RCIF II - Five bullet Friday - Issue # 19

      This week is a remarkable day in the history of crypto currencies. It is the second most important event after the birth of bitcoin on January 3rd, 2009. The country of El Salvador passed a bill on June 8th, 2021 in their congress, recognizing bitcoin as the legal tender for the entire country.

1. On June 8th, while the assembly in El Salvador was debating the merits of the agreement, the prime minister tweeted about it. Immediately, someone opened a Twitter Space ( similar to Clubhouse app) and asked him to join. I was online at that time and was listening to a Q & A session from the Prime minister, Nayib Bukele. In a matter of 20 minutes, 24,600 people were listening to this conversation Live! You could hear the crowd erupt in applause when the bill passed in congress. I could not contain my excitement and kept clapping.

2. Just the next day he announced that they will use the Volcanoes in their country to mine bitcoin for the Government. He also promised that the central bank will hold $150 million dollars worth of bitcoin on their balance sheet. This is a small step for bitcoin but a giant step for mankind. It will transform the financial markets, mining, cross-border payments, DeFi markets and traditional exchanges.

3. What is remarkable is how short this bill is. The actual content of the bill is only 2 pages. US Congress routinely passes bills that go into 10,000 pages. Nobody has time to read these monstrosities, which are written by the lobbyists and presented for vote when the copies are brought on a push cart. Most of the merchants, if they don't like to take price risk of bitcoin, can convert their bitcoins into US dollars instantaneously using Strike App.

4. REN protocol enables cross-chain asset swaps. It is not meant to be used by regular DeFi users. It is more for developers who are building applications on a certain blockchain to use assets from other chains like bitcoin or Ethereum. It is a tollbooth that steadily collects 0.25% transaction fees from all cross-chain transactions. I have purchased 1 million tokens at a cost of $430,000. It costs 100,000 REN tokens to launch a dark node. I have installed our servers in Digital Ocean which is a cheaper alternative to Amazon Web Services.

5. These 10 Linux server instances are used by the REN protocol to facilitate transfers across the blockchains. I have connected them to the protocol via Ubutu command line interface. Each IP address is used by one dark node. These 10 darknodes will be added to the protocol in the next epoch, which is on June 28th. Once they are used by the protocol, we will be earning our fees in bitcoin in perpetuity. It is a tollbooth that steadily produces bitcoin and ethereum in transaction fees. Please note the Zapper does not show our 1 million REN tokens, as they are bonded to our darknodes.

This news made me quite bullish. I let my actions speak louder than my words. I have personally invested $1.15 million into the fund in the month of June.  This is a great time to dollar-cost average into your positions.

Have a wonderful weekend!

warm regards,

Sam Ikkurty