As we turn the pages on another vibrant chapter in our Bitcoin journey, I’d like to share my reflections on the recent Bitcoin Atlantis Conference held in the picturesque island of Madeira. The conference not only underscored the unwavering spirit and unity within the Bitcoin movement, but also highlighted significant strides and thought leadership.

The conference had two representatives from BNI (Mark and Conor) along with numerous people from Ireland, both north and south of the border.

 

Madeira: A Bitcoiner’s Paradise

The choice of Madeira for a conference could not have been more perfect. With its breathtaking landscapes, warm hospitality, and delightful restaurants, Madeira offered an idyllic backdrop for a gathering centred around collaboration, community and mission-thinking. The island, with its natural beauty, served as a constant reminder of the world we aspire to improve through the adoption of Bitcoin. 

 

Family Oriented 

Unlike many Bitcoin conferences, this one in particular was fairly well balanced. There was a great mix of men, women and families. Andre and the team had a small childrens tent where guest speakers (Giacomo Zucco, Jack Mallers, Daniel & Lauren Prince, General Kenobi and many more) explained how Bitcoin works, how education is failing us and how adding more money to the world actually makes people poorer. All these discussions were communicated in the most fun and humorous ways. There were also interactive sessions, games, prizes and lots of fun. 

 

A Gathering of Minds

The conference had a very clear Bitcoin-only focus, creating a space where enthusiasts, experts, and newcomers alike could delve deep into discussions without distractions, without ordinals, NFTs or any sort of shitcoinery. Notably, there was one exception where a lone crypto immigrant rage-quit in disgust at Giacomo’s refusal to worship false gods. This humorous moment served as a reminder that not everyone verifies, there are some who only trust. 

The togetherness, unity, virtue, co-operation and good spirits were apparent to all. Speakers & guests mingled without airs and graces.  There may not even have been one misplaced piece of litter left behind after all was said and done. 

John Vallis captured the spirit of the event best.

“Bitcoin (only) conferences aren’t ‘industry events’, they are little wormholes to the future that flash open for a few days so people can feel what things are like when we orient and express our actions around such a form of truth..”

 

Highlights and Key Takeaways  

Jack Mallers: Championing Bitcoin’s Core Philosophy

Jack began proceedings at 9:05 a.m. on day one. He was inspired by the recently published series of Satoshi emails. Jack endeavoured to break down Satoshi Nakamoto’s innovation of using proof of work to create Bitcoin. To understand why proof-of-work is absolutely necessary to have internet money and therefore why altcoins that don’t use proof of work are a scientific dead end. Bitcoin is the sum of some ingenious parts.

Echoing Gigi’s words, “a failure to understand proof-of-work is a failure to understand Bitcoin.” This presentation was admittedly an extension of Gigi’s work, particularly from the article, “Bitcoin is Time.” If you haven’t already read it, then this is your opportunity to do so.

As this was an introduction to Bitcoin, Jack explained in simple terms what Bitcoin is.

Bitcoin is money + time + energy + information.

The talk would be centred around explaining these four topics skillfully and in great detail. Of the four, the most important is time. Time is so important that 3 of the 8 references in the whitepaper are about time. In the comments of the initial codebase, Satoshi again referenced the timechain multiple times.

So… “Stop saying f*cking “blockchain. It’s timechain, timechain, timechain.”

Watch Video: Jack Mallers: Introduction to Bitcoin

 

Samson Mow: Bitcoin on the World Stage

Samson Mow of Jan3 shared some salient insights on nation-state adoption. In approaching governments, we must look for the alignment of incentives and see what problems they have, what they want to fix, and at the same time, try to educate them on what Bitcoin is.

Two more points stood out:

First, he talked about El Salvador adopting Bitcoin as an official currency. This move is a big deal because it makes Bitcoin a ‘foreign currency’ in the eyes of other countries. What this means is pretty simple: other countries don’t need to change their laws to use Bitcoin. Since El Salvador calls it money, other countries can too, without all the hassle of changing regulations.

Second Mow touched on Bitcoin Bonds. The basic idea here is that many countries are stuck in a lot of debt with traditional money, which is a tough situation to get out of. But, if countries start using Bitcoin to borrow money (through Bitcoin bonds), they could find a way out of this debt mess. It’s not easy, though, because it means going against some big players in the world of finance, like the International Monetary Fund (IMF) or, for those of us in Europe, the EU and ECB. It’s about having the courage to try something new with Bitcoin to potentially fix some big money problems.

Watch Video: Samson Mow: Country Level Bitcoin Adoption

Read More: Bitcoin Strategies For Nation States

 

Notable Irish Representation

John Magill of Zaprite shared the stage with Kukks of BTCPay. John talked about the importance of integrating Bitcoin into business operations. He highlighted how regulatory pressures are squeezing businesses by restricting the flow of money. Bitcoin obviously is an ideal solution for businesses to directly enhance their treasuries. Additionally, for the time being, businesses and freelancers have the ability to earn Bitcoin without the obligation of reporting it to governmental authorities, an opportunity worth leveraging while it exists.

One of the most frequent requests they receive from freelancers relates to accounting. However, building an accounting system is really difficult as there is a considerable amount of red tape and different rules in each jurisdiction. The onus is therefore on freelancers to seek out competent accountants. There is a big market out there for accountants and tax consultants who understand Bitcoin.

Mark Morton of Skilling Mining, BNI & EBEA shared the stage with a number of energy and mining professionals. Mark & Jesse Pielke both pressed home the point that there is only so long that the large mega mining-farms in the US will be able to keep “blowing hot air in the sky” (or hashing at a loss) and they will have to compete fairly like everyone else. There is a strong case therefore that the future of mining will be highly optimised smaller operations that are able to find the cheapest power. Mining won’t compete with other energy consumers as the energy they consume is too expensive, miners want the power that nobody else wants. Miners find problems (stranded energy) and offer solutions (money).

In the context of the EU, energy providers enjoy the luxury of high grid prices, making them less inclined to prioritise mining operations over supplying power to the grid. This preference is even more pronounced among companies focused on renewable energy, who have preconceived notions of what constitutes a fair price per kilowatt. When presented with the option to expedite their grid connection by selling power at a lower rate to miners, their initial reaction is to wait for the more profitable grid connection, which could yield rates as high as 16c per kWh, rather than settle for immediate returns of 4-5c per kWh.

Watch Video: John Magill – Invoices, Taxes, Fiat, Bitcoin

Watch Video: Mark Morton – The Multitool for Different Energy Systems

 

Michael Saylor: Bitcoin’s Universal Appeal & Energy

Michael Saylor was greeted with a rousing reception, something he clearly wasn’t used to. His presentation was about how Bitcoin benefits everybody. Bitcoin is for the individuals, families, governments, banks & operating companies. It’s equally for the people that you love the most in your life and the company you hate. He laid out exactly why it’s good for each of these groups, so if you need an orange-pill, a CEO, a mother, a father or a politician. Michael Saylor laid out how it benefits them all.

He also had some interesting things to say about energy. Bitcoin is getting much more energy efficient and in stark contrast, AI already uses more energy than Bitcoin. Right now, AI uses about 16 gigawatts of power, which is more than Bitcoin’s 15 gigawatts. It’s expected to use up to 60 gigawatts in just a year and estimated to read 600 gigawatts within ten years. So AI should soon inherit Bitcoin’s energy FUD. 

Watch Video: Michael Saylor: Bitcoin is for everybody

Watch Video: Michael Saylor: Bitcoin & AI Energy Consumption

 

Daniel Batten Bitcoin and the Environment

Daniel Batten’s contribution to Bitcoin and the environment needs little introduction. He’s been a tour de force in countering the energy FUD (Fear, Uncertainty, Doubt) since he arrived on the scene about two years ago. He wasted little time getting to the crux of his talk, that Bitcoin mining could become emission-negative through the integration of methane capture technology by 26th October 2026 should the current pace of emission intensity continue. We simply need four more medium sized methane capture sites to mine bitcoin. 

Watch Video: Daniel Batten: Bitcoin Solving The Methane Problem 

Read More: Daniel Batten: The Narrative is shifting

 

The Power of Bitcoin in Human Rights Advocacy

At the Bitcoin Atlantis Conference, we heard some powerful stories about how Bitcoin is more than just money—it’s a tool for fighting for freedom and standing up to unfair governments. Here’s how some speakers showed us the incredible ways people are using Bitcoin to make a difference:

Alex Gladstein’s Insight: Alex Gladstein pointed out that many people fighting for human rights don’t fully see how crucial money is in their struggle. He explained that dictators control the money flow to stop activists and suppress popular movements. Bitcoin can help activists by being a kind of money that governments can’t control or devalue easily and that currency devaluation is a crime against humanity.

Farida Nabourema Takes on the CFA Franc: Farida Nabourema spoke about how Bitcoin is helping people in Togo fight against an unfair money system. The CFA franc, used in some African countries, has rules that make it hard for people in Togo to do business without the CFA stealing 15% of exports. Farida shared that the government arrests people who try to support activists financially. So Bitcoin has become a fundamental tool to support activists while circumventing governments of the CFA. 

Anna Veduta’s Story from Russia: Anna Veduta, who was the press officer for the recently deceased Alexei Navalny, told us about the challenges faced by activists in Russia. The government there “deleted” all the money from the Anti-Corruption Foundation’s bank accounts, then prevented any form of financial support to activists and their families. But, by using Bitcoin, they’ve found a way to keep going, supporting over 150 people working to fight against corruption in her native country. They cannot use dollars or Euros since Russia was annexed from the Swift network, and they cannot use Rubles as Putin’s regime controls it.

They’re also looking into more privacy enhancing ways (beyond Coinjoin) to use Bitcoin, as most exchanges do not accept conjoined transactions. (Liquid side chain? Ghetto Submarine Swaps?)

Jack Dorsey On Supporting Activists: Jack Dorsey talked about OpenSats.org, a project that helps people working on Bitcoin to get the support they need through grants. This kind of help is crucial for activists and people in tough situations around the world, making it easier for them to keep fighting for what’s right.

Watch Video: An Afternoon Of Bitcoin As A Tool For Freedom & Activism

 

Jeff Booth Talked About a Abundant Future with Bitcoin

Jeff Booth brought a fresh perspective to his valuable thesis, contemplating how he could share fresh insights with those who have given him so much. He urged patience as it’s something wholly unprecedented. “If this is something we have never seen before, then our history books cannot help us,” he remarked. Viewing Bitcoin through the lens of history, would in effect be carrying our baggage from the past, trying to project the future. It’s at this point we enter the rabbit hole, we all fall down. Once we get it, there is no turning back. 

The rate of theft is inflation, plus the -5% of productivity gains that are being stolen every year from all 8 billion people in society. He emphasised “the natural state of the free market is deflation, and Bitcoin is imposing that reality on the world,” meaning that  “every soul on this planet will get richer every year. Not some of us, all of us (….) and anything that stops that is not economics, it’s theft” 

A Bitcoin-driven system could harness the collective intelligence of 7.8 billion people, accelerating productivity, growth, and deflation towards a future of abundant prosperity. He pondered whether the singularity is not AI, instead it’s what Bitcoin enables? (allowing the natural flow of productivity gains to benefit humanity widely).

This powerful talk ended with Jeff and most of the audience struggling to hold back tears of gratitude. Once the standing ovation dropped a few decibels, Jeff closed his talk with the following:

“There is no they, only we, and we create the world we want to see and I’m so proud to share it with you”

Watch Video:  Jeff Booth: A Journey to Hope and Abundance

 

Building Bridges

As a representative of Bitcoin Network Ireland, it was important to engage with members of fellow policy groups and associations. Rachel Geyer of Terrahash and Lyudmyla Kozlovska of Open Dialogue Foundation were particularly supportive and we hope to work together going forward to further Bitcoin’s cause at home and abroad in Europe.

 

Looking Ahead

The Bitcoin Atlantis Conference was more than an event; it truly was an insight to the future we’re striving to build. We will look forward to next year’s gathering, and we hope to see some of you there too. In-fact, we’d recommend it.

I invite you all to share your thoughts, questions, or suggestions. Together, we can continue to shape a future where Bitcoin plays a pivotal role in economic freedom and innovation.

I’ll leave you with the quote of the weekend from Tomer Strolight in response to Joe Hall

“You’re right, Bitcoin is just money. And fiat is unjust money”

 

Warmest regards,

Conor

On behalf of Bitcoin Network Ireland