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SN Saturday Newsletter 12/10/22
283 sats \ 1 comment \ @k00b 10 Dec 2022 meta
Happy Sat-urday Stackers,
The Africa Bitcoin Conference took place this week and is well worth watching. Two announcements from the conference made the news:
  1. Strike partnered with Bitnob to provide instant and cheap remittances to Africa from the United States. Prior to Bitcoin, companies like Western Union bridged national banking systems extracting high tolls. Bitcoin allows Strike, with customers and banking partnerships in the United States, and Bitnob, with the same in Africa, to cheaply and instantly exchange value, Bitcoin, on behalf of customers - who can use any and different local currencies as a unit of account. We'll be seeing a lot more of this.
  2. Gridless is building Bitcoin mining sites to incentivize small-scale renewable energy production in East Africa, operating as a buyer of last resort. Gridless announced $2m in funding from Stillmark, Block, and others. If more energy is better for people who already have it, imagine how good energy will be for the 50% of Africans without.
Have a great weekend, stackers!
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  • Synota, which uses Lightning to make power supply and consumption an instantly settling pay-as-you-go service, will be doing an AMA Thursday December 15th at 10a CT.
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  1. Want to learn how to build a Lightning wallet? Pleb Lab's PlebDev course teaches you how to do just that - and without prior programming knowledge. Even if you don't need the course, I still recommend watching the promo video for the giggles.
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  3. To Max Webster's relief, @brugeman is working on Lightning powered search. It's an early proof of concept, but according to the about page and his replies on the announcement post, the plan is to charge Bitcoin for searches, use Bitcoin for ranking, and by some means split revenue with the websites in search results.
  4. @super_testnet shows us how to write bounded loops, aka instructions that repeat a finite number of times, in bitcoin script. While it's known to be theoretically possible, Super couldn't find an implementation so he wrote one. The resulting script is predictably cumbersome, but it's a loop in bitcoin script.
  5. The Central Bank of Nigeria (CBN) is limiting cash withdrawals for individuals to N100k ($225) and N500k ($1,325) for businesses. The limits are an attempt to move Nigeria to a cashless society and encourage Nigerians to use alternatives like mobile banking and the eNaira CBDC.
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1386 sats \ 0 replies \ @KenyaCoin 11 Dec 2022
The Central Bank of Nigeria (CBN) is limiting cash withdrawals for individuals to N100k ($225) and N500k ($1,325) for businesses.
That is the withdrawal limit per-week, expressed in dollars, using the "official" exchange rate of N445 per USD (i.e., N100,000 / 445 = $225).
But take N100,000 to a Bureau de Change / foreign currency conversion dealer and you will pay the USD/NGN "parallel market rate", of about N740 per USD ... getting you only $135. In other words, your purchasing power from cash withdrawals is about $135 per week, or ~$19 per day.
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