@ 2dd9250b:6e928072

Durante a década de 1990, houve o aumento da globalização da economia, determinando a adição do fluxo internacional de capitais, de produtos e serviços. Este fenômeno levou a uma interdependência maior entre as economias dos países. Justamente por causa da possibilidade de que um eventual colapso econômico em um país resulte no contágio dos demais. Diante disso, aumentou a preocupação com os riscos incentivando a utilização de sofisticados modelos e estratégias de avaliação de gestão de risco.

Na década, ganharam destaque ainda os graves problemas financeiros enfrentados, entre outros, pelo banco inglês Barings Bank, e pelo fundo de investimento norte-americano Long Term Capital Management.

Outro grande destaque foi a fraude superior a US$ 7 bilhões sofrida pelo banco Société Generale em Janeiro de 2008.

O Barings Bank é um banco inglês que faliu em 1995 em razão de operações financeiras irregulares e mal-sucedidas realizadas pelo seu principal operador de mercado. O rombo da instituição foi superior à US$ 1,3 Bilhão e causado por uma aposta equivocada no desempenho futuro no índice de ações no Japão. Na realidade, o mercado acionário japonês caiu mais de 15% na época, determinando a falência do banco. O Baring Bank foi vendido a um grupo financeiro holandês (ING) pelo valor simbólico de uma libra esterlina.

O Long Term Capital Management era um fundo de investimento de que perdeu em 1998 mais de US$ 4,6 bilhões em operações nos mercados financeiros internacionais. O LTCM foi socorrido pelo Banco Central dos Estados Unidos (Federal Reserve ), que coordenou uma operação de socorro financeiro à instituição. A justificativa do Banco Central para esta decisão era "o receio das possíveis consequências mundiais da falência do fundo de investimento".

O banco francês Société Generale informou, em janeiro de 2008, uma perda de US$ 7,16 bilhões determinadas por fraudes efetuadas por um operador do mercado financeiro. Segundo revelou a instituição, o operador assumiu posições no mercado sem o conhecimento da direção do banco. A instituição teve que recorrer a uma urgente captação de recursos no mercado próxima a US$ 5,0 bilhões.

E finalmente chegamos ao caso mais problemático da era das finanças modernas anterior ao Bitcoin, o caso Lehman Brothers.

O Lehman Brothers era o 4° maior de investimentos dos EUA quando pediu concordata em 15/09/2008 com dívidas que superavam inacreditáveis US$ 600 bilhões.

Não se tinha contas correntes ou talão de cheques do Lehman Brothers. Era um banco especializado em investimentos e complexas operações financeiras. Havia feito pesados investimentos em empréstimos a juros fixos no famigerado mercado subprime, e o crédito imobiliário voltado a pessoas consideradas de forte risco de inadimplência.

Com essa carteira de investimentos que valia bem menos que o estimado e o acúmulo de projetos financeiros, minou a confiança dos investidores na instituição de 158 anos. Suas ações passaram de US$ 80 a menos de US$ 4. Acumulando fracassos nas negociações para levantar fundos; a instituição de cerca de 25 mil funcionários entrou em concordata.

O Federal Reserve resgatou algumas instituições financeiras grandes e tradicionais norte-americanas como a seguradora AIG no meio da crise. O Fed injetou um capital de US$ 182, 3 bilhões no American International Group (AIG).

Foi exatamente essa decisão do Fed em salvar alguns bancos e deixar quebrar outros, que causou insegurança por parte dos clientes. E os clientes ficaram insatisfeitos tanto com os bancos de investimentos quanto com as agências de classificação de risco, como a Standard & Poor's que tinha dado uma nota alta para o Lehman Brothers no mesmo dia em que ele quebrou.

E essa foi uma das razões pelo qual o Bitcoin foi criado. Satoshi Nakamoto entendeu que as pessoas não estavam mais confiando nem no Governo, nem nos Bancos Privados que o Governo federal restagatava quando eles quebravam e isso prejudicou muita gente. Tanto que o “hash” do Genesis Block contém o título do artigo “Chancellor on brink of second bailout for banks” (Chanceler à beira de segundo resgate para bancos, em português) da edição britânica do The Times.

Esse texto foi parcialmente editado do texto de ASSAF Neto, CAF (2014).

@ 6c05c73e:c4356f17

Análise Detalhada das Melhores Ações para Junho 2025

O mercado financeiro está em constante movimento, e identificar oportunidades de investimento é crucial para o sucesso. Exploraremos uma seleção de ações promissoras para junho de 2025. Analisaremos cada ativo individualmente, destacando seus pontos fortes e fracos para auxiliar investidores na tomada de decisões informadas. As ações a seguir foram selecionadas com base em análises de mercado e potencial de crescimento, e incluem nomes como ALOS3, RECV3, AZUL4, USO, USDBRL, BIDU, REXR, PR, GPN e CIVI.

Análise Individual das Ações

ALOS3

Essa é uma empresa que já falei aqui e está sempre voltando ao radar. Vou deixar ela em primeiro lugar, porque para mim é. Não existe empresa imobiliária tão saudável quanto ela.

Ponto Forte: ALOS3 tem demonstrado um crescimento consistente no setor de tecnologia, com inovações e expansão de mercado. A empresa possui uma forte base de clientes e uma estratégia sólida para o futuro.

Ponto Fraco: A alta volatilidade do setor tecnológico pode impactar o desempenho de ALOS3, tornando-o um investimento de maior risco em comparação com setores mais estáveis.

RECV3

Essa empresa apareceu no meu radar esse mês. Nem sabia da sua existência. Mas, isso porque seu IPO foi em 2021. E sua especialidade está em otimização de produção e revitalização de campos de petróleo.

Ponto Forte: RECV3 se destaca no setor de varejo, com uma rede de distribuição bem estabelecida e uma marca reconhecida. A empresa tem apresentado resultados financeiros positivos e um plano de expansão ambicioso.

Ponto Fraco: A concorrência acirrada no varejo e as flutuações na economia podem afetar as margens de lucro de RECV3.

AZUL4

A empresa anunciou essa semana que entrou em recuperação judicial. Contudo, o setor aéreo é sempre uma incógnita. Na minha visão, a operação de crédito da empresa é o diamante escondido.

Ponto Forte: AZUL4 é uma das principais companhias aéreas do Brasil, com uma vasta rede de rotas e uma frota moderna. A empresa tem se beneficiado da recuperação do setor de viagens e do aumento da demanda.

Ponto Fraco: O setor aéreo é altamente sensível a fatores externos como preços de combustível e crises econômicas, o que pode gerar instabilidade para AZUL4.

USO

Com os preços do petróleo em queda, devido ao aumento de produção divulgado pela OPEC. Enxergamos uma oportunidade de médio prazo. Pois, se faz muitos produtos com petróleo. Da um Google e pesquisa aí.

Ponto Forte: USO é um fundo de investimento ligado ao petróleo, que pode se beneficiar do aumento dos preços do petróleo devido a tensões geopolíticas ou aumento da demanda global.

Ponto Fraco: O preço do petróleo é extremamente volátil e sujeito a eventos imprevisíveis, tornando o USO um investimento de alto risco.

USDBRL

Não é novidade para ninguém que o dólar está previsto em R$6 para logo menos. A julgar pela impressão monetária, juros e inflação. Não vai ser difícil chegar lá. O P O R T U N I D A D E !

Ponto Forte: USDBRL representa a taxa de câmbio entre o dólar americano e o real brasileiro. Investir nesse ativo pode ser uma forma de se proteger contra a desvalorização do real e diversificar a carteira.

Ponto Fraco: A taxa de câmbio é influenciada por inúmeros fatores econômicos e políticos, tornando-a altamente volátil e difícil de prever.

BIDU

O maior motor de busca na China está derretendo. Em partes pelos avanços das IA. Que agora são amplamente usadas para pesquisas.

Ponto Forte: BIDU é uma das maiores empresas de tecnologia da China, com forte presença no mercado de buscas e inteligência artificial. A empresa tem um grande potencial de crescimento no mercado asiático.

Ponto Fraco: As regulamentações governamentais na China e a concorrência com outras gigantes da tecnologia podem limitar o crescimento de BIDU.

REXR

Empresa californiana focada em desenvolvimento imobiliário. Com excelentes resultados e fundamentos.

Ponto Forte: REXR é uma empresa do setor imobiliário com um portfólio diversificado e um histórico de crescimento constante. A empresa tem se beneficiado do aquecimento do mercado imobiliário em algumas regiões.

Ponto Fraco: O mercado imobiliário é sensível a taxas de juros e ciclos econômicos, o que pode impactar o desempenho de REXR em momentos de crise.

PR

Cara, essa empresa chama muito a atenção. Pelos números robustos. A empresa administra petróleo e campos de gás.

Ponto Forte: A empresa PR atua no setor de recursos naturais e tem se beneficiado do aumento da demanda por commodities. A empresa possui ativos valiosos e uma operação eficiente.

Ponto Fraco: A volatilidade dos preços das commodities e questões ambientais podem afetar negativamente o desempenho de PR.

GPN

A empresa tem excelentes fundamentos e está sentada sobre uma pilha de dinheiro em caixa que excede e muito a real necessidade da empresa. Olho nela!

Ponto Forte: GPN é uma empresa do setor financeiro, com destaque para serviços de pagamento e tecnologia financeira. A empresa tem apresentado crescimento consistente e inovação em seus produtos.

Ponto Fraco: A concorrência no setor financeiro e as regulamentações podem impactar as margens de lucro de GPN.

CIVI

Para concluir nossa lista. Temos essa empresa de construção civil que derreteu caixa. Mas, tem seu valor patrimonial bem abaixo do esperado.

Ponto Forte: CIVI é uma empresa do setor de construção civil, com projetos de infraestrutura e desenvolvimento urbano. A empresa tem se beneficiado de investimentos governamentais e crescimento populacional.

Ponto Fraco: O setor de construção civil é sensível a crises econômicas e atrasos em projetos, o que pode gerar instabilidade para CIVI.

Resumo da ópera:

Investir em ações requer pesquisa e análise cuidadosa. Cada uma das empresas listadas apresenta pontos fortes e fracos que devem ser considerados. ALOS3 se destaca pela sua excelente gestão nos shoppings e imóveis. BIDU se destaca no setor de tecnologia, enquanto RECV3 e AZUL4 oferecem oportunidades nos setores de varejo e aviação. USO e USDBRL são investimentos mais voláteis, ligados ao petróleo e câmbio, respectivamente. REXR e CIVI representam o setor imobiliário e construção civil, enquanto PR e GPN atuam nos setores de recursos naturais e financeiro. Esperamos que esta análise tenha sido útil. Boa sorte em seus investimentos!

Disclaimer

Lembre-se: este não é um conselho de investimento. Faça sua própria pesquisa antes de investir. Resultados passados não garantem lucros futuros. Cuide do seu dinheiro!

Bio

Apaixonado por investimentos e pela transformação que eles podem trazer, a equipe threedolar dedica-se a desmistificar o mundo financeiro e guiar seus leitores rumo à independência financeira. Acreditamos que o conhecimento é a chave para o sucesso nos investimentos.

Links

• https://www.fundamentus.com.br
• https://finviz.com
• https://permianres.com

@ 2e8970de:63345c7a

https://evidence.nejm.org/doi/full/10.1056/EVIDoa2300311

The solution to peanut allergy? Import Bamba!

https://stacker.news/items/993440

@ 005bc4de:ef11e1a2

LUV and Hivebits/HBIT/Wusang pause tl;dr LUV and HBIT (aka, Hivebits and the Wusang game) are on a pause at the moment, taking a break. https://files.peakd.com/file/peakd-hive/crrdlx/23x1SY8Vx8j1mVGnDFtq7ebuzKNGd8K9Ssex51AEerxks1VYikxGPShM7bjNhmSrEZ2wf.png Image from pixabay.com Why? There are odd things going on. I have a theory, but here's what is known... May 28, 2025, at about 1:30 pm GMT (8:30 AM EDT), a second attack (for lack of better term) hit HBIT in about a week. It seemed to start with @tyler45 with this comment https://peakd.com/blog/@tyler45/comment-20250528125108033 tx: https://he.dtools.dev/tx/7e7d4126196ca5b6dbe0a04dcded0e25d3bcc7f4 See tyler45's activity at https://he.dtools.dev/@tyler45 Notice the reply and WUSANG command is to a post by @olivia897 and how many of the other WUSANG comments on the explorer are in reply to olivia897. It seems these are all auto-generated accounts. The names and "birthdates" and interactions all point to automation. Once initiated, things happened very fast on the back end, clearly not being done manually. In this way, this seems rather sophisticated technically. I estimate just over 400 HBIT were pilfered the other day from the @Hivebits account before I noticed and was able to shut things down. Just for a little background, after the first attack May 21, 2025. I wrote a small bit of info: https://peakd.com/hivebits/@crrdlx/hbit-resource-credits A couple of days ago this post by @holoz0r was interesting: https://peakd.com/hive-133987/@holoz0r/text-analytics-reveal-thirty-two-percent-of-comments-on-hive-are-not-unique-and-at-least-ten-percent-add-no-value-to-discussion The thing that caught my eye was that the WUSANG comment was the largest by far, along with BBH (hello @bradleyarrow), because the attackers used both commands. Then, a few days later, things happened again: sudden start, repetitive bot attack, until I shut things down. So, a pause This is a period in my personal calendar where I simply don't have time to sit down at a computer for an extended period and try fiddle with this stuff. So, for now @Luvshares and @Hivebits (HBIT) and the @Wusang game are on hold. Plus, there's other fun stuff to do. https://files.peakd.com/file/peakd-hive/crrdlx/AJL43SREA1EuyqPXhydmqaq1RHhRVoYd12PfiBN5vDMu2WSKUtGeYWgKJyuRwV8.jpg I go by @crrdlx or "CR" for short. See all my links or contact info at https://linktr.ee/crrdlx.

Originally posted on Hive at https://peakd.com/@crrdlx/luv-and-hivebitshbitwusang-pause

Auto cross-post via Hostr v0.1.48 (br) at https://hostr-home.vercel.app

@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

• Coinswap is a decentralized protocol for private, trustless cryptocurrency swaps. It allows participants to securely swap digital assets without intermediaries, using advanced cryptographic techniques and atomic swaps to ensure privacy and security.
• This release introduces major improvements to the protocol's efficiency, security, and usability, including custom in-memory UTXO indexes, more advanced coin-selection algorithms, fidelity bond management and more.
• The update also improves user experience with full Mac support, faster Tor connections, enhanced UI/UX, a unified API, and improved protocol documentation.

"The Project is under active beta development and open for contributions and beta testing. The Coinswap market place is live in testnet4. Bug fixes and feature requests are very much welcome."

• Manuals and demo docs are available here.

What's new

• Core protocol and performance improvements:
  • Custom in-memory UTXO indexes. Frequent Core RPC calls, which caused significant delays, have been eliminated by implementing custom in-memory UTXO indexes. These indexes are also saved to disk, leading to faster wallet synchronization.
  • Coin selection. Advanced coin-selection algorithms, like those in Bitcoin Core, have been incorporated, enhancing the efficiency of creating different types of transactions.
  • Fidelity management. Maker servers now automate tasks such as checking bond expiries, redemption, and recreation for Fidelity Bonds, reducing the user's management responsibilities.
  • Taker liveness. The WaitingFundingConfirmation message has been added to keep swap connections between Takers and Makers, assisting with variable block confirmation delays.

• User experience and compatibility:

  • Mac compatibility. The crate and apps now fully support Mac.
  • Tor operations are streamlined for faster, more resilient connections. Tor addresses are now consistently linked to the wallet seed, maintaining the same onion address through system reboots.
  • The UI/UX improvements enhance the display of balances, UTXOs, offer data, fidelity bonds, and system logs. These updates make the apps more enjoyable and provide clearer coin swap logs during the swap process.

• API design improvements. Transaction creation routines have been streamlined to use a single common API, which reduces technical debt and eliminates redundant code.

• Protocol spec documentation now details how Coinswap breaks the transaction graph and improves privacy through routed swaps and amount splitting, and includes diagrams for clarity.

Source: Coinswap Protocol specification.

Announcement
GitHub Repo
Protocol Spec

@ dfa02707:41ca50e3

News

• Bitcoin mining centralization in 2025. According to a blog post by b10c, Bitcoin mining was at its most decentralized in May 2017, with another favorable period from 2019 to 2022. However, starting in 2023, mining has become increasingly centralized, particularly due to the influence of large pools like Foundry and the use of proxy pooling by entities such as AntPool.

Source: b10c's blog.

• OpenSats announces the eleventh wave of Nostr grants. The five projects in this wave are the mobile live-streaming app Swae, the Nostr-over-ham-radio project HAMSTR, Vertex—a Web-of-Trust (WOT) service for Nostr developers, Nostr Double Ratchet for end-to-end encrypted messaging, and the Nostr Game Engine for building games and applications integrated with the Nostr ecosystem.
• New Spiral grantee: l0rinc. In February 2024, l0rinc transitioned to full-time work on Bitcoin Core. His efforts focus on performance benchmarking and optimizations, enhancing code quality, conducting code reviews, reducing block download times, optimizing memory usage, and refactoring code.
• Project Eleven offers 1 BTC to break Bitcoin's cryptography with a quantum computer. The quantum computing research organization has introduced the Q-Day Prize, a global challenge that offers 1 BTC to the first team capable of breaking an elliptic curve cryptographic (ECC) key using Shor’s algorithm on a quantum computer. The prize will be awarded to the first team to successfully accomplish this breakthrough by April 5, 2026.
• Unchained has launched the Bitcoin Legacy Project. The initiative seeks to advance the Bitcoin ecosystem through a bitcoin-native donor-advised fund platform (DAF), investments in community hubs, support for education and open-source development, and a commitment to long-term sustainability with transparent annual reporting.
  • In its first year, the program will provide support to Bitcoin hubs in Nashville, Austin, and Denver.
  • Support also includes $50,000 to the Bitcoin Policy Institute, a $150,000 commitment at the University of Austin, and up to $250,000 in research grants through the Bitcoin Scholars program.

"Unchained will match grants 1:1 made to partner organizations who support Bitcoin Core development when made through the Unchained-powered bitcoin DAF, up to 1 BTC," was stated in a blog post.

• Block launched open-source tools for Bitcoin treasury management. These include a dashboard for managing corporate bitcoin holdings and provides a real-time BTC-to-USD price quote API, released as part of the Block Open Source initiative. The company’s own instance of the bitcoin holdings dashboard is available here.

Source: block.xyz

• Bull Bitcoin expands to Mexico, enabling anyone in the country to receive pesos from anywhere in the world straight from a Bitcoin wallet. Additionally, users can now buy Bitcoin with a Mexican bank account.

"Bull Bitcoin strongly believes in Bitcoin’s economic potential in Mexico, not only for international remittances and tourism, but also for Mexican individuals and companies to reclaim their financial sovereignty and protect their wealth from inflation and the fragility of traditional financial markets," said Francis Pouliot, Founder and CEO of Bull Bitcoin.

• Corporate bitcoin holdings hit a record high in Q1 2025. According to Bitwise, public companies' adoption of Bitcoin has hit an all-time high. In Q1 2025, these firms collectively hold over 688,000 BTC, marking a 16.11% increase from the previous quarter. This amount represents 3.28% of Bitcoin's fixed 21 million supply.

Source: Bitwise.

• The Bitcoin Bond Company for institutions has launched with the aim of acquiring $1 trillion in Bitcoin over 21 years. It utilizes secure, transparent, and compliant bond-like products backed by Bitcoin.
• The U.S. Senate confirmed Paul Atkins as Chair of the Securities and Exchange Commission (SEC). At his confirmation hearing, Atkins emphasized the need for a clear framework for digital assets. He aims to collaborate with the CFTC and Congress to address jurisdiction and rulemaking gaps, aligning with the Trump administration's goal to position the U.S. as a leader in Bitcoin and blockchain finance.
• Ethereum developer Virgil Griffith has been released from custody. Griffith, whose sentence was reduced to 56 months, is now seeking a pardon. He was initially sentenced to 63 months for allegedly violating international sanctions laws by providing technical advice on using cryptocurrencies and blockchain technology to evade sanctions during a presentation titled 'Blockchains for Peace' in North Korea.
• No-KYC exchange eXch to close down under money laundering scrutiny. The privacy-focused cryptocurrency trading platform said it will cease operations on May 1. This decision follows allegations that the platform was used by North Korea's Lazarus Group for money laundering. eXch revealed it is the subject of an active "transatlantic operation" aimed at shutting down the platform and prosecuting its team for "money laundering and terrorism."
• Blockstream combats ESP32 FUD concerning Jade signers. The company stated that after reviewing the vulnerability disclosed in early March, Jade was found to be secure. Espressif Systems, the designer of the ESP32, has since clarified that the "undocumented commands" do not constitute a "backdoor."

• Bank of America is lobbying for regulations that favor banks over tech firms in stablecoin issuance. The bank's CEO Brian Moynihan is working with groups such as the American Bankers Association to advance the issuance of a fully reserved, 1:1 backed "Bank of America coin." If successful, this could limit stablecoin efforts by non-banks like Tether, Circle, and others, reports The Block.
• Tether to back OCEAN Pool with its hashrate. "As a company committed to financial freedom and open access, we see supporting decentralization in Bitcoin mining as essential to the network’s long-term integrity," said Tether CEO Paolo Ardoino.
• Bitdeer to expand its self-mining operations to navigate tariffs. The Singapore-based mining company is advancing plans to produce machines in the U.S. while reducing its mining hardware sales. This response is in light of increasing uncertainties related to U.S. trade policy, as reported by Bloomberg.
• Tether acquires $32M in Bitdeer shares. The firm has boosted its investment in Bitdeer during a wider market sell-off, with purchases in early to mid-April amounting to about $32 million, regulatory filings reveal.
• US Bitcoin miner manufacturer Auradine has raised $153 million in a Series C funding round as it expands into AI infrastructure. The round was led by StepStone Group and included participation from Maverick Silicon, Premji Invest, Samsung Catalyst Fund, Qualcomm Ventures, Mayfield, MARA Holdings, GSBackers, and other existing investors. The firm raised to over $300 million since its inception in 2022.
• Voltage has partnered with BitGo to [enable](https://www.voltage.cloud/blog/bitgo-and-voltage-team-up-to-deliver-instant-bitcoin-and-stabl

@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

• The latest firmware updates for COLDCARD devices introduce two major features: COLDCARD Co-sign (CCC) and Key Teleport between two COLDCARD Q devices using QR codes and/or NFC with a website.

What's new

• COLDCARD Co-Sign: When CCC is enabled, a second seed called the Spending Policy Key (Key C) is added to the device. This seed works with the device's Main Seed and one or more additional XPUBs (Backup Keys) to form 2-of-N multisig wallets.
  • The spending policy functions like a hardware security module (HSM), enforcing rules such as magnitude and velocity limits, address whitelisting, and 2FA authentication to protect funds while maintaining flexibility and control, and is enforced each time the Spending Policy Key is used for signing.
  • When spending conditions are met, the COLDCARD signs the partially signed bitcoin transaction (PSBT) with the Main Seed and Spending Policy Key for fund access. Once configured, the Spending Policy Key is required to view or change the policy, and violations are denied without explanation.

"You can override the spending policy at any time by signing with either a Backup Key and the Main Seed or two Backup Keys, depending on the number of keys (N) in the multisig."

• A step-by-step guide for setting up CCC is available here.

• Key Teleport for Q devices allows users to securely transfer sensitive data such as seed phrases (words, xprv), secure notes and passwords, and PSBTs for multisig. It uses QR codes or NFC, along with a helper website, to ensure reliable transmission, keeping your sensitive data protected throughout the process.

  • For more technical details, see the protocol spec.

"After you sign a multisig PSBT, you have option to “Key Teleport” the PSBT file to any one of the other signers in the wallet. We already have a shared pubkey with them, so the process is simple and does not require any action on their part in advance. Plus, starting in this firmware release, COLDCARD can finalize multisig transactions, so the last signer can publish the signed transaction via PushTX (NFC tap) to get it on the blockchain directly."

• Multisig transactions are finalized when sufficiently signed. It streamlines the use of PushTX with multisig wallets.
• Signing artifacts re-export to various media. Users are now provided with the capability to export signing products, like transactions or PSBTs, to alternative media rather than the original source. For example, if a PSBT is received through a QR code, it can be signed and saved onto an SD card if needed.
• Multisig export files are signed now. Public keys are encoded as P2PKH address for all multisg signature exports. Learn more about it here.
• NFC export usability upgrade: NFC keeps exporting until CANCEL/X is pressed.
• Added Bitcoin Safe option to Export Wallet.
• 10% performance improvement in USB upload speed for large files.
• Q: Always choose the biggest possible display size for QR.

Fixes

• Do not allow change Main PIN to same value already used as Trick PIN, even if Trick PIN is hidden.
• Fix stuck progress bar under Receiving... after a USB communications failure.
• Showing derivation path in Address Explorer for root key (m) showed double slash (//).
• Can restore developer backup with custom password other than 12 words format.
• Virtual Disk auto mode ignores already signed PSBTs (with “-signed” in file name).
• Virtual Disk auto mode stuck on “Reading…” screen sometimes.
• Finalization of foreign inputs from partial signatures. Thanks Christian Uebber!
• Temporary seed from COLDCARD backup failed to load stored multisig wallets.
• Destroy Seed also removes all Trick PINs from SE2.
• Lock Down Seed requires pressing confirm key (4) to execute.
• Q only: Only BBQr is allowed to export Coldcard, Core, and pretty descriptor.

Blog Post / Archive
GitHub Repo
CCC Guide
Key Teleport site

@ eb0157af:77ab6c55

Bitmain’s new device raises the bar for energy efficiency.

During the World Digital Mining Summit, Bitmain introduced its latest bitcoin mining device: the Antminer S23 Hydro. The new miner promises an energy efficiency of 9.5 joules per terahash (J/TH), setting new industry standards.

ANTMINER S23 Hyd. Newly Launched at WDMS 2025!
580T 9.5J/T
Sales Start from May 28th, 9:00AM (EST)
Shipping from Q1, 2026 pic.twitter.com/Kg3VJTt7Rg

— BITMAIN (@BITMAINtech) May 27, 2025

According to Bitmain’s presentation, the Antminer S23 Hydro delivers up to 580 TH/s with a power consumption of 5,510 watts.

Scheduled for release in early 2026, the Antminer S23 Hydro marks a major leap forward compared to the first ASIC devices dedicated to mining. To put it in perspective, the first specialized miners launched in 2013 consumed around 1,200 J/TH. Bitmain’s latest device therefore represents a more than 99% improvement in efficiency.

Hashprice and economic challenges

In recent months, the hashprice — the metric measuring mining profitability — has remained relatively low, dropping below $39 per petahash per second during the year. As of now, the hashprice stands at around $55 per petahash per second, according to data from Hashrate Index.

This scenario has pushed several companies in the sector to rethink their expansion strategies. Instead of increasing hashing capacity, many are choosing to upgrade their existing fleets, focusing on efficiency rather than sheer scale.

The introduction of the Antminer S23 Hydro could catalyze a transformation within the mining ecosystem. The gradual replacement of outdated devices with more efficient technology could lead to a significant reduction in the Bitcoin network’s overall energy consumption.

The post Bitmain unveils the Antminer S23 Hydro: unprecedented efficiency appeared first on Atlas21.

@ b1ddb4d7:471244e7

Bitcoin FilmFest (BFF25) returns to Warsaw for its third edition, blending independent cinema—from feature films and commercials to AI-driven experimental visuals—with education and entertainment.

Hundreds of attendees from around the world will gather for three days of screenings, discussions, workshops, and networking at the iconic Kinoteka Cinema (PKiN), the same venue that hosted the festival’s first two editions in March 2023 and April 2024.

This year’s festival, themed “Beyond the Frame,” introduces new dimensions to its program, including an extra day on May 22 to celebrate Bitcoin Pizza Day, the first real-world bitcoin transaction, with what promises to be one of Europe’s largest commemorations of this milestone.

BFF25 bridges independent film, culture, and technology, with a bold focus on decentralized storytelling and creative expression. As a community-driven cultural experience with a slightly rebellious spirit, Bitcoin FilmFest goes beyond movies, yet cinema remains at its heart.

Here’s a sneak peek at the lineup, specially curated for movie buffs:

Generative Cinema –  A special slot with exclusive shorts and a thematic debate on the intersection of AI and filmmaking. Featured titles include, for example: BREAK FREE, SATOSHI: THE CREATION OF BITCOIN, STRANGE CURRENCIES, and BITCOIN IS THE MYCELIUM OF MONEY,  exploring financial independence, traps of the fiat system, and a better future built on sound money.

Upcoming Productions Preview – A bit over an hour-long block of unreleased pilots and works-in-progress. Attendees will get exclusive first looks at projects like FINDING HOME (a travel-meets-personal-journey series), PARALLEL SPACES (a story about alternative communities), and THE LEGEND OF LANDI (a mysterious narrative).

Freedom-Focused Ads & Campaigns – Unique screenings of video commercials, animations, and visual projects, culminating in “The PoWies” (Proof of Work-ies)—the first ever awards show honoring the best Bitcoin-only awareness campaigns.

To get an idea of what might come up at the event, here, you can preview 6 selected ads combined into two 2 videos:

• Unique Bitcoin-Video Ads: Part One
• Unique Bitcoin-Video Ads: Part Two

Open Pitch Competition – A chance for filmmakers to present fresh ideas and unfinished projects to an audience of a dedicated jury, movie fans and potential collaborators. This competitive block isn’t just entertaining—it’s a real opportunity for creators to secure funding and partnerships.

Golden Rabbit Awards: A lively gala honoring films from the festival’s Official Selection, with awards in categories like Best Feature, Best Story, Best Short, and Audience Choice.

BFF25 Main Screenings

Sample titles from BFF25’s Official Selection:

REVOLUCIÓN BITCOIN – A documentary by Juan Pablo, making its first screening outside the Spanish-speaking world in Warsaw this May. Three years of important work, 80 powerful minutes to experience. The film explores Bitcoin’s impact across Argentina, Colombia, Mexico, El Salvador, and Spain through around 40 diverse perspectives. Screening in Spanish with English subtitles, followed by a Q&A with the director.

UNBANKABLE – Luke Willms’ directorial debut, drawing from his multicultural roots and his father’s pioneering HIV/AIDS research. An investigative documentary based on Luke’s journeys through seven African countries, diving into financial experiments and innovations—from mobile money and digital lending to Bitcoin—raising smart questions and offering potential lessons for the West. Its May appearance at BFF25 marks its largest European event to date, following festival screenings and nominations across multiple continents over the past year.

HOTEL BITCOIN – A Spanish comedy directed by Manuel Sanabria and Carlos “Pocho” Villaverde. Four friends, 4,000 bitcoins , and one laptop spark a chaotic adventure of parties, love, crime, and a dash of madness. Exploring sound money, value, and relationships through a twisting plot. The film premiered at the Tarazona and Moncayo Comedy Film Festival in August 2024. Its Warsaw screening at BFF25 (in Spanish with English subtitles) marks its first public showing outside the Spanish-speaking world.

Check out trailers for this year’s BFF25 and past editions on YouTube.

Tickets & Info:

• Detailed program and tickets are available at bitcoinfilmfest.com/bff25.
• Stay updated via the festival’s official channels (links provided on the website).
• Use ‘LN-NEWS’ to get 10% of tickets

@ b1ddb4d7:471244e7

Starting January 1, 2026, the United Kingdom will impose some of the world’s most stringent reporting requirements on cryptocurrency firms.

All platforms operating in or serving UK customers-domestic and foreign alike-must collect and disclose extensive personal and transactional data for every user, including individuals, companies, trusts, and charities. 

This regulatory drive marks the UK’s formal adoption of the OECD’s Crypto-Asset Reporting Framework (CARF), a global initiative designed to bring crypto oversight in line with traditional banking and to curb tax evasion in the rapidly expanding digital asset sector.

What Will Be Reported?

Crypto firms must gather and submit the following for each transaction:

• User’s full legal name, home address, and taxpayer identification number
• Detailed data on every trade or transfer: type of cryptocurrency, amount, and nature of the transaction
• Identifying information for corporate, trust, and charitable clients

The obligation extends to all digital asset activities, including crypto-to-crypto and crypto-to-fiat trades, and applies to both UK residents and non-residents using UK-based platforms. The first annual reports covering 2026 activity are due by May 31, 2027.

Enforcement and Penalties

Non-compliance will carry stiff financial penalties, with fines of up to £300 per user account for inaccurate or missing data-a potentially enormous liability for large exchanges. The UK government has urged crypto firms to begin collecting this information immediately to ensure operational readiness.

Regulatory Context and Market Impact

This move is part of a broader UK strategy to position itself as a global fintech hub while clamping down on fraud and illicit finance. UK Chancellor Rachel Reeves has championed these measures, stating, “Britain is open for business – but closed to fraud, abuse, and instability”. The regulatory expansion comes amid a surge in crypto adoption: the UK’s Financial Conduct Authority reported that 12% of UK adults owned crypto in 2024, up from just 4% in 2021.

Enormous Risks for Consumers: Lessons from the Coinbase Data Breach

While the new framework aims to enhance transparency and protect consumers, it also dramatically increases the volume of sensitive personal data held by crypto firms-raising the stakes for cybersecurity.

The risks are underscored by the recent high-profile breach at Coinbase, one of the world’s largest exchanges.

In May 2025, Coinbase disclosed that cybercriminals, aided by bribed offshore contractors, accessed and exfiltrated customer data including names, addresses, government IDs, and partial bank details. 

The attackers then used this information for sophisticated phishing campaigns, successfully deceiving some customers into surrendering account credentials and funds.

“While private encryption keys remained secure, sufficient customer information was exposed to enable sophisticated phishing attacks by criminals posing as Coinbase personnel.”

Coinbase now faces up to $400 million in compensation costs and has pledged to reimburse affected users, but the incident highlights the systemic vulnerability created when large troves of personal data are centralized-even if passwords and private keys are not directly compromised. The breach also triggered a notable drop in Coinbase’s share price and prompted a $20 million bounty for information leading to the attackers’ capture.

The Bottom Line

The UK’s forthcoming crypto reporting regime represents a landmark in financial regulation, promising greater transparency and tax compliance. However, as the Coinbase episode demonstrates, the aggregation of sensitive user data at scale poses a significant cybersecurity risk.

As regulators push for more oversight, the challenge will be ensuring that consumer protection does not become a double-edged sword-exposing users to new threats even as it seeks to shield them from old ones.

@ 866e0139:6a9334e5

Autor: Marcel Bühler. Dieser Beitrag wurde mit dem Pareto-Client geschrieben. Sie finden alle Texte der Friedenstaube und weitere Texte zum Thema Frieden hier. Die neuesten Pareto-Artikel finden Sie in unserem Telegram-Kanal.

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Die neuesten Artikel der Friedenstaube gibt es jetzt auch im eigenen Friedenstaube-Telegram-Kanal.

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In einem Artikel in der NZZ vom 27. Mai mit dem Titel "Trump nennt Putin verrückt" wird über den laut Kiew grössten russischen Drohnenangriff seit Beginn des Krieges auf ukrainische Städte berichtet. Dabei sollen am vergangenen Wochenende 355 Drohnen und 69 Raketen auf Kiew, Odessa, Ternipol (Westukraine) und andere Städte gesteuert bzw. abgefeuert worden sein. 288 Drohnen und 9 Raketen konnten laut Kiew von der ukrainischen Luftverteidigung abgeschossen werden. Was der Artikel verschweigt: bereits in der Woche davor, am 20. - 22. Mai hatte die Ukraine 485 Drohnen gegen russische Städte wie Kursk, Belgorod oder Brijansk geflogen, 63 davon erreichten die Region Moskau. Auch am Wochenende schickten die Ukrainer 205 Drohnen gegen russische Städte, 13 davon erreichten Moskau. Auch hier konnte die Luftverteidigung die meisten Drohnen unschädlich machen, eine davon hatte gar den Helikopter von Präsident Putin (!) im Visier. Als Reaktion darauf erklärte Präsident Putin, dass in der ukrainischen Region Sumy bzw. Tschernihiw im Norden eine Sicherheitszoneeingerichtet werden soll da die meisten Drohnen von hier aus gestartet wurden. Auch am 27./28. Mai schickte die Ukraine wieder 296 Drohnen Richtung Moskau, offenbar soll die russische Luftverteidigung damit überlastet werden um später westliche Cruise Missiles wie "Storm shadows", "Skalp" oder die umstrittenen deutschen "Taurus" effektiver einsetzen zu können. Der neue Bundeskanzler Friedrich Merz hat dafür rund 5 Milliarden Euro in Aussicht gestellt um solche Waffensysteme in der Ukraine selber zusammenbauen zu können. 

Diese Gewaltspirale hat eine lange Geschichte: diese begann 2007 mit der 43. Münchner Sicherheitskonferenz, in der Präsident Putin sich gegen die unilaterale Weltordnung der USA und ihrer Verbündeten aussprach. Auch erteilte er den NATO-Osterweiterungen seit 1991 eine deutliche Absage, da diese entgegen (mündlich) gemachten Zusicherungen vollzogen wurden (siehe im Anhang die Rede im Wortlaut). Bei anderer Gelegenheit bezeichnete er vor allem einen möglichen NATO-Beitritt der (ehemals russischen) Ukraine als die "rote Linie", da es hier im Osten eine gemeinsame Grenze zu Russland über weit mehr als tausend Kilometer gebe und zudem Millionen von russischstämmigen Bürgern in der Ukraine lebten welche durch die Unabhängigkeit des Landes von ihrem Mutterland getrennt seinen. Im mittlerweile umstrittenen Budapester Memorandum von 5.12.1994 hatten zudem die Signatarmächte USA, GB und die Russische Föderation in getrennten Dokumenten die Unabhängigkeit und territoriale Integrität der Ukraine garantiert, wenn diese ein neutraler Pufferstaat zwischen der NATO und der Russischen Föderation sei und auf ihre Atomwaffen aus der sowjetischen Zeit verzichte (die Neutralität war in der ukrainischen Verfassung verankert). Trotzdem erklärten am darauffolgenden NATO-Gipfel in Bukarest im April 2008 die versammelten Staats- und Regierungschefs der 26 NATO-Staaten: "Die NATO begrüßt die euro-atlantischen Bestrebungen der Ukraine und Georgiens, die dem Bündnis beitreten wollen. Wir kamen heute überein, dass diese Länder NATO-Mitglieder werden." Zudem wurde die Unabhängigkeitserklärung des Kosowo vorbehaltlos anerkannt, dies nach einer völkerrechtswidrigen militärischen Intervention (d.h. ohne eine entsprechende UN-Resolution) der NATO gegen die Republik Serbien im Jahr 1999 (Staatsgrenzen dürfen also unter Umständen verändert werden).

Die Gewalt begann schon wenige Monate danach, als der durch die "Rosenrevolution" 2003 mit Unterstützung der USA in Tiflis an die Macht gekommene Exil-Georgier, Michail Saakaschwili, in der Nacht auf den 8.8.2008 einen militärischen Angriff auf die seit 1992/93 abtrünnigen Südosseten bzw. deren Hauptstadt Zchinwali befahl und dabei auch russische Friedenstruppen (als Schutzmacht der Osseten) unter Beschuss gerieten. Dies nachdem die Regierung Bush jr. die georgische Armee durch NATO-Offiziere ausgebildet und aufgerüstet hatte. Laut einem NZZ-Artikel vom 1.10.2009 kam eine von der EU eingesetzte Untersuchungskommission unter der Schweizer Diplomatin Heidi Tagliavini 2009 zum Schluss, dass zuvor von beiden Seiten Provokationen in Form von Terroranschlägen, Entführungen und Morde begangen worden waren. Zudem hatte Russland jahrelang an willige Osseten und Abchasen russische Pässe ausgegeben, was völkerrechtswidrig sei, da dies die Staatlichkeit Georgiens untergrabe (Abchasien ist eine weitere abtrünnige Region Georgiens am schwarzen Meer). Saakaschwili wollte offenkundig mit dem überraschenden Angriff auf die Osseten die volle Kontrolle der Zentralregierung über das Gebiet wieder erlangen, da die Satzungen der NATO nur die Aufnahme von Ländern erlauben in denen keine ungelösten territorialen Konflikte vorhanden sind. Den Abchasen hätte also das gleiche Schicksal gedroht wenn die Aktion erfolgreich gewesen wäre. Da die Russen aber aufgepasst hatten, lief innert 24 Stunden eine russische Gegenoffensive welche die georgischen Verbände und ihre amerikanischen Berater innert wenigen Tagen bis nach Gori (Geburtsort von Stalin) zurückwarf. Präsident Saakaschwili verlor bald darauf in Tiflis die Macht und setzte sich in die Ukraine ab. Die heutige georgische Regierung unterhält wieder politische und wirtschaftliche Beziehungen zu Russland und verzichtet auf einen NATO-Beitritt. Siehe dazu das Interview von Roger Köppel mit dem aktuellen georgischen Regierungschef Kobachidse (auf englisch mit deutschen Untertiteln):

https://www.youtube.com/watch?v=xWh6bAfLdhw

In der Ukraine begann die Gewalt mit dem rechtswidrigen Sturz des 2010 legal gewählten Präsidenten Wiktor Janukowitsch, der zwischen der EU und Russland hin und her gerissen war und daher die Unterzeichnung eines EU-Assoziierungsabkommens auf unbestimmte Zeit vertagte. Nach den folgenden wochenlangen Protesten und Krawallen auf dem Maidan in Kiew ("Euromaidan") unterschrieb er unter Vermittlung Deutschlands, Frankreichs und Polens am 21.2.2014 einen Vertrag mit der Opposition und versprach baldige Neuwahlen. Trotzdem wurde er am Tag darauf durch einen regelrechten Putsch gestürzt und in die Flucht getrieben, indem unbekannte Heckenschützen aus verschiedenen Positionen zuerst auf die "Berkut"-Polizei und anschliessend auf militante Demonstranten schossen, welche die "Institutskaja" hinauf das durch eine Strassensperre der Polizei geschützte Regierungsviertel stürmen wollten.

Dabei kamen insgesamt 104 Menschen ums Leben, darunter 34 Polizisten und Vertreter der Regierung. Nach dem Putsch wurde der zuvor völlig unbekannte Exil-Ukrainer Arsenij Jazenjuk Chef der neuen Übergangsregierung, von dem die Europagesandte des US-Statedepartements, Victoria Nuland, bereits einige Tage davor in einem abgehörten Telefongespräch mit dem amerikanischen Botschafter in Kiew, Geoffrey Pyatt, gesprochen hatte ("Jaz is our man"). Die mit rund 600 Mann unter Führung von Andrij Parubi während Wochen auf dem Maidan präsenten militanten und teilweise bewaffneten Kräfte des "Prawi sektor" ("Rechter Sektor") und der "Swoboda" ("Freiheit") weigerten sich zuerst, der neuen Regierung ihre Waffen auszuhändigen. Mitglieder der "Swoboda" unter Oleh Tjahibok besetzten aber anfangs im Kabinett das Aussen-, Innen-, Verteidigungs- sowie das Ministerium für Kultur und "strategische" Kommunikation (Propaganda), während die Mitglieder des "Prawi sektor" unter Dmitro Jarosch eine Zusammenarbeit mit der neuen Regierung verweigerten. Als eine der ersten Amtshandlungen nach dem Putsch wurde in der ganzen Ukraine die russische Sprache als offizielle Amtssprache und als Unterrichtssprache in den Schulen verboten (auch in den mehrheitlich von russischstämmigen Menschen bewohnten Regionen im Osten und Süden des Landes).

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Als erste Reaktion auf den rechtswidrigen Umsturz wurde in Simferopol auf der Krim das lokale Parlament von prorussischen Aktivisten besetzt und russische Soldaten verliessen illegal den Flottenstützpunkt in Sewastopol und besetzten strategische Positionen auf der ganzen Krim bzw. blockierten die ukrainischen Kasernen. Unter dem Schutz dieser "grünen Männchen" konnte dann am 16.3.2014 ein Referendum über den zukünftigen Status der Krim durchgeführt werden. Rund 70% der Bevölkerung stimmten für eine Wiedervereinigung mit Russland, was ungefähr dem Anteil der ethnischen Russen auf der Krim entspricht. Der Kommandant der ukrainischen Flotte in Sewastopol lief mit dem Grossteil der Matrosen zu den Russen über, so dass fast die gesamte Flotte im Kriegshafen verblieb (die Schwarzmeerflotte war anfang der 90er Jahre zwischen Russland und der Ukraine aufgeteilt worden). Die restlichen Matrosen und Soldaten durften später in die Ukraine heimkehren. Angesichts der klaren Machtverhältnisse auf der Krim verzichteten die ukrainischen Ultra-Nationalisten auf die angedrohte Entsendung von "Zügen der Freundschaft" (mit bewaffneten Schlägern) nach Simferopol.

Auch in den Städten Lugansk, Donezk und Mariupol in der Ostukraine besetzten prorussische Aktivisten analog den Vorgängen einige Monate zuvor in der Westukraine Regierungs- und Verwaltungsgebäude und hissten russische Fahnen auf vielen Gebäuden. Auch hier gab es am 11. bzw. 12.5.2014 Referenden über die zukünftige Zugehörigkeit dieser Gebiete, doch konnten dabei nur ungefähr die Hälfte der Bevölkerungen überhaupt darüber abstimmen, weil die Separatisten nicht die volle Kontrolle über die jeweiligen Bezirke hatten. Auch in anderen ukrainischen Städten wie Odessa und Charkow gab es prorussische Demonstrationen, doch wurden diese von den ukrainischen Behörden unterdrückt. In Odessa kam es am 2.5.2014 zu einem Massaker, als prorussische Aktivisten von mit Zügen aus Kiew angereisten Rechtsradikalen und Hooligans in ein Gewerkschaftshaus abgedrängt wurden welches dann kurzerhand abgefackelt und mit Handfeuerwaffen beschossen wurde. Rund 50 Menschen verloren dabei ihr Leben während die ukrainische Polizei untätig herumstand.

Die am 12.4.2014 von der neuen Regierung in Kiew verkündete "Antiterror-Operation" gegen die Separatisten im Osten wurde anfangs nur zaghaft umgesetzt, da viele russischstämmige Soldaten auch hier mit den Aufständischen sympathisierten und teilweise mitsamt dem Material überliefen. Erst nachdem sich der "Spreu vom Weizen" getrennt hatte und nach der Bildung von Freiwilligenverbänden wie "Donbas","Asow" oder "Aidar" - welche in der ukrainischen Nationalgarde (dem Innen- und nicht dem Verteidigungsministerium unterstellt) zusammengefasst wurden - gewann die ukrainische Offensive an Kraft, so dass bereits im Mai/Juni 2014 die Hafenstadt Mariupol vom Asow'schen Bataillon (später ein Regiment bzw. neu die 12. Brigade für spezielle Aufgaben) und einer Marinebrigade zurückerobert und bis zur vollständigen Kapitulation im berühmten Stahlwerk "Asowstal" nach der russischen Intervention vom 24.2.2022 besetzt werden konnte. Bei den heftigen Kämpfen im Frühjahr 2022 mussten die Zivilisten wochenlang im Keller ausharren, da die Stadtverwaltung die rechtzeitige Evakuierung der Zivilbevölkerung versäumt hatte). Nach den Kesselschlachten von Ilowaisk im Juli/Aug. 2014 bzw. von Debaltsewoim Jan./Feb. 2015, bei denen weit über tausend ukrainische Soldaten und hunderte von Kämpfern der neu aufgestellten Donezker- und Lugansker Volksmilizen sowie vermutlich rund 100 russische Soldaten ihr Leben verloren (laut Kiew beteiligten sich mehrere russische Bataillone an den Kämpfen), wurde am 12.2.2015 das Minsker Abkommen (Minsk II) unter Vermittlung von Weissrussland, Deutschland und Frankreich unterzeichnet. Vertragspartner als Unterzeichnende waren: der frühere Präsident der Ukraine Leonid Kutschma, der Botschafter der Russischen Föderation in der Ukraine Michail Surabow, die Milizenführer der selbstproklamierten Volksrepubliken Igor Plotnizki und Alexander Sachartschenko sowie die OSZE-Beauftragte Heidi Tagliavini. Der Waffenstillstand und die vertrauensbildenden Massnahmen (wie z.B. der Rückzug der schweren Waffen von der Frontlinie) wurden dabei von beiden Seiten wiederholt verletzt. Am 18.2.2017 unterzeichnete der russische Präsident Wladimir Putin ein Dekret, nach dem Pässe und andere Papiere der Volksrepubliken Donezk und Lugansk von Russland offiziell als gültig anerkannt wurden, was wiederum die Staatlichkeit der Ukraine untergrub und daher dem Minsker Abkommen widersprach, wonach die abtrünnigen Gebiete weiterhin zur Ukraine gehörten. Insgesamt verloren in dem jahrelangen Konflikt bis 2022 rund 14'000 Menschen ihr Leben, darunter ca. 3'500 Zivilisten inkl. 200 Kinder, besonders in der Stadt Donezk und Umgebung welche von der ukrainischen Armee immer wieder mit Artillerie (Granaten und Raketen) oder durch Scharfschützen beschossen wurde.

Nachdem eine von NATO-Offizieren jahrelang gut ausgebildete und mit modernen Waffen aufgerüstete ukrainische Elitearmee von rund 130'000 Mann ab Sommer 2021 vor dem Donbas aufmarschiert war um den Konflikt offenkundig gewaltsam zu lösen und seit Anfang 2022 auch der ukrainische Beschuss von Donezk und dessen Umland wieder verstärkt wurde, unterzeichnete Präsident Putin am 21.2.2022 ein Freundschafts- und Beistandsabkommen mit den ostukrainischen Volksrepubliken und anerkannte ausdrücklich deren Unabhängigkeitvon Kiew. Das Minsker Abkommen habe keine Zukunft mehr. Am 24.2.2022 intervenierte die russische Armee mit anfangs "nur" rund 190'000 Mann in der Ukraine da die rund 40'000 Mann der Donezker- und Lugansker Volksmilizen einem Angriff der ukrainischen Elitearmee nicht mehr hätten standhalten können. Zuvor hatte die Russische Föderation im Dez. 2021 den USA noch einmal Verhandlungen über den Abschluss eines gesamteuropäischen Sicherheitsabkommen unter Berücksichtigung des Konflikts in der Ukraine vorgeschlagen, was aber von der Regierung Biden abgelehnt wurde. Bei Beginn der "speziellen Militäroperation" erklärte Joe Biden öffentlich, das politische Ziel sei der Sturz des Regimes in Moskau.

Mit dem Beginn der russischen Sommeroffensive an allen Frontabschnitten dürften die ukrainischen Kräfte endgültig überdehnt werden. Da der Oberbefehlshaber der Ukraine, Alexander Syrskij, aus der Region Sumy und Charkow verschiedene Verbände wie die 36. Marinebrigade, die 43. Artilleriebrigade, die 44. mechanisierte Brigade, die 82. Air Assault Brigade sowie die berüchtigte 12. Brigade "Asow" nach Südosten verlegen musste, um die Lage um den wichtigen Logistikpunkt Pokrowsk bzw. die Stadt Konstantinowka zu stabilisieren, dürften die Russen auch bei der oben erwähnten Einrichtung einer Sicherheitszone im Norden rasche Fortschritte machen. Rund 50'000 russische Soldaten werden dort eingesetzt um die zukünftige Bedrohung durch ukrainische Drohnen zu minimieren.

Zusammenfassend kann gesagt werden, dass in dem jahrelangen Konflikt alle Seiten das Völkerrecht missachtetoder zum eigenen Vorteil interpretiert haben. Angefangen damit hat aber klar der Westen (NATO und EU), der mit der finanziellen und politischen Unterstützung des rechtswidrigen Putsches in Kiew 2014 die Gewaltspirale in der Ukraine in Gang setzte und mit den anhaltenden Waffenlieferungen und Geheimdienstinformationen für den Tod von weit mehr als einer Million Soldaten auf beiden Seiten und unzähligen Zivilisten entscheidend mitverantwortlichist. Zudem wurde zumindest im Falle der Ukraine mit der NATO-Erklärung von 2008 zu deren Aufnahme als Beitrittskandidat der Geist des Budapester Memorandums von 1994 verletzt. In einem erstaunlich offenen, zweiseitigen Interview in der NZZ vom 6. Mai hat der amerikanische Politikwissenschaftler Prof. John Mearsheimervon der Universität Chicago erklärt, er hätte anstelle von Präsident Putin "die Ukraine schon viel früher überfallen". Und: "Der Westen ist der Bösewicht. Aber das wollen die USA und die Europäer natürlich nicht hören". Er glaube, dass dieser Krieg auf dem Schlachtfeld entschieden werde und dass wir am Ende einen eingefrorenen Konflikt haben werden (ähnlich wie in Georgien).

Über das Problem des ukrainischen Faschismus und Ultra-Nationalismus, der letztlich die multiethnische Ukraine in ihren Grenzen von 1991 zerstört hat, äusserte er sich nicht. Stattdessen hat die EU gerade die ersten 150 Milliarden Euro zum Aufbau einer eigenen Rüstungsindustrie beschlossen. Der neue Vorsteher des Schweizer Verteidigungsdepartementes, Bundesrat Martin Pfister, hat in einem NZZ-Artikel vom 27. Mai erklärt, die Kooperation mit der EU und der NATO müsse intensiviert werden, "stets in Vereinbarkeit mit der Neutralität". In der gleichen NZZ-Ausgabe wurde auch berichtet, dass die Schweiz den Spitzendiplomaten Gabriel Lüchinger nach Moskau schicke um für Friedensgespräche in der Schweiz zu sondieren (Bürgenstock II).

Ob der während Jahren provozierte und stigmatisierte "russische Bär" darauf noch eingeht?

(Der Beitrag folgt der Schweizer Rechtschreibung)

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@ a4043831:3b64ac02

Money can be complicated. You work hard, save diligently, and try to make smart choices. But when it comes to long-term financial security, is that enough? That’s where wealth management services come in. They help you plan, invest, and secure your financial future. But are they the right fit for you?

Let’s find out.

What Is Wealth Management?

Wealth management isn’t just about investing. It’s about creating a strategy that covers all aspects of your financial life—retirement, taxes, healthcare, and even the legacy you want to leave behind.

At Passive Capital Management, wealth management is designed to help you navigate life’s financial twists and turns with confidence. Whether you’re planning for retirement, growing your assets, or protecting what you’ve built, a structured approach can make all the difference.

Do You Need Wealth Management?

Not everyone needs a wealth manager. But if you answer “yes” to any of these questions, it might be time to consider it:

• Do you worry about outliving your retirement savings?
• Are you unsure how to structure your investments for long-term security?
• Do you want a plan that adapts as your life changes?
• Are tax implications of your income and investments confusing?
• Do you want to leave behind a financial legacy for your family?

If any of these concerns sound familiar, a wealth management service could help you create a roadmap for financial success.

The Key Benefits of Wealth Management

1. Retirement Planning: More Than Just Saving

Retirement isn’t just about putting money aside. It’s about ensuring you can live comfortably once your regular income stops. Passive Capital Management helps clients create a sustainable retirement strategy, ensuring they have enough to cover daily expenses, healthcare, and even the fun things—like travel or hobbies.

By assessing income sources like pensions, social security, and investments, they build a tailored plan that matches your lifestyle and long-term goals.

2. Investment Strategies: Making Your Money Work for You

Investing can feel overwhelming. Stocks, bonds, real estate—where do you even begin? Wealth management helps you make informed choices based on your risk tolerance, time horizon, and financial objectives.

Rather than chasing trends, a well-planned investment strategy focuses on steady, long-term growth while minimizing unnecessary risks.

3. Tax Planning: Keeping More of What You Earn

No one likes to pay more taxes than necessary. But without a strategy, you might be doing just that.

Wealth managers help structure your income, retirement withdrawals, and investments in a tax-efficient way. Whether it's maximizing tax-free accounts or minimizing liabilities, they ensure you keep more of what you’ve earned.

4. Healthcare and Long-Term Care Planning

As you age, healthcare becomes a bigger concern—and a bigger expense. Without proper planning, medical costs can quickly eat into your savings.

A solid financial plan includes strategies to manage these costs, whether through insurance, savings, or investment strategies. This way, you get the care you need without financial stress.

5. Estate and Legacy Planning

Do you want to leave something behind for your loved ones? Wealth management ensures your assets are distributed according to your wishes, minimizing tax burdens and avoiding unnecessary legal complications.

Whether you’re thinking about passing on wealth to family or contributing to a cause you care about, having a plan in place ensures your money makes the impact you want.

When Should You Start?

The best time to start planning? Yesterday. The second-best time? Today.

Wealth management isn’t just for retirees or the ultra-rich. It’s for anyone who wants financial security and a clear plan for the future. Whether you’re in your 30s and just starting to build wealth or in your 50s preparing for retirement, having expert guidance can help you make smarter financial decisions.

Final Thoughts: Is It Right for You?

If you want peace of mind about your financial future, wealth management might be a great fit. It helps you grow your money, protect your assets, and ensure a comfortable life—now and in the years to come.

At Passive Capital Management, the goal is simple: to help you achieve financial freedom with confidence. If that sounds like something you want, it might be time to explore how wealth management can work for you.

Ready to take the next step? Let’s talk.

@ 8173f6e1:e488ac0f

Start writing your article [CoreNostrService] Publish results: 6/6 successful, 0 paid relays skipped core-service.ts:174 🗑️ [DEBUG] Deletion event published: ef7f0123a7b6a750bed1806cf102bf919eb15b61c4c39b94e65ce2bfd2c25761 core-service.ts:174 ✅ Published deletion event for original article core-service.ts:174 🗑️ Removing old article from local state: article_1748683257035_1lnua6yia core-service.ts:174 🗑️ [Redux] Deleting article: "create article 1" [article_1748683257035_1lnua6yia] core-service.ts:174 ✅ [Redux] Article deleted. Remaining: 1 core-service.ts:174 🔄 Refreshing articles list to reflect deletion... core-service.ts:174 [useArticles] State updated: {totalArticles: 1, drafts: 0, published: 1, draftIds: Array(0)} core-service.ts:174 [useArticles] State updated: {totalArticles: 1, drafts: 0, published: 1, draftIds: Array(0)} core-service.ts:174 [ArticlesPage] Component state: {draftsCount: 0, publishedCount: 1, activeTab: 'published', selectedDraftForViewing: undefined} core-service.ts:174 [CoreNostrService] Query subscription closed: closed by caller,closed by caller,closed by caller,closed by caller,closed by caller,closed by caller, returning 3 events core-service.ts:174 [useArticles] State updated: {totalArticles: 3, drafts: 0, published: 3, draftIds: Array(0)} core-service.ts:174 [ArticlesPage] Component state: {draftsCount: 0, publishedCount: 3, activeTab: 'published', selectedDraftForViewing: undefined} core-service.ts:174 [CoreNostrService] Query subscription closed: closed by caller,closed by caller,closed by caller,closed by caller,closed by caller,closed by caller, returning 2 events core-service.ts:174 [EventsAPI] Querying events with filters: [{…}] core-service.ts:174 [CoreNostrService] Query subscription closed: closed by caller,closed by caller,closed by caller,closed by caller,closed by caller,closed by caller, returning 56 events core-service.ts:174 [EventsAPI] Querying events with filters: [{…}] core-service.ts:174 [CoreNostrService] Query subscription closed: closed by caller,closed by caller,closed by caller,closed by caller,closed by caller,closed by caller, returning 56 events core-service.ts:174 [EventsAPI] Querying events with filters: [{…}] core-service.ts:174 [CoreNostrService] Query subscription closed: closed by caller,closed by caller,closed by caller,closed by caller,closed by caller,closed by caller, returning 56 events core-service.ts:174 [EventsAPI] Querying events with filters: [{…}] core-service.ts:174 [CoreNostrService] Query subscription closed: closed by caller,closed by caller,closed by caller,closed by caller,closed by caller,closed by caller, returning 56 eventshere...

@ dfa02707:41ca50e3

Good morning (good night?)! The No Bullshit Bitcoin news feed is now available on Moody's Dashboard! A huge shoutout to sir Clark Moody for integrating our feed.

Headlines

• Spiral welcomes Ben Carman. The developer will work on the LDK server and a new SDK designed to simplify the onboarding process for new self-custodial Bitcoin users.

• The Bitcoin Dev Kit Foundation announced new corporate members for 2025, including AnchorWatch, CleanSpark, and Proton Foundation. The annual dues from these corporate members fund the small team of open-source developers responsible for maintaining the core BDK libraries and related free and open-source software (FOSS) projects.
• Strategy increases Bitcoin holdings to 538,200 BTC. In the latest purchase, the company has spent more than $555M to buy 6,556 coins through proceeds of two at-the-market stock offering programs.
• Spar supermarket experiments with Bitcoin payments in Zug, Switzerland. The store has introduced a new payment method powered by the Lightning Network. The implementation was facilitated by DFX Swiss, a service that supports seamless conversions between bitcoin and legacy currencies.

• The Bank for International Settlements (BIS) wants to contain 'crypto' risks. A report titled "Cryptocurrencies and Decentralised Finance: Functions and Financial Stability Implications" calls for expanding research into "how new forms of central bank money, capital controls, and taxation policies can counter the risks of widespread crypto adoption while still fostering technological innovation."
• "Global Implications of Scam Centres, Underground Banking, and Illicit Online Marketplaces in Southeast Asia." According to the United Nations Office on Drugs and Crime (UNODC) report, criminal organizations from East and Southeast Asia are swiftly extending their global reach. These groups are moving beyond traditional scams and trafficking, creating sophisticated online networks that include unlicensed cryptocurrency exchanges, encrypted communication platforms, and stablecoins, fueling a massive fraud economy on an industrial scale.
• Slovenia is considering a 25% capital gains tax on Bitcoin profits for individuals. The Ministry of Finance has proposed legislation to impose this tax on gains from cryptocurrency transactions, though exchanging one cryptocurrency for another would remain exempt. At present, individual 'crypto' traders in Slovenia are not taxed.
• Circle, BitGo, Coinbase, and Paxos plan to apply for U.S. bank charters or licenses. According to a report in The Wall Street Journal, major crypto companies are planning to apply for U.S. bank charters or licenses. These firms are pursuing limited licenses that would permit them to issue stablecoins, as the U.S. Congress deliberates on legislation mandating licensing for stablecoin issuers.

"Established banks, like Bank of America, are hoping to amend the current drafts of [stablecoin] legislation in such a way that nonbanks are more heavily restricted from issuing stablecoins," people familiar with the matter told The Block.

• Charles Schwab to launch spot Bitcoin trading by 2026. The financial investment firm, managing over $10 trillion in assets, has revealed plans to introduce spot Bitcoin trading for its clients within the next year.

Use the tools

• Bitcoin Safe v1.2.3 expands QR SignMessage compatibility for all QR-UR-compatible hardware signers (SpecterDIY, KeyStone, Passport, Jade; already supported COLDCARD Q). It also adds the ability to import wallets via QR, ensuring compatibility with Keystone's latest firmware (2.0.6), alongside other improvements.
• Minibits v0.2.2-beta, an ecash wallet for Android devices, packages many changes to align the project with the planned iOS app release. New features and improvements include the ability to lock ecash to a receiver's pubkey, faster confirmations of ecash minting and payments thanks to WebSockets, UI-related fixes, and more.
• Zeus v0.11.0-alpha1 introduces Cashu wallets tied to embedded LND wallets. Navigate to Settings > Ecash to enable it. Other wallet types can still sweep funds from Cashu tokens. Zeus Pay now supports Cashu address types in Zaplocker, Cashu, and NWC modes.
• LNDg v1.10.0, an advanced web interface designed for analyzing Lightning Network Daemon (LND) data and automating node management tasks, introduces performance improvements, adds a new metrics page for unprofitable and stuck channels, and displays warnings for batch openings. The Profit and Loss Chart has been updated to include on-chain costs. Advanced settings have been added for users who would like their channel database size to be read remotely (the default remains local). Additionally, the AutoFees tool now uses aggregated pubkey metrics for multiple channels with the same peer.
• Nunchuk Desktop v1.9.45 release brings the latest bug fixes and improvements.
• Blockstream Green iOS v4.1.8 has renamed L-BTC to LBTC, and improves translations of notifications, login time, and background payments.
• Blockstream Green Android v4.1.8 has added language preference in App Settings and enables an Android data backup option for disaster recovery. Additionally, it fixes issues with Jade entry point PIN timeout and Trezor passphrase input.
• Torq v2.2.2, an advanced Lightning node management software designed to handle large nodes with over 1000 channels, fixes bugs that caused channel balance to not be updated in some cases and channel "peer total local balance" not getting updated.
• Stack Wallet v2.1.12, a multicoin wallet by Cypher Stack, fixes an issue with Xelis introduced in the latest release for Windows.
• ESP-Miner-NerdQAxePlus v1.0.29.1, a forked version from the NerdAxe miner that was modified for use on the NerdQAxe+, is now available.
• Zark enables sending sats to an npub using Bark.

• Erk is a novel variation of the Ark protocol that completely removes the need for user interactivity in rounds, addressing one of Ark's key limitations: the requirement for users to come online before their VTXOs expire.
• Aegis v0.1.1 is now available. It is a Nostr event signer app for iOS devices.
• Nostash is a NIP-07 Nostr signing extension for Safari. It is a fork of Nostore and is maintained by Terry Yiu. Available on iOS TestFlight.
• Amber v3.2.8, a Nostr event signer for Android, delivers the latest fixes and improvements.
• Nostur v1.20.0, a Nostr client for iOS, adds

@ dfa02707:41ca50e3

Headlines

• Twenty One Capital is set to launch with over 42,000 BTC in its treasury. This new Bitcoin-native firm, backed by Tether and SoftBank, is planned to go public via a SPAC merger with Cantor Equity Partners and will be led by Jack Mallers, co-founder and CEO of Strike. According to a report by the Financial Times, the company aims to replicate the model of Michael Saylor with his company, MicroStrategy.
• Florida's SB 868 proposes a backdoor into encrypted platforms. The bill and its House companion have both passed through their respective committees and are headed to a full vote. If enacted, SB 868 would require social media companies to decrypt teens' private messages, ban disappearing messages, allow unrestricted parental access to private messages, and likely eliminate encryption for all minors altogether.
• Paul Atkins has officially assumed the role of the 34th Chairman of the US Securities and Exchange Commission (SEC). This is a return to the agency for Atkins, who previously served as an SEC Commissioner from 2002 to 2008 under the George W. Bush administration. He has committed to advancing the SEC’s mission of fostering capital formation, safeguarding investors, and ensuring fair and efficient markets.
• Solosatoshi.com has sold over 10,000 open-source miners, adding more than 10 PH of hashpower to the Bitcoin network.

"Thank you, Bitaxe community. OSMU developers, your brilliance built this. Supporters, your belief drives us. Customers, your trust powers 10,000+ miners and 10PH globally. Together, we’re decentralizing Bitcoin’s future. Last but certainly not least, thank you@skot9000 for not only creating a freedom tool, but instilling the idea into thousands of people, that Bitcoin mining can be for everyone again," said the firm on X.

• OCEAN's DATUM has found 100 blocks. "Over 65% of OCEAN’s miners are using DATUM, and that number is growing every day. This means block template construction is making its way back into the hands of the miners, which is not only the most profitable for miners on OCEAN but also one of the best things for Bitcoin," stated the mining pool.

Source: orangesurf

• Arch Labs has secured $13 million to develop "ArchVM" and integrate smart-contract functionality with Bitcoin. The funding round, valuing the company at $200 million, was led by Pantera Capital, as announced on Tuesday.
• Tesla still holds nearly $1 billion in bitcoin. According to the automaker's latest earnings report, the firm reported digital asset holdings worth $951 million as of March 31.
• The European Central Bank is pushing for amendments to the European Union's Markets in Crypto Assets legislation (MiCA), just months after its implementation. According to Politico's report on Tuesday, the ECB is concerned that U.S. support for cryptocurrency, particularly stablecoins, could cause economic harm to the 27-nation bloc.
• TABConf 2025 is scheduled to take place from October 13-16, 2025. This prominent technical Bitcoin conference is dedicated to community building, education, and developer support, and it is set to return in October. Get your tickets here.
• Kaduna Lightning Development Bootcamp. From May 14th to 17th, the Bitcoin Lightning Developer Bootcamp will take place in Kaduna, Nigeria. Thisevent offers four dynamic days of coding, learning, and networking. Organized by Africa Free Routing and supported by Btrust, Tether, and African Bitcoiners, this bootcamp is designed as a gateway for African developers eager to advance their skills in Bitcoin and Lightning development. Apply here.

Source: African Bitcoiners.

Use the tools

• Core Lightning (CLN) v25.02.2 as been released to fix a broken Docker image. The issue was caused by an SQLite version that did not support an advanced query.
• Blitz wallet v0.4.4-beta introduces several updates and improvements, including the prevention of duplicate ecash payments, fixes for background ecash invoice handling, the ability for users to send payments to BOLT12 invoices from their Liquid balance, support for Blink QR codes, a lowered minimum amount for Lightning-to-Liquid payments to 100 sats, the option to initiate a node sync via a swipe gesture on the wallet's home screen, and the introduction of opt-in or opt-out functionality for newly implemented crash analytics via settings.
• Utreexo v0.5.0, a hash-based dynamic accumulator, is now available.
• Specter v2.1.1 is now available on StartOS. "This update brings compatibility with Bitcoin Core v28 and incorporates several upstream improvements," said developer Alex71btc.
• ESP-Miner (AxeOS) v2.7.0b1 is now available for testing.
• NodeGuard v0.16.1, a treasury management solution for Lightning nodes, has been released.
• The latest stacker.news updates include prompts to add a receiving wallet when posting or making comments (for new users), an option to randomize poll choices, improved URL search, and a few other enhancements. A bug fix for territories created after 9/19/24 has been implemented to reward 70% of their revenue to owners instead of 50%.

Other stuff

• The April edition of the 256 Foundation's newsletter is now available. It includes the latest mining news, Bitcoin network health updates, project developments, and a tutorial on how to update FutureBit's Apollo 1 to the Apollo 2 software.
• Siggy47 has posted a comprehensive RoboSats guide on stacker.news.
• Learn how to run your own Nostr relay using Citrine and Cloudflare Tunnels by following this step-by-step guide by Dhalism.
• Max Guise has written a Bitkey roadmap update for April 2025.

• PlebLab has uploaded a video on how to build a Rust wallet with LDK Node by Ben Carman.

• Do you want more? Subscribe and get No Bullshit GM report straight to your mailbox and No Bullshit Bitcoin on Nostr.

• Feedback or tips? Drop it here.
• #FREESAMOURAI

Sign up for No Bullshit Bitcoin

No Bullshit Bitcoin Is a Bitcoin News Desk Without Ads, Paywalls, or Clickbait.

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@ 17e2889f:a8fbe515

More content will come soon!

Headline

@ 84b0c46a:417782f5

MAKIMONO

Simple Long Form Content Editor (NIP-23)

機能

• nostr:npub1sjcvg64knxkrt6ev52rywzu9uzqakgy8ehhk8yezxmpewsthst6sw3jqcw や、 nostr:nevent1qvzqqqqqqypzq4jsz7zew5j7jr4pdfxh483nwq9vyw9ph6wm706sjwrzj2we58nqqyxhwumn8ghj77tpvf6jumt9qys8wumn8ghj7un9d3shjtt2wqhxummnw3ezuamfwfjkgmn9wshx5uqpr4mhxue69uhhyetvv9ujumn0wd68ytnhd9ex2erwv46zu6nsqyxhwumn8ghj7mn0wvhxcmmvqqsgcn99jyn5tevxz5zxsrkd7h0sx8fwnqztula423xh83j9wau7cms3vg9c7 のようにnostr:要素を挿入できる （メニューのNアイコンから挿入またはnostr:note～～のように手動で入力）

• :monoice:のようにカスタム絵文字を挿入できる(メニューの🙂アイコンから)

:monopaca_kao:

:kubipaca_karada:

• 新規記事作成と、既存記事の修正ができる

やることやったこと

• [x] nostr:を投稿するときにtagにいれる

• [x] 画像をアップロードできるようにする（NIP-96） できる

• [x] 投稿しましたログとかをトースト的なやつでだすようにする
• [ ] レイアウトを整える
• [ ] あとなんか

test

nostr:naddr1qvzqqqr4gupzpp9sc34tdxdvxh4jeg5xgu9ctcypmvsg0n00vwfjydkrjaqh0qh4qqxnzde58q6njvpkxqersv3ejxw9x9

@ dfa02707:41ca50e3

Headlines

• Spiral renews support for Dan Gould and Joschisan. The organization has renewed support for Dan Gould, who is developing the Payjoin Dev Kit (PDK), and Joschisan, a Fedimint developer focused on simplifying federations.
• Metaplanet buys another 145 BTC. The Tokyo-listed company has purchased an additional 145 BTC for $13.6 million. Their total bitcoin holdings now stand at 5,000 coins, worth around $428.1 million.
• Semler Scientific has increased its bitcoin holdings to 3,303 BTC. The company acquired an additional 111 BTC at an average price of $90,124. The purchase was funded through proceeds from an at-the-market offering and cash reserves, as stated in a press release.
• The Virtual Asset Service Providers (VASP) Bill 2025 introduced in Kenya. The new legislation aims to establish a comprehensive legal framework for licensing, regulating, and supervising virtual asset service providers (VASPs), with strict penalties for non-compliant entities.
• Russian government to launch a cryptocurrency exchange. The country's Ministry of Finance and Central Bank announced plans to establish a trading platform for "highly qualified investors" that "will legalize crypto assets and bring crypto operations out of the shadows."
• All virtual asset service providers expect to be fully compliant with the Travel Rule by the end of 2025. A survey by financial surveillance specialist Notabene reveals that 90% of virtual asset service providers (VASPs) expect full Travel Rule compliance by mid-2025, with all aiming for compliance by year-end. The survey also shows a significant rise in VASPs blocking withdrawals until beneficiary information is confirmed, increasing from 2.9% in 2024 to 15.4% now. Additionally, about 20% of VASPs return deposits if originator data is missing.
• UN claims Bitcoin mining is a "powerful tool" for money laundering. The Rage's analysis suggests that the recent United Nations Office on Drugs and Crime report on crime in South-East Asia makes little sense and hints at the potential introduction of Anti-Money Laundering (AML) measures at the mining level.
• Riot Platforms has obtained a $100 million credit facility from Coinbase Credit, using bitcoin as collateral for short-term funding to support its expansion. The firm's CEO, Jason Les, stated that this facility is crucial for diversifying financing sources and driving long-term stockholder value through strategic growth initiatives.
• Bitdeer raises $179M in loans and equity amid Bitcoin chip push. The Miner Mag reports that Bitdeer entered into a loan agreement with its affiliate Matrixport for up to $200 million in April, as disclosed in its annual report filed on Monday.
• Federal Reserve retracts guidance discouraging banks from engaging in 'crypto.' The U.S. Federal Reserve withdrew guidance that discouraged banks from crypto and stablecoin activities, as announced by its Board of Governors on Thursday. This includes rescinding a 2022 supervisory letter requiring prior notification of crypto activities and 2023 stablecoin requirements.

"As a result, the Board will no longer expect banks to provide notification and will instead monitor banks' crypto-asset activities through the normal supervisory process," reads the FED statement.

• UAE-based Islamic bank ruya launches Shari’ah-compliant bitcoin investing. The bank has become the world’s first Islamic bank to provide direct access to virtual asset investments, including Bitcoin, via its mobile app, per Bitcoin Magazine.
• U.S. 'crypto' scam losses amounted to $9.3B in 2024. The US The Federal Bureau of Investigation (FBI) has reported $9.3 billion losses in cryptocurrency-related scams in 2024, noting a troubling trend of scams targeting older Americans, which accounted for over $2.8 billion of those losses.

Source: FBI.

• North Korean hackers establish fake companies to target 'crypto' developers. Silent Push researchers reported that hackers linked to the Lazarus Group created three shell companies, two of which are based in the U.S., with the objective of spreading malware through deceptive job interview scams aimed at individuals seeking jobs in cryptocurrency companies.
• Citrea deployed its Clementine Bridge on the Bitcoin testnet. The bridge utilizes the BitVM2 programming language to inherit validity from Bitcoin, allegedly providing "the safest and most trust-minimized way to use BTC in decentralized finance."
• Hesperides University offers a Master’s degree in Bitcoin. Bitcoin Magazine reports the launch of the first-ever Spanish-language Master’s program dedicated exclusively to Bitcoin. Starting April 28, 2025, this fully online program will equip professionals with technical, economic, legal, and philosophical skills to excel in the Bitcoin era.
• BTC in D.C. event is set to take place on September 30 - October 1 in Washington, D.C. Learn more about this initiative here.

Use the tools

• Bitcoin Keeper just got a new look. Version 2.2.0 of the mobile multisig app brought a new branding design, along with a Keeper Private tier, testnet support, ability to import and export BIP-329 labels, and the option to use a Server Key with multiple users.
  • Earlier this month the project also announced Keeper Learn service, offering clear and guided Bitcoin learning sessions for both groups and individuals.
• Keeper Desktop v0.2.2, a companion desktop app for Bitcoin Keeper mobile app, received a renewed branding update, too.

The evolution of Bitcoin Keeper logo. Source: BitHyve blog.

• Blockstream Green Desktop v2.0.25 updates GDK to v0.75.1 and fixes amount parsing issues when switching from fiat denomination to Liquid asset.
• Lightning Loop v0.31.0-beta enhances the loop listswaps command by improving the ability to filter the response.
• Lightning-kmp v1.10.0, an implementation of the Lightning Network in Kotlin, is now available.
• LND v0.19.0-beta.rc3, the latest beta release candidate of LND is now ready for testing.
• ZEUS v0.11.0-alpha2 is now available for testing, too. It's nuts.
• JoinMarket Fidelity Bond Simulator helps potential JoinMarket makers evaluate their competitive position in the market based on fidelity bonds.
• UTXOscope is a text-only Bitcoin blockchain analysis tool that visualizes price dynamics using only on-chain data. The

@ 57d1a264:69f1fee1

Knowledge - Pattern knowledge - Trend knowledge - A desire to learn more - A desire to explore good design

Experience - A sense of where to start/what will work - Good taste - Good judge of your own design and others’ - Comfortable working in many styles - Willing to have a strong opinion

Creativity - Novel ideas - Exhaustive exploration of options/approaches - Exhaustive iteration

Quality - A preference for quality - A preference to test designs - Open to feedback - Able to balance classical and expressive aesthetics - Able to balance aesthetics and usability - Obsessed with details - Rigorous

Technical skills - Good typography - Good composition/layout - Good colour choices - Good at some associated skills (e.g. prototyping, animation, imagery, writing) - Tool expertise

Wider picture - Informed by understanding of the product (e.g. research) - System thinking (how the work is connected to other things) - Product thinking (what makes a successful product) - Development thinking (how a design might be implemented) - Practical mindset when necessary - Believes in importance of accessibility

Communication - Able to articulate your design “feelings” - Able to explain design principles to others - Can clearly document/explain the design (e.g. specifications, mockups) - Good relationship-building, especially with developers - Able to “sell” a design idea

---

Read more about Anthony Hobday.

https://stacker.news/items/993319

@ b1ddb4d7:471244e7

When Sergei talks about bitcoin, he doesn’t sound like someone chasing profits or followers. He sounds like someone about to build a monastery in the ruins.

While the mainstream world chases headlines and hype, Sergei shows up in local meetups from Sacramento to Cleveland, mentors curious minds, and shares what he knows is true – hoping that, with the right spark, someone will light their own way forward.

We interviewed Sergei to trace his steps: where he started, what keeps him going, and why teaching bitcoin is far more than explaining how to set up a node – it’s about reaching the right minds before the noise consumes them. So we began where most journeys start: at the beginning.

First Steps

• So, where did it all begin for you and what made you stay curious?

I first heard about bitcoin from a friend’s book recommendation, American Kingpin, the book about Silk Road (online drug marketplace). He is still not a true bitcoiner, although I helped him secure private keys with some bitcoin.

I was really busy at the time – focused on my school curriculum, running a 7-bedroom Airbnb, and working for a standardized test prep company. Bitcoin seemed too technical for me to explore, and the pace of my work left no time for it.

After graduating, while pursuing more training, I started playing around with stocks and maximizing my savings. Passive income seemed like the path to early retirement, as per the promise of the FIRE movement (Financial Independence, Retire Early). I mostly followed the mainstream news and my mentor’s advice – he liked preferred stocks at the time.

I had some Coinbase IOUs and remember sending bitcoin within the Coinbase ledger to a couple friends. I also recall the 2018 crash; I actually saw the legendary price spike live but couldn’t benefit because my funds were stuck amidst the frenzy. I withdrew from that investment completely for some time. Thankfully, my mentor advised to keep en eye on bitcoin.

Around late 2019, I started DCA-ing cautiously. Additionally, my friend and I were discussing famous billionaires, and how there was no curriculum for becoming a billionaire. So, I typed “billionaires” into my podcast app, and landed on We Study Billionaires podcast.

That’s where I kept hearing Preston Pysh mention bitcoin, before splitting into his own podcast series, Bitcoin Fundamentals. I didn’t understand most of the terminology of stocks, bonds, etc, yet I kept listening and trying to absorb it thru repetition. Today, I realize all that financial talk was mostly noise.

When people ask me for a technical explanation of fiat, I say: it’s all made up, just like the fiat price of bitcoin! Starting in 2020, during the so-called pandemic, I dove deeper. I religiously read Bitcoin Magazine, scrolled thru Bitcoin Twitter, and joined Simply Bitcoin Telegram group back when DarthCoin was an admin.

DarthCoin was my favorite bitcoiner – experienced, knowledgeable, and unapologetic. Watching him shift from rage to kindness, from passion to despair, gave me a glimpse at what a true educator’s journey would look like.

The struggle isn’t about adoption at scale anymore. It’s about reaching the few who are willing to study, take risks, and stay out of fiat traps. The vast majority won’t follow that example – not yet at least… if I start telling others the requirements for true freedom and prosperity, they would certainly say “Hell no!”

• At what point did you start teaching others, and why?

After college, I helped teach at a standardized test preparation company, and mentored some students one-on-one. I even tried working at a kindergarten briefly, but left quickly; Babysitting is not teaching.

What I discovered is that those who will succeed don’t really need my help – they would succeed with or without me, because they already have the inner drive.

Once you realize your people are perishing for lack of knowledge, the only rational thing to do is help raise their level of knowledge and understanding. That’s the Great Work.

I sometimes imagine myself as a political prisoner. If that were to happen, I’d probably start teaching fellow prisoners, doctors, janitors, even guards. In a way we already live in an open-air prison, So what else is there to do but teach, organize, and conspire to dismantle the Matrix?

Building on Bitcoin

• You hosted some in-person meetups in Sacramento. What did you learn from those?

My first presentation was on MultiSig storage with SeedSigner, and submarine swaps through Boltz.exchange.

I realized quickly that I had overestimated the group’s technical background. Even the meetup organizer, a financial advisor, asked, “How is anyone supposed to follow these steps?” I responded that reading was required… He decided that Unchained is an easier way.

At a crypto meetup, I gave a much simpler talk, outlining how bitcoin will save the world, based on a DarthCoin’s guide. Only one person stuck around to ask questions – a man who seemed a little out there, and did not really seem to get the message beyond the strength of cryptographic security of bitcoin.

Again, I overestimated the audience’s readiness. That forced me to rethink my strategy. People are extremely early and reluctant to study.

• Now in Ohio, you hold sessions via the Orange Pill App. What’s changed?

My new motto is: educate the educators. The corollary is: don’t orange-pill stupid normies (as DarthCoin puts it).

I’ve shifted to small, technical sessions in order to raise a few solid guardians of this esoteric knowledge who really get it and can carry it forward.

The youngest attendee at one of my sessions is a newborn baby – he mostly sleeps, but maybe he still absorbs some of the educational vibes.

• How do local groups like Sactown and Cleveland Bitcoiners influence your work?

Every meetup reflects its local culture. Sacramento and Bay Area Bitcoiners, for example, do camping trips – once we camped through a desert storm, shielding our burgers from sand while others went to shoot guns.

Cleveland Bitcoiners are different. They amass large gatherings. They recently threw a 100k party. They do a bit more community outreach. Some are curious about the esoteric topics such as jurisdiction, spirituality, and healthful living.

I have no permanent allegiance to any state, race, or group. I go where I can teach and learn. I anticipate that in my next phase, I’ll meet Bitcoiners so advanced that I’ll have to give up my fiat job and focus full-time on serious projects where real health and wealth are on the line.

Hopefully, I’ll be ready. I believe the universe always challenges you exactly to your limit – no less, no more.

• What do people struggle with the most when it comes to technical education?

The biggest struggle isn’t technical – it’s a lack of deep curiosity. People ask “how” and “what” – how do I set up a node, what should one do with the lightning channels? But very few ask “why?”

Why does on-chain bitcoin not contribute to the circular economy? Why is it essential to run Lightning? Why did humanity fall into mental enslavement in the first place?

I’d rather teach two-year-olds who constantly ask “why” than adults who ask how to flip a profit. What worries me most is that most two-year-olds will grow up asking state-funded AI bots for answers and live according to its recommendations.

• One Cleveland Bitcoiner shows up at gold bug meetups. How valuable is face-to-face education?

I don’t think the older generation is going to reverse the current human condition. Most of them have been under mind control for too long, and they just don’t have the attention span to study and change their ways.

They’re better off stacking gold and helping fund their grandkids’ education. If I were to focus on a demographic, I’d go for teenagers – high school age – because by college, the indoctrination is usually too strong, and they’re chasing fiat mastery.

As for the gold bug meetup? Perhaps one day I will show up with a ukulele to sing some bitcoin-themed songs. Seniors love such entertainment.

• How do you choose what to focus on in your sessions, especially for different types of learners?

I don’t come in with a rigid agenda. I’ve collected a massive library of resources over the years and never stopped reading. My browser tab and folder count are exploding.

At the meetup, people share questions or topics they’re curious about, then I take that home, do my homework, and bring back a session based on those themes. I give them the key takeaways, plus where to dive deeper.

Most people won’t – or can’t – study the way I do, and I expect attendees to put in the work. I suspect that it’s more important to reach those who want to learn but don’t know how, the so-called nescient (not knowing), rather than the ignorant.

There are way too many ignorant bitcoiners, so my mission is to find those who are curious what’s beyond the facade of fake reality and superficial promises.

That naturally means that fewer people show up, and that’s fine. I’m not here for the crowds; I’m here to educate the educators. One bitcoiner who came decided to branch off into self-custody sessions and that’s awesome. Personally, I’m much more focused on Lightning.

I want to see broader adoption of tools like auth, sign-message, NWC, and LSPs. Next month, I’m going deep into eCash solutions, because let’s face it – most newcomers won’t be able to afford their own UTXO or open a lightning channel; additionally, it has to be fun and easy for them to transact sats, otherwise they won’t do it. Additionally, they’ll need to rely on

@ 3770c235:16042bcc

In a world full of constant stimulation, overflowing schedules, and ever-growing to-do lists, our physical spaces often bear the brunt of our busy lives. The clutter in our homes and workplaces can slowly pile up until it becomes overwhelming, contributing not only to a chaotic environment but also to increased levels of stress and anxiety.

But what if the simple act of removing junk and organizing your space could bring clarity to your mind, lift your mood, and create a lasting positive impact on your mental health? Decluttering isn't just about aesthetics—it’s about mental wellness. Junk removal can be a powerful tool to help you take control of your space and, in turn, your mindset. Let’s explore how clearing the clutter can boost mental health and transform your daily life.

The Psychological Impact of Clutter Clutter isn’t just stuff—it’s unmade decisions and postponed actions. Psychologists have long understood the connection between our environment and our emotional well-being. Clutter bombards our minds with excessive stimuli, making it difficult to focus or relax. It sends a signal that work is never done, which can lead to chronic stress.

A study published in the Personality and Social Psychology Bulletin found that women who described their homes as cluttered or full of unfinished projects were more likely to be fatigued and depressed than those who described their homes as restorative and restful. The same study found that cortisol levels—the body’s main stress hormone—were significantly higher in women living in cluttered environments.

Additionally, according to a UCLA study, families living in homes with a high density of household objects experienced increased levels of anxiety. The psychological toll of clutter isn’t minor; it has real, measurable effects on our mental health.

Junk Removal as an Act of Self-Care Self-care isn't just about spa days or bubble baths—it's about creating systems and habits that support your well-being. Removing clutter and excess junk from your living or working space can be an essential act of self-care, sending your brain a clear message: you deserve a clean, peaceful environment.

The physical act of junk removal creates a sense of accomplishment. Whether it’s donating unused clothing, throwing away broken items, or clearing out the garage, every bag removed is a step toward emotional relief. The process can be surprisingly cathartic, especially for those dealing with stress, grief, or major life transitions.

Why Clutter Creates Mental Clutter Clutter and disorganization can reduce our ability to process information. Researchers at Princeton University Neuroscience Institute found that physical clutter competes for your attention, resulting in decreased performance and increased stress. When your environment is chaotic, your mind tends to mimic that chaos.

Every time you walk past a cluttered desk or disorganized closet, your brain registers it as a task you haven't completed. Over time, this leads to mental fatigue. You might find yourself feeling constantly behind, overwhelmed, or unable to concentrate—even when you're not consciously thinking about the mess.

On the flip side, a tidy, clutter-free environment can promote mental clarity, boost productivity, and help foster a greater sense of control and calm.

How Junk Removal Enhances Mood There’s a distinct emotional payoff to junk removal. Many people report feeling lighter, freer, and happier after decluttering a space. Here's why: 1. Reduces Anxiety and Stress Too much clutter can create a constant low-grade stress that gnaws away at your peace of mind. By physically removing items that no longer serve a purpose, you're also removing sources of tension. 2. Improves Focus and Productivity When your environment is clear, your mind follows suit. A cleaner space supports sharper thinking and better decision-making. Whether you're working from home or studying, a decluttered area can significantly enhance your ability to concentrate. 3. Boosts Self-Esteem Clutter can carry feelings of guilt or shame—reminders of undone tasks, unused purchases, or poor organizational habits. Taking the step to clean up can restore confidence and create a sense of achievement.

1. Encourages Mindfulness Decluttering forces you to be present. You have to examine each item, reflect on its usefulness, and make a conscious decision about its place in your life. This process promotes mindfulness and intentional living.

The Decluttering Process: Step-by-Step for Mental Clarity If the idea of decluttering your entire home feels overwhelming, start small. Begin with one drawer, one shelf, or one room. Here's a practical approach to get started:

Step 1: Set a Clear Intention Know why you're decluttering. Is it to feel less stressed? To improve your focus? Having a specific goal will keep you motivated. Step 2: Sort Items into Categories Use the classic “keep, donate, toss” system. Be honest with yourself about what adds value to your life. Step 3: Focus on One Area at a Time Avoid jumping from room to room. Focus your energy on one space to see progress quickly and stay motivated.

Step 4: Remove the Junk Promptly Once you've sorted items for removal, don’t let them linger. Hire a junk removal service or take them to a donation center right away. Step 5: Maintain Your Space Set a monthly reminder to reassess clutter. Make it a habit, not a one-time task.

Professional Help: The Role of Junk Removal Services For some people, the physical and emotional burden of clearing out clutter is too overwhelming to tackle alone. This is where professional junk removal services come in. These services not only handle the heavy lifting but also offer a judgment-free way to transform your space quickly and efficiently. By outsourcing the task, you reduce stress and avoid decision fatigue. It’s a practical solution for busy professionals, seniors downsizing, or those recovering from emotional trauma like the loss of a loved one.

The mental relief from seeing a room go from chaotic to clean in just a few hours is worth the investment. Plus, many services are eco-friendly and donate reusable items to charities, adding another layer of purpose to the process.

Real-Life Impacts: Statistics that Speak Decluttering doesn’t just feel good—it’s backed by data. Consider this: • According to a study by the National Association of Professional Organizers, 54% of Americans are overwhelmed by clutter, and 78% have no idea what to do with it [source]. • A report from the Journal of Environmental Psychology found that people with clean homes are happier and more relaxed, with higher activity levels and lower levels of cortisol [source]. These statistics highlight how deeply our environment influences our emotional health—and how important it is to reclaim control of your space.

Decluttering in the Digital Age While physical clutter is the most obvious, digital clutter can also affect your mental state. Overflowing email inboxes, unorganized files, and constant notifications can leave you feeling scattered and distracted. Take time to regularly clean up your digital life by: • Unsubscribing from unwanted emails • Deleting unused apps • Organizing desktop files and folders • Turning off non-essential notifications Just like physical spaces, a clean digital environment supports a clearer, more focused mind.

When Clutter Signals Something Deeper While decluttering is beneficial, it’s important to recognize when excessive clutter or hoarding behavior may be a sign of deeper mental health issues. Conditions such as depression, anxiety, and obsessive-compulsive disorder (OCD) can manifest in the inability to discard items or maintain an organized space. If clutter feels insurmountable or leads to distress and dysfunction, it may be time to seek support from a mental health professional. Therapy can help address the root causes and develop strategies for long-term change.

Final Thoughts: Clearing the Path to Mental Well-Being Junk removal and decluttering may seem like simple tasks, but their effects on your mental health can be profound. By reducing chaos in your environment, you invite peace, focus, and emotional clarity into your life. Whether you choose to tackle the clutter yourself or enlist the help of professionals, taking the first step is often the hardest—and the most transformative. Your environment is a mirror of your mind. Clear the clutter, and you’ll often find that clarity, joy, and calm aren’t far behind.

@ c230edd3:8ad4a712

Chef's notes

Most Santa Maria tri tip roast recipes call for red wine vinegar and dijon mustard. I prefer other ingredients in place of those, but should you like those flavors and textures, they are more traditional.

Keep in mind when cooking and slicing, that the grain of tri-tip runs in 3 directions and the meat is unevenly thick. Pulling the roast when the thin end achieves well done, the thicker end will be a nice medium rare. When slicing, change direction to cut against the grain as you transition through for the most tender outcome.

Details

• ⏲️ Prep time: 10 minutes
• 🍳 Cook time: 1 hour ( with grill heating time)
• 🍽️ Servings: 4-6

Ingredients

• 1.5 - 2 lb Tri-Tip Roast
• 1 Tbsp Kosher Salt
• 1 tsp Black Pepper
• 1 tsp Cayanne Pepper ( substitute all or some with smoked paprika for a milder taste)
• 1 tsp Garlic Powder
• 1 tsp Onion Powder
• 1 Tbsp Rosemary
• 2 Tbsp Stone Ground Mustard
• 1 Tbsp Rice Vinegar
• 2-3 Cloves Garlic, Minced

Directions

1. Mix all dry spices.
2. Pat the roast dry and coat on all sides with seasdoning mix.
3. Cover loosely and allow to sit in fridge for 8-12 hours.
4. Preheat grill to 475 degrees F, allow meat to sit at room temp during this process.
5. Mix vinegar, mustard, and minced garlic.
6. Place meat on hot grill, fat side down and coat the upward side with mustard mix
7. Grill approximately 7-10 minutes.
8. Flip meat, repeat coating and grilling.
9. Flip once more and grill for 2-3 minutes to caramelize the glaze and until the fat begins to render.
10. Remove from grill and let the roast rest for 5 minutes before slicing,
11. Serve with grilled veggies or any side of your choice. This is a bit spicy so it goes well with a salsa fresca and tortillas, too.

@ 7f6db517:a4931eda

What is KYC/AML?

• The acronym stands for Know Your Customer / Anti Money Laundering.
• In practice it stands for the surveillance measures companies are often compelled to take against their customers by financial regulators.
• Methods differ but often include: Passport Scans, Driver License Uploads, Social Security Numbers, Home Address, Phone Number, Face Scans.
• Bitcoin companies will also store all withdrawal and deposit addresses which can then be used to track bitcoin transactions on the bitcoin block chain.
• This data is then stored and shared. Regulations often require companies to hold this information for a set number of years but in practice users should assume this data will be held indefinitely. Data is often stored insecurely, which results in frequent hacks and leaks.  
• KYC/AML data collection puts all honest users at risk of theft, extortion, and persecution while being ineffective at stopping crime. Criminals often use counterfeit, bought, or stolen credentials to get around the requirements. Criminals can buy "verified" accounts for as little as $200. Furthermore, billions of people are excluded from financial services as a result of KYC/AML requirements.

During the early days of bitcoin most services did not require this sensitive user data, but as adoption increased so did the surveillance measures. At this point, most large bitcoin companies are collecting and storing massive lists of bitcoiners, our sensitive personal information, and our transaction history.

Lists of Bitcoiners

KYC/AML policies are a direct attack on bitcoiners. Lists of bitcoiners and our transaction history will inevitably be used against us.

Once you are on a list with your bitcoin transaction history that record will always exist. Generally speaking, tracking bitcoin is based on probability analysis of ownership change. Surveillance firms use various heuristics to determine if you are sending bitcoin to yourself or if ownership is actually changing hands.  You can obtain better privacy going forward by using collaborative transactions such as coinjoin to break this probability analysis.

Fortunately, you can buy bitcoin without providing intimate personal information. Tools such as peach, hodlhodl, robosats, azteco and bisq help; mining is also a solid option: anyone can plug a miner into power and internet and earn bitcoin by mining privately.

You can also earn bitcoin by providing goods and/or services that can be purchased with bitcoin. Long term, circular economies will mitigate this threat: most people will not buy bitcoin - they will earn bitcoin - most people will not sell bitcoin - they will spend bitcoin.

There is no such thing as KYC or No KYC bitcoin, there are bitcoiners on lists and those that are not on lists.

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If you found this post helpful support my work with bitcoin.

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Contribute to keep No Bullshit Bitcoin news going.

News

• Spiral welcomes Ben Carman. The developer will work on the LDK server and a new SDK designed to simplify the onboarding process for new self-custodial Bitcoin users.
• Spiral renews support for Dan Gould and Joschisan. The organization has renewed support for Dan Gould, who is developing the Payjoin Dev Kit (PDK), and Joschisan, a Fedimint developer focused on simplifying federations.
• The Bitcoin Dev Kit Foundation announced new corporate members for 2025, including AnchorWatch, CleanSpark, and Proton Foundation. The annual dues from these corporate members fund the small team of open-source developers responsible for maintaining the core BDK libraries and related free and open-source software (FOSS) projects.
• The European Central Bank is pushing for amendments to the European Union's Markets in Crypto Assets legislation (MiCA), just months after its implementation. According to Politico's report on Tuesday, the ECB is concerned that U.S. support for cryptocurrency, particularly stablecoins, could cause economic harm to the 27-nation bloc.
• Slovenia is considering a 25% capital gains tax on Bitcoin profits for individuals. The Ministry of Finance has proposed legislation to impose this tax on gains from cryptocurrency transactions, though exchanging one cryptocurrency for another would remain exempt. At present, individual 'crypto' traders in Slovenia are not taxed.
• The Virtual Asset Service Providers (VASP) Bill 2025 introduced in Kenya. The new legislation aims to establish a comprehensive legal framework for licensing, regulating, and supervising virtual asset service providers (VASPs), with strict penalties for non-compliant entities.
• Circle, BitGo, Coinbase, and Paxos plan to apply for U.S. bank charters or licenses. According to a report in The Wall Street Journal, major crypto companies are planning to apply for U.S. bank charters or licenses. These firms are pursuing limited licenses that would permit them to issue stablecoins, as the U.S. Congress deliberates on legislation mandating licensing for stablecoin issuers.

"Established banks, like Bank of America, are hoping to amend the current drafts of [stablecoin] legislation in such a way that nonbanks are more heavily restricted from issuing stablecoins," people familiar with the matter told The Block.

• Paul Atkins has officially assumed the role of the 34th Chairman of the US Securities and Exchange Commission (SEC). This is a return to the agency for Atkins, who previously served as an SEC Commissioner from 2002 to 2008 under the George W. Bush administration. He has committed to advancing the SEC’s mission of fostering capital formation, safeguarding investors, and ensuring fair and efficient markets.
• Federal Reserve retracts guidance discouraging banks from engaging in 'crypto.' The U.S. Federal Reserve withdrew guidance that discouraged banks from crypto and stablecoin activities, as announced by its Board of Governors on Thursday. This includes rescinding a 2022 supervisory letter requiring prior notification of crypto activities and 2023 stablecoin requirements.

"As a result, the Board will no longer expect banks to provide notification and will instead monitor banks' crypto-asset activities through the normal supervisory process," reads the FED statement.

• Russian government to launch a cryptocurrency exchange. The country's Ministry of Finance and Central Bank announced plans to establish a trading platform for "highly qualified investors" that "will legalize crypto assets and bring crypto operations out of the shadows."
• Twenty One Capital is set to launch with over 42,000 BTC in its treasury. This new Bitcoin-native firm, backed by Tether and SoftBank, is planned to go public via a SPAC merger with Cantor Equity Partners and will be led by Jack Mallers, co-founder and CEO of Strike. According to a report by the Financial Times, the company aims to replicate the model of Michael Saylor with his company, MicroStrategy.
• Strategy increases Bitcoin holdings to 538,200 BTC. In the latest purchase, the company has spent more than $555M to buy 6,556 coins through proceeds of two at-the-market stock offering programs.
• Metaplanet buys another 145 BTC. The Tokyo-listed company has purchased an additional 145 BTC for $13.6 million. Their total bitcoin holdings now stand at 5,000 coins, worth around $428.1 million.
• Semler Scientific has increased its bitcoin holdings to 3,303 BTC. The company acquired an additional 111 BTC at an average price of $90,124. The purchase was funded through proceeds from an at-the-market offering and cash reserves, as stated in a press release.
• Tesla still holds nearly $1 billion in bitcoin. According to the automaker's latest earnings report, the firm reported digital asset holdings worth $951 million as of March 31.
• Spar supermarket experiments with Bitcoin payments in Zug, Switzerland. The store has introduced a new payment method powered by the Lightning Network. The implementation was facilitated by DFX Swiss, a service that supports seamless conversions between bitcoin and legacy currencies.

• Charles Schwab to launch spot Bitcoin trading by 2026. The financial investment firm, managing over $10 trillion in assets, has revealed plans to introduce spot Bitcoin trading for its clients within the next year.
• Arch Labs has secured $13 million to develop "ArchVM" and integrate smart-contract functionality with Bitcoin. The funding round, valuing the company at $200 million, was led by Pantera Capital, as announced on Tuesday.
• Citrea deployed its Clementine Bridge on the Bitcoin testnet. The bridge utilizes the BitVM2 programming language to inherit validity from Bitcoin, allegedly providing "the safest and most trust-minimized way to use BTC in decentralized finance."
• UAE-based Islamic bank ruya launches Shari’ah-compliant bitcoin investing. The bank has become the world’s first Islamic bank to provide direct access to virtual asset investments, including Bitcoin, via its mobile app, per Bitcoin Magazine.
• Solosatoshi.com has sold over 10,000 open-source miners, adding more than 10 PH of hashpower to the Bitcoin network.

"Thank you, Bitaxe community. OSMU developers, your brilliance built this. Supporters, your belief drives us. Customers, your trust powers 10,000+ miners and 10PH globally. Together, we’re decentralizing Bitcoin’s future. Last but certainly not least, thank you@skot9000 for not only creating a freedom tool, but instilling the idea into thousands of people, that Bitcoin mining can be for everyone again," said the firm on X.

• OCEAN's DATUM has found 100 blocks. "Over 65% of OCEAN’s miners are using DATUM, and that number is growing every day. This means block template construction is making its way back into the hands of the miners, which is not only the most profitable

@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

• RoboSats v0.7.7-alpha is now available!

NOTE: "This version of clients is not compatible with older versions of coordinators. Coordinators must upgrade first, make sure you don't upgrade your client while this is marked as pre-release."

• This version brings a new and improved coordinators view with reviews signed both by the robot and the coordinator, adds market price sources in coordinator profiles, shows a correct warning for canceling non-taken orders after a payment attempt, adds Uzbek sum currency, and includes package library updates for coordinators.

Source: RoboSats.

• siggy47 is writing daily RoboSats activity reviews on stacker.news. Check them out here.
• Stay up-to-date with RoboSats on Nostr.

What's new

• New coordinators view (see the picture above).
• Available coordinator reviews signed by both the robot and the coordinator.
• Coordinators now display market price sources in their profiles.

Source: RoboSats.

• Fix for wrong message on cancel button when taking an order. Users are now warned if they try to cancel a non taken order after a payment attempt.
• Uzbek sum currency now available.
• For coordinators: library updates.
• Add docker frontend (#1861).
• Add order review token (#1869).
• Add UZS migration (#1875).
• Fixed tests review (#1878).
• Nostr pubkey for Robot (#1887).

New contributors

• @hexlorn made their first contribution in #1858.
• @umk0m1qk made their first contribution in #1864.

Full Changelog: v0.7.6-alpha...v0.7.7-alpha

GitHub Repo

@ 7f6db517:a4931eda

The former seems to have found solid product market fit. Expect significant volume, adoption, and usage going forward.

The latter's future remains to be seen. Dependence on Tor, which has had massive reliability issues, and lack of strong privacy guarantees put it at risk.

— ODELL (@ODELL) October 27, 2022

The Basics

• Lightning is a protocol that enables cheap and fast native bitcoin transactions.
• At the core of the protocol is the ability for bitcoin users to create a payment channel with another user.
• These payment channels enable users to make many bitcoin transactions between each other with only two on-chain bitcoin transactions: the channel open transaction and the channel close transaction.
• Essentially lightning is a protocol for interoperable batched bitcoin transactions.
• It is expected that on chain bitcoin transaction fees will increase with adoption and the ability to easily batch transactions will save users significant money.
• As these lightning transactions are processed, liquidity flows from one side of a channel to the other side, on chain transactions are signed by both parties but not broadcasted to update this balance.
• Lightning is designed to be trust minimized, either party in a payment channel can close the channel at any time and their bitcoin will be settled on chain without trusting the other party.

There is no 'Lightning Network'

• Many people refer to the aggregate of all lightning channels as 'The Lightning Network' but this is a false premise.
• There are many lightning channels between many different users and funds can flow across interconnected channels as long as there is a route through peers.
• If a lightning transaction requires multiple hops it will flow through multiple interconnected channels, adjusting the balance of all channels along the route, and paying lightning transaction fees that are set by each node on the route.

Example: You have a channel with Bob. Bob has a channel with Charlie. You can pay Charlie through your channel with Bob and Bob's channel with User C.

• As a result, it is not guaranteed that every lightning user can pay every other lightning user, they must have a route of interconnected channels between sender and receiver.

Lightning in Practice

• Lightning has already found product market fit and usage as an interconnected payment protocol between large professional custodians.
• They are able to easily manage channels and liquidity between each other without trust using this interoperable protocol.
• Lightning payments between large custodians are fast and easy. End users do not have to run their own node or manage their channels and liquidity. These payments rarely fail due to professional management of custodial nodes.
• The tradeoff is one inherent to custodians and other trusted third parties. Custodial wallets can steal funds and compromise user privacy.

Sovereign Lightning

• Trusted third parties are security holes.
• Users must run their own node and manage their own channels in order to use lightning without trusting a third party. This remains the single largest friction point for sovereign lightning usage: the mental burden of actively running a lightning node and associated liquidity management.
• Bitcoin development prioritizes node accessibility so cost to self host your own node is low but if a node is run at home or office, Tor or a VPN is recommended to mask your IP address: otherwise it is visible to the entire network and represents a privacy risk.
• This privacy risk is heightened due to the potential for certain governments to go after sovereign lightning users and compel them to shutdown their nodes. If their IP Address is exposed they are easier to target.
• Fortunately the tools to run and manage nodes continue to get easier but it is important to understand that this will always be a friction point when compared to custodial services.

The Potential Fracture of Lightning

• Any lightning user can choose which users are allowed to open channels with them.
• One potential is that professional custodians only peer with other professional custodians.
• We already see nodes like those run by CashApp only have channels open with other regulated counterparties. This could be due to performance goals, liability reduction, or regulatory pressure.

• Fortunately some of their peers are connected to non-regulated parties so payments to and from sovereign lightning users are still successfully processed by CashApp but this may not always be the case going forward.

Summary

• Many people refer to the aggregate of all lightning channels as 'The Lightning Network' but this is a false premise. There is no singular 'Lightning Network' but rather many payment channels between distinct peers, some connected with each other and some not.
• Lightning as an interoperable payment protocol between professional custodians seems to have found solid product market fit. Expect significant volume, adoption, and usage going forward.
• Lightning as a robust sovereign payment protocol has yet to be battle tested. Heavy reliance on Tor, which has had massive reliability issues, the friction of active liquidity management, significant on chain fee burden for small amounts, interactivity constraints on mobile, and lack of strong privacy guarantees put it at risk.

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If you have never used lightning before, use this guide to get started on your phone.

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If you found this post helpful support my work with bitcoin.

@ 812cff5a:5c40aeeb

NIP-02 — أنماط المفاتيح العامة

رقم التعريف (NIP): 02
العنوان: أنماط المفاتيح العامة
الحالة: نهائي
المؤلف: fiatjaf
التاريخ: 2020-12-10

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الملخص

يقترح هذا المستند نمطًا معياريًا لطريقة تمثيل المفاتيح العامة (public keys) في نُستر — يُعرف باسم npub — لتسهيل مشاركتها وقراءتها من قبل البشر، تمامًا كما يتم تمثيل عناوين البيتكوين بـ bech32.

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التنسيق المقترح

نقترح استخدام bech32 لترميز المفاتيح العامة، حيث يكون التنسيق كالتالي:

npub1<سلسلة bech32>

على سبيل المثال:

npub1qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqzv9sx

هذا الشكل يمكن نسخه بسهولة، والتعرف عليه بصريًا، والتعامل معه دون الوقوع في أخطاء النسخ الشائعة للمفاتيح بصيغ hex.

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السبب

• الشكل hex التقليدي للمفاتيح العامة (مثل 32e...af1) صعب القراءة.
• bech32 أسهل للمشاركة عبر الرسائل أو الوسائط الاجتماعية.
• وجود بادئة npub1 يوضح فورًا أن السلسلة تمثل مفتاحًا عامًا في نظام نُستر.

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ملاحظات إضافية

• نفس المبدأ يُستخدم أيضًا مع أنواع أخرى مثل note (لتمثيل معرفات الأحداث) وnsec (للمفاتيح الخاصة).
• هذه الصيغ لا تغيّر البيانات الأصلية، بل فقط تمثلها بطريقة أسهل وأكثر أمانًا للبشر.

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الخلاصة

npub هو معيار لتنسيق المفاتيح العامة باستخدام bech32، مما يجعلها أكثر قابلية للقراءة والاستخدام من قبل البشر.
يُوصى بأن تستخدم جميع تطبيقات نُستر هذا النمط عند عرض أو مشاركة المفاتيح العامة.

@ 7f6db517:a4931eda

@matt_odell don't you even dare not ask about nostr!

— Kukks (Andrew Camilleri) (@MrKukks) May 18, 2021

Nostr first hit my radar spring 2021: created by fellow bitcoiner and friend, fiatjaf, and released to the world as free open source software. I was fortunate to be able to host a conversation with him on Citadel Dispatch in those early days, capturing that moment in history forever. Since then, the protocol has seen explosive viral organic growth as individuals around the world have contributed their time and energy to build out the protocol and the surrounding ecosystem due to the clear need for better communication tools.

nostr is to twitter as bitcoin is to paypal

As an intro to nostr, let us start with a metaphor:

twitter is paypal - a centralized platform plagued by censorship but has the benefit of established network effects

nostr is bitcoin - an open protocol that is censorship resistant and robust but requires an organic adoption phase

Nostr is an open communication protocol that can be used to send messages across a distributed set of relays in a censorship resistant and robust way.
 - Anyone can run a relay.
 - Anyone can interact with the protocol.
 - Relays can choose which messages they want to relay.
 - Users are identified by a simple public private key pair that they can generate themselves.

Nostr is often compared to twitter since there are nostr clients that emulate twitter functionality and user interface but that is merely one application of the protocol. Nostr is so much more than a mere twitter competitor. Nostr clients and relays can transmit a wide variety of data and clients can choose how to display that information to users. The result is a revolution in communication with implications that are difficult for any of us to truly comprehend.

Similar to bitcoin, nostr is an open and permissionless protocol. No person, company, or government controls it. Anyone can iterate and build on top of nostr without permission. Together, bitcoin and nostr are incredibly complementary freedom tech tools: censorship resistant, permissionless, robust, and interoperable - money and speech protected by code and incentives, not laws.

As censorship throughout the world continues to escalate, freedom tech provides hope for individuals around the world who refuse to accept the status quo. This movement will succeed on the shoulders of those who choose to stand up and contribute. We will build our own path. A brighter path.

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My Nostr Public Key: npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx

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If you found this post helpful support my work with bitcoin.

@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

• Wasabi Wallet v2.6.0 "Prometheus" is a major update for the project, focused on resilience and independence from centralized systems.
• Key features include support for BIP 158 block filters for direct node synchronization, a revamped full node integration for easier setup without third-party reliance, SLIP 39 share backups for flexible wallet recovery (sponsored by Trezor), and a Nostr-based update manager for censorship-resistant updates.
• Additional improvements include UI bug fixes, a new fallback for transaction broadcasting, updated code signing, stricter JSON serialization, and options to avoid third-party rate providers, alongside various under-the-hood enhancements.

This new version brings us closer to our ultimate goal: ensuring Wasabi is future-proof," said the developers, while also highlighting the following key areas of focus for the project:

• Ensuring users can always fully and securely use their client.
• Making contribution and forks easy through a codebase of the highest quality possible: understandable, maintainable, and improvable.

"As we achieve our survival goals, expect more cutting-edge improvements in Bitcoin privacy and self-custody. Thank you for the trust you place in us by using Wasabi," was stated in the release notes.

What's new

• Support for Standard BIP 158 Block Filters. Wasabi now syncs using BIP 158 filters without a backend/indexer, connecting directly to a user's node. This boosts sync speed, resilience, and allows full sovereignty without specific server dependency.
• Full Node Integration Rework. The old integration has been replaced with a simpler, more adaptable system. It’s not tied to a specific Bitcoin node fork, doesn’t need the node on the same machine as Wasabi, and requires no changes to the node’s setup.
  • "Simply enable the RPC server on your node and point Wasabi to it," said the developers. This ensures all Bitcoin network activities—like retrieving blocks, fee estimations, block filters, and transaction broadcasting—go through your own node, avoiding reliance on third parties.
• Create & Recover SLIP 39 Shares. Users now create and recover wallets with multiple share backups using SLIP 39 standard.

"Special thanks to Trezor (SatoshiLabs) for sponsoring this amazing feature."

• Nostr Update Manager. This version implements a pioneering system with the Nostr protocol for update information and downloads, replacing reliance on GitHub. This enhances the project's resilience, ensuring updates even if GitHub is unavailable, while still verifying updates with the project's secure certificate.
• Updated Avalonia to v11.2.7, fixes for UI bugs (including restoring Minimize on macOS Sequoia).
• Added a configurable third-party fallback for broadcasting transactions if other methods fail.
• Replaced Windows Code Signing Certificate with Azure Trusted Signing.
• Many bug fixes, improved codebase, and enhanced CI pipeline.
• Added the option to avoid using any third-party Exchange Rate and Fee Rate providers (Wasabi can work without them).
• Rebuilt all JSON Serialization mechanisms avoiding default .NET converters. Serialization is now stricter.

Full Changelog: v2.5.1...v2.6.0

Announcement / Archive
GitHub Repo

@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

• Version 1.3 of Bitcoin Safe introduces a redesigned interactive chart, quick receive feature, updated icons, a mempool preview window, support for Child Pays For Parent (CPFP) and testnet4, preconfigured testnet demo wallets, as well as various bug fixes and improvements.

• Upcoming updates for Bitcoin Safe include Compact Block Filters.

"Compact Block Filters increase the network privacy dramatically, since you're not asking an electrum server to give you your transactions. They are a little slower than electrum servers. For a savings wallet like Bitcoin Safe this should be OK," writes the project's developer Andreas Griffin.

• Learn more about the current and upcoming features of Bitcoin Safe wallet here.

What's new in v1.3

• Redesign of Chart, Quick Receive, Icons, and Mempool Preview (by @design-rrr).
• Interactive chart. Clicking on it now jumps to transaction, and selected transactions are now highlighted.

• Speed up transactions with Child Pays For Parent (CPFP).
• BDK 1.2 (upgraded from 0.32).
• Testnet4 support.
• Preconfigured Testnet demo wallets.
• Cluster unconfirmed transactions so that parents/children are next to each other.
• Customizable columns for all tables (optional view: Txid, Address index, and more)
• Bug fixes and other improvements.

Announcement / Archive
Blog Post / Archive
GitHub Repo
Website

@ 7f6db517:a4931eda

The newly proposed RESTRICT ACT - is being advertised as a TikTok Ban, but is much broader than that, carries a $1M Fine and up to 20 years in prison️! It is unconstitutional and would create massive legal restrictions on the open source movement and free speech throughout the internet.

The Bill was proposed by: Senator Warner, Senator Thune, Senator Baldwin, Senator Fischer, Senator Manchin, Senator Moran, Senator Bennet, Senator Sullivan, Senator Gillibrand, Senator Collins, Senator Heinrich, and Senator Romney. It has broad support across Senators of both parties.

Corrupt politicians will not protect us. They are part of the problem. We must build, support, and learn how to use censorship resistant tools in order to defend our natural rights.

The RESTRICT Act, introduced by Senators Warner and Thune, aims to block or disrupt transactions and financial holdings involving foreign adversaries that pose risks to national security. Although the primary targets of this legislation are companies like Tik-Tok, the language of the bill could potentially be used to block or disrupt cryptocurrency transactions and, in extreme cases, block Americans’ access to open source tools or protocols like Bitcoin.

The Act creates a redundant regime paralleling OFAC without clear justification, it significantly limits the ability for injured parties to challenge actions raising due process concerns, and unlike OFAC it lacks any carve-out for protected speech. COINCENTER ON THE RESTRICT ACT

Full Text of Bill

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If you found this post helpful support my work with bitcoin.

@ 14206a66:689725cf

We’ve all been there, you’re locked in, desperately fighting with spreadsheets, the dishwasher’s going, and a banana cake is in the oven. Suddenly, all goes quiet, lights are off, oven’s off, PC dead as a doorknob. You check the fusebox, it’s fine. Must be a blackout. Usually, the power comes back on after 30 minutes to an hour, but you’re left standing there wondering what happened. 

We’ve just seen a country-wide scale event like this, which was much more extreme. On 28th April, the Iberian Peninsula experienced a catastrophic breakdown of the grid (see here).

Power was off for several days. I won’t dig into the details of this particular event; doing so is way beyond my pay grade. Suffice it to say it follows the ideas I want to introduce in this article.

We’ll begin with the simplest model I can think of, getting to grips with the issue from first principles. Then I’ll walk through how the basic premise scales up the Australian grid (or at least the east coast, the NEM), before introducing the shadowy supergeniuses in control of it all (AEMO) and one of the most important market mechanisms they use - Frequency Control Ancillary Services (FCAS). 

Part one: First principles

Imagine a way-over-simplified system with a single source of power and a single load. Our source of power is just a battery that produces 10MW of power at an assumed 1000V. The battery has no rotating components. It is connected to a very basic inverter. The inverter is designed to produce 50 Hz AC power; however, let's imagine it has no sophisticated voltage controls or protections (unlike real inverters). All that our inverter comprises is a basic switching and timing circuit.

This specific frequency of 50 Hz is a fundamental design standard for almost all AC electrical equipment. Just like a clock needs to tick at a precise rate to tell accurate time, electrical devices like motors rely on the AC power cycling exactly 50 times per second. If the frequency deviates too much, it can cause motors to speed up or slow down incorrectly, or sensitive electronics to malfunction. Our simple inverter, despite its limitations, is designed to produce 50 Hz because that's what the heater and any other AC device expect.

Our load is a large but mechanically simple industrial heater. It has a large coil that produces heat by running a current through it. Importantly, the heater has a dial to adjust temperature (which can change its power consumption). The heater is currently set to draw 10MW of power.

That’s the start, with a simplified system in equilibrium, all is well. The heater is producing heat, and you can make up your own story about what the heat is used for. The important point is that the voltage, current, and frequency are all stable.

Next, the foreman operating the heater turns the dial up to increase the heat output. Assume the heater now wants to draw 20MW of power. We’re simplifying, so also assume that in this instant, the voltage remains at 1000V.

To draw this much power, the heater now has to draw more current (because power = voltage x current, it’s the rules). Since we assumed the voltage remains at 1000V, there is an instantaneous demand for more power from the battery than it was previously supplying.

The battery now attempts to supply this current, which means the current must flow through the battery’s components, the inverter’s components, and the wire connecting the battery to the heater. All of these physical components have resistance. This means the actual voltage the heater receives will be lower than 1000V.

Now that the heater is receiving voltage lower than 1000V, things start to go wrong. The power consumed by the heater is proportional to the square of the voltage across it (rules are rules), so power = voltage^2 / resistance. Following this rule, since the voltage has decreased, then that means the actual power the heater draws will be less than the 20MW desired. For example, it might only draw 15MW, but it depends on the resistances in all the components, which we haven’t set.

Things just get uglier. The battery and inverter are operating under extreme stress, trying to deliver the higher current demanded, but at reduced voltage. Inside the inverter and the battery, the components start getting hot (rules, again). Since we assumed the battery and inverter are super simple, the inverter can't adjust its power output based on actual grid conditions (like a sophisticated one would); it can only fail. Then the heater goes out, and the foreman gets mad; it’s just a bad day all around. 

The fix: add a spinny thing.

Reimagine the situation just as before, but now, instead of a battery, imagine the source of power is a contemporary synchronous generator system. Say it’s a hydro plant, where the spinning turbine is directly connected to the grid. This generator, unlike the battery-inverter, inherently uses its large rotating mass to move a metal rod up and down inside a magnetic coil and produces AC power. Importantly, it synchronises with our system’s required 50 Hz rhythm.

In this case, the story proceeds as before. When the foreman turns the heater dial up the heater wants to draw 20MW. In this case, the increased current flows through the impedance of the generator’s internal components and the wire. Just as before, this causes an immediate, rapid voltage drop at the heater’s terminals. In that instant, the heater will not get its desired 20MW because the voltage is too low.

Since the generator’s power output is less than the load demand, the lack of energy causes the rotating mass of the generator to decelerate (energy is conserved), and the frequency of the AC power in the system drops below 50 HZ. Because the generator’s turbine is a large mass, it has substantial inertia (pesky rules again), so the drop in frequency happens much more slowly than in our first story, and there is no catastrophic failure of the system. Instea,d this inertia buys time for the system to react.

The reaction comes from the manager of the generator. In the real world, this is a piece of software called a governor, but it’s useful to imagine it’s a person. The manager sees the drop in frequency and presses some buttons to let more water flow to the turbine, the frequency climbs back to 50 HZ and the power output of the generator increases.

Then the heater gets its required 20MW of power at 1000V and 50Hz, and the foreman is happy, everyone’s happy, it’s just a good time.

Frequency, in this simple system, indicates power imbalances and triggers the manager of the generator to respond. Equally, we could have assumed the foreman can be notified that he shouldn’t increase the heater’s dial - we can manage the imbalance either on the supply (generator) or demand (heater) side, or a mix of both. 

This hints at a crucial question: how the hell do we coordinate this? Even with just a single load and a single generator, what sort of contracts would the foreman and generator manager need to keep everything running?

Part deux: AEMO, the not-so-invisible hand coordinating the market

Above is a story of a system with one load and one generator, without protections for the management of voltage or frequency. I walked through how this simple system could suffer a catastrophic breakdown as a result of the load increasing. Followed by a slight added complexity, which solves the issue. 

Everything that applies in the simplified model also applies in the real world; the basic principles scale up and create complex incentives, coordination, and knowledge problems. 

In my simple story, there was a manager in charge of the generator and a foreman in charge of the heater. In the much more complex National Electricity Market (NEM), there’s a third main actor: Australian Energy Market Operator (AEMO, because it operates the energy market, perfect naming convention). Among a host of competing priorities, AEMO has one role we’re particularly interested in: making sure we have a good time, i.e making sure the grid is stable. How it does so is the economics bit.

The NEM covers a huge geographic area (all the way up the East Coast from South Australia up to North Port Douglas). Within the vast area it covers are around 10 million customer connections (source). AEMO provides an interactive map that shows you how many substations there are - lots! 

here's a map from AEMO

With all those connections and interconnections, the only constant is change. Strong winds can suddenly break connections, generators can trip for a host of reasons, and sometimes physics just says “no”.

On the flip side, sometimes large loads connect unpredictably and want instant power to be available. The physics says supply must equal demand or things get bad, so how does AEMO make sure supply equals demand?

In short, dispatch instructions. AEMO coordinates the supply-side market participants using signals to their control rooms. The economics of it could be summed up as: AEMO is a visible hand trying to approximate the role of Smith’s invisible hand in the market*.

Though not the focus of my current article, dispatch can be (over)simplified as follows: Every five minutes, generators send an offer to AEMO containing a price-quantity pair for power output. AEMO sorts the offer from lowest price to highest and matches supply to forecasted demand, starting from the lowest offer to create a dispatch interval/dispatch window, within system constraints. Importantly, generators all receive the highest marginal price (spot price) of all offers within the dispatch interval. Then, all generators included in the dispatch interval receive revenue equal to their power dispatched times the spot price.

So, assuming the system is in balance. This plays out, and everyone’s happy. But that’s not guaranteed in such a complex interconnected system like the NEM. So, what happens if, after offers are placed and power is scheduled, a generator suddenly trips off (cutting supply) or a large load connects unexpectedly (rapidly ramping up demand)?

AEMO needs some sort of backup power supply or backup demand as a contingency for when imbalances happen. One of such contingencies is what we call this service provision Frequency Control Ancillary Services (FCAS). So named because AEMO uses system frequency to understand where, when, and how much extra supply or demand (load) is required to return the system to the normal stable operation. 

But AEMO doesn’t own any generators, batteries, or large loads itself. So, how does it get them? Someone came up with the idea that you can sell backup supply or demand (load) to AEMO, for a fee. This idea implies that AEMO has to find the right incentives to bring backup supply or backup demand (load) online in a flash.

There’s a market for that! 

Actually, there are eight markets, but we’re simplifying.

To procure FCAS, AEMO runs a similar auction process to the market for power. Participants submit bids to AEMO every five minutes, containing a service type and availability across up to 10 price bands. The service type is one of: increase/decrease frequency in one of the three time intervals.

AEMO then considers all bids and finds the least-cost solution that meets all system requirements, matching the supply of FCAS to the demand for FCAS. Just like in the market for power, AEMO orders the FCAS bids into a “merit order” based on price for each service type (lowest price to highest price). It then decides which bids it will accept and pays all accepted bids the highest marginal price of all accepted bids. This creates a price signal for FCAS in the market.

The design has obvious intentions: FCAS suppliers win big if they can be super low cost while their competitors are high cost. 

Just like in the market for power, once bids are accepted, AEMO sends a signal to the control panels of the FCAS participants. 

You can see how , by following this process, AEMO acts to approximate the emergent order (or invisible hand) of a market by creating price signals for both power supply as well as FCAS. Then, physically matching those price signals with the actual power flows using a (pretty amazing, honestly) control scheme. 

The idea that AEMO is only approximating the invisible hand is important; I’ll explore that more deeply in future articles.

That’s the physics and market mechanisms in a nutshell. But who sells FCAS to AEMO, and what about the mullah, dollars, buckerinos, fat stacks?

Part tres: How big is the market

Firstly, who can participate in the FCAS market? As far as I understand, it’s quite open; if you invent a device that meets the standards and go through the application process, then you can participate. AEMO’s concern is system stability, so from their POV, any particular device is fair game as long as you meet the engineering standards. 

One common example is certain electricity retailers who use their customers’ hot water cylinders as a demand response. By sending an electrical signal to your hot water cylinder, the company can turn it off for a short period, reducing demand (load). There’s a complex “annoyance cost” paid by the consumer of their hot water cylinder being turned off, but then that’s balanced against potentially lower bills as the electricity retailer can substitute FCAS revenue. 

Another example is grid-scale batteries; these can build or release charge on a whim. For batteries, the incentives are about whether their charge is worth more in the spot market or in the supply response FCAS market. If the battery is connected to a facility like a solar plant, then the incentives get more complex; is it worth selling power instantly or building charge in the battery for potential spot market or FCAS later? Add in a futures market and you just get more complexity.

A final, still emerging, example is bitcoin miners, these are basically just computers. These machines can be powered up or down relatively quickly and easily with little ill physical effects, and no ill effects to the Bitcoin network or protocol. When they are powered up, they earn a stream of income for the owners in the form of bitcoin.

This creates an interesting dynamic when bitcoin miners participate in the FCAS market; their FCAS bid, all else equal, should be at least the value of the opportunity cost of not mining bitcoin.

A completely unanswered question is what happens if bitcoin mining becomes a large proportion of FCAS? Consider a case where the FCAS from bitcoin miners drops out of the market because bitcoin fees spike and miners find it more profitable to mine rather than provide FCAS.

Alright, but the money! Surely FCAS is lucrative?

AEMO publishes data on FCAS. The most readily understandable data is the payment data. This is, as the name suggests, how much AEMO paid to FCAS participants over the eight service types (and in each State/Territory in the NEM) each month. This is the raw revenue of FCAS market participants. One way to think of it is as the cost of stability. 

In total, FCAS payments have been about $39 million this year (up to week 20, which ended May 18). 

AEMO has also provided total revenue for FCAS from batteries in the NEM, specifically in its Quarterly Energy Dynamics - Q1 2025, covering 1 January to 31 March 2025 report. This data suggests that batteries in the NEM have earned $69 million in 2024, which is 42.9 percent of all FCAS costs. This is remarkable to me, because grid-scale batteries are relatively new to the market as compared to other generation and storage technologies. 

The cause lies in the fact that batteries can* *have a low marginal cost to charge and discharge, so the fact that they captured such market share this fast highlights the idea that he who produces FCAS cheapest wins.

This data release also contains aggregate FCAS costs for all states. The data tells us that in 2024, total FCAS costs were $161 million.

The fact that there is such a healthy pot up for grabs speaks to the fragility of our grid, but also to the resilience; it's a strange duality.

With continued investment in solar generation, because such systems have little to no inertia, we could see increased frequency excursions (technical term for being out of range). Engineers are busy solving this using inverters, which simulate inertia. These are genius, but such innovations take time (and standards) to be adopted.

Then there’s the question of critical infrastructure risk - how tolerant can we be of instability when datacenters mining Bitcoin and running AI models are on the line

At the risk of repeating myself, the whole construction is very much a visible hand trying to approximate what Adam Smith’s invisible hand might do. 

Fin

Full disclosure, I do use AI (Gemini specifically) to help me research, learn, and write my articles, but I go over everything multiple times to make it my own voice and reflect my own ideas.

*Adam Smith described the idea of an invisible hand, which directs the market, coordinating people's desires, as a metaphor to explain how people in a market somehow end up serving each other's best interests even without directly communicating.

@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

• "Today we're launching the beta version of our multiplatform Nostr browser! Think Google Chrome but for Nostr apps. The beta is our big first step toward this vision," announced Damus.
• This version comes with the Dave Nostr AI assistant, support for zaps and the Nostr Wallet Connect (NWC) wallet interface, full-text note search, GIFs and fullscreen images, multiple media uploads, user tagging, relay list and mute list support, along with a number of other improvements."

"Included in the beta is the Dave, the Nostr AI assistant (its Grok for Nostr). Dave is a new Notedeck browser app that can search and summarize notes from the network. For a full breakdown of everything new, check out our beta launch video."

What's new

• Dave Nostr AI assistant app.
• GIFs.
• Fulltext note search.
• Add full screen images, add zoom, and pan.
• Zaps! NWC/ Wallet UI.
• Introduce last note per pubkey feed (experimental).
• Allow multiple media uploads per selection.
• Major Android improvements (still WIP).
• Added notedeck app sidebar.
• User Tagging.
• Note truncation.
• Local network note broadcast, broadcast notes to other notedeck notes while you're offline.
• Mute list support (reading).
• Relay list support.
• Ctrl-enter to send notes.
• Added relay indexing (relay columns soon).
• Click hashtags to open hashtag timeline.
• Fixed timelines sometimes not updating (stale feeds).
• Fixed UI bounciness when loading profile pictures
• Fixed unselectable post replies.

Announcement / Archive
GitHub Repo
Website

@ 81022b27:2b8d0644

Today some clients and I were talking and they asked me about my recent seminar where I attended the “Unleash The Power Within” seminar with Tony Robbins. I explained that the firewalk I performed was not the highlight of the seminar, It was all the junk I got rid of mentally. We talked some more and then someone said something a little derogatory about Scientology.

I said, “wait a second, Scientology changed my life!”

It’s true. Some of the things I learned through Dianetics and Scientology were catalysts in me changing my entire life around.

It started one evening in Coral Gables, FL when I was walking down the street going to meet someone for dinner. I was stopped by a lady holding a clipboard outside of a 50’s-looking building.

“Would you like to take personality test?”

I asked: “What’s that?”

She explained and since I’m always early to things, I had plenty of time to kill. I said: “Sure! let’s do it!”

I took the test and the results seemed spot on. Then they asked if I would like to learn more about the mind , I could sign up for a course for a modest amount and I was genuinely curious about the whole deal and I agreed.

The Class I came back like a week later to start the class. I’m remembering that building had a distinct smell. It wasn’t bad. I can’t really describe it, but if I ever smell something similar, I’d recognize it instantly.

I walked in and they took me to a big room, a classroom with lots of tables and chairs. Every table had a small box with objects in it. There were people reading, there were people in groups studying, lots of chatter.

It seemed exciting!

I don’t remember if it was my first lesson or not, but we had to do TR’s (Training Routines) and I was asked to sit across from some guy and just stare at him. Look him in the eyes and not laugh, not blink excessively, just keep your composure.

Bah! Stupid! But I can do this!

We started the exercise and it seemed silly at first, but then my heart started racing and started freaking out. It felt like I was in a tunnel, but somehow his eyes were attacking me.

Then all of a sudden I’m hovering 8 feet above myself and I’m looking at the situation from above.

Next thing I know, I’m back in my body and the exercise is over.

The teacher, or facilitator came by to ask me how everything went. I started to tell her exactly what happened and she was writing very matter-of-fact-ly.

“And then I left my body!,” I emphasized.

“So you exteriorized?” She asked.

“I guess.”, I mumbled.

What really made me curious is these people are just nonchalantly just writing down stuff like it’s no big deal.

They got me. I was hooked.

Auditing

I started doing some courses whenever I had some free time: maybe once or twice a week. I learned that there is something that they call the “reactive mind” and that past traumas can affect someone in the present time.

We did this exercise that when my “Auditor” would snap her fingers, I would repeat the first word that popped into my mind, until we got a string of words. I would the repeat this string of words until they “lost their charge” and had no effect.

During one of these sessions, I

felt like I was choking.

No, not choking !

I could taste salt water!

I was drowning!

This shook me up because I had no recollection of almost drowning like that.

I asked my mother if I ever almost drowned and I was surprised by her answer.

She said; “Yes. We were at the beach-you were a baby and in the water with your father. A wave got both of you and your dad had to throw you towards me like a football, because he couldn’t fight the riptide.”

Wow.

Study Tech

before you start the “heavy” course, you must learn how to study. So they have designed a way to teach people “How.”

I thought, “wow, no one ever really taught me how to study.”

In high school, I kind of just skated by, with no need to ever read or do much. I didn’t make valedictorian, but I was discovering my social life and that was top priority for me at the time.

They showed me if you read something and can’t remember what you just read, t means you read past a misunderstood word. You never skip a word you don’t understand. There are always dictionaries at every study table.

If you get woozy and want to bail on the material being studied, then you have skipped a gradient, so you should go back to a point you understand and work back up.

If you get a headache while, studying, that means you have a “lack of mass” and the topic is abstract and you need to make it more physical to be able to understand it.

That is why they had those baskets with modeling clay and stuff in it, so you could model out concepts.

I still use this knowledge.

Basic Study Manual

The Purification Program

At some point one of the coaches pointed out that if I wanted to make quicker progress, I should do The Purification Program. The Program is designed to get rid of environmental toxins and medications and other materials that are stuck in your physical body and is interfering with your progress “up the bridge”

So of course, I am fascinated by this idea and sign up for the course, This time, it;s a lot of books and it’s going to cost be some serious cash. I didn’t have that kind of money, because I was scraping by on an assistant manager at Wendy’s salary.

No worries, take out a new credit card to pay for it. And one of the members drove out to my work to get the signature (and $$) to pay for the course. I think It was the end of the month and they got a bonus if I signed up before then.

The Program

The program basically consists of sitting in a sauna for 5 hours a day, Taking supplements: cal-mag, megadoses of niacin, and oils

It was perfectly organized: we were taken to a different part of the building to an area with a eucalyptus smell. We were shown the sauna-it was a large sauna , It could hold like 10 people.

We were given our supplements and then told to jog for few blocks around the building and then come into the sauna.

By the time you are done with the run, the niacin has kicked in and given you a nice “flush” skin is red and blood vessels have dilated. Now you’re ready for the sauna.

Everything done here is monitored. The guy supervising us was a Medical Doctor and he recorded weight going in and was always available supervising and answering any questions.

Five hours a day in a sauna is a LONG time- especially with someone like me who is not crazy about sweating constantly.

You were free to come in and out to prevent from getting overheated and get in the shower to cool off.

I brought reading material, I was doing this!

Reactions

X Ray Radiation

For the first couple of days, nothing significant happened except my skin started getting better.

One day as I am leaving the sauna to cool off, I take a look in the mirror and it looks like I’d been in a fight. Both my eyes had black rings like bruises around them.

I asked the attendant what this was and he looked at them and asked me if I had been exposed to many x-rays. I said that yes, I had been a sick kid and had tons of diagnostic procedures and medicines and stuff.

He said : “Ok, get back in there! You’re just running out x-ray radiation”

Came back out about 20 minutes later and the rings were gone.

Medications

I’m sitting in the sauna and I start getting sleepy. More like “anesthesia count down to ten sleepy”

Again, I was concerned, so I asked attendant what the deal was and he said I was likely detoxing from medicines and drugs I’d taken.

Went back in until it cleared up.

Chlorine

One day there were about 5 of us in the sauna and all of a sudden a strong smell of chlorine started. It keeps getting worse until it was so bad it was burning our eyes. We all exited the sauna thinking there was some sort of chlorine spill or something like that.

The attendant asked: “Has any of you worked as a pool maintenance tech?”

We looked around and one guy raised his hand.

The attendant said “Ok! Everyone dismissed for today except for you!” as he pointed to the Pool Tech guy. “Get back in there!”

I was doing this in the mornings when I had the evening shifts at the restaurant and when I worked days, Id try to make it to the sauna in the evenings.

After about 3 weeks, everything started to taper off and I was done.

I was feeling great and there was something different about everything, I felt like I was more awake and aware. And my skin and complexion were fabulous!

Clear Body, Clear Mind

The Sea Org

At some point, the people in charge routed me to talk to someone one in the Sea Org.

It was a small glass office, like the one you are led into when you are buying a car. I was greeted by a man in an impressive looking uniform like Captain Steubing from the “Love Boat”.

He said they had been watching me and my progress and were impressed with my IQ score. He said I stood out among the other people and compared me to this woman we could see through the glass.

He basically ripped her to shreds in front of me, telling me how her life was in chaos and how she had created all of her chaos and that somehow I was different from her.

They basically offered me a job.

One catch:

I had to sign a contract for a “billion years” and I couldn’t be in debt.

Seeing I was already in debt from some of the previous courses, I didn’t qualify. Also a billion years seemed a bit long.

I thanked him and said I would consider it- I was pretty sure it was a solid no, but I didn’t want to tell him that. I was probably intimidated by the uniform.

Healing with Vitamins

This was not an official class or anything, but during my time there, I saw whenever someone was having issues with their body, they would consult with one of the counselors and they would look into a little book: “Earl Mindell’s Vitamin Bible” or see a chiropractor down the road who was apparently a Scientologist.

I used what little I learned and suggested home remedies to my Wendy’s employees and their families and developed a little side gig offering supplements to anyone willing to listen.

The Bottom Line

I know there is a lot of negative press and negativity in general about Scientology, but be clear about this: Scientology changed my life!

I’m not an active Scientologist, and don’t feel like I want to go back. But it definitely shaped me into the person that I am today.

If there is bias against the church in this article, it’s just the way that it’s run. Running an organization like an MLM encourages bad behavior.

I have moved countless times since those days, and the first piece of forwarded mail is usually from a Scientology Org.

I’m not sure I would have taken the steps to make a drastic change and decide to attend chiropractic school had it not been for my brief time in Scientology,

Love,

-Dan

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Bank run on every crypto bank then bank run on every "real" bank.

— ODELL (@ODELL) December 14, 2022

The four main banks of bitcoin and “crypto” are Signature, Prime Trust, Silvergate, and Silicon Valley Bank. Prime Trust does not custody funds themselves but rather maintains deposit accounts at BMO Harris Bank, Cross River, Lexicon Bank, MVB Bank, and Signature Bank. Silvergate and Silicon Valley Bank have already stopped withdrawals. More banks will go down before the chaos stops. None of them have sufficient reserves to meet withdrawals.

Bitcoin gives us all the ability to opt out of a system that has massive layers of counterparty risk built in, years of cheap money and broken incentives have layered risk on top of risk throughout the entire global economy. If you thought the FTX bank run was painful to watch, I have bad news for you: every major bank in the world is fractional reserve. Bitcoin held in self custody is unique in its lack of counterparty risk, as global market chaos unwinds this will become much more obvious.

The rules of bitcoin are extremely hard to change by design. Anyone can access the network directly without a trusted third party by using their own node. Owning more bitcoin does not give you more control over the network with all participants on equal footing.

Bitcoin is:
- money that is not controlled by a company or government
- money that can be spent or saved without permission
- money that is provably scarce and should increase in purchasing power with adoption

Bitcoin is money without trust. Whether you are a nation state, corporation, or an individual, you can use bitcoin to spend or save without permission. Social media will accelerate the already deteriorating trust in our institutions and as this trust continues to crumble the value of trust minimized money will become obvious. As adoption increases so should the purchasing power of bitcoin.

A quick note on "stablecoins," such as USDC - it is important to remember that they rely on trusted custodians. They have the same risk as funds held directly in bank accounts with additional counterparty risk on top. The trusted custodians can be pressured by gov, exit scam, or caught up in fraud. Funds can and will be frozen at will. This is a distinctly different trust model than bitcoin, which is a native bearer token that does not rely on any centralized entity or custodian.

Most bitcoin exchanges have exposure to these failing banks. Expect more chaos and confusion as this all unwinds. Withdraw any bitcoin to your own wallet ASAP.

Simple Self Custody Guide: https://werunbtc.com/muun
More Secure Cold Storage Guide: https://werunbtc.com/coldcard

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"Privacy is necessary for an open society in the electronic age. Privacy is not secrecy.  A private matter is something one doesn't want the whole world to know, but a secret matter is something one doesn't want anybody to know. Privacy is the power to selectively reveal oneself to the world." - Eric Hughes, A Cypherpunk's Manifesto, 1993

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Privacy is essential to freedom. Without privacy, individuals are unable to make choices free from surveillance and control. Lack of privacy leads to loss of autonomy. When individuals are constantly monitored it limits our ability to express ourselves and take risks. Any decisions we make can result in negative repercussions from those who surveil us. Without the freedom to make choices, individuals cannot truly be free.

Freedom is essential to acquiring and preserving wealth. When individuals are not free to make choices, restrictions and limitations prevent us from economic opportunities. If we are somehow able to acquire wealth in such an environment, lack of freedom can result in direct asset seizure by governments or other malicious entities. At scale, when freedom is compromised, it leads to widespread economic stagnation and poverty. Protecting freedom is essential to economic prosperity.

The connection between privacy, freedom, and wealth is critical. Without privacy, individuals lose the freedom to make choices free from surveillance and control. While lack of freedom prevents individuals from pursuing economic opportunities and makes wealth preservation nearly impossible. No Privacy? No Freedom. No Freedom? No Wealth.

Rights are not granted. They are taken and defended. Rights are often misunderstood as permission to do something by those holding power. However, if someone can give you something, they can inherently take it from you at will. People throughout history have necessarily fought for basic rights, including privacy and freedom. These rights were not given by those in power, but rather demanded and won through struggle. Even after these rights are won, they must be continually defended to ensure that they are not taken away. Rights are not granted - they are earned through struggle and defended through sacrifice.

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People forget Bear Stearns failed March 2008 - months of denial followed before the public realized how bad the situation was under the surface.

Similar happening now but much larger scale. They did not fix fundamental issues after 2008 - everything is more fragile.

The Fed preemptively bailed out every bank with their BTFP program and First Republic Bank still failed. The second largest bank failure in history.

There will be more failures. There will be more bailouts. Depositors will be "protected" by socializing losses across everyone.

Our President and mainstream financial pundits are currently pretending the banking crisis is over while most banks remain insolvent. There are going to be many more bank failures as this ponzi system unravels.

Unlike 2008, we have the ability to opt out of these broken and corrupt institutions by using bitcoin. Bitcoin held in self custody is unique in its lack of counterparty risk - you do not have to trust a bank or other centralized entity to hold it for you. Bitcoin is also incredibly difficult to change by design since it is not controlled by an individual, company, or government - the supply of dollars will inevitably be inflated to bailout these failing banks but bitcoin supply will remain unchanged. I do not need to convince you that bitcoin provides value - these next few years will convince millions.

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News

• Wallet of Satoshi teases a comeback in the US market with a non-custodial product. According to an announcement on X, the widely popular custodial Lightning wallet is preparing to re-enter the United States market with a non-custodial wallet. It is unclear whether the product will be open-source, but the project has clarified that "there will be no KYC on any Wallet of Satoshi, ever!" Wallet of Satoshi ceased serving customers in the United States in November 2023.

• Vulnerability disclosure: Remote crash due to addr message spam in Bitcoin Core versions before v29. Bitcoin Core developer Antoine Poinsot disclosed an integer overflow bug that crashes a node if spammed with addr messages over an extended period. A fix was released on April 14, 2025, in Bitcoin Core v29.0. The issue is rated Low severity.
• Coinbase Know Your Customer (KYC) data leak. The U.S. Department of Justice, including its Criminal Division in Washington, is investigating a cyberattack on Coinbase. The incident involved cybercriminals attempting to extort $20 million from Coinbase to prevent stolen customer data from being leaked online. Although the data breach affected less than 1% of the exchange's users, Coinbase now faces at least six lawsuits following the revelation that some customer support agents were bribed as part of the extortion scheme.
• Fold has launched Bitcoin Gift Cards, enabling users to purchase bitcoin for personal use or as gifts, redeemable via the Fold app. These cards are currently available on Fold’s website and are planned to expand to major retailers nationwide later this year.

"Our mission is to make bitcoin simple and approachable for everyone. The Bitcoin Gift Card brings bitcoin to millions of Americans in a familiar way. Available at the places people already shop, the Bitcoin Gift Card is the best way to gift bitcoin to others," said Will Reeves, Chairman and CEO of Fold.

• Corporate treasuries hold nearly 1.1 million BTC, representing about 5.5% of the total circulating supply (1,082,164 BTC), per BitcoinTreasuries.net data. Recent purchases include Strategy adding 7,390 BTC (total: 576,230 BTC), Metplanet acquiring 1,004 BTC (total: 7,800 BTC), Tether holding over 100,521 BTC, and XXI Capital, led by Jack Mallers, starting with 31,500 BTC.
  • Meanwhile, a group of investors has filed a class action lawsuit against Strategy and its executive Michael Saylor. The lawsuit alleges that Strategy made overly optimistic projections using fair value accounting under new FASB rules while downplaying potential losses.
• The U.S. Senate voted to advance the GENIUS stablecoin bill for further debate before a final vote to pass it. Meanwhile, the House is crafting its own stablecoin legislation to establish a regulatory framework for stablecoins and their issuers in the U.S, reports CoinDesk.
• French 'crypto' entrepreneurs get priority access to emergency police services. French Minister of the Interior, Bruno Retailleau, agreed on measures to enhance security for 'crypto' professionals during a meeting on Friday. This follows a failed kidnapping attempt on Tuesday targeting the family of a cryptocurrency exchange CEO, and two other kidnappings earlier this year.
• Brussels Court declares tracking-based ads illegal in EU. The Brussels Court of Appeal ruled tracking-based online ads illegal in the EU due to an inadequate consent model. Major tech firms like Microsoft, Amazon, Google, and X are affected by the decision, as their consent pop-ups fail to protect privacy in real-time bidding, writes The Record.
• Telegram shares data on 22,777 users in Q1 2025, a significant increase from the 5,826 users' data shared during the same period in 2024. This significant increase follows the arrest of CEO and founder Pavel Durov last year.
• An Australian judge has ruled that Bitcoin is money, potentially exempting it from capital gains tax in the country. If upheld on appeal, this interim decision could lead to taxpayer refunds worth up to $1 billion, per tax lawyer Adrian Cartland.

Use the tools

• Bitcoin Safe v1.3.0 a secure and user-friendly Bitcoin savings wallet for beginners and advanced users, introduces an interactive chart, Child Pays For Parent (CPFP) support, testnet4 compatibility, preconfigured testnet demo wallets, various bug fixes, and other improvements.
• BlueWallet v7.1.8 brings numerous bug fixes, dependency updates, and a new search feature for addresses and transactions.
• Aqua Wallet v0.3.0 is out, offering beta testing for the reloadable Dolphin card (in partnership with Visa) for spending bitcoin and Liquid BTC. It also includes a new Optical Character Recognition (OCR) text scanner to read text addresses like QR codes, colored numbers on addresses for better readability, a reduced minimum for spending and swapping Liquid Bitcoin to 100 sats, plus other fixes and enhancements.

Source: Aqua wallet.

• The latest firmware updates for COLDCARD Mk4 v5.4.3 and Q v1.3.3 are now available, featuring the latest enhancements and bug fixes.
• Nunchuk Android v1.9.68.1 and iOS v1.9.79 introduce support for custom blockchain explorers, wallet archiving, re-ordering wallets on the home screen via long-press, and an anti-fee sniping setting.
• BDK-cli v1.0.0, a CLI wallet library and REPL tool to demo and test the BDK library, now uses bdk_wallet 1.0.0 and integrates Kyoto, utilizing the Kyoto protocol for compact block filters. It sets SQLite as the default database and discontinues support for sled.
• publsp is a new command-line tool designed for Lightning node runners or Lightning Service Providers (LSPs) to advertise liquidity offers over Nostr.

"LSPs advertise liquidity as addressable Kind 39735 events. Clients just pull and evaluate all those structured events, then NIP-17 DM an LSP of their choice to coordinate a liquidity purchase," writes developer smallworlnd.

• Lightning Blinder by Super Testnet is a proof-of-concept privacy tool for the Lightning Network. It enables users to mislead Lightning Service Providers (LSPs) by making it appear as though one wallet is the sender or recipient, masking the original wallet. Explore and try it out here.

• Mempal v1.5.3, a Bitcoin mempool monitoring and notification app for Android, now includes a swipe-down feature to refresh the dashboard, a custom time option for widget auto-update frequency, and a

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• This release introduces Payjoin v2 functionality to Bitcoin wallets on Cake, along with several UI/UX improvements and bug fixes.
• The Payjoin v2 protocol enables asynchronous, serverless coordination between sender and receiver, removing the need to be online simultaneously or maintain a server. This simplifies privacy-focused transactions for regular users.

"I cannot speak highly enough of how amazing it has been to work with @bitgould and Jaad from the@payjoindevkit team, they're doing incredible work. None of this would be possible without them and their tireless efforts. PDK made it so much easier to ship Payjoin v2 than it would have been otherwise, and I can't wait to see other wallets jump in and give back to PDK as they implement it like we did," said Seth For Privacy, VP at Cake Wallet.

How to started with Payjoin in Cake Wallet:

1. Open the app menu sidebar and click Privacy.
2. Toggle the Use Payjoin option.
3. Now on your receive screen you'll see an option to copy a Payjoin URL

• Bull Bitcoin Wallet v0.4.0 introduced Payjoin v2 support in late December 2024. However, the current implementations are not interoperable at the moment, an issue that should be addressed in the next release of the Bull Bitcoin Wallet.

• Cake Wallet was one of the first wallets to introduce Silent Payments back in May 2024. However, users may encounter sync issues while using this feature at present, which will be resolved in the next release of Cake Wallet.

What's new

• Payjoin v2 implementation.
• Wallet group improvements: Enhanced management of multiple wallets.
• Various bug fixes: improving overall stability and user experience.
• Monero (XMR) enhancements.

Learn more about using, implementing, and understanding BIP 77: Payjoin Version 2 using the payjoin crate in Payjoin Dev Kit here.

Announcement
Blog Post / Archive
GitHub Repo

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There must be a limit to how much data is transferred across the bitcoin network in order to keep the ability to run and use your own node accessible. A node is required to interact with the global bitcoin network - if you do not use your own node then you must trust someone else's node. If nodes become inaccessible to run then the network will centralize around the remaining entities that operate them - threatening the censorship resistance at the core of bitcoin's value prop. The bitcoin protocol uses three main mechanisms to keep node operation costs low - a fixed limit on the amount of data in each block, an automatic difficulty adjustment that regulates how many blocks are produced based on current mining hash rate, and a robust dynamic transaction fee market.

Bitcoin transaction fees limit network abuse by making usage expensive. There is a cost to every transaction, set by a dynamic free market based on demand for scarce block space. It is an incredibly robust way to prevent spam without relying on centralized entities that can be corrupted or pressured.

After the 2017 bitcoin fee spike we had six years of relative quiet to build tools that would be robust in a sustained high fee market. Fortunately our tools are significantly better now but many still need improvement. Most of the pain points we see today will be mitigated.

The reality is we were never going to be fully prepared - pressure is needed to show the pain points and provide strong incentives to mitigate them.

It will be incredibly interesting to watch how projects adapt under pressure. Optimistic we see great innovation here.

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_If you are willing to wait for your transaction to confirm you can pay significantly lower fees. Learn best practices for reducing your fee burden here.

My guide for running and using your own bitcoin node can be found here._

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Bank run on every crypto bank then bank run on every "real" bank.

— ODELL (@ODELL) December 14, 2022

Good morning.

It looks like PacWest will fail today. It will be both the fifth largest bank failure in US history and the sixth major bank to fail this year. It will likely get purchased by one of the big four banks in a government orchestrated sale.  

March 8th - Silvergate Bank
March 10th - Silicon Valley Bank
March 12th - Signature Bank
March 19th - Credit Suisse
May 1st - First Republic Bank
May 4th - PacWest Bank?

PacWest is the first of many small regional banks that will go under this year. Most will get bought by the big four in gov orchestrated sales. This has been the playbook since 2008. Follow the incentives. Massive consolidation across the banking industry. PacWest gonna be a drop in the bucket compared to what comes next.

First, a hastened government led bank consolidation, then a public/private partnership with the remaining large banks to launch a surveilled and controlled digital currency network. We will be told it is more convenient. We will be told it is safer. We will be told it will prevent future bank runs. All of that is marketing bullshit. The goal is greater control of money. The ability to choose how we spend it and how we save it. If you control the money - you control the people that use it.

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I often hear "bitcoin doesn't interest me, I'm not a finance person."

Ironically, the beauty of sound money is you don't have to be. In the current system you're expected to manage a diversified investment portfolio or pay someone to do it. Bitcoin will make that optional.

— ODELL (@ODELL) September 16, 2018

At first glance bitcoin often appears overwhelming to newcomers. It is incredibly easy to get bogged down in the details of how it works or different ways to use it. Enthusiasts, such as myself, often enjoy going down the deep rabbit hole of the potential of bitcoin, possible pitfalls and theoretical scenarios, power user techniques, and the developer ecosystem. If your first touch point with bitcoin is that type of content then it is only natural to be overwhelmed. While it is important that we have a thriving community of bitcoiners dedicated to these complicated tasks - the true beauty of bitcoin lies in its simplicity. Bitcoin is simply better money. It is the best money we have ever had.

Life is complicated. Life is hard. Life is full of responsibility and surprises. Bitcoin allows us to focus on our lives while relying on a money that is simple. A money that is not controlled by any individual, company, or government. A money that cannot be easily seized or blocked. A money that cannot be devalued at will by a handful of corrupt bureaucrat who live hundreds of miles from us. A money that can be easily saved and should increase in purchasing power over time without having to learn how to "build a diversified stock portfolio" or hire someone to do it for us.

Bitcoin enables all of us to focus on our lives - our friends and family - doing what we love with the short time we have on this earth. Time is scarce. Life is complicated. Bitcoin is the most simple aspect of our complicated lives. If we spend our scarce time working then we should be able to easily save that accrued value for future generations without watching the news or understanding complicated financial markets. Bitcoin makes this possible for anyone.

Yesterday was Mother's Day. Raising a human is complicated. It is hard, it requires immense personal responsibility, it requires critical thinking, but mothers figure it out, because it is worth it. Using and saving bitcoin is simple -  simply install an app on your phone. Every mother can do it. Every person can do it.

Life is complicated. Life is beautiful. Bitcoin is simple.

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This update brings key enhancements for clarity and usability:

• Recent Blocks View: Added to the Send tab and inspired by Mempool's visualization, it displays the last 2 blocks and the estimated next block to help choose fee rates.
• Camera System Overhaul: Features a new library for higher resolution detection and mouse-scroll zoom support when available.
• Vector-Based Images: All app images are now vectorized and theme-aware, enhancing contrast, especially in dark mode.
• Tor & P2A Updates: Upgraded internal Tor and improved support for pay-to-anchor (P2A) outputs.
• Linux Package Rename: For Linux users, Sparrow has been renamed to sparrowwallet (or sparrowserver); in some cases, the original sparrow package may need manual removal.
• Additional updates include showing total payments in multi-payment transaction diagrams, better handling of long labels, and other UI enhancements.

• Sparrow v2.2.1 is a bug fix release that addresses missing UUID issue when starting Tor on recent macOS versions, icons for external sources in Settings and Recent Blocks view, repackaged .deb installs to use older gzip instead of zstd compression, and removed display of median fee rate where fee rates source is set to Server.

Learn how to get started with Sparrow wallet:

Release notes (v2.2.0)

• Added Recent Blocks view to Send tab.
• Converted all bitmapped images to theme aware SVG format for all wallet models and dialogs.
• Support send and display of pay to anchor (P2A) outputs.
• Renamed sparrow package to sparrowwallet and sparrowserver on Linux.
• Switched camera library to openpnp-capture.
• Support FHD (1920 x 1080) and UHD4k (3840 x 2160) capture resolutions.
• Support camera zoom with mouse scroll where possible.
• In the Download Verifier, prefer verifying the dropped file over the default file where the file is not in the manifest.
• Show a warning (with an option to disable the check) when importing a wallet with a derivation path matching another script type.
• In Cormorant, avoid calling the listwalletdir RPC on initialization due to a potentially slow response on Windows.
• Avoid server address resolution for public servers.
• Assume server address is non local for resolution failures where a proxy is configured.
• Added a tooltip to indicate truncated labels in table cells.
• Dynamically truncate input and output labels in the tree on a transaction tab, and add tooltips if necessary.
• Improved tooltips for wallet tabs and transaction diagrams with long labels.
• Show the address where available on input and output tooltips in transaction tab tree.
• Show the total amount sent in payments in the transaction diagram when constructing multiple payment transactions.
• Reset preferred table column widths on adjustment to improve handling after window resizing.
• Added accessible text to improve screen reader navigation on seed entry.
• Made Wallet Summary table grow horizontally with dialog sizing.
• Reduced tooltip show delay to 200ms.
• Show transaction diagram fee percentage as less than 0.01% rather than 0.00%.
• Optimized and reduced Electrum server RPC calls.
• Upgraded Bouncy Castle, PGPainless and Logback libraries.
• Upgraded internal Tor to v0.4.8.16.
• Bug fix: Fixed issue with random ordering of keystore origins on labels import.
• Bug fix: Fixed non-zero account script type detection when signing a message on Trezor devices.
• Bug fix: Fixed issue parsing remote Coldcard xpub encoded on a different network.
• Bug fix: Fixed inclusion of fees on wallet label exports.
• Bug fix: Increase Trezor device libusb timeout.

Linux users: Note that the sparrow package has been renamed to sparrowwallet or sparrowserver, and in some cases you may need to manually uninstall the original sparrow package. Look in the /opt folder to ensure you have the new name, and the original is removed.

What's new in v2.2.1

• Updated Tor library to fix missing UUID issue when starting Tor on recent macOS versions.
• Repackaged .deb installs to use older gzip instead of zstd compression.
• Removed display of median fee rate where fee rates source is set to Server.
• Added icons for external sources in Settings and Recent Blocks view
• Bug fix: Fixed issue in Recent Blocks view when switching fee rates source
• Bug fix: Fixed NPE on null fee returned from server

Announcement / Archive
GitHub Repo

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Will not live in a pod.
Will not eat the bugs.
Will not get the chip.
Will not get a blue check.
Will not use CBDCs.

Live Free or Die.

Why did Elon buy twitter for $44 Billion? What value does he see in it besides the greater influence that undoubtedly comes with controlling one of the largest social platforms in the world? We do not need to speculate - he made his intentions incredibly clear in his first meeting with twitter employees after his takeover - WeChat of the West.

To those that do not appreciate freedom, the value prop is clear - WeChat is incredibly powerful and successful in China.

To those that do appreciate freedom, the concern is clear - WeChat has essentially become required to live in China, has surveillance and censorship integrated at its core, and if you are banned from the app your entire livelihood is at risk. Employment, housing, payments, travel, communication, and more become extremely difficult if WeChat censors determine you have acted out of line.

The blue check is the first step in Elon's plan to bring the chinese social credit score system to the west. Users who verify their identity are rewarded with more reach and better tools than those that do not. Verified users are the main product of Elon's twitter - an extensive database of individuals and complete control of the tools he will slowly get them to rely on - it is easier to monetize cattle than free men.

If you cannot resist the temptation of the blue check in its current form you have already lost - what comes next will be much darker. If you realize the need to resist - freedom tech provides us options.

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• This version introduces the Soroban P2P network, enabling Dojo to relay transactions to the Bitcoin network and share others' transactions to break the heuristic linking relaying nodes to transaction creators.

• Additionally, Dojo admins can now manage API keys in DMT with labels, status, and expiration, ideal for community Dojo providers like Dojobay. New API endpoints, including "/services" exposing Explorer, Soroban, and Indexer, have been added to aid wallet developers.
• Other maintenance updates include Bitcoin Core, Tor, Fulcrum, Node.js, plus an updated ban-knots script to disconnect inbound Knots nodes.

"I want to thank all the contributors. This again shows the power of true Free Software. I also want to thank everyone who donated to help Dojo development going. I truly appreciate it," said Still Dojo Coder.

What's new

• Soroban P2P network. For MyDojo (Docker setup) users, Soroban will be automatically installed as part of their Dojo. This integration allows Dojo to utilize the Soroban P2P network for various upcoming features and applications.
• PandoTx. PandoTx serves as a transaction transport layer. When your wallet sends a transaction to Dojo, it is relayed to a random Soroban node, which then forwards it to the Bitcoin network. It also enables your Soroban node to receive and relay transactions from others to the Bitcoin network and is designed to disrupt the assumption that a node relaying a transaction is closely linked to the person who initiated it.
  • Pushing transactions through Soroban can be deactivated by setting NODE_PANDOTX_PUSH=off in docker-node.conf.
  • Processing incoming transactions from Soroban network can be deactivated by setting NODE_PANDOTX_PROCESS=off in docker-node.conf.
• API key management has been introduced to address the growing number of people offering their Dojos to the community. Dojo admins can now access a new API management tab in their DMT, where they can create unlimited API keys, assign labels for easy identification, and set expiration dates for each key. This allows admins to avoid sharing their main API key and instead distribute specific keys to selected parties.
• New API endpoints. Several new API endpoints have been added to help API consumers develop features on Dojo more efficiently:
  • New:
    • /latest-block - returns data about latest block
    • /txout/:txid/:index - returns unspent output data
    • /support/services - returns info about services that Dojo exposes
  • Updated:
    • /tx/:txid - endpoint has been updated to return raw transaction with parameter ?rawHex=1
  • The new /support/services endpoint replaces the deprecated explorer field in the Dojo pairing payload. Although still present, API consumers should use this endpoint for explorer and other pairing data.

Other changes

• Updated ban script to disconnect inbound Knots nodes.
• Updated Fulcrum to v1.12.0.
• Regenerate Fulcrum certificate if expired.
• Check if transaction already exists in pushTx.
• Bump BTC-RPC Explorer.
• Bump Tor to v0.4.8.16, bump Snowflake.
• Updated Bitcoin Core to v29.0.
• Removed unnecessary middleware.
• Fixed DB update mechanism, added api_keys table.
• Add an option to use blocksdir config for bitcoin blocks directory.
• Removed deprecated configuration.
• Updated Node.js dependencies.
• Reconfigured container dependencies.
• Fix Snowflake git URL.
• Fix log path for testnet4.
• Use prebuilt addrindexrs binaries.
• Add instructions to migrate blockchain/fulcrum.
• Added pull policies.

#FREESAMOURAI

Learn how to set up and use your own Bitcoin privacy node with Dojo here.

Announcement / Archive
GitHub Repo

@ 7f6db517:a4931eda

Influencers would have you believe there is an ongoing binance bank run but bitcoin wallet data says otherwise.

- binance wallets are near all time highs
- bitfinex wallets are also trending up
- gemini and coinbase are being hit with massive withdrawals though

You should not trust custodians, they can rug you without warning. It is incredibly important you learn how to hold bitcoin yourself, but also consider not blindly trusting influencers with a ref link to shill you.

---

If you found this post helpful support my work with bitcoin.

@ 8bad92c3:ca714aa5

Marty's Bent

via me

It seems like every other day there's another company announced that is going public with the intent of competing with Strategy by leveraging capital markets to create financial instruments to acquire Bitcoin in a way that is accretive for shareholders. This is certainly a very interesting trend, very bullish for bitcoin in the short-term, and undoubtedly making it so bitcoin is top of mind in the mainstream. I won't pretend to know whether or not these strategies will ultimately be successful or fail in the short, medium or long term. However, one thing I do know is that the themes that interest me, both here at TFTC and in my role as Managing Partner at Ten31, are companies that are building good businesses that are efficient, have product-market-fit, generate revenues and profits and roll those profits into bitcoin.

While it seems pretty clear that Strategy has tapped into an arbitrage that exists in capital markets, it's not really that exciting. From a business perspective, it's actually pretty straightforward and simple; find where potential arbitrage opportunities exists between pools of capital looking for exposure to spot bitcoin or bitcoin's volatility but can't buy the actual asset, and provide them with products that give them access to exposure while simultaneously creating a cult-like retail following. Rinse and repeat. To the extent that this strategy is repeatable is yet to be seen. I imagine it can expand pretty rapidly. Particularly if we have a speculative fervor around companies that do this. But in the long run, I think the signal is falling back to first principles, looking for businesses that are actually providing goods and services to the broader economy - not focused on the hyper-financialized part of the economy - to provide value and create efficiencies that enable higher margins and profitability.

With this in mind, I think it's important to highlight the combined leverage that entrepreneurs have by utilizing bitcoin treasuries and AI tools that are emerging and becoming more advanced by the week. As I said in the tweet above, there's never been a better time to start a business that finds product-market fit and cash flows quickly with a team of two to three people. If you've been reading this rag over the last few weeks, you know that I've been experimenting with these AI tools and using them to make our business processes more efficient here at TFTC. I've also been using them at Ten31 to do deep research and analysis.

It has become abundantly clear to me that any founder or entrepreneur that is not utilizing the AI tools that are emerging is going to get left behind. As it stands today, all anyone has to do to get an idea from a thought in your head to the prototype stage to a minimum viable product is to hop into something like Claude or ChatGPT, have a brief conversation with an AI model that can do deep research about a particular niche that you want to provide a good service to and begin building.

Later this week, I will launch an app called Opportunity Cost in the Chrome and Firefox stores. It took me a few hours of work over the span of a week to ideate and iterate on the concept to the point where I had a working prototype that I handed off to a developer who is solving the last mile problem I have as an "idea guy" of getting the product to market. Only six months ago, accomplishing something like this would have been impossible for me. I've never written a line of code that's actually worked outside of the modded MySpace page I made back in middle school. I've always had a lot of ideas but have never been able to effectively communicate them to developers who can actually build them. With a combination of ChatGPT-03 and Replit, I was able to build an actual product that works. I'm using it in my browser today. It's pretty insane.

There are thousands of people coming to the same realization at the same time right now and going out there and building niche products very cheaply, with small teams, they are getting to market very quickly, and are amassing five figures, six figures, sometimes seven figures of MRR with extremely high profit margins. What most of these entrepreneurs have not really caught on to yet is that they should be cycling a portion - in my opinion, a large portion - of those profits into bitcoin. The combination of building a company utilizing these AI tools, getting it to market, getting revenue and profits, and turning those profits into bitcoin cannot be understated. You're going to begin seeing teams of one to ten people building businesses worth billions of dollars and they're going to need to store the value they create, any money that cannot be debased.

Grant Gilliam, one of the co-founders of Ten31, wrote about this in early 2024, bitcoin being the fourth lever of equity value growth for companies.

[

Bitcoin Treasury - The Fourth Lever to Equity Value Growth

Most companies do not hold enough bitcoin There is a saying you often hear in bitcoin circles that “you can never have enough bitcoin.” This is typically expressed by those who have spent the time to both understand bitcoin’s unique and superior monetary properties and also to appreciate why tho

Ten31 - Investors in bitcoin infrastructure and freedom techGrant Gilliam

](https://ten31.vc/insights/treasury?ref=tftc.io)

We already see this theme playing out at Ten31 with some of our portfolio companies, most notably Strike, which recently released some of their financials, highlighting the fact that they're extremely profitable with high margins and a relatively small team (~75). This is extremely impressive, especially when you consider the fact that they're a global company competing with the likes of Coinbase and Block, which have each thousands of employees.

Even those who are paying attention to the developments in the AI space and how the tools can enable entrepreneurs to build faster aren't really grasping the gravity of what's at play here. Many are simply thinking of consumer apps that can be built and distributed quickly to market, but the ways in which AI can be implemented extend far beyond the digital world. Here's a great example of a company a fellow freak is building with the mindset of keeping the team small, utilizing AI tools to automate processes and quickly push profits into bitcoin.

via Cormac

Again, this is where the exciting things are happening in my mind. People leveraging new tools to solve real problems to drive real value that ultimately produce profits for entrepreneurs. The entrepreneurs who decide to save those profits in bitcoin will find that the equity value growth of their companies accelerates exponentially as they provide more value, gain more traction, and increase their profits while also riding the bitcoin as it continues on its monetization phase. The compounded leverage of building a company that leverages AI tools and sweeps profits into bitcoin is going to be the biggest asymmetric play of the next decade. Personally, I also see it as something that's much more fulfilling than the pure play bitcoin treasury companies that are coming to market because consumers and entrepreneurs are able to recive and provide a ton of value in the real economy.

If you're looking to stay on top of the developments in the AI space and how you can apply the tools to help build your business or create a new business, I highly recommend you follow somebody like Greg Isenberg, whose Startup Ideas Podcast has been incredibly valuable for me as I attempt to get a lay of the land of how to implement AI into my businesses.

America's Two Economies

In my recent podcast with Lyn Alden, she outlined how our trade deficits create a cycle that's reshaping America's economic geography. As Alden explained, US trade deficits pump dollars into international markets, but these dollars don't disappear - they return as investments in US financial assets. This cycle gradually depletes industrial heartlands while enriching financial centers on the coasts, creating what amounts to two separate American economies.

"We're basically constantly taking economic vibrancy out of Michigan and Ohio and rural Pennsylvania where the steel mills were... and stuffing it back into financial assets in New York and Silicon Valley." - Lyn Alden

This pattern has persisted for over four decades, accelerating significantly since the early 1980s. Alden emphasized that while economists may argue there's still room before reaching a crisis point, the political consequences are already here. The growing divide between these two Americas has fueled populist sentiment as voters who feel left behind seek economic rebalancing, even if they can't articulate the exact mechanisms causing their hardship.

Check out the full podcast here for more on China's man

@ 81022b27:2b8d0644

I did my chiropractic studies at Life University in Georgia. When I picked schools, I had no idea about chiropractic philosophies or the politics in chiropractic.

I picked Life for two reasons: It was the closest to home (Miami at the time), and it was the first one to get back to me and tell me I was accepted.

My chiropractor in Miami wanted me to attend Palmer College, but that was in Iowa, and it sounded remote and cold. So, hell no.

I was so excited to start my new life that I crammed a U-Haul with all my junk and headed to Marietta.

Once classes started, someone suggested I join clubs to make friends.

I asked around, and there was this club having an upcoming party. It was Spizz Club. Spizz was short for Spizzerinctum, which meant “chiropractic enthusiasm.”

Well, I had a lot of that—plus, there were some attractive girls in that club.

I showed up at the party, which was at a student’s apartment, and got greeted with a long, uncomfortable hug. Do you remember the old cartoon of Pepe Le Pew and the cat? Well, I was the cat.

I grabbed a beer and started mingling. It was one uncomfortably long hug after another. Some made moaning sounds!

Fucking weirdos.

I got invited to a philosophy class while I was at the party. My social calendar wasn’t exactly overflowing, so I went.

Wow! These people were explaining concepts I’d known deep down my entire life, but I was hearing them out loud for the first time.

Deciding to move 700 miles away and change careers was a rash and selfish decision because I was running away.

Running from:

Failure

A failed marriage

Failure at real estate

Failure at finding something I was good at

Failure at being happy

Failure as a student, ten years after high school with no degree.

Here I am, listening to the speakers, and I realized this was different.

Maybe this was MY thing.

Maybe I could be a chiropractor.

Maybe I could help people.

Maybe I could be proud of myself.

Maybe someone could be proud of me.

That night changed me. The weirdos seemed less weird. I made friends, I found my footing.

Chiropractic college was tough, much tougher than I expected. I had always kind of “skated by,” but now I had to put in hard work because I hadn’t been in school full-time for ten years.

I also had never lived the college life, and apparently I was partying too much. We hit the bars to blow off steam after midterms and finals—turns out, there were a lot midterms and finals.

I almost flunked out one quarter, but there was a lot going on. My 85-year-old dad came to visit and was going to stay with me for a bit, then he passed away suddenly.

I had a lot of guilt from that, thinking that I could have done something different and could have stayed around a little longer. That guilt would resurface years later in a Craniosacral therapy session.

I couldn’t fail at this. This was too important. I went to a Hypnotherapist to see if maybe I could get “programmed” to not flunk out. Apparently, it worked.

Funny thing, I worked hard and time passed. We did it. We graduated and made it through.

Look, those brutal study sessions weren’t easy, and almost flunking out scared the hell out of me. I am thankful that Chiropractic passion stuck with me. That Spizz still gets me through some days.

Live Long and Prosper,

-Danny

@ 8bad92c3:ca714aa5

Key Takeaways

Dr. Jack Kruse returns in this fiery episode to expose what he alleges is a coordinated campaign by Big Pharma, technocrats, and global elites to control public health narratives and financial systems through manipulated health policies and propaganda. He accuses figures like Calli and Casey Means of fronting a compromised "Maha Movement," backed by A16Z, Big Tech, and the World Economic Forum, with ambitions to embed themselves into U.S. health policy and bioweapons programs. Kruse details his covert efforts to expose these connections, claiming they led to the withdrawal of Casey Means' Surgeon General nomination, and warns of a looming biotechnocratic surveillance state where mRNA vaccines act as bioweapons to enforce compliance. Urging Bitcoiners to expand their fight for sovereignty beyond finance into healthcare and biology, Kruse argues that the true war is over time sovereignty—not just monetary freedom—and that protecting children from vaccine harms is now the most urgent front in this escalating battle.

Best Quotes

"Bitcoin is worthless if you have no time."

"We’re not playing games here. This is to the death."

"Big Pharma is just the drug dealer. The real boss is the Department of Defense and DARPA."

"The real battle in D.C. isn’t left vs. right, it’s Rothschilds and Rockefellers vs. the technocrats."

"First principle Bitcoiners need to become first principle decentralizers of life itself."

Conclusion

This episode delivers a provocative call to action from Dr. Jack Kruse, who warns that the fight for sovereignty must go beyond finance to confront what he sees as the immediate threat of centralized bio-surveillance through mRNA vaccines. Blending insider claims with health activism, Kruse urges Bitcoiners and the public to recognize that true freedom requires decentralizing not only money but also healthcare and information systems, arguing that without protecting biological sovereignty, Bitcoin’s promise of liberty will be meaningless if people are left physically, mentally, or politically compromised.

Timestamps

0:00 - Intro
0:47 - Outlining MAHA infiltration
22:59 - Fold & Bitkey
24:35- Danger to children
28:27 - Political shell game
35:40 - Unchained
36:09 - Time theft
41:07 - Vax data
46:32 - Bioweapon and control system
58:29 - Game plan - Decentralized yourself
1:15:16 - Priorities
1:24:30 - Support Mary Talley Bowden

Transcript

(00:00) me, Larry Leard, those kind of Bitcoiners, the people that are out there that have money, like they're looking to take us out. You need to know a little bit about the back history that I don't think I've talked about anywhere on any other podcast. Rick Callie is linked to the current administration is through Susie Watts.
(00:17) They both were working at Mercury PR basically is the frontman for propaganda for Big Farm. Basically, who pays you? You become their [ __ ] We're not playing games here. This is to the death. This is the biggest issue facing Maha now. It's not Froot Loops. It's not red dye. But the messenger RA job can drop you like Demar Handler.
(00:40) Can end your career like JJ Watt. Dr. Jack Cruz, welcome back to the show. Thank you, sir, for having me. Well, thank you for being here. I mean, you're making a lot of noise around a topic that I wasn't well aware of. I'm not going to lie. I think I got duped by or we'll find out if I actually got duped by the meanses. Cali means was coming in last year talking big about Maja getting the food correct.
(01:15) Um, basically telling the story of him being a lobbyist and understanding how corrupt the food system is. And we talked about it last time we were on two months ago. this sort of maha movement has shifted towards focusing on preventative care particularly in diets and you were on the Danny Danny Jones show late last year with Cali means uh sort of pressuring him to admit that the vaccine should be pulled off the market and he did not did not bite and would not budge on that and now his sister Casey has been appointed to surgeon general and
(01:50) this is something Let me let me tell you a little bit about that because you need to know a little bit about the back history that I don't think I've talked about anywhere on any other podcast. She was going to be named surgeon general uh back then. Just so you know that I knew it and I knew quite a bit of other things.
(02:16) So what was my goal? I knew um that Cali and Casey were tied to big tech. They were tied specifically, which you'll be interested in, A16Z, the shitcoiners extraordinaire, and they were also tied to the World Economic Forum through the book deal. Um, so my goal at that time as part of the person that was big in the mob like, and Marty, I don't know if you know this back part of the story.
(02:46) Maha begins not with Casey and Cali and Bobby Kennedy. It began with me, Bobby, and Rick Rubin on Rick's podcast the day that I told RFK Jr. that SV40 was in the Fiser Jabs. Mhm. And that's when Bobby found out that I wrote the law for Blly for a constitutional amendment for medical freedom. And he asked me to use four pages of the law.
(03:13) And Blly cleared me to do that. And then Aaron Siri, who was Bobby's attorney and working with a lot of the stuff that Bobby does with vaccines and I can Aaron contacted me. So just so you're clear, this is two and a half years ago. This is before this is a year previous to Casey and Cali coming on the scene. And I was always behind the scenes.
(03:37) I was not really interested in getting involved um in the [ __ ] show. But when I saw these two show up, the way they showed up and when I heard Cali actually say on a podcast that, you know, he was the modus operande of the Maha movement and he's the one that brought Bobby and Trump together.
(04:02) I said, "That's where I draw a [ __ ] line." I'm like, "Uh-uh. These guys, I know exactly what they're going to do. I see the game plan. they're going to use a shell game and I needed to have proof before you can come out and be a savage. You got to have proof. So, I hired three former Secret Service agents to actually do a very deep dive.
(04:24) We're talking about the kind of dive that you would get uh if you were going for a Supreme Court nomination. Okay? It cost me a lot of money. And why did I think it was important? Because as you know, you know, as a Bitcoiner, you just saw the big scam that happened with Maya Paribu down in Cerninam that happened after.
(04:49) Well, when I hired these guys, when all of my research that I had done was confirmed by them, I said, "Okay, now we need to go on a podcast very publicly and we need to put Cali's feet to the fire." Why? because I knew and he did not know that I knew this prior to the podcast. Uh that his sister was going to be nominated for surgeon general then.
(05:14) And because he didn't know and you you'll be able to confirm this or the savages in your audience can confirm this with Danny Jones. Do you know that Cali cancelled the podcast to do it into uh February? Yeah. Well, I think it was April of 25 because he didn't want to give anybody the time and day.
(05:37) So, what did I start doing? I started posting some of the information back in November that I found and the links to the Wjikis and the links to Bin, the links to A16Z. I didn't didn't give a ton of the information, but let's just put it this way. enough to make Callie and Cassie scream a little bit that people in DC started to read all my tweets.
(06:04) And then he called Danny up and said, "Danny, I want to do this podcast immediately." And I knew the reason why. Cuz I was baiting him to come so I could hit him with the big stuff. Why? Because you have to understand these two kids, you know, tied to the Rockefellers. They're tied to the banking elite.
(06:26) They're tied to the World Economics Form. Rick Callie is linked to the current administration is through Susie Watts. They both were working at Mercury PR and uh Mercury PR uh basically is the frontman for propaganda for Big Farm and everybody knows that, but not everybody knew that Cali worked for them.
(06:50) And you know the story that he sold all you guys, how he fooled you. And I consider you a smart guy, a savage, it's not shocking how he fooled you because he said as a um a lobbyist basically who pays you, you become their [ __ ] to to be quite honest and you'll say things that will make sense. Everybody in creation who's going to watch your podcast knows that all the things that Casey and Cali have said have been said literally for 30, 40, 50 years going all the way back to probably Anel Peas about diet and exercise.
(07:25) Everybody [ __ ] knows that. It's not new. They just decided to repackage it up and then they actually got in Bobby's ear about it. And when I released all this stuff, did Bobby know what I had? Yeah, he knew. And did the people in DC all what all their antennas up about this issue? Who was most pissed off with Uncle Jack back then? Susie [ __ ] Walls.
(07:56) Why? because those two are her babies that were going to be the amber that Susie Cassidy Cassidy Big Farmer were going to place around um Bobby Kennedy once he got confirmed. And that's why for the savages that are listening to this podcast, you go back and look at Nicole's tweet from, you know, I guess it was about four or five days ago that this didn't make sense.
(08:20) Why? because I gave the data directly to the people in DC behind the scenes of what was really going on and because it was so explosive. That's the reason Susie had to not give the job to Casey Means. She had to wait till the heat died down. So they elevated Janette and Janette bas

@ 81022b27:2b8d0644

How the birth of my grandson is making me re-think my own future

I just became a grandfather. My youngest daughter had a baby boy.

I’m thrilled.

And

I’m scared.

Babies are pure potential Infinite possibilities, all sorts of different paths they could take.

They haven’t drank the Kool-Aid, or in fact any Kool-Aid at all, lol

Will he be gregarious and outgoing?

Will he be shy and introverted?

Will he want to be an artist?

An engineer?

Will he be brave or scared?

Will he be like his grandfather, trying to overcompensate in his later life for being afraid of nearly everything in the early part of his life?

I am thrilled. All the grandparents that I have ever met said to me:

Just wait until you have grandkids, its different

And yes, it is different.

I’m not so worried about the how to take care of the baby-all I have to do is love him.

The other day, I was just holding him and was able to stay in “the love state” for the longest time ever.

(The love state is the goal of a meditation that I do-The goal is to stay “in love” feeling for as long as you can.)

I was able to get to this place so easily with him!

He has also taught me to slow down even more. He is not in a hurry to do anything. His job is to eat, poop and grow.

I feel like I get to savor the time I get with him even more than with my own kids.

I’m Scared His mom has had her share of issues.

She is now a single mom trying to navigate all the responsibilities of being a parent.

I didn’t think she was ready, but here we are.

She doesn’t have her mom to help guide her, but I thank god that she has Christi-my girlfriend. She has been such an incredible support for both Audrey and me.

I’m scared mostly because now my own future is uncertain.

I had my future planned out like where i wanted to retire-the things I wanted to do and now this little guy has me re-thinking all my plans about the future.

Here’s to uncertainty!!

Live Long and Prosper 🖖,

-Dan

Links | The Natural Life | The Intuitive Chiropractor

@ 7f6db517:a4931eda

Nostr is an open communication protocol that can be used to send messages across a distributed set of relays in a censorship resistant and robust way.

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If you missed my nostr introduction post you can find it here. My nostr account can be found here.

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We are nearly at the point that if something interesting is posted on a centralized social platform it will usually be posted by someone to nostr.

We are nearly at the point that if something interesting is posted exclusively to nostr it is cross posted by someone to various centralized social platforms.

We are nearly at the point that you can recommend a cross platform app that users can install and easily onboard without additional guides or resources.

As companies continue to build walls around their centralized platforms nostr posts will be the easiest to cross reference and verify - as companies continue to censor their users nostr is the best censorship resistant alternative - gradually then suddenly nostr will become the standard. 🫡

Current Nostr Stats

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If you found this post helpful support my work with bitcoin.

@ 8bad92c3:ca714aa5

Let's dive into the most interesting forward-looking predictions from my recent conversations with industry experts.

Court Cases Against Bitcoin Developers Will Set Critical Precedent for the Industry's Future - Zack Shapiro

The outcome of the Samurai Wallet case will determine whether software developers can be held legally responsible for how users employ their non-custodial Bitcoin tools. Zack Shapiro laid out the stakes clearly: "The precedent that the Bank Secrecy Act can be applied to just software that allows you to move your own money on the Bitcoin blockchain is incredibly dangerous for developers, for node runners, for miners... Basically everyone in the Bitcoin space is at risk here."

According to Shapiro, the government's position in this case fundamentally misunderstands Bitcoin's architecture: "The government says that the defendants transmitted, Keone and Bill transmitted money that they knew belonged to criminals. That's not how a coin join works. The people who transmitted the money are the people that used Whirlpool and the people that used Ricochet. They signed their keys."

Should this prosecution succeed in establishing precedent, Shapiro predicts catastrophic consequences: "If that becomes the law of the land... then basically no actor in the Bitcoin economy is safe. The government's theory is that if you facilitate movement of money, you're a money transmitter, that would reach node runners, wallet developers, miners, lightning routing nodes... whatever tool stack you use, the people who built that are at risk."

With the case continuing despite FinCEN's own position that Samurai's software isn't money transmission, Shapiro believes the resolution will likely come through political rather than legal channels in the next 6-12 months.

Malpractice Around COVID mRNA Vaccines Will Be Exposed Within 2 Years - Dr. Jack Kruse

Dr. Jack Kruse predicts that major revelations about mRNA vaccine damage will force an eventual removal from the market, particularly from childhood vaccination schedules. During our conversation, Dr. Kruse shared alarming statistics: "25,000 kids a month are getting popped with this vaccine. Just so you know, since Trump has been elected, three million doses have been given to children."

According to Dr. Kruse, the scale of this problem dwarfs other health concerns: "The messenger job can drop you like Damar Hamlin, can end your career like JJ Watt, can end your career like all the footballers who've dropped dead on a soccer field." What makes this particularly concerning is the suppression of evidence about the damages, with Dr. Kruse noting that data from Japan showing changes in cancer distribution patterns was pulled, and VAERS data being dismissed despite showing alarming signals.

Dr. Kruse believes the coming years will see an unavoidable reckoning: "If by the end of this year, everybody in unison realized that MRA platform is bad news and it's gone. That to me is... I would tell you the biggest win is to get rid of the MRA platform even before any of the Bitcoin stuff." This suggests he expects significant momentum toward removing these vaccines from circulation by the end of 2025.

Global Economic Reordering Will Create Demand for Neutral Reserve Assets Like Bitcoin and Gold - Lyn Alden

The next two years will be critical in determining whether the United States maintains dollar dominance while navigating Triffin's dilemma. During our conversation, Lyn highlighted how the current administration is attempting to thread a needle between reshoring manufacturing while maintaining the dollar's reserve status - an almost impossible task on extremely fragile ground.

"When they talk about kind of a currency accord to weaken the dollar, they mentioned ideally they wanted to use multi-lateral approaches, but there are some unilateral approaches that they can do, which includes printing dollars to buy reserve assets," Lyn explained when discussing Treasury advisor Stephen Myron's position paper.

As the world potentially moves to a multipolar currency system, Lyn predicts significant demand increases for neutral reserve assets. "The two options on the table at this point are gold and Bitcoin," she noted, but pointed out that "our geopolitical adversaries have been stacking gold for a while and with a special intensity for the last three years." This creates a strategic opportunity for the US, as Bitcoin is "overwhelmingly held in the United States."

Lyn believes this transition is already underway, with the demand for neutral reserve assets like Bitcoin growing as countries seek alternatives to solely dollar-denominated reserves.

---

Blockspace conducts cutting-edge proprietary research for investors.

Iran's Shadow Mining Economy: 2 GW of Bitcoin Mined Underground While Legal Operations Struggle

Iran hosts a thriving underground Bitcoin mining industry that has emerged as a critical financial lifeline for citizens grappling with international sanctions and domestic economic controls. This shadow economy dwarfs the legal sector, with an estimated 2 gigawatts of illegal mining operations compared to just 5 megawatts of sanctioned activity.

According to ViraMiner CEO Masih Alavi, approximately 800,000 illegal miners have been discovered and fined by authorities. Yet operations continue in homes, office buildings, and even jewelry stores, where Iranians tap into unmetered electricity to mine Bitcoin, later converting it to stablecoins like USDT for savings and commerce.

While the government has approved permits for about 400 megawatts of legal mining capacity, punitive electricity tariffs and regulatory barriers have strangled legitimate operations. "I blamed the government for this situation," says Alavi. "They introduced flawed policies in the beginning, especially by setting the wrong electricity tariffs for the mining industry."

Despite using obsolete equipment like Antminer S9s and M3s, underground miners remain profitable when converting earnings to Iranian rials, creating an ecosystem that serves an estimated 18 million Iranian cryptocurrency holders.

Looking ahead, Alavi predicts further crackdowns as Iran enters peak electricity demand season, potentially reducing legal mining to zero while underground operations continue to evolve sophisticated detection evasion techniques.

Link to Full Article

Subscribe to them here (seriously, you should): https://newsletter.blockspacemedia.com/

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Ten31, the largest bitcoin-focused investor, has deployed $150M across 30+ companies through three funds. I am a Managing Partner at Ten31 and am very proud of the work we are doing. Learn more at ten31.vc/invest.

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Get this newsletter sent to your inbox daily: https://www.tftc.io/bitcoin-brief/

STACK SATS hat: https://tftcmerch.io/

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@ 81022b27:2b8d0644

Today is Mother’s Day and throughout the day I’ve been texting my friends who are moms and wishing them well on their day.

A buddy of mine sent me a text and said “Happy Mother’s Day, lol!”

Immediately replied back “same to you!”

Then I started thinking: Did he mean that because I am both father and mother to my daughters? Or was it just typical guy behavior (from my era) joking around calling me gay.

Then I got to thinking about how today is tough for my daughters because they lost their mom to cancer over 4 years ago.

I was driving when i got the text and next thing I know tears are streaming down my face. Maybe it has been tough for me too.

These girls have NEEDED their mom on so many occasions! I could never fill those shoes!

I could have really used her help with our youngest daughter. Maybe she could have said ONE thing to her to make her thing twice about un-aliving herself.

Maybe she could’ve shared my grief, or maybe we could’ve just talked about the situation and how we can get our tortured little girl back from her uncomfortable reality.

Full disclosure: My daughters are all adults, and their mother and I were no longer together. We had been divorced for about 8 years when she passed.

When she passed away, I felt like I couldn’t grieve-after all, I was just the ex-husband.

Took me a while to realize that I had lost a family member too. I don’t think I have completely gotten over it, at least not well. There was a lot of anger and resentment in the divorce and over the years we had tried to be civil, and even had holiday celebrations with EVERYONE attending. Come to find out, the new husband hated that arrangement.

Before she passed, we said we still loved each other and said our goodbyes. I told her I would look after our daughters and made sure her mom was ok. Maybe i’m feeling so emotional because I feel like I’ve made a mess of things here or I’m simply not over it yet.

Happy Mother’s Day!

@ 7f6db517:a4931eda

For years American bitcoin miners have argued for more efficient and free energy markets. It benefits everyone if our energy infrastructure is as efficient and robust as possible. Unfortunately, broken incentives have led to increased regulation throughout the sector, incentivizing less efficient energy sources such as solar and wind at the detriment of more efficient alternatives.

The result has been less reliable energy infrastructure for all Americans and increased energy costs across the board. This naturally has a direct impact on bitcoin miners: increased energy costs make them less competitive globally.

Bitcoin mining represents a global energy market that does not require permission to participate. Anyone can plug a mining computer into power and internet to get paid the current dynamic market price for their work in bitcoin. Using cellphone or satellite internet, these mines can be located anywhere in the world, sourcing the cheapest power available.

Absent of regulation, bitcoin mining naturally incentivizes the build out of highly efficient and robust energy infrastructure. Unfortunately that world does not exist and burdensome regulations remain the biggest threat for US based mining businesses. Jurisdictional arbitrage gives miners the option of moving to a friendlier country but that naturally comes with its own costs.

Enter AI. With the rapid development and release of AI tools comes the requirement of running massive datacenters for their models. Major tech companies are scrambling to secure machines, rack space, and cheap energy to run full suites of AI enabled tools and services. The most valuable and powerful tech companies in America have stumbled into an accidental alliance with bitcoin miners: THE NEED FOR CHEAP AND RELIABLE ENERGY.

Our government is corrupt. Money talks. These companies will push for energy freedom and it will greatly benefit us all.

---

Microsoft Cloud hiring to "implement global small modular reactor and microreactor" strategy to power data centers: https://www.datacenterdynamics.com/en/news/microsoft-cloud-hiring-to-implement-global-small-modular-reactor-and-microreactor-strategy-to-power-data-centers/

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If you found this post helpful support my work with bitcoin.

@ 81022b27:2b8d0644

I love my job, I really do. Helping people feel better, getting their bodies back in line-it’s why I show up every day.

But some of my clients?

Some of them act like I’m a magician who can fix years of you ignoring their body in one session.

So, here’s the unfiltered truth—what I’d really like to say when they’re sitting there, complaining, not listening, and interfering with their own healing process. Buckle up, because I’m not holding back.

• There’s nothing wrong with you! Just keep getting adjusted regularly, and for God’s sake, stop going to the medical doctor.
• Stop saying you don’t know what happened.
• You didn’t even try it out before; you’re saying it still hurts. Move around a little!
• No, I’m not doing the fucking ring-dinger that you saw someone do on TikTok.
• No, it’s not because you’re old. It’s because you don’t take care of yourself.
• You’re only 35; you’re not allowed to say you’re old.
• No wonder you don’t listen to your body—you can’t shut up for five seconds to listen to anything!
• Yes, like I’ve told you countless times before-the nervous system controls everything, that’s why you feel great after an adjustment.
• No, I don’t really know why that other chiropractor does the “Flying 7” on all their clients
• You’re the problem.
• No, I’m not making it hurt. It hurts already. I’m trying to fix this.
• Your attitude sucks. No wonder everything hurts.
• You’ve been coming to see me for years, but only when something hurts. The best I can do when you’re hurting is get you out of pain. Imagine if you came in when you’re not in pain—maybe we could really accomplish something then! (Oh, yeah—I do tell them this already!)
• You hate your (job/wife/kids) and you wonder why you’re having health issues?
• It’s not arthritis. Your doctor just wants you to shut up about that pain.
• Tell your doctor that I said he doesn’t know what the hell he is talking about!
• You’d be better off if you flushed all those medications down the toilet and started over.
• How’s that surgery worked out for you? What number surgery is that?
• A little bit of exercise isn’t going to kill you.

I know that makes me sound like i’m grumpy all the time, but that’s just not true. Most of my clients think that I’m just there to fix the pain, but I am freeing, directing life force-allowing it to flow freely throughout the body.

“I suffer for my art”

a client said this quote explains what I feel. I think it’s a bit harsh.

What would you say to YOUR people?

Live Long and prosper!

_Dan from http://theintuitivechiropractor.com

@ 7f6db517:a4931eda

Humanity's Natural State Is Chaos
Without order there is chaos. Humans competing with each other for scarce resources naturally leads to conflict until one group achieves significant power and instates a "monopoly on violence."

Power Brings Stability
Power has always been the key means to achieve stability in societies. Centralized power can be incredibly effective in addressing issues such as crime, poverty, and social unrest efficiently. Unfortunately this power is often abused and corrupted.

Centralized Power Breeds Tyranny
Centralized power often leads to tyrannical rule. When a select few individuals hold control over a society, they tend to become corrupted. Centralized power structures often lack accountability and transparency, and rely too heavily on trust.

Distributed Power Cultivates Freedom
New technology that empowers individuals provide us the ability to rebuild societies from the bottom up. Strong individuals that can defend and provide for themselves will help build strong local communities on a similar foundation. The result is power being distributed throughout society rather than held by a select few.

In the short term, relying on trust and centralized power is an easy answer to mitigating chaos, but freedom tech tools provide us the ability to build on top of much stronger distributed foundations that provide stability while also cultivating individual freedom.

The solution starts with us. Empower yourself. Empower others. A grassroots freedom tech movement scaling one person at a time.

---

If you found this post helpful support my work with bitcoin.

@ c9badfea:610f861a

1. Install Saber (it's free and open source)
2. Open the app
3. Tap + and select New Note
4. Explore the tools in the upper toolbar:
   • Tap ⬅️ to go back to the main screen
   • Tap ⋮ to change the background (e.g. grid, college-ruled, lined, or custom image/PDF)
   • Tap 📄 to insert a new page
   • Tap 🪟 to view all pages
5. Explore the tools in the bottom toolbar:
   • Tap the selected pen tool ✒️ to adjust its settings (e.g. size and behavior)
   • Tap ✏️ to use the pencil tool
   • Tap 🖊️ to use the highlighter
   • Tap ⚪️ to change the current color
   • Tap 👆 to enter move mode
   • Tap ⬅️ to undo, or ➡️ to redo
   • Tap ⠪ to export your drawing as a PDF
6. Start creating handwritten notes and drawings!

@ 8bad92c3:ca714aa5

Marty's Bent

It's been a pretty historic week for the United States as it pertains to geopolitical relations in the Middle East. President Trump and many members of his administration, including AI and Crypto Czar David Sacks and Treasury Secretary Scott Bessent, traveled across the Middle East making deals with countries like Qatar, Saudi Arabia, the United Arab Emirates, Syria, and others. Many are speculating that Iran may be included in some behind the scenes deal as well. This trip to the Middle East makes sense considering the fact that China is also vying for favorable relationships with those countries. The Middle East is a power player in the world, and it seems pretty clear that Donald Trump is dead set on ensuring that they choose the United States over China as the world moves towards a more multi-polar reality.

Many are calling the events of this week the Riyadh Accords. There were many deals that were struck in relation to artificial intelligence, defense, energy and direct investments in the United States. A truly prolific power play and demonstration of deal-making ability of Donald Trump, if you ask me. Though I will admit some of the numbers that were thrown out by some of the countries were a bit egregious. We shall see how everything plays out in the coming years. It will be interesting to see how China reacts to this power move by the United States.

While all this was going on, there was something happening back in the United States that many people outside of fringe corners of FinTwit are not talking about, which is the fact that the 10-year and 30-year U.S. Treasury bond yields are back on the rise. Yesterday, they surpassed the levels of mid-April that caused a market panic and are hovering back around levels that have not been seen since right before Donald Trump's inauguration.

I imagine that there isn't as much of an uproar right now because I'm pretty confident the media freakouts we were experiencing in mid-April were driven by the fact that many large hedge funds found themselves off sides of large levered basis trades. I wouldn't be surprised if those funds have decreased their leverage in those trades and bond yields being back to mid-April levels is not affecting those funds as much as they were last month. But the point stands, the 10-year and 30-year yields are significantly elevated with the 30-year approaching 5%. Regardless of the deals that are currently being made in the Middle East, the Treasury has a big problem on its hands. It still has to roll over many trillions worth of debt over over the next few years and doing so at these rates is going to be massively detrimental to fiscal deficits over the next decade. The interest expense on the debt is set to explode in the coming years.

On that note, data from the first quarter of 2025 has been released by the government and despite all the posturing by the Trump administration around DOGE and how tariffs are going to be beneficial for the U.S. economy, deficits are continuing to explode while the interest expense on the debt has definitively surpassed our annual defense budget.

via Charlie Bilello

via Mohamed Al-Erian

To make matters worse, as things are deteriorating on the fiscal side of things, the U.S. consumer is getting crushed by credit. The 90-plus day delinquency rates for credit card and auto loans are screaming higher right now.

via TXMC

One has to wonder how long all this can continue without some sort of liquidity crunch. Even though equities markets have recovered from their post-Liberation Day month long bear market, I would not be surprised if what we're witnessing is a dead cat bounce that can only be continued if the money printers are turned back on. Something's got to give, both on the fiscal side and in the private markets where the Common Man is getting crushed because he's been forced to take on insane amounts of debt to stay afloat after years of elevated levels of inflation. Add on the fact that AI has reached a state of maturity that will enable companies to replace their current meat suit workers with an army of cheap, efficient and fast digital workers and it isn't hard to see that some sort of employment crisis could be on the horizon as well.

Now is not the time to get complacent. While I do believe that the deals that are currently being made in the Middle East are probably in the best interest of the United States as the world, again, moves toward a more multi-polar reality, we are facing problems that one cannot simply wish away. They will need to be confronted. And as we've seen throughout the 21st century, the problems are usually met head-on with a money printer.

I take no pleasure in saying this because it is a bit uncouth to be gleeful to benefit from the strife of others, but it is pretty clear to me that all signs are pointing to bitcoin benefiting massively from everything that is going on. The shift towards a more multi-polar world, the runaway debt situation here in the United States, the increasing deficits, the AI job replacements and the consumer credit crisis that is currently unfolding, All will need to be "solved" by turning on the money printers to levels they've never been pushed to before.

Weird times we're living in.

China's Manufacturing Dominance: Why It Matters for the U.S.

In my recent conversation with Lyn Alden, she highlighted how China has rapidly ascended the manufacturing value chain. As Lyn pointed out, China transformed from making "sneakers and plastic trinkets" to becoming the world's largest auto exporter in just four years. This dramatic shift represents more than economic success—it's a strategic power play. China now dominates solar panel production with greater market control than OPEC has over oil and maintains near-monopoly control of rare earth elements crucial for modern technology.

"China makes like 10 times more steel than the United States does... which is relevant in ship making. It's relevant in all sorts of stuff." - Lyn Alden

Perhaps most concerning, as Lyn emphasized, is China's financial leverage. They hold substantial U.S. assets that could be strategically sold to disrupt U.S. treasury market functioning. This combination of manufacturing dominance, resource control, and financial leverage gives China significant negotiating power in any trade disputes, making our attempts to reshoring manufacturing all the more challenging.

Check out the full podcast here for more on Triffin's dilemma, Bitcoin's role in monetary transition, and the energy requirements for rebuilding America's industrial base.

Headlines of the Day

Financial Times Under Fire Over MicroStrategy Bitcoin Coverage - via X

Trump in Qatar: Historic Boeing Deal Signed - via X

Get our new STACK SATS hat - via tftcmerch.io

Johnson Backs Stock Trading Ban; Passage Chances Slim - via X

---

Take the First Step Off the Exchange

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Take control. Start with Bitkey.

Use the promo code *“TFTC20”* during checkout for 20% off

---

Ten31, the largest bitcoin-focused investor, has deployed 158,469 sats | $150.00M across 30+ companies through three funds. I am a Managing Partner at Ten31 and am very proud of the work we are doing. Learn more at ten31.vc/invest.

---

Final thought...

Building things of value is satisfying.

---

Get this newsletter sent to your inbox daily: https://www.tftc.io/bitcoin-brief/

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@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

• The latest firmware updates for COLDCARD devices introduce two major features: COLDCARD Co-sign (CCC) and Key Teleport between two COLDCARD Q devices using QR codes and/or NFC with a website.

What's new

• COLDCARD Co-Sign: When CCC is enabled, a second seed called the Spending Policy Key (Key C) is added to the device. This seed works with the device's Main Seed and one or more additional XPUBs (Backup Keys) to form 2-of-N multisig wallets.
  • The spending policy functions like a hardware security module (HSM), enforcing rules such as magnitude and velocity limits, address whitelisting, and 2FA authentication to protect funds while maintaining flexibility and control, and is enforced each time the Spending Policy Key is used for signing.
  • When spending conditions are met, the COLDCARD signs the partially signed bitcoin transaction (PSBT) with the Main Seed and Spending Policy Key for fund access. Once configured, the Spending Policy Key is required to view or change the policy, and violations are denied without explanation.

"You can override the spending policy at any time by signing with either a Backup Key and the Main Seed or two Backup Keys, depending on the number of keys (N) in the multisig."

• A step-by-step guide for setting up CCC is available here.

• Key Teleport for Q devices allows users to securely transfer sensitive data such as seed phrases (words, xprv), secure notes and passwords, and PSBTs for multisig. It uses QR codes or NFC, along with a helper website, to ensure reliable transmission, keeping your sensitive data protected throughout the process.

  • For more technical details, see the protocol spec.

"After you sign a multisig PSBT, you have option to “Key Teleport” the PSBT file to any one of the other signers in the wallet. We already have a shared pubkey with them, so the process is simple and does not require any action on their part in advance. Plus, starting in this firmware release, COLDCARD can finalize multisig transactions, so the last signer can publish the signed transaction via PushTX (NFC tap) to get it on the blockchain directly."

• Multisig transactions are finalized when sufficiently signed. It streamlines the use of PushTX with multisig wallets.
• Signing artifacts re-export to various media. Users are now provided with the capability to export signing products, like transactions or PSBTs, to alternative media rather than the original source. For example, if a PSBT is received through a QR code, it can be signed and saved onto an SD card if needed.
• Multisig export files are signed now. Public keys are encoded as P2PKH address for all multisg signature exports. Learn more about it here.
• NFC export usability upgrade: NFC keeps exporting until CANCEL/X is pressed.
• Added Bitcoin Safe option to Export Wallet.
• 10% performance improvement in USB upload speed for large files.
• Q: Always choose the biggest possible display size for QR.

Fixes

• Do not allow change Main PIN to same value already used as Trick PIN, even if Trick PIN is hidden.
• Fix stuck progress bar under Receiving... after a USB communications failure.
• Showing derivation path in Address Explorer for root key (m) showed double slash (//).
• Can restore developer backup with custom password other than 12 words format.
• Virtual Disk auto mode ignores already signed PSBTs (with “-signed” in file name).
• Virtual Disk auto mode stuck on “Reading…” screen sometimes.
• Finalization of foreign inputs from partial signatures. Thanks Christian Uebber!
• Temporary seed from COLDCARD backup failed to load stored multisig wallets.
• Destroy Seed also removes all Trick PINs from SE2.
• Lock Down Seed requires pressing confirm key (4) to execute.
• Q only: Only BBQr is allowed to export Coldcard, Core, and pretty descriptor.

Blog Post / Archive
GitHub Repo
CCC Guide
Key Teleport site

@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

• Coinswap is a decentralized protocol for private, trustless cryptocurrency swaps. It allows participants to securely swap digital assets without intermediaries, using advanced cryptographic techniques and atomic swaps to ensure privacy and security.
• This release introduces major improvements to the protocol's efficiency, security, and usability, including custom in-memory UTXO indexes, more advanced coin-selection algorithms, fidelity bond management and more.
• The update also improves user experience with full Mac support, faster Tor connections, enhanced UI/UX, a unified API, and improved protocol documentation.

"The Project is under active beta development and open for contributions and beta testing. The Coinswap market place is live in testnet4. Bug fixes and feature requests are very much welcome."

• Manuals and demo docs are available here.

What's new

• Core protocol and performance improvements:
  • Custom in-memory UTXO indexes. Frequent Core RPC calls, which caused significant delays, have been eliminated by implementing custom in-memory UTXO indexes. These indexes are also saved to disk, leading to faster wallet synchronization.
  • Coin selection. Advanced coin-selection algorithms, like those in Bitcoin Core, have been incorporated, enhancing the efficiency of creating different types of transactions.
  • Fidelity management. Maker servers now automate tasks such as checking bond expiries, redemption, and recreation for Fidelity Bonds, reducing the user's management responsibilities.
  • Taker liveness. The WaitingFundingConfirmation message has been added to keep swap connections between Takers and Makers, assisting with variable block confirmation delays.

• User experience and compatibility:

  • Mac compatibility. The crate and apps now fully support Mac.
  • Tor operations are streamlined for faster, more resilient connections. Tor addresses are now consistently linked to the wallet seed, maintaining the same onion address through system reboots.
  • The UI/UX improvements enhance the display of balances, UTXOs, offer data, fidelity bonds, and system logs. These updates make the apps more enjoyable and provide clearer coin swap logs during the swap process.

• API design improvements. Transaction creation routines have been streamlined to use a single common API, which reduces technical debt and eliminates redundant code.

• Protocol spec documentation now details how Coinswap breaks the transaction graph and improves privacy through routed swaps and amount splitting, and includes diagrams for clarity.

Source: Coinswap Protocol specification.

Announcement
GitHub Repo
Protocol Spec

@ dfa02707:41ca50e3

Good morning (good night?)! The No Bullshit Bitcoin news feed is now available on Moody's Dashboard! A huge shoutout to sir Clark Moody for integrating our feed.

Headlines

• Spiral welcomes Ben Carman. The developer will work on the LDK server and a new SDK designed to simplify the onboarding process for new self-custodial Bitcoin users.

• The Bitcoin Dev Kit Foundation announced new corporate members for 2025, including AnchorWatch, CleanSpark, and Proton Foundation. The annual dues from these corporate members fund the small team of open-source developers responsible for maintaining the core BDK libraries and related free and open-source software (FOSS) projects.
• Strategy increases Bitcoin holdings to 538,200 BTC. In the latest purchase, the company has spent more than $555M to buy 6,556 coins through proceeds of two at-the-market stock offering programs.
• Spar supermarket experiments with Bitcoin payments in Zug, Switzerland. The store has introduced a new payment method powered by the Lightning Network. The implementation was facilitated by DFX Swiss, a service that supports seamless conversions between bitcoin and legacy currencies.

• The Bank for International Settlements (BIS) wants to contain 'crypto' risks. A report titled "Cryptocurrencies and Decentralised Finance: Functions and Financial Stability Implications" calls for expanding research into "how new forms of central bank money, capital controls, and taxation policies can counter the risks of widespread crypto adoption while still fostering technological innovation."
• "Global Implications of Scam Centres, Underground Banking, and Illicit Online Marketplaces in Southeast Asia." According to the United Nations Office on Drugs and Crime (UNODC) report, criminal organizations from East and Southeast Asia are swiftly extending their global reach. These groups are moving beyond traditional scams and trafficking, creating sophisticated online networks that include unlicensed cryptocurrency exchanges, encrypted communication platforms, and stablecoins, fueling a massive fraud economy on an industrial scale.
• Slovenia is considering a 25% capital gains tax on Bitcoin profits for individuals. The Ministry of Finance has proposed legislation to impose this tax on gains from cryptocurrency transactions, though exchanging one cryptocurrency for another would remain exempt. At present, individual 'crypto' traders in Slovenia are not taxed.
• Circle, BitGo, Coinbase, and Paxos plan to apply for U.S. bank charters or licenses. According to a report in The Wall Street Journal, major crypto companies are planning to apply for U.S. bank charters or licenses. These firms are pursuing limited licenses that would permit them to issue stablecoins, as the U.S. Congress deliberates on legislation mandating licensing for stablecoin issuers.

"Established banks, like Bank of America, are hoping to amend the current drafts of [stablecoin] legislation in such a way that nonbanks are more heavily restricted from issuing stablecoins," people familiar with the matter told The Block.

• Charles Schwab to launch spot Bitcoin trading by 2026. The financial investment firm, managing over $10 trillion in assets, has revealed plans to introduce spot Bitcoin trading for its clients within the next year.

Use the tools

• Bitcoin Safe v1.2.3 expands QR SignMessage compatibility for all QR-UR-compatible hardware signers (SpecterDIY, KeyStone, Passport, Jade; already supported COLDCARD Q). It also adds the ability to import wallets via QR, ensuring compatibility with Keystone's latest firmware (2.0.6), alongside other improvements.
• Minibits v0.2.2-beta, an ecash wallet for Android devices, packages many changes to align the project with the planned iOS app release. New features and improvements include the ability to lock ecash to a receiver's pubkey, faster confirmations of ecash minting and payments thanks to WebSockets, UI-related fixes, and more.
• Zeus v0.11.0-alpha1 introduces Cashu wallets tied to embedded LND wallets. Navigate to Settings > Ecash to enable it. Other wallet types can still sweep funds from Cashu tokens. Zeus Pay now supports Cashu address types in Zaplocker, Cashu, and NWC modes.
• LNDg v1.10.0, an advanced web interface designed for analyzing Lightning Network Daemon (LND) data and automating node management tasks, introduces performance improvements, adds a new metrics page for unprofitable and stuck channels, and displays warnings for batch openings. The Profit and Loss Chart has been updated to include on-chain costs. Advanced settings have been added for users who would like their channel database size to be read remotely (the default remains local). Additionally, the AutoFees tool now uses aggregated pubkey metrics for multiple channels with the same peer.
• Nunchuk Desktop v1.9.45 release brings the latest bug fixes and improvements.
• Blockstream Green iOS v4.1.8 has renamed L-BTC to LBTC, and improves translations of notifications, login time, and background payments.
• Blockstream Green Android v4.1.8 has added language preference in App Settings and enables an Android data backup option for disaster recovery. Additionally, it fixes issues with Jade entry point PIN timeout and Trezor passphrase input.
• Torq v2.2.2, an advanced Lightning node management software designed to handle large nodes with over 1000 channels, fixes bugs that caused channel balance to not be updated in some cases and channel "peer total local balance" not getting updated.
• Stack Wallet v2.1.12, a multicoin wallet by Cypher Stack, fixes an issue with Xelis introduced in the latest release for Windows.
• ESP-Miner-NerdQAxePlus v1.0.29.1, a forked version from the NerdAxe miner that was modified for use on the NerdQAxe+, is now available.
• Zark enables sending sats to an npub using Bark.

• Erk is a novel variation of the Ark protocol that completely removes the need for user interactivity in rounds, addressing one of Ark's key limitations: the requirement for users to come online before their VTXOs expire.
• Aegis v0.1.1 is now available. It is a Nostr event signer app for iOS devices.
• Nostash is a NIP-07 Nostr signing extension for Safari. It is a fork of Nostore and is maintained by Terry Yiu. Available on iOS TestFlight.
• Amber v3.2.8, a Nostr event signer for Android, delivers the latest fixes and improvements.
• Nostur v1.20.0, a Nostr client for iOS, adds

@ dfa02707:41ca50e3

Headlines

• Twenty One Capital is set to launch with over 42,000 BTC in its treasury. This new Bitcoin-native firm, backed by Tether and SoftBank, is planned to go public via a SPAC merger with Cantor Equity Partners and will be led by Jack Mallers, co-founder and CEO of Strike. According to a report by the Financial Times, the company aims to replicate the model of Michael Saylor with his company, MicroStrategy.
• Florida's SB 868 proposes a backdoor into encrypted platforms. The bill and its House companion have both passed through their respective committees and are headed to a full vote. If enacted, SB 868 would require social media companies to decrypt teens' private messages, ban disappearing messages, allow unrestricted parental access to private messages, and likely eliminate encryption for all minors altogether.
• Paul Atkins has officially assumed the role of the 34th Chairman of the US Securities and Exchange Commission (SEC). This is a return to the agency for Atkins, who previously served as an SEC Commissioner from 2002 to 2008 under the George W. Bush administration. He has committed to advancing the SEC’s mission of fostering capital formation, safeguarding investors, and ensuring fair and efficient markets.
• Solosatoshi.com has sold over 10,000 open-source miners, adding more than 10 PH of hashpower to the Bitcoin network.

"Thank you, Bitaxe community. OSMU developers, your brilliance built this. Supporters, your belief drives us. Customers, your trust powers 10,000+ miners and 10PH globally. Together, we’re decentralizing Bitcoin’s future. Last but certainly not least, thank you@skot9000 for not only creating a freedom tool, but instilling the idea into thousands of people, that Bitcoin mining can be for everyone again," said the firm on X.

• OCEAN's DATUM has found 100 blocks. "Over 65% of OCEAN’s miners are using DATUM, and that number is growing every day. This means block template construction is making its way back into the hands of the miners, which is not only the most profitable for miners on OCEAN but also one of the best things for Bitcoin," stated the mining pool.

Source: orangesurf

• Arch Labs has secured $13 million to develop "ArchVM" and integrate smart-contract functionality with Bitcoin. The funding round, valuing the company at $200 million, was led by Pantera Capital, as announced on Tuesday.
• Tesla still holds nearly $1 billion in bitcoin. According to the automaker's latest earnings report, the firm reported digital asset holdings worth $951 million as of March 31.
• The European Central Bank is pushing for amendments to the European Union's Markets in Crypto Assets legislation (MiCA), just months after its implementation. According to Politico's report on Tuesday, the ECB is concerned that U.S. support for cryptocurrency, particularly stablecoins, could cause economic harm to the 27-nation bloc.
• TABConf 2025 is scheduled to take place from October 13-16, 2025. This prominent technical Bitcoin conference is dedicated to community building, education, and developer support, and it is set to return in October. Get your tickets here.
• Kaduna Lightning Development Bootcamp. From May 14th to 17th, the Bitcoin Lightning Developer Bootcamp will take place in Kaduna, Nigeria. Thisevent offers four dynamic days of coding, learning, and networking. Organized by Africa Free Routing and supported by Btrust, Tether, and African Bitcoiners, this bootcamp is designed as a gateway for African developers eager to advance their skills in Bitcoin and Lightning development. Apply here.

Source: African Bitcoiners.

Use the tools

• Core Lightning (CLN) v25.02.2 as been released to fix a broken Docker image. The issue was caused by an SQLite version that did not support an advanced query.
• Blitz wallet v0.4.4-beta introduces several updates and improvements, including the prevention of duplicate ecash payments, fixes for background ecash invoice handling, the ability for users to send payments to BOLT12 invoices from their Liquid balance, support for Blink QR codes, a lowered minimum amount for Lightning-to-Liquid payments to 100 sats, the option to initiate a node sync via a swipe gesture on the wallet's home screen, and the introduction of opt-in or opt-out functionality for newly implemented crash analytics via settings.
• Utreexo v0.5.0, a hash-based dynamic accumulator, is now available.
• Specter v2.1.1 is now available on StartOS. "This update brings compatibility with Bitcoin Core v28 and incorporates several upstream improvements," said developer Alex71btc.
• ESP-Miner (AxeOS) v2.7.0b1 is now available for testing.
• NodeGuard v0.16.1, a treasury management solution for Lightning nodes, has been released.
• The latest stacker.news updates include prompts to add a receiving wallet when posting or making comments (for new users), an option to randomize poll choices, improved URL search, and a few other enhancements. A bug fix for territories created after 9/19/24 has been implemented to reward 70% of their revenue to owners instead of 50%.

Other stuff

• The April edition of the 256 Foundation's newsletter is now available. It includes the latest mining news, Bitcoin network health updates, project developments, and a tutorial on how to update FutureBit's Apollo 1 to the Apollo 2 software.
• Siggy47 has posted a comprehensive RoboSats guide on stacker.news.
• Learn how to run your own Nostr relay using Citrine and Cloudflare Tunnels by following this step-by-step guide by Dhalism.
• Max Guise has written a Bitkey roadmap update for April 2025.

• PlebLab has uploaded a video on how to build a Rust wallet with LDK Node by Ben Carman.

• Do you want more? Subscribe and get No Bullshit GM report straight to your mailbox and No Bullshit Bitcoin on Nostr.

• Feedback or tips? Drop it here.
• #FREESAMOURAI

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Headlines

• Spiral renews support for Dan Gould and Joschisan. The organization has renewed support for Dan Gould, who is developing the Payjoin Dev Kit (PDK), and Joschisan, a Fedimint developer focused on simplifying federations.
• Metaplanet buys another 145 BTC. The Tokyo-listed company has purchased an additional 145 BTC for $13.6 million. Their total bitcoin holdings now stand at 5,000 coins, worth around $428.1 million.
• Semler Scientific has increased its bitcoin holdings to 3,303 BTC. The company acquired an additional 111 BTC at an average price of $90,124. The purchase was funded through proceeds from an at-the-market offering and cash reserves, as stated in a press release.
• The Virtual Asset Service Providers (VASP) Bill 2025 introduced in Kenya. The new legislation aims to establish a comprehensive legal framework for licensing, regulating, and supervising virtual asset service providers (VASPs), with strict penalties for non-compliant entities.
• Russian government to launch a cryptocurrency exchange. The country's Ministry of Finance and Central Bank announced plans to establish a trading platform for "highly qualified investors" that "will legalize crypto assets and bring crypto operations out of the shadows."
• All virtual asset service providers expect to be fully compliant with the Travel Rule by the end of 2025. A survey by financial surveillance specialist Notabene reveals that 90% of virtual asset service providers (VASPs) expect full Travel Rule compliance by mid-2025, with all aiming for compliance by year-end. The survey also shows a significant rise in VASPs blocking withdrawals until beneficiary information is confirmed, increasing from 2.9% in 2024 to 15.4% now. Additionally, about 20% of VASPs return deposits if originator data is missing.
• UN claims Bitcoin mining is a "powerful tool" for money laundering. The Rage's analysis suggests that the recent United Nations Office on Drugs and Crime report on crime in South-East Asia makes little sense and hints at the potential introduction of Anti-Money Laundering (AML) measures at the mining level.
• Riot Platforms has obtained a $100 million credit facility from Coinbase Credit, using bitcoin as collateral for short-term funding to support its expansion. The firm's CEO, Jason Les, stated that this facility is crucial for diversifying financing sources and driving long-term stockholder value through strategic growth initiatives.
• Bitdeer raises $179M in loans and equity amid Bitcoin chip push. The Miner Mag reports that Bitdeer entered into a loan agreement with its affiliate Matrixport for up to $200 million in April, as disclosed in its annual report filed on Monday.
• Federal Reserve retracts guidance discouraging banks from engaging in 'crypto.' The U.S. Federal Reserve withdrew guidance that discouraged banks from crypto and stablecoin activities, as announced by its Board of Governors on Thursday. This includes rescinding a 2022 supervisory letter requiring prior notification of crypto activities and 2023 stablecoin requirements.

"As a result, the Board will no longer expect banks to provide notification and will instead monitor banks' crypto-asset activities through the normal supervisory process," reads the FED statement.

• UAE-based Islamic bank ruya launches Shari’ah-compliant bitcoin investing. The bank has become the world’s first Islamic bank to provide direct access to virtual asset investments, including Bitcoin, via its mobile app, per Bitcoin Magazine.
• U.S. 'crypto' scam losses amounted to $9.3B in 2024. The US The Federal Bureau of Investigation (FBI) has reported $9.3 billion losses in cryptocurrency-related scams in 2024, noting a troubling trend of scams targeting older Americans, which accounted for over $2.8 billion of those losses.

Source: FBI.

• North Korean hackers establish fake companies to target 'crypto' developers. Silent Push researchers reported that hackers linked to the Lazarus Group created three shell companies, two of which are based in the U.S., with the objective of spreading malware through deceptive job interview scams aimed at individuals seeking jobs in cryptocurrency companies.
• Citrea deployed its Clementine Bridge on the Bitcoin testnet. The bridge utilizes the BitVM2 programming language to inherit validity from Bitcoin, allegedly providing "the safest and most trust-minimized way to use BTC in decentralized finance."
• Hesperides University offers a Master’s degree in Bitcoin. Bitcoin Magazine reports the launch of the first-ever Spanish-language Master’s program dedicated exclusively to Bitcoin. Starting April 28, 2025, this fully online program will equip professionals with technical, economic, legal, and philosophical skills to excel in the Bitcoin era.
• BTC in D.C. event is set to take place on September 30 - October 1 in Washington, D.C. Learn more about this initiative here.

Use the tools

• Bitcoin Keeper just got a new look. Version 2.2.0 of the mobile multisig app brought a new branding design, along with a Keeper Private tier, testnet support, ability to import and export BIP-329 labels, and the option to use a Server Key with multiple users.
  • Earlier this month the project also announced Keeper Learn service, offering clear and guided Bitcoin learning sessions for both groups and individuals.
• Keeper Desktop v0.2.2, a companion desktop app for Bitcoin Keeper mobile app, received a renewed branding update, too.

The evolution of Bitcoin Keeper logo. Source: BitHyve blog.

• Blockstream Green Desktop v2.0.25 updates GDK to v0.75.1 and fixes amount parsing issues when switching from fiat denomination to Liquid asset.
• Lightning Loop v0.31.0-beta enhances the loop listswaps command by improving the ability to filter the response.
• Lightning-kmp v1.10.0, an implementation of the Lightning Network in Kotlin, is now available.
• LND v0.19.0-beta.rc3, the latest beta release candidate of LND is now ready for testing.
• ZEUS v0.11.0-alpha2 is now available for testing, too. It's nuts.
• JoinMarket Fidelity Bond Simulator helps potential JoinMarket makers evaluate their competitive position in the market based on fidelity bonds.
• UTXOscope is a text-only Bitcoin blockchain analysis tool that visualizes price dynamics using only on-chain data. The

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Contribute to keep No Bullshit Bitcoin news going.

• RoboSats v0.7.7-alpha is now available!

NOTE: "This version of clients is not compatible with older versions of coordinators. Coordinators must upgrade first, make sure you don't upgrade your client while this is marked as pre-release."

• This version brings a new and improved coordinators view with reviews signed both by the robot and the coordinator, adds market price sources in coordinator profiles, shows a correct warning for canceling non-taken orders after a payment attempt, adds Uzbek sum currency, and includes package library updates for coordinators.

Source: RoboSats.

• siggy47 is writing daily RoboSats activity reviews on stacker.news. Check them out here.
• Stay up-to-date with RoboSats on Nostr.

What's new

• New coordinators view (see the picture above).
• Available coordinator reviews signed by both the robot and the coordinator.
• Coordinators now display market price sources in their profiles.

Source: RoboSats.

• Fix for wrong message on cancel button when taking an order. Users are now warned if they try to cancel a non taken order after a payment attempt.
• Uzbek sum currency now available.
• For coordinators: library updates.
• Add docker frontend (#1861).
• Add order review token (#1869).
• Add UZS migration (#1875).
• Fixed tests review (#1878).
• Nostr pubkey for Robot (#1887).

New contributors

• @hexlorn made their first contribution in #1858.
• @umk0m1qk made their first contribution in #1864.

Full Changelog: v0.7.6-alpha...v0.7.7-alpha

GitHub Repo

@ 8bad92c3:ca714aa5

Marty's Bent

via me

Don't sleep on what's happening in Japan right now. We've been covering the country and the fact that they've lost control of their yield curve since late last year. After many years of making it a top priority from a monetary policy perspective, last year the Bank of Japan decided to give up on yield curve control in an attempt to reel inflation. This has sent yields for the 30-year and 40-year Japanese government bonds to levels not seen since the early 2000s in the case of the 30-year and levels never before seen for the 40-year, which was launched in 2007. With a debt to GDP ratio that has surpassed 250% and a population that is aging out with an insufficient amount of births to replace the aging workforce, it's hard to see how Japan can get out of this conundrum without some sort of economic collapse.

This puts the United States in a tough position considering the fact that Japan is one of the largest holders of U.S. Treasury bonds with more than $1.20 trillion in exposure. If things get too out of control in Japan and the yield curve continues to drift higher and inflation continues to creep higher Japan can find itself in a situation where it's a forced seller of US Treasuries as they attempt to strengthen the yen. Another aspect to consider is the fact that investors may see the higher yields on Japanese government bonds and decide to purchase them instead of US Treasuries. This is something to keep an eye on in the weeks to come. Particularly if higher rates drive a higher cost of capital, which leads to even more inflation. As producers are forced to increase their prices to ensure that they can manage their debt repayments.

It's never a good sign when the Japanese Prime Minister is coming out to proclaim that his country's financial situation is worse than Greece's, which has been a laughing stock of Europe for the better part of three decades. Japan is a very proud nation, and the fact that its Prime Minister made a statement like this should not be underappreciated.

As we noted last week, the 10-year and 30-year U.S. Treasury bonds are drifting higher as well. Earlier today, the 30-year bond yield surpassed 5%, which has been a psychological level that many have been pointed to as a critical tipping point. When you take a step back and look around the world it seems pretty clear that bond markets are sending a very strong signal. And that signal is that something is not well in the back end of the financial system.

This is even made clear when you look at the private sector, particularly at consumer debt. In late March, we warned of the growing trend of buy now, pay later schemes drifting down market as major credit card companies released charge-off data which showed charge-off rates reaching levels not seen since the 2008 great financial crisis. At the time, we could only surmise that Klarna was experiencing similar charge-off rates on the bigger-ticket items they financed and started doing deals with companies like DoorDash to finance burrito deliveries in an attempt to move down market to finance smaller ticket items with a higher potential of getting paid back. It seems like that inclination was correct as Klarna released data earlier today showing more losses on their book as consumers find it extremely hard to pay back their debts.

via NewsWire

This news hit the markets on the same day as the average rate of the 30-year mortgage in the United States rose to 7.04%. I'm not sure if you've checked lately, but real estate prices are still relatively elevated outside of a few big cities who expanded supply significantly during the COVID era as people flooded out of blue states towards red states. It's hard to imagine that many people can afford a house based off of sticker price alone, but with a 7% 30-year mortgage rate it's becoming clear that the ability of the Common Man to buy a house is simply becoming impossible.

via Lance Lambert

The mortgage rate data is not the only thing you need to look at to understand that it's becoming impossible for the Common Man of working age to buy a house. New data has recently been released that highlights That the median home buyer in 2007 was born in 1968, and the median home buyer in 2024 was born in 1968. Truly wild when you think of it. As our friend Darth Powell cheekily highlights below, we find ourselves in a situation where boomers are simply trading houses and the younger generations are becoming indentured slaves. Forever destined to rent because of the complete inability to afford to buy a house.

via Darth Powell

via Yahoo Finance

Meanwhile, Bitcoin re-approached all-time highs late this evening and looks primed for another breakout to the upside. This makes sense if you're paying attention. The high-velocity trash economy running on an obscene amount of debt in both the public and private sectors seems to be breaking at the seams. All the alarm bells are signaling that another big print is coming. And if you hope to preserve your purchasing power or, ideally, increase it as the big print approaches, the only thing that makes sense is to funnel your money into the hardest asset in the world, which is Bitcoin.

via Bitbo

Buckle up, freaks. It's gonna be a bumpy ride. Stay humble, Stack Sats.

Trump's Middle East Peace Strategy: Redefining U.S. Foreign Policy

In his recent Middle East tour, President Trump signaled what our guest Dr. Anas Alhajji calls "a major change in US policy." Trump explicitly rejected the nation-building strategies of his predecessors, contrasting the devastation in Afghanistan and Iraq with the prosperity of countries like Saudi Arabia and UAE. This marks a profound shift from both Republican and Democratic foreign policy orthodoxy. As Alhajji noted, Trump's willingness to meet with Syrian President Assad follows a historical pattern where former adversaries eventually become diplomatic partners.

"This is really one of the most important shifts in US foreign policy to say, look, sorry, we destroyed those countries because we tried to rebuild them and it was a big mistake." - Dr. Anas Alhajji

The administration's new approach emphasizes negotiation over intervention. Rather than military solutions, Trump is engaging with groups previously considered off-limits, including the Houthis, Hamas, and Iran. This pragmatic stance prioritizes economic cooperation and regional stability over ideological confrontation. The focus on trade deals and investment rather than regime change represents a fundamental reimagining of America's role in the Middle East.

Check out the full podcast here for more on the Iran nuclear situation, energy market predictions, and why AI development could create power grid challenges.

Headlines of the Day

Bitcoin Soars to $106K While Bonds Lose 40% Since 2020 - via X

US Senate Advances Stablecoin Bill As America Embraces Bitcoin - via X

Get our new STACK SATS hat - via tftcmerch.io

Texas House Debates Bill For State-Run Bitcoin Reserve - via X

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5/26 nostr:nevent1qvzqqqqqqypzpq4np5cygstsu65vsx0ggphrv23kj4z553sh39xwyur08pqvdsqrqyxhwumn8ghj77tpvf6jumt9qywhwumn8ghj7un9d3shjtnwdaehgu3wwa5hyetydejhgtn2wqq3vamnwvaz7tmnv4shycmg9ehx7ueww3hkgcteqqspk6e9e9wph23lt7xumuuu90rayzcswp3gz96c3w25raq9r9agw5cnfgve5

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5/27 nostr:nevent1qvzqqqqqqypzqxlwemj4760tc2ysgqmqdu5tt68th2er6gn8xrsjkjlhvtff6gtzqyt8wumn8ghj7um9v9exx6pwdehhxtn5dajxz7gpzemhxue69uhhyetvv9ujumn0wd68ytnzv9hxgqpqlq0lp52xg7uv4wwzuqy9yhtmcpy5v8ad8v7ft9xcwkdncd97h66q0wmawu

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KAZもさん nostr:nevent1qvzqqqqqqypzpvly86xv0ekl7gar8kfp8glfztvftvwrusjsys8qexwmal3sdz6lqywhwumn8ghj7mn0wd68ytnrdakhq6tvv5kk2unjdaezumn9wsq3wamnwvaz7tmwdaehgu3wd968gctwd4hjumt9dcqs6amnwvaz7tmev9382tndv5qjqamnwvaz7tmjv4kxz7fddfczumn0wd68ytnhd9ex2erwv46zu6nsqywhwumn8ghj7un9d3shjtnwdaehgu3wwa5hyetydejhgtn2wqq3zamnwvaz7tmwveex2mrp0yhxzursqyfhwumn8ghj7am0wshxummnw3ezumn9wsqzpk3nll8rr3sj6adsrfrlgjpj4cyn2sg9rmlz9m2djwk5zp2ku80czfr460

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マルフォイ nostr:nevent1qvzqqqqqqypzpvly86xv0ekl7gar8kfp8glfztvftvwrusjsys8qexwmal3sdz6lqyw8wumn8ghj7umjw3ex2mrp0yhxxttnw3jkcmrpwghxuet5qyxhwumn8ghj77tpvf6jumt9qys8wumn8ghj7un9d3shjtt2wqhxummnw3ezuamfwfjkgmn9wshx5uqpr4mhxue69uhhyetvv9ujumn0wd68ytnhd9ex2erwv46zu6nsqyghwumn8ghj7mnxwfjkccte9eshquqpzdmhxue69uhhwmm59ehx7um5wghxuet5qqs8r0frcfwqkgpefhd0knjurekna8ztnq69432f3k00wccd0vcrl5c6qr3gh

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5/30 nostr:nevent1qvzqqqqqqypzp54kkqfyshkxm078mpzygmfxpqfq6fwu2njry424strce6dmvhwyqqstc5jak2vax4uejyrmu2td3w0spv6k4mds9sfwqtvmh0hwaa3eststwmtzt

nostr:nevent1qvzqqqqqqypzp54kkqfyshkxm078mpzygmfxpqfq6fwu2njry424strce6dmvhwyqqs9v75spmgrxngfn805q5d9fsqa562a8240xkr6z3kvkszkra9plvsgm2qw4

nostr:nevent1qvzqqqqqqypzp62ezs5gz04adyt8xmyghw2ej3yk7eradlnknmuysd5ha2udqnfdqyxhwumn8ghj77tpvf6jumt9qywhwumn8ghj7un9d3shjtnwdaehgu3wwa5hyetydejhgtn2wqqjqamnwvaz7tmjv4kxz7fddfczumn0wd68ytnhd9ex2erwv46zu6nsqyghwumn8ghj7mnxwfjkccte9eshquqpzdmhxue69uhhwmm59ehx7um5wghxuet5qqswy0smsrukck33hfhavscvs68pg9m4d859np8pkgvrc49kwjzr4ac0cwhea

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@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

News

• Spiral welcomes Ben Carman. The developer will work on the LDK server and a new SDK designed to simplify the onboarding process for new self-custodial Bitcoin users.
• Spiral renews support for Dan Gould and Joschisan. The organization has renewed support for Dan Gould, who is developing the Payjoin Dev Kit (PDK), and Joschisan, a Fedimint developer focused on simplifying federations.
• The Bitcoin Dev Kit Foundation announced new corporate members for 2025, including AnchorWatch, CleanSpark, and Proton Foundation. The annual dues from these corporate members fund the small team of open-source developers responsible for maintaining the core BDK libraries and related free and open-source software (FOSS) projects.
• The European Central Bank is pushing for amendments to the European Union's Markets in Crypto Assets legislation (MiCA), just months after its implementation. According to Politico's report on Tuesday, the ECB is concerned that U.S. support for cryptocurrency, particularly stablecoins, could cause economic harm to the 27-nation bloc.
• Slovenia is considering a 25% capital gains tax on Bitcoin profits for individuals. The Ministry of Finance has proposed legislation to impose this tax on gains from cryptocurrency transactions, though exchanging one cryptocurrency for another would remain exempt. At present, individual 'crypto' traders in Slovenia are not taxed.
• The Virtual Asset Service Providers (VASP) Bill 2025 introduced in Kenya. The new legislation aims to establish a comprehensive legal framework for licensing, regulating, and supervising virtual asset service providers (VASPs), with strict penalties for non-compliant entities.
• Circle, BitGo, Coinbase, and Paxos plan to apply for U.S. bank charters or licenses. According to a report in The Wall Street Journal, major crypto companies are planning to apply for U.S. bank charters or licenses. These firms are pursuing limited licenses that would permit them to issue stablecoins, as the U.S. Congress deliberates on legislation mandating licensing for stablecoin issuers.

"Established banks, like Bank of America, are hoping to amend the current drafts of [stablecoin] legislation in such a way that nonbanks are more heavily restricted from issuing stablecoins," people familiar with the matter told The Block.

• Paul Atkins has officially assumed the role of the 34th Chairman of the US Securities and Exchange Commission (SEC). This is a return to the agency for Atkins, who previously served as an SEC Commissioner from 2002 to 2008 under the George W. Bush administration. He has committed to advancing the SEC’s mission of fostering capital formation, safeguarding investors, and ensuring fair and efficient markets.
• Federal Reserve retracts guidance discouraging banks from engaging in 'crypto.' The U.S. Federal Reserve withdrew guidance that discouraged banks from crypto and stablecoin activities, as announced by its Board of Governors on Thursday. This includes rescinding a 2022 supervisory letter requiring prior notification of crypto activities and 2023 stablecoin requirements.

"As a result, the Board will no longer expect banks to provide notification and will instead monitor banks' crypto-asset activities through the normal supervisory process," reads the FED statement.

• Russian government to launch a cryptocurrency exchange. The country's Ministry of Finance and Central Bank announced plans to establish a trading platform for "highly qualified investors" that "will legalize crypto assets and bring crypto operations out of the shadows."
• Twenty One Capital is set to launch with over 42,000 BTC in its treasury. This new Bitcoin-native firm, backed by Tether and SoftBank, is planned to go public via a SPAC merger with Cantor Equity Partners and will be led by Jack Mallers, co-founder and CEO of Strike. According to a report by the Financial Times, the company aims to replicate the model of Michael Saylor with his company, MicroStrategy.
• Strategy increases Bitcoin holdings to 538,200 BTC. In the latest purchase, the company has spent more than $555M to buy 6,556 coins through proceeds of two at-the-market stock offering programs.
• Metaplanet buys another 145 BTC. The Tokyo-listed company has purchased an additional 145 BTC for $13.6 million. Their total bitcoin holdings now stand at 5,000 coins, worth around $428.1 million.
• Semler Scientific has increased its bitcoin holdings to 3,303 BTC. The company acquired an additional 111 BTC at an average price of $90,124. The purchase was funded through proceeds from an at-the-market offering and cash reserves, as stated in a press release.
• Tesla still holds nearly $1 billion in bitcoin. According to the automaker's latest earnings report, the firm reported digital asset holdings worth $951 million as of March 31.
• Spar supermarket experiments with Bitcoin payments in Zug, Switzerland. The store has introduced a new payment method powered by the Lightning Network. The implementation was facilitated by DFX Swiss, a service that supports seamless conversions between bitcoin and legacy currencies.

• Charles Schwab to launch spot Bitcoin trading by 2026. The financial investment firm, managing over $10 trillion in assets, has revealed plans to introduce spot Bitcoin trading for its clients within the next year.
• Arch Labs has secured $13 million to develop "ArchVM" and integrate smart-contract functionality with Bitcoin. The funding round, valuing the company at $200 million, was led by Pantera Capital, as announced on Tuesday.
• Citrea deployed its Clementine Bridge on the Bitcoin testnet. The bridge utilizes the BitVM2 programming language to inherit validity from Bitcoin, allegedly providing "the safest and most trust-minimized way to use BTC in decentralized finance."
• UAE-based Islamic bank ruya launches Shari’ah-compliant bitcoin investing. The bank has become the world’s first Islamic bank to provide direct access to virtual asset investments, including Bitcoin, via its mobile app, per Bitcoin Magazine.
• Solosatoshi.com has sold over 10,000 open-source miners, adding more than 10 PH of hashpower to the Bitcoin network.

"Thank you, Bitaxe community. OSMU developers, your brilliance built this. Supporters, your belief drives us. Customers, your trust powers 10,000+ miners and 10PH globally. Together, we’re decentralizing Bitcoin’s future. Last but certainly not least, thank you@skot9000 for not only creating a freedom tool, but instilling the idea into thousands of people, that Bitcoin mining can be for everyone again," said the firm on X.

• OCEAN's DATUM has found 100 blocks. "Over 65% of OCEAN’s miners are using DATUM, and that number is growing every day. This means block template construction is making its way back into the hands of the miners, which is not only the most profitable

@ a8d1560d:3fec7a08

NIP-XX

Documentation and Wikis with Spaces and Format Declaration

draft optional

Summary

This NIP introduces a system for collaborative documentation and wikis on Nostr. It improves upon earlier efforts by adding namespace-like Spaces, explicit content format declaration, and clearer separation of article types, including redirects and merge requests.

---

Motivation

Previous approaches to wiki-style collaborative content on Nostr had two key limitations:

1. Format instability – No declared format per event led to breaking changes (e.g. a shift from Markdown to Asciidoc).
2. Lack of namespace separation – All articles existed in a global space, causing confusion and collision between unrelated projects.

This NIP addresses both by introducing:

• Spaces – individually defined wikis or documentation sets.
• Explicit per-article format declaration.
• Dedicated event kinds for articles, redirects, merge requests, and space metadata.

---

Specification

kind: 31055 – Space Definition

Defines a project namespace for articles.

Tags: - ["name", "<space title>"] - ["slug", "<short identifier>"] - ["description", "<optional description>"] - ["language", "<ISO language code>"] - ["license", "<license text or SPDX ID>"]

Content: (optional) full description or README for the space.

---

kind: 31056 – Article

An article in a specific format belonging to a defined space.

Tags: - ["space", "<slug>"] - ["title", "<article title>"] - ["format", "markdown" | "asciidoc" | "wikitext" | "html"] - ["format-version", "<format version>"] (optional) - ["prev", "<event-id>"] (optional) - ["summary", "<short change summary>"] (optional)

Content: full body of the article in the declared format.

---

kind: 31057 – Redirect

Redirects from one article title to another within the same space.

Tags: - ["space", "<slug>"] - ["from", "<old title>"] - ["to", "<new title>"]

Content: empty.

---

kind: 31058 – Merge Request

Proposes a revision to an article without directly altering the original.

Tags: - ["space", "<slug>"] - ["title", "<article title>"] - ["base", "<event-id>"] - ["format", "<format>"] - ["comment", "<short summary>"] (optional)

Content: proposed article content.

---

Format Guidelines

Currently allowed formats: - markdown - asciidoc - wikitext - html

Clients MUST ignore formats they do not support. Clients MAY apply stricter formatting rules.

---

Client Behavior

Clients: - MUST render only supported formats. - MUST treat space as a case-sensitive namespace. - SHOULD allow filtering, browsing and searching within Spaces. - SHOULD support revision tracking via prev. - MAY support diff/merge tooling for kind: 31058.

---

Examples

Space Definition

json { "kind": 31055, "tags": [ ["name", "Bitcoin Docs"], ["slug", "btc-docs"], ["description", "Developer documentation for Bitcoin tools"], ["language", "en"], ["license", "MIT"] ], "content": "Welcome to the Bitcoin Docs Space." }

Markdown Article

json { "kind": 31056, "tags": [ ["space", "btc-docs"], ["title", "Installation Guide"], ["format", "markdown"] ], "content": "# Installation\n\nFollow these steps to install the software..." }

Asciidoc Article

json { "kind": 31056, "tags": [ ["space", "btc-docs"], ["title", "RPC Reference"], ["format", "asciidoc"] ], "content": "= RPC Reference\n\nThis section describes JSON-RPC calls." }

Wikitext Article

json { "kind": 31056, "tags": [ ["space", "btc-docs"], ["title", "Block Structure"], ["format", "wikitext"] ], "content": "== Block Structure ==\n\nThe structure of a Bitcoin block is..." }

Redirect

json { "kind": 31057, "tags": [ ["space", "btc-docs"], ["from", "Getting Started"], ["to", "Installation Guide"] ], "content": "" }

Merge Request

json { "kind": 31058, "tags": [ ["space", "btc-docs"], ["title", "Installation Guide"], ["base", "d72fa1..."], ["format", "markdown"], ["comment", "Added step for testnet"] ], "content": "# Installation\n\nNow includes setup instructions for testnet users." }

---

Acknowledgements

This proposal builds on earlier ideas for decentralized wikis and documentation within Nostr, while solving common issues related to format instability and lack of project separation.

@ 8bad92c3:ca714aa5

Marty's Bent

If you do one thing today, take the time to spend an hour to watch this YouTube video. As someone creating content who has become very cognizant of the effects of the algorithm and the pressures to cater to it, this video was unexpectedly and incredibly satisfying. We're coming up on the eight year anniversary of this newsletter and the podcast that accompanies it and over that eight year period, the pressures to compete in the world of ever increasing digital soy slop grow at an accelerating rate.

If you've seen our YouTube channel recently, you'll probably notice that we've bent the knee to the thumbnail and title clickbait game in an attempt to get our content out to a wider audience. This is something I've held out on for many years now at this point, but recently became convinced that it's something we simply have to do if we want to get our message out to a wider audience. As I write this, I'm thinking that maybe the fact that we have to do that in the first place says something about the content we're putting out there and whether or not it is actually valuable. But I do think the high velocity trash economy becoming completely saturated with digital soy slop has made it so people who truly want to get their message out have to play that game.

I want to make one thing clear. I certainly do not think I'm an artist, but I do like to think that over the last eight years we've been putting out information via content mediums that is valuable to you, dear reader. However, the informational content we put out there, particularly the audio and video content, is put on platforms where it is forced to compete with others who cater to the lowest common denominators of dopamine hijacking and in-group signaling that draws the masses like moths to a flame.

If you haven't watched the YouTube video yet, which I'm assuming 99.9% of you haven't, this may seem like a nonsensical ramble. So, I'll keep this one short and urge you to go watch the social commentary from comedian Jarrett Moore about the state of art, "content" and its effect on culture as it stands today. I'm assuming this isn't too much of a spoiler alert, but the situation is pretty dire. The world needs better art and people who are willing to support artists who are truly creative and take risks. This has nothing to do with bitcoin. But I think it highlights an interesting part of our society that is deteriorating at a rapid clip. And it's something that all of us should feel compelled to attend to lest we speed run into Idiocracy.

It made me feel uneasy about parts of my approach to this business, and that's a good thing.

Don't forget to buy a Bitkey!

Iran's Nuclear Ambitions Create a "Never-Ending Crisis"

In our latest discussion, energy expert Dr. Anas Alhajji described what he called Iran's "never-ending crisis" – a thesis he first published over 20 years ago that has proven remarkably accurate. As Alhajji explained, this crisis persists because of a fundamental contradiction: the U.S. sees any Iranian nuclear program (even peaceful) as strengthening a hostile regime, while Iran views nuclear energy as essential for domestic stability and economic survival.

"Iran is not going to negotiate over the bomb. They want to drag everything for the longest period until they get the bomb." - Dr. Anas Alhajji

What's particularly concerning is Iran's resilience against sanctions. Alhajji detailed how Iran has masterfully circumvented oil export restrictions through China, using a dedicated Chinese bank to process payments outside the international system. Iran's leadership appears willing to endure temporary geopolitical losses in Syria, Lebanon, and potentially Yemen, calculating that obtaining nuclear weapons will fundamentally transform regional politics and their treatment by the United States.

Check out the full podcast here for more on Trump's Middle East strategy, the future of BRICS, and critical challenges facing global energy infrastructure.

Headlines of the Day

Standard Chartered Predicts Bitcoin Will Reach $500K by 2028 - via X

Lummis: Genius Act Makes US Leader in Digital Asset Policy - via X

Get our new STACK SATS hat - via tftcmerch.io

Jake Tapper's Admission on Biden's Decline Sparks Media Ethics Debate - via X

---

Take the First Step Off the Exchange

Bitkey is an easy, secure way to move your Bitcoin into self-custody. With simple setup and built-in recovery, it’s the perfect starting point for getting your coins off centralized platforms and into cold storage—no complexity, no middlemen.

Take control. Start with Bitkey.

Use the promo code *“TFTC20”* during checkout for 20% off

---

Ten31, the largest bitcoin-focused investor, has deployed 158,469 sats | $150.00M across 30+ companies through three funds. I am a Managing Partner at Ten31 and am very proud of the work we are doing. Learn more at ten31.vc/invest.

---

Final thought...

My oldest is already at the "faking sick to get out of school" stage and I'm extremely proud.

---

Get this newsletter sent to your inbox daily: https://www.tftc.io/bitcoin-brief/

Subscribe to our YouTube channels and follow us on Nostr and X:

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@ 8bad92c3:ca714aa5

Marty's Bent

Here's a great presentation from our good friend Michael Goldstein, President of the Satoshi Nakamoto Institute titled Hodl for Good. He gave it earlier this year at the BitBlockBoom Conference, and I think it's something everyone reading this should take 25 minutes to watch. Especially if you find yourself wondering whether or not it's a good idea to spend bitcoin at any given point in time. Michael gives an incredible Austrian Economics 101 lesson on the importance of lowering one's time preference and fully understanding the importance of hodling bitcoin. For the uninitiated, it may seem that the hodl meme is nothing more than a call to hoard bitcoins in hopes of getting rich eventually. However, as Michael points out, there's layers to the hodl meme and the good that hodling can bring individuals and the economy overall.

The first thing one needs to do to better understand the hodl meme is to completely flip the framing that is typically thrust on bitcoiners who encourage others to hodl. Instead of ceding that hodling is a greedy or selfish action, remind people that hodling, or better known as saving, is the foundation of capital formation, from which all productive and efficient economic activity stems. Number go up technology is great and it really matters. It matters because it enables anybody leveraging that technology to accumulate capital that can then be allocated toward productive endeavors that bring value to the individual who creates them and the individual who buys them.

When one internalizes this, it enables them to turn to personal praxis and focus on minimizing present consumption while thinking of ways to maximize long-term value creation. Live below your means, stack sats, and use the time that you're buying to think about things that you want in the future. By lowering your time preference and saving in a harder money you will have the luxury of demanding higher quality goods in the future. Another way of saying this is that you will be able to reshape production by voting with your sats. Initially when you hold them off the market by saving them - signaling that the market doesn't have goods worthy of your sats - and ultimately by redeploying them into the market when you find higher quality goods that meet the standards desire.

The first part of this equation is extremely important because it sends a signal to producers that they need to increase the quality of their work. As more and more individuals decide to use bitcoin as their savings technology, the signal gets stronger. And over many cycles we should begin to see low quality cheap goods exit the market in favor of higher quality goods that provide more value and lasts longer and, therefore, make it easier for an individual to depart with their hard-earned and hard-saved sats. This is only but one aspect that Michael tries to imbue throughout his presentation.

The other is the ability to buy yourself leisure time when you lower your time preference and save more than you spend. When your savings hit a critical tipping point that gives you the luxury to sit back and experience true leisure, which Michael explains is not idleness, but the contemplative space to study, create art, refine taste, and to find what "better goods" actually are. Those who can experience true leisure while reaping the benefits of saving in a hard asset that is increasing in purchasing power significantly over the long term are those who build truly great things. Things that outlast those who build them. Great art, great monuments, great institutions were all built by men who were afforded the time to experience leisure. Partly because they were leveraging hard money as their savings and the place they stored the profits reaped from their entrepreneurial endeavors.

If you squint and look into the future a couple of decades, it isn't hard to see a reality like this manifesting. As more people begin to save in Bitcoin, the forces of supply and demand will continue to come into play. There will only ever be 21 million bitcoin, there are around 8 billion people on this planet, and as more of those 8 billion individuals decide that bitcoin is the best savings vehicle, the price of bitcoin will rise.

When the price of bitcoin rises, it makes all other goods cheaper in bitcoin terms and, again, expands the entrepreneurial opportunity. The best part about this feedback loop is that even non-holders of bitcoin benefit through higher real wages and faster tech diffusion. The individuals and business owners who decide to hodl bitcoin will bring these benefits to the world whether you decide to use bitcoin or not.

This is why it is virtuous to hodl bitcoin. The potential for good things to manifest throughout the world increases when more individuals decide to hodl bitcoin. And as Michael very eloquently points out, this does not mean that people will not spend their bitcoin. It simply means that they have standards for the things that they will spend their bitcoin on. And those standards are higher than most who are fully engrossed in the high velocity trash economy have today.

In my opinion, one of those higher causes worthy of a sats donation is the Satoshi Nakamoto Institute. Consider donating so they can preserve and disseminate vital information about bitcoin and its foundations.

The Shell Game: How Health Narratives May Distract from Vaccine Risks

In our recent podcast, Dr. Jack Kruse presented a concerning theory about public health messaging. He argues that figures like Casey and Calley Means are promoting food and exercise narratives as a deliberate distraction from urgent vaccine issues. While no one disputes healthy eating matters, Dr. Kruse insists that focusing on "Froot Loops and Red Dye" diverts attention from what he sees as immediate dangers of mRNA vaccines, particularly for children.

"It's gonna take you 50 years to die from processed food. But the messenger jab can drop you like Damar Hamlin." - Dr Jack Kruse

Dr. Kruse emphasized that approximately 25,000 children per day are still receiving COVID vaccines despite concerns, with 3 million doses administered since Trump's election. This "shell game," as he describes it, allows vaccines to remain on childhood schedules while public attention fixates on less immediate health threats. As host, I believe this pattern deserves our heightened scrutiny given the potential stakes for our children's wellbeing.

Check out the full podcast here for more on Big Pharma's alleged bioweapons program, the "Time Bank Account" concept, and how Bitcoin principles apply to health sovereignty.

Headlines of the Day

Aussie Judge: Bitcoin is Money, Possibly CGT-Exempt - via X

JPMorgan to Let Clients Buy Bitcoin Without Direct Custody - via X

Get our new STACK SATS hat - via tftcmerch.io

Mubadala Acquires $408.5M Stake in BlackRock Bitcoin ETF - via X

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Final thought...

I've been walking from my house around Town Lake in Austin in the mornings and taking calls on the walk. Big fan of a walking call.

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• Version 1.3 of Bitcoin Safe introduces a redesigned interactive chart, quick receive feature, updated icons, a mempool preview window, support for Child Pays For Parent (CPFP) and testnet4, preconfigured testnet demo wallets, as well as various bug fixes and improvements.

• Upcoming updates for Bitcoin Safe include Compact Block Filters.

"Compact Block Filters increase the network privacy dramatically, since you're not asking an electrum server to give you your transactions. They are a little slower than electrum servers. For a savings wallet like Bitcoin Safe this should be OK," writes the project's developer Andreas Griffin.

• Learn more about the current and upcoming features of Bitcoin Safe wallet here.

What's new in v1.3

• Redesign of Chart, Quick Receive, Icons, and Mempool Preview (by @design-rrr).
• Interactive chart. Clicking on it now jumps to transaction, and selected transactions are now highlighted.

• Speed up transactions with Child Pays For Parent (CPFP).
• BDK 1.2 (upgraded from 0.32).
• Testnet4 support.
• Preconfigured Testnet demo wallets.
• Cluster unconfirmed transactions so that parents/children are next to each other.
• Customizable columns for all tables (optional view: Txid, Address index, and more)
• Bug fixes and other improvements.

Announcement / Archive
Blog Post / Archive
GitHub Repo
Website

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Originalni tekst na novimagazin.rs. / Autor: Mijat Lakićević

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Razgovarao: Mijat Lakićević

Do januara ove godine Lazar Stojković je radio na UC Berkeley School of Information na poziciji asistenta Mortena Hansena, jednog od najistaknutijih profesora menadžmenta u svetu. U martu se, međutim, odlučuje da napusti akademsku karijeru i zauzima poziciju glavnog dizajnera proizvoda u jednom novom start-apu u San Francisku. Ono što za sada o tome može da kaže jeste da je okupljen “fantastičan tim” (o čemu, recimo, govori podatak da je “prethodna kompanija koju je osnovao naš CEO 2013. godine prodata za preko 200 miliona dolara”) u koji su investirale neke od najznačajnijih američkih “venture capital” firmi: Founder Collective (investirali u Uber, BuzzFeed, Periscope, IFTTT, Venmo, Vimeo, itd), General Catalyst (investirali u Airbnb, Snapchat, itd.); Formation 8 (investirali u Oculus). Pored toga, međutim, naš sagovornik nije izgubio sve veze sa Srbijom, naprotiv; trenutno kao mentor u beogradskom ICT Habu, ali i na druge načine, pomaže razvoj start-ap kompanija i povezivanje naše tehnološke zajednice sa Silicijumskom dolinom.

U SAD ima mnogo naših ljudi, naročito u oblasti visokih tehnologija, ali povratne sprege nema. Dačić je pre dve godine bio u SAD na investicionoj konferenciji, kakvi su efekti?

Efekti su svakako dobri za Dačića i pripadnike državne delegacije koja je turistički obišla Zapadnu obalu. Ni Majkrosoft nije loše prošao, jer mu je tadašnji predsednik Vlade usput ostavio još novca srpskih poreskih obveznika. Sve u svemu, ceo taj put mogao bi da se okvalifikuje više kao “shopping trip” za trošenje novca, nego kao investiciona konferencija za njegovo privlačenje. Osim toga, sam događaj u San Francisku bio je amaterski organizovan – niti je imao bilo kakav publicitet u lokalnim medijima, niti je postojala vidljivost u ovdašnjoj tehnološkoj zajednici.

Veću korist od toga donela je majska poseta mojih prijatelja iz 500 Start-ups, drugog najboljeg start-ap akceleratora u svetu, zvezdarskom ICT Habu. Osim predavanja koje su održali start-apima u Beogradu i Novom Sadu, njih trojica su tom prilikom odlučili da 500 Start-ups investira u TruckTrack Vuka Nikolića. Kasnije se jedan od njih odlučio i da kupi stan u Beogradu, jer se potpuno zaljubio u atmosferu srpske prestonice. To su direktne strane investicije, a ne politički marketing.

Što se povratne sprege između tehnološke dijaspore i Srbije tiče, ne bih se složio da ona uopšte ne postoji, ona je samo u skladu sa opštim privrednim okruženjem u zemlji.

Kakva je na osnovu vašeg iskustva ta poslovna klima?

Poslovnu klimu u Srbiji karakterišu: neefikasnost javne uprave i gomila nepotrebne birokratije; arhaičan sistem obrazovanja, uglavnom neprilagođen potrebama tržišta, koji ne proizvodi dovoljno kvalifikovane radne snage; sporost sudova i proizvoljno tumačenje čak i onih relativno savremenih zakona. Uvek se setim onih momaka koji su završili u zatvoru zbog affiliate sajta i dečka kome je tržišni inspektor uručio pozamašnu kaznu za obavljanje delatnosti za koju nije registrovan zbog 10 evra koje je dotični zaradio za godinu dana od specijalizovanog bloga o parfemima. Ako postoji nerazumevanje za bilo kakvo tehnološko preduzetništvo, čak i na tom najnižem nivou, šta onda reći za ozbiljnije poslove?

Kad ste već pomenuli visoke tehnologije, u Srbiji se mnogo govori da je to naša šansa, primer koji ste pomenuli to demantuje.

I ne samo to. U Srbiji nema propisa koji bi potpomogli dalji razvoj tehnološke industrije. Na primer, Srbija još uvek nema pravni ekvivalent “safe harbor” stavki iz američkog Digital milenijum kopirajt akta (Digital Millenium Copyright Act – DMCA), koji je na snazi još od 1998. godine, a predstavlja zakonski mehanizam zaštite za kreatore digitalnih proizvoda od pokušaja drugih da zloupotrebe njihove mobilne aplikacije.

Sa druge strane, ima mnogo propisa koji sprečavaju bilo kakav napredak u određenim oblastima, u čemu ubedljivo prednjači Narodna banka Srbije. Moj omiljeni primer čak nije ni ceo onaj višegodišnji cirkus sa PayPalom koji je nastao zbog zakona o deviznom poslovanju, već zabrana NBS da domaća pravna lica imaju bilo kakve veze sa bitkoinom. Čisto da stavimo stvari u perspektivu, dotična tehnološka inovacija koju po značaju mnogi ovde upoređuju sa World Wide Webom, počinje polako da menja kompletan dosadašnji finansijski sistem i, sa investicijama od blizu 360 miliona dolara, samo od početka ove godine predstavlja ubedljivo najbrže rastuću tehnološku oblast u svetu kada je reč o investiranje u start-apove. Naravno, od toga ni dinar neće završiti u Srbiji.

Posledice?

Nerazumevanje da u današnjem globalizovanom svetu niko ko se bavi tehnologijom jednostavno ne mora da trpi sve ovo gore pobrojano. Zahvaljujući poslovanju koje nije vezano za fizičku lokaciju, svako ima slobodu da bilo kada želi izmesti svoj biznis gde god poželi, a sa njim i kompletne poreske i druge prihode za zemlju u kojoj je biznis registrovan. I ljudi to i rade. Čim se pojave bilo kakvi prihodi, gotovo svi koji imaju veze sa tehnologijom – od frilensera do preduzetnika – Srbiji se zahvale na saradnji, zatvore firmu tu i otvore preko Interneta kompaniju u Delaveru, Singapuru ili negde drugde, jer im jednostavno ne pada na pamet da finansiraju postojeći sistem u Srbiji. Ubrzo nakon što se biznis izmesti iz Srbije, dobar deo shvati da ni oni ne moraju baš da budu tu, nakon čega sledi emigracija.

Najalarmantnija stvar u vezi sa ovim poslednjim je što se uopšte ne radi o običnim inženjerima, koji ionako odlaze u ogromnom broju već skoro 25 godina i čija svaka kupljena karta u jednom pravcu, bar u slučaju IT stručnjaka, Srbiju košta između 50 i 100 hiljada evra, jer je to cena njihovog obrazovanja. Ne, ovde je reč o preduzetnicima koji pokreću nove poslove, stvaraju vrednost, otvaraju nova radna mesta. A svako radno mesto u tehnološkoj industriji u proseku kreira još 4,3 druga radna mesta u privredi, dok, na primer, svako radno mesto u proizvodnji kreira samo 1,4 druga mesta. Njihov egzodus – koji se, bar sudeći po krugu ljudi koje poznajem, samo ubrzava poslednjih godina – ne samo da dugoročno znači ogroman finansijski gubitak za zemlju, već predstavlja i svojevrsnu nacionalnu katastrofu.

Dakle, povratne sprege nema, jer se oni ne vraćaju u Srbiju?

Zbog svih ovih stvari o kojima sam govorio retko kome ko je iole profesionalno ostvaren u inostranstvu uopšte pada na pamet da se vraća i pokreće bilo kakav biznis iz Srbije. Umesto toga, ljudi se odlučuju za nešto drugo: osnivaju kompanije tamo gde je poslovna klima dobra, što znači ne u Srbiji, a onda Srbiju koriste kao neku vrstu domaće autsorsing destinacije. Odnos cena-kvalitet tu je zaista odličan. Na primer, za godišnju platu jednog dobrog softverskog inženjera u San Francisku, u Beogradu se može zaposliti ceo tim.

Naravno, američke kompanije koje su osnovali naši ljudi koriste to kao “tajno oružje”, pa se tako, na primer, ceo razvojni tim veoma uspešnog start-apa Frejm iz Silicijumske doline nalazi u Nišu, jer je odatle njegov osnivač Nikola Božinović, koji inače već gotovo 20 godina živi u Americi. Takvih primera ima mnogo. Poznajem nekolicinu ljudi koji su potrošili bukvalno milione dolara na autsorsing u Srbiji tokom poslednjih desetak godina. Oni bi vrlo rado investirali u srpske start-apove, i ne samo oni, ali je ponuda još uvek jako tanka, poslovna klima nikome ne uliva poverenje, a start-ap ekosistem je u ranoj fazi razvoja, pa do tih transakcija još uvek ne dolazi u nekom značajnijem broju.

Start-ap eko sistem. Šta pod tim podrazumevate?

To znači, prvo, konačan prestanak maštanja o reindustrijalizaciji koju će doneti neki krupni investitori iz inostranstva. Oni se ionako, bar u novijoj istoriji Srbije, nikada nisu pojavljivali bez debelih subvencija i ekspresnog proglašavanja njihovih ugovora državnom tajnom. Drugo, to znači prepoznavanje resursa kojima raspolažemo, dakle pametnih mladih ljudi koji se bave tehnologijom, s jedne strane, i pružanje tim ljudima najboljih uslova za život i rad, sa druge, umesto da im se i jedno i drugo na svakom koraku otežava.

Na primer, šta bi se desilo kada bismo u Novom Sadu umesto brojnih postojećih firmi koje se bave autsorsing uslugama imali stotinjak kompanija fokusiranih na proizvode kao što je Eipix? Odgovor: imali bismo oko 15.000 novih radnih mesta, veoma bogatu prestonicu Pokrajine, visok rast životnog standarda u tom delu zemlje i mnogo naplaćenog poreza.

Ta prilika neće trajati večito. Procenat mladih preduzetnika kojima je jedini cilj da odu iz zemlje, jer u njoj ne vide nikakvu perspektivu, iz godine u godinu raste. Strani investicioni fondovi bukvalno otimaju najperspektivnije nove srpske start-apove. Na primer, bugarski Eleven raspolaže sa desetak miliona evra kapitala, mahom iz evropskih fondova. U okruženju koje im ne nudi baš ništa osim problema, tridesetak najzanimljivijih srpskih start-apova prodalo je svoje vlasničke udele Elevenu uz obavezu preseljenja u Sofiju, ruku na srce, uglavnom privremenog. Ko zna koliko će novih kompanija, koje bi mogle da budu novi Nordeusi, Srbija zbog toga izgubiti u korist svog istočnog suseda?

I vi spadate u grupu mladih ljudi koje opisujete. Opisali ste i razloge zbog kojih se odlazi. Ipak, konkretno, zašto ste vi otišli iz Srbije?

Kao što ste rekli, otišao sam iz svih onih na početku ovog razgovora navedenih razloga, plus opšta društvena klima koja je, nažalost, izuzetno nezdrava. Iako ima solidan potencijal da bude lepo mesto za život i posao, zemlja u kojoj sam rođen postala je udžbenički primer negativne društvene selekcije i jednostavno nije zemlja u kojoj želim da živim i u kojoj bih jednog dana trebalo da odgajam svoju decu.

Šta ste pronašli u Americi?

U Zalivskoj oblasti San Franciska pronašao sam jedno napredno, stimulativno, kosmopolitsko okruženje, zagledano u budućnost. To je neki jedinstveni koktel globalizacije, hakerskog idealizma, hipi etike, mešavine vrednosti koje kreira tehnološka industrija sa starim kapitalizmom Zapadne obale, umetničke ekscentričnosti San Franciska, tipično kalifornijske opuštenosti i vere u to da ovde svojim znanjem svet možemo da učinimo boljim mestom. Osim toga, Zalivska oblast, tj. Silicijumska dolina, ima ubedljivo najveću koncentraciju pametnih ljudi na jednom mestu u celom svetu.

Filozofija razvoja u SAD, u poređenju sa Srbijom, ako to uopšte ima smisla?

Poređenje nema previše smisla, jer su filozofije poslovanja i poslovna klima dijametralno suprotni između ove dve zemlje. Biznis je u Americi nacionalni sport broj jedan. Čak i ljudi koji rade relativno slabo plaćene poslove, trude se da imaju svoj mali investicioni portfelj hartija od vrednosti i svi prate kretanje cene akcija na berzi. Kada govorimo o preduzetništvu, kapital je dostupan za bilo koju dobru ideju. Start-apovi se ne fokusiraju toliko na profit na kraće staze, već teže brzom rastu. Tako nije ništa neobično da investitori u neki neprofitabilni biznis investiraju i po stotinjak miliona dolara. A desi se i, recimo, čak 1,2 milijarde kao u slučaju Snapchata, iako ta firma do sada nije napravila nijedan cent prihoda, jer znaju da će novac sam po sebi kasnije doći ako se napravi proizvod koji ima vrednost za veliki broj ljudi.

U Srbiji ništa od gore nabrojanog nije slučaj. Korporativizacija praktično ne postoji, što je posledica skandalozno visokih troškova osnivanja i vođenja akcionarskog preduzeća kao forme privrednog društva. Poređenja radi, u Americi osnivanje korporacije košta 150-300 dolara, završava se brzo preko Interneta, ne postoje tekući troškovi ako nema prihoda i zato maltene svi imaju registrovanu neku firmu. Pošto su korporacije u Srbiji za domaće privrednike skupa egzotika, većina ekonomske aktivnosti ide kroz preduzetnike – “sole proprietorship” – i društva sa ograničenom odgovornošću. Posledica toga je da je Beogradska berza danas potpuno irelevantan faktor, tako da je i interesovanje građana za investiranje tim putem praktično nepostojeće. To dalje vodi ka tome da se imućniji ljudi uglavnom odlučuju za investiranje u nekretnine, što je jedan od najkonzervativnijih pristupa investicijama i donosi najmanju dobit. Što se pokretanja novog posla tiče, u Srbiji to u većini slučajeva znači pozajmljivanje novca od PRP – porodica, rodbina i prijatelji – ili odlazak u banku po kredit. “Venture capital” ne postoji, što srpske firme onda stavlja pred izazov da moraju što pre da budu profitabilne, jer jednom kada početni kapital nestane – “game over”. Niko ne razmišlja o agresivnom rastu koji se kasnije može pretvoriti u masivne prihode i tržišnu dominaciju, jer su fokusirani na to kako da plate PDV sledećeg meseca za prodatu robu ili usluge koje još uvek nisu ni naplatili. Zbog toga svi otvaraju pekare, kafiće i kioske brze hrane: promet kreće odmah i “cash flow” se brzo stabilizuje. Zbog svega toga Srbija ima primitivnu ekonomiju koja je u proseku oko pola veka iza razvijenog sveta.

Predlagali ste pre dve godine da se Srbija orijentiše ka razvoju robotike, civilnih bespilotnih letelica i 3D štampe. Niko vas nije čuo. Šta se desilo u međuvremenu u tim sferama, da li je sad kasno za to, šta su nove prilike, ako ih ima?

Sva tri i dalje stoje kao ogromne prilike za razvoj, jer će potražnja u srednjem roku biti toliko veća od ponude da je i dalje u pitanju fantastična biznis prilika. Druge dve nove prilike su Bitcoin i Virtual Reality.

Bitcoin i kriptovalute – koje, kao što rekoh na početku, nijedno pravno lice u Srbiji ne sme ni da takne, zahvaljujući uobičajenoj kratkovidosti Narodne banke Srbije. Blockchain kao “open source” projekat već obećava da postane osnova svih finansijskih transakcija u budućnosti, i ne samo njih, a već sada počinje polako da ubija praistorijske biznise koji se oslanjaju na skupe informacione transakcije, kao što je na primer Vestern union.

Virtual Reality je drugi veliki talas tehnološke inovacije koji nama kao čovečanstvu, nakon tridesetak godina iščekivanja i razočaranja, konačno stiže zahvaljujući tehnologijama kao što su Oculus, u vlasništvu Facebooka; Magic Leap, glavni investitor Gugl; HoloLens, Majkrosoftovo čedo, pa čak i Cardboard, Guglov genijalni projekat za upotrebu pametnih telefona kao VR naočara. Ovaj mega trend će dugoročno potpuno promeniti gotovo celokupnu ljudsku interakciju sa mašinama, od toga kako radimo do toga kako se zabavljamo u slobodno vreme. Rekao bih da su startne pozicije što se platformi tiče već zauzete – bar za prvo vreme, jer su pomenute korporacije potrošile milijarde dolara na istraživanje i razvoj tih tehnologija – ali postoji ogroman prazan prostor što se tiče kreiranja sadržaja za njih. Narednih godina će se na tome praviti imperije.

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• Wasabi Wallet v2.6.0 "Prometheus" is a major update for the project, focused on resilience and independence from centralized systems.
• Key features include support for BIP 158 block filters for direct node synchronization, a revamped full node integration for easier setup without third-party reliance, SLIP 39 share backups for flexible wallet recovery (sponsored by Trezor), and a Nostr-based update manager for censorship-resistant updates.
• Additional improvements include UI bug fixes, a new fallback for transaction broadcasting, updated code signing, stricter JSON serialization, and options to avoid third-party rate providers, alongside various under-the-hood enhancements.

This new version brings us closer to our ultimate goal: ensuring Wasabi is future-proof," said the developers, while also highlighting the following key areas of focus for the project:

• Ensuring users can always fully and securely use their client.
• Making contribution and forks easy through a codebase of the highest quality possible: understandable, maintainable, and improvable.

"As we achieve our survival goals, expect more cutting-edge improvements in Bitcoin privacy and self-custody. Thank you for the trust you place in us by using Wasabi," was stated in the release notes.

What's new

• Support for Standard BIP 158 Block Filters. Wasabi now syncs using BIP 158 filters without a backend/indexer, connecting directly to a user's node. This boosts sync speed, resilience, and allows full sovereignty without specific server dependency.
• Full Node Integration Rework. The old integration has been replaced with a simpler, more adaptable system. It’s not tied to a specific Bitcoin node fork, doesn’t need the node on the same machine as Wasabi, and requires no changes to the node’s setup.
  • "Simply enable the RPC server on your node and point Wasabi to it," said the developers. This ensures all Bitcoin network activities—like retrieving blocks, fee estimations, block filters, and transaction broadcasting—go through your own node, avoiding reliance on third parties.
• Create & Recover SLIP 39 Shares. Users now create and recover wallets with multiple share backups using SLIP 39 standard.

"Special thanks to Trezor (SatoshiLabs) for sponsoring this amazing feature."

• Nostr Update Manager. This version implements a pioneering system with the Nostr protocol for update information and downloads, replacing reliance on GitHub. This enhances the project's resilience, ensuring updates even if GitHub is unavailable, while still verifying updates with the project's secure certificate.
• Updated Avalonia to v11.2.7, fixes for UI bugs (including restoring Minimize on macOS Sequoia).
• Added a configurable third-party fallback for broadcasting transactions if other methods fail.
• Replaced Windows Code Signing Certificate with Azure Trusted Signing.
• Many bug fixes, improved codebase, and enhanced CI pipeline.
• Added the option to avoid using any third-party Exchange Rate and Fee Rate providers (Wasabi can work without them).
• Rebuilt all JSON Serialization mechanisms avoiding default .NET converters. Serialization is now stricter.

Full Changelog: v2.5.1...v2.6.0

Announcement / Archive
GitHub Repo

@ 8bad92c3:ca714aa5

Key Takeaways

In this episode, Bitcoin Core veteran James O’Beirne delivers a sharp critique of Bitcoin’s developmental stagnation, attributing it to political dysfunction, post-fork trauma, and resistance within Bitcoin Core to critical upgrades like CheckTemplateVerify (CTV). He argues that while institutional adoption accelerates, internal innovation is being stifled by misplaced controversies—such as the OP_RETURN policy debate—and a bottlenecked governance model. O’Beirne warns that without urgent progress on scaling solutions like CTV, congestion control, and vaulting systems, Bitcoin risks ossifying and becoming vulnerable to institutional capture. Advocating a more adversarial posture, he suggests forking or building alternative clients to pressure progress but remains hopeful, seeing rising momentum for protocol upgrades from developers outside the Core elite.

Best Quotes

“Everybody has mempool derangement syndrome… it’s such a small issue in the grand scheme of challenges Bitcoin is facing.”

“Bitcoin is as much an experiment in technical human organization as it is a pure technology.”

“If we don’t figure out how to scale trustless Bitcoin self-custody, we’re toast. Right now, only about 2.5% of Americans could actually use Bitcoin monthly in a meaningful way.”

“CTV isn’t sexy—it just works. It keeps getting reinvented because it's so useful. At this point, it’s essential.”

“If Core isn’t going to evaluate these proposals, someone has to. Otherwise, we need to build the social justification for forking.”

“Lightning didn’t scale Bitcoin the way we expected. Let’s stop assuming a silver bullet is coming and start building the bridges ourselves.”

“You could onboard someone with just a phone and a vault… and give them more security than most hardware wallets.”

Conclusion

While Bitcoin gains traction with institutions and governments, its internal development is stalling under political inertia and misplaced focus. James O’Beirne urges the community to prioritize impactful upgrades like CTV and CCV, challenge the bottleneck of Bitcoin Core if needed, and recommit to Bitcoin’s foundational principles. This episode underscores the urgent need to bridge technical and social divides to ensure Bitcoin remains a decentralized, censorship-resistant tool for global value transfer.

Timestamps

0:00 - Intro
0:41 - Multi axis issue
5:12 - Core governance
9:41 - Derailing productive discussions
17:05 - Fold & Bitkey
18:32 - CTV
29:24 - Unchained
29:53 - Magnitude of change
41:45 - Covenant proposals
50:16 - CTV benefits
57:56 - Institutional ownership
1:05:26 - Moving forward

Transcript

(00:00) I think I have a somewhat different take than 99% of the people in the discussion. What freaks me out is if you've got Sailor owning half million coins or whatever and Black Rockck owning however many, people forget that Bitcoin is as much an experiment in technical human organization as it is, you know, as a sort of pure technology.
(00:17) The undernowledged reality is I'm actually interested to see if we have like a black swan adoption event from the machines. the risk given the increased scrutiny that things like the strategic Bitcoin reserve introduce there's a shot clock on getting to trustless decentralized value storage technology and I think we really have to be thinking about that combination of physically tired and mentally tired it's also tiresome James it's it's I was looking at that picture today and I was actually going to tweet it absent any caption just because it's
(00:52) a really good Uh yeah, it's a really good epitome of uh of a lot of stuff. But I'm with you, man. I'm tired. It's Friday. Who is it? Is that a just some random Japanese guy? I think it's it's I actually think it's from a documentary about I don't know if it's Africa, but Oh, yes. Yes.
(01:13) It's there's a little bit of a kind of like racy connotation there. Um yeah, the uh it's been long. It was interesting for me. We had Texas Energy Mining Summit here in Austin the beginning of the week. It sort of blended with Bitcoin plus I was over at Bitcoin++ Wednesday and yesterday doing the live desk and obviously topic of conversation is OP return this policy decision and this policy change that that core wants to make and many people are uh angry about and it's just again it's also tiresome.
(01:52) spoke with people on both sides over the two days and I I think I came away more confused than than I entered entered the week like what is the optimal path and somebody who's worked on Bitcoin core worked on Bitcoin core for for many years I've seen you tweeting about it seems like I won't put words in your mouth I'll let you say like what is your perspective on this whole policy debate around op return yeah so in general I think I have a somewhat different take than um 99% of the people in in the discussion which is basically that this
(02:25) is a really stupid discussion um everybody has mempool derangement syndrome like at every layer um and uh what what frustrates me a little bit about the conversation not not to not to uh get like um grumpy right off the bat but it's just it's it's such a small issue in the in the grand scheme of challenges that are being presented to Bitcoin that like spending all this drama on it um is is really a silly use of time and uh kind of emotion, but I can break it down for you.
(03:02) I mean, I think I think like largely the argument is happening on a few layers. Um the change itself technically I'm totally in favor of it. It makes sense. you know, basically the rationale is like, well, you know, um, people want to include exogenous data into the chain. Um, you can't really stop them from doing that.
(03:23) Um and so let's basically minimize the damage by saying hey you know we're going to make it easier for people to actually make use of op return as a data carrier which uh lets us avoid bloat in the UTXO set which is like one of the precious resources we have to take care of for the node.
(03:44) Um, so that's all good and the and the other thing too is that as we've seen with the ordinal stuff is um, you know, data is going to wait make its way into the chain and actually it hurts the whole network when um, there are transactions that most nodes haven't seen yet but they come through a block. Basically that slows down block propagation time.
(04:06) And so the whole idea is if you bring policy closer to the actual consensus rules, closer to the actual transactions that are going to come through and be mined, then you're going to have better network performance. You're going to have lower latency when it comes to actually broadcasting a new block around. So that's like the the sort of technical layer of the discussion.
(04:25) It's it's really a minute non-controversial change if you kind of have fluency with the the technical end of the mempool. Um, but I think there's this this higher layer to the conversation which is sort of a readjudication of spam in Bitcoin. And it's, you know, I think a lot of the the old animal spirits and sentiments are emerging about like, well, we don't like spam.
(04:49) And I think for a lot of people who kind of get lost in the technical details, it's very easy to latch on to the sentiment of I don't like spam. Um and so uh so that makes the sort of ocean knots camp maybe more appealing. Uh so that's yeah that's I guess a summary if you want to jump in anything in particular we can that's what I was saying I came out more confused than I went in.
(05:20) So last week on RHR, hey, I agree. You want policy to be aligned with consensus. Like whether we like it or not, these transactions are getting into blocks. They're non-standard, but they are valid within consensus rules and policy just isn't aligning with that. And like you said, this is disrupting the P2P layer and potentially the fee uh estimation process that that many nodes use, many applications use.
(05:49) And it makes sense to me to align policy with consensus. These things are happening. And if you can make it so Bitcoin full nodes are operating as efficiently and optimally as possible by changing this, it makes sense to me. I think my one like push back was like makes sense to me. However, I think how it was communicated to people and the whole mess with the PR.
(06:12) I think it's I think it's it was it's it's just a tactical error. Like even if this change gets in the the the real benefit of is is not material. You know, nobody was really clamoring for it. um this stuff always, you know, gets the hackles up of everybody who cares at all about, you know, spamming Bitcoin. So, it was a real tactical error.
(06:36) And I think that's that's one place where I mean it's kind of I had a little bit of shot in Freud seeing it because I'm fairly critical of core as a project along you know a variety of axes at this point and it was just kind of a demonstration of the the disconnection and kind of ineptitude of um publicity management kind of on on their end.
(06:58) Um, and so like there's part of me that enjoys seeing that because I I'm kind of convinced that that group has a lot less efficacy than they have credibility. And so to to see that kind of catch up was was interesting. The uh let's dive into that like what you said multiple axes you have a problem. I think we've throughout the years like we've been discussing the issues that Bitcoin like yourself particularly as a Bitcoin core developer for many years trying to get things through not only in the context of the way core works from a governance
(07:35) structure but just the way Bitcoin works as a distributed open source protocol like trying to get changes in and I will say like

@ dfa02707:41ca50e3

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• "Today we're launching the beta version of our multiplatform Nostr browser! Think Google Chrome but for Nostr apps. The beta is our big first step toward this vision," announced Damus.
• This version comes with the Dave Nostr AI assistant, support for zaps and the Nostr Wallet Connect (NWC) wallet interface, full-text note search, GIFs and fullscreen images, multiple media uploads, user tagging, relay list and mute list support, along with a number of other improvements."

"Included in the beta is the Dave, the Nostr AI assistant (its Grok for Nostr). Dave is a new Notedeck browser app that can search and summarize notes from the network. For a full breakdown of everything new, check out our beta launch video."

What's new

• Dave Nostr AI assistant app.
• GIFs.
• Fulltext note search.
• Add full screen images, add zoom, and pan.
• Zaps! NWC/ Wallet UI.
• Introduce last note per pubkey feed (experimental).
• Allow multiple media uploads per selection.
• Major Android improvements (still WIP).
• Added notedeck app sidebar.
• User Tagging.
• Note truncation.
• Local network note broadcast, broadcast notes to other notedeck notes while you're offline.
• Mute list support (reading).
• Relay list support.
• Ctrl-enter to send notes.
• Added relay indexing (relay columns soon).
• Click hashtags to open hashtag timeline.
• Fixed timelines sometimes not updating (stale feeds).
• Fixed UI bounciness when loading profile pictures
• Fixed unselectable post replies.

Announcement / Archive
GitHub Repo
Website

@ 8bad92c3:ca714aa5

Key Takeaways

In this episode of TFTC, energy economist Anas Alhajji outlines a profound shift in U.S. foreign policy under Trump—away from military intervention and toward transactional diplomacy focused on trade, reconstruction, and curbing Chinese and Russian influence in the Middle East. He highlights Trump’s quiet outreach to Syria as emblematic of the U.S.'s strategic flexibility in legitimizing former adversaries when economically beneficial. Alhajji dismisses BRICS as a fractured bloc incapable of rivaling the U.S.-led order and insists the dollar and petrodollar remain dominant. On energy, he warns that despite favorable fundamentals, prices are suppressed by political confusion, underinvestment, and an aging power grid ill-prepared for the AI and urbanization boom. He also contends that Iran is stalling negotiations to buy time for nuclear advancement and that any deal will be superficial. Finally, Alhajji debunks the myth of Trump being pro-oil, noting his long-standing hostility toward the industry and explaining why a repeat of his past energy boom is implausible given today’s financial and structural constraints.

Best Quotes

• “BRICS is a paper tiger. Everything about BRICS is what China does—and that’s it.”
• “The dollar is here to stay. The petrodollar is here to stay. End of story.”
• “Trump hates the oil industry. He always classified it as an enemy.”
• “Energy projects are 30- to 40-year investments, but politicians think in 4-year cycles. That’s where the disconnect lies.”
• “People think shale will boom again. It won’t. The model changed from ‘drill baby drill’ to ‘control baby control.’”
• “The real story of Trump’s trip wasn’t about politics—it was investment, investment, investment.”
• “Without massive investment in the grid and gas turbines, blackouts will become the norm—even in rich countries like Kuwait.”
• “Iran and China have perfected the game of oil exports. Sanctions are just theater at this point.”

Conclusion

Anas Alhajji’s conclusion challenges conventional narratives, arguing that global power is shifting from military dominance to economic leverage, infrastructure investment, and energy control. He presents a nuanced view of U.S. foreign policy under Trump, emphasizing the strategic importance of trade and reconstruction over regime change. As energy demand soars and geopolitical risks mount, Alhajji warns that the real dangers lie not in foreign adversaries, but in policy confusion, infrastructural lag, and complacency—making this episode a crucial listen for anyone seeking to understand the high-stakes intersection of energy, economics, and diplomacy.

Timestamps

0:00 - Intro
0:48 - Syria and US diplomacy in Middle East
12:50 - Trump in the Middle East
18:12 - Fold & Bitkey
19:48 - Iran - Nuclear program and PR
33:53 - Unchained
34:22 - Crude markets, trade war and US debt
54:28 - Trump's energy stance
1:05:46 - Energy sector challanges
1:14:44 - Policy recommendations
1:21:18 - AI and bitcoin

Transcript

(00:00) oil prices market fundamentals support higher price than where we are today. But because of this confusion, everyone is scared of low economic growth and that is a serious problem. The US media ignored part of Trump's speech when he said we are not about nation building and they refer to Afghanistan and Iraq.
(00:15) Look at them. This is a criticism of George W. Bush. We have groups that are talking about the demise of the dollar, the rise of bricks. Bricks is a paper tiger. Everything about bricks is what China does and that's it. The dollar is here to stay and the petro dollar is here to stay.
(00:31) The perception is that the Trump administration is cold but the reality Trump hates the oil [Music] indust. How are you? Very good. Very good. Thank you. As you were telling me, you've been a bit sleepd deprived this week trying to keep up with what's going on. Oh, absolutely. I mean, Trump keeps us on our toes uh all the time.
(01:06) In fact, I plan certain things for the weekend and Trump will say something or he will do something and all of a sudden we get busy again. Uh so clients are not going to wait for you until you finish your work. Basically, they want to know what's going on. So what is going on? What what how profound were the events in the Middle East? These are very uh very profound changes basically because it is very clear that if you look at the last 15 years uh and you look at the growth uh in the Middle East, you look at the growth of Saudi Arabia and uh the
(01:41) role of Turkey for example in the region uh it just just amazing be beyond any uh any thoughts. Uh in fact both of them Turkey and Saudi Arabia are part of the G20. Uh so they have economic influence and they have political influence. And of course the icing on the cake for those who are familiar with the region is to recognize the Syrian government and meet with the Syrian uh president.
(02:11) Uh this is a major a major change in economics and politics uh of the Middle East. Let's touch on that Syria uh topic for a while because I think a lot of people here in the United States were a bit shocked at how sort of welcoming President Trump was towards the new Syrian president considering the fact that uh he was considered an enemy not too long ago here in the United States.
(02:42) What first of all it's a fact of life for those who would like to check the history of politics. There were many people around the world who were classified or they were on the terrorism list and then they became friends of the United States or they were became heroes. I mean Nelson Mandela is one of them. You look at Latin America, there are presidents in Latin America who were uh the enemy of the United States and then they became uh uh cooperative with the United States and the United States recognized their governments and the result of their uh elections. Uh so
(03:15) we've seen this historically uh several uh several times around the world and as they say freedom fighters for some basically are the enemies and the terrorists for for others etc. So uh what we've seen that's why the the visit is very important that the recognition of this government is very important. uh the fact on the ground that uh the president of Syria had the power on the ground uh he had the the the people on the ground and he had the control on the ground and whatever he's been he's been doing since he came into power until now
(03:52) he done all the right steps u and people loved him I mean everyone who went to Syria whether the Syrians who left Syria 40 years ago or uh the visitors who are coming to Syria, they will tell you, "We have never seen the Syrian people as happy as we've seen them today, despite the fact that they they live in misery.
(04:17) They don't have um 8 million people without housing. Uh there is barely any electricity in most of the country. There is no internet. There is barely any food. The uh inflation is rampant, etc. But people are happy because they lived in fear for a very long time. And uh the steps they have taken. For example, the uh ministers in the previous government uh are still there and they are still in the housing of the government.
(04:49) They still have the drivers. They still have the cars from the previous government. They still have it until today. So uh they they were classified as enemies before. But all of a sudden now you have a new government that is uh accepting them. Uh so we we see some changes on the ground that are positive and we'll see how these things will go given that the area around them basically has been unstable for a very long time.
(05:17) how because I don't the the news when I was actually it was surreal for me because my first trip to the Middle East was last December when it was literally f flying over Syria to Abu Dhabi when uh um Assad was getting thrown out and it was pretty surreal to be in that region of the world.
(05:43) How as it pertains to like religious minorities within Syria moving forward is there protractions protections there? Um well let me just uh I want to emphasize one point that is very important. What did the interest of Turkey, Saudi Arabia and the United States in Syria if remember Syria was controlled by Iran and was controlled by the Russians.
(06:09) So in a sense it becomes uh kind of an imperative that taking it away from Iran and Russia and not bringing Iran or Russia back is extremely important. Now the Russians are still there and they have their own base but at least they are not bombing the Syrians and not killing them anymore. But the idea here is taking Syria out of Iran and Russia and probably later on if they kick the Russians out, Russians will not have access to the Mediterranean.
(06:37) Uh so there is an interest uh of all parties basically to take Russia out of Iran and um out of uh Syria regardless the country is uh devastated and it creates massive opportunities for US companies on all levels and uh we've seen a contract uh done recently with you mentioned Abu Dhabi uh uh a contract uh uh with the UA a basically to revamp all the Syrian ports and work on the Syrian ports.
(07:13) Uh so such contracts basically uh when you have a country that has nothing and it's completely devastated the whole infrastructure is devastated. Who is going to build it? If the uh what the Chinese, the Russians, so who who are going to build it? So, uh I think there is a a big room for US companies and others basically to come in and uh literally help on one side and make money on the other.
(07:38) Yeah, I think that that's what I'm trying to discern. What was this convoy from the United States to the Middle East this week signali

@ c9badfea:610f861a

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@ 8bad92c3:ca714aa5

Key Takeaways

In this episode, Bram Kanstein delivers a powerful exploration of how studying money for thousands of hours led him to a single, life-changing conclusion: Bitcoin is the key to preserving value and reclaiming personal agency in an increasingly unstable world. Through the lens of a disillusioned millennial generation—raised with technological optimism but betrayed by economic reality—Bram exposes the fiat system as one built on illusion, debt, and diminishing returns. He explains how Bitcoin’s transparent, rule-based design offers a principled alternative, especially for those wired to question systems and seek truth. Describing the fiat economy as a “high-velocity trash system” that undermines innovation and long-term planning, he argues Bitcoin creates the time and space to think, build, and live freely. As AI reshapes the labor market, Bram sees Bitcoin as a vital foundation for individuals to adapt, maintain sovereignty, and thrive in a future defined by rapid technological disruption.

Best Quotes

“Anything that you would want to fix in the world is broken because the money is broken.”

“You’re stacking nothing. Literal paper.”

“You have to red pill before you orange pill.”

“The only thing you need to do is move to the other money that they cannot mess with.”

“One Bitcoin is one Bitcoin. That’s the whole point.”

“Millennials are primed to understand Bitcoin.”

“Bitcoin lets you get out of the rat race and start walking your own path.”

“The fiat mindset is a zero-sum game. In Bitcoin, value is created.”

“We should stop asking how to value Bitcoin—and start asking how to value everything else in Bitcoin.”

“Even with a master’s in economics, people still don’t understand what money is.”

Conclusion

This episode delivers a powerful call to rethink everything we assume about money, arguing that understanding Bitcoin is less about profit and more about reclaiming personal agency in a world defined by uncertainty. Bram Kanstein shows how asking fundamental questions—like “What is money?”—can lead to a deeper sense of purpose and autonomy. As AI and systemic instability accelerate, Bitcoin emerges not just as sound money, but as a life tool for intentional living, long-term thinking, and individual sovereignty.

Timestamps

0:00 - Intro
0:36 - INTJ bitcoiners
4:58 - The millennial headspace is primed for bitcoin
7:25 - Bitcoin gives time and space to build
15:29 - Fold & Bitkey
17:05 - Seeing systemic problems
26:25 - Bitcoin’s positive feedback loop
33:55 - Recognize your agency
37:58 - Unchained
38:27 - Fiat money creates uncertainty
44:41 - What is money?
54:04 - Money and energy
1:03:43 - Bitcoin allows growth
1:09:02 - Bitcoin/AI
1:31:34 - Optimistic note

Transcript

(00:00) Let's say you're a millennial and mid-30s and you want to retire in 30 years. If you calculate the amount of dollar, pound the euro, yen units. You need way more units of that money than you think right now. They are funding pension funds, but the pension funds are using that money for the people that are actually retiring.
(00:17) No one knows about money. They don't know how debt works, how finance works. But that's kind of how it's designed, right? Like that's what eventually keeps the Ponzi alive. And I just started with the question, what do you think happens if you call the bank and say like, hey, can I get 100 or 200k in cash? Man, you got an editor like in house.
(00:39) That's That's pro. That's uh it's because this setup I'm so far away from the computer. I just need somebody to hit the button. Okay. Okay. the extent the extent of of Logan's job extends far beyond just hitting the button. But yeah, INTJ I think uh I think it was as we rear into what looks to be another bull market.
(01:05) I think getting back to first principles and discussing the challenges of studying and understanding Bitcoin, it's important to to highlight the archetype of individuals who have studied fallen down the rabbit hole and really dedicated their lives to Bitcoin. And this INTJ cohort that exists within Bitcoin seems pretty material apparently. Yeah.
(01:35) I mean, I have many moments where I just realize that I'm lucky that my brain is wired in a certain way, you know. I feel like crazy blessed that I figured out this Bitcoin thing, you know, and that when I ran into certain realizations along the way in my Bitcoin journey that I was like, hm, you know, how does this actually work? you know, do I actually understand the systems I'm participating in, the things that I believe, you know, the the the the people that I abstracted um or or outsourced certain responsibilities to to take care of, for example, my money
(02:10) in the bank. You know, I I think um being wired in a certain way definitely helps in grasping Bitcoin to a degree where you're like, okay, this is the only thing I need to pay attention to, you know, in my life. And yeah, we we jokingly started talking about this because I have the hat here, but there was this um I think it was like like a Twitter poll actually or someone shared it on Twitter and this is already like two or three years old where where someone investigated these MyersBriggs um personality types and I think there's
(02:42) only like 2% of people that have INTJ but like 20% of Bitcoiners have that personality type. So it um it apparently helps. So yeah, I just I just quickly Googled it actually. It says uh the INTJ is the architect. It's a personality type with the introverted intuitive thinking and judging traits. These thoughtful tacticians love perfecting the details of life, applying creativity and rationality to everything they do.
(03:09) I think the rationality part here is what um what uh I think helps you to to gro Bitcoin eventually. Yeah, it reminds me of I forget what the study was, but postco it was a similar distribution of just like 2% of people were highly skeptical of what was going on with the lockdowns and the attack on bodily autonomy.
(03:38) And there was a study that was done about I forget it was bees or some type of fly that they they have like the horde of um the horde of the particular fly I think it was bees has like 2% act as these sort of alarm bells that are on the outside the outskirts of the community and they'll start communicating like hey something's wrong here and people the other flies or bees will be skeptical at first but then eventually uh the alarm bells will be proven to be right that there was some sort of danger around the corner. That's fascinating.
(04:09) Yeah. Yeah, that's fascinating. I I think we're not that special eventually, you know, like we think we have all this autonomy, but but um yeah, we're we're just wired in a certain way. And I think I don't know where you want to take this conversation, but I think, you know, part of growing up and being an adult is figuring out, you know, how do I actually work and how do I work with how I work, you know? Yeah. No, it is.
(04:36) And as I get older, creep into my mid-30s, which is hard hard to come to grips with, it is uh really falling back on like, all right, I I feel like I have a good perspective on the world and my place in it, and how do I just optimize to make sure I'm aligning my my work and my career, I guess, if you call it that, with what I'm passionate about. Yeah.
(05:00) Well, I also think that is actually why our generation, you know, my my podcast is Bitcoin for millennials. I think uh the millennials are primed to understand Bitcoin. You know, we are in this life phase where big things happen, you know, starting a family or settling somewhere or or making big career moves or decide Yeah.
(05:25) like deciding what am I going to spend like the next 10 20 years on and uh I think it's an interesting phase actually I I don't know how that was for you but but for me like the the 30s were really where I dove more and more into Bitcoin like got got that stronger conviction and also yeah kind of was invited to go further down that that rabbit hole you know and like how I see it now is that that Bitcoin is really the foundation for the rest of my life, you know, like it it gives me time and space to look forward and enthusiasm, you know, like I sometimes lurk on the
(06:01) millennial subreddit, you know, or the finance sub subreddit. And many people in our generation are very nihilistic, you know, they're very unsure about the future. Like some people aren't even having kids because they think they cannot afford it, you know. And uh whenever I read that, I just think like, yeah, I I don't really have those things.
(06:22) But I know it's because of Bitcoin, you know. I I know that Bitcoin gives me, yeah, like I said, the time and space to figure out what's next, like what should I focus on? Like it gives time and space to to try out stuff, to build something, you know, to to to really attempt at at doing something. Where I see many people that don't see that, they are more in the consumer type, you know, like they they just spend the money that's worth the most today, you know, like that's what they're incentivized to do. Yeah.
(06:49) And is is that why you started Bitcoin for millennials is to number one put the put the message out there. Millennials come listen to this. One of you Yes. that is trying to educate you about this. But because this is something I think about a lot is somebody's like dead smack in the middle of the millennial generation and has observed many of the things you just described in my own life, my own network.
(07:13) And that's part of the reason why this podcast exists. And um what I'm trying to do at TFTC is just try to figure out a way to reach into the minds of millennials, hopefully c

@ dfa02707:41ca50e3

News

• Wallet of Satoshi teases a comeback in the US market with a non-custodial product. According to an announcement on X, the widely popular custodial Lightning wallet is preparing to re-enter the United States market with a non-custodial wallet. It is unclear whether the product will be open-source, but the project has clarified that "there will be no KYC on any Wallet of Satoshi, ever!" Wallet of Satoshi ceased serving customers in the United States in November 2023.

• Vulnerability disclosure: Remote crash due to addr message spam in Bitcoin Core versions before v29. Bitcoin Core developer Antoine Poinsot disclosed an integer overflow bug that crashes a node if spammed with addr messages over an extended period. A fix was released on April 14, 2025, in Bitcoin Core v29.0. The issue is rated Low severity.
• Coinbase Know Your Customer (KYC) data leak. The U.S. Department of Justice, including its Criminal Division in Washington, is investigating a cyberattack on Coinbase. The incident involved cybercriminals attempting to extort $20 million from Coinbase to prevent stolen customer data from being leaked online. Although the data breach affected less than 1% of the exchange's users, Coinbase now faces at least six lawsuits following the revelation that some customer support agents were bribed as part of the extortion scheme.
• Fold has launched Bitcoin Gift Cards, enabling users to purchase bitcoin for personal use or as gifts, redeemable via the Fold app. These cards are currently available on Fold’s website and are planned to expand to major retailers nationwide later this year.

"Our mission is to make bitcoin simple and approachable for everyone. The Bitcoin Gift Card brings bitcoin to millions of Americans in a familiar way. Available at the places people already shop, the Bitcoin Gift Card is the best way to gift bitcoin to others," said Will Reeves, Chairman and CEO of Fold.

• Corporate treasuries hold nearly 1.1 million BTC, representing about 5.5% of the total circulating supply (1,082,164 BTC), per BitcoinTreasuries.net data. Recent purchases include Strategy adding 7,390 BTC (total: 576,230 BTC), Metplanet acquiring 1,004 BTC (total: 7,800 BTC), Tether holding over 100,521 BTC, and XXI Capital, led by Jack Mallers, starting with 31,500 BTC.
  • Meanwhile, a group of investors has filed a class action lawsuit against Strategy and its executive Michael Saylor. The lawsuit alleges that Strategy made overly optimistic projections using fair value accounting under new FASB rules while downplaying potential losses.
• The U.S. Senate voted to advance the GENIUS stablecoin bill for further debate before a final vote to pass it. Meanwhile, the House is crafting its own stablecoin legislation to establish a regulatory framework for stablecoins and their issuers in the U.S, reports CoinDesk.
• French 'crypto' entrepreneurs get priority access to emergency police services. French Minister of the Interior, Bruno Retailleau, agreed on measures to enhance security for 'crypto' professionals during a meeting on Friday. This follows a failed kidnapping attempt on Tuesday targeting the family of a cryptocurrency exchange CEO, and two other kidnappings earlier this year.
• Brussels Court declares tracking-based ads illegal in EU. The Brussels Court of Appeal ruled tracking-based online ads illegal in the EU due to an inadequate consent model. Major tech firms like Microsoft, Amazon, Google, and X are affected by the decision, as their consent pop-ups fail to protect privacy in real-time bidding, writes The Record.
• Telegram shares data on 22,777 users in Q1 2025, a significant increase from the 5,826 users' data shared during the same period in 2024. This significant increase follows the arrest of CEO and founder Pavel Durov last year.
• An Australian judge has ruled that Bitcoin is money, potentially exempting it from capital gains tax in the country. If upheld on appeal, this interim decision could lead to taxpayer refunds worth up to $1 billion, per tax lawyer Adrian Cartland.

Use the tools

• Bitcoin Safe v1.3.0 a secure and user-friendly Bitcoin savings wallet for beginners and advanced users, introduces an interactive chart, Child Pays For Parent (CPFP) support, testnet4 compatibility, preconfigured testnet demo wallets, various bug fixes, and other improvements.
• BlueWallet v7.1.8 brings numerous bug fixes, dependency updates, and a new search feature for addresses and transactions.
• Aqua Wallet v0.3.0 is out, offering beta testing for the reloadable Dolphin card (in partnership with Visa) for spending bitcoin and Liquid BTC. It also includes a new Optical Character Recognition (OCR) text scanner to read text addresses like QR codes, colored numbers on addresses for better readability, a reduced minimum for spending and swapping Liquid Bitcoin to 100 sats, plus other fixes and enhancements.

Source: Aqua wallet.

• The latest firmware updates for COLDCARD Mk4 v5.4.3 and Q v1.3.3 are now available, featuring the latest enhancements and bug fixes.
• Nunchuk Android v1.9.68.1 and iOS v1.9.79 introduce support for custom blockchain explorers, wallet archiving, re-ordering wallets on the home screen via long-press, and an anti-fee sniping setting.
• BDK-cli v1.0.0, a CLI wallet library and REPL tool to demo and test the BDK library, now uses bdk_wallet 1.0.0 and integrates Kyoto, utilizing the Kyoto protocol for compact block filters. It sets SQLite as the default database and discontinues support for sled.
• publsp is a new command-line tool designed for Lightning node runners or Lightning Service Providers (LSPs) to advertise liquidity offers over Nostr.

"LSPs advertise liquidity as addressable Kind 39735 events. Clients just pull and evaluate all those structured events, then NIP-17 DM an LSP of their choice to coordinate a liquidity purchase," writes developer smallworlnd.

• Lightning Blinder by Super Testnet is a proof-of-concept privacy tool for the Lightning Network. It enables users to mislead Lightning Service Providers (LSPs) by making it appear as though one wallet is the sender or recipient, masking the original wallet. Explore and try it out here.

• Mempal v1.5.3, a Bitcoin mempool monitoring and notification app for Android, now includes a swipe-down feature to refresh the dashboard, a custom time option for widget auto-update frequency, and a

@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

• This release introduces Payjoin v2 functionality to Bitcoin wallets on Cake, along with several UI/UX improvements and bug fixes.
• The Payjoin v2 protocol enables asynchronous, serverless coordination between sender and receiver, removing the need to be online simultaneously or maintain a server. This simplifies privacy-focused transactions for regular users.

"I cannot speak highly enough of how amazing it has been to work with @bitgould and Jaad from the@payjoindevkit team, they're doing incredible work. None of this would be possible without them and their tireless efforts. PDK made it so much easier to ship Payjoin v2 than it would have been otherwise, and I can't wait to see other wallets jump in and give back to PDK as they implement it like we did," said Seth For Privacy, VP at Cake Wallet.

How to started with Payjoin in Cake Wallet:

1. Open the app menu sidebar and click Privacy.
2. Toggle the Use Payjoin option.
3. Now on your receive screen you'll see an option to copy a Payjoin URL

• Bull Bitcoin Wallet v0.4.0 introduced Payjoin v2 support in late December 2024. However, the current implementations are not interoperable at the moment, an issue that should be addressed in the next release of the Bull Bitcoin Wallet.

• Cake Wallet was one of the first wallets to introduce Silent Payments back in May 2024. However, users may encounter sync issues while using this feature at present, which will be resolved in the next release of Cake Wallet.

What's new

• Payjoin v2 implementation.
• Wallet group improvements: Enhanced management of multiple wallets.
• Various bug fixes: improving overall stability and user experience.
• Monero (XMR) enhancements.

Learn more about using, implementing, and understanding BIP 77: Payjoin Version 2 using the payjoin crate in Payjoin Dev Kit here.

Announcement
Blog Post / Archive
GitHub Repo

@ bf47c19e:c3d2573b

Originalni tekst na bitcoin-balkan.com.

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Pregled sadržaja

1. Šta je blockchain?
2. Kako mogu da saznam više o Bitcoin-u?

Ukoliko niste pročitali naš uvodni tekst o Bitcoin-u, i zašto vam je važno da to učinite, onda prvo pročitajte: Šta je Bitcoin i kako on može da nam pomogne?

Bitcoin, sa velikim B na početku, odnosi se na mrežu računara koji održavaju knjigu stanja na akauntima bitcoin digitalne valute, slično kao što banke održavaju knjigu stanja na računima dolara, eura ili neke druge valute. Bitcoin softver, odnosno protokol, takođe omogućava korisnicima da putem interneta pošalju bitcoin-e sa svog akaunta na drugi akaunt, slično PayPal-u ili Venmo-u, ali bez kompanije koja pruža uslugu prenosa. Bitcoin softver je otvorenog koda, tako da svako može da ga pokrene na svom računaru i da se pridružiti mreži.

Najbolji način da se razume kako Bitcoin funkcioniše “iznutra” je da ga zamislimo kao finansijski sistem.

Centralne banke i vlade proizvode i distribuiraju novac pozajmljujući ga ljudima, i trošeći ga na oružje, puteve i socijalne programe. Ovaj sistem se naziva sistemom zasnovanom na dugovima, jer svaki put kada banka da zajam, stvara se nova valuta koja ranije nije postojala. Ova valuta ima vrednost jer dug koji ju je stvorio ima vrednost: primalac zajma obećava da će otplatiti svoj dug banci, plus kamate.

Kad god banka odobri kredit, ona stvara novu valutu. Ovo takodje važi i kada podignete hipoteku ili kredit za auto. Takođe se primenjuje i kada Američke Federalne Rezerve kupuju državne obveznice od vlade Sjedinjenih Država. U svakom od ovih slučajeva, banka šalje novonastalu valutu primaocu zajma. Primaoc zajma obećava banci da će u budućnosti vratiti tu valutu, plus kamate. Međutim, ulaz nove valute u sistem znači i da opada vrednost postojeće valute koja je u opticaju. To se dešava kroz proces koji se obično naziva inflacija.

Da bi imali koristi od pogodnih usluga koje nude banke, poput kreditnih kartica i digitalnih transfera novca, normalni ljudi i preduzeća obično novac drže na bankovnim računima. Svaka banka poseduje svoju knjigu sa računima svih svojih klijenata.

Banke su neophodne da bi omogućile digitalna plaćanja koja vršimo svakodnevno, jer su nam potrebne pouzdane strane koje bi proverile da li se sav računovodstveni sistem sabira. U suprotnom, bilo bi lako da neko uradi “copy-paste“ jednog dela digitalnog novca i da ga potroši dva puta, ili da doda par nula na stanje svog računa.

Sada razumemo nekoliko ključnih tačaka o trenutnom sistemu zasnovanom na dugu: banke proizvode novu valutu svaki put kad pozajmljuju novac, a većina ljudi svoj novac čuva u bankama koje im nude pogodnosti.

Bitcoin je malo drugačiji. Hajde da započnemo ovo putovanje sa pitanjem.

Šta ako bi svi posedovali knjigu stanja na računima, baš kao i banka?

Umesto da banke poseduju po jednu knjigu depozita svojih klijenata, šta ako svi poseduju istu knjigu, sa detaljnim opisima svih stanja na računima svih učesnika u ekonomiji? O privatnosti ne morate da brinete ni na trenutak – to ćemo objasniti kasnije.

Hajde da vidimo kako bi transakcija mogla da se izvrši koristeći ovakav bankarski sistem. Recimo da Ana želi da plati Davidu 10 digitalnih „novčića“. Ona tu transakciju zapisuje u e-mail, potpisuje je digitalno kako bi svi bili sigurni da e-mail dolazi od stvarne Ane, i šalje ga svima ostalima. Kada ostali prime taj e-mail, oni ažuriraju svoje knjige, tako što skinu 10 novčića sa Aninog računa i dodaju 10 novčića na Davidov račun.

Zašto bi se neko trudio da evidentira transakciju u svojoj knjizi?

Recimo da će prva osoba koja izvrši sledeće korake dobiti 5 novčića:

1. Proverom da li je prava Ana potpisala transakciju
2. Proverom da li Ana ima dovoljno sredstava na svom računu da plati Davidu 10 novčića
3. Zapisivanje transakcije ukoliko ispunjava uslove 1) i 2)

Primetićete da se ovo mnogo razlikuje od trenutnog monetarnog sistema. U novom sistemu morate da imate novčiće da biste mogli da ih date nekom drugom. Ne postoje banke sa posebnim privilegijama koje mogu da stvore valutu davanjem zajma.

Umesto da dozvoljava samo maloj grupi bankara da prave nove valute, novi sistem omogućava svima da kreiraju novu valutu ako pružaju korisnu uslugu mreži: verifikovanje i evidentiranje transakcija između ljudi. Nazvaćemo ovo nagradom za potvrđivanje.

Kako se svi slože oko pravila sistema? Ona su kodirana u softverskom protokolu otvorenog koda. To znači da svako može besplatno da preuzme pravila sistema sa interneta i da počne da ih koristi za zaradu valute u sistemu. Ako svi koriste isti skup pravila, njihove knjige će se sinhronizovati, jer će prihvatiti i odbiti potpuno iste transakcije.

• Otvoreni kod = svako može da preuzme kod i da ga pročita
• Softverski protokol = skup pravila napisanih u kodu

Kako zaustaviti ljude koji pokušavaju da prevare sistem da bi zaradili “nagradu za potvrdu”?

Recimo da Boris i Marko žele da se obogate – oni bi mogli jedan drugom da plaćaju po jedan novčić u krug, vodeći računa da neko od njih prvi zabeleži transakciju kako bi mogli da zahtevaju nagradu za potvrdu. Pomoću ove šeme oni bi u osnovi mogli da stvore (odštampaju) novu valutu, kad god oni to požele!

Softverski protokol to zaustavlja zahtevajući da osoba koja validira transakciju uradi neki „posao“ sa računarom kako bi je zabeležila. Ovo osigurava da računari moraju da troše energiju za zabeležavanje transakcija, pa bi u tom slučaju varanje sistema bilo veoma skupo. Borisova i Markova šema varanja sistema više nema finansijskog smisla. Da bismo demonstrirali ovaj proces, pogledajmo Filipa i njegov C-Bot računar. Filip je na svoj računar instalirao Bitcoin protokol, koji predstavlja Bitcoin-ov softverski protokol otvorenog koda koji sadrži pravila Bitcoin sistema.

Kako C-Bot Verifikuje Transakcije

Korak 1: Slušanje transakcija

Prvo, C-Bot sluša transakcije (skraćeno “txn”) koje Ana, Boris, Marko i David emituju putem interneta.

Korak 2: Stvara “Heš”

Drugo, C-Bot će prikupiti sledeće delove podataka:

• Sve Bitcoin transakcije koje ljudi šalju
• Tajni broj (objasnićemo kasnije)
• Nonce – neki slučajan broj

C-Bot sve ovo stavlja u heš mašinu. Mašina za heširanje uzima sve ove podatke i proizvodi 256 bitova (bitovi su 1 i 0) koji se jedinstveno uklapaju u te podatke, nazvane ‘heš’. To heširanje je poput otiska prsta podataka. Uvek ćete dobiti isti heš sa istim ulaznim podacima. Mašina za heširanje je takođe jednosmerna: lako je stvoriti heš od nekih podataka, ali ne možete da stavite heš u mašinu i da vratite ulazne podatke.

C-Bot će iznova isprobavati svoju heš mašinu sa drugim nonce-om (slučajnim brojem). Svaki put, on će proveriti da li je mašina proizvela heš za koji Bitcoin softverski protokol kaže da je tačan.

Ovaj proces pronalaženja heša troši puno vremena i energije. Mašina za heširanje je jednosmerna, tako da C-Bot ne može tek tako da stavi ‘tačan’ heš u mašinu i otkrije ulazne podatke. Svaki računar na Bitcoin mreži takođe prolazi kroz ovaj proces pokušavajući da pronađe ‘ispravan’ heš.

Ukoliko bi ovi računari uspeli da pronađu ‘ispravan’ heš bez velikog trošenja energije, mogli bi da prevare sistem. Dva računara bi mogla da prosleđuju transakcije u krug, zarađujući bitcoin-e svaki put kada bi potvrdili transakciju.

Korak 3: Pronalaženje Ispravnog Heša

C-Bot konačno pronalazi heš koji zadovoljava pravila Bitcoin protokola koristeći sve nedavne transakcije. Sada ovaj blok podataka šalje na druge računare. Blok se sastoji od nedavnih transakcija, nonce-a i tajnog broja. Ti drugi računari stavljaju sve ove podatke kroz istu heš mašinu za sebe, da bi proverili da li je heširanje tog C-Bota tačno. S obzirom da znamo da računari ne mogu da varaju u ovoj igri, znamo da je C-Bot morao da izvrši neka izračunavanja sa svojom heš mašinom da bi pronašao ispravan heš.

Heš bloka C-Bota koji je poslat, sada postaje tajni broj koji ulazi u izračunavanje sledećeg bloka. Budući da heš svakog bloka u ‘blockchain-u’ bitcoin-a koristi heš poslednjeg bloka kao ulaz, bila bi potrebna apsurdna količina energije da se prepiše istorija transakcija (lanac blokova, eng. the blockchain)

Budući da se svačija stanja bitcoin-a zasnivaju na transakcijama na i sa njihovih računa, to takođe onemogućava izmenu bilo čijih stanja bitcoin-a.

Čitav ovaj proces poznat je pod nazivom rudarenje bitcoin-a. Svaki računar na mreži pokušava da proba nove podatke kroz heš mašinu, bilione puta u sekundi.

Šta je blockchain?

Blockchain predstavlja istoriju Bitcoin transakcija, koja omogućava bilo kome da utvrdi svoje Bitcoin stanje.

• ‘Block – Blok’ = Grupa Bitcoin transakcija, nonce-a i heša prethodnog bloka
• ‘Chain – Lanac’ = Heš svakog bloka takođe koristi heš prethodnog bloka kao ulaz. Ovo povezuje podatke svakog bloka sa svakim drugim blokom, stvarajući chain – lanac.

Na blockchain-u, prava imena nisu povezana sa bitcoin-ima. Bitcoin-i su povezani samo sa slučajnim nizom brojeva i slova poznatim kao ‘javni ključ’. Ovo korisnike Bitcoin-a i njihova stanja čini poprilično anonimnima za sve koji vode knjigu.

Kada posedujete bitcoin-e, vi imate password za otključavanje vaših bitcoin bankovnih računa. Ovi računi postoje na hiljadama računara širom sveta koji pokreću Bitcoin protokol.

Kako mogu da saznam više o Bitcoin-u?

Ovaj članak vam je dao razumevanje o tome kako funkcioniše Bitcoin protokol i kako se osiguravaju njegova neverovatna svojstva.

Ako želite da saznate više, preporučujem vam ove izvore:

• Šta Je Bitcoin, I Kako On Može Da Nam Pomogne?
• Zašto Baš Bitcoin?

Ako vam se sviđa moj rad, molim vas da ga podelite sa svojim prijateljima i porodicom. Cilj mi je da svima pružim pogled u ekonomiju i na to kako ona utiče na njihov život.

@ 8bad92c3:ca714aa5

Another week of conversations with sharp minds thinking about Bitcoin's future and the broader economic landscape. Here are the three most compelling predictions from recent episodes.

Bitcoin Core Will Face a Major Governance Crisis Over Covenant Proposals in 2025 - James O'Beirne

James made a prediction that sent chills through the Bitcoin development community - he believes Bitcoin Core's current governance structure will reach a breaking point this year over covenant proposals like CTV. After working as a Core developer for nearly a decade, he's convinced that the organization's inability to make progress on scaling solutions will force alternative implementations.

His timeline is specific and urgent. James believes that if Core doesn't show "substantive review discussion about how we get this stuff in" within six months, credible developers will start building alternate activation clients. The technical argument is compelling: covenants like CheckTemplateVerify have been thoroughly reviewed for seven years, with a 5 BTC bounty (worth over $500,000) still unclaimed for finding material bugs.

The stakes couldn't be higher for Bitcoin's future. James noted that currently "just over two and a half percent of Americans would be able to, on a monthly basis, buy Bitcoin on an exchange, withdraw it to self-custody, and then maybe make a spend." Without scaling solutions, this number won't improve meaningfully. His prediction reflects growing frustration with Core's de facto monopoly over protocol development. "You simply can't ignore that there is a social reality to being in that world," he said, referring to the concentrated funding and decision-making power that has created what he sees as an unsustainable bottleneck for Bitcoin's evolution.

The U.S. Will See Widespread Energy Blackouts as AI Data Centers Strain the Grid - Anas Alhajji

Dr. Anas delivered a sobering prediction about America's energy infrastructure failing to keep pace with exploding AI demand. He expects we'll see significant blackouts in major cities within the next few years, with a particularly concerning scenario where AI facilities maintain power while residential areas go dark. "I will not be surprised if we end up with a situation like this in some states and some cities," he warned.

The mathematics behind his prediction are stark. Energy consumption is skyrocketing due to multiple factors: urbanization, AI data centers, and simple population growth. When migrants move from rural areas to U.S. cities, their energy consumption increases by 30-70 times. Meanwhile, AI facilities require massive baseload power that renewable sources simply cannot provide reliably.

The infrastructure problems run deeper than just generation capacity. Anas explained that America's electrical grid is aging and wasn't designed for this level of demand. Even worse, we lack the manufacturing capacity to produce enough natural gas turbines - the only realistic solution for reliable baseload power at scale. He predicts this will create a dangerous political dynamic where tech companies with guaranteed power contracts maintain operations during blackouts while regular citizens lose electricity. "We might see a backlash from the population, and we will see politicians basically being forced to fight them because of that."

AI Will Force Millennials Into Career Reinvention Within the Next Decade - Bram Kanstein

Bram made a stark prediction about the collision between artificial intelligence and millennial career paths. He believes that traditional knowledge-based jobs will become obsolete much faster than people expect, forcing an entire generation to completely rethink their working lives. "If you think you're going to work for the next 30 years of your life, think again," he warned during our conversation.

His argument centers on the rapid advancement of AI capabilities that he's witnessed firsthand. After spending just 12 hours working with AI tools, Bram claims he developed what could be "a top 10 cybersecurity invention" - despite having no cybersecurity background. This experience convinced him that jobs requiring strict knowledge and logic are already dead. The implications are massive for millennials who built their careers around expertise that AI can now replicate instantly.

The timing couldn't be worse, as Bram notes that this technological disruption is happening precisely when millennials need stable income to support families and prepare for retirement. His solution? Use Bitcoin to create the time and space needed to figure out how to function in an AI-dominated world. "You need to be aware of that. This is where it's going. So how do you protect yourself in an age of AI? Bitcoin is the perfect way to do that."

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Blockspace conducts cutting-edge proprietary research for investors.

New Bitcoin Mining Pool Flips Industry Model: "Plebs Eat First" Could Threaten Corporate Dominance

Parasite Pool's radical zero-fee structure challenges mining giants by guaranteeing payouts to small miners while rewarding block finders with instant Bitcoin. It disrupts traditional mining with a hybrid payout model that gives block discoverers 1 BTC immediately, while distributing remaining rewards (~2.125 BTC plus fees) among all pool participants. This "plebs eat first" approach targets the 22% discount miners typically accept in exchange for guaranteed income.

Key innovations that matter:

• Lightning Network integration bypasses Bitcoin's 100-block maturity rule, delivering instant payouts to Lightning wallets
• 10-sat minimum withdrawal eliminates traditional barriers for small miners
• Block withholding protection through substantial honest-miner rewards reduces pool attacks

The pool currently commands just 5 PH/s (0.000006% of Bitcoin's network), meaning an expected 3+ years before hitting a block. But this represents a growing counterculture against Full Pay Per Share (FPPS) pools that dominate corporate mining.

Industry impact: If successful, Parasite Pool could attract commercial miners seeking downside protection while maintaining the lottery appeal that drives pleb participation. The model challenges the structural advantages of corporate mining pools.

What's next: ZK Shark plans to open-source components over time, with the current beta suggesting this is just "V1" of a broader disruption strategy.

Link to Full Article

Subscribe to them here (seriously, you should): https://newsletter.blockspacemedia.com/

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Ten31, the largest bitcoin-focused investor, has deployed $150M across 30+ companies through three funds. I am a Managing Partner at Ten31 and am very proud of the work we are doing. Learn more at ten31.vc/invest.

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@ 8bad92c3:ca714aa5

Key Takeaways

In this landmark episode of TFTC, Adam Back and Sean Bill explore Bitcoin’s path to $1 million, focusing on its growing role as pristine collateral in a faltering financial system. Back highlights Blockstream’s infrastructure efforts, from mining operations to tokenized securities, designed to support this transformation, while Bill shares how he navigated institutional skepticism to bring Bitcoin exposure to a U.S. pension fund. Together, they unpack how institutions are entering the space through structured products and Bitcoin-backed credit, with Blockstream’s mining notes offering a glimpse of this new financial architecture. Amid rising debt, inflation, and fiat fragility, the duo presents Bitcoin not just as sound money, but as a strategic reserve asset gaining traction from El Salvador to Wall Street.

Best Quotes

"It's not a stretch to say that Bitcoin could reach parity with gold. That would imply something closer to a million dollars a coin."

"Digital gold vastly understates Bitcoin’s potential, but it’s where the conversation had to start."

"We’re not just building software, we’re solving financial market gaps, one at a time."

"You can wipe out an entire pension fund’s unfunded liability with a 2% allocation to Bitcoin, if it performs as we expect."

"ETF buyers are the new hodlers. They’re not day traders; they’re five-year pocket investors."

"Bitcoin is becoming super collateral, its role in structured credit could help engineer the soft landing everyone hopes for."

"In a world of financial repression, Bitcoin is how the have-nots finally access property rights and savings."

"Emerging markets will be the early adopters of Bitcoin finance because they need it the most."

"You worked for your money. To systematically steal it through hidden inflation is perverse."

"Bitcoin could be the story that saves public pensions, and the people relying on them."

Conclusion

This episode presents a bold vision of Bitcoin as more than sound money, it’s the foundation of a new global financial system. Adam Back and Sean Bill argue that Bitcoin’s role as “super collateral” is reshaping credit, pensions, and sovereign reserves, while a robust infrastructure of financial tools quietly prepares it to absorb institutional capital. As fiat trust erodes, Bitcoin’s adoption will be driven not by hype, but by necessity, and when the shift becomes undeniable, $1 million per coin will mark the start of a new financial era.

Timestamps

00:00:00 - Intro
00:00:38 - New ATH
00:02:06 - Sean's Journey Getting Bitcoin Into Pensions
00:03:15 - Blockstream's Evolution Into Finance
00:08:30 - Building Bitcoin Financial Infrastructure
00:14:30 - The Challenge of Conservative Pension Boards
00:17:02 - Bitkey
00:18:10 - Bitcoin's Current Price and Market Cycle
00:24:05 - Bitcoin as Super Collateral
00:27:24 - Unchained
00:30:09 - Cypherpunk Ideals vs Financial Reality
00:34:55 - Pension Fund Crisis and Bitcoin Solution
00:42:29 - The Cypherpunk Banking Stack
00:49:54 - Digital Cash and Free Banking
00:57:06 - Liquid Network and Institutional Rails
01:07:49 - Sean At CBOT
01:22:16 - Bitcoin Futures and Market Structure
01:25:53 - 2025 Bitcoin Price Predictions

Transcript

(00:00) I'm uh permeable, so I'm always astounded that it's not, you know, 10 or 100 times higher. If everybody saw it, the addressable mark, I mean, it would already be 100 200 trillion asset class, right? That's not a stretch to say that Bitcoin could reach parody with gold. That would imply something closer to a million dollars a coin.
(00:18) You see some established public market companies in different countries saying, "Oh, we're going to buy a billion of Bitcoin. We're going to raise and buy 500." Black Rockck ETF. They're even talking about recommended allocations to portfolio managers in the 2% range. Obviously, digital gold would vastly understate the potential of Bitcoin.
(00:38) Gentlemen, thank you for joining me. Of course. Thanks for having us on. Uh Adam, I was just saying I'm woefully embarrassed. This podcast is almost 8 years old and this is your first time on the show. Oh, okay. This is uh but it's an exciting time. Yeah. And you uh really dedicated to podcast. It's been a lot of years, a lot of episodes, right? It has been. Cool.
(00:59) I think we're approaching 700, which is crazy to think. Wow, that is impressive. The uh No, we're talking hit a new alltime high today. Yeah, Bitcoin doing Bitcoin things just as we were on stage uh at the talking hedge kind of asset manager conference uh trying to explain to them why they should put Bitcoin in their uh fund allocations.
(01:23) Yeah, we were discussing it before we hit record and I saw Tur's tweet looked like Tur was at the event, too. Yeah, he was. M so 50% held up they have Bitcoin in their personal account but only 2% or 4% of the funds very few that actually had allocated to Bitcoin. So a lot of them are believers at a personal level but they haven't been able to sell it within their institution you know so they own it themselves uh but they haven't quite gotten the boards to agree yet.
(01:53) So which was a similar situation I was in in 2019 when I first proposed it. You know, I had my experience with Bitcoin. I had a very good experience and was trying to convince uh the pensions in California that they should be looking at adding Bitcoin to the portfolio. Yeah. And it was great to hear some of your background last night, Sean.
(02:11) So, Sean, for those of you watching, uh is the CIO at Blockstream now. Yeah. I am really excited to have both of you here because I've got into Bitcoin in 2013 and nerded out uh on the tech side of Bitcoin distributed system mining full nodes the layered stack that's been built out and so I followed probably all the work that you guys have done at Blockstream since you've been around and it's been really cool to see everything you've done from the Blockstream satellite.
(02:42) I've broadcast some transactions through that before. It's a Jade um uh CLN or excuse me, Core Lightning now. Um the uh liquid and now over the last few years really sort of leaning into the financialization of finance as I like to um to reference it. And so Adam, like how's that transition from being hypert focused towards a more financial perspective on Bitcoin been? Well, actually in our 2014 uh kickoff meeting, you know, with the founders sitting around big whiteboard, we were trying to forward cast what we'd have to do to get
(03:28) a Bitcoin layer 2 for, you know, settlement of assets and Bitcoin working. And one of the risk you know so we thought we'll build the tech and other people issue the assets but like well they might be lazy they might not do it if that happens we'll have to do it ourselves. So there was a lot of situations like that actually where you know you would think there would be lots of people building applications but many people are really just more in business development and a technology is basically a website and a database and
(03:55) you know Bitcoin core wallet on a server or something like that right so we actually ended up building a lot of middleware and getting into asset management a couple earlier steps one was the mining note so we're doing hosting and mining in our own account and what we did when when it was public that we were hosting initially Fidelity was the uh launch customer.
(04:16) They kept coming back to us and saying, "No, we need we need some hosting." And you know, uh, they'd looked around and decided that we were the best. We were we were like, "No, no, we're prop mining. We don't do hosting." But they persuaded us to host them. And then we're like, "Okay, maybe we should expand and host for other people.
(04:31) " And then that became news. And so then a lot of Bitcoiners contacted us and says, you know, I've got like a dozen miners. Can you host them for me? And of course, if you're if you're hosting for thousands of customers, that's a whole you need need a support team. Somebody has got two miners and one of them's crashed or failed, they're very upset, right? It's half the revenue.
(04:52) Whereas somebody's got, you know, 10,000 per client, it's just part of the, you know, maintenance cycle like a big data center. Discs fail 1% a year, you replace them when they die, they raid, it doesn't matter, right? So, it's kind of that phenomena. So we try to figure out well how can we help you know how can we help people do this without creating a you know that painoint and so we designed this mining note concept where it's kind of socialized so that collectively they look like one of the enterprise customers and then we put a 10% buffer in it so that we would eat
(05:22) the first 10% of equipment failure so they wouldn't get you know the drooping hash rate as miners like failed due to age uh for the for the onset And we also figured out how to try and make them a unified market. So, you know, we're selling more tranches into the market. This started in 2021, a three-year product.
(05:45) And um you know, there was some people on the launch branch and then some people 3 months later. So, what we do is look at how many Bitcoin it had mined in the first three months. We buy that and then match it with a 33month contract for the next one. And so the economically equivalent neither dilutive or anti-dilutive for the buyer and therefore they could trade in a unified market even though there were eight sales tranches over the first I don't know like 12 months or something like that and that that market you know it was using initially using uh liquid
(06:17) security tokens uh with uh stalker a European company that does the securitization I mean the legal p

@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

This update brings key enhancements for clarity and usability:

• Recent Blocks View: Added to the Send tab and inspired by Mempool's visualization, it displays the last 2 blocks and the estimated next block to help choose fee rates.
• Camera System Overhaul: Features a new library for higher resolution detection and mouse-scroll zoom support when available.
• Vector-Based Images: All app images are now vectorized and theme-aware, enhancing contrast, especially in dark mode.
• Tor & P2A Updates: Upgraded internal Tor and improved support for pay-to-anchor (P2A) outputs.
• Linux Package Rename: For Linux users, Sparrow has been renamed to sparrowwallet (or sparrowserver); in some cases, the original sparrow package may need manual removal.
• Additional updates include showing total payments in multi-payment transaction diagrams, better handling of long labels, and other UI enhancements.

• Sparrow v2.2.1 is a bug fix release that addresses missing UUID issue when starting Tor on recent macOS versions, icons for external sources in Settings and Recent Blocks view, repackaged .deb installs to use older gzip instead of zstd compression, and removed display of median fee rate where fee rates source is set to Server.

Learn how to get started with Sparrow wallet:

Release notes (v2.2.0)

• Added Recent Blocks view to Send tab.
• Converted all bitmapped images to theme aware SVG format for all wallet models and dialogs.
• Support send and display of pay to anchor (P2A) outputs.
• Renamed sparrow package to sparrowwallet and sparrowserver on Linux.
• Switched camera library to openpnp-capture.
• Support FHD (1920 x 1080) and UHD4k (3840 x 2160) capture resolutions.
• Support camera zoom with mouse scroll where possible.
• In the Download Verifier, prefer verifying the dropped file over the default file where the file is not in the manifest.
• Show a warning (with an option to disable the check) when importing a wallet with a derivation path matching another script type.
• In Cormorant, avoid calling the listwalletdir RPC on initialization due to a potentially slow response on Windows.
• Avoid server address resolution for public servers.
• Assume server address is non local for resolution failures where a proxy is configured.
• Added a tooltip to indicate truncated labels in table cells.
• Dynamically truncate input and output labels in the tree on a transaction tab, and add tooltips if necessary.
• Improved tooltips for wallet tabs and transaction diagrams with long labels.
• Show the address where available on input and output tooltips in transaction tab tree.
• Show the total amount sent in payments in the transaction diagram when constructing multiple payment transactions.
• Reset preferred table column widths on adjustment to improve handling after window resizing.
• Added accessible text to improve screen reader navigation on seed entry.
• Made Wallet Summary table grow horizontally with dialog sizing.
• Reduced tooltip show delay to 200ms.
• Show transaction diagram fee percentage as less than 0.01% rather than 0.00%.
• Optimized and reduced Electrum server RPC calls.
• Upgraded Bouncy Castle, PGPainless and Logback libraries.
• Upgraded internal Tor to v0.4.8.16.
• Bug fix: Fixed issue with random ordering of keystore origins on labels import.
• Bug fix: Fixed non-zero account script type detection when signing a message on Trezor devices.
• Bug fix: Fixed issue parsing remote Coldcard xpub encoded on a different network.
• Bug fix: Fixed inclusion of fees on wallet label exports.
• Bug fix: Increase Trezor device libusb timeout.

Linux users: Note that the sparrow package has been renamed to sparrowwallet or sparrowserver, and in some cases you may need to manually uninstall the original sparrow package. Look in the /opt folder to ensure you have the new name, and the original is removed.

What's new in v2.2.1

• Updated Tor library to fix missing UUID issue when starting Tor on recent macOS versions.
• Repackaged .deb installs to use older gzip instead of zstd compression.
• Removed display of median fee rate where fee rates source is set to Server.
• Added icons for external sources in Settings and Recent Blocks view
• Bug fix: Fixed issue in Recent Blocks view when switching fee rates source
• Bug fix: Fixed NPE on null fee returned from server

Announcement / Archive
GitHub Repo

@ bf47c19e:c3d2573b

Originalni tekst na bitcoin-balkan.com.

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Pregled sadržaja

1. Pojedinac je Suveren
2. Odgovornost je Programirana

Postoji izreka među bitcoinerima, koja, kako vreme prolazi, postaje sve istinitija i očiglednija: Ti ne menjaš Bitcoin. Bitcoin menja tebe.

Zašto je to tako? U početku nisam bio siguran kako da odgovorim na ovo pitanje; Jednostavno sam znao da je to istina. Razlozi za to ostali su neka vrsta misterije za mene. Da, Bitcoin je neverovatno otporan na promene. I da, zdrav novac smanjuje vaše vremenske preference. To je definitivno veliki deo toga. Takođe postoji istorijska tendencija ka bogaćenju, pa bi bogatstvo i ekonomska sloboda, koje dolaze sa tim, mogli biti drugi deo.

Novac, međutim, nije uvek blagoslov. On teži da pojača i dobre i loše osobine. Takođe ima moć da korumpira, i ima potencijal da izludi ljude. Ako niste pažljivi, ono što je započelo kao iznenadno bogatstvo, uskoro se može pretvoriti u napitak ega koji vas napije, i koji se završava sindromom Bitcoin Derangement-a.

Već postoji dosta tekstova o kratkim vremenskim preferencijama i bogatstvu, zbog čega želim da se usredsredim na treću stvar koju vam Bitcoin nameće: odgovornost.

Pojedinac je Suveren

Cela ideja Bitcoin-a je uklanjanje posrednika iz jednačine. Pouzdane treće strane su sigurnosne rupe i ukoliko ne želimo da ponovimo greške iz prošlosti, naša je kolektivna odgovornost da te sigurnosne rupe eliminišemo kad god i gde god možemo. Bitcoin omogućava eliminisanje pouzdanih trećih strana jer se sam uspostavlja odozdo prema gore, umesto da se kreira odozgo prema dole. U Bitcoin-u vaš suverenitet može biti apsolutan.

Bitcoin naglašava suverenitet pojedinca, kako u teoriji, tako i u praksi. Omogućava ekonomskim akterima da slobodno skladište i razmenjuju vrednosti, ne zahtevajući ništa osim validnog kriptografskog potpisa. Identitet grupe, pol, boja kože, starost, politička ili verska pripadnost – sve je irelevantno u očima protokola. Ako vaša transakcija ima validan potpis, Bitcoin će vas shvatiti ozbiljno. Bez obzira da li ste osoba, pas ili borbeni helikopter.

Baš kao što se intersekcionalnost rešava fokusiranjem na pojedinca, problem pouzdanih trećih strana rešava se fokusiranjem na pojedinačne čvorove. Uklanjanjem socijalnog i političkog identiteta, ostaje pojedinac. Uklonite pouzdane treće strane i spoljne izvore istine, i ostaje samosuvereni čvor. I baš kao što je ljudsko dostojanstvo nepovredivo, nepovrediva je i samopotvrđujuća istina koju predstavlja vaš Bitcoin čvor, eng. Bitcoin node. Ako bi spoljni autoritet mogao da se umeša u istinu vašeg čvora, cela poenta Bitcoin-a bila bi sporna.

“Die Würde des Menschen ist unantastbar.” – Ljudsko dostojanstvo je nepovredivo

Artikel 1 des Grundgesetzes für die Bundesrepublik Deutschland – Član 1. Osnovnog zakona Savezne Republike Nemačke

Sve se svodi na pojedinačne čvorove. Stoga, se sve svodi na pojedince koji upravljaju tim čvorovima.

Odgovornost je Programirana

Postoji razlog zašto bitcoineri govore o „putovanju“ niz zečju rupu. Jedini način da uđete u Bitcoin je da započnete sa malim ulaganjem, i postepeno se poboljšavate. Nije ni lako ni komforno, ali je i neophodno. Ne možete sve uraditi „ispravno“ prvog dana. Izazovi su preveliki, paradigma promena je previše radikalna, previše kompromisa, a pitanja previše detaljna.

Shodno tome, moj savet prijateljima i porodici ostaje isti: počnite da skupljate sats-ove već danas. To možda u ovim okolnostima i nije savršen savet za sve, ali u mojim očima je savršen samo iz sledećeg razloga: primorava vas da napravite prvi korak, a to je da uzmete nekoliko sats-ova na svoje ime.

Jednom kada steknete nešto bitcoin-a, ubacili ste sebe u igru. A kad jednom udjete u igru, na putu ste da postanete sve više samouvereniji. Na putu ste da preuzmete odgovornost za svoje finansije, svoju ušteđevinu, svoju budućnost i, možda pomalo iznenađujuće, za budućnost Bitcoina.

Zvuči veličanstveno? Dozvolite mi da objasnim: naučićete da zapravo ne posedujete bitcoin-e ukoliko ne držite svoje ključeve. Saznaćete da ne možete biti sigurni da je ono što zapravo držite bitcoin, osim ako svoje transakcije ne potvrdite svojim čvorom. Saznaćete da je Bitcoin šta god vi odlučite da jeste, da vrednost bitcoin-a ne dolazi spolja već iznutra, i da maksimalna korisnost u svetu Bitcoin-a zahteva prihvatanje maksimalne odgovornosti.

Osnovna stvarnost kako Bitcoin mreža funkcioniše, u kombinaciji sa sve većim brojem izveštaja o ovom efektu – lična transformacija ostvarena prihvatanjem Bitcoin Standarda – tera me da verujem da nije samo mesec ono što je programirano, već i prihvatanje odgovornosti takođe.

Budući da je bitcoin dizajniran da radi zauvek, koliko god iskustva da imate u igri, uskoro ćete imati veliku količinu. Kako raste kupovna moć vaše bitcoin gomile, tako će da rase i vaš podsticaj da postanete prvoklasni građanin Bitcoina. Želećeš da naučiš kako da se staraš o sebi. Želećeš da naučiš kako da pokreneš sopstveni čvor.

To prevazilazi mantre „nisu tvoji ključevi, nije tvoj bitcoin“ i „nije tvoj čvor, nisu tvoja pravila“. U vašem je najboljem interesu da podržite mrežu, bilo pokretanjem čvora, doprinosom hash snage, ili indirektno podržavanjem razvoja bitcoin-a. I tu dolazi do udarca: pokretanje sopstvenog čvora znači da učestvujete u samoj mreži, što vas neizbežno uključuje u proces definisanja šta je Bitcoin. Budući da vam niko ne može reći šta je to Bitcoin, morate odlučiti šta je vama Bitcoin, iznova i iznova. Mreža je rastući organizam koji se neprestano menja, a priroda prihvatanja nadogradnje protokola će u više navrata nametati pitanje identiteta Bitcoin-a svojim učesnicima.

Šta je Bitcoin? A šta bi trebao da bude? Nedostatak centralnog autoriteta podrazumeva da je odgovor na ova pitanja vaša trajna odgovornost. Međutim, pre nego što se usudite da preuzmete ovu odgovornost, vi morate preduzeti prvi korak i početi da štedite sami.

@ 8bad92c3:ca714aa5

Marty's Bent

via levelsio

Over the weekend, prolific vibe coder levelsio took to X to complain about the state of housing affordability across Europe. Something that I was very happy to see considering the fact that there is a massive real estate affordability crisis across much of the world and it is important that people who are respected and have platforms speak out when they identify the problem as well. More eyes and focus on the problem is how something begins to get solved.

With that being said, I think levelsio is missing the forest for the trees by blaming institutionalized NIMBYism, burdensome regulations and governments hoarding land that should instead be given to developers to produce more housing supply. I quote tweeted this particular tweet on the subject from levelsio and wanted to take some time today to republish those thoughts here and expand on the topic.

It’s almost as if real estate is being used as a store of value asset instead of the consumable good that it is.

What @levelsio is observing here is called a “monetary premium”. A monetary premium is the value added on top of the consumable/aesthetic/location value of real estate.

This monetary premium exist because central banks and governments have distorted the market for money and people are forced to push value into assets that are scarce relative to dollars. Over the last 50 years real estate has been one of the relatively scarce assets of choice.

The housing affordability crisis is a negative externality of the market reaction to the corruption of money. It can only be fixed by re-introducing hard money into the economy that enables people to store value reliably. If that emerges they won’t have to store value in real estate, the monetary premium of real estate will dissolve and prices will correct to their proper valuations.

This is one of the problems that bitcoin solves.

It’s still early yet, but more and more people are recognizing the utility provided by a neutral reserve asset that can’t be manipulated by central planners. At scale, the effect on assets that have accumulated a monetary premium over decades will be material. All of these assets are significantly overvalued and their monetary premium are leaking into bitcoin.

Put another way, "It's the money, stupid." Now, this isn't to say that the supply of housing in certain areas being artificially restricted isn't having an effect on the price of housing. This is certainly true, especially in cities like San Francisco where there is a relatively strong demand because of the economic density of the area and the desire of many high agency and productive people to live there. But I would put forth that the monetary premium is still the bigger problem and no amount of de-regulation to enable the supply of housing to increase will solve the affordability crisis in the long-run. The only way to get to the root of this specific problem is via bitcoin's mainstream adoption as an apolitical uncontrollable asset with completely idiosyncratic risks when compared to any individual asset class.

Let's say the government did ease up regulations and local NIMBY sympathetics were shoved in a corner to allow new units to be built. This doesn't solve the problem in the short-run because there is a time-delay between when regulations are lifted and when new supply actually makes it to market. In the interim, governments and central banks are inevitably going to go further into debt and be forced to print money to monetize that debt. This will exacerbate inflation and even if new real estate units are brought to market, the builders/owners of those properties will likely have to demand elevated prices to attempt to keep up with inflation.

This also does nothing to solve the problem of real income and wage growth, which are significantly lagging real inflation. Even if prices came down because of a surge in supply, could the Common Man afford a down payment on the property? I'd be shocked if this was the case. And since it's likely not the case the only way to get people into these houses as "owners" would be to offer them zero-down financing, which makes people feel richer than they actually are and leads them to make financially ruinous decisions.

It's the money, stupid. People need a way to save so that they can buy in the first place. Fiat currency doesn't allow this and the only people who can save effectively are those who make enough money to funnel into substitute store of value assets like real estate.

As it stands today, the price-to-income ratio of real estate is 5.0x and the price-t0-rent index is 1.36. Up from 3.3x and 1.14x respectively where the metrics sat in the year 2000. The growth in these ratios is driven predominately via their monetary premium.

And guess what, it's about to get much worse. Donald Trump, Treasury Secretary Scott Bessent and Elon Musk have all signaled that the plan moving forward is to attempt to drive growth and productivity as high as possible while also letting deficits and the debt increase unabated, which means that inflation is likely to continue unabated and potentially increase.

It might make sense to get some bitcoin if that is the case.

via me

"Whale in the Pool" Risk That Could Destroy MSTY Investors

Jessy Gilger raised serious concerns about MSTY and similar derivative products that promise eye-popping yields. He pointed to the COVID crash where gold mining ETFs using derivatives collapsed 95% and never recovered, despite gold itself performing well. Jessy noted that while his team calculated reasonable MicroStrategy covered call yields of 16-22%, MSTY advertises 120% annualized distributions - a red flag that suggests these aren't sustainable dividends from profits, but potentially just returning investors' own capital.

"If a whale pees in the pool, everyone is affected." - Jessy Gilger

Jessy explained that when large investors need to exit these pooled products during market stress, they must sell derivative positions into illiquid markets with no buyers, potentially triggering catastrophic losses for all participants. His solution? Private pools through separately managed accounts that achieve similar income goals without the contagion risk of being trapped with panicking whales.

Check out the full podcast here for more on Gannett Trust's multi-sig solution, Bitcoin retirement planning and corporate treasury strategies.

Headlines of the Day

World's Largest Bitcoin Conference Starts Tomorrow- via X

Remixpoint to Buy Additional ¥1 Billion in Bitcoin - via X

Get our new STACK SATS hat - via tftcmerch.io

Marty to Judge Bitcoin World Record Try in Vegas - via X

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Ten31, the largest bitcoin-focused investor, has deployed 158,469 sats | $150.00M across 30+ companies through three funds. I am a Managing Partner at Ten31 and am very proud of the work we are doing. Learn more at ten31.vc/invest.

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Final thought...

Looking forward to a fun, productive and wholesome week in Las Vegas, Nevada.

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[](https://youtube.com/@T

@ dfa02707:41ca50e3

• This version introduces the Soroban P2P network, enabling Dojo to relay transactions to the Bitcoin network and share others' transactions to break the heuristic linking relaying nodes to transaction creators.

• Additionally, Dojo admins can now manage API keys in DMT with labels, status, and expiration, ideal for community Dojo providers like Dojobay. New API endpoints, including "/services" exposing Explorer, Soroban, and Indexer, have been added to aid wallet developers.
• Other maintenance updates include Bitcoin Core, Tor, Fulcrum, Node.js, plus an updated ban-knots script to disconnect inbound Knots nodes.

"I want to thank all the contributors. This again shows the power of true Free Software. I also want to thank everyone who donated to help Dojo development going. I truly appreciate it," said Still Dojo Coder.

What's new

• Soroban P2P network. For MyDojo (Docker setup) users, Soroban will be automatically installed as part of their Dojo. This integration allows Dojo to utilize the Soroban P2P network for various upcoming features and applications.
• PandoTx. PandoTx serves as a transaction transport layer. When your wallet sends a transaction to Dojo, it is relayed to a random Soroban node, which then forwards it to the Bitcoin network. It also enables your Soroban node to receive and relay transactions from others to the Bitcoin network and is designed to disrupt the assumption that a node relaying a transaction is closely linked to the person who initiated it.
  • Pushing transactions through Soroban can be deactivated by setting NODE_PANDOTX_PUSH=off in docker-node.conf.
  • Processing incoming transactions from Soroban network can be deactivated by setting NODE_PANDOTX_PROCESS=off in docker-node.conf.
• API key management has been introduced to address the growing number of people offering their Dojos to the community. Dojo admins can now access a new API management tab in their DMT, where they can create unlimited API keys, assign labels for easy identification, and set expiration dates for each key. This allows admins to avoid sharing their main API key and instead distribute specific keys to selected parties.
• New API endpoints. Several new API endpoints have been added to help API consumers develop features on Dojo more efficiently:
  • New:
    • /latest-block - returns data about latest block
    • /txout/:txid/:index - returns unspent output data
    • /support/services - returns info about services that Dojo exposes
  • Updated:
    • /tx/:txid - endpoint has been updated to return raw transaction with parameter ?rawHex=1
  • The new /support/services endpoint replaces the deprecated explorer field in the Dojo pairing payload. Although still present, API consumers should use this endpoint for explorer and other pairing data.

Other changes

• Updated ban script to disconnect inbound Knots nodes.
• Updated Fulcrum to v1.12.0.
• Regenerate Fulcrum certificate if expired.
• Check if transaction already exists in pushTx.
• Bump BTC-RPC Explorer.
• Bump Tor to v0.4.8.16, bump Snowflake.
• Updated Bitcoin Core to v29.0.
• Removed unnecessary middleware.
• Fixed DB update mechanism, added api_keys table.
• Add an option to use blocksdir config for bitcoin blocks directory.
• Removed deprecated configuration.
• Updated Node.js dependencies.
• Reconfigured container dependencies.
• Fix Snowflake git URL.
• Fix log path for testnet4.
• Use prebuilt addrindexrs binaries.
• Add instructions to migrate blockchain/fulcrum.
• Added pull policies.

#FREESAMOURAI

Learn how to set up and use your own Bitcoin privacy node with Dojo here.

Announcement / Archive
GitHub Repo

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Originalni tekst na bitcoin-balkan.com.

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Pregled sadržaja

1. Kako Cantillonov Efekat Funkcioniše
2. Kako Bitcoin Rešava Nejednakost iz Cantillonovog Efekta
3. Uloga Vlade u Cantillonovom Efektu
4. Zaštitite Sebe od Cantillonovog Efekta
5. Kako mogu da saznam više o Bitcoin-u?

Pitanje o tome zašto nam je potreban Bitcoin danas je postalo veoma uobičajeno, ali odgovori obično ostavljaju većinu ljudi zbunjenim i sa izjavama da je on, ili Ponzijeva šema ili novac za kriminalce. Ovaj zaključak nije pravičan prema načinu na koji bi Bitcoin mogao da transformiše sistemsku nepravednost i korupciju koja je usadjena u naš trenutni monetarni sistem. Jedna od ovih nejednakosti u našem današnjem sistemu rezultat je Cantillonovog Efekta, davno zaboravljene klasične teorije o tome kako raspodela novca utiče na bogatstvo pojedinca.

Cantillonov Efekat opisuje kako stvaranje novog novca donosi korist onima koji prvi dobiju novac, a na štetu onih koji su najudaljeniji od stvaranja novog novca. U današnjem monetarnom sistemu banke i korporacije su najbliže novom novcu dok je srednja klasa najudaljenija. Bitcoin to ispravlja, davanjem novih bitcoin-a samo „rudarima“ koji osiguravaju protokol – mnogo pravednija distribucija.

Cantillonov Efekat predstavlja način na koji se naplaćuje dodatni porez svima koji rade za „nepromenjenu“ platu ili drže prvenstveno dolare ili eure kao deo svog bogatstva. Ovaj porez prenosi vrednost onima koji ulažu u finansijsku imovinu ili su preferirani dobavljači vlade. Bitcoin odvaja stvaranje novog novca od politike, čineći ovu situaciju mnogo poštenijom.

Kako Cantillonov Efekat Funkcioniše

Kada se poveća ponuda neke vrste novca, ima smisla da taj novi novac treba da ode u nečije ruke – ali čije? Da li bi trebao da pada kao kiša sa neba, da ga dobije neko na lutriji, ili ga predati posebnim interesnim grupama?

U našem savremenom monetarnom sistemu, ovaj novac nije uvek zajam za primaoce, tako da nekad ne trebaju da ga vrate.

Zabluda inflacije pomalo liči na MC Escher vodopad – dobro funkcioniše na papiru, ali ne govori skoro ništa korisno o tome kako stvarni svet funkcioniše.

Međutim, ova analiza zanemaruje to kako funkcionišu tržišta. Tamo gde novi novac ide prvo i način na koji se širi kroz ekonomiju, ima veliki uticaj na stvarno bogatstvo ljudi. Zašto? Kada se poveća novčana masa, cene se ne povećavaju odmah kao odraz ove činjenice. Umesto toga, povećavaju se polako, kako tržišta reaguju na novu ukupnu ponudu novca.

Prvi entiteti i ljudi koji prime novostvoreni novac mogu da ga potroše pre nego što je tržište reagovalo na bilo koji novi novac u sistemu prilagođavanjem cena. Kada oni kupuju stvari, dobijaju ih po niskim cenama jer cene još uvek ne podržavaju činjenicu da ima više novca u opticaju.

Jednom kada se novi novc nekoliko puta okrene, cene počinju da rastu, jer se više novčanih jedinica troši na isti broj dobara i usluga. Jedna od ‘cena’ u ekonomiji je plata ili zarada – i ova cena će da poraste, baš kao i sve druge. Međutim, ova cena raste sporije, kao rezultat ulaska novog novca u sistem, nego što je recimo, cena namirnica.

Kao rezultat ove neusklađenosti u vremenu porasta cena, oni koji primaju platu, tj. zaradu moraju da plaćaju više za svoje dnevne potrebe (poput namirnica), dok neko vreme primaju istu platu. Plate se prilagođavaju sporije od cena hrane. To dovodi do pada kupovne moći ljudi koji rade za platu..

Sve ovo proističe iz toga kako novi novac ulazi u sistem. Kada bi novi novac ušao u sistem samo putem zajmova direktno od centralne banke na plate ljudi, ti ljudi bi mogli da ga potroše pre nego što cene porastu, i samim tim bilo bi im bolje.

Na to kako raspodela novca utiče na bogatstvo, ukazao je Richard Cantillon u 18. veku, koji je gledao kako se ova dinamika odvija u Engleskoj kada je vlada štampala novac u njegovo vreme.

Izvrstan momak, g. Cantillon

Kako Bitcoin Rešava Nejednakost iz Cantillonovog Efekta

Da bismo razumeli kako Bitcoin rešava nejednakost, moramo da uporedimo kako se tradicionalne valute poput dolara ili eura distribuiraju u današnje vreme u odnosu na to kako se distribuiraju novi bitcoini.

Gotovo sva tradicionalna valuta koja je stvorena do današnjeg dana, prvo je distribuirana bankama i vladama. To je zato što su glavne komercijalne banke, poput JP Morgan i Citi, zauzvrat podržane od centralnih banaka poput Federalnih rezervi. Centralne banke poseduju ‘prese za štampanje’ – što znači da u svet mogu da ‘odštampaju’ (ili dodaju digitalno) neograničenu količinu svojih tradicionalnih valuta. Takođe su postavili pravila za komercijalne banke da ih podstaknu da pozajmljuju više ili manje dolara, što proširuje i ugovara ukupnu novčanu masu.

Budući da banke i vlade prve dobijaju novi novac, one odlučuju ko je drugi po redu koji može da iskoristi pogodnosti Cantillonovog Efekta. Tu na scenu dolaze lobisti, kao i moć koju donose njihove dobre konekcije sa finansijskom elitom. Lobisti osiguravaju da njihovi interesi imaju koristi od Cantillonovog Efekta, a veoma bogati, kao i korporacije, mogu da dobiju kredite od banaka po isplativim niskim kamatnim stopama.

Stvari mogu da se prilično zabrljaju kada vlada uskoči da preuzme “kontrolu” nad potrošnjom štampanog novca. Izvor: OpenDemocracy

Bitcoin-ov sistem eliminiše moć lobista i prednosti poznavanja pravog bankara, i stavlja ljude na mnogo ravnopravnije temelje. U Bitcoin-u, svaki ‘rudar’ na mreži ima jednake šanse da zaradi nagradu za novostvorene bitcoin-e na svakih 10 minuta. Svako može da postane rudar, jednostavnim kupovanjem hardvera i njegovim uključivanjem u utičnicu – daleko manje mukotrpan posao od lobiranja kod izabranih predstavnika da bi vam dodelili ugovor sa vladom. Rudari troše puno novca na električnu energiju i opremu da bi se takmičili za nagradu, a Bitcoin sistemu pružaju preko potrebnu uslugu: bezbednost. Bez rudara, Bitcoin-ov sistem ne bi funkcionisao.

Rudarenje bitcoin-a zahteva računar i struju – to je to.

U sistemu američkog dolara vidimo da političke veze proističu iz Cantillonovog Efekta. U Bitcoin sistemu vidimo da se pružaoci usluga (rudari) plaćaju za svoje usluge novostvorenim bitcoin-ima.

Naravno, ishodi Cantillonovog Efekta bi mogli da se promene tako što će političari da promene način na koji novi novac ulazi u sistem. Međutim, ovo ne rešava osnovni problem: neko drugi ima korist na tuđi račun.

Bitcoin sistem je daleko pravedniji jer koristi Cantillonov Efekat da bi uredno nagradio one koji pružaju korisnu uslugu za sve ostale: obezbeđivanje Bitcoin mreže.

Zamislite to ovako: u dolarskom sistemu, neka osoba šarmira političare ili bankare na pravim pozicijama da bi dobila povlašćen tretman na račun svih ostalih. U Bitcoin sistemu svi plaćaju po malo, da bi zaštitili svoje bankovne račune od krađe.

Uloga Vlade u Cantillonovom Efektu

Federalne vlade širom sveta su jedne od najvećih korisnika Cantillonovog Efekta, jer su u mogućnosti da vrlo lako dobiju zajmove od centralne banke svoje države. U SAD se to radi kada američko Ministarstvo finansija proda državne obveznice banci Federalnih rezervi. Federalne rezerve daju Ministarstvu finansija gomilu novoštampanog novca, a Ministarstvo finansija da Fed-u papir na kojem piše „mi ćemo vam isplatiti dug u to i to vreme sa određenom kamatom“. Možda je malo složenije od ovoga, ali to opisuje suštinu toga.

Budući da novac koji federalna vlada dobija nije postojao pre toga, ona može da ga potroši pre nego što cene počnu da rastu zbog tog novog novca koji ulazi u opticaj. To omogućava federalnoj vladi da ga troši na socijalne programe, policiju, vojsku, vojnu opremu za naoružavanje država poput Saudijske Arabije, čak i na ‘most iz nigde ka ničemu’, a da ne mora da koristi politički nepopularnu metodu: da poveća porez da bi to platila.

Umesto da povećaju poreske prihode za pokrivanje ove potrošnje, federalne vlade koriste Cantillonov Efekat za prenos kupovne moći od plata radnika srednje klase u vladin trezor. Na taj način inflacija i Cantillonov Efekat stvaraju skriveni porez na zarade i uštede novca.

Zaštitite Sebe od Cantillonovog Efekta

Zaštita svog života od Cantillonovog Efekta je zeznuta igra koju treba odigrati. Možete da pokušate da se približite izvoru novog novca, tako što ćete se nadmetati za državne ugovore ili raditi u vrhovima finansija. Možete da pokušate da igrate na visokim nivoima u trgovanju na berzi ili ulaganju u nekretnine, ali je verovatnije da ćete bankrotirati nego što ćete da se zaštitite.

Najlakši način da zaštitite sebe od nepravedne raspodele novog novca je potpuno odbijanje tog monetarnog sistema. Samo najstarije generacije koje danas žive mogu da se sete vremena kada je novac značio nešto drugo osim papira potkrepljenog ‘punom verom i kredibilitetom’ vlade i vojske. Mi smo tako uslovljeni da novac smatramo proizvodom naše vlade, ali naša zaštita od Cantillonovog Efekta zahteva gledanje novca kroz istoriju – čak i pre samo jednog veka.

Novac je nekada značio zlato – materijal koji nijedna vlada ne može magično da stvori u većoj količini, a koji zahteva ogroman napor da se pronađe i iskopa iz zemlje. Bitcoin je vrlo sličan zlatu po tome što niko ne može magično da ga stvori, i veoma ga je teško proizvesti više ‘rudarenjem’. Međutim, Bitcoin takođe putuje brzinom interneta, omogućavajući globalnu trgovinu na način na koji zlato jednostavno ne može.

Bitcoin i zlato – slični po karakteristikama ‘normalnog novca’, različiti po prenosivosti.

Da biste se zaštitili od Cantillonovog Efekta, potrebno je što je više moguće isključiti se iz nepravednih sistema tradicionalnih valuta, čuvajući bogatstvo u pravom novcu, poput zlata ili Bitcoin-a. Ovo je najmirniji način za ukidanje starog sistema i uvođenje novog, pravednijeg sistema.

Kako mogu da saznam više o Bitcoin-u?

Film "Bitkoin: Kraj novca kakvog poznajemo"

Još uvek je rano za Bitcoin

Zašto baš Bitcoin?

Šta je to Bitcoin?

The Bitcoin Whitepaper ← objavljen 2008. godine, ovo je izložio dizajn za Bitcoin.

Ako vam se sviđa moj rad, molim vas da ga podelite sa svojim prijateljima i porodicom. Cilj mi je da svima pružim uvid u ekonomiju i kako ona utiče na njihove živote.

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Key Takeaways

In this episode of TFTC, Jessy Gilger, Managing Partner at Sound Advisory and architect of Ganet Trust, unpacks the complexities of retiring on Bitcoin, emphasizing that the “right” amount depends on spending habits, age, and minimizing withdrawal pressure. He introduces Ganet Trust as a Bitcoin-native fiduciary solution that leverages multisig custody to meet institutional compliance standards without sacrificing decentralization. Jessy also critiques high-yield derivative products like MSTY, warning of systemic risks and advocating for safer alternatives like SMAs. The conversation broadens into the emotional pitfalls of financial decision-making, the importance of aligning wealth with values, and the evolving macro landscape where Bitcoin’s intersection with traditional finance and tax policy will shape how individuals and institutions protect and grow their holdings across generations.

Best Quotes

"The most comfort comes from putting as little pressure as possible against that stack."

"Multisig is the upgrade from a honeypot to a distributed key setup."

"If a whale pees in the pool, everyone is affected."

"Everyone feels late to Bitcoin because they know someone who got in earlier."

"Stacking Saturdays is my new stack sats."

"Bitcoin doesn’t know about trust, it knows private keys."

"The money is there to serve your values—not the other way around."

"Some financial products will help, some will hurt, and some will fail. Our job is to help clients navigate them safely."

Conclusion

This episode offers a powerful blend of practical insight and philosophical reflection on long-term Bitcoin strategy, emphasizing the need for sound custody, inheritance planning, and emotional discipline in a volatile, financialized world. Jessy Gilger introduces Ganet Trust as a vital solution for secure, compliant Bitcoin ownership, while his “stacking Saturdays” mantra reframes wealth as a pursuit of time, freedom, and meaningful priorities. As Bitcoin moves further into the mainstream, the conversation urges listeners to stay grounded, think generationally, and build resilient systems for both assets and life.

Timestamps

00:00 - Intro
0:33 - Bitcoin Retirement Planning at New All-Time Highs
5:22 - How Gannett Trust Works
10:05 - High Net Worth Bitcoin Storage and Estate Planning Solutions
16:48 - MSTY Derivatives: Understanding MicroStrategy Product Risks
19:53 - Bitkey
20:56 - How MSTY Works and the Whale in the Pool Problem
30:16 - Unchained
30:37 - Bitcoin Financialization and Corporate Treasury Strategy
39:35 - Avoiding Ego-Driven Bitcoin Mistakes and Building Bridges
47:33 - Stack Saturdays
53:15 - Tax Policy Changes and Wild Times Ahead
57:18 - Where to Find Gannett Trust and Closing

Transcript

(00:00) We have people retiring with hundreds of Bitcoin. Do you need to be on a yacht every week or are you staying humble and keeping those stats? 10 of the 12 ETFs are at Coinbase means all the keys are at Coinbase and with the news of the last week like, hey, there could be cracks. Micro Strategy is built on Bitcoin.
(00:18) It's got all of the risks of Bitcoin, right? But then it's got its own set of risks. Let's call them Sailor and Profitability. Then you have derivatives which are on top of Micro Strategy and they retain the risks of everything underneath. meeting on a on a day when we hit new all-time highs. Bitcoin approached $110,000.
(00:43) Got Jesse back on the show to talk about many things, not just the price ripping. A lot of good things happening on the unch unchained side of things. Watching Ganet Trust. We'll get into it. Yeah, lot lots of stuff happening. I think um the price likes Ganet. I I think that's the uh the mover. What uh I mean that's been a big discussion in in the space right now is uh are we heading to new all-time highs? How should Bitcoiners be preparing? How much Bitcoin do people need to retire? How how are you thinking about all this as we approach what seems
(01:22) to be another bull cycle? Yeah, that's a common question, right? How much Bitcoin do I need to retire? I get it a lot and there's so many other questions I want to ask like, well, how much money are you spending, right? Do you do you need to be on a yacht every week or are you staying humble and keeping those stats? And so, the amount of Bitcoin can vary because the spending pressure you're putting against your Bitcoin stack is the the biggest factor, right? And age is probably the second.
(01:54) a 30-year-old retiring on Bitcoin is different than a 75year-old retiring on Bitcoin just because of the horizon. So, stacks vary. We've got people retiring with um less than seven figures of Bitcoin because they have other assets and then we have people retiring with hundreds of Bitcoin um and putting very little pressure against that portfolio.
(02:16) So, can go in a lot of different ways. Um but it is a question of the day as you're poking new all-time highs. Everyone's like, "Well, how high is it going to get?" And then huge question is do we have cycles again right if countries are buying what what would a downside look like and that's the big question in the retirees mind is how do I protect and not ride that downside all the way down if we do have another 70 80% drawback. Yeah. No.
(02:42) And I think particularly for younger people having in their mind like the perspective of 21 million Bitcoin, 8 billion people, what's the stat? 60 million millionaires in the world. Mhm. How much how many stats do I need to get to to feel comfortable that I have a sufficient slice of the Bitcoin pie? That feel comfortable concept is just so different, right? because Bitcoin is moving and shaking and all-time highs or down 30% and that's still within a bull market.
(03:15) Is that comfortable, right? Can you actually hang it up and like, all right, not going into work and I'm just going to continue to ride these adoption cycles. I don't know if it ever gets comfortable. The most comfort comes from putting as little pressure as possible against that stack, right? that you're not pushing these withdrawal rates of like 5 10 20% of my Bitcoin stack.
(03:38) I'm needing to live on every because then you're requiring Bitcoin to do something for you in the short term which is just not great at, right? What what's Bitcoin price going to be in a year? Far less reliable than what's Bitcoin price going to be in 30 years. Yeah. Yeah. Yeah. Well, I I think one of the holdups too is the ability for people to get into Bitcoin and know where to put it and not only have certainty of what it will be valued at in 30 years, but will they have access to it? That's one thing that you guys
(04:10) have been very much focused. I know sound advisory is separate from Unchained technically but within the Unchained umbrella but Unchained focused on helping secure individuals and businesses and trust uh Bitcoin and I think today's announcement of Ganet Trust is a massive step in a direction towards more certainty for long-term holdings for particular entities.
(04:36) Yes, the unchained umbrella or or family of companies is growing and the intention will be for sound advisory to tuck under or be merged into folded into Ganet Trust Company as it gets stood up. But it is the most robust uh compliance offering that um is out there in the fiduciary space. And so that in my opinion was the one thing missing as people want to live on a Bitcoin standard.
(05:04) Sometimes they're in an entity or an organization or have a structure that requires a fiduciary standard. And these two coming together is solved by Ganet Trust Company. So it's going to be the most robust way to hold Bitcoin and have like true inheritance that can be um administered through generations. So how how does this work mechanically via Ganet? Mechanically.
(05:28) So as the first Bitcoin native trust company, other other trust companies do exist, right? but they don't build upon Bitcoin in the way that Unchained has. So Ganet in its um in its Unchained roots and using Unchained technology is going to be able to use multi-IG to achieve um trust company goals.
(05:50) And what that likely will mean is Ganet holding a key, Unchained holding a key, third party holding a key. Those three keys together ensure that the Bitcoin is not being held at any one spot, right? We could get into the Coinbase honeypot. We actually talked about this on our last episode like, "Hey, what do you think is the uh the risk out there that the industry might disagree with?" Said, "I'm launching a new segment.
(06:15) I'm going to ask you a prediction of what what's out there that the uh the industry doesn't see eye to eye with you at." And I was at conferences and they're saying, "Hey, Coinbase is the best. That's where we put all the cut." That means all the keys are at Coinbase and with the news of the last week like, hey, there could be cracks, right? If you've got exposure to Coinbase now, you could be questioning. I was on the list.
(06:37) I got the email. You were affected. That's not great. It doesn't feel good knowing that information that information could have been a lot worse. That headline could have been private keys being mismanaged. When you overlay what Ganet is going to offer to the custody space, it means that not all of the keys are going to be at any one entity.
(07:00) And so that gives the Bitcoiner who understands multisig the confidence that okay, I'm upgrading from a honeypot to a distributed key setup. But it has to be done in a fiduciary and compliant way to satisfy the the institutional and big money of the world, right? family offices, uh, Bitcoin treasury companies, they're going to need a structure that the CIO, the

@ b01749dc:d88bc196

Preâmbulo

Nós, membros voluntários desta ordem social, reconhecendo o autoproprietário como soberano sobre si mesmo e a propriedade adquirida legitimamente como extensão inviolável dessa soberania, instituímos esta constituição com o objetivo de garantir a paz, a justiça e a prosperidade em uma ordem de convivência livre, baseada exclusivamente na propriedade privada e no contrato voluntário.

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Artigo I – Princípios Fundamentais

1. Autopropriedade: Todo indivíduo é o único e exclusivo proprietário de seu corpo.
2. Propriedade Legítima: A propriedade legítima deriva de:
3. Apropriação original (homesteading) de recursos não reivindicados através do uso produtivo.
4. Transferência voluntária por meio de contrato entre proprietários.
5. Não-Agressão: Nenhum ato de agressão física contra a propriedade de outrem é permitido, sendo a agressão definida como qualquer invasão não consentida da pessoa ou de sua propriedade.

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Artigo II – Ordens Jurídicas e Defesa

1. Justiça Privada: A resolução de conflitos se dará por meio de agências privadas de arbitragem, justiça e defesa, contratadas voluntariamente.
2. Reparação e Restauração: A punição deve se concentrar na restauração do prejuízo causado à vítima. Não se permite punição sem vítima.
3. Proibição de Monopólios Coercitivos: Nenhuma entidade poderá estabelecer monopólio sobre justiça, segurança, moeda ou qualquer outro serviço sem o consentimento unânime dos afetados.

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Artigo III – Associação Voluntária

1. Liberdade de Associação: Todos os contratos e comunidades são baseados em adesão voluntária. Qualquer indivíduo tem o direito de se dissociar de comunidades ou acordos sem coerção.
2. Propriedade Comum: Propriedades comuns existem apenas sob contrato explícito entre co-proprietários. O uso da propriedade comum deve seguir as regras contratuais estabelecidas por todos os participantes.

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Artigo IV – Exclusão e Liberdade

1. Direito de Exclusão: O proprietário tem o direito de excluir qualquer pessoa de sua propriedade por qualquer motivo, sendo este um corolário do direito de propriedade.
2. Livre Entrada e Saída: Todos têm o direito de migrar, entrar ou sair de qualquer propriedade privada, desde que respeitem os direitos de propriedade de terceiros.

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Artigo V – Moeda e Troca

1. Moeda Desestatizada: A moeda é um bem como qualquer outro e deve surgir espontaneamente no mercado, sem imposição central.
2. Tributação como Agressão: A cobrança compulsória de recursos é considerada uma violação da propriedade privada e, portanto, uma forma ilegítima de agressão.

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Disposições Finais

• Nenhuma norma desta constituição poderá ser interpretada de forma a justificar qualquer violação da propriedade legítima.
• A sociedade aqui descrita não admite o conceito de “bem público” que não seja resultado de acordo contratual explícito entre partes privadas.

@ 5fbec235:ff265c2a

## The Vibe Coding Revolution: Building Production Nostr Apps in Hours

The early Nostr protocol developers probably didn't envision this: their creation becoming the perfect playground for vibe coding. As the protocol matures and developers lean on battle-tested libraries like nostr-tools, we can focus purely on frontend magic.

I just proved this by vibe coding a performant Nostr PWA in roughly an hour. Just prompts and prayer.

### Goal: Simple. Fast. Real. Possibly Useful

My goal was to build a performant PWA first and foremost. Global accessibility through a single URL. Not that there shoudn't be trusted marketplaces and stores for discoverability...but the creation of a product should not be so dependent on all the cruft that today's app stores put teams through.

Performance was non-negotiable. I wanted something production-ready from the jump—not a prototype that would collapse under real usage. The biggest risk? Code structure. I prompted the AI to build something feature-lite but production-ready, hoping for a reviewable codebase that a competent developer could dive into immediately, and...

It completely worked!

Dannym jumped into the code and found several addressable issues. The worst? A serious XSS attack vector that could lead to cleverly designed social engineering scripts resulting in password theft and wallet drainage—the full nightmare scenario.

This perfectly captures the current AI development paradox: incredible capability paired with unpredictable blind spots. The vibes are addictive—watching prompted ideas materialize feels like magic. But that attack vector flying across your screen while you're eating popcorn? That's the reality check.

### Six Months From Now

In six months, we'll turn ideas into functioning, value-transacting apps through prompts alone. Programmatic money meets AI acceleration.

Wow and scary in equal measure.

Why am I scared? Because it will become exponentially harder to trust the open web. How many applications and websites will be half baked ideas given to AI? And How do I know that the developers haven't outsourced code-review responsibility to other AI agents...and well...who's really running things at that point?

### More on the App Itself

This app creates something interesting: reading someone's entire public chat history without social media noise. It feels more like RSS for human thoughts than traditional social platforms.

Clean. Focused. Quiet. Readable.

### What's Next?

I'm curious what the Nostr community thinks. Worth extending? The current state works, but there's obvious room for growth.

If someone zaps a feature request or throws out a "try this" vibe coding challenge, Danny and I might tackle the next zapped request publicly.

The future of development is here. It's messy, powerful, and absolutely unstoppable.

---

AI Cooked PWA here: https://nostr-pwa.pages.dev

@ 8bad92c3:ca714aa5

MicroStrategy's Debt-Financed Bitcoin Strategy Will Force a Reckoning Within 18 Months - Jessy Gilger

Jessy Gilger from Unchained Capital warned about the sustainability of MicroStrategy's model and its derivatives like MSTY. He predicts that as more companies adopt Bitcoin treasury strategies, "the P&L will matter more as the balance sheet gets commoditized." Within the next 18 months, he expects the current arbitrage opportunities that MicroStrategy exploits will diminish as Bitcoin reaches higher liquidity levels and more competitors enter the space.

His most concerning prediction involves MSTY specifically, which currently offers distributions annualized at 120% - far exceeding the 16-22% he calculates as reasonable from covered call strategies. "If a whale wants out of MSTY in size... they could sell those derivative positions into an illiquid market where there's no bid," potentially causing a 95% collapse similar to what happened with gold mining ETFs during COVID. He advises investors to consider "private pools" for options strategies rather than pooled products where "you're in the pool with everyone else" and subject to forced liquidations.

Pensions Will Drive the Next Major Bitcoin Adoption Wave in 2026-2027 - Adam Back

Adam Back sees institutional adoption accelerating dramatically as pension funds begin allocating to Bitcoin. "The institutional cover of some of the bigger entities that people would reference... you don't get fired for following BlackRock's recommendation," he explained. With BlackRock now suggesting 2% portfolio allocations and the infrastructure finally in place through Blockstream's new Gannett Trust Company, the barriers for institutional adoption are falling rapidly.

Back predicts this will create a "snowball" effect as pension funds realize Bitcoin can help address their massive unfunded liabilities. He noted that financial institutions offering Bitcoin products are "slow movers" with "policies and training materials and guidance that they got to get through," but once activated, the scale will dwarf current retail and ETF flows. The combination of pension fund allocations, continued nation-state adoption, and the mathematical scarcity of Bitcoin leads him to view even $100,000 as "cheap" given where the market is headed.

Traditional Bond Markets Will Collapse as Bitcoin Becomes the Escape Hatch - Sean Bill

Sean Bill sees a massive shift coming as bond markets deteriorate globally. "You peel back the onion. So who benefits from financial repression, right. And inflating your way out of assets," he explained. With Japanese bond yields blowing out and U.S. 30-year yields jumping 10 basis points in a single day, Bill predicts we're witnessing the early stages of a sovereign debt crisis that will drive unprecedented flows into Bitcoin.

He pointed to Japan's MetaPlanet as a preview of what's coming: "The whole bond market of Japan just flowed into a hotel company." As pension funds and institutions realize they can't meet obligations through traditional fixed income, Bitcoin will become the only viable alternative. Bill believes this transition will accelerate once fiduciaries understand Bitcoin's role as "pristine collateral" that can help them "chip away at those unfunded liabilities." His experience getting Santa Clara County's pension into Bitcoin in 2021 showed him firsthand how a 1-3% allocation at $17,000 could have "wiped out the unfunded liability" as Bitcoin approached $100,000.

Adam Back & Sean Bill Podcast Here

---

Blockspace conducts cutting-edge proprietary research for investors.

New Bitcoin Mining Pool Flips Industry Model: "Plebs Eat First" Could Threaten Corporate Dominance

UTXO Management's explosive report forecasts unprecedented institutional demand that could absorb 20% of Bitcoin's circulating supply by 2026. Bitcoin ETFs shattered records with $36.2 billion in year-one inflows, crushing every commodity ETF launch—and they're projected to hit $100 billion annually by 2027.

The real story? ETFs are just the appetizer. Five massive catalysts are converging: wealth platforms eyeing $120 billion from a modest 0.5% allocation across $60 trillion AUM; corporations following MicroStrategy's playbook now holding 803,143 BTC; potential U.S. Strategic Reserve of 1 million BTC; 13 states with active Bitcoin reserve bills; and the rise of BTCfi yield strategies offering 2-15% returns.

The game-changer: these aren't day traders. CFOs, treasurers, and governments are structurally locked buyers seeking BTC-denominated yields, not quick profits. With FASB mark-to-market accounting removing impairment headaches and regulatory clarity accelerating globally, institutions face a stark reality—allocate now or chase exposure at dramatically higher prices.

This isn't another cycle. It's the institutional colonization of Bitcoin.

Link to Full Article

Subscribe to them here (seriously, you should): https://newsletter.blockspacemedia.com/

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Ten31, the largest bitcoin-focused investor, has deployed $150M across 30+ companies through three funds. I am a Managing Partner at Ten31 and am very proud of the work we are doing. Learn more at ten31.vc/invest.

---

Get this newsletter sent to your inbox daily: https://www.tftc.io/bitcoin-brief/

STACK SATS hat: https://tftcmerch.io/

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@ 8bad92c3:ca714aa5

Marty's Bent

via me

It seems like every other day there's another company announced that is going public with the intent of competing with Strategy by leveraging capital markets to create financial instruments to acquire Bitcoin in a way that is accretive for shareholders. This is certainly a very interesting trend, very bullish for bitcoin in the short-term, and undoubtedly making it so bitcoin is top of mind in the mainstream. I won't pretend to know whether or not these strategies will ultimately be successful or fail in the short, medium or long term. However, one thing I do know is that the themes that interest me, both here at TFTC and in my role as Managing Partner at Ten31, are companies that are building good businesses that are efficient, have product-market-fit, generate revenues and profits and roll those profits into bitcoin.

While it seems pretty clear that Strategy has tapped into an arbitrage that exists in capital markets, it's not really that exciting. From a business perspective, it's actually pretty straightforward and simple; find where potential arbitrage opportunities exists between pools of capital looking for exposure to spot bitcoin or bitcoin's volatility but can't buy the actual asset, and provide them with products that give them access to exposure while simultaneously creating a cult-like retail following. Rinse and repeat. To the extent that this strategy is repeatable is yet to be seen. I imagine it can expand pretty rapidly. Particularly if we have a speculative fervor around companies that do this. But in the long run, I think the signal is falling back to first principles, looking for businesses that are actually providing goods and services to the broader economy - not focused on the hyper-financialized part of the economy - to provide value and create efficiencies that enable higher margins and profitability.

With this in mind, I think it's important to highlight the combined leverage that entrepreneurs have by utilizing bitcoin treasuries and AI tools that are emerging and becoming more advanced by the week. As I said in the tweet above, there's never been a better time to start a business that finds product-market fit and cash flows quickly with a team of two to three people. If you've been reading this rag over the last few weeks, you know that I've been experimenting with these AI tools and using them to make our business processes more efficient here at TFTC. I've also been using them at Ten31 to do deep research and analysis.

It has become abundantly clear to me that any founder or entrepreneur that is not utilizing the AI tools that are emerging is going to get left behind. As it stands today, all anyone has to do to get an idea from a thought in your head to the prototype stage to a minimum viable product is to hop into something like Claude or ChatGPT, have a brief conversation with an AI model that can do deep research about a particular niche that you want to provide a good service to and begin building.

Later this week, I will launch an app called Opportunity Cost in the Chrome and Firefox stores. It took me a few hours of work over the span of a week to ideate and iterate on the concept to the point where I had a working prototype that I handed off to a developer who is solving the last mile problem I have as an "idea guy" of getting the product to market. Only six months ago, accomplishing something like this would have been impossible for me. I've never written a line of code that's actually worked outside of the modded MySpace page I made back in middle school. I've always had a lot of ideas but have never been able to effectively communicate them to developers who can actually build them. With a combination of ChatGPT-03 and Replit, I was able to build an actual product that works. I'm using it in my browser today. It's pretty insane.

There are thousands of people coming to the same realization at the same time right now and going out there and building niche products very cheaply, with small teams, they are getting to market very quickly, and are amassing five figures, six figures, sometimes seven figures of MRR with extremely high profit margins. What most of these entrepreneurs have not really caught on to yet is that they should be cycling a portion - in my opinion, a large portion - of those profits into bitcoin. The combination of building a company utilizing these AI tools, getting it to market, getting revenue and profits, and turning those profits into bitcoin cannot be understated. You're going to begin seeing teams of one to ten people building businesses worth billions of dollars and they're going to need to store the value they create, any money that cannot be debased.

Grant Gilliam, one of the co-founders of Ten31, wrote about this in early 2024, bitcoin being the fourth lever of equity value growth for companies.

[

Bitcoin Treasury - The Fourth Lever to Equity Value Growth

Most companies do not hold enough bitcoin There is a saying you often hear in bitcoin circles that “you can never have enough bitcoin.” This is typically expressed by those who have spent the time to both understand bitcoin’s unique and superior monetary properties and also to appreciate why tho

Ten31 - Investors in bitcoin infrastructure and freedom techGrant Gilliam

](https://ten31.vc/insights/treasury?ref=tftc.io)

We already see this theme playing out at Ten31 with some of our portfolio companies, most notably Strike, which recently released some of their financials, highlighting the fact that they're extremely profitable with high margins and a relatively small team (~75). This is extremely impressive, especially when you consider the fact that they're a global company competing with the likes of Coinbase and Block, which have each thousands of employees.

Even those who are paying attention to the developments in the AI space and how the tools can enable entrepreneurs to build faster aren't really grasping the gravity of what's at play here. Many are simply thinking of consumer apps that can be built and distributed quickly to market, but the ways in which AI can be implemented extend far beyond the digital world. Here's a great example of a company a fellow freak is building with the mindset of keeping the team small, utilizing AI tools to automate processes and quickly push profits into bitcoin.

via Cormac

Again, this is where the exciting things are happening in my mind. People leveraging new tools to solve real problems to drive real value that ultimately produce profits for entrepreneurs. The entrepreneurs who decide to save those profits in bitcoin will find that the equity value growth of their companies accelerates exponentially as they provide more value, gain more traction, and increase their profits while also riding the bitcoin as it continues on its monetization phase. The compounded leverage of building a company that leverages AI tools and sweeps profits into bitcoin is going to be the biggest asymmetric play of the next decade. Personally, I also see it as something that's much more fulfilling than the pure play bitcoin treasury companies that are coming to market because consumers and entrepreneurs are able to recive and provide a ton of value in the real economy.

If you're looking to stay on top of the developments in the AI space and how you can apply the tools to help build your business or create a new business, I highly recommend you follow somebody like Greg Isenberg, whose Startup Ideas Podcast has been incredibly valuable for me as I attempt to get a lay of the land of how to implement AI into my businesses.

America's Two Economies

In my recent podcast with Lyn Alden, she outlined how our trade deficits create a cycle that's reshaping America's economic geography. As Alden explained, US trade deficits pump dollars into international markets, but these dollars don't disappear - they return as investments in US financial assets. This cycle gradually depletes industrial heartlands while enriching financial centers on the coasts, creating what amounts to two separate American economies.

"We're basically constantly taking economic vibrancy out of Michigan and Ohio and rural Pennsylvania where the steel mills were... and stuffing it back into financial assets in New York and Silicon Valley." - Lyn Alden

This pattern has persisted for over four decades, accelerating significantly since the early 1980s. Alden emphasized that while economists may argue there's still room before reaching a crisis point, the political consequences are already here. The growing divide between these two Americas has fueled populist sentiment as voters who feel left behind seek economic rebalancing, even if they can't articulate the exact mechanisms causing their hardship.

Check out the full podcast here for more on China's man

@ 58537364:705b4b85

…. “คนเราอยู่ในโลก แต่มักปฏิบัติไม่ถูกต้องต่อสิ่งทั้งหลายในโลก จึงดำเนินชีวิตไม่ถูกต้อง สิ่งที่เราเกี่ยวข้องต่างๆ นี่ มันก็อยู่ของมันไปตามปกติ ตามธรรมชาติ แต่เราปฏิบัติต่อมันไม่ถูก วางใจไม่ถูก แม้แต่มองก็ไม่ถูก เราจึงเกิดทุกข์

…. สิ่งทั้งหลายที่มีอยู่ตามธรรมดามันก็เป็นไป ถ้าเรารู้ทัน ก็เห็นมันเป็นไปตามกฎธรรมชาติ แต่ถ้าเราไม่รู้เท่าทัน เรามองไม่เป็น ก็เกิดทุกข์ทันที แม้แต่เหตุการณ์ความผันผวนปรวนแปรต่างๆที่เกิดขึ้นในชีวิตของคนเรา ที่เรียกกันว่า โชคบ้าง เคราะห์บ้าง ศัพท์พระเรียกว่า “โลกธรรม” ซึ่งเป็นตัวการสำคัญ ที่ทำให้คนดีใจเสียใจ เป็นสุข และเป็นทุกข์ เวลามันเกิดขึ้น ถ้าเราปฏิบัติไม่ถูกต้อง ที่สุขเราก็แปลงให้เป็นทุกข์ ที่มันเป็นทุกข์อยู่แล้ว เราก็เพิ่มทุกข์แก่ตัวเราให้มากขึ้น แต่ถ้าเราปฏิบัติถูกต้อง ที่ทุกข์เราก็ผันแปลงให้เป็นสุข ที่มันเป็นสุขอยู่แล้ว เราก็เพิ่มให้เป็นสุขมากยิ่งขึ้น

…. “โลกธรรม” คืออะไร โลกธรรมแปลว่า ธรรมประจำโลก ได้แก่สิ่งที่เกิดแก่มนุษย์ทั้งหลายตามธรรมดาของความเป็นอนิจจัง ก็คือ เรื่อง ลาภ เสื่อมลาภ ยศ เสื่อมยศ สรรเสริญ นินทา สุข ทุกข์ สิ่งเหล่านี้ พระพุทธเจ้าตรัสไว้ว่า มันมีอยู่เป็นธรรมดา เมื่อเราอยู่ในโลก เราไม่พ้นมันหรอก เราต้องเจอมัน ทีนี้ถ้าเราเจอมันแล้ว เราวางใจไม่ถูก และปฏิบัติไม่ถูก เราจะเอาทุกข์มาใส่ตัวทันที พอเรามีลาภ เราก็ดีใจ อันนี้เป็นธรรมดา เพราะเป็นสิ่งที่น่าปรารถนา แต่พอเสื่อมลาภเราก็เศร้าโศก เพราะเราสูญเสีย

…. ทีนี้ ถ้าเราวางใจไม่ถูก ไประทมตรมใจ แล้วไปทำอะไรประชดประชันตัวเอง หรือประท้วงชีวิต เป็นต้น เราก็ซ้ำเติมตัวเอง ทำให้เกิดทุกข์มากขึ้น อย่างง่ายๆกว่านั้น เช่น เสียงนินทา และสรรเสริญ คำสรรเสริญนั้นเป็นสิ่งที่เราชอบใจ พอได้ยินเราก็มีความสุข ใจก็ฟูขึ้นมา แต่พอได้ยินคำนินทาเราก็เกิดความทุกข์ ทุกข์นี้เกิด เพราะอะไร เพราะเรารับเอาเข้ามา คือรับกระทบมันนั่นเอง คือเอาเข้ามาบีบใจของเรา

…. ทีนี้ ถ้าเราวางใจถูกต้อง อย่างน้อยเราก็รู้ว่า อ้อ นี่คือธรรมดาของโลก เราได้เห็นแล้วไง พระพุทธเจ้าตรัสไว้แล้วว่า เราอยู่ในโลก เราต้องเจอโลกธรรมนะ เราก็เจอจริงๆ แล้ว เราก็รู้ว่า อ้อ นี่ความจริงมันเป็นอย่างนี้เอง เราได้เห็น ได้รู้แล้ว เราจะได้เรียนรู้ไว้ พอบอกว่าเรียนรู้เท่านั้นแหละ มันก็กลายเป็นประสบการณ์สำหรับศึกษา เราก็เริ่มวางใจต่อมันได้ถูกต้อง ต่อจากนั้น ก็นึกสนุกกับมันว่า อ้อ ก็อย่างนี้แหละ อยู่ในโลกก็ได้เห็นความจริงแล้วว่ามันเป็นอย่างไร ทีนี้ก็ลองกับมันดู แล้วเราก็ตั้งหลักได้ สบายใจ อย่างนี้ก็เรียกว่าไม่เอาทุกข์มาทับถมใจตัวเอง อะไรต่างๆ นี่ โดยมากมันจะเกิดเป็นปัญหาเพราะเราไปรับกระทบ ถ้าเราไม่รับกระทบ มันก็เป็นเพียงการเรียนรู้ บางทีเราทำใจให้ถูกต้องกว่านั้น ก็คือ คิดจะฝึกตนเอง พอเราทำใจว่าจะฝึกตนเอง เราจะมองทุกอย่างในแง่มุมใหม่ แม้แต่สิ่งที่ไม่ดีไม่น่าชอบใจ เราก็จะมองเป็นบททดสอบ พอมองเป็นบททดสอบทีไร เราก็ได้ทุกที ไม่ว่าดีหรือร้ายเข้ามา ก็เป็นบททดสอบใจและทดสอบสติปัญญาความสามารถทั้งนั้น ก็ทำให้เราเข้มแข็งยิ่งขึ้น เพราะเราได้ฝึกฝน เราได้พัฒนาตัวเรา เลยกลายเป็นดีไปหมด

…. ถ้าโชค หรือโลกธรรมที่ดีมีมา เราก็สบาย เป็นสุข แล้วเราก็ใช้โชคนั้น เช่น ลาภ ยศ เป็นเครื่องมือเพิ่มความสุขให้แผ่ขยายออกไป คือใช้มันทำความดี ช่วยเหลือเกื้อกูลเพื่อนมนุษย์ ทำให้ความสุขขยายจากตัวเรา แผ่กว้างออกไป สู่ผู้คนมากมายในโลก ถ้าเคราะห์ หรือโลกธรรมที่ร้ายผ่านเข้ามา ก็ถือว่าเป็นโอกาสที่ตัวเราจะได้ฝึกฝนพัฒนา มันก็กลายเป็นบททดสอบ เป็นบทเรียน และเป็นเครื่องมือฝึกสติ ฝึกปัญญา ฝึกการแก้ปัญหา เป็นต้น ซึ่งจะทำให้เราพัฒนายิ่งขึ้นไป

…. เพราะฉะนั้น ลูกศิษย์พระพุทธเจ้าจึงถือคติว่า ให้มนสิการให้ถูกต้อง ถ้ามองสิ่งทั้งหลายให้เป็นแล้ว ก็จะเกิดเป็นประโยชน์แก่เราหมด ไม่ว่าดีหรือร้าย นี้เป็นตัวอย่างวิธีการเบื้องต้น แต่รวมความง่ายๆ ก็คือ เราไม่เอาทุกข์มาทับถมตนเอง”

สมเด็จพระพุทธโฆษาจารย์ ( ป. อ. ปยุตฺโต ) ที่มา : จากหนังสือ “ความสุขที่สมบูรณ์”

@ eb0157af:77ab6c55

The Wall Street financial institution has signed strategic agreements for bitcoin-backed loans with Maple Finance and FalconX.

According to Bloomberg, on May 27 Cantor Fitzgerald officially launched its new division dedicated to Bitcoin lending, announcing the completion of the first transactions of its Bitcoin Financing Business. The Wall Street firm confirmed it has finalized a first round of deals with two crypto sector players: Maple Finance and FalconX.

The company initially plans to make up to $2 billion in financing available to institutional clients.

Brandon Lutnick, President of Cantor Fitzgerald, commented:

“From the start, Cantor recognized the transformative impact that financial services for digital assets would have on the global economy. This milestone highlights how the combination of Cantor’s deep expertise and entrepreneurial spirit creates a distinctive advantage on Wall Street.”

The partnership with Maple Finance is part of Cantor’s broader expansion strategy. Sidney Powell, Co-Founder and CEO of Maple Finance, emphasized how the deal will expand his company’s ability to serve clients looking to access the digital asset market:

“We’re seeing strong and growing demand from institutions seeking to enter the crypto market through trusted and regulated channels.”

Josh Barkhordar, Head of U.S. Sales at FalconX, stated:

“Digital assets have lacked the institutional-grade credit infrastructure essential for healthy capital markets. This collaboration between Cantor and a crypto-native firm is a meaningful step toward building that framework.”

To ensure the security and reliability of its bitcoin-backed financing services, Cantor Fitzgerald has selected Anchorage Digital and Copper.co for custody solutions.

The post Cantor Fitzgerald launches first bitcoin-backed loans appeared first on Atlas21.

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Autor: Michael Meyen. Dieser Beitrag wurde mit dem Pareto-Client geschrieben. Sie finden alle Texte der Friedenstaube und weitere Texte zum Thema Frieden hier. Die neuesten Pareto-Artikel finden Sie in unserem Telegram-Kanal.

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Die neuesten Artikel der Friedenstaube gibt es jetzt auch im eigenen Friedenstaube-Telegram-Kanal.

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„Eine wohltemperierte Abrechnung hin zum Frieden“ steht auf dem Cover, und ich dachte gleich: Das ist doch etwas für die „Friedenstaube“. Ist es auch, aber anders als zunächst gedacht. Vielleicht hätte ich mir einen Moment Zeit nehmen sollen für den Haupttitel. Drei Substantive ohne Punkt und Komma. Raffen Sterben Trance. Besser kann man das Leiden an dieser Welt nicht in Worte gießen – vor allem dann nicht, wenn daraus ein Satzstrom wird, der einen Rhythmus von ganz eigener Kraft entwickelt. Man braucht keine Noten, um einen Ohrwurm zu schreiben. Mit Buchstaben geht das auch. Wer das nicht glaubt, lese dieses Buch von Teer Sandmann und lasse sich von seiner Melodie durch die Abgründe dieser Zeit tragen.

Ich habe den Autor im Spätsommer 2020 kennengelernt, bei einem Rubikon-Treffen. Das schreibt sich jetzt so leicht hin, war aber damals fast ein Abenteuer. Schon die Bahnfahrt. Die Blicke, das Zischen, der Hass. Sie da! Wo ist Ihre Maske? Ich hatte überlegt, ob ich mir das antun will, und war auch nicht sicher, ob es wirklich eine gute Idee ist, drei Tage mit lauter Dissidenten auf einem Haufen zu sein. Mehr Zielscheibe geht kaum. Vor Ort war das dann alles wie weggeblasen. Abends ein Lagerfeuer und tagsüber Menschen wie Daniel Sandmann, der sich auf seinen Büchern Teer nennt und weiß, was Glück ist: 

„Der Augenblick, den du mit dem Andern und durch das Andere erlebst, unbelangt von Staat, Norm und Konzern: dieser Augenblick hebt deine Einsamkeit auf. Die aufgehobene Einsamkeit aber ist die Freiheit, die wir als Wärme erleben. Als Feuer im Körper.“ (90)

So war das an jenem Augustwochenende. Jeder, der ein wenig älter ist, hat längst erlebt, dass keine Flamme ewig brennt. Nach Corona kamen die Kriege. Und selbst die, die solche Tage nicht vergessen wollen, verlieren sich im Kleinklein ihrer Eitelkeiten. Daniel und Teer Sandmann machen aus diesem Stoff eine grandiose Sinfonie, die darüber erhaben ist, mit dem Finger auf diesen zu zeigen oder auf jenen. Hin und wieder eine Andeutung: Das muss reichen. Der Formaterfinder, der sein Baby mit einem plumpen Satz schützt. „Nicht einfach kritisieren, mach es besser!“ Eine Redaktion der Gegenöffentlichkeit, hochgelobt, die kurze Sätze will und kurze Texte. Dieses Feld können und wollen die Sandmänner nicht bestellen, genau wie all das, was im Namen einer „Menschheitsfamilie“ daherkommt. „Liebe Community. So begrüßt ein dissidenter Moderator das Publikum in einer dissidenten Talkshow.“ (87) Etwas mehr Platz bekommt [Rainer Mausfeld](https://www.freie-medienakademie.de/medien-plus/101):

„Warum schweigen die Lämmer? Ein tolles Buch. Es hat gegriffen. Dann hat sich gezeigt: Das System, von diesem Buch dekonstruiert, muss einen Zacken zugeben an Totalität und schon schlüpft auch die Analyse mit hinein ins System und ins Schweigen und der Autor wird selbst zum Lamm.“ (21)

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DIE FRIEDENSTAUBE FLIEGT AUCH IN IHR POSTFACH!

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Ich kenne das Lied, das Daniel aka Teer Sandmann hier singt. Wie er bin ich von links gekommen und habe erlebt, „wie meine Welt leer wurde“ (23). Wie er weiß ich inzwischen, dass ich in „meinen Kreisen“ von einst nicht mehr klarkommen würde und dass es mit den neuen keinesfalls einfacher ist. Hier, immer noch und trotz alledem, die Idee, dass sich Glück planen lässt, und damit „der Wahn“, „ein Ziel zu erreichen und alles auszumerzen, was dem Ziel in die Quere kommt“ (143): „Die linken Ideen münden in Ordnungen und im Polizeistaat“ (24). Und dort Kritiker der Macht, die vor den Gerichten der gleichen Macht um ein wenig Wohlstand streiten, sich nur noch gegenseitig interviewen, die AfD hoffieren und auf Personen zielen, wo es um Strukturen gehen müsste. Klaus Schwab, Bill Gates, Jeff Epstein statt Kapitalismus. Was bleibt euch noch, Kinder, wenn ihr zwar den Totalitarismus erkennt, aber nicht sehen wollt, „wie dieser alternativlos aus dem Kapital hervorschießen musste“ (40)?

Der letzte Satz ist ein Versuch, den Takt aufzunehmen, den dieser Text anschlägt. Teer Sandmann sagt, dass ihn „die Musik aus der Renaissance“ noch mehr gerettet habe als das Schreiben, und baut vielleicht auch deshalb immer wieder Miniaturen ein, die zeigen, dass Kunst auch dann Jahrhunderte überdauern kann, wenn jemand wie ich noch nie davon gehört hat. Daniel Sandmann reicht. Vergesst all eure Gegenentwürfe, singt dieser Künstler:

„Wir sind für nichts. Wir stören die Haltungen und schaffen Nischen. Indem wir stören. Wir sind für alles, was nicht in ein ‚wir sind für‘ mündet. Bloß, ist das alles nicht schon eine Haltung? Und wer sind ‚wir‘?“ (79)

Die Sache mit dem Frieden, natürlich. Es gibt in diesem Buch einen Traum, in dem ein „lieber Gott“ alle Journalisten tötet, „die neuen Schwarzhemden“ (49), „die in diesem medialen Schlachtfeld, Journalismus genannt, mitfeuern und mitgeifern und ihrer Niedertracht freien Lauf lassen“, und mit ihnen auch alle, „die binnen einer Woche auch nur einen Cent noch überweisen an diese Instrumente der Niedertracht und der Geistvernichtung“ sowie Parteimitglieder und Manager, jeden Adelsclan und alle Künstler, „die der Macht zusprechen“ (55). Sie ahnen es schon: Diese Liste ist unvollständig und mit ihrer Wucht eine Ausnahme in dieser „wohltemperierten Abrechnung hin zum Frieden“. Daniel und Teer Sandmann suchen nach Ruhe und Trance. Frieden: Das ist nicht nur das Ende des Kapitalismus oder das vergessene Stück aus der Renaissance. Frieden bringt auch die Runde im Waldsee: 

„Komme ich aus dem Wasser, komme ich nach Hause. Mag sein, dass im Orgasmus der Tod vergessen geht, im Wasser aber verliert er die Bedeutung und vermengt sich mit dem Leben aufs Unkenntliche. Stilles Jauchzen, meerjungfrauartiges Kreisen, kindliches Drehen um sich selbst und ohne Bezugspunkt: das sind die Ausdrucksformen dieses ungeplanten Glücks.“ (157)

Jetzt weiß ich auch, warum ich schon als junger Mann jeden Tag ohne Schwimmgelegenheit für einen verlorenen Tag gehalten habe.

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Michael Meyen ist Medienforscher, Ausbilder und Journalist. Seit 2002 ist er Universitätsprofessor an der LMU München. https://www.freie-medienakademie.de/

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Teer Sandmann: Raffen Sterben Trance. Eine wohltemperierte Abrechnung hin zum Frieden. Hamburg: tredition 2024.

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LASSEN SIE DER FRIEDENSTAUBE FLÜGEL WACHSEN!

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