• Huge FTX Repayment Update

• Satoshi Nakomoto To Be Revealed..

• Fred Kreuger “Stick With Bitcoin”

• And more…

Market Data Prices as of 5:45am ET

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HUGE FTX REPAYMENT UPDATE

BREAKING: FTX Bankruptcy Plan Approved, Paving the Way for Customer Repayment

FTX has received court approval to implement its bankruptcy plan, clearing the way for the crypto exchange to repay its customers - and it has only taken two years.

The approval came on Monday, with U.S. Bankruptcy Judge John Dorsey granting the green light during a hearing in Wilmington, Delaware.

FTX will use up to $16.5 billion in recovered assets to repay its customers, making this a pivotal moment in one of the most high-profile Chapter 11 bankruptcy cases.

Judge Dorsey praised FTX’s management of the proceedings, calling it a "model case" for handling such a complex bankruptcy.

The plan revolves around multiple settlements with customers, creditors, government agencies, and foreign liquidators.

Customers of the exchange will be prioritized for repayment before government regulators with competing claims.

According to FTX, 98% of customers who held less than $50,000 on the platform are expected to receive their funds within 60 days once the plan becomes effective.

The collapse of FTX can be traced back to its founder, Sam Bankman-Fried, who was convicted of misusing customer funds to cover risky bets made by his hedge fund, Alameda Research. Bankman-Fried is currently serving a 25-year prison sentence, although he is appealing the conviction.

FTX has estimated it will have between $14.7 billion and $16.5 billion available to repay creditors, ensuring that customers are repaid at least 118% of the value of their accounts as of the company's bankruptcy filing in November 2022.

Here’s what he had to say FTX’s CEO had to say:

Another sweetener to consider.. A considerable amount of the $16 billion might find its way back into Bitcoin and the broader cryptocurrency ecosystem.

There’s also speculation that customers may receive their repayments in stablecoins. 👀

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SATOSHI NAKOMOTO TO BE REVEALED..

Polymarket Bets Favor Nick Szabo Over Len Sassaman in Race for Satoshi Nakamoto Reveal on HBO.

The upcoming HBO documentary, Money Electric: The Bitcoin Mystery, has spurred intense speculation on Polymarket, with bettors now favoring Nick Szabo over Len Sassaman as the most likely person to be identified as Satoshi Nakamoto.

Currently, Szabo holds 27.9% of the betting odds, compared to Sassaman's 14%.

Polymarket bettors initially leaned toward Sassaman, giving him 68% odds when the market opened on Oct. 4.

However, his odds dropped sharply after the documentary’s producer, Cullen Hoback, revealed that he had confronted the person he believes to be Satoshi, excluding Sassaman due to his death in 2011.

While Szabo's project, Bit Gold, never launched, it has been widely seen as a precursor to Bitcoin, incorporating elements such as peer-to-peer networks and proof-of-work mining.

This has led many to suspect Szabo is Satoshi, though he has consistently refuted the claims.

With the highest odds, the "Other/Multiple" category on Polymarket suggests that some bettors believe Satoshi Nakamoto could still be a team or someone else altogether.

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FRED KREUGER: “STICK WITH BITCOIN”

As Altcoins continue to gain popularity, more and more people are investing in these emerging cryptocurrency projects. However, many of these coins are built with the primary aim of extracting value from investors, benefiting the creators while leaving participants with losses.

Fred Kreuger, a prominent figure in the crypto world, advises caution, urging individuals to stick with Bitcoin.

According to Kreuger, Bitcoin's stability and track record make it a far safer option, and it continues to outperform any altcoin on the market today.

By focusing on Bitcoin, investors can avoid the pitfalls of altcoins that are designed to profit founders while exposing users to significant financial risks.

Bitcoin’s strong performance and reliable history set it apart from the riskier alternatives.

Take a look at this video, where Kreuger outlines some compelling reasons for prioritising Bitcoin in your investment portfolio:.

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OTHER NEWS:

• PlebBase explores the process of overclocking a Bitaxe, an open-source Bitcoin miner, to enhance its hashing performance, discussing the benefits, drawbacks, and limits of air-cooled optimization for home mining enthusiasts

• Ottosch reviews the Ashigaru wallet code against Samourai Wallet, finding it to be secure with new features like onion URL pings and mandatory Tor, while highlighting rebranding changes and the removal of OXT explorer

• Susie Violet Ward, Bitcoin journalist and financial analyst, explores how the current Bitcoin market cycle is influenced by diminishing liquid supply, increased institutional interest, and global adoption, suggesting a potentially distinct and robust bull market ahead

• Arman The Parman publishes his presentation on Bitcoin and Energy that argues that Bitcoin mining is not a waste of energy, emphasizing its vital role in securing the Bitcoin network, enabling sound money, and providing societal benefits that outweigh its costs

• River Financial publishes a guide on Proof of Reserves (PoR) explaining how it works and why it is a crucial process for companies, particularly in the Bitcoin industry, to verify they hold sufficient assets to cover client deposits, enhancing transparency and security

• Kane McGukin, senior data strategist at Arkos Global Advisors, explores how the revolution of money, driven by information theory and digital currencies like Bitcoin, reshapes economic growth and interconnectedness, marking a shift from outdated probabilistic systems to exponential financial frameworks

• ICYMI: DNComply warns in ‘Unreal Stupidity’ that Kamala Harris' proposed tax on unrealized capital gains could devastate the US economy, erode property rights, and pave the way for authoritarian wealth seizure, while most Americans remain unaware of its potential consequences

FOR THE FERTILE MIND…

You are what you read! Here is what we are reading right now…

The Concept of the Political - Carl Schmitt
The Sovereign Individual - James Dale Davidson & Lord William Rees Mogg
Digital Gold - Nathaniel Popper
Metaphysics of War - Julius Evola

MEMES OF THE WEEK

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.