@ 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

@ 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.

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

@ 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

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...

Building things of value is satisfying.

---

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:

@media screen and (max-width: 480px) { .mobile-padding { padding: 10px 0 !important; } .social-container { width: 100% !important; max-width: 260px !important; } .social-icon { padding: 0 !important; } .social-icon img { height: 32px !important; width: 32px !important; } .icon-cell { padding: 0 4px !import

@ 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

@ eb0157af:77ab6c55

The blockchain analytics firm claims to have identified the Bitcoin addresses held by the company led by Saylor.

Arkham Intelligence announced it had identified addresses linked to Strategy. According to Arkham’s statements, an additional 70,816 BTC connected to the company have been identified, with an estimated value of around $7.6 billion at current prices. This discovery would bring the total amount of Strategy’s identified holdings to $54.5 billion.

SAYLOR SAID HE WOULD NEVER REVEAL HIS ADDRESSES … SO WE DID

We have identified an additional 70,816 BTC belonging to Strategy, bringing our total identified MSTR BTC holdings to $54.5 Billion. We are the first to publicly identify these holdings.

This represents 87.5% of… pic.twitter.com/P3OVdVrhQL

— Arkham (@arkham) May 28, 2025

The analytics firm claims to have mapped 87.5% of Strategy’s total holdings. In a provocative post on X, Arkham wrote:

“Saylor said he would never reveal his addresses. So, we did it for him.
Previously, we tagged:
– 107,000 BTC sent to MSTR’s Fidelity deposits (Fidelity does not segregate custody, so these BTC do not appear in the MSTR entity)
– Over 327,000 BTC held in segregated custody, including Coinbase Prime, in our MSTR entity.”

Arkham’s revelations directly clash with Michael Saylor’s public statements on wallet security. During the Bitcoin 2025 conference in Las Vegas, the Strategy chairman explicitly warned against publishing corporate wallet addresses.

“No institutional or enterprise security analyst would ever think it’s a good idea to publish all the wallet addresses so you can be tracked back and forth,” Saylor said during the event.

The executive chairman of Strategy added:

“The current, conventional way to publish proof-of-reserves is an insecure proof of reserves… It’s not a good idea, it’s a bad idea.”

He compared publishing wallet addresses to “publishing the addresses, bank accounts, and phone numbers of your kids hoping it will protect them — when in fact it makes them more vulnerable.”

Finally, the executive chairman suggested using artificial intelligence to explore the security implications of such a practice, claiming that in-depth research could produce “50 pages” of potential security risks.

The post Arkham reveals 87% of Strategy’s Bitcoin addresses appeared first on Atlas21.

@ eb0157af:77ab6c55

The company unveils a service to generate returns from the Lightning Network while maintaining full control over one’s bitcoin.

Amboss, a company dedicated to developing the Lightning Network ecosystem, has announced the launch of Rails, a platform that enables users to earn yields on their bitcoin while retaining complete custody.

Rails stands out as the first fully self-custodial yield-generation service built specifically for the Lightning Network. Users can act as Liquidity Providers (LPs) while maintaining full control over their funds, contributing at the same time to improving the performance and scalability of the Lightning Network.

The service leverages Amboss’ AI infrastructure to optimize the speed, reliability, and capacity of Lightning transactions.

How it works

Rails’ yield-generation mechanism is based on two main activities:

• Payment routing: users earn fees by facilitating payment routing through the Lightning Network;
• Liquidity leasing: by providing liquidity to other participants in the LN network.

Although returns are not guaranteed, the performance demonstrated by companies like Block is notable. During the Bitcoin 2025 conference in Las Vegas, Miles Suter of Block revealed that their routing node is generating a 9.7% APR on deposited bitcoin while maintaining control over private keys.

Strategic partnerships

Amboss has entered into partnerships with CoinCorner and Flux to launch Rails. CoinCorner has integrated the service into its exchange and payment platforms, while Flux aims to expand the Lightning Network’s role in global payments.

David Boylan, CFO of CoinCorner, stated:

“Rails offers a practical way for businesses like ours to participate in the Lightning Network’s growth. We’ve been using the Lightning Network for years, and Rails provides a structured approach to engaging with its economy, particularly through liquidity leasing and payment routing.”

Two complementary solutions

Rails offers two distinct services:

• Rails LP: designed for businesses with bitcoin treasuries, custodians, and high-net-worth individuals, with a minimum commitment of 1 BTC for one year;
• Liquidity subscriptions: aimed at businesses accepting bitcoin payments, with fees starting from 0.5%.

Jesse Shrader, co-founder and CEO of Amboss, commented:

“Rails is a transformative force for the Lightning Network. It’s not just about yield — it’s about enabling businesses to strengthen the network while earning on their bitcoins. This is a critical step in bitcoin’s evolution as a global medium of exchange.”

The post Amboss launches Rails: a service to earn yields from the Lightning Network appeared first on Atlas21.

@ eb0157af:77ab6c55

A new investment vehicle combines exposure to Bitcoin with downside protection based on the price of gold.

On May 29, Cantor Fitzgerald Asset Management announced the launch of an investment product that merges direct exposure to Bitcoin with a bearish hedge linked to gold.

According to the financial institution, the new fund offers a solution for investors seeking to benefit from the growth potential of the leading cryptocurrency while maintaining a safety net tied to the precious metal.

Fund features

The fund is structured with a five-year term and no cap on potential upside, allowing investors to fully capture Bitcoin’s growth. The “1-to-1” protection mechanism means that any losses on Bitcoin would be offset by corresponding gains from gold.

Brandon Lutnick, Chairman of Cantor and son of former CEO Howard Lutnick (now Commerce Secretary in the Trump administration), called the product “a truly revolutionary investment vehicle” that helps investors access Bitcoin’s potential while providing downside protection. “There are still people on the Earth that are still scared of Bitcoin, and we want to bring them into this ecosystem,” Lutnick added.

The fund marks Cantor Fitzgerald’s first BTC-focused investment product. The firm, with 79 years of history and $14.8 billion in assets under management, is making its first significant move into the Bitcoin market.

The announcement follows the closing of its first round of financing agreements with Maple Finance and FalconX. Through its “Bitcoin Financing Business” division, Cantor plans to initially make up to $2 billion in financing available to institutional clients.

The post Cantor Fitzgerald launches Bitcoin fund with gold hedge appeared first on Atlas21.

@ 9ca447d2:fbf5a36d

Mac users who use Ledger hardware wallets to manage their digital assets are being warned about a new scam that uses fake apps to steal funds.

Cybercriminals have launched multiple phishing campaigns using malware that targets macOS systems, replacing the real Ledger Live app with a fake version that asks users to enter their recovery phrase.

These fake apps look almost identical to the real Ledger Live, but instead of helping users manage their bitcoin, they steal the 24-word recovery phrase—the master key to the user’s digital assets.

According to a detailed analysis by Moonlock, the attacks start when users’ computers get infected with Atomic macOS Stealer malware from one of over 2,800 hacked websites. Once installed, the malware removes the legitimate Ledger Live app and installs a malicious version in its place.

The fake app then shows a pop-up message saying it has detected “suspicious activity”, and asks the user to enter their recovery phrase to fix the issue. Once entered, the seed phrase is sent to a server controlled by the attacker.

2,800 websites discovered infected with Atomic Stealer — Moonlock

“Once entered, the seed phrase is sent to an attacker-controlled server, exposing the user’s assets in seconds,” Moonlock said in their May 22 report.

With the recovery phrase, the scammers can drain the user’s wallet of all digital assets—bitcoin and other tokens.

This isn’t an isolated incident. Moonlock has been tracking this malware since August 2024 and has found at least four active campaigns targeting Mac users. They believe the attackers are getting more sophisticated and are refining their methods.

“This isn’t just a theft. It’s a high-stakes effort to outsmart one of the most trusted tools in the crypto world. And the thieves are not backing down,” Moonlock researchers said.

Initially, the fake Ledger Live apps could only steal passwords and view wallet details. This gave attackers some insight into victims’ assets but no way to steal funds directly.

However, over time, hackers have improved their tactics and are now harvesting recovery phrases, so they can take full control of wallets and move funds freely.

One strain of malware, called Odyssey, was spotted in March and was linked to a hacker using the alias “Rodrigo”.

Odyssey replaces Ledger Live with a trojanized app and displays a phishing page asking users to enter their recovery phrases after showing a fake “critical error” message. Another copycat campaign using AMOS (Atomic macOS Stealer) followed soon after.

The fake Ledger Live app asks for user’s seed phrase — Moonlock

In one case, a fake app even displayed an “App corrupted” error after stealing the seed phrase to lower the victim’s suspicion and buy time to transfer the funds.

For years, computers running MacOS were considered safer than their Windows counterparts, because the operating system is less prone to malware. This advanced malware shows that users can never be too careful.

Attackers aren’t just relying on infected apps to steal from users. Other scam tactics include:

• Discord attacks: In May, a moderator account in Ledger’s official Discord server was compromised. Attackers used it to post fake verification links.
• Reddit phishing: In January, a user reported losing $15,000 after unknowingly entering their recovery phrase into a fake app.
• Physical mail scams: In April, some Ledger users received letters claiming to be from the company. These letters included QR codes leading to phishing sites that asked for seed phrases under the guise of a “critical security update”.

Attackers are increasingly targeting users holding hardware wallets, because they might be holding larger amounts.

Earlier this month, a Trezor One user reported being contacted by Coinbase impersonators, who tricked him into entering his seed phrase into a fake website, resulting in loss of 17.5 BTC.

The final goal for all these attacks is similar: the attackers are looking for users’ seed phrases, and they are getting creative in finding new ways to acquire them.

One sure way of staying safe is to learn more. The golden standard rule is to NEVER enter your seed phrase into a computer or a website, no matter how urgent or convincing it looks.

If you are a hardware wallet user, make sure you purchase the wallet from official sources. And the ONLY electronic place you can enter your seed phrases is on the hardware wallet itself.

If a process requires you to enter your seed phrase anywhere on a computer itself, it is definitely a scam.

Related: Bitcoin Hardware Wallet Hacks | What You Need to Know

@ 9ca447d2:fbf5a36d

Meta Platforms Inc., the parent company of Facebook and Instagram, has voted down a shareholder proposal to add bitcoin to its treasury. The vote took place at the company’s annual shareholder meeting on May 30, 2025.

The proposal, known as Proposal 13, was submitted by investor Ethan Peck on behalf of the National Center for Public Policy Research (NCPPR).

It asked Meta to convert a portion of its $72 billion in cash, cash equivalents, and marketable securities into bitcoin. The idea was to hedge against inflation and low returns from traditional bond investments.

But the company’s shareholders said no.

According to the official count, more than 4.98 billion shares were voted against the proposal, while 3.92 million shares were for it—less than 0.1% of total votes. 8.86 million shares were abstentions and over 204 million were broker non-votes.

Meta shareholders rejected bitcoin reserve proposal — SEC

So now, Meta joins Microsoft and Amazon in rejecting calls to add bitcoin to their balance sheets.

Related: Microsoft Shareholders Reject Bitcoin Investment Proposal

Proponents of the proposal argued that bitcoin would help protect Meta’s reserves from inflation and weak bond returns. Peck and others pointed to bitcoin’s strong performance in 2024 and growing institutional interest in the scarce digital asset.

The proposal said bitcoin’s fixed supply and track record make it a long-term store of value.

High-profile supporters, including Matt Cole, CEO of Strive Asset Management, brought the issue to the forefront. At the Bitcoin 2025 conference in Las Vegas, Cole addressed Meta CEO Mark Zuckerberg directly:

“You have already done step one. You have named your goat Bitcoin,” he said. “My ask is that you take step two and adopt a bold corporate bitcoin treasury strategy.”

Others, like Bloomberg ETF analyst Eric Balchunas, said if Meta added bitcoin to its balance sheet it would be a big deal. “If Meta or Microsoft adds BTC to the balance sheet, it will be like when Tom Hanks got COVID—suddenly, it feels real,” Balchunas said.

Despite all the hype and arguments for Bitcoin, the tech giant’s board of directors opposed the measure. The board said the company already has a treasury management process in place that prioritizes capital preservation and liquidity.

“While we are not opining on the merits of cryptocurrency investments compared to other assets, we believe the requested assessment is unnecessary given our existing processes to manage our corporate treasury,” Meta’s board noted.

The board also noted that it reviews many investment options and sees no need for a separate review process specific to Bitcoin.

Meta’s decision shows the broader hesitation of large-cap companies to get into bitcoin as part of their financial strategy.

While companies like Michael Saylor’s Strategy are adding bitcoin to their treasuries every chance they get, companies like Microsoft, Amazon and now Meta, are taking a more cautious approach.

According to recent reports, Meta is exploring ways to integrate stablecoins into its platforms to enable global payouts.

This would be a re-entry into the digital asset space after the company shelved its Diem project due to regulatory issues—a step that bitcoin advocates deem unnecessary, insufficient, and irrelevant to protecting the company’s finances.

@ 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.

---

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

@ b1ddb4d7:471244e7

Custodial Lightning wallets allow users to transact without managing private keys or channel liquidity. The provider handles technical complexities, but this convenience comes with critical trade-offs:

• You don’t control your keys: The custodian holds your bitcoin.
• Centralized points of failure: Servers can be hacked or shut down.
• Surveillance risks: Providers track transaction metadata.

Key Risks of Custodial Lightning Wallets

*1. Hacks and Exit Scams*

Custodians centralize large amounts of bitcoin, attracting hackers:

• Nearly $2.2 billion worth of funds were stolen from hacks in 2024.
• Lightning custodians suffered breaches, losing user funds.

Unlike non-custodial wallets, victims have no recourse since they don’t hold keys.

*2. Censorship and Account Freezes*

Custodians comply with regulators, risking fund seizures:

• Strike (a custodial Lightning app) froze accounts of users in sanctioned regions.
• A U.K. court in 2020 ordered Bitfinex to freeze bitcoin worth $860,000 after the exchange and blockchain sleuthing firm Chainalysis traced the funds to a ransomware payment.

*3. Privacy Erosion*

Custodians log user activity, exposing sensitive data:

• Transaction amounts, receiver addresses, and IPs are recorded.

*4. Service Downtime*

Centralized infrastructure risks outages.

*5. Inflation of Lightning Network Centralization*

Custodians dominate liquidity, weakening network resilience:

• At the moment, 10% of the nodes on Lightning control 80% of the liquidity.
• This centralization contradicts bitcoin’s decentralized ethos.

How to Switch to Self-Custodial Lightning Wallets

Migrating from custodial services is straightforward:

*1. Choose a Non-Custodial Wallet*

Opt for wallets that let you control keys and channels:

• Flash: The self-custodial tool that lets you own your keys, control your coins, and transact instantly.
• Breez Wallet : Non-custodial, POS integrations.
• Core Lightning : Advanced, for self-hosted node operators.

*2. Transfer Funds Securely*

• Withdraw funds from your custodial wallet to a bitcoin on-chain address.
• Send bitcoin to your non-custodial Lightning wallet.

*3. Set Up Channel Backups*

Use tools like Static Channel Backups (SCB) to recover channels if needed.

*4. Best Practices*

• Enable Tor: Mask your IP (e.g., Breez’s built-in Tor support).
• Verify Receiving Addresses: Avoid phishing scams.
• Regularly Rebalance Channels: Use tools like Lightning Pool for liquidity.

Why Self-Custodial Lightning Matters

• Self-custody: Control your keys and funds.
• Censorship resistance: No third party can block transactions.
• Network health: Decentralized liquidity strengthens Lightning.

Self-custodial wallets now rival custodial ease.

Custodial Lightning wallets sacrifice security for convenience, putting users at risk of hacks, surveillance, and frozen funds. As bitcoin adoption grows, so does the urgency to embrace self-custodial solutions.

Take action today:

1. Withdraw custodial funds to a hardware wallet.
2. Migrate to a self-custodial Lightning wallet.
3. Educate others on the risks of custodial control.

The Lightning Network’s potential hinges on decentralization—don’t let custodians become its Achilles’ heel.

@ 7f6db517:a4931eda

---

"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

---

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.

---

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

@ 7f6db517:a4931eda

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.

---

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

@ 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.

@ 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

@ cae03c48:2a7d6671

Bitcoin Magazine

Panama City Mayor Mizrachi: “Bitcoin Is Not Just Safe, It’s Prosperous”

At the 2025 Bitcoin Conference in Las Vegas, the Director of Bitcoin Beach Mike Peterson, the Presidential Advisors of Building Bitcoin Country El Salvador Max & Stacy and the Mayor City of Panama Mayer Mizrachi discussed Bitcoins future in Panama.

At the beginning of the panel, Is Panama Next? El Salvador Leading The Region For Bitcoin Adoption, Mayor Mizrachi started by mentioning, “We accept Bitcoin. The city gets paid in Bitcoin, but it receives in dollars through an intermediary processing, payments processor. Bitcoin is not just safe. It’s prosperous.”

Max commented about the scammers in crypto and how El Salvador is managing it.

“We did a couple of things early on, one was to create The Bitcoin Office which will be directly reporting to the President, and then also we passed a law which will say bitcoin is money and everything else is an unregistered security,” said Max.

Mike Peterson stated, “the access of Bitcoin in Central America to do battle against the globalists that have always looked at the regionist back yard. This is intolerable and this is going to change right now.” After Mizrachi commented, “Imagine yourself in an economic block powered by El Salvador, supported by Panama and the rest will come.”

Stacy reminded everybody about El Salvador’s School system. 

“El Salvador is the first country in the world to have a comprehensive public school financial literacy education program from 7 years old,” mentioned Stacy. “These are little kids, learning financial literacy.”

Max ended the panel by saying, “the US game theory right? Because the US wants to buy a lot of Bitcoin, so if Panama wants to buy a lot of bitcoin then it helps everybody in the US. This is the beautiful expression of game theory perfectly aligned in the protocol that is changing the world that we live in. And on the street level what bitcoin does to the population is to go from a spending mentality to a saving mentality.”

You can watch the full panel discussion and the rest of the Bitcoin 2025 Conference Day 3 below:

This post Panama City Mayor Mizrachi: “Bitcoin Is Not Just Safe, It’s Prosperous” first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

@ cae03c48:2a7d6671

Bitcoin Magazine

The Debt Train Has No Brakes: Lyn Alden Makes the Case for BTC at Bitcoin 2025

“Nothing stops this train,” Lyn Alden initially stated at Bitcoin 2025, walking the audience through a data-rich presentation that made one thing clear: the U.S. fiscal system is out of control—and Bitcoin is more necessary than ever. 

Her first chart, sourced from the Federal Reserve’s FRED database, displayed a stark decoupling: the unemployment rate is down, yet the fiscal deficit has surged past 7% of GDP. “This started around 2017, went into overdrive during the pandemic, and hasn’t corrected,” Alden said. “That’s not normal. We’re in a new era.” 

She didn’t mince words. “Nothing stops this train because there are no brakes attached to it anymore. The brakes are heavily impaired.

Why should Bitcoiners care? Because, as Alden explained, “it matters for asset prices—especially anything scarce.” She displayed a gold vs. real rates chart that showed gold soaring as real interest rates plunged. “Five years ago, most would have said Bitcoin couldn’t thrive in a high-rate environment. Yet here we are—Bitcoin over $100K, gold at new highs, and banks breaking under pressure.”

Next came what she called “The Turning Point”—a side-by-side showing how public debt growth overtook private sector debt post-2008, flipping a decades-long norm. “This is inflationary, persistent, and it means the Fed can’t slow things down anymore.” 

Another chart revealed why rising interest rates are now accelerating the deficit. “They’ve lost their brakes. Raising rates just makes the federal interest bill explode faster than it slows bank lending.”

Alden called it a ponzi: “The system is built on constant growth. Like a shark, it dies if it stops swimming.”

Her slide showed a relentless rise in total debt versus base money—except for a jolt in 2008, and again after 2020. “This isn’t going backward. Ever.” 

So why Bitcoin? “Because it’s the opposite. Scarce, decentralized, and mathematically capped,” Alden concluded. “There are two reasons nothing stops this train: math and human nature. Bitcoin is the mirror of this system—and the best protection from it.” 

You can watch the full panel discussion and the rest of the Bitcoin 2025 Conference Day 3 below:

This post The Debt Train Has No Brakes: Lyn Alden Makes the Case for BTC at Bitcoin 2025 first appeared on Bitcoin Magazine and is written by Jenna Montgomery.

@ cae03c48:2a7d6671

Bitcoin Magazine

Jack Mallers Announced A New System of Bitcoin Backed Loans at Strike

The Founder and CEO of Strike, Jack Mallers, at the 2025 Bitcoin Conference in Las Vegas, announced a new system of Bitcoin backed loans at Strike with one digit interest rate.

Jack Mallers began his keynote by pointing at the biggest problem. Fiat currency. 

“The best time to go to Whole Foods and buy eggs with your dollars was 1913,” said Mallers. “Every other time after, you are getting screwed.”

What’s the solution?

“The solution is Bitcoin,” stated Mallers. “Bitcoin is the money that we coincide that nobody can print. You can’t print, you can’t debase my time and energy, you cannot deprive me of owning assets, of getting out of debt, of living sovereignly and protecting my future, my family, my priced possessions. Bitcoin is what we invented to do that.”

Mallers gave a power message to the audience by explaining that people should HODL every dollar they have in Bitcoin. People should also spend a little of it to have a nice life.

“You can’t HODL forever,” said Jack.

While talking about loans that people borrow against their Bitcoin. He explained why he thinks banks putting 20% in interest for loans backed with Bitcoin is outrageous.

“All these professional economists, they are like Bitcoin is risky and volatile,” stated Mallers. “No it’s not. This is the magnificent 7 one year volatility and the orange one in the middle is Bitcoin. It’s no more risky and volatile. It’s a little bit more volatile than Apple, but is far less more volatile than Tesla.”

“As Bitcoin matures, its volatility goes down,” continued Jack. “Bitcoin volatility is at a point where it is no more risky than a Tesla Stock. We should not be paying double digits rates for a loan.”

Mallers announced his new system of loans at Strike of 9-13% in interest rates. It will allow people to get loans from $10,000 to $1 billion. 

Mallers closed by saying, “please be responsible. This is debt. Debt is like fire in my opinion. It can heat a civilization. It can warm your home, but if you go too crazy it can burn your house down.”

“Life is short,” said Jack. “Take the trip, but with bitcoin you just get to take a better one.”

This post Jack Mallers Announced A New System of Bitcoin Backed Loans at Strike first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

@ cae03c48:2a7d6671

Bitcoin Magazine

Michael Saylor Presents The 21 Ways to Wealth at Bitcoin 2025

Michael Saylor, Executive Chairman of Strategy, took the stage at Bitcoin 2025 delivering a keynote titled “21 Ways to Wealth.” He stated: “This speech is for you. I’ve traveled the world and told countries, institutional investors, and even the disembodied spirits of our children’s children why they need Bitcoin. This is for every individual, every family, every small business. It’s for everybody.”  

He began with clarity. “The first way to wealth is clarity,” he said. “Clarity comes the moment you realize Bitcoin is capital—perfected capital, programmable capital, incorruptible capital.” For Saylor, every thoughtful individual on Earth will ultimately seek such pristine capital, and every AI system will prefer it as well. 

The second path is conviction. Bitcoin, he said, will appreciate faster than every other asset, because it’s engineered for performance. “It’s going to grow faster than real estate or collectibles. It is the most efficient store of value in human history.”

The third way is courage. “If you’re going to get rich on Bitcoin, you need courage,” he warned. “Wealth favors those who embrace intelligent monetary risk. Some people will get left behind. Others will juggle it. But the bold will feed the fire—sell your bonds, buy Bitcoin. An extraordinary explosion of value is coming.”

Fourth comes cooperation. “You are more powerful if you have the full support of your family. Your children have time and potential. The secret is transferring capital into their hands. Families that move in unity are unstoppable.”

The fifth is capability. “Master AI,” he said. “In 2025, everything you can imagine is at your fingertips—wisdom, analysis, creativity. Ask AI, argue with it, use it. You can become a super genius. Don’t put your ego first—put your interests first. Your family will thank you.”

Saylor’s sixth way to wealth is composition: construct legal entities that scale your strategy and protect your assets. “Ask the AI and figure it out. You can work hard, or you can work smart. This year, everyone should be operating like the most sophisticated millionaire family office.”

The seventh is citizenship. Choose your economic nexus carefully—“domicile where sovereignty respects your freedom,” he said. “This isn’t just about this year—it’s about this century.”

Eighth is civility. “Respect the natural power structures of the world. Respect the force of nature,” he explained. “If you want to generate wealth in the Bitcoin universe, don’t fight unnecessarily. Find common ground. Inflation and distraction are your enemies.”

Ninth is corporation. “A well-structured corporation is the most powerful wealth engine on Earth. Families are powerful. Partnerships are even more powerful. But corporations can scale globally. What is your vehicle? What is your path?”

The tenth way is focus. “Just because you can do a thing doesn’t mean you should,” he warned. “If you invest in Bitcoin, there’s a 90% chance it will succeed over five years. Don’t confuse ambition with accomplishment. Come up with a strategy—and stick to it.”

The eleventh is equity. “Share your opportunities with investors who will share your risk,” he said, pointing to MicroStrategy’s own rise from $10 million to a $5 billion market cap by aligning with equity partners who believed in the Bitcoin mission.

The twelfth is credit. “There are people in the world who are afraid of the future—they want small yield, certainty. Offer that. Give creditors security in return for capital. Convert their fear into fuel and turn risk into yield by investing in Bitcoin.”

The thirteenth is compliance. “Create the best company you can within the rules of your market. Learn the rules of the road. If you know them, you can drive faster. You can scale legally and sustainably.”

The fourteenth way is capitalization. “Velocity compounds wealth,” Saylor said. “Raise and reinvest capital as fast and as often as you can. The faster your money moves into productive Bitcoin strategies, the more it multiplies.”

Fifteenth is communication. “Speak with candor. Act with transparency. And repeat your message often,” he urged. “Creating wealth with Bitcoin is simple—but only if people understand what you’re doing and why you’re doing it.”

Sixteenth is commitment. “Don’t allow yourself to be distracted,” he said. “Don’t chase your own ideas. Don’t feed the trolls. Stay committed to Bitcoin. It’s the greatest idea in the world. The world probably doesn’t care what you think—but it will care when you win.”

The Seventeenth way is competence. “You’re not competing with noise—you’re competing with someone who is laser-focused, who executes flawlessly,” he said. “You must deliver consistent, precise, and reliable performance. That’s how you win.”

The Eighteenth is adaptation. “Circumstances change. Every structure you trust today will eventually fail. A wise person is prepared to abandon their baggage and adjust plans when needed. Rigidity is ruin.”

Nineteenth is evolution. “Build on your core strengths. You don’t need to start over—you need to level up. Leverage what you already do best, and expand it through Bitcoin and advanced technologies.”

Twentieth is advocacy. “Inspire others to walk the Bitcoin path,” he said. “Become an evangelist for economic freedom. Show others what this revolution really means. Show them the way.”

Finally, the twenty-first way is generosity. “When you’re successful—and you will be successful—spread happiness. Share security. Deliver hope. That light inside you will shine. And others will be drawn to it.” 

As he ended, Saylor smiled and quoted the very origin of it all: 

“It might make sense to get some, in case it catches on.” – Satoshi.

In Michael Saylor’s worldview, Bitcoin is not a get-rich-quick scheme—it’s the ultimate long-term play. It is the foundation of generational wealth, the engine of personal and institutional freedom, and the tool for those bold enough to lead humanity into a more sovereign, secure future. 

You can watch the full panel discussion and the rest of the Bitcoin 2025 Conference Day 3 below: 

This post Michael Saylor Presents The 21 Ways to Wealth at Bitcoin 2025 first appeared on Bitcoin Magazine and is written by Jenna Montgomery.

@ cae03c48:2a7d6671

Bitcoin Magazine

Bitcoin Builders Exist Because Of Users

Builder: Nicholas Gregory

Language(s): C++, Rust

Contribute(s/ed) To: Ocean Sidechain, Mainstay, Mercury Wallet, Mercury Layer

Work(s/ed) At: CommerceBlock (formerly)

Prior to Bitcoin, Nicholas was a software developer working in the financial system for banking firms developing trading and derivatives platforms. After the 2008 financial crisis he began to consider alternatives to the legacy financial system in the fallout. 

Like many from that time, he completely ignored the original Slashdot article featuring the Bitcoin whitepaper due to the apparent focus on Windows as an application platform (Nicholas was a UNIX/Linux developer). Thankfully someone he knew introduced him to Bitcoin later on. 

The thing that captured his interest about Bitcoin rather than other alternatives at the time was its specific architecture as a distributed computer network. 

“The fact that it was like an alternative way. It was all based around [a] kind of […] network. And what I mean by that, building financial systems, people always wanted a system that was 24-7.

And how do you deal with someone interacting [with] it in different geographical parts of the world without it being centralized?

And I’d seen various ways of people solving that problem, but it never had been done, you know, in a kind of […] scalable solution. And using […] cryptography and proof of work to solve that issue was just weird, to be honest. It was totally weird for me.”

All of the other systems he had designed, and some that he built, were systems distributed across multiple parts of the world. Unlike Bitcoin however, these systems were permissioned and restricted who could update the relevant database(s) despite that fact that copies of them were redundantly distributed globally. 

“The fact that in Bitcoin you had everyone kind of doing this proof of work game, which is what it is. And whoever wins does the [database] write. That mess[ed] with my head. That was […] very unique.”

Beginning To Build

Nicholas’s path to building in the space was an organic one. At the time he was living in New York City, and being a developer he of course found the original Bitdevs founded in NYC. Back then meetups were incredibly small, sometimes even less than a dozen people, so the environment was much more conducive to in-depth conversations than some larger meetups these days. 

He first began building a “hobbyist” Over The Counter (OTC) trading software stack for some people (back then a very significant volume of bitcoin was traded OTC for cash or other fiat mediums). From here Nicholas and Omar Shibli, whom he met at Bitdevs, worked together on Pay To Contract (BIP 175). 

BIP 175 specifies a scheme where a customer purchasing a good participates in generating the address the merchant provides. This is done by the two first agreeing on a contract describing what is being paid for, afterwards the merchant sends a master public key to the consumer, who uses the hash of that description of the item or service to generate an individual address using the hash and master public key. 

This allows the customer to prove what the merchant agreed to sell them, and that the payment for the good or service has been made. Simply publishing the master public key and contract allows any third party to generate the address that was paid, and verify that the appropriate amount of funds were sent there. 

Ocean and Mainstay

Nicholas and Omar went on to found CommerceBlock, a Bitcoin infrastructure company. Commerceblock took a similar approach to business as Blockstream, building technological platforms to facilitate the use of Bitcoin and blockchains in general in commerce and finance. Shortly afterwards Nicholas met Tom Trevethan who came on board. 

“I met Tom via, yeah, a mutual friend, happy to say who it is. There’s a guy called, who, new people probably don’t know who he is, but OGs do, John Matonis.  John Matonis was a good friend of mine, [I’d] known him for a while. He introduced me to Tom, who was, you know, kind of more on the cryptography side. And it kind of went from there.”

The first major project they worked on was Ocean, a fork of the Elements sidechain platform developed by Blockstream that the Liquid sidechain was based on. The companies CoinShares and Blockchain in partnership with others launched an Ocean based sidechain in 2019 to issue DGLD, a gold backed digital token. 

“So we, you know, we were working on forks of Elements, doing bespoke sidechains. […] Tom had some ideas around cryptography. And I think one of our first ideas was about how to bolt on these forks of Elements onto […] the Bitcoin main chain. […] We thought the cleanest way to do that was […] using some sort of, I can’t remember, but it was something [based on] single-use sealed sets, which was an invention by Peter Todd. And I think we implemented that fairly well with Mainstay.”

The main distinction between Ocean and Liquid as a sidechain platform is Ocean’s use of a protocol designed at Commerceblock called Mainstay. Mainstay is a timestamping protocol that, unlike Opentimestamps, strictly orders the merkle tree it builds instead of randomly adding items in whatever order they are submitted in. This allows each sidechain to timestamp its current blockheight into the Bitcoin blockchain everytime mainchain miners find a block. 

While this is useless for any bitcoin pegged into the sidechain, for regulated real world assets (RWA), this provides a singular history of ownership that even the federation operating the sidechain cannot change. This removes ambiguity of ownership during legal disputes. 

When asked about the eventually shuttering of the project, Nicholas had this to say: 

“I don’t know if we were early, but we had a few clients. But it was, yeah, there wasn’t much adoption. I mean, Liquid wasn’t doing amazing. And, you know, being based in London/Europe, whenever we met clients to do POCs, we were competing against other well-funded projects. 

It shows how many years ago they’d either received money from people like IBM or some of the big consultancies and were promoting Hyperledger.  Or it was the days when we would be competing against EOS and Tezos. So because we were like a company that needed money to build prototypes or build sidechains, it kind of made it very hard. And back then there wasn’t much adoption.”

Mercury Wallet and Mercury Layer

After shutting down Ocean, Nicholas and Tom eventually began working on a statechain implementation, though the path to this was not straightforward. 

“[T]here were a few things happening at the same time that led to it. So the two things were we were involved in a [proof of concept], a very small […]POC for like a potential client. But this rolled around Discreet Log Contracts. And one of the challenges of Discreet Log Contracts, they’re very capital inefficient. So we wanted a way to novate those contracts. And it just so happened that Ruben Sampson, you know, wrote this kind of white paper/Medium post about statechains. And […] those two ideas, that kind of solved potentially that issue around DLCs.”

In the end they did not wind up deploying a statechain solution for managing DLCs, but went in a different direction. 

Well, there was another thing happening at the same time, coinswaps. And, yeah, bear in mind, in those days, everyone worried that by […] 2024/2025 […] network fees could be pretty high. And to do […] coin swaps, you kind of want to do multiple rounds. So […] state chains felt perfect because […] you basically take a UTXO, you put it off the chain, and then you can swap it as much as you want.”

Mercury Wallet was fully built out and functional, but sadly never gained any user adoption. Samourai Wallet and Wasabi Wallet at the time dominated the privacy tool ecosystem, and Mercury Wallet was never able to successfully take a bite out of the market. 

Rather than completely give up, they went back to the drawing board to build a statechain variant using Schnorr with the coordinator server blind signing, meaning it could not see what it was signing. When asked why those changes were made, he had this to say: “That would give us a lot more flexibility to do other things in Bitcoin with L2s. You know, the moment you have a blinded solution, we thought, well, this could start having interoperability with Lightning.”

Rather than building a user facing wallet this time, they built out a Software Development Kit (SDK) that could be integrated with other wallets.

“{…] I guess with Mercury Layer, it was very much building a kind of […] full-fledged Layer 2 that anyone could use. So we [built] it as an SDK. We did have a default wallet that people could run. But we were hoping that other people would integrate it.”

The End of CommerceBlock

In the end, CommerceBlock shuttered its doors after many years of brilliant engineering work. Nicholas and the rest of the team built numerous systems and protocols that were very well engineered, but at the end of the day they seemed to always be one step ahead of the curve. That’s not necessarily a good thing when it comes to building systems for end users. 

If your work is too far ahead of the demand from users, then in the end that isn’t a sustainable strategy. 

“…being in the UK, which is not doing that well from a regulatory point of view, played into it. If I

@ cae03c48:2a7d6671

Bitcoin Magazine

Amboss Launches Rails, a Self-Custodial Bitcoin Yield Service

Amboss, a leader in AI-driven solutions for the Bitcoin Lightning Network, today announced Rails, a groundbreaking self-custodial Bitcoin yield service. According to a press release sent to Bitcoin Magazine, it’s designed to empower companies, custodians, and high net worth individuals. This allows participants to earn a yield on their Bitcoin.

Big news from @TheBitcoinConf !
We’re thrilled to announce Rails—a self-custodial Bitcoin yield service that empowers you to earn on your BTC while supercharging the Lightning Network.

Let’s bring Bitcoin to the World.https://t.co/3WYYvB95hP

— AMBOSS (@ambosstech) May 29, 2025

Rails also launched a secure way for Liquidity Providers (LPs) to hold all custody of their Bitcoin while generating returns from liquidity leases and payment routing, although they are not guaranteed. The implementation of Amboss’ AI technology, Rails strengthened their Lighting Network with more dependable transactions and larger payment volumes.

“Rails is a transformative force for the Lightning Network,” said the CEO and Co-Founder of Amboss Jesse Shrader. “It’s not just about yield—it’s about enabling businesses to strengthen the network while earning on their Bitcoin. This is a critical step in Bitcoin’s evolution as a global medium of exchange.”

The service offers two options: 

• Rails LP is designed for high net worth individuals, custodians, and companies with Bitcoin treasuries, requiring a minimum commitment of 1 BTC for one year. 
• Liquidity subscriptions are designed for businesses that receive Bitcoin payments, with fees starting at 0.5%.

Amboss partnered with CoinCorner and Flux (a joint venture between Axiom and CoinCorner), to bring Rails to the market. CoinCorner has incorporated it into both its exchange platform and daily payment services in the Isle of Man. Flux is jointly focused on advancing the Lightning Network’s presence in global payments. Their participation highlights growing industry trust in Rails as a tool to scale Bitcoin effectively. 

“Rails offers a practical way for businesses like ours to participate in the Lightning Network’s growth,” said the CFO of CoinCorner David Boylan. “We’ve been using the Lightning Network for years, and Rails provides a structured approach to engaging with its economy, particularly through liquidity leasing and payment routing. This aligns with our goal of making Bitcoin more accessible and practical for everyday use.”

This post Amboss Launches Rails, a Self-Custodial Bitcoin Yield Service first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

@ 5d4b6c8d:8a1c1ee3

We got more great contributions from the usual suspects, but also some very interesting reporting on the Venezuelan economy.

Top Posts

MONEY CLASS OF THE DAY: Market Efficiency: You Come Into MYYYYY HOUSE?! by @denlillaapan, 31 comments and 5834 sats A great primer on what "market efficiency" means and the epistemological issues with claims of inefficiency

Mini Pleb Economist: No Tax on Tips? by @SimpleStacker, 24 comments and 2035 sats Some interesting predictions about what the second order effects will be of removing taxes on tips

There Will Never Be Another Buffett (WSJ, Jason Zweig) by @denlillaapan, 23 comments and 1212 sats The most popular of Den's many sendoff's to the Oracle of Omaha

2 ways to buy gasoline in Venezuela by @bief57, 27 comments and 1835 sats A very interesting look at the parallel systems of market priced and "free" gas in Venezuela

Thank you to our OP's and commenters for keeping ~econ interesting.

https://stacker.news/items/994413

@ 7f6db517:a4931eda

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.

---

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

@ 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

@ 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.

---

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

---

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

---

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

@ 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

@ c1e9ab3a:9cb56b43

1. Introduction

Over the last 250 years the world’s appetite for energy has soared along an unmistakably exponential trajectory, transforming societies and economies alike. After a half‑century of relative deceleration, a new mix of technological, demographic and political forces now hints at an impending catch‑up phase that could push demand back onto its centuries‑long growth curve. This post knits together the history, the numbers and the newest policy signals to explore what that rebound might look like—and how Gen‑4 nuclear power could meet it.

---

2. The Long Exponential: 1750 – 1975

Early industrialisation replaced muscle, wood and water with coal‑fired steam, pushing global primary energy use from a few exajoules per year in 1750 to roughly 60 EJ by 1900 and 250 EJ by 1975. Over that span aggregate consumption doubled roughly every 25–35 years, equivalent to a long‑run compound growth rate of ~3 % yr‑¹. Per‑capita use climbed even faster in industrialised economies as factories, railways and electric lighting spread.

---

3. 1975 – 2025: The Great Slowdown

3.1 Efficiency & Structural Change

• Oil shocks (1973, 1979) and volatile prices pushed OECD economies to squeeze more GDP from each joule.
• Services displaced heavy industry in rich countries, trimming energy intensity.
• Refrigerators, motors and vehicles became dramatically more efficient.

3.2 Policy & Technology

• The Inflation Reduction Act (U.S.) now layers zero‑emission production credits and technology‑neutral tax incentives on top of existing nuclear PTCs citeturn1search0turn1search2.
• The EU’s Net‑Zero Industry Act aims to streamline siting and finance for “net‑zero technologies”, explicitly naming advanced nuclear citeturn0search1.

3.3 Result

Global primary energy in 2024 stands near 600 EJ (≈ 167 000 TWh)—still growing, but the line has flattened versus the pre‑1975 exponential.

---

4. Population & Per‑Capita Demand

World population tripled between 1950 and today, yet total energy use grew roughly six‑fold. The imbalance reflects rising living standards and electrification. Looking ahead, the UN projects population to plateau near 10.4 billion in the 2080s, but per‑capita demand is poised to climb as the Global South industrialises.

---

5. The Policy Pivot of 2023‑2025

| Region | Signal | Year | Implication | |--------|--------|------|-------------| | COP 28 Declaration | 20+ nations pledge to triple nuclear capacity by 2050 | 2023 | High‑level political cover for rapid nuclear build‑out citeturn0search2 | | Europe | Post‑crisis sentiment shifts; blackout in Iberia re‑opens nuclear debate | 2025 | Spain, Germany, Switzerland and others revisit phase‑outs citeturn0news63 | | United States | TVA submits first SMR construction permit; NRC advances BWRX‑300 review | 2025 | Regulatory pathway for fleet deployment citeturn1search9turn1search1 | | Global Strategy Report | “Six Dimensions for Success” playbook for new nuclear entrants | 2025 | Practical roadmap for emerging economies citeturn0search0 | | U.S. Congress | Proposed cuts to DOE loan office threaten build‑out pace | 2025 | Finance bottleneck remains a risk citeturn1news28 |

---

6. The Catch‑Up Scenario

Suppose the recent 50‑year pause ends in 2025, and total energy demand returns to a midpoint historical doubling period of 12.5 years (the average of the 10–15 year rebound window).

6.1 Consumption Trajectory

| Year | Doublings since 2024 | Demand (TWh) | |------|----------------------|--------------| | 2024 | 0 | 167 000 | | 2037 | 1 | 334 000 | | 2050 | 2 | 668 000 | | 2062 | 3 | 1 336 000 |

(Table ignores efficiency gains from electrification for a conservative, supply‑side sizing.)

---

7. Nuclear‑Only Supply Model

7.1 Reactor Math

• 1 GWᵉ Gen‑4 reactor → 8.76 TWh yr‑¹ at 100 % capacity factor.
• 2062 requirement: 1 336 000 TWh yr‑¹ → ≈ 152 500 reactors in steady state.
• Build rate (2025‑2062, linear deployment):
  152 500 ÷ 38 years ≈ 4 000 reactors per year globally.

(Down from the earlier 5 000 yr‑¹ estimate because the deployment window now stretches 38 years instead of 30.)

7.2 Policy Benchmarks

• COP 28 triple target translates to +780 GW (if baseline 2020 ≈ 390 GW). That is <100 1 GW units per year—two orders of magnitude lower than the theoretical catch‑up requirement, highlighting just how aggressive our thought experiment is.

7.3 Distributed vs Grid‑Centric

Small Modular Reactors (300 MW class) can be sited on retiring coal plants, using existing grid interconnects and cooling, vastly reducing new transmission needs. Ultra‑large “gigawatt corridors” become optional rather than mandatory, though meshed regional grids still improve resilience and market liquidity.

---

8. Challenges & Unknowns

1. Finance: Even with IRA‑style credits, first‑of‑a‑kind Gen‑4 builds carry high cost of capital.
2. Supply Chain: 4 000 reactors a year means a reactor‑grade steel output roughly 20× today’s level.
3. Waste & Public Trust: Advanced reactors can burn actinides, but geologic repositories remain essential.
4. Workforce: Nuclear engineers, welders and regulators are already in short supply.
5. Competing Technologies: Cheap renewables + storage and prospective fusion could displace part of the projected load.

---

9. Conclusions

Recent policy shifts—from Europe’s Net‑Zero Industry Act to the COP 28 nuclear declaration—signal that governments once again see nuclear energy as indispensable to deep decarbonisation. Yet meeting an exponential catch‑up in demand would require deployment rates an order of magnitude beyond today’s commitments, testing manufacturing capacity, finance and political resolve.

Whether the future follows the modest path now embedded in policy or the steeper curve sketched here, two convictions stand out:

• Electrification will dominate new energy demand.
• Scalable, dispatchable low‑carbon generation—likely including large fleets of Gen‑4 fission plants—must fill much of that gap if net‑zero targets are to remain credible.

---

Last updated 1 June 2025.

@ 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

@ 472f440f:5669301e

Marty's Bent

Sorry for the lack of writing over the last week. As many of you may already know, I was in Las Vegas, Nevada for the Bitcoin 2025 conference. It was my first time in Las Vegas. I had successfully avoided Sin City for the first 34 years of my life. But when duty calls, you have to make some personal concessions.

Despite what many say about this particular conference and the spectacle that it has become, I will say that having attended every single one of Bitcoin Magazine's conferences since 2019, I thoroughly enjoy these events, even if I don't agree with all the content. Being able to congregate with others in the industry who have been working extremely hard to push Bitcoin forward, all of whom I view as kindred spirits who have also dedicated their lives to making the world a better place. There's nothing better than getting together, seeing each other in person, shaking hands, giving hugs, catching up and reflecting on how much things have changed over the years while also focusing on the opportunities that lie ahead.

I think out of all the Bitcoin magazine conferences I've been to, this was certainly my favorite. If only because it has become abundantly clear that Bitcoin is here to stay. Many powerful, influential, and competent people have identified Bitcoin as an asset and monetary network that will play a large part in human society moving forward. And more importantly, Bitcoin is proving to work far better than anybody not paying attention expected. While at the same time, the fiat system is in woeful disrepair at the same time.

As a matter of reflection and surfacing signal for you freaks, here are the presentations and things that happened that I think were the most impactful.

Miles Suter's Block Presentation

https://youtu.be/iUXomXuXcuA

This presentation was awesome for many reasons, one of which being that we often forget just how dedicated Block, as an organization with many companies - including Cash App, Square, the open source organization known as Spiral and more recently, BitKey and Proto - has been to bitcoin over the last eight years. They've worked methodically to make Bitcoin a first-class citizen in their business operations and slowly but surely have built an incredibly integrated experience across their brands. The two big announcements from Block during the conference were the enablement of Bitcoin payments in Square point-of-sale systems and the amount of revenue they're making on their Lightning node, c=, from routing payments.

Right now, the Bitcoin payments and point of sale systems is in beta with many merchants testing it out for the next six months, but it will be available for all 4 million square merchants in 2026. This is something that many bitcoiners have been waiting for for many years now, and it is incredible to see that they finally brought it across the line. Merchants will have the ability to accept bitcoin payments and either convert every payment into fiat automatically, convert a portion of the bitcoin payment into fiat to keep the rest in sats, or simply keep all of the bitcoin they receive via payments in sats. This is an incredible addition to what Square has already built, which is the ability of their merchants to sweep a portion of their revenues into bitcoin if they desire. Square is focused on building a vertically integrated suite of bitcoin products for merchants that includes the ability to buy bitcoin, receive bitcoin, and eventually leverage financial services using bitcoin as collateral so that they can reinvest in and expand their businesses.

via Ryan Gentry

What went a bit underappreciated in the crowd was the routing node revenue that c= is producing, \~9.7% annualized. This is a massive validation of something that many bitcoiners have been talking about for quite some time, which is the ability to produce "yield" on bitcoin in a way that reduces risk significantly. Locking up bitcoin in a 2-of-2 multisig within Lightning channels and operating a Lightning routing node has been long talked about as one of the ways to produce more bitcoin with your bitcoin in a way that minimizes the threat of loss.

It seems that c= has found a way to do this at scale and is doing it successfully. 10% yield on bitcoin locked in Lightning channels is nothing to joke about. And as you can see from the chart above in the grainy picture taken by Ryan Gentry of Lightning Labs, this routing node "yield" is producing more return on capital than many of the most popular staking and DeFi protocols.

This is a strong signal to the rest of the market that this can be done. It may take economies of scale and a high degree of technical competency today. But this is incredibly promising for the future of earning bitcoin by providing valuable goods and services to the market of Bitcoiners. In this case, facilitating relatively cheap and instantly settled payments over the Lightning Network.

Saifedean Ammous' Bitcoin and Tether Presentation

https://youtu.be/SFUiGTayVL8

This was one of the best presentations at the conference. Saifedean Ammous is a friend, he has been an incredible influence on my personal bitcoin journey, and I feel comfortable in saying he's been a strong influence on the journey of hundreds of thousands, at least, if not millions of people as they've attempted to understand bitcoin.

This presentation is a bit spicy because it puts a pin in the balloon of hopium that stablecoins like Tether are mechanisms that could bail out the market for US Treasuries in the medium to long-term if they take enough market share. As one always should do, Saif ran the numbers and clearly illustrates that even in the most optimistic case, Tether's impact on the market for treasuries, their interest rates, and curbing the growth of the debt held by the US federal government will be minimal at best.

One of the most interesting things that Saif points out that I'm a bit embarrassed I didn't recognize before is that much of the demand for Tether that we're seeing these days is replacement demand for treasuries. Meaning that many people who are turning to Tether, particularly in countries that have experienced hyperinflationary events, are using Tether as a substitute for their currencies, which are operated by central banks likely buying U.S. treasuries to support their monetary systems. The net effect of Tether buying those treasuries is zero for this particular user archetype.

Saif goes on to explain that if anything, Tether is a weapon against the US Treasury system when you consider that they're storing a large portion of the stablecoin backing in Treasuries and then using the yields produced by those Treasuries to buy bitcoin. Slowly but surely over time bitcoin as a percentage of their overall backing of Tether has grown quite significantly starting at 0% and approaching 10% today. It isn't hard to imagine that at some point within the next decade, Bitcoin could be the dominant reserve asset backing tethers and, as a result, Tether could be pegged to bitcoin eventually.

It's a fascinating take on Tether that I've never heard before.

Nothing Stops this Train from Lyn Alden

https://youtu.be/Giuzcd4oxIk

Lyn's been saying it loudly for quite some time now; "Nothing stops this train." She's even been on our podcast to explain why she believes this many times over the last five years. However, I don't think there is one piece of content out there that consolidates her thesis of why nothing stops the train of fiscal irresponsibility and unfettered debt expansion and why that's good for bitcoin than the presentation she gave at the conference. Definitely give this one a watch when you get a chance if you haven't already.

Overall, it was a great week in Vegas and I think it's safe to say that bitcoin has gone mainstream. Whether or not people who have been in the bitcoin industry and community for a while are okay with does not really matter. It's happening and all we can do is ride the wave as more and more people come to recognize the value prop of bitcoin and the social clout they can gain from supporting it. Our job here at TFTC is to help you discern the signal from the noise, continue to champion the self-sovereign usage of bitcoin and keep you abreast of developments in the space as they manifest.

Buckle up. Things are only going to get weirder from here on out.

Bitcoin's Mathematical Destiny

Sean Bill and Adam Back make a compelling case for Bitcoin's inevitable march toward $1 million. Sean points out that Bitcoin represents just a tiny fraction—2 trillion out of 900 trillion—of total financial assets, calling it a "tiny orange dot" on their presentation to Texas pensions. He emphasizes that reaching parity with gold alone would deliver a 10x return from current levels. Adam highlights the mathematical impossibility of current prices, noting that ETF buyers are absorbing 500,000 BTC annually while only 165,000 new coins are mined.

"Who's selling at these prices? It doesn't quite add up to me." - Adam Back

The institutional wave is just beginning. Sean revealed that while 50% of hedge fund managers personally own Bitcoin, only 3% have allocated institutional funds. Combined with emerging demand from nation states and corporate treasuries meeting Bitcoin's fixed supply, the price trajectory seems clear. Both guests stressed the importance of staying invested—missing just the 12 best performing days each year would turn Bitcoin into a losing investment.

Check out the full podcast here for more on pensions allocating to Bitcoin, cypherpunk banking, and commodity trading insights.

Headlines of the Day

Panama Canal Eyes Bitcoin for Payment Option - via X

U.S. Warns of Imminent Chinese Threat to Taiwan - via X

Get our new STACK SATS hat - via tftcmerch.io

Saylor's Bitcoin Strategy Explodes Globally Amid Doubt - via CNBC

---

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...

Moving is the least fun part of the human experience.

---

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:

@ a296b972:e5a7a2e8

Wird hier gerade eine Hollywood-Show vor unseren Augen aufgeführt?

Trump tut oft so, als ob die USA erst mit seiner zweiten Präsidentschaft zu existieren begonnen haben. Die Suppe, die ihm die Biden-Regierung eingebrockt hat auszulöffeln, gehört zur Übernahme der Amtsgeschäfte. Ist es wahrscheinlich, dass die Vorbereitungen für den Stellvertreterkrieg zwischen den USA und Russland, auf dem Rücken der Ukrainer, erst mit der Biden-Administration angefangen haben, oder schon früher?

Nicht vergessen: Als dominierende Kraft in der NATO sind die USA maßgeblich für die Provokation Russlands durch die NATO-Osterweiterung verantwortlich.

Jetzt, wo man, wie in anderen „demokratiebringenden Einmärschen“ vorher auch schon, erkannt hat, dass man wieder mal gescheitert ist, versuchen sich die USA einen schlanken Fuß zu machen? Wollen sie sich gesichtswahrend aus der Affaire ziehen und Europa den schwarzen Peter zuschieben? Am Ende hieße es dann möglicherweise: Wir haben ja alles versucht, uns für eine Befriedung in der Ukraine einzusetzen, aber ihr Europäer wolltet ja nicht. Jetzt seht selber zu, wie ihr damit fertig werdet. Schon lange vor dem Ukraine-Krieg gab es Stimmen, die sagten, dass wenn es einmal darauf ankommt, werden die USA Europa fallen lassen, wie eine heiße Kartoffel.

Trump deutet an, eine große Zahl der Besatzungstruppen in Europa, besonders präsent in Deutschland, abziehen zu wollen. Gleichzeitig ist die geplante Stationierung von Hyperschallraketen namens „Dark Eagle“ in 2026 noch nicht zurückgenommen worden. Das wäre ein klares Signal einer vertrauensbildenden Maßnahme. Trump könnte in Wiesbaden das Licht ausmachen. Auch das wäre Russland gegenüber, ein klares Zeichen zum festen Willen einer Deeskalation.

Wie geht es mit den rund 800 weltweiten US-Basen weiter? Gibt es hier Pläne, sich zurückzuziehen?

Trump könnte veranlassen, dass Starlink abgeschaltet würde, ein Anruf bei Musk genügte, dann wäre die Ukraine blind. Warum tut er das nicht, um den Krieg schneller zu beenden?

Warum fließen von Deutschland finanzielle Mittel in die Ukraine, um den Betrieb von Starlink weiter aufrechtzuerhalten?

All das könnten klare Zeichen Richtung Russland sein, die es beruhigen und das territoriale Sicherheitsgefühl des Landes wiederherstellen würde.

Wusste Trump nichts von der Auslagerung der Bio-Waffen-Labore in die Ukraine?

Haben die zahlreichen Executive Orders, so gut sie auch sein mögen, nicht auch den Charme von Autokratie oder sogar schon Diktatur? Sind diese in einer Ausnahmesituation gerechtfertigt? Dann wären die Ermächtigungsgesetze bei der Machtübernahme in Deutschland es auch gewesen. Sie geschahen aus der Sicht der Verantwortlichen ja auch in bester Absicht. Das kann doch eigentlich nicht sein. Oder kann man beides nicht miteinander vergleichen?

Wie passt das alles zusammen?

Im Juni gibt es ein NATO-Treffen. Wird Trump dort den Austritt aus der NATO verkünden?

Vorher macht Merz seinen Antrittsbesuch bei Trump. Gibt es eine saftige Ohrfeige, entlässt Trump Deutschland in die Volljährigkeit, oder erklärt Trump Deutschland zu seinem stärksten und verlässlichsten Partner in Europa? Man muss mit allem rechnen.

Durch seine Rede auf der Sicherheitskonferenz in München, bemängelte Vance unter anderem die Meinungsfreiheit in Deutschland. Ist das wirkliche Meinungsfreiheit, wenn diese derzeit in den USA vor allem in den Händen von Musk liegt?

Vance sah auch eine Gefahr für die Demokratie in Deutschland durch die Brandmauer gegen die Opposition. Es ist offensichtlich, dass Trump konservative Kräfte und somit die Opposition in Deutschland unterstützt und stärkt. Die Opposition steht jedoch auch zur NATO und ist für eine angemessene Verteidigungsfähigkeit. Keine Überlegungen, ob die Neutralität für Deutschland nicht ebenfalls eine Alternative wäre. Besteht hier nicht eine Gefahr, denn es ist nicht das erste Mal, dass die USA in einem anderen Land Kräfte unterstützen, von denen sie der Meinung sind, dass sie der Demokratisierung dienen. Hier gibt es Beispiele dafür, dass der Schuss auch nach hinten losgehen kann. Dieses Mal mag es ja vielleicht in die richtige Richtung gehen, doch wer garantiert das? Am Ende zeigt es jedoch vor allem, dass Deutschland nur ein Spielball ganz anderer Kräfte ist, und aus sich heraus nicht in der Lage, vernunftbegabte, eigene Entscheidungen zu treffen. Und werden Entscheidungen getroffen, dann gehen sie in die falsche Richtung. Deutschland darf nicht stärkste Kraft in Europa werden, schon allein aufgrund seiner eigenen Geschichte nicht.

Und die, die die durchaus vorhandenen mahnenden Stimmen in Deutschland unterstützen müssten, die tun es (noch) nicht. In der Tat muss der Wandel von unten nach oben erfolgen, durch den Souverän, weil es mehr als genug Beweise dafür gibt, dass die politische Klasse weder willens noch dazu in der Lage ist, wieder freiheitlich-demokratische Verhältnisse herzustellen, auch, wenn sie ständig gebetsmühlenartig betont, dass sie Unseredemokratie mit allen Mitteln schützen will. Mittlerweile ist die Lage schon so pervers, dass man sich förmlich einen tagelangen Blackout, Benzinpreise von 5,00 Euro den Liter, exorbitant hohe Heiz- und Lebenshaltungskosten herbeiwünscht, damit dieses derzeit leider enttäuschende, bräsige Volk endlich den Irren in Berlin deutlich zu verstehen gibt, dass es so nicht weitergehen kann.

Herr Pistorius scheint der Ansicht zu sein, dass, wenn er das Wort Diplomatie in den Mund nimmt, er augenblicklich an Zungenkrebs erkrankt. Nein, Herr Pistorius, wir müssen nicht kriegstüchtig werden, wir müssen nicht nur friedensfähig werden, sondern friedensliebend durch eine vernunftbegabte deutsche Politik sein, kapieren Sie das endlich! Und diese Friedensliebe muss in die Welt hinausposaunt werden, als Zeichen, dass Deutschland aus seiner Geschichte gelernt hat (wenn es denn so wäre).

Und Frieden durch Krieg schaffen zu wollen, ist und bleibt bekloppt!

Und Merz, verkündet stolz die Stationierung einer Brigade in Litauen, direkt an der russischen Grenze. Es scheint ihm Vergnügen zu bereiten, den Bären an der Tatze zu kitzeln. So lange, bis er die Krallen zeigt, weil es ihm zu viel wird. In Litauen selbst scheint es seit Ende des 2. Weltkrieges noch bis heute eine beträchtliche Anzahl von ewig Gestrigen zu geben, genauso, wie in der Ukraine. Wie passt das zusammen?

Oder soll gar am Ende doch noch der Morgenthau-Plan umgesetzt werden? Anzeichen dafür gibt es.

Was, Herr Trump, ist jetzt mit den Goldreserven in Fort Knox? Sind sie noch da, oder nicht? Was ist mit den deutschen Goldreserven? Die sieht Deutschland wahrscheinlich nie wieder, weil sie mit den jahrzehntelangen Kosten für den US-NATO-Schutz verrechnet werden. Und am Ende würde wahrscheinlich sogar noch ein Saldo zu Ungunsten Deutschlands übrigbleiben.

Ja, es sind viele Baustellen begonnen worden und es gibt immer noch sehr starke Kräfte in den USA, die das Aufräumen verhindern wollen:

Weniger Zucker, keine künstlichen Zusatzstoffe in Lebensmitteln, zusatzfreies Wasser, alles schön und gut. Was nutzt es, wenn die Amis sich wieder gesünder ernähren können, die Fettleibigkeit zurückgeht und viele am Ende dann doch an den Folgen der Spritze zugrunde gehen.  Ein offizielles, nationales, sofortiges Verbot der mRNA-Vergiftung gibt es immer noch nicht. Und auch keine laufende Aufarbeitung und Aufklärung von alleroberster Stelle. Kennedy tut was er kann, aber das reicht noch nicht.

Wer sind die Hintermänner der Wettermanipulation, die derzeit teilweise geahndet werden? Irgendjemand muss den Auftrag dazu geben, wo wird das Zeug hergestellt, wer mischt es dem Flugbenzin bei, was wissen die Flugkapitäne, wenn es denn so ist?

Wird eine Grand Jury vorbereitet, in denen die von Biden am letzten Tag begnadigten Personen, inklusive ihm selbst, zur Rechenschaft gezogen werden? Wo ist das US-amerikanische Nürnberg 2.0 für alle, die an dem Spritzen-Verbrechen beteiligt gewesen sind?

Was ist mit den Kinderschändern? Können die fliehen, wohin? Oder landen die allesamt auf dem elektrischen Stuhl, wo sie hingehören würden? Auch, wenn man grundsätzlich gegen die Todesstrafe ist, in diesem Fall könnte man doch mal eine Ausnahme machen, falls Guantanamo zu voll würde. Sich in teuflischer Art auf verschiedene Weise an Kindern zu vergehen, ist das widerlichste, abscheulichste, menschenverachtendste, das sich ein normaler Mensch überhaupt nur vorstellen kann. Und gleich danach kommt die weltweite, satanische mRNA-Vergiftung.

Was sollen die Friedensgespräche zwischen Russland und der Ukraine in Istanbul? Wie der durch die NATO-Osterweiterung von den USA angezettelte Krieg in der Ukraine, so wäre es jetzt auch die Pflicht der USA, dieses grandiose Deppenstück mit unzähligen Toten und Verstümmelten auch wieder zu beenden. Und das geht nur zwischen den USA und Russland. Die Ukraine hat dabei wenig bis gar nichts zu melden, genau so wenig, wie Europa, und schon gar nicht Möchte-Gernegroß-Deutschland.

Ist das ein Hinhaltetaktik?

Klar war, dass Trump den Krieg in der Ukraine nicht in 24 Stunden beenden konnte. Wurde Europa die Gelegenheit gegeben, ein Bündnis der Willigen aufzustellen, dass verzweifelt aber erfolglos versucht, einen Keil in die Friedensverhandlungen zu treiben? Soll damit das wahre Gesicht von Großbritannien, Frankreich und Deutschland augenscheinlich werden? Steckt ein Plan dahinter, aber welcher?

Welche Möglichkeiten hätte Trump, die Europäische Union, als Handlanger des Deep States und der NATO, mit einer Überdosis der von der EU-Kommissarin per SMS bestellten Haarspray-Dosen zu ersticken, damit eine für alle einträgliche Neuauflage der Europäischen Wirtschaftsgemeinschaft selbständiger Nationalstaaten wiederauferstehen kann? Damit Gurken und Bananen wieder krumm sein dürfen, und die Sommerzeit, unnötig wie ein Loch im Kopf, endlich wieder abgeschafft wird, weil keiner sie will und weil sie nichts bringt. Das sind nur die harmlosesten Beispiele. Dieses nicht demokratisch gewählte Bürokratie-Monster mit europäischem Herrschaftsanspruch, Militärphantasien und diktatorischen Gleichmachungsgedanken gehört aufgelöst, und die agierenden Handlanger in ihm dürfen nie wieder politische Verantwortung übertragen bekommen.

Es ist richtig, wenn es Stimmen gibt, die sagen, die Veränderung der politischen Verhältnisse muss von der Graswurzel aus erfolgen, weil man erkennen muss, dass das ganze System vergiftet ist. Die USA waren genau so wenig jemals unser Freund, wie Russland unser Feind ist. Es ging und geht immer nur um Interessen, nicht um Nächstenliebe. Wie viele Generationen und ein anderes Bildungssystem braucht es, bis die Menschen das verstehen?

Trump hat schon mehrmals angekündigt, dass „nächste Woche“ Großes geschehen wird. Bisher heiße Luft, oder ist da etwas verkündet worden, dass man nicht mitbekommen hat?

Trump ist nicht der Retter der Welt! Mit dem Projekt Warp-Speed geht es jetzt weiter mit Stargate. Hier sollen 500 Milliarden Dollar in die mRNA-Forschung zur Bekämpfung von Krebs und in die KI-Infrastruktur bereitgestellt werden. Welche Rolle spielen Thiel mit Palantir und Musk mit Neurolink und weitere Tech-Giganten? Digitale Identitäten sollen die illegalen Einwanderer abhalten, zum Schutz der eigenen Bevölkerung. Wer sagt denn, dass hier nicht ein totaler Überwachungsstaat installiert werden soll? Man muss Speck in die Mausefalle legen, damit die Maus darauf hereinfällt. Und dann – schnappt sie zu! Vieles, was aus den USA kommt, hört sich erst einmal befreiend an. Basiert das wirklich auf humanen Prinzipien, oder sind am Ende auch hier nur Interessen, wie überall, die treibende Kraft?

Die USA sind keine lupenreine Demokratie, genauso wenig wie Russland, denn am Ende zählt, wer das meiste Geld zusammenbekommen hat, um an die Macht zu kommen. Das ist wohl eher eine "Moneykratie", eine Geldherrschaft. Einmal sind es die Demokraten, ein anderes Mal sind es die Republikaner. Am Ende ziehen immer diejenigen die Strippen, die dahinterstehen, die man nicht sieht, die Einser, die aus den vielen Nullen eine Tausend machen, damit sie ihre Macht entfalten können. Wer entscheidet denn, wer die guten Reichen und wer die bösen Reichen sind? Am Ende verdirbt Geld und Macht bei allen den Charakter. Und was die sogenannten Philanthropen anrichten können, hat man ja in vollen Zügen „genießen“ dürfen. Raus aus der WHO, ein richtiger Schritt der USA und Argentiniens. Und was ist mit den anderen Staaten? Auch hier tut sich Deutschland wieder einmal in besonders unangenehmer Weise durch zusätzliche Geldspritzen hervor.

Wir sollten endlich innerhalb unserer Menschheitsentwicklung erwachsen werden, uns von dem Gedanken verabschieden und uns darauf verlassen, dass Mama und Papa es schon richten werden. Mit wirklicher Freiheit umzugehen, muss gelernt sein. Wir müssen aus der Freiheits-Simulation aufwachen. Das macht vielen Angst, weil Freiheit mit Selbstverantwortung, Selbstermächtigung und Selbstdenken zu tun hat. Die Auswahl in einem 5 Meter langen Joghurt-Regal hat nichts mit Freiheit zu tun!

Bisher wurden wir in den sogenannten Demokratien darauf hin konditioniert, dass wir unser Kreuzchen machen, damit wir jemanden haben, auf den wir schimpfen können: Die da oben! Und die da oben, interessiert das einen feuchten Kehricht. Das muss aufhören!

Wir müssen unser Schicksal und Wohlergehen endlich selbst in die Hand nehmen.

Alle Systeme, und klingen sie noch so verlockend, dienen der Steuerung und Lenkung von Massen, weil einige Wenige glauben zu wissen, was gut für uns ist. Dabei sollten wir das doch selbst am allerbesten wissen. Dazu gehört vor allem die Freiheit, die kein System wirklich zulassen kann, auch die USA nicht, weil das den absoluten Machtverlust für es bedeuten würde.

Selbst, wenn sich unter dem Vorangegangenen, Wirres für den Leser befinden sollte, es sind eigene Gedanken und eine Meinung, die immer noch besser ist, als die vorbereiteten, geschälten Apfelscheite von einem Tellerchen aufzunehmen, gedankenlos in den Mund zu stecken, leicht durchzukauen und herunterzuschlucken, so, wie es bei denen, die immer noch vor dem Fernseher hocken und glauben, was ihnen da vorgelogen wird, der Fall ist.

Insasse der Freiluft-Irrenanstalt, bediene Dich Deines eigenen Verstandes und heile Dich selbst von der Massenpsychose, in die man Dich durch jahrelange Gehirnwäsche getrieben hat. Schock den Staat, denke selbst!

@ 5d4b6c8d:8a1c1ee3

Sad news stackers. Episode 34 was lost in a tragic boating accident.

We'll revisit our recording setup going forward.

Rest assured that it was a glorious episode and it felt no pain upon its untimely departure. In lieu of an episode, I recommend @BlokchainB's excellent rant about his Knicks.

https://stacker.news/items/994354

@ 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

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.

---

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

@ 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

@ 7f6db517:a4931eda

---

"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

---

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.

---

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

@ 7f6db517:a4931eda

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.

---

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

@ 7f6db517:a4931eda

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.

---

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

@ 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

@ 7f6db517:a4931eda

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.

---

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

@ 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.

---

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

---

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

---

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

@ 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.

• 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

@ 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

@ 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

@ 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

@ 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/

---

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/

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

@media screen and (max-width: 480px) { .mobile-padding { padding: 10px 0 !important; } .social-container { width: 100% !important; max-width: 260px !important; } .social-icon { padding: 0 !important; } .social-icon img { height: 32px !important; width: 32px !important; } .icon-cell { padding: 0 4px !important; } } .mj-column-per-33-333333333333336 { width: 25% !important; max-width: 25%; } .moz-text-html .mj-column-per-33-333333333333336 { width: 25% !important; max-width: 25%; } /* Helps with rendering in various email clients */ body { margin: 0 !important; padding: 0 !important; -webkit-text-size-adjust: 100% !important; -ms-text-size-adjust: 100% !important; } img { -ms-interpolation-mode: bicubic; } /* Prevents Gmail from changing the text color in email threads */ .im { color: inherit !important; }

@ 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

---

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...

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.

---

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:

@media screen and (max-width: 480px) { .mobile-padding { padding: 10px 0 !important; } .social-container { width: 100% !important; max-width: 260px !important; } .social-icon { padding: 0 !important; } .social-icon img { height: 32px !important; width: 32px !important; } .icon-cell { padding: 0 4px !important; } } .mj-column-per-33-333333333333336 { width: 25% !important; max-width: 25%; } .moz-text-html .mj-column-per-33-333333333333336 { width: 25% !important; max-width: 25%; } /* Helps with rendering in various email clients */ body { margin: 0 !important; padding: 0 !important; -webkit-text-size-adjust: 100% !important; -ms-text-size-adjust: 100% !important; } img { -ms-interpolation-mode: bicubic; } /* Prevents Gmail from changing the text color in email threads */ .im { color: inherit !important; }

[![Hodl Bitcoin For Good](https://www

@ 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

@ 9ca447d2:fbf5a36d

Trump Media & Technology Group (TMTG), the company behind Truth Social and other Trump-branded digital platforms, is planning to raise $2.5 billion to build one of the largest bitcoin treasuries among public companies.

The deal involves the sale of approximately $1.5 billion in common stock and $1.0 billion in convertible senior secured notes.

According to the company, the offering is expected to close by the end of May, pending standard closing conditions.

Devin Nunes, CEO of Trump Media, said the investment in bitcoin is a big part of the company’s long-term plan.

“We view Bitcoin as an apex instrument of financial freedom,” Nunes said.

“This investment will help defend our Company against harassment and discrimination by financial institutions, which plague many Americans and U.S. firms.”

He added that the bitcoin treasury will be used to create new synergies across the company’s platforms including Truth Social, Truth+, and the upcoming financial tech brand Truth.Fi.

“It’s a big step forward in the company’s plans to evolve into a holding company by acquiring additional profit-generating, crown jewel assets consistent with America First principles,” Nunes said.

The $2.5 billion raise will come from about 50 institutional investors. The $1 billion in convertible notes will have 0% interest and be convertible into shares at a 35% premium.

TMTG’s current liquid assets, including cash and short-term investments, are $759 million as of the end of the first quarter of 2025. With this new funding, the company’s liquid assets will be over $3 billion.

Custody of the bitcoin treasury will be handled by Crypto.com and Anchorage Digital. They will manage and store the digital assets.

Earlier this week The Financial Times reported Trump Media was planning to raise $3 billion for digital assets acquisitions.

The article said the funds would be used to buy bitcoin and other digital assets, and an announcement could come before a major related event in Las Vegas.

Related: Bitcoin 2025 Conference Kicks off in Las Vegas Today

Trump Media denied the FT report. In a statement, the company said, “Apparently the Financial Times has dumb writers listening to even dumber sources.”

There was no further comment. However, the official $2.5 billion figure, which was announced shortly after by Trump Media through a press release, aligns with its actual filing and investor communication.

Trump Media’s official announcement

This comes at a time when the Trump family and political allies are showing renewed interest in Bitcoin.

President Donald Trump who is now back in office since the 2025 election, has said he wants to make the U.S. the “crypto capital of the world.”

Trump Media is also working on retail bitcoin investment products including ETFs aligned with America First policies.

These products will make bitcoin more accessible to retail investors and support pro-Trump financial initiatives.

But not everyone is happy.

Democratic Senator Elizabeth Warren recently expressed concerns about Trump Media’s Bitcoin plans. She asked U.S. regulators to clarify their oversight of digital-asset ETFs, warning of investor risk.

Industry insiders are comparing Trump Media’s plans to Strategy (MSTR) which has built a multi-billion dollar bitcoin treasury over the last year. They used stock and bond sales to fund their bitcoin purchases.

@ 3c7dc2c5:805642a8

🧠Quote(s) of the week:

Fred Krueger: 'Generally, people overanalyze too much. Bitcoin is amazing tech. It works. It has been the top-performing asset in 13 of the last 15 years. Stop with the analysis. Buy it. Don't trade it. Don't look for "entry points". And don't do a 1% allocation either. Grow a pair.'

🧡Bitcoin news🧡

Money. Time. Energy. You only get to pick two… Unless you’re a Bitcoiner. https://i.ibb.co/1Gw9BJdB/Gqspxqd-Xg-AAw03e.jpg

On the 19th of May.

➡️ El Salvador is $357 million in profit on Bitcoin holdings.

➡️Metaplanet ended Monday as Japan's 9th most traded stock, with ¥61.69B ( $425M) daily volume, surpassing Toyota, SoftBank, and Nintendo.

➡️Circle $USDC in "informal talks" to sell itself to Coinbase or Ripple, Fortune reports. WhalePanda: "Imagine running a $60 billion stablecoin in such an incompetent way you can't even turn a decent profit and desperately have to sell."

➡️Panama introduces a bill to allow citizens to buy, sell, and accept Bitcoin freely anywhere in the country.

On the 20th of May:

➡️https://i.ibb.co/v61tLVTc/Grk-OL6x-Ws-AAIGum.jpg

Tick Tock next block, but it seems like we are right on schedule. Bitcoin is doing exactly what it was designed to do.

➡️BTC just hit a new ATH in Argentina Weak currencies first. Then all of them.

➡️ThumzUp Media officially files to raise $500m to buy Bitcoin as a treasury reserve asset.

➡️Indonesian fintech DigiAsia's stock surges over 90% after announcing plans to raise $100M for a Bitcoin treasury.

➡️River: America’s story began with sound money. Hard-working Americans saved their wealth in gold-backed money. Today, Bitcoin carries that torch forward.

https://i.ibb.co/zTFLqMjC/Grpd4lm-WAAAq-W7m.png

Insane stat! Bitcoin is now the people's money. Imagine the price when nation-states get on board.

The US government is outpacing global rivals like China by embracing Bitcoin. The federal government's Bitcoin holdings now represent twice its global market share of gold reserves.

Worth the read: https://blog.river.com/american-bitcoin-advantage/

'In this report, you'll learn about: - Why Bitcoin is an underestimated pillar of American dominance. - America’s lead in Bitcoin businesses, institutions, development, and policy. - Bitcoin's emergence as America’s reserve asset.'

Ergo: America is the dominant Bitcoin player in just about every dimension: investment, government reserves, development, institutional embrace, supportive policy, and mining.

➡️Texas Bitcoin Reserve bill SB 21 will be considered on the second reading in the House this morning. Note: the Texas Constitution requires that second and third readings be conducted on separate days. If it passes today, then the final vote could be tomorrow

➡️Bitcoin accumulation trends signal bullishness with smallholders (<1 BTC) accelerating accumulation (score ~0.55), and whales (100-10K BTC) aggressively buying. Source: Glassnode

➡️French company The Blockchain Group raises €8.6 million to buy more Bitcoin. Press release

➡️Chinese printer manufacturer Procolored unknowingly distributed Bitcoin-stealing malware through its official device drivers, resulting in 9.3 BTC ($950K) stolen from users.

https://x.com/MistTrack_io/status/1924411803540590728

➡️Bitmine launches its Bitcoin Treasury Advisory Practice with a $4M deal, including $3.2M for leasing 3K Bitcoin miners and an $800K consulting agreement

➡️Bitcoin's correlation to gold is at its lowest since February 2025, per Glassnode data.

➡️UK-listed Smarter Web Company adds 16.42 BTC to its treasury at an average price of $104,202. Total Holdings: 35.62 BTC The Smarter Web Company is stacking with conviction—building a treasury designed for the long term.

On the 21st of May:

➡️Vivek's Strive Asset Management looking to buy up to 75,000 Bitcoin from Mt. Gox claims at a discount to build a Bitcoin treasury.

➡️Bitcoin is $1k from an all-time high and the Google Trends chart looks like this. https://i.ibb.co/qYLb7j6C/Gra6-BSd-Xo-AATN2-A.jpg

On the 22nd of May:

Happy Pizza Day! 15 years ago today Laszlo Hanyecz bought 2 pizzas for 10,000 Bitcoin. That Bitcoin is now worth $1.2 BILLION.

Will Baxter: "But how did he get that much bitcoin? Well, there’s a lot more to Laszlo's story than those pizzas. Here are four facts about him most people don’t know (the last one blew my mind): 1. Laszlo, a Mac developer, discovered bitcoin in 2010. After realizing that Bitcoin only ran on Windows, he took it upon himself to port it to Mac OS. He built and released the first bitcoin client for Mac making it accessible to more users. 2. In its earliest days, bitcoin could be mined with just a CPU, something that every computer has. But Laszlo had other plans. In mid-2010, he released a solution that would allow users to mine with their GPUs. Laszlo is single-handedly responsible for ushering in the era of GPU mining which massively increased Bitcoin’s total hashrate. 3. By being one of the early adopters of GPU mining, Laszlo enjoyed a massive jump in mining efficiency and hashrate, which meant that he was able to mine a lot of blocks. In total, Laszlo’s Bitcoin wallets received more than 80,000 BTC over the first few months of the GPU mining era. It’s estimated that Laszlo mined well over 100,000 BTC in Bitcoin’s early days. 4. Laszlo has single-handedly mined more Bitcoin than any publicly listed Bitcoin mining company. As an example, MARA, the largest publicly traded Bitcoin miner by market capitalization, has mined an estimated 48,000 BTC since 2018. Laszlo and his GPUs managed to mine more than twice that amount! Incredible. (foto)

➡️Pizza slice inscribed on the Bitcoin blockchain forever! Block #897813

➡️Strategy: 'Bitcoin Pizza Day at Strategy. Paid for with USD.'

Kinda disgusting. The largest Bitcoin Treasury Company is not even able to pay for pizza in Bitcoin on Bitcoin Pizza Day? Why did they even bother to buy pizza today? They show zero understanding of the meaning of Pizza Day and Bitcoin history.

Plebs all around the world are celebrating Pizza Day by "spend and replace" Bitcoin for some lovely pizzas. What is Saylor doing? He decides to use his giant megaphone to stomp all over it. "Pay with Dollars. Eat the Pizza. Keep the Bitcoin." That post rubbed me the wrong way. That’s because they are not bullish on the payment use case of Bitcoin. I have been saying all the time: that he has an agenda against the medium of exchange. This is plausible as Saylor never minced words as far as I know. His model is HODL. Spending would contradict.

Not sure if I am overreacting because of store of value for several more years will eventually lead to a Medium of Exchange Bitcoin world.

As you might already know I am not particularly a fan of the whole Bitcoin treasury - public companies.

Read the following thread why, an excellent thread on the risks of Bitcoin treasury companies by a bitcoiner.

https://x.com/lowstrife/status/1925717037915005357

➡️For the first time in history, Bitcoin is now trading above $111,000 and just surpassed $2.2 TRILLION in market cap for the first time in history. $3 Billion worth of Bitcoin shorts to be liquidated at $120,000 Small, tiny reminder. In 2021 dollars, Bitcoin hasn’t broken $100K yet. We need to hit $118K to meet that milestone. Celebrating $1 million (eventually) might not be as much fun as you think.

➡️H100 Group buys 4.39 BTC and becomes Sweden's first publicly listed #Bitcoin treasury company. After announcing its first Bitcoin purchase shares surged 37%. A small stack, big signal.

➡️Bitcoin has now surpassed both Amazon and Google to become the 5th largest asset in the world, and Bitcoin just surpassed the Taiwan Dollar and is now the 8 largest currency in the world. Nothing stops this train. https://i.ibb.co/Jj11QjkL/Grk-Ume-KXs-AAm-Xp6.jpg

➡️Michael Saylor's 'Strategy' now has a $23.8 billion unrealized profit on its Bitcoin portfolio. Meanwhile, Strategy is to sell up to $2.1 billion of 10% preferred stock.

➡️'Traditional finance consensus: "What's the use case for BTC?" Allowing Millennials to afford a home despite Boomer policymakers actively pursuing policies to prevent them from doing so Median US home price, price in BTC, 2020-today IMO, this chart is going <1 in coming yrs.' - Luke Gromen https://i.ibb.co/tpCk7HD2/Grka1-Ld-Wc-AAo-IQn.jpg

Just to give you one more perspective on this topic:

➡️Joe Consorti: US real estate has been in a 15-year bull market. But guess what? Priced in bitcoin, the average US home price has dropped from ~3 million BTC to just 4.38 BTC in 15 years. All assets are deflationary in Bitcoin terms. https://i.ibb.co/m5Nk2Yq2/Grk9d92-XUAAAwz-H.jpg

➡️Taiwanese Legislator has proposed a Bitcoin Strategic Reserve at 0.1% of GDP = $780m

➡️Chinese automaker Jiuzi Holdings to buy 1,000 Bitcoin for treasury.

➡️ 'Singapore's Genius Group buys another 24.5 Bitcoin. Now holds 85.5 Bitcoin, 1,000 BTC target confirmed.' - Bitcoin Archive

➡️Standard Chartered expects Bitcoin to hit: - Q2: $120,000 by the end of Q2 - Q4: $200,000 by late 2025 - 2028: $500,000

➡️On-Chain college: 'New ATH for Bitcoin yet realized profit is significantly lower than the last two local tops and prior cycle tops. HIGHER' https://i.ibb.co/ch0HWwWx/Grjx-GHVWo-AAd7-Wt.jpg

Not sure about that. Could be a double top.

On the 23rd of May:

➡️The Blockchain Group confirms the acquisition of 227 BTC for ~€21.2 million, the holding of a total of 847 BTC, and a ‘BTC Yield’ of 861.0% YTD Press release.

➡️The 8th largest economy in the world will start to buy Bitcoin. No one is bullish enough! Governor Abbot to sign Bitcoin Reserve bill into law! Texas to become the 3rd US state to enact an SBR!

➡️Publicly traded The Smarter Web Company bought 23.09 Bitcoin for £1.85 million for its treasury.

➡️For the love of god. Delate Coinbase or any other shitcoin casino/exchange (for example here in the Netherlands Bitvavo) and cold-Storage your Bitcoin and don’t touch them.

https://i.ibb.co/y3BmmNt/Grp-TDv-BWk-AAs7-Gh.jpg

Not your keys, not your coins.

➡️'The Russian Bitcoin mining sector now ranks first in growth rates and second in mining volume globally. The country's largest Bitcoin miners, BitRiver and Intelion, controlling over 50% of the market, generated $200M in revenue for FY2024, per RBC.' -Bitcoin News

➡️Alex Gladstein: 'Absolutely crazy Hundreds of millions of people saw their wage and savings technology lose 15%, 30%, 50%, 75%, even 90% (!) of its value last year Fiat is broken, time for a Plan ₿' https://i.ibb.co/hRZwFsPJ/Gro-s-KJXUAAh97-M.jpg

➡️Bitwise predicts nation-states and institutions will hold 4,269,000 BTC—worth $426.9B. https://i.ibb.co/RkVDmGLg/Gro6wb-VX0-AAHCT0.jpg

➡️'Metaplanet is now the #4 most traded stock in Japan, moving nearly $1B in a day—just a year after adopting #Bitcoin. From obscurity to 300x returns, this is what happens when a company runs on hard money.' -Bitcoin for Corporation

➡️TFTC: "Scammers are mailing fake "Ledger Security" letters demanding wallet validation via QR code. They spoof official branding and ask users to visit fraudulent sites."

https://i.ibb.co/nNg0JgX6/Grpd0o-BWc-AI3-Yj-Y.jpg

On the 24th of May:

➡️Bitcoin has the same number of users as the Internet had in 1999. https://i.ibb.co/1frYh4Z7/Gru2-J3-UW8-AA-05y.jpg

Now talking about that Bitcoin Adoption S-curve...

➡️Thomas Fahrer: 'Holding Bitcoin means getting rich while feeling frustrated 90% of the time. Deflationary money - designed to increase in value - forever. It's difficult for the human mind to comprehend. Most still don't get it.' https://i.ibb.co/9HwPkxK3/Grwpw-W0-W0-AEc-PSb.jpg

On the 25th of May:

➡️Pakistan allocates 2,000mw of electricity to Bitcoin mining and Ai - Bloomberg Daniel Batten: Pakistan announced 2000 MW for Bitcoin mining & AI. That's potentially ~17,000 BTC per year for an SBR. Plus, India will now have to follow. Game theory playing out. *Assuming that 50% of this is for Bitcoin mining, using latest-gen machines, 95% uptime, network hashrate is on average 1200 EH/s by the time they are complete

➡️Normally, I would write this in the segment below 🌎Macro/Geopolitics... "First signpost: DOGE failed to reduce the deficit.

Second signpost: Pushing for SLR changes to boost demand for Treasuries from domestic banks.

Third signpost: Pushing for legislation to boost demand for Treasuries from stablecoin issuers.

Fourth signpost: New spending bill estimated to increase deficit by 33% by 2027.

Fifth signpost: Bessent: "We'll grow GDP faster than the debt to stabilize debt-to-GDP."

Read below (segment 🌎Macro/Geopolitics) his full statement and my view on it.

TL;DR: Keep spending. Pass new laws and tweak regs to suppress long-end yields. Boost nominal GDP (mostly via inflation). Debase the currency. Bondholders and cash savers lose in real terms. Got Bitcoin?" -Sam Callahan

➡️Sminston With: 'There is a myth that 100% of the returns in Bitcoin only happen if you buy at the bottoms and then sell at the tops during one of the cycles. Power law quantile analysis shows otherwise; in fact, there are nearly identical growth rates (CAGR) whether you buy/sell at the bottoms (support) or around the middle (median) 52% vs 53% as of this year! Whichever trendline is followed, even if you only trade at the bottoms, the compounded annual returns of Bitcoin will be >7x of what you'd ever expect from the S&P. Ignore or try to time Bitcoin at your own risk!' https://i.ibb.co/5QHQHqF/Grzig5-BWIAAy9-Jb.jpg

On the 26th of May:

➡️Bitcoin made another weekly record close at $109,004.

➡️When BlackRock holds 1M Bitcoin and the price hits $1M... They’ll be earning $2.5B a year in fees. Every year. Forever.

➡️Florida proposes eliminating Capital Gains Tax on Bitcoin. If passed, it would make Florida the first U.S. state to offer this kind of tax relief.

➡️Strategy acquires 4,020 BTC for $427.1 million at $106,237 per Bitcoin. They now HODL 580,250 BTC acquired for $40.61 billion at $69,979 per Bitcoin.

💸Traditional Finance / Macro:

Jeroen Blokland: U.S. vs. Eurozone in the digital money age!

https://i.ibb.co/dJ3085qm/Grko80y-WMAATw-V1.jpg

On the 20th of May:

👉🏽TKL: 'Retail investors are piling into stocks: Individual investors bought a net $4.1 BILLION in US stocks on Monday between 9:30 AM and 12:30 PM ET, the biggest buy on record. This surpassed the previous high by over $1 BILLION, according to JPMorgan data. Retail investors also broke the $4 billion buying threshold by noon ET for the first time in history. Additionally, retail accounted for a record 36% of the trading volume yesterday, exceeding the previous record set in late April. This supported the S&P 500's rapid recovery from a -1.1% decline at the beginning of Monday’s session into positive territory by the close. Retail investors are driving the market.'

https://i.ibb.co/HTM721rw/Gr-Zot-Th-XMAAl-EB.jpg

To provide you with another example of why retail is driving this market. Institutional investors remain bearish of US stocks:

A net 38% of institutional investors were underweight US equities in early May, the lowest since May 2023, according to BofA. Outside of 2023, this marks the lowest allocation since the lead-up to 2008. Over the last 5 months, this percentage has fallen by ~70 points, the biggest drop on record. The difference between the proportion of investors being overweight in the Eurozone versus US equities hit a net ~75%, the highest since October 2017. By comparison, 4 months ago, the net percentage was -62 points, the lowest since 2012.

The sentiment shift among professional investors has been historic. Institutions dump U.S. stocks and flock to the Eurozone. Institutions bailing on US stocks while retail piles in - smells like a correction brewing.

🏦Banks:

On the 21st of May:

👉🏽The Federal Reserve has experienced its first back-to-back annual losses since 1915, totaling $192 billion in 2023 and 2024. The most expensive “expertise” in history.

https://i.ibb.co/zzPHp40/Gr-Xx-Hsy-WUAARd-IV.jpg

On the 23rd of May:

👉🏽'U.S. Banks U.S. Banks are currently facing $482 Billion in unrealized losses, an increase of 33% from the prior quarter. With rates now skyrocketing, these losses are going to increase. Banks, particularly small banks, are ( potentially) in trouble!!' - Barchart https://i.ibb.co/1FHmTBc/Grm-GA3-OWMAAro5k.jpg

🌎Macro/Geopolitics:

1 bar of gold

= 1 house (1975) 1 bar of gold

= 1 house (2025) Do you get it yet?

https://i.ibb.co/tTM7Kw0n/Gr-W8b-K0b-AAQvu-He.jpg

Got Bitcoin?

On the 19th of May:

👉🏽 TKL: "Risky debt issuance has stalled in the US: Low-rated US corporations have issued less than $1 billion in bonds in April, the lowest in at least 4 years. At the same time, leveraged loan issuances have reached $13 billion. High-yield corporate bonds and leveraged loan issuances are ~10 TIMES lower than during the same period last year. Leveraged loans are typically used to finance M&A, refinance debt, or general business activity, all of which are slowing down." Seems like uncertainty is really affecting everything.

👉🏽'US Treasuries are selling off: The 30-year Treasury yield surpassed 5%, for the first time since November 2023. It is now trading at the 2nd-highest level in 18 YEARS. Investors are signaling that the US public debt CRISIS is heading to a turning point.' -Global Markets Investor

👉🏽The stupidity of EU leaders knows no limits.

https://i.ibb.co/gCpMxsH/Gr-Txm-P1-Ww-AAALx-L.jpg

'Russia pumps gas 3.000 km from frozen Siberia to China through a Gazprom-owned pipeline. Meanwhile, massive Chinese LNG tankers, too enormous for the Suez Canal, sail the long route around the Cape of Good Hope just to supply Europe,filling the gap left by Russia’s fading influence. And now? Russian gas costs three times more.'

https://www.theguardian.com/environment/2025/jan/09/european-imports-of-liquefied-natural-gas-from-russia-at-record-levels

https://www.theguardian.com/world/2025/feb/24/eu-spends-more-russian-oil-gas-than-financial-aid-ukraine-report

👉🏽Klarna losses widen as more users miss payments; 100 million now on platform — FT “The fintech, which offers interest-free consumer loans to allow customers to make retail purchases, on Monday reported a net loss of $99mn for the three months to March, up from $47mn a year earlier.” https://www.ft.com/content/6c4bf393-c80b-42b7-993a-35270143f688 https://i.ibb.co/prsJNdB2/Gr-Y6-WTQXs-AAPu-Tr.png

Funny how they never learn that unsecured debt to subprime holders is a bad idea. Buy now pay later was a model destined to fail because those least capable of repaying the loans are the very people borrowing it. "100M people using Klarna and they're losing money because broke people keep defaulting on burritos"

On the 20th of May:

👉🏽As mentioned in my previous Bitcoin & Macro recap. Japan’s Prime Minister Ishiba called the current bond market situation in Japan “worse than Greece.” Shocking (not!), falling demand for long bonds in a country with a debt-to-GDP ratio of 216%.

Admitting that you’re situation is worse than Greece should horrify people. "Japan's bond market is imploding: Japan's 30Y Government Bond Yield has officially surged to its highest level in history, at 3.15%. For decades, Japan was known for low long-term interest rates. Now, they are dealing with high inflation, a shifting policy outlook, and a whopping 260% debt-to-GDP ratio. On top of this, Japan holds $1.1 TRILLION worth of US debt, making it the largest foreign holder of US debt." -TKL

This is not just about Japan. It’s a signal that the global debt machine is approaching its structural limits and that the next liquidity cycle may not be voluntary, but forced by sovereign fragility.

Read the following thread:

https://x.com/onechancefreedm/status/1924831549683298535

Remember:

1990: Japan has a goal of bringing prices down.

2012: Japan has a goal of getting prices up.

"History tells us that deflation [and inflation] has a habit of getting out of control."

👉🏽Gold prices extend gains to +5% since their May 15th low and near $3,300/oz as markets price-in uncertainty. Gold and Bitcoin are becoming the ONLY global safe-havens.

Talking about gold. China’s gold ETF inflows have more than doubled in the last 12 months, fueling a 38% surge in gold prices. From retail to the central bank—China has never bought more gold.

https://i.ibb.co/kVHh27vz/Gr-YB3-Wj-XUAAiai-W.jpg

On the 21st of May:

👉🏽For the Dutch followers/readers: The renovation of the Binnenhof is more than twice as expensive as the reconstruction of the Notre-Dame… and it costs more than the tallest building in the world, the Burj Khalifa…A typical case of being royally screwed over with other people's money (our tax money!)

👉🏽And yet another manufacturer driven out of the country by ridiculous climate and energy policies. Paint producer AkzoNobel is closing factories in the Netherlands and Belgium; 276 jobs cut.

They now will produce their products, partly, in France (Pamiers). That’s where they’ll continue production — with cheap and reliable nuclear energy.

Source: https://archive.ph/4nVyg

On the 22nd of March:

👉🏽TKL: "The decline in value of fiat currencies against gold has been truly remarkable: Since 1971, the US Dollar has lost 98.94% of its value against gold, the second-largest fall among major currencies. During the same period, the British Pound has declined 99.42%. The Euro would have lost 98.76% if it existed since 1971. Furthermore, the Japanese Yen and Swiss Franc have dropped 97.47% and 94.85%, respectively. Meanwhile, gold prices in US Dollar terms are up ~1,000% during this period. Gold remains a hedge against currency debasement." Wrong, Bitcoin is the hedge against currency debasement. Just look at the Bitcoin/Gold chart. I prefer 'digital' gold. Voltaire famously said, 'Fiat currency always eventually returns to its intrinsic value--zero.

On the 23rd of May:

👉🏽Trump recommends a 50% tariff on products imported from the European Union, starting on June 1, 2025. TKL: 'The trade war is back just as the 10Y Note Yield crosses above 4.60%. This morning, President Trump threatened 25% tariffs on Apple, $AAPL, and 50% tariffs on the EU beginning June 1st. Now, yields are pulling back sharply as recession worries resurface. The drop in yields on this announcement will only give MORE of a reason for President Trump to prolong the trade war. As we have said MULTIPLE times, a trade war accomplishes all of Trump's economic goals at once. Trump wants lower rates, the Fed won't cut, so he will get them the hard way.'

👉🏽US Treasury Secretary Scott Bessent: "We can both grow the economy and control the debt. What is important is that the economy grows faster than the debt. If we change the growth trajectory of the country, of the economy, then we will stabilize our finances and grow our way out of this." “We can grow our way out of this” RIP Fiscal Austerity, 2025-2025 lmao!

Notice how it’s shifted from “we’re going to cut spending” to “we’re going to grow our way out” regarding our debt burden. Bessent knows it’s cooked, hence why he stopped talking about yields. It is kinda delusional to think we are going to grow the economy fast enough to accomplish this when the budget deficit is over 6% of GDP.

Translation: they are unable to meaningfully reduce the debt. US government debt will continue to grow. They will be forced to print eventually. Your purchasing power will continue to fall. Got Bitcoin?

Just to give you one more example:

👉🏽'The national debt has grown under every U.S. president, regardless of political party, for decades. And that is set to continue during President Donald Trump’s second term. Elon Musk and the Department of Government Efficiency (“DOGE”) initially promised to cut $2 trillion in wasteful spending, but have since admitted this figure is likely to total a couple hundred billion bucks at best. Meanwhile, the president is pushing Congress to pass his “big, beautiful bill,” which is expected to add trillions in new deficit spending over the next several years. Make no mistake… the spending will never stop.' - Porter Stansberry

https://i.ibb.co/8k4LNg2/Grlug-NNX0-AAQnw-T.jpg

U.S. National Debt:

1970: $371B

1980: $908B

1990: $3.2T

2000: $5.7T

2010: $13.6T

2020: $26.9T

You can't fix this with votes. Maybe Bitcoin can stop this train? It can also incentivize governments to spend responsibly and manage budgets with discipline. One thing I do know is that you’re not voting your way out of this chart.

On the 24th of May:

👉🏽'The Bank of Japan owns 52.0% of all domestic government bonds. By comparison, life insurers, banks, and pension funds hold 13.4%, 9.8%, and 8.9%, respectively. According to Bloomberg, the Japanese government now holds $7.8 trillion of debt. This makes the Japanese government the third most indebted government in the world, behind the US and China. Furthermore, the Bank of Japan holds a whopping $4.1 trillion of government bonds on its balance sheet. Japan needs a major restructuring.' -TKL

Just to make it even worse...

👉🏽'Prices in Japan are soaring: The cost of rice jumped +98.4% year-over-year in April, posting the biggest monthly jump since 1971. This is an acceleration from the +92.1% surge recorded in March. Energy prices rose +9.3% after the March phaseout of Japanese government subsidies for gas and electricity. As a result, Japan's inflation CPI excluding fresh food rose by +3.5% from the previous year, up from a +3.2% gain in March. This marks the 5th consecutive monthly reading at 3%+. Meanwhile, Japan's economy shrank by -0.7% in Q1 2025, the first decline since Q1 2024. Japan has entered stagflation.' -TKL

👉🏽Birth rates are plummeting in a lot of countries. Population collapse is the greatest threat to civilization.

https://i.ibb.co/3Yfqq0N1/Gruztgo-XIAISc7-A.jpg

Question: How sustainable are the government debts with the population decline, like in Japan and Europe?

Grok: Population decline in Japan and Europe strains government debt sustainability. Japan's debt, at 245% of GDP, faces pressure from an aging population, with social spending projected to hit 24% of GDP by 2040. Europe's debt varies, with Greece at 163.6% and Italy at 137%, while aging reduces tax bases. Immigration and productivity boosts could help, but their impact is uncertain. Japan's domestic debt ownership offers some stability, while EU fiscal rules aid Europe. Outcomes depend on policy execution and economic conditions.

On the 26th of May:

👉🏽Cheap energy = abundance One population is so brainwashed they choose poverty. Michael A. Arouet: Can someone please explain the logic behind Germany closing its perfectly fine nuclear power plants, and deindustrialising?

https://i.ibb.co/tTwkmhcB/Gr3-IWgk-Ww-AAVz-Y3.jpg

👉🏽'The US budget deficit has averaged 9% of GDP over the last 5 years. Over the last 12 months alone, the budget gap has hit 7% of GDP. This is even higher than during the 2001 or the 1980s recessions. This comes as the US government spent a whopping $7.1 trillion over the last year, an equivalent of 24% of GDP. The government is now running larger deficits than during an average economic downturn. What happens if the US economy enters a recession?' -TKL

https://i.ibb.co/tT5nF67J/Gr5kcw-QWc-AAQ7q-R.jpg

🎁If you have made it this far, I would like to give you a little gift, well, in this case, two gifts:

May 2025 Newsletter: A Trade Breakdown

This newsletter issue breaks down the recent trade breakdown (sorry for the pun) and explores some of the nuances of why realigning the global balance of trade is both popular and extremely difficult to do.

https://www.lynalden.com/may-2025-newsletter/

Credit: I have used multiple sources!

My savings account: Bitcoin The tool I recommend for setting up a Bitcoin savings plan: PocketBitcoin especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly.

Use the code SE3997

Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node...be your own bank. Not your keys, not your coins. It's that simple. ⠀ ⠀

⠀⠀ ⠀ ⠀⠀⠀

Do you think this post is helpful to you?

If so, please share it and support my work with a zap.

▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃

⭐ Many thanks⭐

Felipe - Bitcoin Friday!

▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃

@ 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:

@media screen and (max-width: 480px) { .mobile-padding { padding: 10px 0 !important; } .social-container { width: 100% !important; max-width: 260px !important; } .social-icon { padding: 0 !important; } .social-icon img { height: 32px !important; width: 32px !important; } .icon-cell { padding: 0 4px !important; } } .mj-column-per-33-333333333333336 { width: 25% !important; max-width: 25%; } .moz-text-html .mj-column-per-33-333333333333336 { width: 25% !important; max-width: 25%; } /* Helps with rendering in various email clients */ body { margin: 0 !important; padding: 0 !important; -webkit-text-size-adjust: 100% !important; -ms-text-size-adjust: 100% !important; } img { -ms-interpolation-mode: bicubic; } /* Prevents Gmail from changing the text color in email threads */ .im { color: inherit !important; }

@ 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

@ 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

@ 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

---

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...

Looking forward to a fun, productive and wholesome week in Las Vegas, Nevada.

---

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:

@media screen and (max-width: 480px) { .mobile-padding { padding: 10px 0 !important; } .social-container { width: 100% !important; max-width: 260px !important; } .social-icon { padding: 0 !important; } .social-icon img { height: 32px !important; width: 32px !important; } .icon-cell { padding: 0 4px !important; } } .mj-column-per-33-333333333333336 { width: 25% !important; max-width: 25%; } .moz-text-html .mj-column-per-33-333333333333336 { width: 25% !important; max-width: 25%; } /* Helps with rendering in various email clients */ body { margin: 0 !important; padding: 0 !important; -webkit-text-size-adjust: 100% !important; -ms-text-size-adjust: 100% !important; } img { -ms-interpolation-mode: bicubic; } /* Prevents Gmail from changing the text color in email threads */ .im { color: inherit !important; }

[](https://youtube.com/@T

@ 127d3bf5:466f416f

In the Name of Allah, the Most Gracious, the Most Merciful,

"Permission to fight (against disbelievers) is given to those (believers) who are fought against, because they have been wronged and surely, Allah is Able to give them (believers) victory" [Quran 22:39]

"Those who believe, fight in the Cause of Allah, and those who disbelieve, fight in the cause of Taghut (anything worshipped other than Allah e.g. Satan). So fight you against the friends of Satan; ever feeble is indeed the plot of Satan."[Quran 4:76]

Some American writers have published articles under the title 'On what basis are we fighting?' These articles have generated a number of responses, some of which adhered to the truth and were based on Islamic Law, and others which have not. Here we wanted to outline the truth - as an explanation and warning - hoping for Allah's reward, seeking success and support from Him.

While seeking Allah's help, we form our reply based on two questions directed at the Americans:

(Q1) Why are we fighting and opposing you?\ (Q2) What are we calling you to, and what do we want from you?

As for the first question: Why are we fighting and opposing you? The answer is very simple:

(1) Because you attacked us and continue to attack us.

a) You attacked us in Palestine:

(i) Palestine, which has sunk under military occupation for more than 80 years. The British handed over Palestine, with your help and your support, to the Jews, who have occupied it for more than 50 years; years overflowing with oppression, tyranny, crimes, killing, expulsion, destruction and devastation. The creation and continuation of Israel is one of the greatest crimes, and you are the leaders of its criminals. And of course there is no need to explain and prove the degree of American support for Israel. The creation of Israel is a crime which must be erased. Each and every person whose hands have become polluted in the contribution towards this crime must pay its*price, and pay for it heavily.

(ii) It brings us both laughter and tears to see that you have not yet tired of repeating your fabricated lies that the Jews have a historical right to Palestine, as it was promised to them in the Torah. Anyone who disputes with them on this alleged fact is accused of anti-semitism. This is one of the most fallacious, widely-circulated fabrications in history. The people of Palestine are pure Arabs and original Semites. It is the Muslims who are the inheritors of Moses (peace be upon him) and the inheritors of the real Torah that has not been changed. Muslims believe in all of the Prophets, including Abraham, Moses, Jesus and Muhammad, peace and blessings of Allah be upon them all. If the followers of Moses have been promised a right to Palestine in the Torah, then the Muslims are the most worthy nation of this.

When the Muslims conquered Palestine and drove out the Romans, Palestine and Jerusalem returned to Islaam, the religion of all the Prophets peace be upon them. Therefore, the call to a historical right to Palestine cannot be raised against the Islamic Ummah that believes in all the Prophets of Allah (peace and blessings be upon them) - and we make no distinction between them.

(iii) The blood pouring out of Palestine must be equally revenged. You must know that the Palestinians do not cry alone; their women are not widowed alone; their sons are not orphaned alone.

(b) You attacked us in Somalia; you supported the Russian atrocities against us in Chechnya, the Indian oppression against us in Kashmir, and the Jewish aggression against us in Lebanon.

(c) Under your supervision, consent and orders, the governments of our countries which act as your agents, attack us on a daily basis;

(i) These governments prevent our people from establishing the Islamic Shariah, using violence and lies to do so.

(ii) These governments give us a taste of humiliation, and places us in a large prison of fear and subdual.

(iii) These governments steal our Ummah's wealth and sell them to you at a paltry price.

(iv) These governments have surrendered to the Jews, and handed them most of Palestine, acknowledging the existence of their state over the dismembered limbs of their own people.

(v) The removal of these governments is an obligation upon us, and a necessary step to free the Ummah, to make the Shariah the supreme law and to regain Palestine. And our fight against these governments is not separate from out fight against you.

(d) You steal our wealth and oil at paltry prices because of you international influence and military threats. This theft is indeed the biggest theft ever witnessed by mankind in the history of the world.

(e) Your forces occupy our countries; you spread your military bases throughout them; you corrupt our lands, and you besiege our sanctities, to protect the security of the Jews and to ensure the continuity of your pillage of our treasures.

(f) You have starved the Muslims of Iraq, where children die every day. It is a wonder that more than 1.5 million Iraqi children have died as a result of your sanctions, and you did not show concern. Yet when 3000 of your people died, the entire world rises and has not yet sat down.

(g) You have supported the Jews in their idea that Jerusalem is their eternal capital, and agreed to move your embassy there. With your help and under your protection, the Israelis are planning to destroy the Al-Aqsa mosque. Under the protection of your weapons, Sharon entered the Al-Aqsa mosque, to pollute it as a preparation to capture and destroy it.

(2) These tragedies and calamities are only a few examples of your oppression and aggression against us. It is commanded by our religion and intellect that the oppressed have a right to return the aggression. Do not await anything from us but Jihad, resistance and revenge. Is it in any way rational to expect that after America has attacked us for more than half a century, that we will then leave her to live in security and peace?!!

(3) You may then dispute that all the above does not justify aggression against civilians, for crimes they did not commit and offenses in which they did not partake:

(a) This argument contradicts your continuous repetition that America is the land of freedom, and its leaders in this world. Therefore, the American people are the ones who choose their government by way of their own free will; a choice which stems from their agreement to its policies. Thus the American people have chosen, consented to, and affirmed their support for the Israeli oppression of the Palestinians, the occupation and usurpation of their land, and its continuous killing, torture, punishment and expulsion of the Palestinians. The American people have the ability and choice to refuse the policies of their Government and even to change it if they want.

(b) The American people are the ones who pay the taxes which fund the planes that bomb us in Afghanistan, the tanks that strike and destroy our homes in Palestine, the armies which occupy our lands in the Arabian Gulf, and the fleets which ensure the blockade of Iraq. These tax dollars are given to Israel for it to continue to attack us and penetrate our lands. So the American people are the ones who fund the attacks against us, and they are the ones who oversee the expenditure of these monies in the way they wish, through their elected candidates.

(c) Also the American army is part of the American people. It is this very same people who are shamelessly helping the Jews fight against us.

(d) The American people are the ones who employ both their men and their women in the American Forces which attack us.

(e) This is why the American people cannot be not innocent of all the crimes committed by the Americans and Jews against us.

(f) Allah, the Almighty, legislated the permission and the option to take revenge. Thus, if we are attacked, then we have the right to attack back. Whoever has destroyed our villages and towns, then we have the right to destroy their villages and towns. Whoever has stolen our wealth, then we have the right to destroy their economy. And whoever has killed our civilians, then we have the right to kill theirs.

The American Government and press still refuses to answer the question:

Why did they attack us in New York and Washington?

If Sharon is a man of peace in the eyes of Bush, then we are also men of peace!!! America does not understand the language of manners and principles, so we are addressing it using the language it understands.

(Q2) As for the second question that we want to answer: What are we calling you to, and what do we want from you?

(1) The first thing that we are calling you to is Islam.

(a) The religion of the Unification of God; of freedom from associating partners with Him, and rejection of this; of complete love of Him, the Exalted; of complete submission to His Laws; and of the discarding of all the opinions, orders, theories and religions which contradict with the religion He sent down to His Prophet Muhammad (peace be upon him). Islam is the religion of all the prophets, and makes no distinction between them - peace be upon them all.

It is to this religion that we call you; the seal of all the previous religions. It is the religion of Unification of God, sincerity, the best of manners, righteousness, mercy, honour, purity, and piety. It is the religion of showing kindness to others, establishing justice between them, granting them their rights, and defending the oppressed and the persecuted. It is the religion of enjoining the good and forbidding the evil with the hand, tongue and heart. It is the religion of Jihad in the way of Allah so that Allah's Word and religion reign Supreme. And it is the religion of unity and agreement on the obedience to Allah, and total equality between all people, without regarding their colour, sex, or language.

(b) It is the religion whose book - the Quran - will remained preserved and unchanged, after the other Divine books and messages have been changed. The Quran is the miracle until the Day of Judgment. Allah has challenged anyone to bring a book like the Quran or even ten verses like it.

(2) The second thing we call you to, is to stop your oppression, lies, immorality and debauchery that has spread among you.

(a) We call you to be a people of manners, principles, honour, and purity; to reject the immoral acts of fornication, homosexuality, intoxicants, gambling's, and trading with interest.

We call you to all of this that you may be freed from that which you have become caught up in; that you may be freed from the deceptive lies that you are a great nation, that your leaders spread amongst you to conceal from you the despicable state to which you have reached.

(b) It is saddening to tell you that you are the worst civilization witnessed by the history of mankind:

(i) You are the nation who, rather than ruling by the Shariah of Allah in its Constitution and Laws, choose to invent your own laws as you will and desire. You separate religion from your policies, contradicting the pure nature which affirms Absolute Authority to the Lord and your Creator. You flee from the embarrassing question posed to you: How is it possible for Allah the Almighty to create His creation, grant them power over all the creatures and land, grant them all the amenities of life, and then deny them that which they are most in need of: knowledge of the laws which govern their lives?

(ii) You are the nation that permits Usury, which has been forbidden by all the religions. Yet you build your economy and investments on Usury. As a result of this, in all its different forms and guises, the Jews have taken control of your economy, through which they have then taken control of your media, and now control all aspects of your life making you their servants and achieving their aims at your expense; precisely what Benjamin Franklin warned you against.

(iii) You are a nation that permits the production, trading and usage of intoxicants. You also permit drugs, and only forbid the trade of them, even though your nation is the largest consumer of them.

(iv) You are a nation that permits acts of immorality, and you consider them to be pillars of personal freedom. You have continued to sink down this abyss from level to level until incest has spread amongst you, in the face of which neither your sense of honour nor your laws object.

Who can forget your President Clinton's immoral acts committed in the official Oval office? After that you did not even bring him to account, other than that he 'made a mistake', after which everything passed with no punishment. Is there a worse kind of event for which your name will go down in history and remembered by nations?

(v) You are a nation that permits gambling in its all forms. The companies practice this as well, resulting in the investments becoming active and the criminals becoming rich.

(vi) You are a nation that exploits women like consumer products or advertising tools calling upon customers to purchase them. You use women to serve passengers, visitors, and strangers to increase your profit margins. You then rant that you support the liberation of women.

(vii) You are a nation that practices the trade of sex in all its forms, directly and indirectly. Giant corporations and establishments are established on this, under the name of art, entertainment, tourism and freedom, and other deceptive names you attribute to it.

(viii) And because of all this, you have been described in history as a nation that spreads diseases that were unknown to man in the past. Go ahead and boast to the nations of man, that you brought them AIDS as a Satanic American Invention.

(xi) You have destroyed nature with your industrial waste and gases more than any other nation in history. Despite this, you refuse to sign the Kyoto agreement so that you can secure the profit of your greedy companies and*industries.

(x) Your law is the law of the rich and wealthy people, who hold sway in their political parties, and fund their election campaigns with their gifts. Behind them stand the Jews, who control your policies, media and economy.

(xi) That which you are singled out for in the history of mankind, is that you have used your force to destroy mankind more than any other nation in history; not to defend principles and values, but to hasten to secure your interests and profits. You who dropped a nuclear bomb on Japan, even though Japan was ready to negotiate an end to the war. How many acts of oppression, tyranny and injustice have you carried out, O callers to freedom?

(xii) Let us not forget one of your major characteristics: your duality in both manners and values; your hypocrisy in manners and principles. All*manners, principles and values have two scales: one for you and one for the others.

(a)The freedom and democracy that you call to is for yourselves and for white race only; as for the rest of the world, you impose upon them your monstrous, destructive policies and Governments, which you call the 'American friends'. Yet you prevent them from establishing democracies. When the Islamic party in Algeria wanted to practice democracy and they won the election, you unleashed your agents in the Algerian army onto them, and to attack them with tanks and guns, to imprison them and torture them - a new lesson from the 'American book of democracy'!!!

(b)Your policy on prohibiting and forcibly removing weapons of mass destruction to ensure world peace: it only applies to those countries which you do not permit to possess such weapons. As for the countries you consent to, such as Israel, then they are allowed to keep and use such weapons to defend their security. Anyone else who you suspect might be manufacturing or keeping these kinds of weapons, you call them criminals and you take military action against them.

(c)You are the last ones to respect the resolutions and policies of International Law, yet you claim to want to selectively punish anyone else who does the same. Israel has for more than 50 years been pushing UN resolutions and rules against the wall with the full support of America.

(d)As for the war criminals which you censure and form criminal courts for - you shamelessly ask that your own are granted immunity!! However, history will not forget the war crimes that you committed against the Muslims and the rest of the world; those you have killed in Japan, Afghanistan, Somalia, Lebanon and Iraq will remain a shame that you will never be able to escape. It will suffice to remind you of your latest war crimes in Afghanistan, in which densely populated innocent civilian villages were destroyed, bombs were dropped on mosques causing the roof of the mosque to come crashing down on the heads of the Muslims praying inside. You are the ones who broke the agreement with the Mujahideen when they left Qunduz, bombing them in Jangi fort, and killing more than 1,000 of your prisoners through suffocation and thirst. Allah alone knows how many people have died by torture at the hands of you and your agents. Your planes remain in the Afghan skies, looking for anyone remotely suspicious.

(e)You have claimed to be the vanguards of Human Rights, and your Ministry of Foreign affairs issues annual reports containing statistics of those countries that violate any Human Rights. However, all these things vanished when the Mujahideen hit you, and you then implemented the methods of the same documented governments that you used to curse. In America, you captured thousands the Muslims and Arabs, took them into custody with neither reason, court trial, nor even disclosing their names. You issued newer, harsher laws.

What happens in Guatanamo is a historical embarrassment to America and its values, and it screams into your faces - you hypocrites, "What is the value of your signature on any agreement or treaty?"

(3) What we call you to thirdly is to take an honest stance with yourselves - and I doubt you will do so - to discover that you are a nation without principles or manners, and that the values and principles to you are something which you merely demand from others, not that which you yourself must adhere to.

(4) We also advise you to stop supporting Israel, and to end your support of the Indians in Kashmir, the Russians against the Chechens and to also cease supporting the Manila Government against the Muslims in Southern Philippines.

(5) We also advise you to pack your luggage and get out of our lands. We desire for your goodness, guidance, and righteousness, so do not force us to send you back as cargo in coffins.

(6) Sixthly, we call upon you to end your support of the corrupt leaders in our countries. Do not interfere in our politics and method of education. Leave us alone, or else expect us in New York and Washington.

(7) We also call you to deal with us and interact with us on the basis of mutual interests and benefits, rather than the policies of sub dual, theft and occupation, and not to continue your policy of supporting the Jews because this will result in more disasters for you.

If you fail to respond to all these conditions, then prepare for fight with the Islamic Nation. The Nation of Monotheism, that puts complete trust on Allah and fears none other than Him. The Nation which is addressed by its Quran with the words: "Do you fear them? Allah has more right that you should fear Him if you are believers. Fight against them so that Allah will punish them by your hands and disgrace them and give you victory over them and heal the breasts of believing people. And remove the anger of their (believers') hearts. Allah accepts the repentance of whom He wills. Allah is All-Knowing, All-Wise." [Quran9:13-1]

The Nation of honour and respect:

"But honour, power and glory belong to Allah, and to His Messenger (Muhammad- peace be upon him) and to the believers." [Quran 63:8]

"So do not become weak (against your enemy), nor be sad, and you will be*superior ( in victory )if you are indeed (true) believers" [Quran 3:139]

The Nation of Martyrdom; the Nation that desires death more than you desire life:

"Think not of those who are killed in the way of Allah as dead. Nay, they are alive with their Lord, and they are being provided for. They rejoice in what Allah has bestowed upon them from His bounty and rejoice for the sake of those who have not yet joined them, but are left behind (not yet martyred) that on them no fear shall come, nor shall they grieve. They rejoice in a grace and a bounty from Allah, and that Allah will not waste the reward of the believers." [Quran 3:169-171]

The Nation of victory and success that Allah has promised:

"It is He Who has sent His Messenger (Muhammad peace be upon him) with guidance and the religion of truth (Islam), to make it victorious over all other religions even though the Polytheists hate it." [Quran 61:9]

"Allah has decreed that 'Verily it is I and My Messengers who shall be victorious.' Verily Allah is All-Powerful, All-Mighty." [Quran 58:21]

The Islamic Nation that was able to dismiss and destroy the previous evil Empires like yourself; the Nation that rejects your attacks, wishes to remove your evils, and is prepared to fight you. You are well aware that the Islamic Nation, from the very core of its soul, despises your haughtiness and arrogance.

If the Americans refuse to listen to our advice and the goodness, guidance and righteousness that we call them to, then be aware that you will lose this Crusade Bush began, just like the other previous Crusades in which you were humiliated by the hands of the Mujahideen, fleeing to your home in great silence and disgrace. If the Americans do not respond, then their fate will be that of the Soviets who fled from Afghanistan to deal with their military defeat, political breakup, ideological downfall, and economic bankruptcy.

This is our message to the Americans, as an answer to theirs. Do they now know why we fight them and over which form of ignorance, by the permission of Allah, we shall be victorious?

@ 8bad92c3:ca714aa5

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

@ fa0165a0:03397073

Test of untype

Let see what this markdown editor goes for. Quite nice layout, but so far in my testing only usable via computer. On phone, the keyboard covers the writing area, hehe. Now, where do these get published when posted?

@ a10260a2:caa23e3e

In this post, you’ll see how easy it is to consolidate some UTXOs. Hopefully this’ll give you the confidence to try it out whenever fees are low. It’s super simple and can be done in two steps!

Step 1

Go to your wallet and grab a receive address. As you can see, this wallet has two UTXOs.

Step 2

Once you have a receive address, send the max amount in your wallet to it (i.e. you’ll be sending to yourself). What you’ll receive is your all your bitcoin back minus the network fee. In this case, the cost was 900 sats.

That’s it.

Next time, when you go to Send > Coin Control, you’ll see that you have one large UTXO instead of one large and one small.

@ 9ca447d2:fbf5a36d

Wall Street is warming up to Bitcoin and getting closer and closer to it.

Cantor Fitzgerald, one of the oldest and most respected investment banks on Wall Street, has launched a $2 billion bitcoin-backed lending program.

They’ve reportedly already done their first deals, lending to two big digital asset companies: FalconX and Maple Finance.

This is a big step in connecting traditional finance to the fast-moving world of Bitcoin.

Cantor’s new service allows big investors, hedge funds and asset managers, to borrow money using bitcoin as collateral.

This is a game changer for institutions that hold bitcoin, as they can now access liquidity without having to sell their assets.

“Institutions holding bitcoin are looking to broaden their access to diverse funding sources,” said Christian Wall, co-CEO and global head of fixed income at Cantor Fitzgerald.

“And we are excited to support their liquidity needs to help them drive long term growth and success.”

The loans are not speculative or unsecured.

They are structured like traditional finance deals, backed by the borrower’s bitcoin. This reduces the risk for Cantor while giving bitcoin-holding companies new ways to grow and operate.

The first recipients of Cantor’s lending program are FalconX, a digital asset brokerage, and Maple Finance, a blockchain-based lending platform.

FalconX confirmed they secured a credit facility of over $100 million. Maple Finance also received the first tranche of their loan from Cantor.

This comes at a time when the bitcoin lending space is recovering after a tough period. Several big firms went under in 2022 and investor confidence was shaken.

Now with traditional finance on board, bitcoin-backed lending has returned. According to Galaxy Research the total size of the digital asset lending market grew to $36.5 billion in Q4 2024.

Cantor’s move into bitcoin-backed lending isn’t new. They announced their plans in July 2024 and have been building their presence in the Bitcoin space since then.

Earlier this year, they partnered with Tether, SoftBank and Bitfinex to launch Twenty One Capital, a $3.6 billion fund to buy over 42,000 bitcoin.

In May 2025 Cantor Equity Partners merged with Twenty One Capital and bought nearly $459 million worth of bitcoin.

They also own around $1.9 billion in shares of Strategy, a company that holds a lot of bitcoin. Clearly Cantor believes in bitcoin as a long-term asset.

Cantor is also a big player in the stablecoin space.

They manage U.S. Treasury reserves for Tether, the company behind the $142 billion USDT stablecoin. This adds another layer of trust and credibility to Cantor’s digital asset involvement.

To secure the bitcoin used as collateral, Cantor has partnered with digital asset custodians Anchorage Digital and Copper.co.

These companies are known for their robust security and institutional-grade infrastructure. Cantor hasn’t disclosed loan terms or interest rates but confirmed the lending will follow current regulations.

This also shows how traditional financial players are embracing DeFi.

Maple Finance for example allows undercollateralized lending using blockchain. By backing companies like Maple, Cantor is innovating while still having control and compliance.

For years, bitcoin-backed loans were only available through digital-asset-native companies like Genesis, BlockFi, and Ledn.

These loans were mostly for smaller clients and retail investors. But with Cantor’s entry, the scale and professionalism of bitcoin lending are expanding.

@ 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

This article was originally published on aier.org

Even after eleven years experience, and a per Bitcoin price of nearly $20,000, the incredulous are still with us. I understand why. Bitcoin is not like other traditional financial assets.

Even describing it as an asset is misleading. It is not the same as a stock, as a payment system, or a money. It has features of all these but it is not identical to them.

What Bitcoin is depends on its use as a means of storing and porting value, which in turn rests of secure titles to ownership of a scarce good. Those without experience in the sector look at all of this and get frustrated that understanding why it is valuable is not so easy to grasp. 

In this article, I’m updating an analysis I wrote six years ago. It still holds up. For those who don’t want to slog through the entire article, my thesis is that Bitcoin’s value obtains from its underlying technology, which is an open-source ledger that keeps track of ownership rights and permits the transfer of these rights. Bitcoin managed to bundle its unit of account with a payment system that lives on the ledger. That’s its innovation and why it obtained a value and that value continues to rise. 

Consider the criticism offered by traditional gold advocates, who have, for decades, pushed the idea that sound money must be backed by something real, hard, and independently valuable. Bitcoin doesn’t qualify, right? Maybe it does. 

Bitcoin first emerged as a possible competitor to national, government-managed money in 2009. Satoshi Nakamoto’s white paper was released October 31, 2008. The structure and language of this paper sent the message: This currency is for computer technicians, not economists nor political pundits. The paper’s circulation was limited; novices who read it were mystified. 

But the lack of interest didn’t stop history from moving forward. Two months later, those who were paying attention saw the emergence of the “Genesis Block,” the first group of bitcoins generated through Nakamoto’s concept of a distributed ledger that lived on any computer node in the world that wanted to host it.

Here we are all these years later and a single bitcoin trades at $18,500. The currency is held and accepted by many thousands of institutions, both online and offline. Its payment system is very popular in poor countries without vast banking infrastructures but also in developed countries. And major institutions—including the Federal Reserve, the OECD, the World Bank, and major investment houses—are paying respectful attention and weaving blockchain technology into their operations.

Enthusiasts, who are found in every country, say that its exchange value will soar even more in the future because its supply is strictly limited and it provides a system vastly superior to government money. Bitcoin is transferred between individuals without a third party. It is relatively low-cost to exchange. It has a predictable supply. It is durable, fungible, and divisible: all crucial features of money. It creates a monetary system that doesn’t depend on trust and identity, much less on central banks and government. It is a new system for the digital age.

Hard lessons for hard money

To those educated in the “hard money” tradition, the whole idea has been a serious challenge. Speaking for myself, I had been reading about bitcoin for two years before I came anywhere close to understanding it. There was just something about the whole idea that bugged me. You can’t make money out of nothing, much less out of computer code. Why does it have value then? There must be something amiss. This is not how we expected money to be reformed.

There’s the problem: our expectations. We should have been paying closer attention to Ludwig von Mises’ theory of money’s origins—not to what we think he wrote, but to what he actually did write. 

In 1912, Mises released The Theory of Money and Credit. It was a huge hit in Europe when it came out in German, and it was translated into English. While covering every aspect of money, his core contribution was in tracing the value and price of money—and not just money itself—to its origins. That is, he explained how money gets its price in terms of the goods and services it obtains. He later called this process the “regression theorem,” and as it turns out, bitcoin satisfies the conditions of the theorem.

Mises’ teacher, Carl Menger, demonstrated that money itself originates from the market—not from the State and not from social contract. It emerges gradually as monetary entrepreneurs seek out an ideal form of commodity for indirect exchange. Instead of merely bartering with each other, people acquire a good not to consume, but to trade. That good becomes money, the most marketable commodity.

But Mises added that the value of money traces backward in time to its value as a bartered commodity. Mises said that this is the only way money can have value.

The theory of the value of money as such can trace back the objective exchange value of money only to that point where it ceases to be the value of money and becomes merely the value of a commodity…. If in this way we continually go farther and farther back we must eventually arrive at a point where we no longer find any component in the objective exchange value of money that arises from valuations based on the function of money as a common medium of exchange; where the value of money is nothing other than the value of an object that is useful in some other way than as money…. Before it was usual to acquire goods in the market, not for personal consumption, but simply in order to exchange them again for the goods that were really wanted, each individual commodity was only accredited with that value given by the subjective valuations based on its direct utility.

Mises’ explanation solved a major problem that had long mystified economists. It is a narrative of conjectural history, and yet it makes perfect sense. Would salt have become money had it otherwise been completely useless? Would beaver pelts have obtained monetary value had they not been useful for clothing? Would silver or gold have had money value if they had no value as commodities first? The answer in all cases of monetary history is clearly no. The initial value of money, before it becomes widely traded as money, originates in its direct utility. It’s an explanation that is demonstrated through historical reconstruction. That’s Mises’ regression theorem.

Bitcoin’s Use Value

At first glance, bitcoin would seem to be an exception. You can’t use a bitcoin for anything other than money. It can’t be worn as jewelry. You can’t make a machine out of it. You can’t eat it or even decorate with it. Its value is only realized as a unit that facilitates indirect exchange. And yet, bitcoin already is money. It’s used every day. You can see the exchanges in real time. It’s not a myth. It’s the real deal.

It might seem like we have to choose. Is Mises wrong? Maybe we have to toss out his whole theory. Or maybe his point was purely historical and doesn’t apply in the future of a digital age. Or maybe his regression theorem is proof that bitcoin is just an empty mania with no staying power, because it can’t be reduced to its value as a useful commodity.

And yet, you don’t have to resort to complicated monetary theory in order to understand the sense of alarm surrounding bitcoin. Many people, as I did, just have a feeling of uneasiness about a money that has no basis in anything physical. Sure, you can print out a bitcoin on a piece of paper, but having a paper with a QR code or a public key is not enough to relieve that sense of unease.

How can we resolve this problem? In my own mind, I toyed with the issue for more than a year. It puzzled me. I wondered if Mises’ insight applied only in a pre-digital age. I followed the speculations online that the value of bitcoin would be zero but for the national currencies into which it is converted. Perhaps the demand for bitcoin overcame the demands of Mises’ scenario because of a desperate need for something other than the dollar.

As time passed—and I read the work of Konrad Graf, Peter Surda, and Daniel Krawisz—finally the resolution came. Bitcoin is both a payment system and a money. The payment system is the source of value, while the accounting unit merely expresses that value in terms of price. The unity of money and payment is its most unusual feature, and the one that most commentators have had trouble wrapping their heads around.

We are all used to thinking of currency as separate from payment systems. This thinking is a reflection of the technological limitations of history. There is the dollar and there are credit cards. There is the euro and there is PayPal. There is the yen and there are wire services. In each case, money transfer relies on third-party service providers. In order to use them, you need to establish what is called a “trust relationship” with them, which is to say that the institution arranging the deal has to believe that you are going to pay.

This wedge between money and payment has always been with us, except for the case of physical proximity.

If I give you a dollar for your pizza slice, there is no third party. But payment systems, third parties, and trust relationships become necessary once you leave geographic proximity. That’s when companies like Visa and institutions like banks become indispensable. They are the application that makes the monetary software do what you want it to do.

The hitch is that

@ 4fe14ef2:f51992ec

Let's support Bitcoin merchants! I'd love to hear some of your latest Lightning purchases and interesting products you bought. Feel free to include links to the shops or businesses you bought from.

Who else has a recent purchase they’re excited about? Bonus sats if you found a killer deal! ⚡

If you missed our last thread, here are some of the items stackers recently spent and zap on.

Share and repost: X: https://x.com/AGORA_SN/status/1929136854227407134 N: https://njump.me/note1vu0svge6kazrq8chac7we30jmzdx202ukzmc80ktapr27wgjkghqm7ugwy

https://stacker.news/items/994315

@ 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.

@ 9ca447d2:fbf5a36d

The third annual Bitcoin FilmFest (aka BFF25) proved once again that sovereign minds and decentralized culture thrive together.

For four electrifying days in Poland’s capital, the festival’s rallying call—’Fix the money, fix the culture‘—wasn’t just a slogan but a living, breathing movement.

From May 22-25, 2025, Warsaw buzzed with cinematic innovation, Bitcoin philosophy, and artistic vibe marking this gathering as truly incomparable.

Rebel Tribe with Unfiltered Creativity

With 200+ attendees from 20+ countries – primarily Poland, Czech Republic, the UK and Germany (~70% combined), plus representation from Spain, Italy, USA, Turkey and 15+ other nations including Thailand, Israel, Dubai and Latin America—BFF25 became a true global hub of freedom-fighters at heart. 

The European Pizza Day opener (May 22), celebrating Bitcoin’s first real-world transaction, saw rainy evening weather that couldn’t dampen the energy.

With concerts by Roger9000 and ABBE plus DJ sets from MadMunky, 2140 collective w/Airklipz and G.O.L.D., all early arrivals had a memorable start.

Dual Focus on Film and Bitcoin Culture

• Seven film workshops and seven hands-on sessions running parallel across Friday and Saturday at Amondo Cinema Club. Film: Martin Piga, Oswald Horowitz, Psyfer, Juan Pablo Mejía, Kristina Weiserova, Rare Passenger, Noa Gruman & Lahav Levi (Scardust). Bitcoin/Nostr: Aleks Svetski, Ioni Appelberg, Flash,  CryptoSteel, Bitrefill, Polish Bitcoin Association, Bitvocation.

• The Community Stage (Friday to Sunday afternoon) gave important space for both projects and individuals discussing their work and passions.
  Everything from music, art, fiction, Nostr, personal sovereignty to Polish-language debates on Bitcoin’s state and its possible future.

• Onscreen, 9 cinematic blocks from Friday to Sunday featured titles like UNBAKABLE, REVOLUCIÓN BITCOIN, HOTEL BITCOIN, PLANDEMIC: THE MUSICAL, plus shorts on new media (AI/experimental cinema), parallel communities (outcast cinema), and newly released pilots.

• Cinematic shark-tank with a €3,000 bounty: 8 contestants

  • Martin Piga: “PARALLEL SPACES”
  • Kristina Weiserova: “PUZZLE”
  • Aaron Koenig : “SATOSHI’S LAST WILL”
  • Philip Charter: “21 FUTURES”
  • Jenna Reid: “WHERE DO WE GO FROM HERE?”
  • Mr Black: “A LODGING OF WAYFARING MEN”
  • Oswald Horowitz: “THE LEGEND OF LANDI”
    The event ended with Jenna winning.

• Official Gala: Golden Rabbits 2025 crowned:

  • HOTEL BITCOIN by Manuel Sanabria & Carlos “Pocho” Villaverde (Best Story)
  • SATOSHI: THE CREATION OF BITCOIN by Arthur Machado (Best Short)
  • REVOLUCIÓN BITCOIN by Juan Pablo Mejía (Audience Choice)
  • NO MORE INFLATION by Maiku Tsukai’s aka Bitcoin Shooter (Best Film)

Nights Charged with Music and Unscripted Surprise

The festival’s legendary afterparties kept the energy high—Friday’s underground gathering at Morph Club (ex-Barbazaar) featured Aaron Koening’s live concert and 2140 DJs (Akme + Andy Princz).

The weekend’s unforgettable moment came when Noa Gruman took the stage with “MY HEAVEN” (Scardust original) and “40HPW” — her powerful tribute to Bitcoin podcasts and Bugle.News.

Lightning-Powered Innovation, and Extras

• Lightning in Action: Flash enabled instant Bitcoin payments across both main venues (Amondo + Samo Centrum, merch stations, and online shop)

• IndeeHub Backstage Pass: Attendees unlocked exclusive access to Lightning-powered VOD featuring selected films from BFF23-25

• BFF TV: Kiki (El Salvador) broadcasting live interviews, event clips, and trailers. Day One, and Day Two to rewatch online.

• Comedy Strike: Robert Le Ricain’s Gala stand-up proved Bitcoiners pack brains and humor—in equal measure.

A Community-Driven Cultural Experience

Bitcoin FilmFest wasn’t just an event—it was proof that culture shifts when money gets fixed. Mark your calendars for June 2026 and the next edition. More info and tickets going on sale soon.

@ 8c7778fc:7689822c

Trong bối cảnh nền kinh tế số đang trở thành động lực cốt lõi cho sự phát triển bền vững tại Việt Nam, VNWIN nổi lên không chỉ là một nền tảng trực tuyến về giải trí mà còn là một mắt xích quan trọng đóng góp vào sự chuyển đổi số quốc gia. Với nền tảng công nghệ vững chắc, quy trình vận hành hiện đại và khả năng tích hợp hệ thống linh hoạt, VNWIN đã và đang tạo ra một không gian số toàn diện, nơi người dùng không chỉ tham gia vào các hoạt động trực tuyến mà còn được tiếp cận với một mô hình kinh doanh thông minh. Nhờ áp dụng các công nghệ tiên tiến như AI, Big Data và bảo mật đa tầng, VNWIN không chỉ đảm bảo an toàn thông tin tuyệt đối mà còn tối ưu trải nghiệm người dùng theo từng nhu cầu cụ thể. Điều này không chỉ giúp nâng cao hiệu quả hoạt động nội bộ mà còn mang đến những giá trị gia tăng thực tế cho nền kinh tế, khi số lượng lớn người dùng VNWIN mỗi ngày đều tương tác, giao dịch và tiêu dùng thông qua nền tảng. Đặc biệt, việc tích cực tuân thủ các tiêu chuẩn pháp lý về thương mại điện tử cũng là điểm cộng lớn giúp VNWIN ngày càng khẳng định vai trò trong sự phát triển chung của hạ tầng kinh tế số Việt Nam.

Bên cạnh yếu tố công nghệ, VNWIN còn nổi bật nhờ khả năng xây dựng cộng đồng trực tuyến lành mạnh và có tính kết nối cao. Hệ sinh thái người dùng của VNWIN không chỉ dừng lại ở việc cung cấp sản phẩm mà còn liên tục mở rộng qua các chương trình tương tác cộng đồng, chăm sóc khách hàng chuyên sâu và các hoạt động trải nghiệm mang tính giáo dục về an toàn công nghệ số. Trong khi nhiều nền tảng số khác chỉ chú trọng vào lượt truy cập, VNWIN lại đầu tư vào chất lượng tương tác với người dùng, giúp tăng sự trung thành và độ tin cậy thương hiệu. Thông qua các kênh hỗ trợ như chat trực tuyến, hotline, email và mạng xã hội, người dùng VNWIN luôn nhận được sự hỗ trợ tận tình, nhanh chóng, thể hiện rõ cam kết đồng hành của doanh nghiệp với khách hàng. Ngoài ra, VNWIN cũng thường xuyên tổ chức các chương trình khuyến mãi, ưu đãi hấp dẫn và hoạt động tặng thưởng, nhằm kích thích hoạt động thương mại trong cộng đồng người dùng, tạo nên một chuỗi giá trị khép kín vừa phục vụ mục tiêu kinh doanh vừa thúc đẩy phát triển tiêu dùng nội địa. Việc người chơi quay lại sử dụng dịch vụ không chỉ đơn thuần vì giải trí mà còn bởi niềm tin vào hệ sinh thái số mà VNWIN đang kiến tạo mỗi ngày.

Không dừng lại ở việc phát triển nền tảng và xây dựng cộng đồng, VNWIN còn chủ động mở rộng ảnh hưởng thông qua các hoạt động hợp tác chiến lược với các đối tác công nghệ, tài chính và giáo dục. Sự kết nối đa ngành này không chỉ mở rộng quy mô hoạt động mà còn giúp VNWIN tăng cường tính đa dạng trong dịch vụ, tạo ra nhiều lựa chọn hơn cho người dùng. Bên cạnh đó, VNWIN cũng thể hiện vai trò tiên phong trong việc thúc đẩy nhận thức xã hội về lợi ích của nền kinh tế số thông qua các chiến dịch truyền thông tích cực, các dự án chia sẻ kiến thức công nghệ đến cộng đồng và các chương trình hỗ trợ thanh toán không tiền mặt. Đây chính là biểu hiện rõ ràng nhất cho cam kết phát triển bền vững, đưa công nghệ vào cuộc sống một cách hiệu quả, minh bạch và có trách nhiệm. Với định hướng phát triển lấy người dùng làm trung tâm, cùng chiến lược dài hạn trong việc đồng hành cùng nền kinh tế số Việt Nam, VNWIN đang khẳng định vị thế không thể thay thế trong hành trình số hóa toàn diện của quốc gia.

@ 41fa852b:af7b7706

"Bitcoin is a peaceful revolution." --Alex Gladstein

---

Life is still a bit upside-down after our house move, so I'm running slightly behind schedule this week.

I spent yesterday at Cyphermunk House for Bloom Fest, and it was honestly one of the best days I've had as a Bitcoiner. The range of personalities, the positivity, and the energy were all incredible. Huge credit to Psyfer and his team for making it happen. If you're reading this on Sunday, there's still time to head down for day two--full details here.

It's a quieter week for meetups across the UK and Ireland, but everything that's happening is listed below.

---

Upcoming Bitcoin Meetups

Happening this week…

1. Belfast Bitcoin: Join them on Tuesday the 3rd June, 20:00. These guys meet in person monthly on the first Tuesday of each month at Ormeau Baths Event Space, 18 Ormeau Avenue, Belfast, BT2 8HS, Northern Ireland. 🍻

2. Bitcoin Walk - Edinburgh: Every Saturday they walk around Arthur's Seat in this historic city. Join them at 12 pm to chat about all things Bitcoin and keep fit. 🚶🏽‍♂️🚶🏼‍♀️🚶🏻

3. Bitcoin Derby: On Saturday the 7th June Bitcoin Derby will be at Ye Olde Dolphin, DE1 3DL. 🍺

---

New Businesses Accepting Bitcoin

This week we have…

• Danson Garage: A trusted, independent garage based in Sidcup, DA15 9NP offering honest, high-quality car servicing, repairs and MOTs. Whether it's diagnostics, tyres, brakes or general maintenance, their experienced team provides reliable work at fair prices. They're known for clear communication, quick turnarounds and great customer service, keeping local drivers safely on the road. Now accepting bitcoin. 🚗👨🏻‍🔧
• Pintus Deli: A cherished Italian brasserie, coffee house, and restaurant located at 132 Northcote Road in Wandsworth, South London. Open seven days a week, it offers a delightful menu featuring breakfast, brunch, lunch, and dinner, complemented by freshly brewed coffee, juices, and a selection of wines and cocktails. With its warm ambiance and commitment to fresh, healthy ingredients, Pintus Deli provides a welcoming spot for any meal of the day. Now accepting bitcoin. 🥗🍝
• Stationery Place: Owned by long-established paper specialists John W Adams Ltd, offers a full range of printing, copying, scanning, binding and laminating services, plus custom-made rubber stamps. They stock an extensive selection of specialist paper and card, including their own high-quality range alongside premium brands from top paper companies. With over a century of expertise behind them, Stationery Place is a reliable go-to for both everyday stationery needs and professional print services. Now accepting bitcoin. 🖨️ 📖

---

Upcoming Special Events

These events aren't happening next week, but they're important to add to your calendar now as tickets are selling fast.

Children of Riddim Festival - Bitcoin Stage: This is shaping up to be one of the biggest music festivals with Bitcoin vibes in the world.

Around 150 DJs, artists, and speakers will perform over four days, from 12--16 June, in Hemel Hempstead. A dedicated stage, the Barn of Freedom, will spotlight Bitcoin culture, education, and unstoppable apps on the Nostr protocol--alongside music, talks, and much more.

Support for the Barn of Freedom stage can be given via geyser.fund, where both ticket purchases and donations are welcome. One-day and four-day passes are available, and on-site camping is included.

Confirmed names include Joe Bryan, Metamick (Geyser Fund), Roger9000, Angor, MadMunky, Huxley, and many more.

The Bitcoin Beach Retreat: An annual Bitcoin-only gathering held at a scenic coastal campsite in North Wales. Celebrating its fifth year in 2025, the retreat offers a relaxed, community-driven alternative to traditional conferences. From July 11--14, up to 120 Bitcoiners will come together to share knowledge, enjoy beachside BBQs, and strengthen their networks under the stars. With no pre-booked speakers, the event thrives on peer-led workshops and spontaneous discussions, fostering genuine connections among attendees. Emphasising local engagement, the retreat directs the majority of its funds into the surrounding community, with 42% of expenses paid in Bitcoin last year. Whether attending solo or with family, attendees can expect a welcoming environment dedicated to sound money and shared values.

---

Get Involved

• Volunteer: Passionate about merchant adoption? Reach out to Bridge2Bitcoin on Twitter or website.
• Start a Meetup: Want to launch a Bitcoin meetup? We'll support you. Contact us on Twitter or just reply to this email.
• Contribute to BTCMaps: Help maintain this key Bitcoin resource--no coding skills needed. Update a UK area.
• Telegram: Join our Channel for UK meetup updates
• Feedback: Reply to this email with ideas and suggestions.

---

This week's sponsors is…

---

Get out and support the meetups where you can, visit Bitcoin Events UK for more info on each meetup and to find your closest on the interactive map.

Stay tuned for more updates next week!

Simon.

@ eb0157af:77ab6c55

The revelation by Miles Suter, Product Lead at Block, at the Bitcoin Conference 2025 confirms the economic potential of LN for professional operators, but the yield comes mainly from routing fees

During the Bitcoin 2025 conference in Las Vegas, Miles Suter, Bitcoin Product Lead at Block Inc., revealed data that could change the economic perception of the Lightning Network: the company’s routing node is generating annual returns of 9.7% on invested liquidity.

During his presentation, Suter confirmed what many experts suspected but no one had ever quantified precisely: Lightning payment routing can be not only technically effective, but also economically profitable on a large scale. With an estimated public capacity of 184 BTC (approximately $20 million), Block is demonstrating that Lightning infrastructure can generate significant returns through the use of bitcoin as a payment method.

Non-custodial yield, with a doubt

Lightning routing represents what experts define as “true non-custodial yield” – returns generated from the pure economic utility of bitcoin as a means of payment, without having to entrust one’s funds to third parties.

“We are earning almost 10% returns on Bitcoin by effectively routing real payments on the Lightning network,” Suter declared.

Riccardo Masutti — researcher and founder of Baited — has, however, observed that the double-digit yields advertised by Block are closely tied to an exceptionally aggressive fee structure that markedly deviates from the median parameters of the Lightning Network. In particular, the Cash App nodes apply a fee rate of 2,147,483,647 ppm, resulting in fees up to 2 million times higher than the average cost of standard channel transactions. Block’s own node also enforces significant fees: to route a million satoshis, it requires 1,053 sats in outgoing fees and 2,955 sats in incoming fees, compared to a network median base fee of approximately 0.999839 sat and a median fee rate of 0.000063 sat/sat. This discrepancy suggests that the yield is generated more by a surcharge imposed on intermediated payments than by any real efficiency in liquidity allocation.

In 2024 Cash App recorded an increase in Lightning payment volume equal to 7 times that of the previous year: one in four outgoing payments now occurs via LN, Suter stated.

According to Block’s Product Lead “if Bitcoin becomes only digital gold, we have failed the mission. If we don’t use bitcoin for payments, we risk losing one of the most important promises permissionless money. If we don’t preserve the qualities of cash in the digital world, human liberty is seriously in trouble.”

The company aims to incentivize practical and daily use of bitcoin, seeing Lightning payments as the key to realizing Satoshi Nakamoto’s original vision of a “peer-to-peer electronic payment system.”

The post According to Block, routing on Lightning yields 10% annually: but the yield comes from fees appeared first on Atlas21.

@ cefb08d1:f419beff

https://stacker.news/items/994252

@ 866e0139:6a9334e5

Autor: Bernd Schoepe. 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.

Die Anmerkungen zum Text (Fußnoten) folgen aus technischen Gründen gesondert.

---

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

---

„*Es handelt sich beim Krieg nicht nur um eine Zerstörung von (...) Millionen Menschen, sondern um die Zerstörung der gesamten sozialen, moralischen und menschlichen Struktur einer Gesellschaft, von der man überhaupt nicht voraussehen kann, welche weiteren Konsequenzen an Barbarei, an Verrücktheit sie (...) mit sich bringt. (..) *

Die Gewalt kann fast alles mit den Menschen machen. Es ist wichtig zu sehen, dass es nur fast alles ist. Sie kann mit einigen Menschen nicht das machen, was sie will, nämlich ihre seelische Struktur, ihre Überzeugungen ändern und mit allen Menschen kann sie nur das machen, was sie will, wenn sie gewisse, sehr schädliche Nebenerscheinungen in Kauf nimmt: die Nebenerscheinung der Verdummung, der Lähmung der Vitalität, der Einbildungskraft, dem Schöpferischsein des Menschen. In vielen Fällen aber sind die, die die Gewalt ausüben gar nicht daran interessiert, dass diese Folgen nicht eintreten. Im geschichtlichen Prozess allerdings bleiben diese Folgen von großer Wichtigkeit.“

Erich Fromm, Zur Theorie und Strategie des Friedens (1969).

„Solange Kriege geführt werden, wird uns Kummer plagen, werden kräftige Beine nutzlos werden und strahlende Augen dunkel.“

Sean O’ Casey, Der Preispokal

Der Friede geht uns alle an – Vom Krieg profitieren aber immer nur Wenige

Gerne komme ich zum Einstand als Mit-Autor dieses wunderbaren Projekts „Die Friedenstaube“ dem Wunsch nach, über meine biographischen Hintergründe in Bezug auf das Friedensthema zu schreiben. Obwohl mein erster Impuls doch eher zögerlich war: „Darauf kommt es doch gar nicht an!“, schoss es mir zunächst durch den Kopf. 

\ Geht der Frieden doch uns alle an, und zwar so stark, dass alle persönlichen Gründe, Motive, Unter-, Ober- und Zwischentöne zu dem Thema eigentlich kaum eine Rolle spielen können… – oder!? Erliegen wir nicht sogar einer ganz und gar deplatziert wirkenden Eitelkeit angesichts des „Alles oder Nichts“, um das es bei der Frage nach Krieg oder Frieden geht, wenn wir glauben, wir müssten, um für den Frieden einzutreten, irgendwelche individuellen Gründe oder spezielle biographische Motive ins Feld führen?

Für den Frieden muss man sein, weil und insoweit man ein Mensch ist (1). 

So grundsätzlich und selbstverständlich, wie es der Autor des berühmten Anti-Kriegsromans „Im Westen nichts Neues“, Erich Maria Remarque, ausdrückte:

„Ich dachte immer, jeder Mensch sei gegen den Krieg. Bis ich rausfand, dass es welche gibt, die dafür sind, nämlich die, die nicht hingehen müssen.“

Erneut ist dieses Zitat – und welche Bitterkeit und welcher „Abscheu vor der Weltgeschichte“ (Erwin Chargaff) liegen darin, dies konstatieren zu müssen! – zum Wort der Stunde geworden. Auch heute wird wieder von der herrschenden  Politik und den Leitmedien weitgehend ausgeblendet, welche Interessen hinter der allgemeinen Mobilmachung zum Krieg am Werke sind und wer von ihr wirklich profitiert.

Mit Erich Fromm gesprochen sind Kriegsbegeisterung und Kriegshysterie Kennzeichen von nekrophilen Gesellschaften. Wann hat sich unsere Gesellschaft offiziell so krass vom Leben und vom Wert des Lebendigen verabschiedet? Wie konnte es aufs Neue soweit kommen?

Die Zumutungen, die in der Logik, der Unterordnung unter das Prinzip der Nekrophilie liegen und die vom Krieg auf die Spitze getrieben werden, sind von Hannes Wader im „Einheitsfrontlied“ prägnant auf den Punkt gebracht worden:

„Und weil der Mensch ein Mensch ist

Drum hat er Stiefel im Gesicht nicht gern.

Er will unter sich keinen Sklaven sehen

*Und über sich keinen Herrn.“ *

(2) 

Die Ordnung des Krieges aber stellt in gewisser Weise die Vollendung der auf Herrschafts- und – in seiner neoliberalen Ausprägung – Markt- und Mammon-Vergottung und der auf Arbeitssklavengehorsam der Massen basierenden Abhängigkeits- und Ausbeutungsverhältnisse dar. Unter dessen Joch leben im Kapitalismus des 21.Jahrhunderts die Menschen weltweit. Wobei die Anzahl derer, die unter diesen Bedingungen in extremer Armut dahinvegetieren müssen –  schließlich setzt „leben“ ein Mindestmaß an Würde voraus – sich global auf über eine Milliarde Menschen beläuft. \ Willy Brandt hat gesagt: „Der Frieden ist nicht alles, aber ohne Frieden ist alles nichts“. Sein Gegenteil – der Krieg – ist die schlimmste Kollektiverfahrung, die eine Generation erleben kann. Zuletzt musste die Generation meiner Eltern und Großeltern diese Erfahrung durchmachen.

Wir Nachgeborenen können uns das Grauen, das Elend des Krieges, das unendliche Leid, das er über die Menschen bringt, nicht wirklich vorstellen. Wir können aber um die Ausmaße des Zivilisationsbruchs des Ersten Weltkrieges und dann, noch einmal furchtbar gesteigert, des Zweiten Weltkrieges wissen. Und als zum Mitfühlen fähige Wesen können wir ermessen, was es heißt, im Krieg zu sein:

„Keiner kommt aus dem Geschehen in einem Kriegsgebiet wieder heil raus, das macht etwas mit einem. Auf der anderen Seite (...) muss man sich immer klar machen, das eine ist das Geschehen im Kriegsgebiet, aber das andere sind die Kriegstreiber. (...) Sie sitzen da, wo einem nichts geschieht (...)“, 

so Patrick Baab, der als einer der wenigen Journalisten wiederholt im umkämpften Kriegsgebiet der Ost-Ukraine war und seine Eindrücke erster Hand in dem Buch „Auf beiden Seiten der Front. Meine Reisen in die Ukraine“ geschildert hat.

Dass diese Teilung in solche und solche, die Remarque in seinem Zitat lakonisch-pointiert thematisiert, auch heute wieder beobachtet werden muss, d.h. Politik und Leitmedien von (ahnungslosen?) Kriegsverharmlosern und Kriegstreibern und ihrem bellizistischen Geschrei beherrscht werden, während die Mehrheit des Volkes sich weiterhin sehnlichst Frieden wünscht, auf diesen erschreckenden Sachverhalt und was  aus ihm geschlossen werden müsste, hat Baab kürzlich im Interview mit dem Overton-Magazin hingewiesen (3).

Ein Hinweis am Ende dieser Einleitung:

Ich muss den Leser vorab um Geduld bitten, denn mein Text wird mit der autobiographischen Tür nicht gleich ins Haus, weder in das des Krieges noch in das des Friedens fallen. 

Die ersten Teile (II –V) werden im Zeichen der politischen Analyse stehen. Einer Analyse, die nicht vor dem Hintergrund meiner eigenen, sondern der bundesdeutschen Geschichte und einige ihrer größten blinden Flecken – mit Ulrike Guérot könnte man auch sagen „ihrer größten Märchen“– unternommen wird. Dass mein antimilitaristisches Ich in Interaktion zu dieser Geschichte stand und steht, muss wohl nicht eigens betont werden. 

Erst nach dieser Erkundung des Makrokosmos werden sich im Verlauf des Textes von da aus, nach einer Durchleuchtung seiner Bedingtheiten, Zugänge zum eigenen Mikrokosmos eröffnen. Sonst wären sie vermutlich als autobiographische Lesart des Themas nicht offen zu Tage getreten, möglicherweise mir sogar ganz verschlossen geblieben. So aber darf mit guten Gründen vermutet werden, dass das persönlich hier von mir Festgehaltene und Fokussierte nicht nur mich angeht. Vielmehr erscheint es in dem Maße verallgemeinerbar zu sein, wie durch den Fortgang meiner Darlegungen jeder Leser individuell (hoffentlich) ebenfalls dazu motiviert werden kann, die Frage zu reflektieren, was es bedeutet, wenn es sich bei der persönlichen Begegnung mit dem Krieg um eine Begegnung auf den zweiten oder sogar dritten Blick handelt?

Der Nachkriegs-„Frieden“ als die Zeit ernst gemeinter, nicht enden wollender Kriegsspiele

„Nie wieder Krieg! Nie wieder Faschismus!“

Das war die Lehre aus den Weltkriegs-Zivilisationszusammenbrüchen, die vor allem anderen, wenn auch auf verschiedene Weise, als DNA beiden deutschen Republiken, zu ihren Gründungszeiten eingeprägt wurde.

Was aber ist aus dieser DNA geworden? 

Heute lassen wir zu, dass in Manier des NS-Reichspropagandaministers Goebbels von „Kriegstüchtigkeit“ als Staatsziel schwadroniert wird (4), das man bitteschön mal bis 2030, mal schon 2027 erreicht haben müsse, weil sonst „der Russe“ am Brandenburger Tor stehe. Mit „Kriegstüchtigkeit“ sind immense, unvorstellbare Summen an Geld gemeint, neue Schulden, die in die Rüstung und Militarisierung der Gesellschaft fließen sollen und folglich anderswo, für eine menschliche, dem Leben dienende Politik, schmerzlich fehlen. Die Militarisierung soll nun wieder, wie im Wilhelminismus und im Dritten Reich, von Kindesbeinen an propagiert und gefördert werden. 

An den Schulen darf der Beutelsbacher Konsens mit seinem Überwältigungsverbot – er wurde schon in der Corona-Zeit mit schlimmsten Folgen für die Kinder und Jugendliche  missachtet (5 https://www.cicero.de/kultur/fuenf-jahre-schulschliessungen-corona-aufarbeitung) – nun auch der Wehrertüchtigung der jungen Generation und dem Ruf „Zu den Waffen!“ auf keinen Fall mehr im Wege stehen. Völlig abstrus: Schüler, die gegen die Kriegsertüchtigung an den Schulen protestieren, werden dafür von Pädagogen (!) wegen „Störung des Schulfriedens“ bestraft. Antimilitaristische, pazifistische Haltungen werden ausgegrenzt und kriminalisiert. Mittels Framings sind, wie schon in der Corona-Zeit, die Mainstream-Medien erneut eifrig dabei, die vernünftig-skeptischen Stimmen moralisch zu diskreditieren. Wurden zu Plandemie-Zeiten jene, die die Verhältnismäßigkeit der staatlichen Maßnahmen in Frage stellten und sich der systematisch betriebenen Panikmache und Massenpsychose verweigerten, öffentlich verächtlich gemacht, werden nun all jene, die für Abrüstung, Diplomatie und Völkerverständigung plädieren,  diffamiert und ins gesellschaftliche Abseits gestellt. 

Dennoch regt sich kein massenhafter Protest, der den Minister, der die Kriegstüchtigkeit zum Gesellschaftsziel erhoben hat, zum Rücktritt zwingen und die Journalisten zur Besinnung und zur Einhaltung professioneller Standards bringen könnte. Und das obwohl die Forderung nach Kriegstüchtigkeit – wie die gesamte Russland-Ukraine-Politik der bundesdeutschen Regierungen in den letzten fünfzehn Jahren – eine eklatante Verletzung der Friedenspflicht des Grundgesetzes darstellt. So gab Angela Merkel Ende 2022 bekannt, man habe die Verhandlungen um das 2015 ratifizierte Minsker Abkommen nur geführt, um der Ukraine genug Zeit zum Aufbau einer kriegsfähigen Armee und für das Aufrüsten zu geben (6). Die Ukraine sollte in die Lage versetzt werden, die Donbass-Provinzen zurückzuerobern, die sich in Folge von Kiews ultra-nationalistischer Politik seit 2015 sezessionistisch, mit Unterstützung Russlands, für autonom erklärt hatten. Ergänzt werden muss, dass in der Ukraine nach  den gewalttätigen Ereignissen auf dem Maidan, die zum Sturz von Janukowytsch führen sollte, ein den Faschismus verherrlichender, hybrider Nationalismus politisch die Oberhand gewann, der die vor allem im Osten des Landes lebende russische Bevölkerung zunehmend diskriminierte und ihre Kultur unterdrückte.

Die bundesdeutsche Öffentlichkeit nahm die absolut skandalöse Äußerung der ehemaligen Regierungschefin achselzuckend hin. Nicht einmal ansatzweise flammte eine Debatte darüber auf, wie viel diplomatisches Porzellan durch diese Täuschung des russischen Vertragspartners zerschlagen und wie stark dadurch die außenpolitische Glaubwürdigkeit der Bundesrepublik – die lange Zeit international als ehrlicher Makler des Interessenausgleichs gegolten hatte  – beschädigt wurde.

Was ist aus dem Vorschlag Michail Gorbatschows geworden, eine gemeinsame europäische Sicherheitsarchitektur von Lissabon bis Wladiwostok zu schaffen, den Präsident Putin beim Deutschland-Besuch 2001 noch einmal als sein umfassendes Angebot zur Zusammenarbeit an den Westen bekräftigt hatte? Damals sagte Putin in seiner weitgehend auf Deutsch gehaltenen Rede vor dem Bundestag:

*„Ohne eine moderne, dauerhafte und standfeste internationale Sicherheitsarchitektur schaffen wir auf diesem Kontinent nie ein Vertrauensklima und ohne dieses Vertrauensklima ist kein einheitliches Großeuropa möglich. Heute sind wir verpflichtet, zu sagen, dass wir uns von unseren Stereotypen und Ambitionen trennen sollten, um die Sicherheit der Bevölkerung Europas und die der ganzen Welt zusammen zu gewährleisten. (...) *

Noch vor kurzem schien es so, als würde auf dem Kontinent bald ein richtiges gemeinsames Haus entstehen, in welchem Europäer nicht in östliche und westliche, in nördliche und südliche geteilt werden. Solche Trennungslinien bleiben aber erhalten, und zwar deswegen, weil wir uns bis jetzt noch nicht endgültig von vielen Stereotypen und ideologischen Klischees des Kalten Krieges befreit haben.“

(7)

Putins Bitte, sich endgültig von den Stereotypen und Klischees des Kalten Krieges zu befreien – er erhielt für seine Rede im Bundestag damals lang anhaltenden Beifall und stehende Ovationen – sollte sich als frommer Wunsch erweisen. Die einflussreichen, entscheidenden Kräfte in den USA dachten überhaupt nicht daran, diesen Schritt zu tun. Der „nationale Egoismus“, von dem Putin im selben Zusammenhang als Hinderungsgrund für weitere Annäherungen sprach, sollte – vor allem seitens der USA, wie es aus den Strategiepapieren der mächtigen, dem Pentagon zuarbeitenden Denkfabriken der NeoCons unmissverständlich hervorgeht – auf ganzer Linie triumphieren:

„Allein die Lektüre einiger amerikanischer geopolitischer Texte hätte den deutschen Politikern zeigen können, dass die Vereinigten Staaten niemals eine Annäherung Deutschlands an Russland akzeptieren würden. (...) Für die Strategen in Washington glich eine deutsch-russische Allianz einem absoluten Albtraum.“ 

(8) 

Folglich wurde die Rede nicht als historische Chance, als einzigartiges window of opportunity begriffen, die bilateralen und multilateralen Beziehungen neu zu definieren und damit ein neues Kapitel des Friedens und des Wohlstandes unter den Völkern aufzuschlagen und, wie es der russische Präsident formulierte, „damit unseren gemeinsamen Beitrag zum Aufbau des europäischen Hauses“ (9) zu leisten. 

Stattdessen setzte sich, trotz der veränderten Bedingungen einer komplizierter gewordenen, nach 1990 multipolar sich neu ordnenden Welt, wiederum das alte, hegemoniale Denken der US-Amerikaner im gesamten, offenbar nun erstarkten (10) und bis an die Grenzen Russlands ausgedehnten Westen (NATO-Osterweiterung!) durch. Damit folgte man wiederum den alten Pfaden der Konfrontation statt den neuen der Kooperation, was leider eine lange Kontinuität aufweist.

So haben neuere Forschungen im Rahmen der Geschichte der Kognitiven Kriegsführung belegt, dass die Bundesrepublik von Anfang an systematisch durch die USA militärisch-geostrategisch und mental in Stellung gegen die Sowjetunion gebracht wurde. An der Bewertung der Beziehungen Deutschlands und Russlands hat sich grundlegend auch nach 1990 und dem Ende der Blockpolarität aus Sicht der US-Amerikaner nichts geändert.

---

DIE FRIEDENSTAUBE FLIEGT AUCH IN IHR POSTFACH!

Hier können Sie die Friedenstaube abonnieren und bekommen die Artikel zugesandt, vorerst für alle kostenfrei, wir starten gänzlich ohne Paywall. (Die Bezahlabos fangen erst zu laufen an, wenn ein Monetarisierungskonzept für die Inhalte steht). Sie wollen der Genossenschaft beitreten oder uns unterstützen? Mehr Infos hier oder am Ende des Textes.

---

Der Amerikanist und Propagandaforscher Jonas Tögel hat herausgearbeitet (11), in welchem Ausmaß es 1945 den USA nicht um die Befreiung des europäischen Kontinents ging. Vielmehr lautete die Doktrin, dass als der eigentliche Kriegsgegner die Sowjetunion bezwungen werden müsse: „Europa war in letzter Konsequenz genauso strategisches Gebiet wie davor (...). Es sollten offenbar die letzten deutschen Truppen (...) mit den letzten alliierten Truppen in einem neuen Aufgebot gen Osten geschickt werden“ (12). Die US-amerikanischen Regierungen sahen – über 1945 hinaus! – die Sowjetunion als den Hauptfeind an. Dabei war klar, wo der Austragungsort der Entscheidungsschlacht zwischen den Systemantagonisten liegen würde: 1955, im ersten Mitgliedsjahr der BRD, wurde eine „Carte Blanche“ genannte NATO-Übung durchgeführt, in der es ein Szenario von 168 Atombombenabwürfen über deutsches Gebiet mit 1,7 Millionen getöteten und 3,5 Millionen verletzten Deutschen entworfen gab. Weitere Planspiele, die die atomare Zerstörung Deutschlands vorsahen, folgten. Etwas größere Bekanntheit erlangte, durch den damaligen Staatssekretär im Bundesverteidigungsministerium Willy Wimmer (CDU), die NATO-Übung WINTEX/FALLEX (13) von 1986, in der Atombombeneinsätze gegen Dresden und andere deutsche Städte vorgesehen waren.

„Er, Wimmer, sei von dieser Anforderung völlig überrascht worden und sei entsetzt gewesen. Er habe es abgelehnt, an der Planung eines Atomwaffeneinsatzes auf Ziele in Ostdeutschland und damit gegen die ostdeutsche Bevölkerung – wenn auch „nur“ übungsweise – mitzuwirken. In dieser Situation habe er sofort Kontakt mit dem damaligen Bundeskanzler Dr. Helmut Kohl (CDU) aufgenommen und ihn von diesem für ihn unerhörten Vorgang in Kenntnis gesetzt. Bundeskanzler Kohl habe daraufhin entschieden, dass sich die Vertreter der Bundesregierung sofort aus der weiteren Übung zurückziehen und sich keinesfalls an diesen nuklearen Planspielen gegen Ziele wie Dresden und andere ostdeutsche Städte beteiligen sollten. Deutschland habe, so Wimmer, deshalb seine weitere Mitwirkung an dieser NATO-Übung – vier Tage vor ihrem Ende – eingestellt. Die Übung sei dann – ohne deutsche Beteiligung – fortgesetzt worden.“  (14)

Der Schweizer Militär- und Geheimdienstexperte Jacques Baud geht soweit zu behaupten, dass die NATO „für den Kalten Krieg und für den Nuklearkrieg geschaffen wurde.“ (15) Zu einem Zeitpunkt, wo der erst im zweiten Wahlgang gewählte neue deutsche Bundeskanzler noch immer nicht öffentlich seine Erklärung zurückgenommen hat,  Taurus-Raketen an die Ukraine liefern zu wollen, sollte dies unbedingt in Erinnerung gerufen werden. 

Darüber hinaus gilt, was alle Kriegsspiele, sowohl die Kriegsspiele der NATO als auch jene der Sowjetunion bzw. später Russlands dokumentieren:

„Die Deutschen haben nicht mitzureden, wenn es um die Vernichtung ihres eigenen Landes geht.“ (Jonas Tögel, 16).

Kann es da verwundern, dass spiegelbildlich dazu der von der NATO losgetretene Informationskrieg gerade in Deutschland immer bizarrere Blüten treibt?

Denn hier liegt das Schlachtfeld des Propagandakrieges, der jedem Waffengang erst einmal vorausgeht und gewonnen sein will. Das meint auch die Rede von der zu erlangenden Kriegstüchtigkeit. Sie dient als Propaganda zur Formierung der Gesellschaft gegen „den“ Feind, wobei der Feind grundsätzlich austauschbar ist (es kann auch ein „gefährliches“ Virus sein...), immer aber gewisse Eigenschaften aufweisen muss. So sollte er leicht adaptierbar an die Ängste oder Aggressionen der Menschen sein. Dies impliziert auch, dass die aktuelle Einschätzung von 16 amerikanischen Geheimdiensten, nach denen Russland keinen Krieg gegen die europäischen NATO-Staaten beabsichtige und plane, in der öffentlichen Debatte hierzulande keine Rolle spielt und der Bevölkerung vorenthalten wird (17). 

Kontrafaktisch wird mit Hilfe der immer gleichen Protagonisten des militärisch-industriellen, und – wie hinzugefügt werden muss – propagandistisch-medialen Komplexes am Bedrohungsszenario festgehalten. Wer es nicht glaubt, der möge bei Google im Suchfenster: „16 amerikanische Geheimdienste Russland keine Bedrohung“ oder etwas Sinngleiches eingeben und schauen, ob er auf den ersten Seiten irgendwelche „Treffer“ landet. Ich wünsche viel Spaß dabei!

Teil 2 folgt demnächst.

---

Bernd Schoepe, Jahrgang 1965,  Studium der Soziologie, Germanistik, Philosophie und Erziehungswissenschaften in Frankfurt/M. und Hamburg. Erstes und zweites Staatsexamen. Freier Autor, der zu bildungspolitischen, bildungssoziologischen- und bildungsphilosophischen Themen schreibt. Seit 2003 im Hamburger Schuldienst. Langjähriges GEW-Betriebsgruppen-Mitglied, ehem. Vertrauensmann, ehem. Mitglied der Hamburger Lehrerkammer. Hauptberuflich bin ich Politik- Deutsch- und Philosophielehrer an einer Hamburger Stadtteilschule. Kontakt: berndschoepe\@gmx.de

---

LASSEN SIE DER FRIEDENSTAUBE FLÜGEL WACHSEN!

In Kürze folgt eine Mail an alle Genossenschafter, danke für die Geduld!

Hier können Sie die Friedenstaube abonnieren und bekommen die Artikel zugesandt.

Schon jetzt können Sie uns unterstützen:

• Für 50 CHF/EURO bekommen Sie ein Jahresabo der Friedenstaube.
• Für 120 CHF/EURO bekommen Sie ein Jahresabo und ein T-Shirt/Hoodie mit der Friedenstaube.
• Für 500 CHF/EURO werden Sie Förderer und bekommen ein lebenslanges Abo sowie ein T-Shirt/Hoodie mit der Friedenstaube.
• Ab 1000 CHF werden Sie Genossenschafter der Friedenstaube mit Stimmrecht (und bekommen lebenslanges Abo, T-Shirt/Hoodie).

Für Einzahlungen in CHF (Betreff: Friedenstaube):

Für Einzahlungen in Euro:

Milosz Matuschek

IBAN DE 53710520500000814137

BYLADEM1TST

Sparkasse Traunstein-Trostberg

Betreff: Friedenstaube

Wenn Sie auf anderem Wege beitragen wollen, schreiben Sie die Friedenstaube an: friedenstaube@pareto.space

---

Sie sind noch nicht auf Nostr and wollen die volle Erfahrung machen (liken, kommentieren etc.)? Zappen können Sie den Autor auch ohne Nostr-Profil! Erstellen Sie sich einen Account auf Start. Weitere Onboarding-Leitfäden gibt es im Pareto-Wiki.

@ 106de8d9:a99be73f

For those who like to be first and make money https://t.me/edchess_bot/web3?startapp=ref-link=mTLuwhkSLyYJ

@ 1bc70a01:24f6a411

{"title":"SVG Bee Logo","description":"Bee ready with a nice bee logo for your beeloved app!","price":35000,"contentUrl":"https://d.nostr.build/HRcgBzWongPHkSYT.svg","imageUrl":"data:image/png;base64,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","lightningAddress":"fd5ce42fc3e44e17@coinos.io","zapSplits":[{"pubkey":"1bc70a0148b3f316da33fe3c89f23e3e71ac4ff998027ec712b905cd24f6a411","weight":95,"relay":"wss://relay.damus.io"},{"pubkey":"1bc70a0148b3f316da33fe3c89f23e3e71ac4ff998027ec712b905cd24f6a411","weight":5,"relay":"wss://nos.lol"}]}

@ 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.

---

My Nostr Public Key: npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx

---

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

@ 5d1d83de:d0db5aa0

As long as the base unit of the trading system can be manipulated a free trading system cannot emerge.

The trading system will either be manipulated by printed subsidies or will be manipulated by artificial exchange rates.

Free trading was available during a gold standard and free trading will become available again during a future bitcoin standard.

https://stacker.news/items/989491

@ 7f6db517:a4931eda

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.

---

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

@ b7274d28:c99628cb

In this second installment of The Android Elite Setup tutorial series, we will cover installing the nostr:npub10r8xl2njyepcw2zwv3a6dyufj4e4ajx86hz6v4ehu4gnpupxxp7stjt2p8 on your #Android device and browsing for apps you may be interested in trying out.

Since the #Zapstore is a direct competitor to the Google Play Store, you're not going to be able to find and install it from there like you may be used to with other apps. Instead, you will need to install it directly from the developer's GitHub page. This is not a complicated process, but it is outside the normal flow of searching on the Play Store, tapping install, and you're done.

Installation

From any web browser on your Android phone, navigate to the Zapstore GitHub Releases page and the most recent version will be listed at the top of the page. The .apk file for you to download and install will be listed in the "Assets."

Tap the .apk to download it, and you should get a notification when the download has completed, with a prompt to open the file.

You will likely be presented with a prompt warning you that your phone currently isn't allowed to install applications from "unknown sources." Anywhere other than the Play Store is considered an "unknown source" by default. However, you can manually allow installation from unknown sources in the settings, which the prompt gives you the option to do.

In the settings page that opens, toggle it to allow installation from this source, and you should be prompted to install the application. If you aren't, simply go to your web browser's downloads and tap on the .apk file again, or go into your file browser app and you should find the .apk in your Downloads folder.

If the application doesn't open automatically after install, you will find it in your app drawer.

Home Page

Right at the top of the home page in the Zapstore is the search bar. You can use it to find a specific app you know is available in the Zapstore.

There are quite a lot of open source apps available, and more being added all the time. Most are added by the Zapstore developer, nostr:npub1wf4pufsucer5va8g9p0rj5dnhvfeh6d8w0g6eayaep5dhps6rsgs43dgh9, but some are added by the app developers themselves, especially Nostr apps. All of the applications we will be installing through the Zapstore have been added by their developers and are cryptographically signed, so you know that what you download is what the developer actually released.

The next section is for app discovery. There are curated app collections to peruse for ideas about what you may want to install. As you can see, all of the other apps we will be installing are listed in nostr:npub1wf4pufsucer5va8g9p0rj5dnhvfeh6d8w0g6eayaep5dhps6rsgs43dgh9's "Nostr" collection.

In future releases of the Zapstore, users will be able to create their own app collections.

The last section of the home page is a chronological list of the latest releases. This includes both new apps added to the Zapstore and recently updated apps. The list of recent releases on its own can be a great resource for discovering apps you may not have heard of before.

Installed Apps

The next page of the app, accessed by the icon in the bottom-center of the screen that looks like a clock with an arrow circling it, shows all apps you have installed that are available in the Zapstore. It's also where you will find apps you have previously installed that are ready to be updated. This page is pretty sparse on my test profile, since I only have the Zapstore itself installed, so here is a look at it on my main profile:

The "Disabled Apps" at the top are usually applications that were installed via the Play Store or some other means, but are also available in the Zapstore. You may be surprised to see that some of the apps you already have installed on your device are also available on the Zapstore. However, to manage their updates though the Zapstore, you would need to uninstall the app and reinstall it from the Zapstore instead. I only recommend doing this for applications that are added to the Zapstore by their developers, or you may encounter a significant delay between a new update being released for the app and when that update is available on the Zapstore.

Tap on one of your apps in the list to see whether the app is added by the developer, or by the Zapstore. This takes you to the application's page, and you may see a warning at the top if the app was not installed through the Zapstore.

Scroll down the page a bit and you will see who signed the release that is available on the Zapstore.

In the case of Primal, even though the developer is on Nostr, they are not signing their own releases to the Zapstore yet. This means there will likely be a delay between Primal releasing an update and that update being available on the Zapstore.

Settings

The last page of the app is the settings page, found by tapping the cog at the bottom right.

Here you can send the Zapstore developer feedback directly (if you are logged in), connect a Lightning wallet using Nostr Wallet Connect, delete your local cache, and view some system information.

We will be adding a connection to our nostr:npub1h2qfjpnxau9k7ja9qkf50043xfpfy8j5v60xsqryef64y44puwnq28w8ch wallet in part 5 of this tutorial series.

For the time being, we are all set with the Zapstore and ready for the next stage of our journey.

Continue to Part 3: Amber Signer. Nostr link: nostr:naddr1qqxnzde5xuengdeexcmnvv3eqgstwf6d9r37nqalwgxmfd9p9gclt3l0yc3jp5zuyhkfqjy6extz3jcrqsqqqa28qy2hwumn8ghj7un9d3shjtnyv9kh2uewd9hj7qg6waehxw309aex2mrp0yhxyunfva58gcn0d36zumn9wss80nug

@ 7f6db517:a4931eda

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

---

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

@ 35f80bda:406855c0

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.

If two parties have some sort of dealings, then each has a memory of their interaction. Each party can speak about their own memory of this; how could anyone prevent it? One could pass laws against it, but the freedom of speech, even more than privacy, is fundamental to an open society; we seek not to restrict any speech at all. If many parties speak together in the same forum, each can speak to all the others and aggregate together knowledge about individuals and other parties. The power of electronic communications has enabled such group speech, and it will not go away merely because we might want it to.

Since we desire privacy, we must ensure that each party to a transaction have knowledge only of that which is directly necessary for that transaction. Since any information can be spoken of, we must ensure that we reveal as little as possible. In most cases personal identity is not salient. When I purchase a magazine at a store and hand cash to the clerk, there is no need to know who I am. When I ask my electronic mail provider to send and receive messages, my provider need not know to whom I am speaking or what I am saying or what others are saying to me; my provider only need know how to get the message there and how much I owe them in fees. When my identity is revealed by the underlying mechanism of the transaction, I have no privacy. I cannot here selectively reveal myself; I must always reveal myself.

Therefore, privacy in an open society requires anonymous transaction systems. Until now, cash has been the primary such system. An anonymous transaction system is not a secret transaction system. An anonymous system empowers individuals to reveal their identity when desired and only when desired; this is the essence of privacy.

Privacy in an open society also requires cryptography. If I say something, I want it heard only by those for whom I intend it. If the content of my speech is available to the world, I have no privacy. To encrypt is to indicate the desire for privacy, and to encrypt with weak cryptography is to indicate not too much desire for privacy. Furthermore, to reveal one's identity with assurance when the default is anonymity requires the cryptographic signature.

We cannot expect governments, corporations, or other large, faceless organizations to grant us privacy out of their beneficence. It is to their advantage to speak of us, and we should expect that they will speak. To try to prevent their speech is to fight against the realities of information. Information does not just want to be free, it longs to be free. Information expands to fill the available storage space. Information is Rumor's younger, stronger cousin; Information is fleeter of foot, has more eyes, knows more, and understands less than Rumor.

We must defend our own privacy if we expect to have any. We must come together and create systems which allow anonymous transactions to take place. People have been defending their own privacy for centuries with whispers, darkness, envelopes, closed doors, secret handshakes, and couriers. The technologies of the past did not allow for strong privacy, but electronic technologies do.

We the Cypherpunks are dedicated to building anonymous systems. We are defending our privacy with cryptography, with anonymous mail forwarding systems, with digital signatures, and with electronic money.

Cypherpunks write code. We know that someone has to write software to defend privacy, and since we can't get privacy unless we all do, we're going to write it. We publish our code so that our fellow Cypherpunks may practice and play with it. Our code is free for all to use, worldwide. We don't much care if you don't approve of the software we write. We know that software can't be destroyed and that a widely dispersed system can't be shut down.

Cypherpunks deplore regulations on cryptography, for encryption is fundamentally a private act. The act of encryption, in fact, removes information from the public realm. Even laws against cryptography reach only so far as a nation's border and the arm of its violence. Cryptography will ineluctably spread over the whole globe, and with it the anonymous transactions systems that it makes possible.

For privacy to be widespread it must be part of a social contract. People must come and together deploy these systems for the common good. Privacy only extends so far as the cooperation of one's fellows in society. We the Cypherpunks seek your questions and your concerns and hope we may engage you so that we do not deceive ourselves. We will not, however, be moved out of our course because some may disagree with our goals.

The Cypherpunks are actively engaged in making the networks safer for privacy. Let us proceed together apace.

Onward.

Eric Hughes hughes@soda.berkeley.edu

9 March 1993

@ b7274d28:c99628cb

Your identity is important to you, right? While impersonation can be seen in some senses as a form of flattery, we all would prefer to be the only person capable of representing ourselves online, unless we intentionally delegate that privilege to someone else and maintain the ability to revoke it.

Amber does all of that for you in the context of #Nostr. It minimizes the possibility of your private key being compromized by acting as the only app with access to it, while all other Nostr apps send requests to Amber when they need something signed. This even allows you to give someone temporary authority to post as you without giving them your private key, and you retain the authority to revoke their permissions at any time.

nostr:npub1w4uswmv6lu9yel005l3qgheysmr7tk9uvwluddznju3nuxalevvs2d0jr5 has provided Android users with an incredibly powerful tool in Amber, and he continues to improve its functionality and ease of use. Indeed, there is not currently a comparative app available for iOS users. For the time being, this superpower is exclusive to Android.

Installation

Open up the Zapstore app that you installed in the previous stage of this tutorial series.

Very likely, Amber will be listed in the app collection section of the home page. If it is not, just search for "Amber" in the search bar.

Opening the app's page in the Zapstore shows that the release is signed by the developer. You can also see who has added this app to one of their collections and who has supported this app with sats by zapping the release.

Tap "Install" and you will be prompted to confirm you are sure you want to install Amber.

Helpfully, you are informed that several other users follow this developer on Nostr. If you have been on Nostr a while, you will likely recognize these gentlemen as other Nostr developers, one of them being the original creator of the protocol.

You can choose to never have Zapstore ask for confirmation again with apps developed by nostr:npub1w4uswmv6lu9yel005l3qgheysmr7tk9uvwluddznju3nuxalevvs2d0jr5, and since we have another of his apps to install later in this tutorial series, I recommend you toggle this on. Then tap on "Trust greenart7c3 and install app."

Just like when you installed the Zapstore from their GitHub, you will be prompted to allow the Zapstore to install apps, since Android considers it an "unknown source."

Once you toggle this on and use the back button to get back to the Zapstore, Amber will begin downloading and then present a prompt to install the app. Once installed, you will see a prompt that installation was a success and you can now open the app.

From here, how you proceed will depend on whether you need to set up a new Nostr identity or use Amber with an existing private key you already have set up. The next section will cover setting up a new Nostr identity with Amber. Skip to the section titled "Existing Nostrich" if you already have an nsec that you would like to use with Amber.

New Nostrich

Upon opening the application, you will be presented with the option to use an existing private key or create a new Nostr account. Nostr doesn't really have "accounts" in the traditional sense of the term. Accounts are a relic of permissioned systems. What you have on Nostr are keys, but Amber uses the "account" term because it is a more familiar concept, though it is technically inaccurate.

Choose "Create a new Nostr account" and you will be presented with a screen telling you that your Nostr account is ready. Yes, it was really that easy. No email, no real name, no date of birth, and no annoying capcha. Just "Create a new account" and you're done.

The app presents you with your public key. This is like an address that can be used to find your posts on Nostr. It is 100% unique to you, and no one else can post a note that lists this npub as the author, because they won't have the corresponding private key. You don't need to remember your npub, though. You'll be able to readily copy it from any Nostr app you use whenever you need it.

You will also be prompted to add a nickname. This is just for use within Amber, since you can set up multiple profiles within the app. You can use anything you want here, as it is just so you can tell which profile is which when switching between them in Amber.

Once you've set your nickname, tap on "Continue."

The next screen will ask you what Amber's default signing policy should be.

The default is to approve basic actions, referring to things that are common for Nostr clients to request a signature for, like following another user, liking a post, making a new post, or replying. If you are more concerned about what Amber might be signing for on your behalf, you can tell it to require manual approval for each app.

Once you've made your decision, tap "Finish." You will also be able to change this selection in the app settings at any time.

With this setup out of the way, you are now presented with the main "Applications" page of the app.

At the top, you have a notification encouraging you to create a backup. Let's get that taken care of now by tapping on the notification and skipping down to the heading titled "Backing Up Your Identity" in this tutorial.

Existing Nostrich

Upon opening the application, you will be presented with the option to use your private key or create a new Nostr account. Choose the former.

The next screen will require you to paste your private key.

You will need to obtain this from whatever Nostr app you used to create your profile, or any other Nostr app that you pasted your nsec into in the past. Typically you can find it in the app settings and there will be a section mentioning your keys where you can copy your nsec. For instance, in Primal go to Settings > Keys > Copy private key, and on Amethyst open the side panel by tapping on your profile picture in the top-left, then Backup Keys > Copy my secret key.

After pasting your nsec into Amber, tap "Next."

Amber will give you a couple options for a default signing policy. The default is to approve basic actions, referring to things that are common for Nostr clients to request a signature for, like following another user, liking a post, making a new post, or replying. If you are more concerned about what Amber might be signing for on your behalf, you can tell it to require manual approval for each app.

Once you've made your decision, tap "Finish." You will also be able to change this selection in the app settings at any time.

With this setup out of the way, you are now presented with the main "Applications" page of the app. You have nothing here yet, since you haven't used Amber to log into any Nostr apps, but this will be where all of the apps you have connected with Amber will be listed, in the order of the most recently used at the top.

Before we go and use Amber to log into an app, though, let's make sure we've created a backup of our private key. You pasted your nsec into Amber, so you could just save that somewhere safe, but Amber gives you a few other options as well. To find them, you'll need to tap the cog icon at the bottom of the screen to access the settings, then select "Backup Keys."

Backing Up Your Identity

You'll notice that Amber has a few different options for backing up your private key that it can generate.

First, it can give you seed words, just like a Bitcoin seed. If you choose that option, you'll be presented with 12 words you can record somewhere safe. To recover your Nostr private key, you just have to type those words into a compatible application, such as Amber.

The next option is to just copy the secret/private key in its standard form as an "nsec." This is the least secure way to store it, but is also the most convenient, since it is simple to paste into another signer application. If you want to be able to log in on a desktop web app, the browser extension Nostr signers won't necessarily support entering your 12 word seed phrase, but they absolutely will support pasting in your nsec.

You can also display a QR code of your private key. This can be scanned by Amber signer on another device for easily transferring your private key to other devices you want to use it on. Say you have an Android tablet in addition to your phone, for instance. Just make sure you only use this function where you can be certain that no one will be able to get a photograph of that QR code. Once someone else has your nsec, there is no way to recover it. You have to start all over on Nostr. Not a big deal at this point in your journey if you just created a Nostr account, but if you have been using Nostr for a while and have built up a decent amount of reputation, it could be much more costly to start over again.

The next options are a bit more secure, because they require a password that will be used to encrypt your private key. This has some distinct advantages, and a couple disadvantages to be aware of. Using a password to encrypt your private key will give you what is called an ncryptsec, and if this is leaked somehow, whoever has it will not necessarily have access to post as you on Nostr, the way they would if your nsec had been leaked. At least, not so long as they don't also have your password. This means you can store your ncryptsec in multiple locations without much fear that it will be compromised, so long as the password you used to encrypt it was a strong and unique one, and it isn't stored in the same location. Some Nostr apps support an ncryptsec for login directly, meaning that you have the option to paste in your ncryptsec and then just log in with the password you used to encrypt it from there on out. However, now you will need to keep track of both your ncryptsec and your password, storing both of them safely and separately. Additionally, most Nostr clients and signer applications do not support using an ncryptsec, so you will need to convert it back to a standard nsec (or copy the nsec from Amber) to use those apps.

The QR option using an ncryptsec is actually quite useful, though, and I would go this route when trying to set up Amber on additional devices, since anyone possibly getting a picture of the QR code is still not going to be able to do anything with it, unless they also get the password you used to encrypt it.

All of the above options will require you to enter the PIN you set up for your device, or biometric authentication, just as an additional precaution before displaying your private key to you.

As for what "store it in a safe place" looks like, I highly recommend a self-hosted password manager, such as Vaultwarden+Bitwarden or KeePass. If you really want to get wild, you can store it on a hardware signing device, or on a steel seed plate.

Additional Settings

Amber has some additional settings you may want to take advantage of. First off, if you don't want just anyone who has access to your phone to be able to approve signing requests, you can go into the Security settings add a PIN or enable biometrics for signing requests. If you enable the PIN, it will be separate from the PIN you use to access your phone, so you can let someone else use your phone, like your child who is always begging to play a mobile game you have installed, without worrying that they might have access to your Nostr key to post on Amethyst.

Amber also has some relay settings. First are the "Active relays" which are used for signing requests sent to Amber remotely from Nostr web apps. This is what enables you to use Amber on your phone to log into Nostr applications on your desktop web browser, such as Jumble.social, Coracle.social, or Nostrudel.ninja, eliminating your need to use any other application to store your nsec whatsoever. You can leave this relay as the default, or you can add other relays you want to use for signing requests. Just be aware, not all relays will accept the notes that are used for Nostr signing requests, so make sure that the relay you want to use does so. In fact, Amber will make sure of this for you when you type in the relay address.

The next type of relays that you can configure in Amber are the "Default profile relays." These are used for reading your profile information. If you already had a Nostr identity that you imported to Amber, you probably noticed it loaded your profile picture and display name, setting the latter as your nickname in Amber. These relays are where Amber got that information from. The defaults are relay.nostr.band and purplepag.es. The reason for this is because they are aggregators that look for Nostr profiles that have been saved to other relays on the network and pull them in. Therefore, no matter what other relay you may save your profile to, Amber will likely be able to find it on one of those two relays as well. If you have a relay you know you will be saving your Nostr profiles to, you may want to add it to this list.

You can also set up Amber to be paired with Orbot for signing over Tor using relays that are only accessible via the Tor network. That is an advanced feature, though, and well beyond the scope of this tutorial.

Finally, you can update the default signing policy. Maybe after using Amber for a while, you've decided that the choice you made before was too strict or too lenient. You can change it to suit your needs.

Zapstore Login

Now that you are all set up with Amber, let's get you signed into your first Nostr app by going back to the Zapstore.

From the app's home screen, tap on the user icon in the upper left of the screen. This will open a side panel with not much on it except the option to "sign in." Go ahead and tap on it.

You will be presented with the option to either sign in with Amber, or to paste your npub. However, if you do the latter, you will only have read access, meaning you cannot zap any of the app releases. There are other features planned for the Zapstore that may also require you to be signed in with write access, so go ahead and choose to log in with Amber.

Your phone should automatically switch to Amber to approve the sign-in request.

You can choose to only approve basic actions for Zapstore, require it to manually approve every time, or you can tell it that you "fully trust this application." Only choose the latter option with apps you have used for a while and they have never asked you to sign for anything suspicious. For the time being, I suggest you use the "Approve basic actions" option and tap "Grant Permissions."

Your phone will switch back to the Zapstore and will show that you are now signed in. Congratulations! From here on out, logging into most Nostr applications will be as easy as tapping on "Log in with Amber" and approving the request.

If you set up a new profile, it will just show a truncated version of your npub rather than the nickname you set up earlier. That's fine. You'll have an opportunity to update your Nostr profile in the next tutorial in this series and ensure that it is spread far and wide in the network, so the Zapstore will easily find it.

That concludes the tutorial for Amber. While we have not covered using Amber to log into Nostr web apps, that is outside the scope of this series, and I will cover it in an upcoming tutorial regarding using Amber's remote signer options in detail.

Since you're already hanging out in the Zapstore, you may as well stick around, because we will be using it right out the gate in the next part of this series: Amethyst Installation and Setup. (Coming Soon)

@ 8d34bd24:414be32b

Many people today believe that the church has replaced Israel and that the promises given to Israel now apply to the church. When we say this, we are calling God a liar.

Can you imagine a groom promising to love and cherish his wife until death do they part and then saying, “I’m keeping my promise by loving and cherishing a new and different wife.”? We would never consider that man to be honest, faithful, and good. If God promised to protect and guide Israel, to have a descendant of David on the throne, and to give them the land, we can only trust Him if He fulfills these promises.

When we say the church has replaced Israel, we make two mistakes. We raise up the church beyond what is right and we put down Israel. We need to be careful because God promised Abraham:

“And I will bless those who bless you, And the one who curses you I will curse. And in you all the families of the earth will be blessed.” (Genesis 12:3)

and He reiterated this promise to Israel during the Exodus:

“He couches, he lies down as a lion,\ And as a lion, who dares rouse him?\ Blessed is everyone who blesses you [Israel],\ And cursed is everyone who curses you [Israel].” (Numbers 24:9) {clarification mine}

When we curse Israel or the Jews, we will be under God’s curse. Now this does not mean that every criticism of a particular action by Israel’s leaders brings a curse. Today’s nation of Israel is led by fallible men like every other nation, so there are mistakes made or corruption by particular leaders. It does, however, mean that generalizations against Israel and the Jews are wrong and of Satan.

Paul specifically warned the church against thinking they had replaced Israel in God’s blessing and love.

If the first piece of dough is holy, the lump is also; and if the root is holy, the branches are too.

But if some of the branches were broken off, and you, being a wild olive, were grafted in among them and became partaker with them of the rich root of the olive tree, do not be arrogant toward the branches; but if you are arrogant, remember that it is not you who supports the root, but the root supports you. You will say then, “Branches were broken off so that I might be grafted in.” Quite right, they were broken off for their unbelief, but you stand by your faith. Do not be conceited, but fear; for if God did not spare the natural branches, He will not spare you, either. Behold then the kindness and severity of God; to those who fell, severity, but to you, God’s kindness, if you continue in His kindness; otherwise you also will be cut off. And they also, if they do not continue in their unbelief, will be grafted in, for God is able to graft them in again. For if you were cut off from what is by nature a wild olive tree, and were grafted contrary to nature into a cultivated olive tree, how much more will these who are the natural branches be grafted into their own olive tree?

For I do not want you, brethren, to be uninformed of this mystery—so that you will not be wise in your own estimation—that a partial hardening has happened to Israel until the fullness of the Gentiles has come in; and so all Israel will be saved; just as it is written,

“The Deliverer will come from Zion,\ He will remove ungodliness from Jacob.”\ “This is My covenant with them,\ When I take away their sins.” *From the standpoint of the gospel they are enemies for your sake, but from the standpoint of God’s choice they are beloved for the sake of the fathers*; for the gifts and the calling of God are irrevocable**. For just as you once were disobedient to God, but now have been shown mercy because of their disobedience, so these also now have been disobedient, that because of the mercy shown to you they also may now be shown mercy. For God has shut up all in disobedience so that He may show mercy to all. (Romans 11:16-32) {emphasis mine}

Paul warns that although the Jews were pruned away due to rejection of Him and gentiles were grafted into Him by faith, if we reject God’s word, we can be pruned away and if the Jews return to Jesus, they can be grafted back in. He predicts that the Jews will return. “…that a partial hardening has happened to Israel until the fullness of the Gentiles has come in; and so all Israel will be saved.” He also says regarding Israel that “the gifts and the calling of God are irrevocable.” Yes, Israel rejected Jesus and was punished for doing so, but they will be called back to God and trust in their Messiah, Jesus. In the end, all the promises of God to Abraham, Jacob, David, and others regarding Israel, will be brought to complete fulfillment.

Both the Old and New Testaments talk about Israel being punished for rejecting God and their Messiah, but that, after the time of the Gentiles, they will be called back to Him.

and they will fall by the edge of the sword, and will be led captive into all the nations; and Jerusalem will be trampled under foot by the Gentiles until the times of the Gentiles are fulfilled. (Luke 21:24)

After Daniel had been in prayer and repentance for the sins of Israel, the angel Gabriel came with this prophecy about Israel.

“Seventy weeks have been decreed for your people and your holy city, to finish the transgression, to make an end of sin, to make atonement for iniquity, to bring in everlasting righteousness, to seal up vision and prophecy and to anoint the most holy place. So you are to know and discern that from the issuing of a decree to restore and rebuild Jerusalem until Messiah the Prince there will be seven weeks and sixty-two weeks; it will be built again, with plaza and moat, even in times of distress. Then after the sixty-two weeks the Messiah will be cut off and have nothing, and the people of the prince who is to come will destroy the city and the sanctuary. And its end will come with a flood; even to the end there will be war; desolations are determined. (Daniel 9:24-26)

In this prophecy, the prediction of 69 weeks (literally sevens, but meaning groups of 7 years) from the decree to rebuild Jerusalem (by Artaxerxes) to the Messiah was fulfilled to the day when Jesus rode into Jerusalem on a donkey on Palm Sunday.

I always thought it strange that the prophecy predicted 70 sevens and that there was the first 69 sevens (483 years), then \~2,000 years where nothing happens, and then comes the final seven — the Great Tribulation. It didn’t make sense until I realized, the 70 sevens referred to the years of Israel. The time of the gentiles intervenes between the 69th and 70th sevens. This delay happened due to Israel rejecting their Messiah.

When He approached Jerusalem, He saw the city and wept over it, saying, “If you had known in this day, even you, the things which make for peace! But now they have been hidden from your eyes. For the days will come upon you when your enemies will throw up a barricade against you, and surround you and hem you in on every side, and they will level you to the ground and your children within you, and they will not leave in you one stone upon another, because you did not recognize the time of your visitation.” (Luke 19:41-44)

We are now in the time of the Gentiles, the church age, the intermission in the story of Israel. After the church is raptured, the story will return to Israel. The Jews (at least many of them) will finally accept their Messiah. They will suffer through the Tribulation while witnessing to the world and then God will finally fully fulfill His promises to Israel through the Millennial kingdom.

Alas! for that day is great,\ There is none like it;\ And it is the time of Jacob’s distress,\ But he will be saved from it.

‘It shall come about on that day,’ declares the Lord of hosts, ‘that I will break his yoke from off their neck and will tear off their bonds; and strangers will no longer make them their slaves. But they shall serve the Lord their God and David their king, whom I will raise up for them.

Fear not, O Jacob My servant,’ declares the Lord,\ ‘And do not be dismayed, O Israel;\ For behold, I will save you from afar\ And your offspring from the land of their captivity.\ And Jacob will return and will be quiet and at ease,\ And no one will make him afraid.\ For I am with you,’ declares the Lord, ‘to save you;\ For I will destroy completely all the nations where I have scattered you,\ Only I will not destroy you completely.\ But I will chasten you justly\ And will by no means leave you unpunished.’ \ (Jeremiah 30:7-11) {emphasis mine}

Jacob’s distress is the final Tribulation. The 144,000 Jewish witnesses will be saved through the whole Tribulation. Others may become saved and die a martyrs death, but they will then be brought into the millennial kingdom where the Messiah will fill the throne of David and Israel will reach from the River to the Sea.

The Jews have already been saved “from afar, and your offspring from the land of their captivity” with the recreation of Israel in 1947 and the continual return of Jews to their homeland.

God is working to fulfill His promises to Israel and His work is nearly complete.

“O Jacob My servant, do not fear,” declares the Lord, “For I am with you. For I will make a full end of all the nations where I have driven you, Yet I will not make a full end of you; But I will correct you properly And by no means leave you unpunished.” (Jeremiah 46:28)

God promises a “full end of all the nations where I have driven you.” Those nations and people who try to destroy Israel will be destroyed. As Christians we should love what God loves, and despite Israel’s repeated betrayals, God still loves Israel, so we should, too.

May the God of heaven give us a right view of Israel. May we see them as God sees them. May God use us to share the Gospel in such a way as to lead to a harvest of Jews for the Kingdom of God. To God be the glory!

Trust Jesus

@ c1e9ab3a:9cb56b43

Star Wars is often viewed as a myth of rebellion, freedom, and resistance to tyranny. The iconography—scrappy rebels, totalitarian stormtroopers, lone smugglers—suggests a deep anti-authoritarian ethos. Yet, beneath the surface, the narrative arc of Star Wars consistently affirms the necessity, even sanctity, of central authority. This blog entry introduces the question: Is Star Wars fundamentally a celebration of statism?

---

Rebellion as Restoration, Not Revolution

The Rebel Alliance’s mission is not to dismantle centralized power, but to restore the Galactic Republic—a bureaucratic, centrally governed institution. Characters like Mon Mothma and Bail Organa are high-ranking senators, not populist revolutionaries. The goal is to remove the corrupt Empire and reinstall a previous central authority, presumed to be just.

• Rebels are loyalists to a prior state structure.
• Power is not questioned, only who wields it.

---

Jedi as Centralized Moral Elites

The Jedi, often idealized as protectors of peace, are unelected, extra-legal enforcers of moral and military order. Their authority stems from esoteric metaphysical abilities rather than democratic legitimacy.

• They answer only to their internal Council.
• They are deployed by the Senate, but act independently of civil law.
• Their collapse is depicted as tragic not because they were unaccountable, but because they were betrayed.

This positions them as a theocratic elite, not spiritual anarchists.

---

Chaos and the Frontier: The Case of the Cantina

The Mos Eisley cantina, often viewed as a symbol of frontier freedom, reveals something darker. It is: - Lawless - Violent - Culturally fragmented

Conflict resolution occurs through murder, not mediation. Obi-Wan slices off a limb; Han shoots first—both without legal consequence. There is no evidence of property rights, dispute resolution, or voluntary order.

This is not libertarian pluralism—it’s moral entropy. The message: without centralized governance, barbarism reigns.

---

The Mythic Arc: Restoration of the Just State

Every trilogy in the saga returns to a single theme: the fall and redemption of legitimate authority.

1. Prequels: Republic collapses into tyranny.
2. Originals: Rebels fight to restore legitimate order.
3. Sequels: Weak governance leads to resurgence of authoritarianism; heroes must reestablish moral centralism.

The story is not anti-state—it’s anti-bad state. The solution is never decentralization; it’s the return of the right ruler or order.

---

Conclusion: The Hidden Statism of a Rebel Myth

Star Wars wears the costume of rebellion, but tells the story of centralized salvation. It: - Validates elite moral authority (Jedi) - Romanticizes restoration of fallen governments (Republic) - Portrays decentralized zones as corrupt and savage (outer rim worlds)

It is not an anarchist parable, nor a libertarian fable. It is a statist mythology, clothed in the spectacle of rebellion. Its core message is not that power should be abolished, but that power belongs to the virtuous few.

---

Question to Consider:
If the Star Wars universe consistently affirms the need for centralized moral and political authority, should we continue to see it as a myth of freedom? Or is it time to recognize it as a narrative of benevolent empire?

@ f4a890ce:af88c4aa

執行摘要

隨著比特幣再創歷史新高，市場總市值攀升至 3.39 兆美元，成交量顯著回溫至 704 億美元，顯示多頭氣氛延續。然而，鏈上與衍生品數據釋出警訊，操作上應更加謹慎。 本週需關注三大數據變化：

清算與槓桿風險：永續合約持倉升至 159.7B，多空雙邊爆倉規模擴大。若價格劇烈波動，將可能引發連鎖平倉與資金撤離。 鏈上結構是否轉弱：雖鯨魚持續吸籌，NUPL 指標尚未突破歷史高點，市場情緒未到亢奮，但並不代表市場毫無壓力。 ETF 資金動能是否續強：BTC 與 ETH ETF 雖持續流入，但增幅放緩，若出現流出，將影響市場對主流資產的風險偏好。

此外，Coinbase 與 Korea溢價指數維持正值，代表現貨買盤尚有支撐。整體結構仍偏多，但需持續追蹤資金是否轉趨保守，以應對高位震盪風險。

---

加密市場

本週加密貨幣市場總市值下降至 3.24 兆美元，較前週略有回落，顯示市場資金流入動能稍微減弱。交易活動方面，當週總成交量達到 591.66 億美元，較上週減少，反映市場活躍度有所下降，投資者情緒轉趨保守。

https://coinmarketcap.com/charts/

市場情緒指標顯示，恐懼與貪婪指數為 55，處於中性區間，代表市場情緒較為平穩，但貪婪情緒較前週下降，投資者對市場前景的信心稍微減弱。

https://www.coinglass.com/zh-TW/pro/i/FearGreedIndex

此外，相對強弱指標處於中性至超賣區間，顯示部分標地短期內可能存在修正壓力，市場仍需消化部分參與者獲利籌碼。

https://www.coinglass.com/zh-TW/pro/i/RsiHeatMap

山寨幣季節指數降至 14，顯示市場資金仍主要流向比特幣及主流加密貨幣，投資者對高風險資產的配置仍較為保守，中小型代幣尚未獲得市場關注。

https://www.blockchaincenter.net/en/altcoin-season-index/

穩定幣市值上升至 2,475.81 億美元，顯示部分資金正在尋求避險，或為市場修正後的潛在買盤做準備。

https://defillama.com/stablecoins

小結

本週加密市場總市值與成交量同步下降，顯示市場資金流動性稍微減弱，交易活躍度下降。恐懼與貪婪指數落在中性區間，市場情緒較為平穩，但投資人信心略有減弱。相對強弱指標顯示市場仍存在修正壓力，短線上漲動能有限。山寨幣季節指數低迷，市場資金仍集中於主流幣種，而穩定幣市值增長，顯示投資者維持謹慎態度，靜待市場更明朗的機會。未來市場走勢仍將受到宏觀經濟因素及市場資金流動影響，需密切關注相關變化。

---

衍生性商品

槓桿交易持續活躍，本週永續合約持倉規模達 144.18B，顯示市場仍具有強勁的槓桿需求。

https://www.coinglass.com/zh-TW/pro/futures/Cryptofutures

資金費率維持 0.01%，大部分交易所仍為 正費率，市場情緒偏向多頭。

https://www.coinglass.com/zh-TW/FundingRate

爆倉數據方面，本週整體空單爆倉達 826.391M，而多單爆倉則達 1148.547M，顯示市場波動仍造成大規模強制平倉。其中 5月30日 空單爆倉 84.91M，多單爆倉 796.623M，顯示當日市場波動較為劇烈。

https://www.coinglass.com/zh-TW/LiquidationData

清算熱力圖顯示，$93,000 附近 的清算金額達 211.54M，此區間可能成為市場交易的重要風險區域。

https://www.coinglass.com/zh-TW/pro/futures/LiquidationHeatMap

期權市場保持穩定交易量，投資者在不同價格區間進行配置： * $100,000 行權價的看跌期權合約數量達 7.6K，總金額達 $28.16M，顯示市場對該區間的風險防禦仍較為明顯。 * $110,000 行權價的看漲期權合約數量為 10.62K，總金額 $47.56M，顯示市場對上行潛力仍有較高期待。

https://www.coinglass.com/zh-TW/pro/options/OIStrike

最大痛點出現在 2025/06/27 的 $100,000，名義金額 11.97B，以及 2025/06/06 的 $105,000，名義金額 2.85B，顯示市場對未來走勢的佈局仍存在分歧。

https://www.coinglass.com/zh-TW/pro/options/max-pain

小結

加密市場槓桿交易活躍，爆倉情況顯示市場波動仍帶來顯著風險。永續合約與期權市場的數據反映出投資者對市場未來走勢的不同看法，多空資金配置仍在競爭中。隨著市場價格熱區逐漸明朗，投資者需密切關注資金流向與槓桿風險，調整交易策略，以降低市場劇烈變動帶來的影響。

---

ETF

本週，加密貨幣衍生性商品市場依舊保持穩定，ETF資金流入顯示市場情緒良好。比特幣（BTC）ETF流入2.117億美元。

而以太坊（ETH）ETF則流入5,860萬美元，相比前週的資金流向，ETH的流入幅度顯著提升，可能反映市場對其關注度增強。

https://coinmarketcap.com/zh-tw/etf/

小結

比特幣 ETF 的資金流入雖略低於上週，但仍保持穩健。市場近期受到宏觀經濟變數影響，包括貨幣政策調整與投資者風險偏好的轉變，使得資金配置較為謹慎。此外，以太坊 ETF 的資金流入大幅提升，顯示出投資者可能對 ETH 的技術發展與未來潛力更為樂觀。特別是近期市場對去中心化金融（DeFi）與以太坊網絡升級的關注，也可能促使資金流入提升。

整體而言，本週 ETF 市場仍然展現穩健資金流入，尤其 ETH 的流入幅度增加值得關注。投資者對市場的信心維持穩定，但仍需密切關注宏觀經濟環境以及技術面因素對衍生性商品市場的影響，以評估後續市場動能。

---

鏈上分析 | BTC

近期鏈上數據顯示，比特幣在二級交易所的儲備量再度創下新低，反映出市場上流通的 BTC 數量持續減少，整體壓力趨緩。

https://cryptoquant.com/asset/btc/chart/exchange-flows/exchange-reserve?exchange=all_exchange&window=DAY&priceScale=log&metricScale=linear&chartStyle=line

地址分佈方面延續上週趨勢，10–100 顆持倉的中小戶數量持續下降，而 100–1k、1k–10k 及 10k 以上的大型地址則全面增加，尤其是 10k+ 地址出現明顯跳升，顯示有特大型機構或長期資金加速進場。

https://cryptoquant.com/community/dashboard/67e2481ba2a7203afd437b31

鯨魚活躍地址持續上升，代表主力資金在當前價位仍具操作意願與信心。

https://cryptoquant.com/community/dashboard/67e2481ba2a7203afd437b31

從 Exchange Netflow 觀察，目前市場仍處於穩定的淨流出狀態，表明投資者傾向將 BTC 移出交易所、進行長期儲存，進一步減少潛在賣壓。

https://cryptoquant.com/asset/btc/chart/exchange-flows/exchange-netflow-total?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=column

根據 URPD（UTXO Realized Price Distribution）指標觀察，目前市場中多數比特幣地址的持倉成本集中於 9 萬美元附近，顯示該價格區間具備顯著的籌碼密集度與潛在支撐力，若價格回落至此區間，預期將有較強的買盤介入，形成穩定支撐。

https://charts.bgeometrics.com/distribution_realized_price.html

另一方面，從 NRPL（Net Realized Profit/Loss）指標來看，過去兩次關鍵價格突破均伴隨著大量已實現的盈虧，顯示投資者在獲利後傾向了結部分持倉。然而本次上漲過程中，NRPL 數據顯示已實現盈虧尚處於初步上升階段，暗示市場中仍有大量潛在利潤尚未兌現，市場動能尚未充分釋放。

https://charts.bgeometrics.com/nrpl.html

溢價指數方面，Coinbase Premium Index 持續位於 0 以上，顯示美國市場對 BTC 需求穩健；而 Korea Premium Index 則攀升至 3，反映亞洲市場對 BTC 價格有更高追價意願，顯示整體市場情緒偏向樂觀。

Coinbase Premium Index:https://cryptoquant.com/asset/btc/chart/market-data/coinbase-premium-index?window=DAY&priceScale=log&metricScale=linear&chartStyle=line&sma=0&ema=0

Korea Premium Index:https://cryptoquant.com/asset/btc/chart/market-data/korea-premium-index?window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line

小結

近期比特幣鏈上數據持續展現強勁表現。首先，二級交易所的比特幣儲備量再度創下新低，反映出整體市場供給持續減少，為價格提供中長期支撐。 在地址分布方面，10–100 顆地址數量延續下跌趨勢，而 100–1k、1k–10k 以及 10k 顆以上的地址數量皆呈現上升，尤其 10k 顆以上的大型地址數量突然明顯增加，顯示超級大戶進場布局意圖明確。 鯨魚活躍地址也持續上升，顯示主力資金開始進一步參與市場；交易所的 Exchange Netflow 指標則持續顯示資金處於淨流出狀態，佐證了比特幣正由交易所流向冷錢包持有，偏多氛圍濃厚。 同時，Coinbase 溢價指數仍維持在 0 以上，代表美國買盤持續存在，而韓國溢價指數更顯強勁，已升至 3，反映亞洲市場情緒火熱。 從 URPD 指標來看，多數比特幣地址的購入價格集中於 9 萬美元，意味此區具備紮實支撐；而 NRPL 指標顯示，與前兩次價格突破相比，目前的已實現盈虧尚處初升階段，代表仍有大量潛在利潤未被釋放，後續若市場進一步上漲，可能會引發更大規模的獲利了結，總之整體來看鏈上結構穩健，上行動能仍未停止。

---

總體經濟

本週加密貨幣市場繼續受到總體經濟環境的影響，資金流動性仍受限，價格波動性加大。聯邦基金有效利率維持在 4.33%，顯示市場依然處於高利率環境。

https://fred.stlouisfed.org/series/FEDFUNDS

隨著 6 月 18 日即將召開的 FOMC 會議，市場對利率決策的預期進一步集中，4.25%-4.50% 區間的機率已從 94.4% 上升至 97.8%，而 4.00%-4.25% 的預測則下降至 2.2%，顯示市場對維持較高利率的預期持續增強，這可能抑制風險資產的表現，包括加密貨幣。

https://www.cmegroup.com/cn-t/markets/interest-rates/cme-fedwatch-tool.html

消費者物價指數 (CPI) 為 2.33%，與前期持平，顯示通膨壓力維持穩定。另一方面，失業率仍保持在 4.2%，顯示勞動市場仍然穩健，企業對人力需求依然穩定。由於市場流動性仍受抑制，加密貨幣投資者仍需面對波動風險，尤其是高槓桿交易，風險控制將成為投資策略的重要考量。

失業率:https://www.macromicro.me/series/37/unemployment-rate

消費者物價指數（CPI):https://www.macromicro.me/series/128/consumer-price-index-sa-yoy

值得關注的是，美國 M2 貨幣供給量已連續數月呈現上升趨勢，顯示市場資金逐步回流、流動性環境有所寬鬆。從歷史走勢來看，M2 的變化與比特幣價格具有高度正相關性，特別是在寬鬆週期中，比特幣常伴隨著資金充裕而出現顯著上漲。若當前趨勢延續，M2 持續上升將可能為加密資產市場提供有力支撐，未來比特幣行情表現值得期待。然而，仍需觀察美聯儲政策走向，以確認這波資金釋放是否具備延續性。

https://charts.bgeometrics.com/m2.html

小結

隨著 FOMC 會議臨近，市場對於短期內貨幣政策的變動趨於保守，預期高利率環境將延續一段時間。若會議結果符合市場預期並維持較高利率，加密市場可能會進一步受到流動性受限的影響。然而，若後續經濟數據顯示通膨持續降溫或就業市場開始走弱，市場對未來貨幣政策轉向的預期可能升高，進而帶動風險資產回暖。 美國 M2 貨幣供給量近幾個月持續上升，顯示市場資金正逐步回籠。從歷史數據來看，M2 走勢與比特幣價格具有正相關性，在流動性大量回升的背景下，長期而言對加密市場構成潛在利多。若資金供給趨勢延續，有望為未來行情提供結構性支撐。 整體而言，加密貨幣市場仍受總體經濟環境影響，高利率政策持續壓制資金流動性，短期內價格波動風險較高。投資者應密切關注即將召開的 FOMC 會議及後續政策動向，以評估市場走勢並調整交易策略。

---

新聞

比特幣序數現在可以透過 BitVMX 橋接到 Cardano

https://www.coindesk.com/tech/2025/05/23/bitcoin-ordinals-can-now-be-bridged-to-cardano-through-bitvmx

美國法院判定川普關稅無效，白宮顧問：對上訴有信心，將敲定三項貿易協議

https://www.blocktempo.com/the-u-s-court-ruled-that-trumps-imposition-of-reciprocal-tariffs-constitutes-an-overreach-of-authority/

巴基斯坦將建立比特幣戰略儲備，為加密貨幣挖礦分配2000兆瓦能源

https://www.coindesk.com/policy/2025/05/28/pakistan-to-establish-a-bitcoin-strategic-reserve-allocate-2000-megawatts-of-energy-for-crypto-mining

巴拿馬城市長表示，船舶可以使用比特幣支付巴拿馬運河過境費並免於排隊

https://www.coindesk.com/policy/2025/05/29/ships-could-pay-panama-canal-transit-fees-in-bitcoin-and-cut-the-line-panama-city-mayor-muses

美國眾議院共和黨正式提出加密貨幣市場結構法案

https://www.coindesk.com/policy/2025/05/29/u-s-house-republicans-officially-introduce-crypto-market-structure-bill

美國證券交易委員會稱加密貨幣質押並不違反美國證券法

https://www.coindesk.com/news-analysis/2025/05/29/crypto-staking-doesnt-violate-us-securities-law-sec-says

@ c1e9ab3a:9cb56b43

I. Introduction: Money as a Function of Efficiency and Preference

Money is not defined by law, but by power over productivity. In any open economy, the most economically efficient actors—those who control the most valuable goods, services, and knowledge—ultimately dictate the medium of exchange. Their preferences signal to the broader market what form of money is required to access the highest-value goods, from durable commodities to intangibles like intellectual property and skilled labor.

Whatever money these actors prefer becomes the de facto unit of account and store of value, regardless of its legal status. This emergent behavior is natural and reflects a hierarchy of monetary utility.

II. Classical Gresham’s Law: A Product of Market Distortion

Gresham’s Law, famously stated as:

"Bad money drives out good"

is only valid under coercive monetary conditions, specifically: - Legal tender laws that force the acceptance of inferior money at par with superior money. - Fixed exchange rates imposed by decree, not market valuation. - Governments or central banks backing elastic fiduciary media with promises of redemption. - Institutional structures that mandate debt and tax payments in the favored currency.

Under these conditions, superior money (hard money) is hoarded, while inferior money (soft, elastic, inflationary) circulates. This is not an expression of free market behavior—it is the result of suppressed price discovery and legal coercion.

Gresham’s Law, therefore, is not a natural law of money, but a law of distortion under forced parity and artificial elasticity.

III. The Collapse of Coercion: Inversion of Gresham’s Law

When coercive structures weaken or are bypassed—through technological exit, jurisdictional arbitrage, monetary breakdown, or political disintegration—Gresham’s Law inverts:

Good money drives out bad.

This occurs because: - Market actors regain the freedom to select money based on utility, scarcity, and credibility. - Legal parity collapses, exposing the true economic hierarchy of monetary forms. - Trustless systems (e.g., Bitcoin) or superior digital instruments (e.g., stablecoins) offer better settlement, security, and durability. - Elastic fiduciary media become undesirable as counterparty risk and inflation rise.

The inversion marks a return to monetary natural selection—not a breakdown of Gresham’s Law, but the collapse of its preconditions.

IV. Elasticity and Control

Elastic fiduciary media (like fiat currency) are not intrinsically evil. They are tools of state finance and debt management, enabling rapid expansion of credit and liquidity. However, when their issuance is unconstrained, and legal tender laws force their use, they become weapons of economic coercion.

Banks issue credit unconstrained by real savings, and governments enforce the use of inflated media through taxation and courts. This distorts capital allocation, devalues productive labor, and ultimately hollows out monetary confidence.

V. Monetary Reversion: The Return of Hard Money

When the coercion ends—whether gradually or suddenly—the monetary system reverts. The preferences of the productive and wealthy reassert themselves:

• Superior money is not just saved—it begins to circulate.
• Weaker currencies are rejected not just for savings, but for daily exchange.
• The hoarded form becomes the traded form, and Gresham’s Law inverts completely.

Bitcoin, gold, and even highly credible stable instruments begin to function as true money, not just stores of value. The natural monetary order returns, and the State becomes a late participant, not the originator of monetary reality.

VI. Conclusion

Gresham’s Law operates only under distortion. Its inversion is not an anomaly—it is a signal of the collapse of coercion. The monetary system then reorganizes around productive preference, technological efficiency, and economic sovereignty.

The most efficient market will always dictate the form of hard money. The State can delay this reckoning through legal force, but it cannot prevent it indefinitely. Once free choice returns, bad money dies, and good money lives again.

@ f4a890ce:af88c4aa

執行摘要

市場持續上探新高，總市值達3.26兆美 元，ETF資金穩定流入，鏈上鯨魚持續吸籌，讓 人忍不住想問，是不是該追？然而，數據提醒 我們需保持冷靜。 我們這週需觀察： • 衍生品爆倉與槓桿是否過熱，清算風險升溫， 短線資金可能因波動而退場。 • 觀察鏈上數據是否延續偏多結構。交易所比 特幣儲備持續下滑、大型地址增加，若鯨魚 活躍度持續上升，將有利於中期支撐力道。 同時觀察穩定幣市值變化，以判斷資金 是否持續布局。整體而言，市場結構偏多，但 上行須有資金支持，操作上宜保留彈性，避免 追高。

---

加密市場

本週加密貨幣市場總市值攀升至3.39 兆美 元，顯示市場持續向上，資本流入動能仍然強勁。交 易量方面，當週總成交量達到704 億美元，相較前週 有所提升，買賣雙方均展現較高的參與度。

https://coinmarketcap.com/charts/

市場情緒指標顯示，恐懼與貪婪指數為67， 仍屬「貪婪」區間，表明投資人對市場前景仍保持樂 觀，但貪婪情緒略有下降，顯示部分投資者可能開始 謹慎調整持倉策略。

https://www.coinglass.com/zh-TW/pro/i/FearGreedIndex

同時，相對強弱指標處於中性至超賣區間， 部分資產短期內面臨修正壓力，但市場尚未進入明顯 弱勢。

https://www.coinglass.com/zh-TW/pro/i/RsiHeatMap

值得注意的是，山寨幣季節指數下降至18， 表明市場資金仍主要流向比特幣及主流加密貨幣，投 資者對風險資產的偏好仍相對保守，中小型代幣尚未 獲得明顯關注。

https://www.blockchaincenter.net/en/altcoin-season-index/

此外，穩定幣市值增至2,462.75 億美元，反 映部分資金尋求避險，或為市場調整後的潛在買盤做 準備。

https://defillama.com/stablecoins

小結

本週加密市場總市值持續上升，而成交量顯 著提高，顯示市場活躍度增加，資金流入動能仍在延 續。恐懼與貪婪指數仍處於貪婪區間，市場情緒樂觀， 但投資者開始謹慎調整。相對強弱指標顯示市場尚未 進入弱勢，但需關注短期修正壓力。山寨幣季節指數 低迷，資金仍集中於主流幣種，而穩定幣市值增長， 可能顯示市場內部資金配置仍較為謹慎。

---

衍生性商品

市場槓桿交易持續增長，本週永續合約市場 的持倉規模達159.68B，顯示投資者對槓桿交易的需 求仍然強勁。

https://www.coinglass.com/zh-TW/pro/futures/Cryptofutures

資金費率方面，市場維持正費率，主要交易 所的資金費率保持在0.01%左右，表明市場仍偏多。

https://www.coinglass.com/zh-TW/FundingRate

爆倉數據顯示，空單爆倉金額達826.391M， 而多單爆倉金額達1148.547M，近期市場波動導致大 量強制平倉，尤其是多頭受壓較為明顯。

https://www.coinglass.com/zh-TW/LiquidationData

清算熱力圖顯示，$105,000 附近的清算金額 達166.41M，這一價格區間成為市場交易的重要關注 點，投資者需留意可能的風險變化。

https://www.coinglass.com/zh-TW/pro/futures/LiquidationHeatMap

期權市場交易活躍，投資者在不同價格區間 展開佈局： • $100,000行權價的看跌期權合約數量為6.93K，總 金額達$18.34M，顯示市場對該區間的下行風險仍 保持一定的防禦。 • $110,000行權價的看漲期權合約數量為13.32K，總 金額達$76.11M，顯示市場對上行的預期依然較為 強烈。

https://www.coinglass.com/zh-TW/pro/options/OIStrike

此外，最大痛點分別出現在2025/05/30 的 $98,000（名義金額9.7B）以及2025/06/27 的 $95,000（名義金額11.14B），顯示市場對不同價位的 佈局仍然存在分歧，但相較於上週有所收斂。

https://www.coinglass.com/zh-TW/pro/options/max-pain

小結

本週加密市場仍處於高度波動的環境，槓桿 交易與清算熱點區域成為市場關注的焦點。多頭與空 頭的資金配置存在競爭，爆倉規模顯示槓桿風險仍然 不可忽視。期權市場則呈現不同價格區間的佈局策略， 投資者對短期與中期的市場走勢保持不同看法。建議 投資者密切關注市場資金流向與槓桿風險，調整交易 策略，以降低市場波動帶來的潛在影響。

---

ETF

本週，加密貨幣衍生性商品市場保持活躍， 其中比特幣（BTC）與以太坊（ETH）ETF的資金流入 顯示投資人對市場的信心仍然穩定。比特幣ETF本週 流入2.602億美元。

而以太坊ETF則流入2,220萬美元，儘管流入 規模較上週略有下降，但仍顯示機構與散戶投資人對 市場的參與度不減。

https://coinmarketcap.com/zh-tw/etf/

小結

整體而言，本週加密貨幣衍生性商品市場保 持資金流入趨勢，雖然比特幣ETF流入金額略低於前 週，但以太坊ETF呈現穩定增長。市場投資情緒仍然 良好，未來需持續關注技術發展與宏觀經濟環境對 ETF與衍生性商品市場的影響，以掌握市場動能變化。

---

鏈上分析 | BTC

二級交易所的比特幣儲備量再次創下新低， 顯示市場上的比特幣供給持續減少，潛在拋壓進一步 降低。這一現象通常反映出投資者傾向於將資產移至 自有錢包，展現長期持有的傾向。

https://cryptoquant.com/asset/btc/chart/exchange-flows/exchange-reserve?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line

即使比特幣價格已創下歷史新高，地址分佈 方面仍延續與上週相同的趨勢。

https://cryptoquant.com/community/dashboard/67e2481ba2a7203afd437b31

鯨魚活躍地址仍延續上週，無論是新鯨魚或 老鯨魚，近期均明顯提升鏈上活動頻率，顯示其對市 場後市表現持續看好。整體而言，資金與籌碼正在流 向鯨魚，為比特幣後續表現提供強勁支撐。

https://cryptoquant.com/community/dashboard/67e2481ba2a7203afd437b31

然而值得關注的是，即便比特幣價格已創下 歷史新高，NUPL 指標卻未能超越前兩次牛市的高點。 這代表市場雖然整體仍處於盈利狀態，但尚未進入過 度亢奮或泡沫化階段，投資人情緒相對理性。這樣的 結構可能為後續漲勢留下空間。

https://cryptoquant.com/asset/btc/chart/network-indicator/net-unrealized-profit-loss-nupl?window=DAY&priceScale=log&metricScale=linear&chartStyle=line&sma=0&ema=0

目前觀察CoinbasePremium Index 與 Korea Premium Index 皆位於0 以上，顯示美國與韓 國市場的現貨買盤相對活躍，市場需求強勁。這也反 映出在全球主要市場中，投資者對比特幣仍具有高度 興趣與買入力道，尤其是來自機構或散戶資金較多的 交易平台表現出溢價狀態，通常代表有資金持續流入 並推升現貨價格，對中短期價格走勢構成支撐。未來 若兩大溢價指數持續維持正值，將有助於延續市場的 多頭氣氛。

CoinbasePremium Index:https://cryptoquant.com/asset/btc/chart/market-data/coinbase-premium-index?window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line

Korea Premium Index:https://cryptoquant.com/asset/btc/chart/market-data/korea-premium-index?window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line

小結

即便比特幣價格已創下歷史新高，鏈上數據 顯示市場仍存在結構性變化與短期潛在風險。從地址 分布來看，10–100 顆持倉的中小戶數量持續創下新低， 而100–1k、1k–10k 乃至於 10k 以上的地址數量則穩定 上升，顯示資金持續集中於大戶與機構手中。與此同 時，鯨魚活躍地址全面上升，顯示大資金正在積極參 與市場。 值得注意的是，雖然價格已突破新高， NUPL 指標雖來到相對高點，卻尚未超越過去兩次牛 市的峰值，代表市場情緒尚未達到極度貪婪或全面樂 觀的階段，潛在上行空間仍待觀察。 此外，CoinbasePremium Index 與 Korea Premium Index 雙雙維持在正值，代表現貨買盤動能 仍強，有助於支撐價格表現。整體而言，鏈上結構健 康，但需密切關注中小持倉賣壓與市場情緒是否過熱， 避免短線波動風險。

---

總體經濟

本週總體經濟數據顯示，聯邦基金有效利率 仍維持在4.33%，反映市場依然處於高利率環境。

https://fred.stlouisfed.org/series/FEDFUNDS

隨著6 月18 日即將召開的聯邦公開市場委 員會(FOMC) 會議，市場對利率決策的預期更加集中， 其中4.25%-4.50% 區間的機率已從91.7% 上升至 94.4%，而4.00%-4.25% 的預測則下降至5.6%，顯示 市場對維持較高利率的預期仍在強化，這可能會抑制 風險資產的表現，包括加密貨幣。

https://www.cmegroup.com/cn-t/markets/interest-rates/cme-fedwatch-tool.html

消費者物價指數(CPI) 為2.33%，和上週一 致，失業率保持在4.2%，顯示勞動市場仍然穩定，企 業對人力需求的支撐作用持續發揮。當前情勢意味著 聯準會在利率決策上將維持謹慎，避免過度調整對經 濟產生負面影響。

失業率:https://www.macromicro.me/series/37/unemployment-rate

消費者物價指數(CPI) :https://www.macromicro.me/series/128/consumer-price-index-sa-yoy

小結

加密貨幣市場仍受總體經濟環境影響，高利 率政策使得資金流動性受限，價格波動性加大。投資 者應密切關注即將召開的FOMC 會議及後續政策動向， 以評估市場短期內的走勢與投資機會。

---

新聞

參議院推進穩定幣法案，為最終通過掃清道路

https://www.coindesk.com/policy/2025/05/19/senate-advances-stablecoin-bill-clearing-the-way-for-final-passage

Crypto.com 收購 Allnew Investments，取得 MiFID 執照，可在歐洲提供衍生性商品交易

https://www.coindesk.com/policy/2025/05/21/cryptocom-buys-allnew-investments-to-secure-mifid-license-to-offer-derivatives-in-europe

德州眾議院通過法案，距離建立戰略比特幣儲備更近一步

https://www.coindesk.com/policy/2025/05/22/texas-moves-closer-to-setting-up-strategic-bitcoin-reserve-as-bill-passes-house

香港通過新穩定幣許可法案加入全球競爭

https://www.coindesk.com/policy/2025/05/21/hong-kong-joins-global-race-with-new-stablecoin-licensing-bill

讓外國人更容易買美股！Kraken 將推出蘋果、 Nvidia 等代幣化股票交易

https://blockcast.it/2025/05/23/kraken-to-launch-tokenized-stock-trading-for-non-u-s-customers/

---

@ 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

---

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

@ 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

@ eb0157af:77ab6c55

At Bitcoin 2025, the company unveils the Blockstream App and a strategic roadmap to accelerate adoption.

During the Bitcoin 2025 conference held in Las Vegas, Blockstream announced several updates, including a new non-custodial application and a corporate strategy structured around three operational divisions.

Introducing the Blockstream App: a new Bitcoin wallet that grows with you.

From first sats to advanced custody, it brings self-sovereignty into reach no matter where you start. Available now on Android, coming soon to iOS. pic.twitter.com/UBiNHKh8bO

— Blockstream (@Blockstream) May 29, 2025

The new Blockstream App allows users to purchase Bitcoin directly and store it in their own wallet, eliminating the need to rely on external custodians for fund management. This technological solution is built on the infrastructure of the Blockstream Green wallet. The app supports Bitcoin, Lightning, and Liquid.

The app’s design has been conceived to meet the needs of a diverse audience, the company stated. Its interface is accessible for beginners while retaining advanced functionalities for more experienced users.

It also remains compatible with advanced security features such as hardware wallet signing and air-gapped transactions via Blockstream Jade.

Corporate strategy: consumer, enterprise, and BAM

During the event, Blockstream revealed a strategic restructuring organized into three distinct operational units. This new framework aims to strengthen the company’s position within the Bitcoin economy through tailored approaches for specific markets.

The Consumer division will focus on developing products for retail users, while the Enterprise division will manage relationships with corporate clients. Blockstream Asset Management (BAM) will serve as the company’s institutional arm, specializing in Bitcoin investment products for institutional customers.

Adam Back, CEO of Blockstream, commented:

“The past year has shown clearly that Bitcoin no longer sits on the margins of the global financial system—it is rapidly becoming the foundation. Our vision is simple: the future of finance runs on Bitcoin.”

The post Blockstream launches a non-custodial app to buy Bitcoin appeared first on Atlas21.

@ b1ddb4d7:471244e7

The upcoming Bitcoin 2025 conference, scheduled from May 27–29 at the Venetian Conference Center in Las Vegas, is set to make history with an official attempt to break the GUINNESS WORLD RECORDS® title for the most Bitcoin point-of-sale transactions in an eight-hour period.

Organized by BTC Inc, the event will showcase Bitcoin’s evolution from a digital capital asset to a practical medium of exchange, leveraging the latest advancements in payment technology.

Tap-to-Pay with Lightning-Ready Bolt Cards

To facilitate this record-setting attempt, 4,000 Lightning-ready Bolt Cards will be distributed to conference attendees.

pic.twitter.com/Iy7P361u6u

— Uncle Rockstar Developer (@r0ckstardev) May 15, 2025

These NFC-enabled cards allow users to make instant, contactless Bitcoin payments at vendor booths throughout the expo-no apps or QR codes required, just a simple tap. 

The cards are available in four collectible designs, each featuring a prominent figure in Bitcoin’s history: Senator Cynthia Lummis, Michael Saylor, Satoshi Nakamoto, and Jack Dorsey. 

Each attendee will receive a randomly assigned card, making them both functional and collectible souvenirs.

Senator Lummis: A Playful Provocation

Notably, one of the card designs features Senator Cynthia Lummis with laser eyes-a playful nod to her reputation as a leading Bitcoin advocate in US politics. 

While Lummis is known for her legislative efforts to promote Bitcoin integration, she has publicly stated she prefers to “spend dollars and save Bitcoin,” viewing BTC as a long-term store of value rather than a daily currency. 

The choice to feature her on the Bolt Card, could be suggested by Rockstar Dev of the BTC Pay Server Foundation, perhaps a lighthearted way to highlight the ongoing debate about Bitcoin’s role in everyday payments.

Nothing cracks me up quite like a senator that wants the US to buy millions of Bitcoin use dollars to buy a beer at a Bitcoin bar.

This is how unserious some of you are. pic.twitter.com/jftIEggmip

— Magoo PhD (@HodlMagoo) April 4, 2025

How Bolt Cards and the Lightning Network Work

Bolt Cards are physical cards equipped with NFC (Near Field Communication) technology, similar to contactless credit or debit cards. When linked to a compatible Lightning wallet, they enable users to make Bitcoin payments over the Lightning Network by simply tapping the card at a point-of-sale terminal. 

The Lightning Network is a second-layer protocol built on top of Bitcoin, designed to facilitate instant, low-cost transactions ideal for everyday purchases. 

This integration aims to make Bitcoin as easy to use as traditional payment methods, eliminating the need for QR code scanning or mobile apps.

A Showcase for Bitcoin’s Real-World Usability

With over 30,000 attendees, 300 exhibitors, and 500 speakers expected, the Bitcoin 2025 conference is poised to be the largest Bitcoin event of the year-and potentially the most transactional. 

The event will feature on-site activations such as the Official Bitcoin Magazine Store, where all merchandise will be available at a 21% discount for those paying with Bitcoin via the Lightning Network-a nod to Bitcoin’s 21 million coin supply limit.

By deeply integrating Lightning payments into the conference experience, organizers hope to demonstrate Bitcoin’s readiness for mainstream commerce and set a new benchmark for its practical use as a currency.

Conclusion

The Guinness World Record attempt at Bitcoin 2025 is more than a publicity stunt-it’s a bold demonstration of Bitcoin’s technological maturity and its potential to function as a modern, everyday payment method.

Whether or not the record is set, the event will serve as a milestone in the ongoing journey to make Bitcoin a truly global, user-friendly currency

@ 9cb3545c:2ff47bca

Introduction

Public companies that hold Bitcoin on behalf of investors (often issuing securities backed by those Bitcoin holdings) have faced growing pressure to demonstrate proof of reserves – evidence that they genuinely hold the cryptocurrency they claim. One approach is to publish the company’s Bitcoin wallet addresses so that anyone can verify the balances on the blockchain. This practice gained momentum after high-profile crypto collapses (e.g. FTX in 2022) eroded trust, leading major exchanges and fund issuers like Binance, Kraken, OKX, and Bitwise to publicize wallet addresses as proof of assets . The goal is transparency and reassurance for investors. However, making wallet addresses public comes with significant security and privacy risks. This report examines those risks – from cybersecurity threats and blockchain tracing to regulatory and reputational implications – and weighs them against the transparency benefits of on-chain proof of reserves.

Proof of Reserves via Public Wallet Addresses

In the cryptocurrency ethos of “don’t trust – verify,” on-chain proof of reserves is seen as a powerful tool. By disclosing wallet addresses (or cryptographic attestations of balances), a company lets investors and analysts independently verify that the Bitcoin reserves exist on-chain. For example, some firms have dashboards showing their addresses and balances in real time . In theory, this transparency builds trust by proving assets are not being misreported or misused. Shareholders gain confidence that the company’s Bitcoin holdings are intact, potentially preventing fraud or mismanagement.

Yet this approach essentially sacrifices the pseudonymity of blockchain transactions. Publishing a wallet address ties a large, known institution to specific on-chain funds. While Bitcoin addresses are public by design, most companies treat their specific addresses as sensitive information. Public proof-of-reserve disclosures break that anonymity, raising several concerns as detailed below.

Cybersecurity Threats from Visible Wallet Balances

Revealing a wallet address with a large balance can make a company a prime target for hackers and cybercriminals. Knowing exactly where significant reserves are held gives attackers a clear blueprint. As Bitcoin advocate (and MicroStrategy Executive Chairman) Michael Saylor warned in 2025, “publicly known wallet addresses become prime targets for malicious actors. Knowing where significant reserves are held provides hackers with a clear target, potentially increasing the risk of sophisticated attacks” . In other words, publishing the address increases the attack surface – attackers might intensify phishing campaigns, malware deployment, or insider bribery aimed at obtaining the keys or access to those wallets.

Even if the wallets are secured in cold storage, a public address advertisement may encourage attempts to penetrate the organization’s security. Custodians and partners could also be targeted. Saylor noted that this exposure isn’t just risky for the company holding the Bitcoin; it can indirectly put their custodial providers and related exchanges at risk as well . For instance, if a third-party custodian manages the wallets, hackers might attempt to breach that custodian knowing the reward (the company’s Bitcoin) is great.

Companies themselves have acknowledged these dangers. Grayscale Investments, which runs the large Grayscale Bitcoin Trust (GBTC), pointedly refused to publish its wallet addresses in late 2022, citing “security concerns” and complex custody arrangements that have “kept our investors’ assets safe for years” . Grayscale implied that revealing on-chain addresses could undermine those security measures, and it chose not to “circumvent complex security arrangements” just to appease public demand . This highlights a key point: corporate treasury security protocols often assume wallet details remain confidential. Publicizing them could invalidate certain assumptions (for example, if an address was meant to be operationally secret, it can no longer serve that role once exposed).

Additionally, a publicly known trove of cryptocurrency might invite physical security threats. While not a purely “cyber” issue, if criminals know a particular company or facility controls a wallet with, say, thousands of Bitcoin, it could lead to threats against personnel (extortion or coercion to obtain keys). This is a less common scenario for large institutions (which typically have robust physical security), but smaller companies or key individuals could face elevated personal risk by being associated with huge visible crypto reserves.

In summary, cybersecurity experts consider public proof-of-reserve addresses a double-edged sword: transparency comes at the cost of advertising exactly where a fortune is held. As Saylor bluntly put it, “the conventional way of issuing proof of reserves today is actually insecure… This method undermines the security of the issuer, the custodian, the exchanges and the investors. This is not a good idea”  . From a pure security standpoint, broadcasting your wallets is akin to drawing a bullseye on them.

Privacy Risks: Address Clustering and Blockchain Tracing

Blockchain data is public, so publishing addresses opens the door to unwanted analytics and loss of privacy for the business. Even without knowing the private keys, analysts can scrutinize every transaction in and out of those addresses. This enables address clustering – linking together addresses that interact – and other forms of blockchain forensics that can reveal sensitive information about the company’s activities.

One immediate risk is that observers can track the company’s transaction patterns. For example, if the company moves Bitcoin from its reserve address to an exchange or to another address, that move is visible in real time. Competitors, investors, or even attackers could deduce strategic information: perhaps the company is planning to sell (if coins go to an exchange wallet) or is reallocating funds. A known institution’s on-chain movements can thus “reveal strategic movements or holdings”, eroding the company’s operational privacy . In a volatile market, advance knowledge of a large buy or sell by a major player could even be exploited by others (front-running the market, etc.).

Publishing one or a few static addresses also violates a basic privacy principle of Bitcoin: address reuse. Best practice in Bitcoin is to use a fresh address for each transaction to avoid linking them  . If a company continuously uses the same “proof of reserve” address, all counterparties sending funds to or receiving funds from that address become visible. Observers could map out the company’s business relationships or vendors by analyzing counterparties. A Reddit user commenting on an ETF that published a single address noted that “reusing a single address for this makes me question their risk management… There are much better and more privacy-preserving ways to prove reserves… without throwing everything in a single public address” . In other words, a naive implementation of proof-of-reserve (one big address) maximizes privacy leakage.

Even if multiple addresses are used, if they are all disclosed, one can perform clustering analysis to find connections. This happened in the Grayscale case: although Grayscale would not confirm any addresses, community analysts traced and identified 432 addresses likely belonging to GBTC’s custodial holdings by following on-chain traces from known intermediary accounts . They managed to attribute roughly 317,705 BTC (about half of GBTC’s holdings) to those addresses . This demonstrates that even partial information can enable clustering – and if the company directly published addresses, the task becomes even easier to map the entirety of its on-chain asset base.

Another threat vector is “dusting” attacks, which become more feasible when an address is publicly known. In a dusting attack, an adversary sends a tiny amount of cryptocurrency (dust) to a target address. The dust itself is harmless, but if the target address ever spends that dust together with other funds, it can cryptographically link the target address to other addresses in the same wallet. Blockchain security researchers note that “with UTXO-based assets, an attacker could distribute dust to an address to reveal the owner’s other addresses by tracking the dust’s movement… If the owner unknowingly combines this dust with their funds in a transaction, the attacker can… link multiple addresses to a single owner”, compromising privacy . A company that publishes a list of reserve addresses could be systematically dusted by malicious actors attempting to map out all addresses under the company’s control. This could unmask cold wallet addresses that the company never intended to publicize, further eroding its privacy and security.

Investor confidentiality is another subtle concern. If the business model involves individual investor accounts or contributions (for instance, a trust where investors can deposit or withdraw Bitcoin), public addresses might expose those movements. An outside observer might not know which investor corresponds to a transaction, but unusual inflows/outflows could signal actions by big clients. In extreme cases, if an investor’s own wallet is known (say a large investor announces their involvement), one might link that to transactions in the company’s reserve addresses. This could inadvertently reveal an investor’s activities or holdings, breaching expectations of confidentiality. Even absent direct identification, some investors might simply be uncomfortable with their transactions being part of a publicly traceable ledger tied to the company.

In summary, publishing reserve addresses facilitates blockchain tracing that can pierce the veil of business privacy. It hands analysts the keys to observe how funds move, potentially exposing operational strategies, counterparties, and internal processes. As one industry publication noted, linking a large known institution to specific addresses can compromise privacy and reveal more than intended . Companies must consider whether they are ready for that level of transparency into their every on-chain move.

Regulatory and Compliance Implications

From a regulatory perspective, wallet address disclosure lies in uncharted territory, but it raises several flags. First and foremost is the issue of incomplete information: A wallet address only shows assets, not the company’s liabilities or other obligations. Regulators worry that touting on-chain holdings could give a false sense of security. The U.S. Securities and Exchange Commission (SEC) has cautioned investors to “not place too much confidence in the mere fact a company says it’s got a proof-of-reserves”, noting that such reports “lack sufficient information” for stakeholders to ascertain if liabilities can be met . In other words, a public company might show a big Bitcoin address balance, but if it has debts or customer liabilities of equal or greater value, the proof-of-reserve alone is “not necessarily an indicator that the company is in a good financial position” .

This regulatory stance implies that address disclosure, if done, must be paired with proper context. A public company would likely need to clarify in its financial statements or investor communications that on-chain reserves are unencumbered (not pledged as loan collateral, not already sold forward, etc.) and that total liabilities are accounted for. Otherwise, there’s a risk of misleading investors, which could have legal consequences. For example, if investors interpret the on-chain balance as proof of solvency but the company actually had leveraged those bitcoins for loans, lawsuits or regulatory enforcement could follow for misrepresentation.

There’s also a compliance burden associated with revealing addresses. Once an address is known to be the company’s, that company effectively must monitor all transactions related to it. If someone sends funds to that address (even without permission), the company might receive tainted coins (from hacked sources or sanctioned entities). This could trigger anti-money laundering (AML) red flags. Normally, compliance teams can ignore random deposits to unknown wallets, but they cannot ignore something sent into their publicly identified corporate wallet. Even a tiny dust amount sent from a blacklisted address could complicate compliance – for instance, the company would need to prove it has no relation to the sender and perhaps even avoid moving those tainted outputs. Being in the open increases such exposure. Threat actors might even exploit this by “poisoning” a company’s address with unwanted transactions, just to create regulatory headaches or reputational smears.

Another consideration is that custodial agreements and internal risk controls might forbid public disclosure of addresses. Many public companies use third-party custodians for their Bitcoin (for example, Coinbase Custody, BitGo, etc.). These custodians often treat wallet details as confidential for security. Grayscale noted that its Bitcoin are custodied on Coinbase and implied that revealing on-chain info would interfere with security arrangements  . It’s possible that some custodians would object to their clients broadcasting addresses, or might require additional assurances. A company going against such advice might be seen as negligent if something went wrong.

Regulators have so far not mandated on-chain proofs for public companies – in fact, recent laws have exempted public companies from proof-of-reserve mandates on the assumption they are already subject to rigorous SEC reporting. For example, a Texas bill in 2023 required crypto exchanges and custodians to provide quarterly proof-of-reserves to the state, but it “specifically carved out public reporting companies” since they already file audited financials with the SEC . The rationale was that between SEC filings and audits, public companies have oversight that private crypto firms lack . However, this also highlights a gap: even audited financials might not verify 100% of crypto assets (auditors often sample balances). Some observers noted that standard audits “may not ever include the 100% custodial asset testing contemplated by proof of reserves”, especially since quarterly SEC filings (10-Q) are often not audited . This puts public companies in a nuanced position – they are trusted to use traditional audits and internal controls, but the onus is on them if they choose to add extra transparency like on-chain proofs.

Finally, securities regulators focus on fair disclosure and accuracy. If a company publicly posts addresses, those essentially become investor disclosures subject to anti-fraud rules. The firm must keep them up to date and accurate. Any mistake (such as publishing a wrong address or failing to mention that some coins are locked up or lent out) could attract regulatory scrutiny for being misleading. In contrast, a formal audit or certification from a third-party comes with standards and disclaimers that are better understood by regulators. A self-published wallet list is an unprecedented form of disclosure that regulators haven’t fully vetted – meaning the company bears the risk if something is misinterpreted.

In summary, wallet address disclosure as proof-of-reserve must be handled very carefully to avoid regulatory pitfalls. The SEC and others have warned that on-chain assets alone don’t tell the whole story . Public companies would need to integrate such proofs with their official reporting in a responsible way – otherwise they risk confusion or even regulatory backlash for giving a false sense of security.

Reputational and Operational Risks

While transparency is meant to enhance reputation, in practice public wallet disclosures can create new reputational vulnerabilities. Once an address is public, a company’s every on-chain action is under the microscope of the crypto community and media. Any anomaly or perceived misstep can snowball into public relations problems.

One vivid example occurred with Crypto.com in late 2022. After the exchange published its cold wallet addresses to prove reserves (a move prompted by the FTX collapse), on-chain analysts quickly noticed a “suspicious transfer of 320,000 ETH” – about 82% of Crypto.com’s Ether reserves – moving from their cold wallet to another exchange (Gate.io)  . This large, unexpected transfer sparked immediate panic and FUD (fear, uncertainty, and doubt) on social media. Observers speculated that Crypto.com might be insolvent or was manipulating snapshots of reserves by borrowing funds. The CEO had to publicly respond, admitting it was an operational error – the ETH was supposed to go to a new cold storage address but ended up at a whitelisted external address by mistake . The funds were eventually returned, but not before reputational damage was done: the incident made headlines about mishandled funds and rattled user confidence  . This case illustrates how full public visibility can turn an internal slip-up into a highly public crisis. If the addresses had not been public, the mistake might have been quietly corrected; with on-chain transparency, there was nowhere to hide and no way to control the narrative before the public drew worst-case conclusions.

Even routine operations can be misinterpreted. Blockchain data lacks context – analysts may jump to conclusions that hurt a company’s reputation even if nothing is actually wrong. For instance, Binance (the world’s largest crypto exchange) encountered scrutiny when on-chain observers noted that one of its reserve wallets (labeled “Binance 8”) contained far more assets than it should have. This wallet was meant to hold collateral for Binance’s issued tokens, but held an excess balance, suggesting possible commingling of customer funds with collateral  . Bloomberg and others reported a ~$12.7 billion discrepancy visible on-chain . Binance had to acknowledge the issue as a “clerical error” and quickly separate the funds, all under the glare of public attention  . While Binance maintained that user assets were fully backed and the mistake was purely operational, the episode raised public concern over Binance’s practices, feeding a narrative that even the largest exchange had internal control lapses. The key point is that public proof-of-reserves made the lapse obvious to everyone, forcing a reactive explanation. The reputational hit (even if temporary) was an operational risk of being so transparent.

Additionally, strategic confidentiality is lost. If a company holding Bitcoin as a reserve asset decides to make a major move (say, reallocating to a different wallet, or using some Bitcoin for a strategic investment or loan), doing so with known addresses broadcasts that strategy. Competitors or market analysts can infer things like “Company X is moving 10% of its BTC — why? Are they selling? Hedging? Using it as collateral?” This can erode any competitive advantage of keeping financial strategies discreet. It might even affect the company’s stock price if investors interpret moves negatively. For example, if a blockchain analysis shows the company’s reserves dropping, shareholders might fear the company sold Bitcoin (perhaps due to financial distress), even if the reality is benign (like moving funds to a new custodian). The company would be forced into continuous public explanation of on-chain actions to prevent misunderstanding.

There’s also a risk of exposing business partnerships. Suppose the company uses certain exchanges or OTC desks to rebalance its holdings – transactions with those service providers will be visible and could link the company to them. If one of those partners has issues (say a hacked exchange or a sanctioned entity inadvertently), the company could be reputationally contaminated by association through the blockchain trail.

Finally, not all publicity is good publicity in the crypto world. A public proof-of-reserve might invite armchair auditors to scrutinize and criticize every aspect of the company’s crypto management. Minor issues could be blown out of proportion. On the flip side, if a company chooses not to publish addresses, it could face reputational risk from a different angle: skeptics might question why it isn’t being transparent. (Indeed, Grayscale’s refusal to disclose wallet addresses led to social media chatter about whether they truly held all the Bitcoin they claimed, contributing to investor nervousness and a steep discount on GBTC shares .) Thus, companies are in a delicate spot: share too much and every move invites scrutiny; share too little and you breed distrust.

Balancing Transparency Benefits vs. Risks

The central question is whether the benefit of proving reserve holdings to investors outweighs these security and privacy risks. It’s a classic risk-reward calculation, and opinions in the industry are divided.

On the side of transparency, many argue that the credibility and trust gained by proof-of-reserves is invaluable. Advocates note that Bitcoin was designed for open verification – “on-chain auditability and permissionless transparency” are core features . By embracing this, companies demonstrate they are good stewards of a “trustless” asset. In fact, some believe public companies have a duty to be extra transparent. A recent Nasdaq report contended that “when a publicly traded company holds Bitcoin but offers no visibility into how that Bitcoin is held or verified, it exposes itself to multiple levels of risk: legal, reputational, operational, and strategic”, undermining trust . In that view, opacity is riskier in the long run – a lack of proof could weaken investor confidence or invite regulatory suspicion. Shareholders and analysts may actually penalize a company that refuses to provide verifiable proof of its crypto assets .

Transparency done right can also differentiate a firm as a leader in governance. Publishing reserve data (whether via addresses or through third-party attestations) can be seen as a commitment to high standards. For example, Metaplanet, an investment firm, publicly discloses its BTC reserve addresses and even provides a live dashboard for anyone to verify balances . This proactive openness signals confidence and has been touted as an industry best practice in some quarters. By proving its reserves, a company can potentially avoid the fate of those that lost public trust (as happened with opaque crypto firms in 2022). It’s also a means to preempt false rumors – if data is out in the open, misinformation has less room to grow.

However, the pro-transparency camp increasingly acknowledges that there are smarter ways to achieve trust without courting all the risks. One compromise is using cryptographic proofs or audits instead of plain address dumps. For instance, exchanges like Kraken have implemented Merkle tree proof-of-reserves: an independent auditor verifies all customer balances on-chain and provides a cryptographic report, and customers can individually verify their account is included without the exchange revealing every address publicly. This method proves solvency to those who need to know without handing over a complete roadmap to attackers. Another emerging solution is zero-knowledge proofs, where a company can prove knowledge or ownership of certain assets without revealing the addresses or amounts to the public. These technologies are still maturing, but they aim to deliver the best of both worlds: transparency and privacy.

On the side of caution, many experts believe the risks of full public disclosure outweigh the incremental gain in transparency, especially for regulated public companies. Michael Saylor encapsulates this viewpoint: he calls on-chain proof-of-reserve “a bad idea” for institutions, arguing that it “offers one-way transparency” (assets only) and “leaves organizations open to cyberattacks” . He stresses that no serious security expert would advise a Fortune 500 company to list all its wallet addresses, as it essentially compromises corporate security over time . Saylor and others also point out the pointlessness of an assets-only proof: unless you also prove liabilities, showing off reserves might even be dangerous because it could lull investors into a false sense of security .

Regulators and traditional auditors echo this: proof-of-reserves, while a useful tool, “is not enough by itself” to guarantee financial health . They advocate for holistic transparency – audits that consider internal controls, liabilities, and legal obligations, not just a snapshot of a blockchain address  . From this perspective, a public company can satisfy transparency demands through rigorous third-party audits and disclosures rather than raw on-chain data. Indeed, public companies are legally bound to extensive reporting; adding public crypto addresses on top may be seen as redundant and risky.

There is also an implicit cost-benefit analysis: A successful attack resulting from over-sharing could be catastrophic (loss of funds, legal liability, reputational ruin), whereas the benefit of public proof is somewhat intangible (improved investor sentiment, which might be achieved via other assurance methods anyway). Given that trade-off, many firms err on the side of caution. As evidence, few if any U.S.-listed companies that hold Bitcoin have published their wallet addresses. Instead, they reference independent custodians and audits for assurance. Even crypto-native companies have pulled back on full transparency after realizing the downsides – for example, some auditing firms halted issuing proof-of-reserves reports due to concerns about how they were interpreted and the liability involved  .

Industry best practices are still evolving. A prudent approach gaining favor is to prove reserves without leaking sensitive details. This can involve disclosing total balances and having an auditor or blockchain oracle confirm the assets exist, but without listing every address publicly. Companies are also encouraged to disclose encumbrances (whether any of the reserves are collateralized or lent out) in tandem, to address the liabilities issue . By doing so, they aim to achieve transparency and maintain security.

In evaluating whether to publish wallet addresses, a company must ask: Will this level of openness meaningfully increase stakeholder trust, or would a more controlled disclosure achieve the same goal with less risk? For many public companies, the answer has been to avoid public addresses. The risks – from attracting hackers to revealing strategic moves – tend to outweigh the marginal transparency benefit in their judgment. The collapse of unregulated exchanges has certainly proven the value of reserve verification, but public companies operate in a different context with audits and legal accountability. Thus, the optimal solution may be a middle ground: proving reserves through vetted processes (auditor attestations, cryptographic proofs) that satisfy investor needs without blatantly exposing the company’s financial backend to the world.

Conclusion

Publishing Bitcoin wallet addresses as proof of reserves is a bold transparency measure – one that speaks to crypto’s ideals of open verification – but it comes with a laundry list of security considerations. Public companies weighing this approach must contend with the heightened cybersecurity threat of advertising their treasure troves to hackers, the loss of privacy and confidentiality as on-chain sleuths dissect their every transaction, and potential regulatory complications if such disclosures are misunderstood or incomplete. Real-world incidents illustrate the downsides: firms that revealed addresses have seen how quickly online communities flag (and sometimes misinterpret) their blockchain moves, causing reputational turbulence and forcing rapid damage control  .

On the other hand, proving reserves to investors is important – it can prevent fraud and bolster trust. The question is how to achieve it without incurring unacceptable risk. Many experts and industry leaders lean towards the view that simply publishing wallet addresses is too risky a method, especially for public companies with much to lose  . The risks often do outweigh the direct benefits in such cases. Transparency remains crucial, but it can be provided in safer ways – through regular audits, cryptographic proofs that don’t expose all wallet details, and comprehensive disclosures that include liabilities and controls.

In conclusion, while on-chain proof of reserves via public addresses offers a tantalizing level of openness, it must be approached with extreme caution. For most public companies, the smart strategy is to balance transparency with security: verify and show investors that assets exist and are sufficient, but do so in a controlled manner that doesn’t compromise the very assets you’re trying to protect. As the industry matures, we can expect more refined proof-of-reserve practices that satisfy the demand for honesty and solvency verification without unduly endangering the enterprise. Until then, companies will continue to tread carefully, mindful that transparency is only truly valuable when it doesn’t come at the price of security and trust.

Sources:

•   Grayscale statement on refusal to share on-chain proof-of-reserves 
•   Community analysis identifying Grayscale’s wallet addresses 
•   Cointelegraph – Crypto.com’s mistaken 320k ETH transfer spotted via on-chain proof-of-reserves  
•   Axios – Binance wallet “commingling” error observed on-chain  
•   Michael Saylor’s remarks on security risks of publishing wallet addresses   
•   SEC Acting Chief Accountant on limitations of proof-of-reserves reports 
•   Nasdaq (Bitcoin for Corporations) – argument for corporate transparency & proof-of-reserves   
•   1inch Security Blog – explanation of dusting attacks and privacy loss via address linking 

@ 9ca447d2:fbf5a36d

When making critical decisions about investments, company acquisitions, or capital deployment, organizations rely on a fundamental tool: the hurdle rate. This is the minimum rate of return that a project or investment must achieve to be considered viable by managers or investors. 

The hurdle rate is not just a number — it’s a filter that separates promising opportunities from those that don’t justify the risk.

It acts as a crucial benchmark. If the expected return on an investment falls below the hurdle rate, that opportunity is typically rejected.

Setting this rate involves a careful consideration of several factors, including the company’s cost of capital, specific risk profile, inflation rates, and opportunity cost of allocating resources elsewhere.

In essence, the hurdle rate ensures that only projects with the potential to create real value move forward.

Bitcoin has emerged as a disruptive and compelling candidate for a new kind of hurdle rate in capital allocation. Its unique properties challenge the conventions of traditional finance and invite a new thought pattern of what’s considered an appropriate benchmark. 

Bitcoin’s fixed supply (capped at 21 million), and its decentralized, borderless nature makes it fundamentally resistant to inflation and debasement, unlike fiat currencies that can be printed at will by central banks.

Here’s the real question for investors and fund managers: if your portfolio or fund consistently fails to outperform bitcoin, at what point do you simply start allocating to bitcoin instead?

This isn’t rocket science. Over the past decade, bitcoin has not only outperformed traditional assets, but has also redefined what investors should expect as a minimum acceptable rate.

Asset classes comparison since 2013 — Seeking Alpha

The numbers speak for themselves.

From 2013-2023, bitcoin delivered the highest annual return in 8 out of those 11 years. This is not a fluke or a bubble, it’s a decade-long trend that demands attention from anyone serious about capital growth.

Typically, most investment managers use the S&P 500 as their benchmark hurdle rate. Will their potential investment generate more return than the S&P? If not, it’s usually dismissed. 

Since 1970, the S&P 500 has provided an average annual return of 10.66%. Investment managers routinely reject ideas that can’t beat this average, recognizing that anything less is not worth the risk or effort.

But what happens when we compare this to bitcoin?

Over the last 10 years, bitcoin’s average annual return has been an astonishing 49%. While it’s unlikely that this rate will persist forever, it’s impossible to ignore the magnitude and consistency of bitcoin’s outperformance. 

Bitcoin hasn’t just beat the S&P—it’s outperformed every major asset class, including gold, treasuries, real estate, commodities, and equities.

Of course, past performance isn’t a guarantee of future results. So the question becomes: can bitcoin continue to deliver, and are we ready to use it as a benchmark for investment decisions? 

To answer this, it’s essential to understand the underlying forces driving bitcoin’s price appreciation.

Several macroeconomic factors contribute to bitcoin’s rise, including money printing, economic uncertainty, and the ongoing debasement of fiat currencies.

When governments print money or run deficits, confidence in traditional currencies erodes. In such environments, investors naturally seek scarce assets, historically gold, and now increasingly bitcoin.

Consider the current fiscal reality: the United States is burdened with over $36 trillion in national debt, and there’s little indication that the money printing will stop.

This environment only strengthens the case for bitcoin as a store of value and as a benchmark for capital allocation. Bitcoin’s staying power is becoming undeniable.

Those who fail to adapt, risk being left behind. We’re already witnessing the early stages of institutional and corporate adoption, and it’s only a matter of time before bitcoin becomes a standard reference point for hurdle rates across the investment world.

Visionary leaders like Michael Saylor of Strategy, have openly discussed the challenges of outperforming the world’s top companies.

Saylor recognized that if your investment, company, or project cannot reasonably be expected to outperform bitcoin, it may be more rational to simply hold bitcoin itself.

MSTR performance compared to bitcoin, Magnificent 7 and S&P500 — aicoin

In a world where bitcoin has established itself as the premier performing asset, the message is clear: if you can’t beat bitcoin, why not join it? 

Just buy bitcoin.

@ b1ddb4d7:471244e7

Sati, a Bitcoin payments app and Lightning infrastructure provider, announced the launch of its Lightning integration with Xverse wallet.

Launched in 2025 with investors of the likes as Draper Associates and Ricardo Salinas, Sati powers Bitcoin payments on applications such as WhatsApp to fuel the next wave of adoption.

The Whatsapp bot allows users to send bitcoin via the messaging app through a special bot. After verifying their identity, the user selects the “send” option, chooses to pay to a Lightning address, enters the amount (1,000 sats), confirms with a PIN, and the transaction is completed, with the funds appearing instantly in the recipient wallet.

The new integration will now bring Lightning functionality to over 1.5 million people worldwide. Users can send and receive sats (Bitcoin’s smallest denomination) instantly over the Lightning Network all within the Xverse app,

Further, every xverse wallet user gets a Lightning Address instantly. That means they can receive tips, pay invoices, and use Bitcoin for microtransactions—all without having to manage channels or switch between different apps.

While Xverse adds support for Lightning, users should be cautious in using the wallet as it’s mostly known for enabling access to rug pull projects.

Initially designed in 2017, the Lightning Network has grown to become Bitcoin’s leading layer-2, with a current BTC capacity of over $465M.

“Bitcoin was not meant to be an asset for Wall Street—it was built for peer-to-peer money, borderless and accessible,” said Felipe Servin, Founder and CEO of Sati. “Integrating Lightning natively into Xverse brings that vision back to life, making Bitcoin usable at scale for billions.”

Sati expects USDT on Lightning to be supported as early as July 2025 for users accessing Sati through WhatsApp.

This integration positions Sati’s role as a Lightning infrastructure provider, not just a consumer app. By leveraging its API-based solution, the company provides plug-and-play backend services to wallets and platforms looking to add Bitcoin payments without compromising on security or UX.

Sati recently closed a $600K pre-seed round. The funding is used to support global expansion, stablecoin integration, Lightning infrastructure growth, and broader access to Bitcoin in emerging markets.

The Sati team is attending Bitcoin2025 in Las Vegas this week and looking forward to connect with bitcoin enthusiasts.

@ b7274d28:c99628cb

A few months ago, a nostrich was switching from iOS to Android and asked for suggestions for #Nostr apps to try out. nostr:npub18ams6ewn5aj2n3wt2qawzglx9mr4nzksxhvrdc4gzrecw7n5tvjqctp424 offered the following as his response:

nostr:nevent1qvzqqqqqqypzq0mhp4ja8fmy48zuk5p6uy37vtk8tx9dqdwcxm32sy8nsaa8gkeyqydhwumn8ghj7un9d3shjtnwdaehgunsd3jkyuewvdhk6tcpz4mhxue69uhhyetvv9ujuerpd46hxtnfduhszythwden5te0dehhxarj9emkjmn99uqzpwwts6n28eyvjpcwvu5akkwu85eg92dpvgw7cgmpe4czdadqvnv984rl0z

Yes. #Android users are fortunate to have some powerful Nostr apps and tools at our disposal that simply have no comparison over on the iOS side. However, a tool is only as good as the knowledge of the user, who must have an understanding of how best to wield it for maximum effect. This fact was immediately evidenced by replies to Derek asking, "What is the use case for Citrine?" and "This is the first time I'm hearing about Citrine and Pokey. Can you give me links for those?"

Well, consider this tutorial your Nostr starter-kit for Android. We'll go over installing and setting up Amber, Amethyst, Citrine, and Pokey, and as a bonus we'll be throwing in the Zapstore and Coinos to boot. We will assume no previous experience with any of the above, so if you already know all about one or more of these apps, you can feel free to skip that tutorial.

So many apps...

You may be wondering, "Why do I need so many apps to use Nostr?" That's perfectly valid, and the honest answer is, you don't. You can absolutely just install a Nostr client from the Play Store, have it generate your Nostr identity for you, and stick with the default relays already set up in that app. You don't even need to connect a wallet, if you don't want to. However, you won't experience all that Nostr has to offer if that is as far as you go, any more than you would experience all that Italian cuisine has to offer if you only ever try spaghetti.

Nostr is not just one app that does one thing, like Facebook, Twitter, or TikTok. It is an entire ecosystem of applications that are all built on top of a protocol that allows them to be interoperable. This set of tools will help you make the most out of that interoperability, which you will never get from any of the big-tech social platforms. It will provide a solid foundation for you to build upon as you explore more and more of what Nostr has to offer.

So what do these apps do?

Fundamental to everything you do on Nostr is the need to cryptographically sign with your private key. If you aren't sure what that means, just imagine that you had to enter your password every time you hit the "like" button on Facebook, or every time you commented on the latest dank meme. That would get old really fast, right? That's effectively what Nostr requires, but on steroids.

To keep this from being something you manually have to do every 5 seconds when you post a note, react to someone else's note, or add a comment, Nostr apps can store your private key and use it to sign behind the scenes for you. This is very convenient, but it means you are trusting that app to not do anything with your private key that you don't want it to. You are also trusting it to not leak your private key, because anyone who gets their hands on it will be able to post as you, see your private messages, and effectively be you on Nostr. The more apps you give your private key to, the greater your risk that it will eventually be compromised.

Enter #Amber, an application that will store your private key in only one app, and all other compatible Nostr apps can communicate with it to request a signature, without giving any of those other apps access to your private key.

Most Nostr apps for Android now support logging in and signing with Amber, and you can even use it to log into apps on other devices, such as some of the web apps you use on your PC. It's an incredible tool given to us by nostr:npub1w4uswmv6lu9yel005l3qgheysmr7tk9uvwluddznju3nuxalevvs2d0jr5, and only available for Android users. Those on iPhone are incredibly jealous that they don't have anything comparable, yet.

Speaking of nostr:npub1w4uswmv6lu9yel005l3qgheysmr7tk9uvwluddznju3nuxalevvs2d0jr5, the next app is also one of his making.

All Nostr data is stored on relays, which are very simple servers that Nostr apps read notes from and write notes to. In most forms of social media, it can be a pain to get your own data out to keep a backup. That's not the case on Nostr. Anyone can run their own relay, either for the sake of backing up their personal notes, or for others to post their notes to, as well.

Since Nostr notes take up very little space, you can actually run a relay on your phone. I have been on Nostr for almost 2 and a half years, and I have 25,000+ notes of various kinds on my relay, and a backup of that full database is just 24MB on my phone's storage.

Having that backup can save your bacon if you try out a new Nostr client and it doesn't find your existing follow list for some reason, so it writes a new one and you suddenly lose all of the people you were following. Just pop into your #Citrine relay, confirm it still has your correct follow list or import it from a recent backup, then have Citrine restore it. Done.

Additionally, there are things you may want to only save to a relay you control, such as draft messages that you aren't ready to post publicly, or eCash tokens, which can actually be saved to Nostr relays now. Citrine can also be used with Amber for signing into certain Nostr applications that use a relay to communicate with Amber.

If you are really adventurous, you can also expose Citrine over Tor to be used as an outbox relay, or used for peer-to-peer private messaging, but that is far more involved than the scope of this tutorial series.

You can't get far in Nostr without a solid and reliable client to interact with. #Amethyst is the client we will be using for this tutorial because there simply isn't another Android client that comes close, so far. Moreover, it can be a great client for new users to get started on, and yet it has a ton of features for power-users to take advantage of as well.

There are plenty of other good clients to check out over time, such as Coracle, YakiHonne, Voyage, Olas, Flotilla and others, but I keep coming back to Amethyst, and by the time you finish this tutorial, I think you'll see why. nostr:npub1gcxzte5zlkncx26j68ez60fzkvtkm9e0vrwdcvsjakxf9mu9qewqlfnj5z and others who have contributed to Amethyst have really built something special in this client, and it just keeps improving with every update that's shipped.

Most social media apps have some form of push notifications, and some Nostr apps do, too. Where the issue comes in is that Nostr apps are all interoperable. If you have more than one application, you're going to have both of them notifying you. Nostr users are known for having five or more Nostr apps that they use regularly. If all of them had notifications turned on, it would be a nightmare. So maybe you limit it to only one of your Nostr apps having notifications turned on, but then you are pretty well locked-in to opening that particular app when you tap on the notification.

Pokey, by nostr:npub1v3tgrwwsv7c6xckyhm5dmluc05jxd4yeqhpxew87chn0kua0tjzqc6yvjh, solves this issue, allowing you to turn notifications off for all of your Nostr apps, and have Pokey handle them all for you. Then, when you tap on a Pokey notification, you can choose which Nostr app to open it in.

Pokey also gives you control over the types of things you want to be notified about. Maybe you don't care about reactions, and you just want to know about zaps, comments, and direct messages. Pokey has you covered. It even supports multiple accounts, so you can get notifications for all the npubs you control.

One of the most unique and incredibly fun aspects of Nostr is the ability to send and receive #zaps. Instead of merely giving someone a 👍️ when you like something they said, you can actually send them real value in the form of sats, small portions of a Bitcoin. There is nothing quite like the experience of receiving your first zap and realizing that someone valued what you said enough to send you a small amount (and sometimes not so small) of #Bitcoin, the best money mankind has ever known.

To be able to have that experience, though, you are going to need a wallet that can send and receive zaps, and preferably one that is easy to connect to Nostr applications. My current preference for that is Alby Hub, but not everyone wants to deal with all that comes along with running a #Lightning node. That being the case, I have opted to use nostr:npub1h2qfjpnxau9k7ja9qkf50043xfpfy8j5v60xsqryef64y44puwnq28w8ch for this tutorial, because they offer one of the easiest wallets to set up, and it connects to most Nostr apps by just copy/pasting a connection string from the settings in the wallet into the settings in your Nostr app of choice.

Additionally, even though #Coinos is a custodial wallet, you can have it automatically transfer any #sats over a specified threshold to a separate wallet, allowing you to mitigate the custodial risk without needing to keep an eye on your balance and make the transfer manually.

Most of us on Android are used to getting all of our mobile apps from one souce: the Google Play Store. That's not possible for this tutorial series. Only one of the apps mentioned above is available in Google's permissioned playground. However, on Android we have the advantage of being able to install whatever we want on our device, just by popping into our settings and flipping a toggle. Indeed, thumbing our noses at big-tech is at the heart of the Nostr ethos, so why would we make ourselves beholden to Google for installing Nostr apps?

The nostr:npub10r8xl2njyepcw2zwv3a6dyufj4e4ajx86hz6v4ehu4gnpupxxp7stjt2p8 is an alternative app store made by nostr:npub1wf4pufsucer5va8g9p0rj5dnhvfeh6d8w0g6eayaep5dhps6rsgs43dgh9 as a resource for all sorts of open-source apps, but especially Nostr apps. What is more, you can log in with Amber, connect a wallet like Coinos, and support the developers of your favorite Nostr apps directly within the #Zapstore by zapping their app releases.

One of the biggest features of the Zapstore is the fact that developers can cryptographically sign their app releases using their Nostr keys, so you know that the app you are downloading is the one they actually released and hasn't been altered in any way. The Zapstore will warn you and won't let you install the app if the signature is invalid.

Getting Started

Since the Zapstore will be the source we use for installing most of the other apps mentioned, we will start with installing the Zapstore.

We will then use the Zapstore to install Amber and set it up with our Nostr account, either by creating a new private key, or by importing one we already have. We'll also use it to log into the Zapstore.

Next, we will install Amethyst from the Zapstore and log into it via Amber.

After this, we will install Citrine from the Zapstore and add it as a local relay on Amethyst.

Because we want to be able to send and receive zaps, we will set up a wallet with CoinOS and connect it to Amethyst and the Zapstore using Nostr Wallet Connect.

Finally, we will install Pokey using the Zapstore, log into it using Amber, and set up the notifications we want to receive.

By the time you are done with this series, you will have a great head-start on your Nostr journey compared to muddling through it all on your own. Moreover, you will have developed a familiarity with how things generally work on Nostr that can be applied to other apps you try out in the future.

Continue to Part 2: The Zapstore. Nostr Link: nostr:naddr1qvzqqqr4gupzpde8f55w86vrhaeqmd955y4rraw8aunzxgxstsj7eyzgntyev2xtqydhwumn8ghj7un9d3shjtnzwf5kw6r5vfhkcapwdejhgtcqp5cnwdphxv6rwwp3xvmnzvqgty5au

@ 502ab02a:a2860397

ไม่ต้องคาดหวังวิชาการมากๆในวันอาทิตย์ก็ได้นะครับ วันนี้เรามาคุยเรื่องแดดในอีกแบบกันบ้าง เพราะเห็นว่าช่วงนี้ฝนตกบ่อยจนบางทีก็มีแดดมาให้ตากแค่แว๊บเดียวจริงๆ แต่มันเป็นแว๊บที่ทำให้นึกอะไรขึ้นมาได้ครับ

เฮียชอบมองฟ้าเวลาฝนหยุดตกใหม่ๆ ฟ้ายังไม่ใสสนิท แต่มีแสงอ่อนๆ ทะลุเมฆบางๆ แดดแบบนี้แหละที่มักจะพา “รุ้งกินน้ำ” มาวิ่งเล่นกลางท้องฟ้า

สมัยก่อนเคยสงสัยว่า แค่แสงผ่านหยดน้ำในอากาศ ทำไมถึงแยกสีได้เจ็ดเฉดแบบนั้น จนวันหนึ่งเฮียได้รู้ว่า หยดน้ำเล็กๆ เหล่านั้น ไม่ใช่แค่ “ใส” แต่ทำหน้าที่เหมือน “เลนส์” อย่างดีของธรรมชาติ เป็นเลนส์ที่รวมแสง กระจายแสง หักเหแสง แล้วเปลี่ยนพลังธรรมดาให้กลายเป็นภาพมหัศจรรย์บนฟ้า

และนั่นแหละที่ทำให้เฮียเริ่มสงสัยต่อว่า...มันจะเป็นไปได้ไหม ที่หยดน้ำจะสร้าง “ไฟ” จากแสงแดดได้จริงๆ? คำตอบคือ ได้จ้ะ 55555

ในฟิสิกส์ เราเรียกปรากฏการณ์นี้ว่า focusing of light หรือการรวมแสง ซึ่งสามารถเกิดขึ้นได้จริงแม้ผ่านเลนส์ธรรมชาติอย่างหยดน้ำ หรือแม้แต่ไอน้ำบางๆ ที่ล่องลอยอยู่ในอากาศ พลังงานแสงที่รวมผ่านเลนส์แบบนี้ อาจมีความร้อนพอจุดไฟติดได้เลยทีเดียว เช่น ไฟไหม้ที่เริ่มจากแว่นขยาย หรือจากกระจกเว้าสะท้อนแดด ก็ล้วนใช้หลักเดียวกัน

สมัยก่อนก็มีตำนานว่าอาร์คีมีดีส นักคณิตแห่งกรีก เคยใช้กระจกสะท้อนแดดเผาเรือข้าศึก โชว์พลังแสงจากฟ้าจนกลายเป็นเรื่องเล่าในตำนาน แม้จะถกเถียงกันว่าเวอร์ไปหรือเปล่า แต่หลักการมันจริงจังนะครับ

เพราะในโลกของความเป็นจริงพลังงานเกือบทั้งหมดที่โลกใช้ได้ในวันนี้...มาจากแดด

-ลมที่พัดเกิดจากอุณหภูมิบนพื้นดินที่แดดอุ่นไม่เท่ากัน -ฝนที่ตกก็เพราะแดดระเหยน้ำขึ้นไปเป็นไอ -พืชเติบโตได้เพราะแดดกระตุ้นให้เกิดกระบวนการสังเคราะห์แสง -แม้แต่ไฟฟ้าที่มนุษย์ใช้ ก็เริ่มต้นจากโฟตอนเล็กๆ ที่ปล่อยตัวเองออกมาจากดวงอาทิตย์

โลกของเรา คือเครื่องจักรแปรแสงเป็นชีวิต หยดน้ำ เป็นเพียงหนึ่งในฟันเฟืองใสๆ ที่เปลี่ยนแสงนั้นให้เกิดรูปร่าง เกิดพลัง เกิดไฟ และสุดท้ายกลายเป็น "ความรุ่งเรืองของชีวิต"

ย้อนกลับไปในประวัติศาสตร์ มนุษย์รู้เรื่องนี้มาก่อนเราจะมีไฟฟ้าเสียอีก อียิปต์โบราณบูชาเทพ “รา” เทพแห่งดวงอาทิตย์ ชาวอินคาและมายา วัดจังหวะชีวิตจากการเคลื่อนของแดด ในจีนยุคโบราณ เชื่อว่าไฟฟ้าบนฟ้า ไอน้ำบนดิน ต้องสมดุล ไม่งั้นจะเกิดโรคระบาด ทั้งหมดบอกเราว่า แดดไม่ใช่แค่แสง แต่เป็นครูของชีวิต

แต่ที่เฮียชอบที่สุดคือ แม้จะเป็นเพียงหยดน้ำหนึ่งหยด ถ้าอยู่ในที่ที่เหมาะ เจอกับแสงที่ใช่ มันสามารถจุด “ไฟ” ขึ้นมาได้จริงๆ

เฮียว่านี่แหละคือสัญลักษณ์ของมนุษย์ เราก็เหมือนหยดเล็กๆ ใสๆ ธรรมดาแต่ถ้าได้พบแดดของตัวเอง ไม่ว่าแดดนั้นจะเป็นแรงบันดาลใจ ความรัก งานที่ทำ หรือความฝันในใจ และถ้าเรายอมเป็น “เลนส์” ให้พลังนั้นลอดผ่าน ไฟบางอย่างก็จะลุกขึ้นในตัวเราและทำให้โลกรอบข้างอุ่นขึ้นด้วย

เฮียเลยอยากชวนให้ลองหันหน้าเข้าหาแดด ไม่ต้องถึงขั้นจ้องตากับพระอาทิตย์ แค่ยอมให้แสงนั้นผ่านใจเรา เพราะแม้แดดจะเหมือนเดิมทุกวัน แต่ใจเราต่างหากที่เปลี่ยนไปในทุกครั้งและบางที แค่แสงหนึ่งหยด ก็อาจเป็นไฟสำหรับทั้งชีวิต

#SundaySpecialเราจะไปเป็นหมูแดดเดียว #pirateketo #กูต้องรู้มั๊ย #ม้วนหางสิลูก #siamstr

@ 58537364:705b4b85

โลกเป็นอย่างไร เพราะใจเราเป็นอย่างนั้น

พระอาจารย์ไพศาล วิสาโล วัดป่าสุคะโต แสดงธรรม เย็นวันที่ ๓๑ กรกฎาคม ๒๕๖๕

คนเราทุกคนมีตา หู จมูก ลิ้น กาย แล้วก็ใจ ตา หู จมูก ลิ้น กาย มีไว้เพื่อรับรู้โลกภายนอก ตารับรู้รูป หูรับรู้เสียง จมูกรับรู้กลิ่น ลิ้นรับรู้รส และกายก็รับรู้สัมผัสที่เรียกว่าโผฏฐัพพะ และไม่ว่าจะรับรู้โลกภายนอกอะไร มันก็ส่งมาที่ใจ ใจทำหน้าที่คิด ทำหน้าที่รู้สึก

เราก็คงจะสังเกตได้ว่า เรารับรู้อะไร ใจก็มักจะเป็นอย่างนั้น เช่น ถ้าเกิดเราเห็นภาพคนกำลังอดอยากหิวโหย ก็เกิดความรู้สึกเศร้า สงสารในใจของเรา ถ้าเห็นภาพอุบัติเหตุรถยนต์ ก็เกิดความเสียวสยอง หรือว่าหวาดวิตกในใจ ถ้าเห็นเด็กกำลังร้องไห้ ก็เกิดความรู้สึกเศร้าในใจของเรา แต่ถ้าเกิดเห็นภาพคนกำลังสนุกสนานรื่นเริง มันก็มีความยินดีเกิดขึ้นในใจ

รับรู้อะไรก็มีผลต่อใจของเรา รับรู้สิ่งที่เป็นลบ ใจก็พลอยรู้สึกลบไปด้วย รับรู้สิ่งที่เป็นบวก ใจก็พลอยเป็นบวกไปด้วย เพราะฉะนั้นการรับรู้อะไร ก็เป็นสิ่งที่เราต้องใส่ใจ

ถ้าเราอยากจะให้ใจเราสงบ ใจเราเป็นสุข ไม่ถูกแผดเผาด้วยความโกรธ หรือว่าไม่ถูกกดกดดันด้วยความเศร้า หรือว่าถูกกระตุ้นเร้าด้วยความโลภ ความอยาก อันนี้ก็โยงไปถึงว่า เราเลือกที่จะอยู่ไหนด้วย ถ้าเราเลือกที่จะอยู่ในที่ที่สงบสงัด ใจก็พลอยสงบ หรือว่าสามารถจะเย็นได้ง่าย

เพราะฉะนั้นธรรมะข้อหนึ่งในโอวาทปาฏิโมกข์คือ พึงนอนและนั่งในที่สงัด ในที่ที่สงัดที่ที่เป็นรมณีย์ มันก็มีส่วนน้อมใจให้สงบไปด้วย

รวมทั้งการรู้จักใช้หู ใช้ตา ใช้จมูกให้เป็น ต้องรู้จักเลือกรับรู้สิ่งที่มันจะเกื้อกูล ต่อการสร้างกุศลธรรมขึ้นมาในใจ อย่างไรก็ตามเท่านั้นยังไม่พอ เพราะว่าการรับรู้ของเรา บ่อยครั้งเราไม่ได้รับรู้สิ่งที่เกิดขึ้นข้างหน้าเราอย่างที่มันเป็นจริง

บ่อยครั้งเราก็มีการตีความหรือปรุงแต่ง เราไม่ได้เห็นอย่างที่รูปปรากฏ เราไม่ได้ได้ยินอย่างที่เสียงมากระทบหูเรา เพราะว่ามีการตีความ หรือปรุงแต่งซ้อน แบบเรียกว่าสนิทแนบแน่นเลย อย่างเช่น เห็นคนกระซิบกระซาบต่อหน้าเรา เราก็อาจจะตีความไปว่า เขากำลังพูดถึงเรา หรืออาจจะถึงขั้นนินทาเรา แต่ความจริงอาจจะไม่ได้เป็นอย่างนั้น

หรือว่ามีคนบางคนมองหน้าเรา จ้องเรา เราก็อาจจะตีความว่า เขากำลังหาเรื่องเราก็ได้ หรือเขากำลังไม่พอใจเรา แต่ว่าความจริงอาจจะไม่ได้เป็นอย่างนั้นก็ได้ แต่ว่าเราตีความไปแล้ว แล้วส่วนใหญ่เราก็จะไม่ได้เห็น ไม่ได้รับรู้สด ๆ หรือว่าอย่างที่มันเป็น

แต่ว่ามันมีการตีความ ตีความในทางบวกก็มี ตีความในทางลบก็มี ซึ่งตรงนี้บ่อยครั้งก็สร้างปัญหา หรือสร้างความทุกข์ให้กับเรา เพราะการที่เราไม่ได้เห็นอะไรอย่างที่มันเป็นจริงๆ มันมีการตีความในใจของเราหรือด้วยใจของเรา และเราก็เผลอไปคิดว่า สิ่งที่จิตตีความ มันคือความจริง แต่บ่อยครั้งมันก็เป็นแค่การปรุงแต่ง หรือความคิดของเราเอง

มีพระทิเบตท่านหนึ่งเล่าว่า มีคราวหนึ่งจะเดินทางขึ้นเครื่องบิน ที่สนามบินมีการตรวจเอกซเรย์ข้าวของ โทรศัพท์ คอมพิวเตอร์ ระหว่างที่กำลังรอข้าวของของท่านที่กำลังผ่านการเอกซเรย์ ท่านก็เหลือบไปมองเห็นด่านรักษาความปลอดภัยอีกด่านหนึ่ง ที่เป็นด่านสุดท้าย

แล้วก็สังเกตว่ามีเจ้าหน้าที่รักษาความปลอดภัยคนหนึ่ง รูปร่างสูงใหญ่ มีหนวดเฟิ้มเลย จ้องมองมาที่ท่าน จ้องแบบเขม็งเลย ท่านเหลียวไปมองหลายครั้งก็เห็นว่าเขายังจ้องไม่เลิก ก็รู้สึกไม่ค่อยสู้ดีแล้ว เอ๊ะ หรือว่าเจ้าหน้าที่คนนี้กำลังสงสัยอะไรเราหรือเปล่า ถึงจ้องมองแบบนั้น แล้วยิ่งเห็นเจ้าหน้าที่คนนั้นจ้องมองมากเท่าไหร่ โดยที่ไม่มีรอยยิ้มเลยนะ ท่านก็เลยนึกในใจว่า เขาคงจะสงสัยเรา

ยิ่งมองเจ้าหน้าที่คนนั้น ก็ยิ่งรู้สึกว่าเจ้าหน้าที่คนนี้ หน้าเหี้ยม แล้วก็ดูหยาบกระด้าง หน้าตารูปร่างเหมือนมาเฟียเลย จู่ ๆ เจ้าหน้าที่คนนั้นก็วิทยุ พระทิเบตก็คิดสงสัยว่าคงต้องมีอะไรแน่ แล้วก็จริงด้วย มีเจ้าหน้าที่คนใหม่เดินมาที่ชายคนนี้ แล้วก็พูดคุยอะไรกันสักอย่าง แล้วเจ้าหน้าที่ที่มีหนวดก็ชี้มาที่ตัวท่าน

พระทิเบตใจเขาก็ไม่สู้ดีแล้ว เจ้าหน้าที่คนใหม่ก็มา พอมายืนแทนเจ้าหน้าที่คนแรกที่มีหนวด เจ้าหน้าที่ที่มีหนวดนั่นก็เดินตรงมาเลยที่ท่าน แล้วก็ถามว่า คุณคือมิสเตอร์ยงเกใช่ไหม ท่านก็ตอบว่าใช่ มีอะไรเหรอ เจ้าหน้าที่คนนั้นก็บอกว่า ผมอยากจะขอบคุณคุณเหลือเกินนะ เพราะว่าหนังสือคุณนี่ช่วยผมได้มากเลย อยากจะขอบคุณจริง ๆ เลย

เท่านี้แหละ พระทิเบตก็ยิ้มเลย แล้วเจ้าหน้าที่คนนั้นก็ยิ้มด้วย แล้วก็มาเขย่ามือกัน เป็นมิตรเลยนะ ก็รู้สึกโล่งอกขึ้นมาเลย นึกว่าจะมีเรื่องอะไร อ๋อ ที่แท้มาขอบคุณที่ได้อ่านหนังสือของเรา ทีแรกนึกว่าจะมาสงสัย มาค้นตัวอะไรสักอย่าง

แล้วท่านก็พบว่าภาพของชายคนนั้น ในสายตาของท่านเปลี่ยนไปเลย จากคนที่มีสีหน้าเหี้ยม กระด้างเหมือนมาเฟีย กลายเป็นคนที่อารมณ์ดี ใจดี สุภาพเรียบร้อย มีความเป็นมิตร และท่านก็มาเอะใจ ทำไมเรามองเจ้าหน้าที่คนนี้เปลี่ยนไป ทีแรกเห็นเป็นคนเหี้ยม คนหยาบ แต่เห็นตอนนี้กลายเป็นมิตร มีน้ำใจ แล้วก็มีความสุภาพ ก็คนคนเดียวกันแหละ แต่ทำไมเห็นต่างกันเลย แบบตรงข้ามกันเลย หลังจากที่เขามาทักทาย แล้วก็มาขอบคุณ

อันนี้ก็ชี้ให้เห็นว่าจิตของคนเรา มันส่งผลมากต่อการรับรู้ ทีแรกพอเห็นเจ้าหน้าที่คนนั้นจ้องมองเขม็งเลย ที่จริงเขาก็ไม่ได้มีอะไรในใจ แต่ว่าพระทิเบตท่านนี้ตีความไปแล้วว่า เขาคงไม่ชอบเราหรือคิดไม่ดีกับเรา ตีความไปในทางร้ายแล้ว ไม่ได้เห็นอย่างที่เป็น

พอตีความไปในทางร้ายเขาคิดไม่ดีกับเรา ท่านก็เลยรู้สึกไม่ดีกับเขา พอรู้สึกไม่ดีกับเขา ภาพของเขาที่เห็นในใจของท่าน ก็กลายเป็นคนที่ดูเหี้ยม กระด้าง เหมือนมาเฟีย เหมือนอันธพาล แต่ว่าพอเขามีอากัปกริยาในทางที่เป็นมิตร มาขอบคุณ มาขอบอกขอบใจ ความรู้สึกของท่านที่มีต่อเขาก็เปลี่ยนไป แทนที่จะเห็นว่าเขาคิดไม่ดีกับเรา ที่แท้เขาขอบคุณเรา พอรู้สึกดีกับเขา ภาพของเขาในสายตาของท่านก็เปลี่ยนไปเลย กลายเป็นคนที่สุภาพเรียบร้อย มีความเป็นมิตร

อันนี้เป็นสิ่งที่ชี้ให้เห็นเลยว่า คนเราบ่อยครั้งเรารับรู้อะไรก็ตาม เราไม่ได้รับรู้อย่างที่มันเป็น แต่ว่ามีการตีความ และถ้าเราตีความในทางลบ ว่าเขาคิดไม่ดีกับเรา จิตมันก็มีปฏิกิริยาตอบโต้ทันทีเลย พอคิดว่าเจ้าหน้าที่คนนี้เขาคิดไม่ดีกับเรา ท่านก็รู้สึกไม่ดีกับเขาโดยอัตโนมัติเลย

พอรู้สึกไม่ดีกับเขา ภาพของเขาที่ท่านเห็นก็กลายเป็นภาพของคนที่ดูดุร้าย ดูเหี้ยม มีการเติมแต่ง มีการใส่สี และนี่คือสิ่งที่เกิดขึ้นกับคนเรา เกิดขึ้นกับเราในชีวิตประจำวัน เรารับรู้อะไร เราก็ไม่เคยรับรู้อย่างที่มันเป็น แต่ว่ามีการตีความ

ถ้าตีความในทางบวกก็ดีไป ถ้าตีความในทางลบ ก็เกิดความวิตก เกิดความกลัว เกิดความเครียด เกิดความขุ่นมัว และพอใจมีความวิตก มีความขุ่นมัว มองอะไรออกไป ก็เห็นแต่ภาพในทางลบ คนๆหนึ่งก็ถูกมองว่ากลายเป็นคนที่เหี้ยม กลายเป็นคนที่กระด้าง แต่พอใจเปลี่ยนไป ความรู้สึกที่มีต่อคนคนนั้นเปลี่ยนไป ภาพที่เห็นหรือว่าภาพที่มองออกไป มันก็เป็นอีกแบบหนึ่ง ตรงข้ามกันเลย

พูดอีกอย่างหนึ่งก็คือว่า ไม่ใช่แค่ว่าเราเห็นอะไรใจก็เป็นอย่างนั้น ในทางกลับกัน ใจเราเป็นอย่างไรก็เห็นโลกไปในทางนั้น ถ้าใจเราขุ่นมัว ใจเรามีความเครียด หรือมีความรู้สึกเป็นลบ โลกที่อยู่รอบตัวเรา หรือคนที่อยู่ข้างหน้าเรา ก็ถูกเติมแต่งให้เป็นลบไปด้วย มีการใส่สี แต่ถ้าเรารู้สึกบวกกับเขา ภาพที่เห็นก็เปลี่ยนไป กลายเป็นบวกไปด้วย อันนี้คือสิ่งที่เกิดขึ้นกับเราตลอดเวลาเลยว่าก็ว่าได้

โลกเป็นอย่างไร มันก็อยู่ที่ใจของเราว่าเป็นอย่างไรด้วย ฉะนั้นบ่อยครั้ง เวลาเรารู้สึกว่าโลกมันหม่นหมอง ผู้คนไม่น่ารัก มันอาจจะเป็นเพราะว่าใจเราหม่นหมอง หรือว่าใจเรามีความรู้สึกที่เป็นลบก็ได้

ฉะนั้นก่อนที่เราจะไปตัดสิน ไปวิพากษ์วิจารณ์ หรือไปมองว่าโลกมันแย่ บางทีเราต้องกลับมาดูที่ใจของเรา ว่าใจเรามันมีการเติมแต่ง รูปที่ได้เห็น เสียงที่ได้ยินหรือเปล่า

ในปฏิจจสมุปบาท จะมีปัจจยาการตอนต้นเลยที่บอกว่า อวิชชาเป็นปัจจัยให้เกิดสังขาร สังขารเป็นปัจจัยให้กับวิญญาณ ที่พูดมาก็เป็นเรื่องที่ชี้ให้เห็นว่า สังขารปรุงแต่งวิญญาณอย่างไร

สังขารในที่นี้ก็คือการปรุงแต่ง หรือความรู้สึกนึกคิดในใจ อารมณ์ที่เกิดขึ้นในใจ มันก็ไปปรุงแต่งการรับรู้ ไม่ว่าจะเป็นการรับรู้ทางตา ทางหู ทางจมูก ทางลิ้น ทางกาย หรือแม้แต่ทางใจ ถ้าใจมีความรู้สึกในทางลบ เช่นคิดลบ หรือรู้สึกลบกับใคร ก็จะเห็นภาพคนๆ นั้นในทางลบไปด้วย เห็นเป็นคนที่กระด้าง เป็นคนที่เหี้ยม เป็นคนที่ไม่น่ารัก แต่ถ้าใจมีความรู้สึกเป็นบวก ก็จะเห็นเขาเป็นคนที่เป็นมิตร เห็นเขาสุภาพ

อันนี้ก็ไม่ต่างจากเรื่องของคนผู้ชายคนหนึ่งไปพักที่โรงแรม แล้วก็ถอดสร้อยคอที่คล้องพระสมเด็จราคาแพงด้วย ไว้ที่หัวนอน ออกไปทำธุระตอนเช้า ไปออกกำลังกาย กินข้าวเสร็จก็กลับเข้ามาในห้อง สร้อยหาย เอ๊ะ ใครเอาไป สงสัยพนักงานทำความสะอาด เพราะว่าในช่วงนั้น มีพนักงานทำความสะอาดเข้าไปจัดเตียง

เขาก็ตามหาว่าใครเป็นพนักงานทำความสะอาด พอพบเห็นเขา ก็ปักใจเชื่อเลยว่าเขาขโมยเอาสร้อยคอไป แล้วก็เฝ้าสังเกตผู้ชายคนนั้น ดูท่วงท่ามีพิรุธ แววตาก็มีพิรุธ ไม่กล้าสบตาเขา ใช่แน่ๆ เลย เอาสร้อยคอของเราไป แต่ปรากฏว่าตอนสายๆ หรือตอนบ่าย ปรากฏว่าเจอสร้อยมันตกอยู่หลังเตียง

พอรู้ว่าชายคนนั้น พนักงานทำความสะอาดไม่ได้ขโมยไป ก็เห็นเขาในภาพใหม่เลย น้ำเสียงเขาก็ไม่ได้มีพิรุธอะไร พูดจาก็ดี อากัปกริยาก็ไม่ได้ผิดปกติอะไร ภาพของพนักงานทำความสะอาดเปลี่ยนไปเลย

ที่จริงก็ไม่ได้เปลี่ยนไปหรอก เขาก็เหมือนเดิม ไม่ว่าตอนเช้า ตอนสาย หรือตอนบ่าย แต่ที่เปลี่ยนไปคือใจของผู้ชายคนนั้น ทีแรกปักใจเชื่อว่าพนักงานทำความสะอาดเป็นขโมย พอคิดแบบนั้นเข้า ก็เห็นแต่พิรุธ แต่พอรู้ว่าเขาไม่ได้ขโมยไป ภาพที่เห็นก็เปลี่ยนไป อันนี้เรียกว่าสังขารเป็นปัจจัยให้เกิดวิญญาณ

แล้วไม่ใช่เฉพาะกรณีแบบนี้เท่านั้น ในชีวิตประจำวันทั่วๆ ไป เวลาเรามีความทุกข์ ความเครียด แล้วเรารู้สึกว่าเป็นเพราะโลกภายนอก เป็นเพราะคนรอบตัว เช่นเราเห็นเขาไปในทางลบทางร้าย เราก็เลยเป็นทุกข์ ให้เราลองสังเกตดูก็ได้ว่า บ่อยครั้งความทุกข์ของเรา มันเกิดจากการที่เราตีความไปในทางลบ หรือว่าปรุงแต่งไปในทางร้ายหรือเปล่า

ฉะนั้นถ้าเรารู้จักหมั่นสังเกต หมั่นทบทวน เอาประสบการณ์ที่เคยเข้าใจผิดที่ตีความในทางลบ หรือว่าเติมแต่งในทางร้าย และทำให้เราเกิดความทุกข์ เกิดความวิตก เกิดความเครียด หรือว่าเกิดความไม่พอใจ เอามาเป็นบทเรียนสอนใจ มันจะช่วยทำให้เรารู้จักทักท้วง

ทักท้วงว่าสิ่งที่เราเห็น ที่จริงมันอาจจะไม่ใช่เป็นความจริงก็ได้ มันอาจจะมีการตีความไปแล้วในทางลบ หรือที่เรามองเห็น มองออกไปข้างนอก อาจจะมีการเติมแต่งไปในทางร้ายก็ได้ ไม่ว่ารับเข้ามาจะเป็นรูป รส กลิ่น เสียงที่ได้ยิน หรือมองออกไป มันมักจะมีการตีความหรือเติมแต่ง

แล้วมันก็ไม่จำเป็นต้องเป็นทางลบ อาจจะเป็นไปในทางบวกก็ได้ อันนี้ที่เขาเรียกว่าอคติ ฉันทาคติก็คือลำเอียงเพราะชอบ อันนี้ก็หมายถึงว่า มองเห็นคลาดเคลื่อนจากความเป็นจริง เพราะว่ามีความชอบ เขาทำอะไรก็ดูดีไปหมด เขาทำอะไรก็ดูถูกต้องไปหมด ทั้งๆ ที่ที่ผิดก็มี ที่พลาดก็มี แต่ว่าไม่เห็นเพราะว่ามองเห็นแต่ด้านดี อันนี้เพราะว่าลำเอียงเพราะชอบ หรือมิฉะนั้นก็ตรงข้าม โทสาคติ ลำเอียงเพราะโกรธ หรือลำเอียงเพราะกลัว ภยาคติ หรือว่าลำเอียงเพราะหลง

อย่างกรณีของพระทิเบต ท่านก็เกิดโทสาคติ ทีแรกเกิดโทสาคติ ก็เลยเห็นเจ้าหน้าที่รักษาความปลอดภัยคนนั้น เหี้ยม ดุ เหมือนผู้ร้าย เหมือนมาเฟีย แต่พอเขามาขอบคุณ เขามาแสดงความเป็นมิตร ก็เปลี่ยนไปเลย ฉันทาคติมาแทนโทสาคติ ก็เห็นเขาเป็นคนที่เป็นมิตร สุภาพเรียบร้อย อันนี้ก็เป็นสิ่งที่เราควรจะสังเกตได้ กับประสบการณ์ของตัวเราเอง ว่ามันเป็นอย่างนั้นบ้างหรือเปล่า จะได้เป็นเครื่องเตือนใจเรา เพื่อไม่ให้เราทุกข์ ที่สร้างขึ้นมาเอง

บางครั้งความทุกข์เราไปมองว่าเป็นเพราะคนนู้นคนนี้ แต่ที่จริงเป็นเพราะการปรุงแต่ง การตีความในทางลบ หรือว่าการเติมแต่งในทางร้ายของเรา

ที่พระพุทธเจ้าตรัสว่า ธรรมทั้งหลายมีใจเป็นใหญ่ มีใจเป็นหัวหน้า สำเร็จได้ด้วยใจ อันนี้ก็เป็นตัวอย่างหนึ่งว่า โลกภายนอกที่เราเห็นผ่าน ตา หู จมูก ลิ้น กาย หรือแม้กระทั่งความคิด มันล้วนแล้วแต่เกิดหรือถูกกำหนดด้วยใจของเรา ถ้าใจเราเป็นลบก็เห็นเป็นลบ ถ้าใจเราเป็นบวกก็เห็นเป็นบวก

ฉะนั้นการกลับมาดูใจของเรา จึงเป็นเรื่องที่สำคัญมาก ถ้าไม่อยากให้เกิดไฟเผาในใจของเรา ก็ต้องกลับมาสำรวจตรวจตา หรือสอดส่องใจของเราว่า มันมีอคติ โทสาคติ ภยาคติหรือเปล่า หรือมันมีการเติมแต่งไปในทางลบทางร้ายหรือเปล่า ไม่อย่างนั้นเราก็จะสร้างหรือก่อทุกข์ขึ้นมาในใจของเรา ทั้งที่ความจริงไม่ได้เป็นอย่างนั้น.

พระอาจารย์ไพศาล วิสาโล

ขอขอบคุณ Visalo.org

@ f85b9c2c:d190bcff

Avoid it if you’re sensitive.

Haha 😂, just wanted to get your attention.

If you’re reading this, congrats your amongst those who survived to see this message. It doesn’t matter if you’re depressed, sad, angry at someone or you missed something. Come on man, being alive is already a win for you.

Smile, You deserve it.

Yes, I know the world is cruel and very unfair. But remember, you can’t fight all those battles alone. That’s why we ask God to take care of it. But hey, today is Sunday.A blessed day for the Christians. Go ahead smile 😊, you deserve it. You managed to wake up today while some didn’t. You should be grateful for that. It’s a blessing to see tomorrow. You don’t know what today holds.

I just want to remind you that, you deserve the whole world. Go out there, chase your dreams, don’t let them die in your comfort zone. And remember, always wear a smile on that pretty face of yours. You deserve the world.

@ f85b9c2c:d190bcff

Fully devoted to Jesus: Mark 10:28 (NIV) Then Peter spoke up, “We have left everything to follow you!”

As a Christian, you received Jesus into your life because the Holy Spirit revealed to you the glory of God in Jesus and your heart melted at His sight.

You became aware of your lostness, wickedness, and hopelessness without a savior so you surrendered to Him and asked him to save you. You asked Him to become the lord of your life. The first apostles were clear about something, they had to surrender everything in order to follow Jesus. When they yielded to Jesus as Lord it meant He was Lord of all.

Yes, everything. Yes, all.

They surrendered work, possessions, essentially their lives — Mark 1:18 (NIV) At once they left their nets and followed him. They were literally fully devoted to Jesus.

They modeled 1 Kings 8:61 Let your heart therefore be wholly devoted to the Lord our God, to walk in His statutes and to keep His commandments, as at this day.”It might not look identical to the apostles calling but it should have the same motive behind it. When Jesus becomes your Lord, He should have complete control over your, . Relationship

.Money

.Possessions

.Career

.Kids

.Time

.Mouth

.Mind

.Body

.Everything

Have a blissful Sunday 🙏.

@ 3c559080:a053153e

So firstly you should find an emulator for whatever you want to play on. There are many for desktop and mobile devices. Checkhere for a list of all the available consoles and their various emulators.

Next what game do you want to play? This is the like the homepage for a shit ton of roms.

Some of the more popular roms are there and other various list like Sony Nintendo

After narrowing down your selection you will end up on myrient i assume this is just some dope person hosting all these so if you get some use out of it, think of donating they even take corn, but other shitcoins too (but thats not the focus here)

Once you download the Rom of the game you want, you will get a compressed (zip) folder, unzip it and within it will be the rom, most systems will identify your emulator and use it open the game. If not, launch the emulator and within it should be an option to open a file, open the file in the unzipped folder.

Enjoy So you want to Mod?

So every Mod, is a mod for a specific game [ex. Pokemon Blue, Pokemon FireRed, Super Mario Bros.] so it requires you to get the Rom for that base game, the mod itself, and a tool to patch it. There is an online tool to easily patch the mod to the ROM. IMPORTANT, this will not change any naming, Id recommend having a folder with the base game roms, and a folder for the mods, and lastly a folder for the newly modded roms. Make sure to name or just save the game in modded roms folder after the patch.

Below are a few resource to find various Pokemon Rom mods(sometimes called hacks)

• r/PokemonROMhacks
• Good Compilations of Hacks and Resource/Guides

Personally, Pokemon Unbound is considered the best most polished hack. it runs on Pokemon Fire Red.

Pokemon Emerald Rouge is a cool take on the popular Rougelite genre. This runs on base game Pokemon Emerald

@ c9badfea:610f861a

1. Install Feeder (it's free and open source)
2. Discover RSS feeds from various sources (see links below)
3. Copy the Feed URL
4. Open Feeder, tap the ⁞ icon, and choose Add Feed
5. Paste the Feed URL and tap Search
6. Select the found RSS feed item
7. Scroll down and tap OK

Some Sources

• Podcast Index
• RSS Finder
• Feedspot

ℹ️ You can also use YouTube channel URLs as feeds

@ 5d4b6c8d:8a1c1ee3

How'd everyone do on their ~HealthAndFitness goals today?

I got pretty good sleep, stuck to my fast pretty well, didn't eat much junk food, and was pretty active with chores and errands. Not a particularly strong day, but not a weak on, either.

https://stacker.news/items/994000