It's halvening again...
Good afternoon, everyone.
The WSJ put out an article yesterday about homicide rates plummeting across the country compared to this point last year. In Nashville, for example, there were 16 fewer homicides compared to this time in 2023—a 44 percent drop.
In Nashville, as if to present a direct counterpoint, yet another convicted felon with a lengthy rap sheet out on bond shot and injured six people over on Bell Road yesterday.
When George Orwell was shot in the neck in Spain, he was assured by all visitors that he was lucky to be alive, to which Orwell replied, “It would be even luckier not to be hit at all.”
Onward.
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Our happy hour on Friday at Streetcar Taps and Garden is in celebration of the impending Bitcoin halving set to occur sometime that evening. Maybe during the happy hour; hard to tell. For those unfamiliar with what the Bitcoin halving is and why it’s noteworthy, I thought I’d take a minute to explain it here. If none of this makes sense, then come to the happy hour, and I’m sure someone will be glad to explain it to you.
The way fresh Bitcoin is introduced into the system is via miners, who operate extremely powerful computers that race to solve a series of computationally intensive math problems in order to verify the transactions made with bitcoin—which requires serious effort on their behalf begetting the term Proof of Work. The first miner to solve the problem is rewarded with bitcoin.
The halving is the moment in which this bitcoin reward given to the miners is reduced by half. Friday’s halving is the fourth halving in the history of Bitcoin, which first launched in January 2009. The first reward was 50 bitcoins. On November 28, 2012, it was reduced to 25 bitcoins. Then on July 9, 2016, to 12.5 bitcoins. Most recently on May 11, 2020, it was reduced to 6.25 bitcoins. Come Friday evening, the reward will be reduced again to 3.125 bitcoins. The halving puts deflationary pressure on Bitcoin, increasing scarcity.
As an aside, I have been purchasing and holding Bitcoin for quite some time now. It has outperformed all my other investments. So, when people start talking about how it’s fake or will go to zero, it’s hard to square that with the very real returns I’ve been able to harvest. Obviously, this is not investment advice, but if you are curious about Bitcoin and all the developments occurring in the space, our happy hour on Friday will be a great opportunity to learn more.
What goes unmentioned about Nashville, in particular, is its status as a Bitcoin Mecca of sorts. Bitcoin Magazine, one of the earliest media companies devoted solely to cryptocurrencies, has their headquarters here in town. Bitcoin Park is well known for its meetups drawing in hobbyists and experts alike from around the globe.
All that is to say, come out to Streetcar Friday to hang and get a chance to win passes to the July Bitcoin Conference here in Nashville. RSVP here. From Davis Hunt
⚖️ Bills Hanging in the Balance The Senate Finance, Ways and Means Committee and the House Local Government Committee will hear the East Bank Development Authority bill today and tomorrow, respectively. Despite skepticism that has delayed its progress, Mayor O’Connell was optimistic during last week’s media roundtable: Though the House has continued to move the original bill through its committees, he noted, “we've seen an amendment proposed in the Senate.”
“We have to be able to pass whatever comes out from the state in Metro Council,” O’Connell explained. “My guess is the council will not have an appetite for anything that looks like some of the state’s preemptive takeover activity we've seen in the past.”
Also calendared in both the Senate and the House this week is the governor’s ESA bill, which is likely to draw heated discussions further highlighting the discord between the two bodies. Legislators have been squabbling over the final version of the bill for nearly a month. The Senate wants to grant parents the ability to choose which public school their child can attend, regardless of their school zone; the House doesn’t agree with the change.
As of this writing, the General Assembly is expected to wrap up by April 23rd.
🚌 Freddie's Bus Proposal The mayor’s transit plan—known as the Transportation Improvement Program— will be unveiled this Friday at the Southeast Community Center in Antioch. Last week, O’Connell mentioned that, if passed, Metro will be looking into acquiring land to build affordable housing and parks near dozens of new transit centers in order to secure federal grant dollars. He also mentioned that the plan will include park and ride facilities, prioritize the sidewalk network, and modernize traffic signals.
DEVELOPMENT
- Mixed-Use Project Frames Transition Between Germantown And Downtown Nashville (Now Next)
- Wedgewood-Houston apartment project to offer event venue, soccer field (NBJ)
- Investors pay $6.64M for Pie Town building (Post)
- Developer lands $102M loan for Midtown project (Post)
THINGS TO DO
View our calendar for the week here and our weekly film rundown here.
📅 Visit our On The Radar list to find upcoming events around Nashville.
🎧 On Spotify: Pamphleteer's Picks, a playlist of our favorite bands in town this week.
👨🏻🌾 Check out our Nashville farmer's market guide.
TONIGHT
🎸 The Body @ DRKMTTR, 7p, $20, Info
+ doom metal
🪕 Val Storey, Carl Jackson, Larry Cordle & New Monday @ Station Inn, 8p, $20, Info
💀 Grateful Monday @ Acme Feed & Seed, 8p, Free, Info
🕺 Motown Monday @ The 5 Spot, 9p, $5, Info