crypto Withdrawals first appeared on Bitcoin Magazine and is written by Shawn Amick.

Compass Coffee, a cafe company based in Washington DC, has partnered with the Embassy of El Salvador to launch Bitcoin Blend, a limited-edition roast dedicated to the farmers of El Salvador, per a release sent to Bitcoin Magazine.

The company hosted a conference and panel discussion on Bitcoin and El Salvador, featuring the Ambassador of El Salvador to the United States, Milena Mayorga.

“Today we’re very excited to announce the new Bitcoin Blend, made from Salvadoran coffee grown in the Santa Ana region,” said Mayorga. “It’s been created by Compass Coffee in honor of the first anniversary of bitcoin adoption in Salvador.”

The blend features ingredients from Salvadoran Farms and a portion of the proceeds from sales will be donated to supporting the fast-growing coffee industry of El Salvador.

“For us, so much of what’s exciting about bitcoin is how it offers us the potential to connect directly with everyone in the coffee value chain – from the grower, to the person operating the coffee mill, to the truck driver, to the exporter,” said Max Deem, VP of operations at Compass Coffee.

Compass believes that Bitcoin empowers local business owners in the region. Thus, while Bitcoin and coffee may not seem to be a natural partnership to some, to the leadership of Compass Coffee, it makes all the sense in the world.

“Using bitcoin for payments to our international coffee partners means that we are able to cut out a lot of the extra costs that come with doing business internationally – wire transfer fees and that sort of thing – and put more value directly into the hands of the individuals that actually make it possible for us to roast coffee and do what we do every day,” said Chas Newman, head of sourcing and production at Compass Coffee.

Compass is currently looking to become Lightning-enabled in its 15 locations in the DC region and it already accepts bitcoin as payment on its online store. 

This post DC-Based Coffee Company Launches Bitcoin Blend In Honor Of El Salvadoran Farmers first appeared on Bitcoin Magazine and is written by Shawn Amick.

The Bitcoin Policy Institute (BPI), a non-profit dedicated to furthering governmental Bitcoin adoption, has released a new report discussing proof-of-reserves (PoR) in the bitcoin and cryptocurrency ecosystem following the FTX collapse, per a release sent to Bitcoin Magazine.

“Proof of Reserves: a Report on Mitigating Crypto Custody Risk” discusses the fallout from FTX’s bankruptcy. This cascading event has led to multiple exchanges pledging to provide some form of PoR, in which companies provide a transparent view of on-hand assets as a way to provide consumer protection from insolvency.

BPI’s report argues that the adoption of PoR will provide information on counterparty risk, reduce the chance of systemic default contagion and improve user trust in their custodial relationships.

“Now is the time for market participants to identify private, voluntary solutions to improve transparency and instantiate related best practices,” the report said.

BPI continues to explain that recent systemic failures in the industry have attracted the eyes of lawmakers, as was seen with the fall of FTX when the CFTC and SEC both announced they were investigating the company.

Thus, as a lack of transparency fueled the downfall of many companies over the course of this past year, BPI holds that the only logical path forward is for the industry to adopt a PoR-based approach which will provide security to consumers.

Sam Abassi, CEO of Hoseki, the first proof-of-assets service provider for bitcoin institutions, explained why this step is necessary for the industry to continue to grow.

“We are ecstatic at the continued industry-wide education being conducted by organizations like the BPI to further transparency related measures, such as Proof of Reserves,” said Abbassi. “This work is critical to creating a healthier, safer, self-regulated and more robust digital asset industry.”

As of November 9, eight exchanges have reportedly followed Binance in announcing their intentions towards increased transparency in the ecosystem. David Zell, co-founder of BPI, also commented on the dynamic shift of the industry.

“FTX’s bankruptcy should remind all of us that the only way to hold digital assets without counterparty risk is to custody them yourself,” said Zell. “But when customers deposit their assets with a third party, firms need to be as transparent as possible about the state of those funds. Solutions like proof of reserves can play a major role toward that end.”

This post Crypto Exchanges Need Proof Of Reserves: Bitcoin Policy Institute Report first appeared on Bitcoin Magazine and is written by Shawn Amick.

Elon Musk, the newly appointed CEO of Twitter, said “BTC will make it, but might be a long winter,” on Twitter early Monday morning.

The comment follows recent cataclysmic events which led to an implosion of the cryptocurrency ecosystem. However, this “crypto winter”, as it’s often referred to, has been slowly getting worse amid both institutional failure in the ecosystem and changes in global financial conditions.

Musk’s reply was made in reference to a comment recounting BTC’s previous high of $69,000 which asked where the price of bitcoin might be a year from now. Indeed, the price of BTC has drastically fallen, as has trust in the broader industry.

Cascading effects of doubt plagued the industry once the collapse of Terra’s so-called stablecoin disrupted the world of finance. Suddenly, institutions and the world had to accept that algorithmic stablecoins could fail. Company’s with an abundance of exposure soon crumbled with the Terra infrastructure.

Thus, Voyager Digital, BlockFi, Celsius, Babel Finance and others fell due to their exposure. As companies began to drop like flies, so too did the price of bitcoin and cryptocurrencies. As the winter took hold and some began to speculate on when the bottom would come in, the market was faced with a new problem.

FTX, one of the leading cryptocurrency exchanges in the world, came to a drastic and almost instantaneous end. The firm, which presented itself as a savior to the ecosystem when it continuously insisted it would acquire other failing companies to protect consumers, failed to protect its own customers after filing for bankruptcy and subsequently getting hacked for over $515 million in consumer assets.

Even still, while trust in institutions and custodial service providers in the ecosystem is failing, as Musk said, “BTC will make it.” Consumers simply could learn to trust in themselves more than in those whose choices and actions can cause harm to not only consumers but the entire ecosystem.

This post Elon Musk: Bitcoin Will Survive The Crypto Winter first appeared on Bitcoin Magazine and is written by Shawn Amick.

The new Orange Pill App (OPA) is seeking to connect Bitcoiners in real life without the need for meetups and conferences, per a release sent to Bitcoin Magazine.

Today, in Santa Monica, California at the Pacific Bitcoin Conference, Orange Pill became available on IOS and Android devices will go live in December. The team behind Orange Pill says conferences can be expensive and time consuming, while meetups often have low attendance and require large amounts of planning.

“As we march into the unknown and increasingly dystopian nature of fiat clown world it is more important than ever that our message is aligned, our tools are sharpened, companies, meetups, workshops are created and other community grassroots efforts flourish,” said Daniel Prince, a Bitcoiner, podcaster, and advisor to Orange Pill App.

OPA explained that there is an increasing amount of noise on Twitter making it harder to create connections in real life with Bitcoiners.

“DM’s are filled with crypto bros and big busted Asian Women bots inquiring about the success of your tradings,” said Prince. “Replies to tweets are filled with defi, web3 and shitcoin apologists who have formed secret discord chats to coordinate their efforts to systematically pump their own bags whilst harvesting your engagement.”

Moreover, OPA was formed out of the frustration of its CEO, Matteo Pellegrini, who struggled to find local Bitcoiners in his area when he moved to a new neighborhood.

“Building the Orange Pill App is going to be the privilege of my life. I have been a bitcoiner for many years and every time I meet another pleb IRL, whether at a meeting or conference, it has always been an incredible experience that I wish more people could have,” said Pellegrini. ”I hope OPA will play a part in expediting Bitcoin adoption.”

This post Orange Pill: A New App To Meet Bitcoiners first appeared on Bitcoin Magazine and is written by Shawn Amick.