New Bitcoin Symbol Proposal: The ‘Sats’ Symbol

• Arman The Parman, a Bitcoin educator passionate about privacy, suggests a sats symbol consisting of a reverse “S” and a vertical strikethrough.
• This symbol poetically references the 21 million bitcoin hard supply cap and is a horizontally or vertically reversed dollar sign representing the anti-dollar.
• The symbol has received an overwhelmingly positive response on social media, with some commenters noting that it contains elements of Knut Svanholm’s “infinity” divided by 21 million meme.

Bitcoiners have long been searching for a symbol to represent sats, the smallest unit of a bitcoin. After much debate, Arman The Parman, a Bitcoin educator passionate about privacy, has proposed a symbol that many Bitcoiners can agree on. The symbol is a combination of a reverse “S” and a vertical strikethrough, which combined together makes 21 – a reference to the 21 million bitcoin hard supply cap. Additionally, this symbol is a horizontally or vertically reversed dollar sign, serving as a visual representation of the anti-dollar, or the dollar-killer.

Arman’s symbol has already received a warm welcome on social media, with many commenters praising the poetic beauty of the symbol and noting that it contains elements of Knut Svanholm’s “infinity” divided by 21 million meme. One Twitter user even pointed out that the reverse “S” and strikethrough can represent the first and last letters of “Satoshi,” the pseudonymous creator of Bitcoin.

Overall, it seems that Arman’s symbol has the potential to become the definitive sats symbol. Not only is it aesthetically pleasing, but it also encapsulates the spirit of Bitcoin and the desire to break away from the traditional financial system. With any luck, Bitcoiners will be able to settle on this symbol and use it to represent sats around the world.

Fiji’s New Prime Minister Considering Bitcoin as Legal Tender

• Sitiveni Rabuka, the new Prime Minister of Fiji, is reportedly considering the adoption of Bitcoin as legal tender.
• Lord Fusitu’a, a noble and former member of parliament of neighboring nation Tonga, has confirmed that Rabuka is a bitcoin bull.
• The adoption of bitcoin could help both Fiji and Tonga by providing remittances and mining opportunities.

The Pacific Islands of Fiji recently welcomed a new Prime Minister in the form of Sitiveni Rabuka, and now it seems the new leader is actively considering the adoption of Bitcoin as legal tender. This revelation comes courtesy of Lord Fusitu’a, a noble and former member of parliament of neighboring nation Tonga, who has reportedly confirmed that the Fijian politician is a bitcoin bull.

Lord Fusitu’a shared the news on Twitter, writing, “A new pro-#Bitcoin friendly Prime Minister in the South Pacific. Fiji’s newly elected Prime Minister @slrabuka. Let’s go 2 for 2 – BTC Legal Tender Bills for the Pacific in 2023.” This tweet hints at Tonga’s own Bitcoin legal tender legislation, which could reportedly go live as early as Q2 2023.

The Bitcoin dream first started brewing in Tonga right after El Salvador’s Bitcoin Law came into effect, and now it looks like Fiji could be the next country to bring BTC under its definition of legal tender. When asked about the situation, Lord Fusitu’a told Cointelegraph that Fiji’s new Prime Minister “asked to meet with me which we did via zooms since last year to walk him through step by step, how he could adopt bitcoin legal tender.”

The adoption of bitcoin could help both Fiji and Tonga in two specific areas; remittances and mining. Remittances sent to Fiji accounted for 11.3% of the country’s gross domestic product (GDP) in 2021, per World Bank data. Tonga’s situation is even more dramatic –– remittances were a whopping 45.5% of the nation’s GDP in 2021. As for mining, both countries can take advantage of their geology.

The news of a potential Bitcoin legal tender in Fiji is exciting for the cryptocurrency industry, as it could lead to the adoption of Bitcoin in the wider Pacific region. In addition, it could also be a boon for the tourism industry in Fiji, as more travelers would be able to pay for goods and services in Bitcoin. It remains to be seen if Rabuka will take the plunge and adopt Bitcoin as a legal tender, but if he does, it could be an extremely positive move for both Fiji and Tonga.

Craig Wright Ordered to Pay Peter McCormack’s Legal Fees, Faces Contempt Inquiry

• A judgment in Peter McCormack’s current case against Craig Wright concluded that Wright must pay the court fees of McCormack on an indemnity basis.
• The conclusion of the trial also sets up an inquiry into Wright for contempt of court, as he had shared details of the judgment prior to an embargo date.
• McCormack is also being directed to pay approximately $1.1 million (900,000 British pounds) in legal costs, subject to evaluation by a cost judge.

The legal battle between Peter McCormack and Craig Wright has come to a conclusion, with a court ruling that Wright must pay the court fees of McCormack on an indemnity basis. This follows multiple court cases between the two, including a defamation case in 2019 in which Wright sued McCormack for calling him a “liar” and “fraud” and was awarded only 1 British pound in nominal damages after the court pointed out that Wright submitted false evidence.

The current ruling has also set up an inquiry into Wright for contempt of court, as he had apparently breached an embargo on a draft judgment, sharing details of the judgment prior to the embargo date in the MetaNet Slack. Justice Chamberlain of the Royal Courts of Justice has written a summons requiring Wright to attend a directions hearing before a judge nominated by the Judge in Charge of the Media and Communications List, who will give directions for the conduct of contempt proceedings in respect of the breach of the embargo.

In addition to this, McCormack is being directed to pay approximately $1.1 million (900,000 British pounds) in legal costs, subject to evaluation by a cost judge. McCormack has stated on Twitter that “The stress of the last four years can’t be understated, it has had a significant impact upon me and my family.”

The legal battle between McCormack and Wright has been ongoing since 2019, with both parties having their legal victories and defeats. The latest ruling, however, marks a significant turning point in the case, with Wright facing the possibility of contempt proceedings and McCormack being directed to pay a significant sum in legal costs. It remains to be seen how the inquiry into Wright will proceed and how McCormack will be able to pay the legal costs imposed on him.

Layer 2 Labs Aims to Revolutionize Bitcoin with Drivechains

• Layer 2 Labs is launching with a goal of scaling and building out drivechains for the Bitcoin Network, and has raised $3 million in funding.
• Drivechains define a specific way to create Bitcoin sidechains to enable BTC to “flow” between the two networks in a two-way peg.
• Layer 2 Labs believes that drivechains have the potential to revolutionize the way we use Bitcoin by enabling greater scalability, extensibility, privacy, and flexibility on the network.

Layer 2 Labs is an ambitious new startup aiming to further revolutionize the Bitcoin network. With a goal of scaling and building out drivechains for the Bitcoin Network, Layer 2 Labs has closed a seed round at launch, raising $3 million in funding. The company is led by co-founder and CEO Paul Sztorc, the author of two Bitcoin improvement proposals (BIPs), BIP 300 and BIP 301, which detail the technical specifications of drivechains.

Drivechains are a way to create Bitcoin sidechains in order to enable BTC to “flow” between the two networks in a two-way peg. The goal is that the representation of BTC in the sidechain maintains a 1:1 peg to the actual BTC locked on the Bitcoin network. This allows for the sidechain to be a parallel blockchain to the Bitcoin network, and is currently exemplified by Liquid, Blockstream’s federated sidechain.

Layer 2 Labs believes that drivechains have the potential to revolutionize the way we use Bitcoin by enabling greater scalability, extensibility, privacy, and flexibility on the network. The company believes that drivechains could kill altcoins, increase Bitcoin adoption, and provide the catalyst for hyperbitcoinization. To this end, Layer 2 Labs is dedicated to building out the drivechain protocol and making it easier for people to use Bitcoin.

The company is currently looking for technical talent to join their team and help accomplish their mission. The team is also actively engaging with Bitcoin miners, developers, and other stakeholders in the Bitcoin ecosystem to discuss the potential of drivechains and how to best move forward. By pushing the boundaries of Bitcoin technology, Layer 2 Labs hopes to make everyone in the world a Bitcoin user.

Foundation Devices Raises $7M to Empower Self-Sovereign Individuals

• Foundation Devices has announced the end of a seed round raising $7 million, led by Polychain Capital.
• The company has released the second edition of the flagship Passport and is focused on its new mobile app titled “Envoy”.
• CEO Zach Herbert stated that “Preserving freedom and privacy is more important than ever amidst worldwide censorship, privacy violations, and reckless financial and monetary policies”.

Foundation Devices, a company that launched in April 2020 and seeks to empower self-sovereign individuals through decentralized technologies, has recently announced the successful completion of a seed round that raised $7 million. Led by Polychain Capital, the round was also supported by new additions Greenfield Capital and Lightning Ventures, and previous investors Third Prime, Warburg Serres, Unpopular Ventures, and Bolt.

Just a month after launching its original flagship product, the Passport, Foundation Devices has now released the second edition of the product. The Passport has seen thousands of sales in the past 18 months and is continuing to gain traction and adoption among consumers. The company has also launched “Envoy”, a mobile app that serves as a standalone sovereignty toolkit with a Bitcoin software wallet. Envoy offers a secure and easy onboarding process with maximum privacy using the Tor network, a free and open-source software for enabling anonymous communication.

CEO Zach Herbert emphasized the importance of preserving freedom and privacy, noting that this is more important than ever amidst worldwide censorship, privacy violations, and reckless financial and monetary policies. Polychain Capital Founder and CEO Olaf Carlson-Wee echoed this sentiment, expressing excitement to support Foundation Devices on the next phase of their vision.

Foundation Devices is committed to providing users with the tools to remain secure and private, and with this round of funding, it looks like the company is on the right track.