Daily Crypto Update 11/16/21
In today’s letter:
📚Bitcoin’s biggest update Taproot went live
📚Marathon Digital hit from the SEC
📚DAO organization aims to buy copy of the US Constitution
📚Bitcoin’s biggest update Taproot went live
One of the most notable and long-awaited updates in Bitcoin’s network since 2017 went live during the weekend. The Taproot upgrade aims to improve the network making the transaction cheaper and lightweight as well as securing the system on a higher level.
The taproot will affect more significantly the multi-signature transactions, which require several signatures to finish the transaction. Mostly the companies and institutions use multi-signatures to spread the risk of stealing the assets. After Taproot’s incorporation, the transactions will be more secure and fast to execute.
Taproot is one of the most important updates in Bitcoin’s network since 2017 when SegWit went live. SegWit increased the block size and laid the groundwork for Layer 2 payment channels, such as Lightning.
📚DAO organization aims to buy copy of the US Constitution
ConstitutionDAO, a new decentralized autonomous organization, plans to take part in an auction for a copy of the US Constitution. The copy has a valuation of between 15 million to 20 million and is part of Goldman’s family private collection. The document is really rare, it is one of only 11 surviving 1787 first-edition copies.
In 1988 Howard Goldman bought the Constitution copy for $165 000. Now his wife, Dorothy Tapper Goldman, is putting it up for auction and is going to donate the money received.
ConstitutionDAO’s participation is notable for the crypto community. If the DAO buys the document, each of the shareholders will have a little piece of it. The US Constitution represents human freedom and as we all know crypto is freedom.
📚Marathon Digital hit from the SEC
Last week Bitcoin mining company Marathon Digital published its results for Q3 2021. With a 76% increase in revenue from the previous quarter it was sure that the company’s stock will hit a new record but the report revealed that Marathon received a subpoena from the SEC. The regulator ask about documentation related to the company’s data center in Hardin, Montana. The mining business noted that it cooperated with the SEC.
As a result, the stock dropped significantly. From $81.51 they are currently trading at $55.40.