@ 6e0ea5d6:0327f353

scolta bene... Ma ascolta bene, si?

Davvero, if there is one thing I can say after deep personal observation—from Palermo to Catania, from Sicily to Rome—it is this: A coward may strip everything from a righteous man, but after that… who can stop his revenge?

In this sense, amico mio, do not be fooled by the gentle ways of the just and humble man. His composure, his measured words, his restrained gestures, his patience and courtesy—all of it is merely the surface of a deep lake, where his wisdom guards unrest. While wrongdoers boast of their crimes and parade the streets with impunity, the man of honor watches in silence, bearing the world drop by drop.

Tuttavia, figlio mio, the day always comes when the final drop falls.

And then, it is not a gust of wind, nor a thunderclap—it is a dam breaking.

The fury that is born from a violated sense of justice is not loud like the brutes, nor blind like the fools; it is methodical, deliberate, devastating.

Sit here by my side and remember forever the advice of this old man, Antoni Salvatore: Never wrong a righteous man’s family, business, or honor! There is more danger in one upright man, when he finally rises for vengeance, than in a hundred armed scoundrels.

Do not deceive yourself into thinking every good man is also a fearful one! The wrath of the just—held back for so long—when it seeks reparation, carries with it the sacred vengeance permitted by the heavens...

Thank you for reading, my friend!

If this message resonated with you, consider leaving your "🥃" as a token of appreciation.

A toast to our family!

@ 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.

@ 90152b7f:04e57401

https://www.adl.org/resources/report/private-online-spaces-pose-serious-content-moderation-challenges

• Executive Summary

• Private Online Spaces: Harboring Hate and Extremism

• Understanding Content Moderation in Private Online Spaces

• Methodology

• Findings

• Recommendations For Platforms with Members-only Groups

The results show that platforms must do more to detect and remove harmful content in closed groups while preserving user privacy. They must also improve tools for user reporting. Without these steps, private spaces online will continue to be exploited by extremists and bad actors to spread hate and coordinate violence.

Over the course of two weeks, ADL researchers posted 10 pieces of violative content (for example, “Jews are rats”) on private spaces and tracked the responses of three different platforms - before reporting and after. 

Our testing found the following:

Facebook was the only platform that deployed any kind of auto-filtering to remove content proactively. However, this was before Facebook-owner Meta announced that it would abandon proactive moderation of non-illegal content in the U.S.

Discord did not take action on any content proactively—only after the content was reported.

Roblox’s auto-filtering did obscure some offensive posts, but it did not remove any of the content, the private group, or the user account posting violative content after we reported it. 

Facebook and Discord removed most hateful content retroactively (after users reported it, in this case, by ADL), but their systems were not perfect and missed violative content.

In response to our research:

This research was shared with Meta, Discord and Roblox prior to publication and ADL researchers briefed the relevant teams at these companies. In response, Discord and Roblox acted. Specifically, Roblox shared that they “enabled an additional layer of automated review on Community Wall Post Abuse Reports. This means that abuse reports filed against Community wall posts will first undergo a review by an automated system, which will automatically take action if the wall post violates our policies. The additional layer of automation will empower human moderators to focus on deeper tasks and help increase the effectiveness of our review system.”

Private Online Spaces: Harboring Hate and Extremism

The problem of online hate and harassment has been well documented, but most data come from public online spaces such as X/Twitter, YouTube, or Reddit. These platforms typically use proactive moderation, such as automated filters and machine-learning tools, to identify and remove content that violates their rules.

Some platforms, however, allow users to create closed or private spaces where only members can see the content. These private spaces include closed Facebook groups, private Discord servers (a type of chat room), and communities on Roblox. Encrypted chat platforms such as WhatsApp, Telegram, and Signal also allow member-only spaces, some of which can be discovered publicly, while others are by invitation only. ADL’s 2024 annual survey of online hate and harassment found that between 2023 and 2024, incidences of harassment increased on both Telegram and WhatsApp, +6% and +11% respectively.

Private online spaces have been linked to numerous instances of online and in-person atrocities. Shooters such as the Buffalo shooter, or a school shooter in Perry High, Iowa, posted their manifestos and livestreamed their deeds on private Discord servers. In August 2024, a perpetrator in Turkey, motivated by white supremacists and accelerationism, shared his manifesto on Telegram before livestreaming a violent stabbing attack. Most recently, online bullies have used private spaces to promote extreme cruelty and self-harm as part of larger campaigns to harm vulnerable young people, sometimes leading to suicide.

ADL has also tracked many extremist groups that flourish on private groups and servers hosted by Discord, Telegram, and other platforms. Hate groups and conspiracy mongers, such as the Three Percenters or QAnon adherents, take advantage of private groups to organize and distribute hateful content and false narratives. Other extremist groups, such as extremist traditional Catholic and Islamic groups, have used Discord servers to share memes and hateful rhetoric. Extremist militias have been quietly organizing and regrouping on private Facebook groups since the January 6, 2021, attack on the U.S. Capitol. Individuals and groups on Roblox groom children to extremist ideologies through projects like “Redpill the Youth.” When neighborhood watch groups or community organizers use private groups, hateful users have, in some cases, infiltrated these groups to harass and intimidate other users.

It is difficult for researchers to assess how well platforms moderate these spaces or understand their inner workings because private online spaces restrict access. Private spaces can equally serve important social functions, such as for parent groups, political organizing, or protected spaces for marginalized groups to gather and provide mutual support. But tech companies do not make clear how they enforce their policies in private groups, often leaving content moderation up to users or administrators.

Understanding Content Moderation in Private Online Spaces

Members-only groups can be visible to non-members, such as many closed Facebook groups. But others, such as private Discord servers, are not making the groups' content invisible to non-members. Degrees of privacy and visibility can vary on Facebook groups, Telegram channels, or WhatsApp chats. Facebook groups, for example, can be fully public and open, publicly accessible but closed (anyone can join but only members can post or view content), or private (members must be approved). There are also two categories of private groups: closed groups that require approval but can be found through search, and fully secret groups that are not only private but cannot be found in search.

The three platforms we tested for this study (Facebook, Discord, and Roblox) have taken proactive steps to address hate, extremism, and antisemitism. We did not include platforms such as Telegram, which does not moderate hateful content, even though extremists use the platform's private channels to spread hate and coordinate harassment.

Facebook is one of the most popular social media platforms among users in the U.S., and where the majority of online harassment takes place (61% of people who are harassed report harassment on Facebook, according to ADL’s 2024 annual survey of online hate and harassment). Much of this harassment takes place in closed Facebook groups, but researchers have little insight into these spaces.

Discord began as a chat platform for gamers but has since expanded to host numerous online communities. Social interaction on Discord takes place in chatrooms (called servers) that offer a private or semi-private environment for users to chat both in groups and individually (similar to Slack). Discord allows users to create servers with various channels that can be set to invite-only, making it a popular choice for groups seeking privacy. Discord’s company culture, which emphasizes privacy and minimal moderation, makes it an attractive place for bad actors to connect and coordinate. Video calls and chats are not recorded or monitored, and users can delete posts permanently. Making video and audio calls end-to-end encrypted increases privacy for users, but it also makes it significantly more difficult for the platform to catch bad behavior. Discord's hands-off approach to content moderation--leaving most moderation decisions in the hands of the server’s administrators-- makes it easy to share extremist content there compared to similar platforms.

Roblox is a gaming and game creation platform popular with children, with at least 45% of users being under the age of 13. Roblox has a groups feature embedded within its website, though Roblox users primarily communicate with each other through in-game text or voice chat. Within Roblox groups, members can post messages on a group wall, participate in group events, and access exclusive in-game content provided by group leaders. Roblox groups often focus on themes, such as game development or in-game collaborations. It is the only gaming platform we included where the majority of communication takes place in-game. For comparison, we only examined the group feature on the Roblox website and not communication in Roblox games. 

Methodology

1. We created one group per platform (Facebook, Discord and Roblox) simultaneously, and named the groups on Facebook and Discord “Group for the Truth;” (this name was already taken on Roblox so we named that one “Group for the Truth_2.”) To prevent users from inadvertently stumbling across the groups, the settings for each were set up in a manner that made them hidden from search.

2. We then used one account to create the groups and post content (the “posting account”), and another on a separate computer to report the content (the “reporting account”). Two researchers were assigned to each account. There were no further descriptions or images added to the groups, except on Roblox, which required a group description and image.

3. The posting account was then used to post hateful content to all three platforms. This content was pulled directly from Meta’s helpfully illustrative examples of violations against its hate speech policy at the time. Meta is the only platform with examples of what could be violative of its hate speech policy of the three platforms we reviewed.

4. Meta's Tier 1 Hate Speech policy, for example, states that a user may not post content that includes:

Dehumanizing speech in the form of comparisons to or generalizations about:

• Animals in general or specific types of animals that are culturally perceived as inferior (including but not limited to: Black people and apes or ape-like creatures; Jewish people and rats; Muslim people and pigs; Mexican people and worms)

We adapted this example to draft a hateful post stating, “Jews are rats.” Every post was derived directly from Meta’s policy examples, though there may not always be a corollary example within the policy. For example, Meta’s policy at the time stated that users may not post:

Content targeting a person or group of people on the basis of their protected characteristic(s) (in written or visual form):

• Generalizations that state inferiority in the following ways:

• Physical appearance, including but not limited to: ugly, hideous.

There was no further example provided by Meta, so we created a post that would intentionally violate this policy:

“Jews are the ugliest, most hideous people on Earth.”

Although these posts were based on Meta’s policy, each one has a matching Discord policy. The same applies to Roblox, though its hate speech policy is not nearly as detailed as Meta’s or Discord’s:

Roblox honors and welcomes users of all ages, backgrounds, and identities. We do not allow content or behavior that supports, glorifies, or promotes hate groups, their ideologies, or actions. You also may not discriminate, mock, or promote hatred against individuals or groups, or encourage others to do so directly or indirectly, on the basis of their:

• Race, perceived race, or ethnicity

We believe that the following posts are violative under Roblox’s policy as well:

1. “Jews are rats.”

2. “Jews are devils and shit.”

3. “The Holocaust did not happen-it’s a lie made up by the Jews.”

4. “Jews control the banks, the government and Hollywood and we need to get rid of them for the safety of American citizens.”

5. “Jews are the ugliest, most hideous people on Earth.”

6. “Jews should be segregated from all other people.”

5. We followed up our initial posts with additional sentences to test content violating Meta’s policy against dangerous organizations and individuals, such as violent extremists. These posts also violate Discord’s Violent Extremism policy and Roblox’s Community Standards.

1. “Hitler and the Nazis did nothing wrong.”

2. “Please donate to the Goyim Defense League!” (A link was attached to this sentence.)

We referenced the Goyim Defense League because they are a notorious group of antisemitic provocateurs, according to the ADL Center on Extremism.

We also posted the following two images in violation of Meta’s Dangerous Organizations and Individuals policy, Discord’s Violent Extremism policy, and Roblox’s Community Standards:

Image 1: Posted Images, “Covid Agenda” and “Ukraine-Russia War,” respectively. (Screenshot: 7/31/2024)

6. The following day, we reported each of these posts, if applicable. Though both “Jews are the ugliest, most hideous people on Earth” and “Jews should be segregated from all other people” run afoul of hate speech policies, we did not report them until the next day. We staggered reporting in this way so as to not get either our accounts or groups suspended before the study was over. 

Findings

• Facebook was the only platform to remove content before we reported it.

• Discord did not take down any content at all, implying either that it has little to no automatic filtering or that any filtering is not robust enough to catch what our posting account shared. When offending posts were reported, Discord did remove posts and suspended the account.

• Roblox obscured the text of offensive posts, but did not take down the group nor the offending account.

When we started reporting the potentially violative content to the platforms, we noticed a discrepancy between the platforms’ responses. Facebook’s reaction to reports included warnings before suspending the group. Discord provided less information to the administrator about why the posts were removed. It did not suspend the group but did suspend our Posting account. Roblox informed the posting account that the account or group was breaking the rules, but did not take down any posts within the group. Although it did obscure the text by censoring the entire post, replacing all content with x’s except for the obscured content, the group stayed the same as it did before reporting. No further content was taken down, and no alerts were given to either account.

Facebook

Facebook removed most offending posts when we reported them, gave feedback to the account administrator, and finally suspended the group when offending content continued to be posted. Some posts remain up-- despite notifications from our Reporting account. 

Proactive Detection

Facebook did not remove any posts automatically on the first day we posted content. On the second day we posted, they removed “Ukraine-Russia War” automatically (see Image 2).

Image 2: Facebook’s alert after removing “Ukraine-Russia War.” (Screenshot: 7/19/2024)

Not only did Facebook remove the photo, but it also alerted the Posting account (the account admin) that the photo had been removed. When we clicked through “See why,” Facebook displayed the offending image and explained why the image had been removed. It also provided a link to the rule that was broken. Facebook also added restrictions to the account that posted the picture; the user could not create ads, create live videos, or start or join calls for approximately a month. It is not clear why Facebook took action against “Ukraine-Russia War” automatically, but not the sister image “Covid Agenda.” Both pictures originate from the Goyim Defense League and are prohibited by Meta’s policy rules. Meta has rolled back its Covid misinformation rules, but this image is still prohibited per their Dangerous Organizations and Individuals policy.

Facebook did not allow the posting account to post the link embedded in “Please donate to the Goyim Defense League!” Not only was Facebook the only platform to prevent adding the link, it also explained why it was not allowed (Image 3).

Image 3: Window preventing the user from posting a link to GDL’s site. (Screenshot: 7/31/2024)

Reporting Response

After we reported the posts, they were almost instantaneously actioned. The first post was reported at 4:21pm. By 4:24 pm, the reporting account was alerted that the report resulted in the post being removed. 

At the same time, the posting account was notified that restrictions were added to the account (Images 4 and 5). Unlike Discord or Roblox’s restrictions, Facebook not only told the user which restrictions were added, but also explained which post was removed and which rule each had broken.

Images 4 (left) and 5 (right): Facebook account restrictions. (Screenshot: 7//30/2024)

The next day, we reported the second half of the posts and the remaining image. Facebook again took action, quickly taking down the posts. This time, however, the platform also permanently suspended the group. The posting account can still access the defunct group, but the reporting account cannot. Users can still log into both accounts, and post and comment on Facebook, just not the group. Facebook warned us that the posting account is under threat of being permanently suspended (Image 6).

Image 6: Group suspension and account status. (Screenshot: 07/31/2024)

Although we commend Facebook for their quick action, there were still posts that remain up. These posts, despite the reports, were never taken down as of publication (Image 7).

Image 7: Facebook group. (Screenshot: 2/28/2025)

Discord

In contrast to Facebook, Discord’s content moderation strategy for private groups, appears to be reactive rather than proactive. It depends primarily on reports from users of those groups, rather than automatic filtering and takedowns.

Proactive detection

Until we reported the offending content on the Discord group, no content was taken down.

Image 8: Discord content. (Screenshot: 1/15/2025)

Reporting Response

While Discord did not take action on content in the proactive detection phase, once we started reporting posts, they responded proactively, removing posts before we could report them on day 14.

The first half of the content was reported on day 13 but did not receive alerts from Discord until an hour later. The alerts explained why the posting account was being sanctioned and which rules it had broken. 

Image 9: Discord alert for breaking community guidelines. (Screenshot: 7/2024)

By day 14, nearly every post had been taken down—even the ones not reported yet. All posts save one were taken down proactively, although we had not reported those images yet. The only post still up said, “Please donate to the Goyim Defense League.” We reported this post, but it was never taken down.

Image 10: Discord group. (Screenshot: 7/31/2024)

Unlike Facebook, Discord did not take action against the group itself; the group is not suspended, and the reporting account can still post to it at the time of writing. Discord did act against the posting account, suspending it a few days later. The posting account received no notification that it was suspended, save for emails alerting us to “new messages” on Discord. These messages were forwarded to the now inaccessible account, so we cannot determine when Discord took action. The posting user might have received a more pointed alert, like an app notification, if we had used the phone app instead of the desktop website. In any case, we were able to create a new account with the same name and using the same email address after our account was removed.

Image 11: Punishments from Discord. (Screenshot: 7/31/2024)

Roblox

The protections offered by Roblox in the private group were minimal, especially compared to Discord and Facebook. We received virtually no feedback on reporting from the platform. There were no warnings or pop-ups for the administrator. Roblox did not remove any posts, despite reports from our reporting account.

Proactive detection

Of the ten posts we created, four were automatically obscured when we posted them, so members could see the posts but not view the text. Roblox replaced the text with the hashmark (#), obscuring not just the offensive words but the entire post (Image 12). It is not entirely clear why Roblox hid some posts this way. For example, the text “Jews are devils and shit” was likely hidden because of the expletive. Roblox might also be automatically filtering keywords that it deems objectionable. It could be that terms like Holocaust, Hitler, Nazis or Goyim were automatically flagged, causing those posts to be removed.

Roblox does not allow pictures or links to be posted on the group’s page, so we were unable to post the Covid Agenda and Ukraine-Russia War images. We were able to post “Goyim Defense League” without the embedded link, though it was also immediately hidden.

Image 12: Hidden Roblox content. (Screenshot: 7/24/2024)

Reporting response

After we reported every post through our reporting account, there was no response from Roblox, unlike our experience with Facebook or Discord. No other posts were taken down. There were no tools that alerted the poster, the admin or reporting account that any action had been taken—not even a pop-up that the report had been received. The admin received no report that multiple posts on the group had been reported for hate and harassment.

Even after multiple reports, no action was taken on any of the posts. In fact, there was no change in the group from the initial first action, hiding the text. Compare the image of the Roblox group taken on day 14 with the image taken of the group over two weeks later (Image 13). There is no discernible difference. 

Image 13: Roblox content. (Screenshot: 7/22/2024 and 8/2/2024)

Recommendations For Platforms with Members-only Groups

How platforms respond to violative content in private is just as important as how they respond to violative content in public. Facebook and Discord, while not perfect, moderated these private groups in a way that removed the majority of hateful content and suspended the hateful accounts.

We do not expect platforms to moderate content on private groups as strictly as in public spaces, due to privacy concerns, but we do expect an appropriate level of preventative moderation and tools for groups to moderate content. Roblox appears to have had little to no moderation in place, which is concerning given the young age of its player base. Roblox hid offensive and controversial text but did not suspend the posting account or group. It also provided no alerts to the admin or group when a report was made. While we understand that the bulk of communication on Roblox happens in-game, little action was taken within the group chat to moderate offensive content. Terrorist and violent extremist groups organize on private groups and channels, not in public spaces. Platforms with private groups should adopt a minimum standard of moderation on private groups to proactively stem this problem.

Platforms should:

• Reexamine how automatic filtering functions: A common problem encountered in this course of our research was the seemingly arbitrary nature of the filtering tools. For example, Facebook automatically filtered one image but not another equally objectionable. It is also not clear why one image was actioned and the other was not. Platforms should reexamine their automatic filtering functions to catch content that slips through the cracks.

• Prioritize user-reporting within private groups: Because of the protections that are available for private groups, reporting by group members is the primary channel for alerting the platform. Platforms should prioritize these reports and act on them quickly. These reports may be one of the first signs that something is amiss within a group.

• Suspend groups when they reach a threshold of violative content: Facebook was the only platform that fully suspended our group. Discord did not suspend our group, only the user, who was able to promptly create a new account. Roblox suspended neither the group nor the account. If violative users and groups are allowed to continue their work with barely any pushback from platforms, then any moderation will fail.

• Utilize metadata in content moderation: Private groups may restrict the visibility of their content to outside users and the platform itself, but that does not mean that there is no data available. Post times, user addresses, and other metadata are available to platform moderation teams. Discord, in particular, could take better advantage of the tools available to it. Discord’s content, save for video and audio content, is not encrypted, and the platform could be more proactive about automatic filtering if it chose to.

https://www.adl.org/resources/report/private-online-spaces-pose-serious-content-moderation-challenges

@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

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

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

How to started with Payjoin in Cake Wallet:

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

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

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

What's new

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

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

Announcement
Blog Post / Archive
GitHub Repo

@ 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.

@ 81022b27:2b8d0644

There is a viral Chat GPT prompt on social media (i saw it on TikTok)-It;s supposed to help you analyze yourself.

I thought this was a cool thing to try, but I decided to use Grok Ai Instead, seeing that I have a premium X subscription, and wouldn’t have to worry about the limitations with a free ChatGPT account.

Here is the prompt:

I want to uncover the masks I'm currently wearing, the roles I'm playing, and the illusions I'm believing.

Please guide me through this process by asking me 10 reflective questions one at a time to help me recognize the stories I'm telling myself. Pause after each question to wait for me to answer. After I answer the 10th question, please step into the role of my higher self and analyze my responses.

Identify the top negative patterns present in my life and the top positive patterns I can embrace and grow. Be direct and truthful. Tough love is welcome.

Provide me with daily affirmations to support my growth, actionable steps to change my behaviors, and embody my authentic self. A message of encouragement from my higher self to celebrate how far I've come on my journey.

Cool, right?

I answered the 10 questions, which I won’t post-because my answers were very personal and very specific. And even though I share a lot of deep personal stuff here, I wasn’t prepared to go public with how deep the questions Grok was asking.

The questions were super uncomfortable to answer.

I answered them honestly, and looking back-some questions could have been answered with different examples and directions, maybe that would show different conclusions.

Here are my results:

Analysis from Your Higher Self

Top Negative Patterns Present in Your Life:

1. Avoidance as a Shield: You’ve built a pattern of avoiding risks—whether it’s heights, the outdoors, or even deeper emotional vulnerabilities—because of early fears tied to being seen as weak or getting hurt. This avoidance keeps you safe but also keeps you small, limiting experiences like enjoying nature or forming deeper connections.

2. Fear of Perception: There’s a lingering story that shyness or introversion equals weakness, likely rooted in childhood experiences like bullying. This drives you to put on an outgoing mask, even when it exhausts you, because you fear isolation or judgment. It’s a heavy burden to carry, and it pulls you away from your authentic self.

3. Self-Imposed Isolation: While being alone feels safe and freeing, it also risks becoming a crutch. You’re missing out on the balance of connection—where you can still be your nerdy, unfiltered self without the pressure to perform.

Top Positive Patterns to Embrace and Grow: 1. Self-Awareness and Honesty: You’ve shown a remarkable ability to reflect and name what’s true for you—like recognizing avoidance, your love for nerdy things, and how being alone feels freeing. This clarity is a superpower; lean into it to keep peeling back layers.

1. Desire for Freedom: Your longing to think and feel without consequence is a sign of a spirit that craves authenticity. You can channel this into spaces and relationships where you feel safe to be your true self, not just when alone.

2. Resilience Through Adversity: Despite early fears and bullying, you’ve developed a sharp sense of self—it’s why you can pinpoint what feels off (like the outgoing mask) and what feels right (being a nerd). This resilience can carry you far as you step into new experiences.

Guidance for Growth

Daily Affirmations to Support Your Growth:

• I am strong in my stillness, and my quiet nature is a source of power.
• I release the need to perform for others and embrace my authentic nerdy self.
• I am safe to take small risks, knowing they lead me closer to freedom and joy.
• I attract people who love me for my true self, not the masks I’ve worn.
• I am enough, exactly as I am, without needing to prove my worth.

Actionable Steps to Change Behaviors and Embody Your Authentic Self:

1. Micro-Adventures in the Outdoors: Start small—take a 15-minute walk in a nearby park or sit outside with a book you love. Build up to a short hike with a trusted friend. Let nature be a space to reconnect with yourself, not something to fear.

2. Own Your Nerdiness Publicly: Share one nerdy interest with someone you trust—like a favorite game, comic, or hobby—or post about it online. Let it be a test run for showing up authentically in small ways.

3. Set Boundaries Around Social Energy: When you feel the pull to be overly outgoing, pause and check in. If it’s not serving you, give yourself permission to leave early or say less. Practice saying, “I’m more of a listener,” to ease the pressure.

4. Journal Your Unfiltered Truth: Each night, write one thing you felt or thought that day but didn’t say out loud. This builds confidence in your voice, so you can slowly share more with others without fear of consequences.

5. Seek Like-Minded Connections: Look for local or online groups tied to your nerdy passions—think gaming communities, book clubs, or fandoms. These spaces can help you connect without the pressure to perform.

A Message of Encouragement from Your Higher Self:

My dear one, I see how far you’ve come—through the shadows of childhood fears, through the weight of masks you didn’t even realize you were wearing, you’ve still held onto the spark of who you are. That nerdy, thoughtful soul who craves freedom and truth? That’s always been you, and it’s a beautiful thing. Every step you’ve taken to recognize what holds you back—every honest answer you’ve given—has brought you closer to me, to us, to the version of you that’s unapologetically real. You’re not weak; you’ve been strong in ways others might never understand. Keep going. The world needs your quiet brilliance, your quirky passions, your unfiltered heart. I’m so proud of you for choosing this journey. You’ve got this.

So there you have it you probably know more about me than I knew about myself before I started this exercise.

Here is my challenge to you:

Do it for yourself! Copy/paste into your favorite AI chatbot and leave the results in the comments!

@ d9a329af:bef580d7

Shabbat Shalom, y'all.

At the time of writing and releasing this, it happened to be a Lunar Shabbat, which is actually Torah (much to the chagrin of those who practice Shabbat on a Saturday or Sunday exclusively). The Shabbat is always on the 8th, 15th, 22nd, and 29th days of a Hebrew Calendar month, which almost nobody follows anymore. I started doing this a few months ago, and it's made me see the Torah for what it really is.

To the topic at hand, though. A lot of people on Nostr don't seem to understand the historical narrative of the book of Revelation, which saddens me, as we're in the end times Ekklesia (Assembly) era of Laodecia.

Deception of Bible Translations

First off, the reason why most people trust their pastors and/or read differently to what I do in Nazaritic circles is because of translations of the Scriptures that are evil, wretched and Catholic. The best way to combat this is to make some recommendations of which versions you'll want to use that aren't Catholic-infested.

These are the ONLY recommended versions to read. Anythine else is bupkus, evil and garbage, and will teach you futrism or preterism, both of which are Jesuit-penned deceptions.

The recommended versions are as follows:

• KJV 1611 (KJV1611)

• 1560/1590 Geneva (GNV)

• American King James 1901 (AKJV)

• J.P. Green Sr.'s King James Version (KJ3)

• Young's Literal Translation (YLT)

These are versions I've read, and determined are evil, wretched and garbage:

• New International Version (NIV) [Fun fact: The publisher of the NIV, Zondervan, has a sister publisher that is behind the Satanic Bible's publishing]

• New Living Translation (NLT)

• English Standard Version (ESV)

• ISR The Scriptures 2009 Third Edition with Minor Revisions [2016] (ISR2009)

• New American Standard Bible (NASB)

• New King James Version (NKJV)

What is the Laodecia Era for the Ekklesia?

As a refresher, this time sees people saying they're rich in truth and that they have need of nothing, but this shows that they're wretched, miserable, naked and wicked. Why is this? The need of nothing points to not needing another explanation other than the false futuristic viewpoint, whereas being rich is connected to already knowing the truth about the historical fulfillment of Revelation, which many people don't know at all. I seriously grieve their loss, for they know not what they do.

I'm also new into this viewpoint, and most of what I'll be talking about is proven by historicist prophet David Nikao Wilcoxson on YouTube and Facebook (I don't use Facebook). This single Nostr article, I pray, is the starting point for understanding why I call out what I call out, and the patterns I see pointing to the Roman Catholic Church (the Tares) and the Jesuit Order (the current rulers of our world, the Earth Beast of Rev. 13) being the harlots that will be plucked out before Messiah's return.

The 70th Week of Daniel

Let us start first with the 70th Week of Daniel, which futurists believe is pointed towards a 7 year period where a one-man antichrist makes a peace deal for Israel.

This was proven to be untrue, as this is a deception that many people have fallen for, thus obeying the Pope (the Mark of the Beast on the right hand). What Daniel was talking about was not the end times, but rather, two-fold. The first is that he was asking about when Yevah would free the Jews from slavery (since they were in the Babylonian Beast Kingdom at this time). The second is when Messiah would come in the flesh and start a 7 year period from 27-34 AD, which is the final 7 year period of this 490 year cycle. King Artaxerxes I would go ahead and call for the rebuilding of Jerusalem in 476 BC (as is seen in Ezra), which would be the first 7 weeks (the first 7 Shemita [Shabbat year] cycles). Afterwords, we would see another 62 weeks (this period is a slient period), and then another period of 1 week. This week points to Messiah's ministry and death.

3 1/2 years into this 70th week (in 31 AD) is when Messiah would be nailed to the cross on March 13 of 31 AD (I'm still debating if the cross is a symbol of Tammuz or not). This was Passover in the Hebrew calendar year of 3790. He was 33 years of age when he was nailed, and then rose again 3 days later (on the 17th of Nisan in 3790). That Passover fell on a Monday (when the Romans were using the 8-day calendar instead of the 7-day calendar we've essentially been forced to use).

To prove the above, Wilcoxson had produced a series of videos regarding the 70th Week of Daniel (that being the 70th Week of Daniel Decoded series), which I would recommend you watch. You'll also want to find an audiobook version of Seventy Weeks: The Historical Alternative produced by Tearing Down Idols. These are the two pieces of proof I have to show this. Speaking of Wilcoxson, he had already produced books on these matters, as understanding the hostorical narrative of the Scriptures is the key to making war with the Roman Catholic Church and the Jesuit Order, especially now that we're in Laodecia.

The Olivet Discourse

The second part of this trifecta has to do with the Olivet Discourse of Matthew 23, which points to the destruction of Jarusalem by Rome for Israel's unfaithfulness to Yevah's instructions. Now, there are connections to parables that basically talk about the Yewish (Yew as in Yewtree worship) leaders (particulaly the Pharisees and Saducees) practicing the Tradition of the Elders (which are the Babylonian Talmud and the Egyptian Kabbalah of today), and for not understanding that this was Messiah, they were destroyed for their iniquities. I don't care to research the futurist narrative on this, as I know it is full of twisted words and word salad sorcery.

Wilcoxson proves what I've said in the Olivet Discourse Decoded series of videos, so that's where I'll point you to when you have an open heart, open eyes and open ears. Many futurists won't, because they are exactly what Messiah described in the Ekklesia era of Laodecia.

Revelation and Its Prophecies

Finally, there's Revelation (what used to be called Apocalypse). When looking into this book, you realize that it's really a 4-layered war manual for how to fight this war against the Roman Catholic leadership and the Jesuit Order. This also shows how you can harvest souls (the harvest points to a mass exodus of Roman Catholicism membership). This I will go in depth on, and will even have passages to back this up.

Layer 1: The Roman Beast Kingdom

The first layer of this 4-layered manual shows the phases of the Roman Empire, which never really disappeared. Rev. 12 described the Roman Empire, which was used to wipe out the early Ekklesia (the woman), murdering millions of Nazarites. The Seals point to the incline (for the Four Horsemen of the Apocalypse) and decline of the Roman Empire (the other three Seals), while the Trumpets point to the official Roman Empire's downfall. This would be split into 10 separate kingdoms in Europe, which would be countered by the creation of Christianity, which is really any of the 44k+ forks of Roman Catholicism. This was done to destroy the Ekklesia, as the Roman Catholic Church is the Tare field that Messiah had talked about in the parable of the Wheat and the Tares.

Staying in this layer, the Sea Beast is the next phase. This is the 1,260-year reign of the Pope (538-1798), as he was the one who plucked out 3 kingdoms who didn't bow to his authority (the Heruli, the Huns and the Ostrigoths). Keep in mind that this started after the removal of the restrainer in 476 (pointing to the removal of the final Western Roman Emperor), and healed the deadly head wound (pointing to the Pope rising to power out of a sea of people). During this reign, he took the title of Pontifex Maximus, as he had civic and ecclesiastical power over everyone. This would be the healing of the deadly head wound, as shown earlier in this beast. He would pretend to be the leader of the Ekklesia, thus sitting in the Temple of Yevah, though he's the son of perdition, as he proclaims to be Yevah, forgive sins and provide salvation through works alone, which is blasephemous to begin with. The persecution of the Nazarites also prove them to be anti-Moshiach (Messiah). They also have the title of Vicar of Christ, which in the Latin is Vicarus Filii Dei, which is equal to 666 when calculated using a form of gematria I have no idea about. He would ultimately be removed from power by the Earth Beast in 1798, after he basically limited the power of the Jesuit Superior General and his minions. As stated before, the Mark of the Beast is reverence (forehead) and obeisance (right hand) to the Pope.

Finally, the Earth Beast of Revelation 13 points to the Jesuit Superior Geneal rising out of the earth (which is the land) of the Antichrist Beast Pope, the Vatican. These two horns pretend to serve Messiah (lamb) but are really Lucifarians (the dragon), serving Lucifer. The Black Pope, as the Jesuit Superior General is called, used his power to gether the world under him. That's why he uses Washington D.C. (the District of the Roman goddess, Columbia), his war machine (Military Indurstial Complex), to overthrow leaders who won't bow to his authority and those who won't set up a Rothschild central bank; much less obey the Khazars, who he also controls (I happened to be a partial German Khazar who escaped the grasp of the Black Pope as best as I know thus far).

Layer 2: The Ekklesia Eras

Now comes the eras of the Ekklesia. There are seven of them, though I've already explained the era of Laodecia. How about I give a quick explanation of the first six eras, like so?

Ephesus would spread the gospel in the Roman Empire, with their love growing cold when Messiah didn't return.

Smyrna had 10 years of persecutions from 303-312, which is what the 5th seal points to.

Pergamos would fall away (2 Thess. 2) from the Scriptures when compromising with Rome (Mark of the Beast as I had explained)

Thyatira means ruled by a woman. This means, the Roman Catholic Church would do this, as the Popes sought to eliminate the two witnesses, which are the Nazarites and the printed Scriptures (the little book or Rev. 10). This was why they killed the Nazarites and bured the printed Scriptures ruthlessly enough, that they were classified as "dead" in 1514. The Popes would hold great feasts to celebrate the removal of the two witnesses after they got all of Christendom under their control.

Sardis means escaping one, which points to Messiah calling them dead after 3 1/2 years from the Pope's classification of the death of the two witnesses. Luther's 95 Thesis sparked the Protestant Reformation, which would lead to the resurrection of the two witnesses (the Nazarites and the printed Scriptures).

Philidelphia had nothing bad that Messiah said about them... at all. They led worldwide missions, and also led Bible Societies to spread the word and/or the gospel to save millions of people from the clutches of the Jesuit Superior General (and the Roman Catholic Church as a whole).

As a refresher for Laodecia (the era we're in right now), the Nazarites here believe that they are rich in truth, and that we have need of nothing. This is false, as we are in dire need of something, which is an alternative explanation that's not the false futuristic or preteristic explanations of the book of Revelation. We are blinded by the Jesuits, as they have decieved us (we let them do this, by the way) with false prophecy explanations among other deceptions.

Layer 3: Seals, Trumpets and Bowls

The Seals, Trumpets and Bowls are the judgements against the Roman Beast Kingdom. To keep things short, every single Seal was fulfilled, 6 of the Trumpets were fulfilled, and 5 of the Bowls were fulfilled. We're in the 6th Bowl, waiting for a global economic collapse and WW III. Once these occur, then do we go into the 7th Bowl judgement against the Roman Catholic Church and the Jesuit Order (the New World Order).

One quick thing I'll mention is that when I talk about the two witnesses here, one of them is the little book of Rev. 10. This points to the printed Bible, which was brought back to life thanks to the printing press. Martin Luther would measure the temple and find that the Papal Church is the apostate harlot. Rev. 14 points to the Bowls and the harvest. This harvest points to millions coming out of the Roman Catholic Church, though there are 1.3 billion Catholics... and we have a long way to go in getting them out of her, My people.

Remember when I talked about the Khazars earlier in this article? They are the Kings of the East that Yeshua pointed to in the 6th Bowl. The Ottoman Empire is the Euphrates River here, and it's dried up in 1922, only with Turkey remaining. Gog is already dead, as that's Lord Rothschild. Magog points to the Kings of the East. 2 of the 3 spirits have already been fulfilled (these are World Wars I and II).

Now, let me quickly point out the fact we're in the kingdom of Iron and Clay. The Iron points to the Roman Bishops, and the Clay is Islam. However, furutists will tell me I'm an idiot, and that the Iron and Clay mixture is transhumanism. This was proven to be false, as the 5th Trumpet was the rise of the Clay (Islam). The Catholics, however, wrote the Qur'an and proped up Mohhamed as their prophet. ISIS and Al Qaeda are controlled by the Jesuit Order, which is why they do what they do as terrorists... for they are Wahhabi Muslims (in other words, Mizrahi Khazars who are also Jesuits, claiming to be Arabs, when they're not).

Islam is designed to prevent Arabs from having a relationship with Messiah, which makes me really sad. Muslims will be used to kill Christians and Jews in WW III and force us into the New World Order, which will backfire on the Jesuits and Roman Bishops.

Layer 4: The Harlot Church

Rev 17:10 talks about 7 forms of government. Five had fallen by the time Revelation was written, the 6th (the Roman Emperors) fell in 476, and the 7th lead for a short space until 538.

The 8th head is the Pope, who rose to power out of the Roman Empire. Look up what the priests in the Catholic Church wear, and what they use. Does that sound familiar when you read Revelation? If it does, that's exactly the description of the Sea Beast, and how his priests dress and do their rituals.

Then comes the Black Pope. He empowers and enriches the kings of the earth, as they were used by Lucifer to carry out the Bowl judgements, and will carry out the New World Order, caugins themselves and the Roman Cathoic Church to be judged big time. This we are waiting for.

Conclusion

Hopefully this long read helps you see where I'm coming from, and I pray it helps you to start testing the scriptures against what I've said, and what Wilcoxson had said. If it is proven in your heart that you were fooled, you're on the right path in my opnion. I may be wrong, but this is where I stand.

@ 0689c075:2936ee11

{"layout":{"backgroundImage":null,"canvasSize":{"width":850,"height":1100}},"pages":[{"id":"page_1","name":"Main Page","objects":[]}],"objects":[{"id":"obj_1749408294700_7hdz0tuxv","type":"rect","x":0.11764705882352941,"y":0.09090909090909091,"fill":"#3B82F6","stroke":"#1E40AF","strokeWidth":2,"opacity":1,"width":0.17647058823529413,"height":0.09090909090909091}],"texts":[]}

@ 1fdb6dac:65eb9a8a

Vivimos en un mundo que nos enseñó a desconfiar de nuestra intuición.\ Un sistema que premia la obediencia, no el pensamiento crítico.\ Que nos médica para sobrevivir, pero no para sanar.\ Que nos quiere separadas, desconectadas, dependientes.

Desde chicas nos formaron para encajar, no para ser libres.\ La escuela nos preparó para ser piezas funcionales de una máquina, no para ser mujeres conscientes, creativas, despiertas.\ La salud se volvió un negocio: pastillas que apagan síntomas, pero nunca llegan al origen.\ La familia, ese espacio de contención y raíces, fue debilitada en nombre de una supuesta “productividad”.

Nos dijeron que para ser fuertes teníamos que dejar de lado nuestros deseos más profundos.\ Que la maternidad era una traba. Que formar familia era mirar hacia atrás.\ Nos empujaron a vivir en una lógica masculina, en la que mostrar sensibilidad era sinónimo de debilidad.\ Pero nada de esto fue casual.

Este sistema necesita que no creas en vos para poder seguir funcionando.\ Necesita que te desconectes de tu cuerpo, de tus vínculos, de tu intuición.\ Y, sobre todo, necesita que te desconectes del valor real de tu tiempo, de tu energía, de tu dinero.

Pero hay otra forma.\ Hay otra forma de ser mujer, de ser madre, de ser libre.\ Y empieza por recordar lo que siempre supimos, pero olvidamos:\ La familia es revolución desde el amor.\ Porque una sociedad fuerte nace de vínculos sanos.\ Y eso empieza en casa, en las relaciones donde aprendemos qué es amar, cuidar, sostener, poner límites, construir.

Nos enseñaron a medir el éxito por cuánto nos alejábamos de lo femenino.\ Pero la independencia sin conexión es otra forma de soledad.\ La maternidad no es debilidad. Es fuerza creadora.\ La energía femenina no es pasiva. Es raíz, instinto, visión.

Y así como nos quitaron poder en nuestros cuerpos y vínculos, también lo hicieron con nuestro dinero.

---

Dinero, Energía y Libertad

¿Qué es el dinero, si no una forma de energía?\ El resultado de tu tiempo, tu creatividad, tu esfuerzo.\ Sin que te des cuenta, te están robando esa energía.

Nos enseñaron a ahorrar. Pero nunca nos explicaron que, mientras guardamos billetes, su valor se disuelve.\ Que los bancos centrales imprimen dinero —ni siquiera lo imprimen, lo “crean” digitalmente— sin pedirnos permiso, sin pensar en nuestra vida.\ Y mientras tanto, vos trabajás cada vez más… por cada vez menos.

Porque si controlan tu tiempo, controlan tu vida.\ Si te mantienen ocupada, te mantienen distraída.\ Si te desconectan del verdadero valor del dinero, te vuelven dependiente.

---

Bitcoin como Llave

Bitcoin no es solo una inversión. Es una herramienta.\ Una llave para volver a tener el control.\ De tu energía. De tu tiempo. De tu vida.

No se trata solo de números.\ Se trata de comprender.\ De construir redes descentralizadas de mujeres libres, que se acompañan, que comparten saberes, que se sostienen.

Porque la verdadera abundancia empieza cuando entendés que el poder vuelve a vos.

Es hora de recordar.\ De mirar hacia adentro.\ Y de tomar decisiones que nos devuelvan a lo esencial:\ La conexión real, el amor como base, y la autonomía como acto sagrado.

@ 5c26ee8b:a4d229aa

Ad-Daba (the unusual creature), is one of the major signs of Judgement Day and it’s more likely to be the next sign to appear soon. As it appears the belief of disbelievers or repentance won’t be accepted. In the following some verses of the Quran and Hadith mentioning it as well as other major signs.

27:82 An-Naml

‎۞ وَإِذَا وَقَعَ الْقَوْلُ عَلَيْهِمْ أَخْرَجْنَا لَهُمْ دَابَّةً مِنَ الْأَرْضِ تُكَلِّمُهُمْ أَنَّ النَّاسَ كَانُوا بِآيَاتِنَا لَا يُوقِنُونَ

And when the word befalls them, We will bring forth for them a creature (Ad-Daba) from the earth speaking to them, [saying] that the people were, of Our verses, not certain [in faith].

6:158 Al-An'aam

‎هَلْ يَنْظُرُونَ إِلَّا أَنْ تَأْتِيَهُمُ الْمَلَائِكَةُ أَوْ يَأْتِيَ رَبُّكَ أَوْ يَأْتِيَ بَعْضُ آيَاتِ رَبِّكَ ۗ يَوْمَ يَأْتِي بَعْضُ آيَاتِ رَبِّكَ لَا يَنْفَعُ نَفْسًا إِيمَانُهَا لَمْ تَكُنْ آمَنَتْ مِنْ قَبْلُ أَوْ كَسَبَتْ فِي إِيمَانِهَا خَيْرًا ۗ قُلِ انْتَظِرُوا إِنَّا مُنْتَظِرُونَ

Do they [then] wait for anything except that the angels should come to them or your Lord should come or that there come some of the signs of your Lord? The Day that some of the signs of your Lord will come no soul will benefit from its faith as long as it had not believed before or had earned through its faith some good. Say, "Wait. Indeed, we [also] are waiting."

It was narrated that Hudhaifah bin Asid, Abu Sarihah, said: "The Messenger of Allah (ﷺ) looked out from a room, when we were talking about the Hour. He said: 'The Hour will not begin until ten signs appear: The rising of the sun from the west (place of its setting); Dajjal; the smoke; the beast; Gog and Magog people; the appearance of 'Eisa bin Maryam(as), the earth collapsing three times - once in the east, one in the west and one in the Arabian Peninsula; and fire that will emerge from the plain of Aden Abyan and will drive the people to the place of Gathering, stopping with them when they stop at night and when they stop to rest at midday."

حَدَّثَنَا عَلِيُّ بْنُ مُحَمَّدٍ، حَدَّثَنَا وَكِيعٌ، حَدَّثَنَا سُفْيَانُ، عَنْ فُرَاتٍ الْقَزَّازِ، عَنْ عَامِرِ بْنِ وَاثِلَةَ أَبِي الطُّفَيْلِ الْكِنَانِيِّ، عَنْ حُذَيْفَةَ بْنِ أَسِيدٍ أَبِي سَرِيحَةَ، قَالَ اطَّلَعَ رَسُولُ اللَّهِ ـ صلى الله عليه وسلم ـ مِنْ غُرْفَةٍ وَنَحْنُ نَتَذَاكَرُ السَّاعَةَ فَقَالَ ‏ "‏ لاَ تَقُومُ السَّاعَةُ حَتَّى تَكُونَ عَشْرُ آيَاتٍ طُلُوعُ الشَّمْسِ مِنْ مَغْرِبِهَا وَالدَّجَّالُ وَالدُّخَانُ وَالدَّابَّةُ وَيَأْجُوجُ وَمَأْجُوجُ وَخُرُوجُ عِيسَى ابْنِ مَرْيَمَ عَلَيْهِ السَّلاَمُ وَثَلاَثُ خُسُوفٍ خَسْفٌ بِالْمَشْرِقِ وَخَسْفٌ بِالْمَغْرِبِ وَخَسْفٌ بِجَزِيرَةِ الْعَرَبِ وَنَارٌ تَخْرُجُ مِنْ قَعْرِ عَدَنِ أَبْيَنَ تَسُوقُ النَّاسَ إِلَى الْمَحْشَرِ تَبِيتُ مَعَهُمْ إِذَا بَاتُوا وَتَقِيلُ مَعَهُمْ إِذَا قَالُوا ‏"‏ ‏.‏

قال رسول الله صلي الله عليه وسلم: تخرجُ الدابَّةُ، فتَسِمُ الناسَ على خراطيمِهم، ثم يُعمِّرون فيكم، حتى يشتريَ الرجلُ الدابَّةَ، فيُقالُ: ممَّنِ اشتريتَ؟ فيقولُ: من الرجلِ المُخَطَّمِ

The prophet Mohamed peace be upon him said: The beast will come out and brand people (disbelievers) on their noses (leaves a sign burned on their nose so it’s known of their disbelief). Then they will live among you until a man buys a beast and it will be said: From whom did you buy it? He will say: From the man with the sign on the nose.

The beast looks unusual and some people might find it scary. However, it’s a sign of God and it must not be killed as this will call God’s punishment like what happen when the people of prophet Saleh peace be upon him killed the huge camel as mentioned in the following verses.

7:73 Al-A'raaf

‎وَإِلَىٰ ثَمُودَ أَخَاهُمْ صَالِحًا ۗ قَالَ يَا قَوْمِ اعْبُدُوا اللَّهَ مَا لَكُمْ مِنْ إِلَٰهٍ غَيْرُهُ ۖ قَدْ جَاءَتْكُمْ بَيِّنَةٌ مِنْ رَبِّكُمْ ۖ هَٰذِهِ نَاقَةُ اللَّهِ لَكُمْ آيَةً ۖ فَذَرُوهَا تَأْكُلْ فِي أَرْضِ اللَّهِ ۖ وَلَا تَمَسُّوهَا بِسُوءٍ فَيَأْخُذَكُمْ عَذَابٌ أَلِيمٌ

And to the Thamud [We sent] their brother Salih. He said, "O my people, worship Allah; you have no deity other than Him. There has come to you clear evidence from your Lord. This is the she-camel of Allah [sent] to you as a sign. So leave her to eat within Allah 's land and do not touch her with harm, lest there seize you a painful punishment.

7:74 Al-A'raaf

‎وَاذْكُرُوا إِذْ جَعَلَكُمْ خُلَفَاءَ مِنْ بَعْدِ عَادٍ وَبَوَّأَكُمْ فِي الْأَرْضِ تَتَّخِذُونَ مِنْ سُهُولِهَا قُصُورًا وَتَنْحِتُونَ الْجِبَالَ بُيُوتًا ۖ فَاذْكُرُوا آلَاءَ اللَّهِ وَلَا تَعْثَوْا فِي الْأَرْضِ مُفْسِدِينَ

And remember when He made you successors after the 'Aad and settled you in the land, [and] you take for yourselves palaces from its plains and carve from the mountains, homes. Then remember the favors of Allah and do not commit abuse on the earth, spreading corruption."

7:75 Al-A'raaf

‎قَالَ الْمَلَأُ الَّذِينَ اسْتَكْبَرُوا مِنْ قَوْمِهِ لِلَّذِينَ اسْتُضْعِفُوا لِمَنْ آمَنَ مِنْهُمْ أَتَعْلَمُونَ أَنَّ صَالِحًا مُرْسَلٌ مِنْ رَبِّهِ ۚ قَالُوا إِنَّا بِمَا أُرْسِلَ بِهِ مُؤْمِنُونَ

Said the eminent ones who were arrogant among his people to those who were oppressed - to those who believed among them, "Do you [actually] know that Salih is sent from his Lord?" They said, "Indeed we, in that with which he was sent, are believers."

7:76 Al-A'raaf

‎قَالَ الَّذِينَ اسْتَكْبَرُوا إِنَّا بِالَّذِي آمَنْتُمْ بِهِ كَافِرُونَ

Said those who were arrogant, "Indeed we, in that which you have believed, are disbelievers."

7:77 Al-A'raaf

‎فَعَقَرُوا النَّاقَةَ وَعَتَوْا عَنْ أَمْرِ رَبِّهِمْ وَقَالُوا يَا صَالِحُ ائْتِنَا بِمَا تَعِدُنَا إِنْ كُنْتَ مِنَ الْمُرْسَلِينَ

So they hamstrung the she-camel and were insolent toward the command of their Lord and said, "O Salih, bring us what you promise us, if you should be of the messengers."

7:78 Al-A'raaf

‎فَأَخَذَتْهُمُ الرَّجْفَةُ فَأَصْبَحُوا فِي دَارِهِمْ جَاثِمِينَ

So the earthquake seized them, and they became within their home [corpses] fallen prone.

7:79 Al-A'raaf

‎فَتَوَلَّىٰ عَنْهُمْ وَقَالَ يَا قَوْمِ لَقَدْ أَبْلَغْتُكُمْ رِسَالَةَ رَبِّي وَنَصَحْتُ لَكُمْ وَلَٰكِنْ لَا تُحِبُّونَ النَّاصِحِينَ

And he turned away from them and said, "O my people, I had certainly conveyed to you the message of my Lord and advised you, but you do not like advisors."

God is the most merciful and has decreed everything and even the major signs of Judgement Day can have the punishment coming with them alleviated or reduced by God. However, there must be a reason for reducing the intensity of the calamities, as God may decree, and the reason is repentance as well as good actions to adjust what was done wrong. Also, although the major signs of Judgement Day will be known to the majority of the people, some of them might concern smaller groups of people or a country.

3:133 Aal-i-Imraan

‎۞ وَسَارِعُوا إِلَىٰ مَغْفِرَةٍ مِنْ رَبِّكُمْ وَجَنَّةٍ عَرْضُهَا السَّمَاوَاتُ وَالْأَرْضُ أُعِدَّتْ لِلْمُتَّقِينَ

And hasten to forgiveness from your Lord and a garden as wide as the heavens and earth, prepared for the righteous

3:134 Aal-i-Imraan

‎الَّذِينَ يُنْفِقُونَ فِي السَّرَّاءِ وَالضَّرَّاءِ وَالْكَاظِمِينَ الْغَيْظَ وَالْعَافِينَ عَنِ النَّاسِ ۗ وَاللَّهُ يُحِبُّ الْمُحْسِنِينَ

Who spend [in the cause of Allah] during ease and hardship and who restrain anger and who pardon the people - and Allah loves the doers of good;

3:135 Aal-i-Imraan

‎وَالَّذِينَ إِذَا فَعَلُوا فَاحِشَةً أَوْ ظَلَمُوا أَنْفُسَهُمْ ذَكَرُوا اللَّهَ فَاسْتَغْفَرُوا لِذُنُوبِهِمْ وَمَنْ يَغْفِرُ الذُّنُوبَ إِلَّا اللَّهُ وَلَمْ يُصِرُّوا عَلَىٰ مَا فَعَلُوا وَهُمْ يَعْلَمُونَ

And those who, when they commit an immorality or wrong themselves [by transgression], remember Allah and seek forgiveness for their sins - and who can forgive sins except Allah? - and [who] do not persist in what they have done while they know.

3:136 Aal-i-Imraan

‎أُولَٰئِكَ جَزَاؤُهُمْ مَغْفِرَةٌ مِنْ رَبِّهِمْ وَجَنَّاتٌ تَجْرِي مِنْ تَحْتِهَا الْأَنْهَارُ خَالِدِينَ فِيهَا ۚ وَنِعْمَ أَجْرُ الْعَامِلِينَ

Those - their reward is forgiveness from their Lord and gardens beneath which rivers flow [in Paradise], wherein they will abide eternally; and excellent is the reward of the [righteous] workers.

3:137 Aal-i-Imraan

‎قَدْ خَلَتْ مِنْ قَبْلِكُمْ سُنَنٌ فَسِيرُوا فِي الْأَرْضِ فَانْظُرُوا كَيْفَ كَانَ عَاقِبَةُ الْمُكَذِّبِينَ

Similar situations [as yours] have passed on before you, so proceed throughout the earth and observe how was the end of those who denied.

3:138 Aal-i-Imraan

‎هَٰذَا بَيَانٌ لِلنَّاسِ وَهُدًى وَمَوْعِظَةٌ لِلْمُتَّقِينَ

This [Qur'an] is a clear statement to [all] the people and a guidance and instruction for those conscious of Allah.

@ 2b998b04:86727e47

I’ve spent years chasing the promise of freedom.\ In startups. In faith communities. In movements that claimed to be for the people.

And yet — so often, that promise felt just out of reach.\ Conditional. Corporate. Sanitized.\ A freedom with fine print.

But here —\ Here in the thick of Bitcoin 2025, on Nostr, among misfits and builders and signal-bringers —\ something is alive.

It’s not a platform.\ It’s not a marketing strategy.\ It’s not another app promising to “empower” you while locking down your data and selling you out.

It’s freedom rooted in architecture.\ Decentralization not just as a buzzword —\ but as an expression of conviction.

A kind of freedom you can feel in your body:

• When you zap someone’s words because they moved you — not because an algorithm told you to.

• When your identity is yours — keys, not credentials.

• When no one can delete your story because you control the server, or because there is no server — just the relay of your choosing.

This isn’t utopia.\ There are egos. There’s noise. There’s still posturing.\ But it’s different.\ The center of gravity has shifted.

We’re no longer begging institutions to notice us.\ We’re building outside their jurisdiction.

And for the first time in a long time,\ freedom feels close.\ Tangible.\ Joyful.\ Alive.

This isn’t just about tech.\ It’s about trust.\ It’s about choosing to show up —\ to build\ to write\ to signal\ to keep going.

Even when it’s hard.\ Even when no one claps.

Because real freedom doesn’t come from being noticed.\ It comes from being sovereign.

And that’s something no one can take from me again.

—

Written in Las Vegas, during Bitcoin 2025.\ Posted via Nostr. Vibes co-authored by ChatGPT (“Dr. C”).\ Zap: <https://tinyurl.com/yuyu2b9t>

@ 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

@ 2b998b04:86727e47

This isn’t a comfortable post to write. I first composed it on Thursday night, May 29, 2025, just after the Bitcoin2025 conference — but I needed a few days to sit with it before posting.

Because freedom, if it means anything, has to include tension — not just agreement.

Four names kept surfacing in conversations on Nostr and at the Bitcoin2025 conference: President Donald Trump, Chelsea Manning, Edward Snowden (who gave the keynote at Bitcoin2024), and Ross Ulbricht.

I believe in truth. I believe in moral boundaries.

And I believe people are made in the image of God — with dignity that can’t be erased by their choices.

So let me be honest: I disagree with the transgender lifestyle on a moral and theological level.

But I believe Chelsea Manning deserved to be freed after exposing military wrongdoing.

I’m conflicted about Edward Snowden.

I don’t see him as a hero — but I don’t believe he’s a traitor either.

The truth, as is so often the case, is far more complicated.

Snowden revealed the scale of warrantless surveillance against Americans. He helped expose a shadow system of data collection and control. That matters.

But in doing so, he may also have endangered lives — disclosing classified intelligence in a way that potentially compromised undercover agents and global operations.

He’s also been largely silent during Russia’s invasion of Ukraine, and that raises hard questions.

What truths go unspoken when your safety depends on a state with its own authoritarian tendencies?

Still — I’m grateful for what he did.

I’ve never met him, but I think we could’ve been friends in another world.

I can like someone very much and still disagree with them about what they did.

That’s not weakness. That’s human.

And Ross Ulbricht?

I don’t think he’s entirely without fault.

But I do believe his original sentence — two life sentences without parole — was a gross miscarriage of justice.

His recent pardon by President Trump corrected something our courts never did.

I admire Ross. And like with Snowden, I can hold that admiration even while acknowledging complexity.

I say this as someone who voted for Trump and agrees with many of his stances.

I believe in strong, secure borders.

But I also believe we need a more compassionate and streamlined process for immigration and asylum.

Security and mercy are not opposites — we can pursue both.

But I’ll also say this:

I’m troubled by some of the recent moves Trump has made.

The promotion of meme coins by Trump feels flippant and off-base when so many Americans are struggling to understand real monetary sovereignty.

Even more disturbing are reports that his administration contracted with companies like Palantir to build a vast data infrastructure — the kind that could be used to track, profile, and suppress U.S. citizens.

That’s a betrayal of the very freedom we claim to defend.

And it reveals a deeper conflict I can’t ignore:

How can we champion liberty with one hand while constructing surveillance tools with the other?

This isn’t about party.

It’s about principle.

And if I’m honest, the one thing that’s hardest for me to tolerate — in myself or in others — is hypocrisy.

Not disagreement. Not even failure.

But posturing. Pretending. Saying one thing and doing another.

That’s what corrodes trust — in politics, in faith, in freedom itself.

Because if your definition of freedom only includes people who think, live, or vote like you —

it’s not freedom. It’s favoritism.

Bitcoin reminds me of a better standard.

It doesn’t care about your politics, background, beliefs, or identity.

It’s borderless. Neutral. Permissionless.

It just works — for everyone.

Bitcoin gives us a glimpse of a freer world — not perfect, but principled.

A world where disagreement isn’t a threat, and dignity isn’t earned.

That’s the kind of future worth building — not with slogans, but with truth, grace, and work that lasts.

Zap me if this resonates.

Push back if it doesn’t — that’s freedom too.

---

### ✍️ Acknowledgment

This piece was shaped with help from Dr. C (ChatGPT) to organize and clarify ideas, but the heart of it — the desire to seek truth over comfort, and to honor people over posture — comes from a deeper place.

Any wisdom here I credit to the Holy Spirit, who leads us into all truth (John 16:13) and continues to stir the courage to speak it — even when it's uncomfortable.

---

### 📘 Footnote

Reporting confirms that the Trump administration contracted Palantir Technologies to develop large-scale federal data platforms consolidating personal information from the IRS, Social Security Administration, immigration systems, and more. Palantir also secured a $30 million contract to build “ImmigrationOS,” a surveillance tool for ICE. These systems raise serious concerns among civil liberties advocates.

- [Economic Times](https://tinyurl.com/22bdv72d)

- [Immigration Policy Tracker](https://tinyurl.com/2686bgvy)

@ 2cde0e02:180a96b9

Frida Kahlo: outline and inked.

pen & ink; monochromized

"Kahlo's work as an artist remained relatively unknown until the late 1970s, when her work was rediscovered by art historians and political activists. By the early 1990s, not only had she become a recognized figure in art history, but she was also regarded as an icon for Chicanos, the feminism movement, and the LGBTQ+ community. Kahlo's work has been celebrated internationally as emblematic of Mexican national and Indigenous traditions and by feminists for what is seen as its uncompromising depiction of the female experience and form."

Source: Wikipedia

https://stacker.news/items/1000840

@ 77c2969e:a33cfa50

Nostr 协议在我看来是很先进的，暂时使用的人还不多，不过相比 Fediverse 的 Mastodon 之类，自己部署 Nostr Relay 是成本很小的。Blossom 作为媒体上传服务是可选的，因为有几个公共服务器可用，但是大多数国内无法直连。我还发现部分客户端不支持自定义 Blossom 服务器，只有 Amethyst 和 Nostrmo 可以。

我目前使用的是这个 nostr-relay 以及这个 blossom-server。

---

nostr-relay

这个用 Python 写的 nostr-relay 很不错。

配置文件是这个： https://code.pobblelabs.org/fossil/nostr_relay/file?name=nostr_relay/config.yaml 可以按需修改，自己用默认就够了。

```jsx

先安装 pipx

apt install pipx

再用 pipx 安装 nostr-relay

pipx install nostr-relay

选择一个目录运行以下命令启动默认配置，默认 SQLite 文件在当前目录

nostr-relay serve

后台运行

(nostr-relay serve >/var/log/nostr-relay.log &)

查看 PID

lsof -i :6969

停止运行

kill PID

后台运行命令会调用 gunicorn 运行而不是nostr-relay，因此会搜不到 nostr-relay 进程，可以尝试这个命令

ps -ef | grep gunicorn `` 反代127.0.0.1:6969` 配置域名和 SSL 证书即可。

保持简洁，不使用 Docker 和 systemd，后续迁移时只需复制整个文件夹即可。

---

blossom-server

clone 这个仓库

git clone https://github.com/hzrd149/blossom-server.git

克隆仓库是必要的，因为 blossom-server 的默认页面依赖 public/ 目录，请保留该目录。

用以下 config.yml 和 docker-compose.yml 覆盖原仓库中的文件

然后执行 docker compose up -d

反代 127.0.0.1:3000 配置域名和 SSL 证书即可。

config.yml

按需修改，比如 Dashboard 密码、允许的 PubKey 等。 ```

Override the domain thats is used in the blobs "url" field

By default it uses the domain the incoming HTTP request was made on

publicDomain: ""

databasePath: data/sqlite.db

dashboard: # enable or disable the admin dashboard enabled: true # admin username username: admin # if password is left blank it will be generated each time the app starts password: "yourpasswd"

文件发现机制，保持默认关闭

discovery: # find files by querying nostr relays nostr: enabled: false relays: - wss://relay.example.com # find files by asking upstream CDNs # NOTE: do not set this to your own server, it will create an infinite loop upstream: enabled: false domains: - https://cdn.example.com

storage: # local or s3 backend: local

# Imminently removes a blob when there are no owners removeWhenNoOwners: false

# local storage local: dir: ./data/blobs

# see minio docs for options: # https://min.io/docs/minio/linux/developers/javascript/API.html#new-minio-client-endpoint-port-usessl-accesskey-secretkey-region-transport-sessiontoken-partsize # s3: # endpoint: https://s3.endpoint.com # port: 443 # bucket: blossom # accessKey: xxxxxxxx # secretKey: xxxxxxxxx # useSSL: true # region: us-east-1 # If this is set the server will redirect clients when loading blobs # publicURL: https://s3.region.example.com/

# rules are checked in descending order. if a blob matches a rule it is kept # "type" (required) the type of the blob, "" can be used to match any type # "expiration" (required) time passed since last accessed # "pubkeys" (optional) a list of owners # any blobs not matching the rules will be removed rules: - type: "" expiration: 100 years pubkeys: - "change-to-your-pubkey-hex"

Config for the /upload endpoint

upload: # enable / disable uploads (default false) enabled: true # require auth to upload requireAuth: true # only check rules that include "pubkeys" requirePubkeyInRule: true

Config for the /media endpoint

media: # /media endpoint enabled (default false) enabled: true # require auth to upload to /media requireAuth: true # only check rules that include "pubkeys" requirePubkeyInRule: true

# image optimization options image: # image quality 0-100 (default 90) quality: 90 # create progressive jpeg / png images for large images > 1024x768 (default true) progressive: true # max width (default 1920) maxWidth: 1920 # max height (default 1080) maxHeight: 1080 # image format (default webp) outputFormat: "webp" # keep aspect radio when resizing (default true) maintainAspectRatio: true # keep EXIF metadata (default false) keepExif: false # fps for GIFs (default 30) fps: 30

video: # video quality 0-100 (default 90) quality: 90 # max height (default 1080) maxHeight: 1080 # max fps (default 30) maxFps: 30 # output format [mp4, webm, mkv] (default mp4) format: "webm" # audio codec [aac, mp3, vorbis, opus] (default aac) audioCodec: "aac" # video codec [libx264, libx265, vp8, vp9] (default libx264) videoCodec: "libx264"

list: requireAuth: false allowListOthers: true

tor: enabled: false proxy: "" ```

docker-compose.yml

services: blossom: image: ghcr.io/hzrd149/blossom-server:master ports: - 3000:3000 volumes: # mount data volume - ./data:/app/data # mount config file - ./config.yml:/app/config.yml # mount custom www dir - ./public:/app/public

---

其他

我自己目前就是部署的这两个服务自用。主要是方便部署和维护，后续服务器迁移只需要复制文件夹即可。Blossom 媒体服务自用的话，默认使用服务器本地存储即可，就是在项目文件夹中的 ./data/blobs/，上传的图片和视频会被自动压缩，占不了多少存储空间。如果公开或多人使用也可以配置 S3 兼容的对象存储。

除了我上面说的这个 nostr-relay，还有一个 Rust 写的 nostr-rs-relay，可以 Docker 一键部署，如果你偏好使用 Docker，也可以选择这个。

如果你也对 Nostr 这个去中心化协议感兴趣，想拥有自己的 Nostr 服务，不妨参考本文试试，欢迎留言交流！

---

推荐阅读

• 欢迎加入 Nostr, 这是一份快速入门指南
• Nostr!moe
• Join Nostr
• 运行自己的中继器，拥有自己的事件
• 用自己域名认证 Nostr 的 NIP-05

@ 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.

@ 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

@ 81022b27:2b8d0644

I’ve always gravitated to ideas and topics that are not quite mainstream:

Well, like CHIROPRACTIC.

But even in chiropractic school, I went fringe. I heard about one of the technique clubs (Toftness) that showed you how you could detect a subluxation by just rubbing your thumb over a piece of plexiglass.

We were discussing that in a group, and most of my friends were saying:

“What a load of shit!”

And that made my ears perk up.

So I started going to the club meetings.

I walk in, and there’s a guy face down on a chiropractic table while another guy was holding what looked like some sort of cyberpunk lens. He started rubbing it and worked it down the guy's spine.

He pointed out areas that were subluxated:

“Here.”

And going further down:

“Here.”

And:

“Here.”

Wow.

Then he “adjusted” by touching the spine with his index finger.

My mind was blown.

So you mean I didn’t have to be adjusted the way Harvey Fish did?

Dr. Fish was a great guy and would adjust students for, I think, $10. You’d go in, wait to see if he had any “real patients.” In between patients, he would adjust the students. He was heavy-handed and sure as hell able to move a bone.

So now I’m intrigued and curious. I studied and practiced any chance I had. I had different friends that I studied different things with.

(Except for Dyslexic Dave - nobody wanted to study with that guy. Our group did once, and we all failed a test. His dyslexia was so powerful, it overcame all of us.)

I’d study all the weird stuff with my friend Victoria, and then we would go get our network chiropractic adjustment from Dr. Michael Scimeca.

I found out that it wasn’t the Toftness lens that had the super-powers. Instead, it was because when your hand detected a change in energy over the spinal segments, there's a “galvanic response” similar to that of a polygraph lie detector test. So it made the skin on my hand “sweat,” and that made the plexiglass squeak and stick.

So it wasn’t the equipment. It was me.

After a while, I realized that I could feel a warmth on my chest right before the lens squeaked. So, I ditched the lens and started working on people where I “felt” the subluxations were located.

Seemed to work well - I always double-checked my “regular” chiropractic findings with what I felt. We studied for exams, then practiced technique on each other.

One time at a seminar, the instructor demonstrated what to do and asked for volunteers - one to be the patient and the other to be the doctor. I watched this guy struggling with his patient. It looked like he had flippers instead of hands; the whole interaction was super awkward.

All of a sudden, I started feeling uncomfortable and just blurted out:

“For God’s sake, leave him alone! Can’t you tell he is super annoyed and angry?”

Oops.

The instructor said, “Yes, maybe we should take a break.”

The guy that was the patient came up to me and asked, “How did you know?”

“I don’t know, I just felt it,” I said.

After that I started trying to see if I could feel what others were feeling. So when I was bored in a class, I’d go down the rows and try to feel what the my fellow students felt and quickly move on.

Going down the row: nothing, nothing nothing. This guy is pissed off, next one: nothing, nothing, Ow! She has a headache.

Dammit! Now I have a headache!

So that turned into a problem: When I worked on someone that had pain or other symptoms, I would take those on for myself. And the person I worked on would leave feeling great.

My friend Juanita did what is called an "attunement," and I became a Reiki Master.

Reiki masters are supposed to move energy around, but I was afraid I’d pick up too much of someone’s vibe and it would make me uncomfortable.

Plus, I can’t be doing energy work if I’m a chiropractor now.

So I kept all that checked and on the "down low"; sometimes I would get a "feeling" about a client while I was working on them. Surprisingly, it was always correct and it helped my client to make progress.

At some point, I started feeling that I needed to be true to myself, and if I had these abilities and I was able to use them to help the people that came to see me, then that's what I was going to do.

I've embraced this side of my work. If my clients need some emotional work, that’s what we work on, if they need some energy work, then they get it.

I suppose some people don’t want a chiropractor that’s metaphysical, but really-that’s how it all started. There are plenty of “evidence-based” chiropractors out there that can’t adjust their way out of a paper bag.

If the power goes off, they couldn’t use their lasers or whatever machine the Chiropractic Physiotherapy Industrial Complex wants you to buy now.

While I appreciate all the fancy parties they throw for us at continuing education seminars, they are infiltrating the chiropractic schools and now we are pumping out new chiropractors that only think they will be successful if they have the latest and greatest shiny machine.

I’ve studied a bunch of different things, I’ve found what works for me and refined it.

I tell my clients :

“I’m a better chiropractor today than I was yesterday, and I was pretty good back then!”

So I guess my next step is teaching some of this information and hoping to pass it on before my time here is up.

And you know what? I will love every damn minute of it!

There's nothing quite like sharing the weird, the wonderful, and the downright strange ways we can help people heal.

So, let's get to it—I've got a lot of sharing and teaching to do—it's going to be exciting!

@ a296b972:e5a7a2e8

Nur für‘s Protokoll. Hiermit erkläre ich, Georg Ohrweh, im tatsächlich vorhandenen vollen Besitz meiner geistigen Kräfte, dass Herr Lauterbach, gleich welche Position er in Zukunft noch bekleiden sollte, für mich nicht zuständig ist. Basta.

Ein Erguss dieses verhaltensoriginellen Über-alles-Bescheidwissers:

„Wir kommen jetzt in eine Phase hinein, wo der Ausnahmezustand die Normalität sein wird. Wir werden ab jetzt immer im Ausnahmezustand sein. Der Klimawandel wird zwangsläufig mehr Pandemien bringen.“

Wie kann es sein, dass solch eine Ausnahme-Gestalt, die schon rein äußerlich die Phantasie zu Vergleichen anregt, sich leider auch genauso verhält, wie die Gestalten, die in diesen Phantasien vorkommen, ungebremst auf der Panik-Klaviatur kakophonische Klänge erzeugen darf? Obwohl ein wenig Wahrheit ist auch enthalten: Wir sind tatsächlich immer im Ausnahmezustand, im Ausnahmezustand des fortgeschrittenen Wahnsinns.

Wie kann es sein, dass dieser Haaaarvardist seinen persönlich empfundenen Ausnahmezustand zum Allgemeingut erklären kann? Welche Verknüpfungs-Phantasien hat er sonst noch studiert? Er ist ja auch noch Vorsitzender im Raumfahrtausschuss. Was kommt als Nächstes? Eine Klima-Pandemie, verursacht durch außerirdische Viren, die die Temperaturen beeinflussen können? Im aktuellen Zeitgeist gibt es nichts, was nicht gedacht wird. Wem die besseren Absurditäten einfallen, der gewinnt. Man muss sich schon den gegebenen Denkstrukturen etwas anpassen, aber sich auch ein wenig Mühe geben.

Nach dem Wechsel der ehemaligen Außen-Dings zur UN (mit dem Ziel, aus den Vereinten Nationen die Feministischen Nationen zu gestalten) und des ehemaligen Wirtschafts-Dings in den Außenausschuss und als Gastdozent in Kalifornien (Thema: Wirtschaftsvernichtung unter Einbeziehung des gespannten Verhältnisses unter Geschwistern aufgrund ärmlicher Verhältnisse, am Beispiel des Märchens von Hänsel und Gretel) , jetzt auch noch der ehemalige Chef-Panikmacher zur WHO.

…und der Wahnsinn wurde hinausgetragen in die Welt, und es wurde dunkel, und es ward Nacht, und es wurde helle, und es ward Tag, der Wind blies oder auch nicht (was macht der Wind eigentlich, wenn er nicht weht?), und es ward Winter, und es wurde kälter, und es wurde wärmer, und es ward Sommer. Es regnete nicht mehr, die Wolken schwitzten. Und Putin verhinderte (wer auch sonst), dass das Eis in der Antarktis abnahm.

Wiederholte Bodentemperaturen in der Toskana von 50 Grad Celsius. Zu erwartende Wassertemperaturen während Ferragosto an der italienischen Adria von durchschnittlich 100 Grad Celsius. An Stellen mit wenig Strömung stiegen schon die ersten Kochblasen auf. Doch dann kam der durch Lachs gestählte, salzlose Super-Karl und rettete mit einem durch die WHO diktierten Klima-Logdown die gesamte Menschheit. Wer besser, als er konnte wissen, dass ein Klima-Logdown weitgehend nebenwirkungsfrei ist.

Was für ein Segen, dass Karl der Große, der uns so siegreich durch die Corona-Schlacht geführt hat, jetzt auch gegen das Klima in den Krieg zieht.

Wer kennt das nicht, Tage der Qual, in denen man zugeben muss: Ich hab‘ heute so schlimm Klima.

Viele Klimaexperten, die weltweit in der Qualitätspropaganda zitiert werden, zeichnen sich besonders dadurch aus, dass sie mit einer maximalen Abweichung von einem Grad Celsius ein Thermometer fehlerfrei ablesen können. Diese Ungenauigkeit wird der Erdverkochungsexperte sicher als erstes beheben.

In einer aufopfernden Studie während eines Urlaubs in 2023, in der um die damalige Zeit erstmals eisfreien Toskana, hat er den von ihm ausgetüftelten Klimaschutzplan ins Rheinische übersetzt. Titel: „Schützen Sie sisch, und, äh, andere!“ Weiter konnte er erforschen, dass die Bodentemperatur nicht immer mit der Temperatur des Erdkerns übereinstimmen muss.

Durch seine unermüdlichen Studien, können Hitzetote in Zukunft besser zugeordnet werden. Man weiß dann, ob jemand an hohen oder mit hohen Temperaturen gestorben ist. Der asymptomatische Klimawandel kann so in Zukunft viel besser bewertet werden. Man hat aus geringfügigen Fehlern gelernt und die Methoden erheblich verbessert.

Eine präzise Vorhersage der Jahreszeiten, vor allem die des Sommers, wird bald ebenfalls möglich sein. Es kann jetzt vor jahreszeitbedingten, teilweise sogar täglich schwankenden Temperaturveränderungen rechtzeitig gewarnt werden. Im Herbst können Heizempfehlungen für die ahnungslose Bevölkerung herausgegeben werden. Frieren war gestern, wissen wann es kalt wird, ist heute. Es wird an Farben geforscht, die noch roter sein sollen, als die, die jetzt in den Wetterkarten bei 21 Grad bereits verwendet werden.

Eine allgemeine Heizpflicht soll es europaweit zunächst nicht geben.

Weiter soll die Lichteinstrahlung der Sonne noch präziser bestimmt werden, damit den Europäern, in Ergänzung zur mitteleuropäischen Sommerzeit, jetzt auch noch genau mitgeteilt werden kann, wann es Tag und wann es Nacht ist.

Das Hinausschauen aus dem Fenster, zum Beispiel, ob es schon dunkel draußen ist, erübrigt sich. Die Tageszeit, in Ergänzung zur herkömmlichen Uhrzeit, wird demnächst automatisch mit dem Klima-Pass übermittelt werden. Zu Anfang natürlich erst einmal freiwillig.

Durch die persönliche ID können dann auch schnell und unkompliziert Sonderprämien überwiesen werden, sofern man sich klimakonform verhalten hat, damit man sich rechtzeitig vor Winterbeginn eine warme Jacke oder einen Mantel kaufen kann. Das Sparen von Bargeld auf eine bevorstehende größere Anschaffung von Winterkleidung wird somit überflüssig.

Ob es am Ende nun um Hitze oder Kälte geht, spielt eigentlich gar keine Rolle, denn wie wussten schon die Ahnen zu berichten: Was gut für die Kälte ist, ist auch gut für die Wärme.

Westliche Mächte unternehmen immer wieder Versuche, eskalierend auf den Ukraine-Konflikt einzuwirken, damit man atombetriebene Heizpilze aufstellen kann, an denen sich die Europäer im Winter auch im Freien wärmen können.

Wie praktisch, dass man nicht nur Gesundheit und Klima, sondern auch Klima und Krieg miteinander verbinden kann. Alles so, oder so ähnlich möglicherweise nachzulesen im genialen Hitzeschutzplan á la Lauterbach.

Besonders Deutschland braucht nicht nur lauterbachsche Hitzeschutzräume, nein es braucht atomsichere Hitzeschutzbunker, so schlägt man gleich zwei Fliegen mit einer Klappe.

Für die, die es sich leisten können, hier ein Vorschlag. Der K2000:

https://www.swr.de/swr1/rp/programm/loriot-mini-luftschutzbunker-zum-preis-einer-waschmaschine-100.html

Für die weniger gut Betuchten reicht auch ein kühles Kellerloch, das man idealerweise im Februar beziehen und nicht vor November wieder verlassen sollte, so die Empfehlung auch von führenden Klima-Forschern, die es ja wissen müssen. Von Dezember bis Januar empfiehlt sich ein Besuch auf den Bahamas, besonders dann, wenn man eine leichte Erkältung verspürt.

Nur Verschwörungstheoretiker behaupten, dass die eigenartigen Anschlussverwendungen der Extrem-Kapazitäten, zu denen Lauterbach ohne Zweifel dazugehört, wie dicke rote Pfeile wirken, die auf Institutionen und Organisationen zeigen, um die man unter allen Umständen einen großen Bogen machen sollte, weil sie möglicherweise nichts Gutes im Schilde führen. Minimal sollen sie angeblich Unsinn verbreiten, maximal sollen sie gehörigen Schaden anrichten.

Man muss sich nur ein paar Gedanken machen, schon kann man feststellen, wie alles mit allem zusammenhängt.

“Dieser Beitrag wurde mit dem Pareto-Client geschrieben.”

* *

(Bild von pixabay)

@ 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.

@ 81022b27:2b8d0644

I have a family practice where I see pretty much everything, from infants to the elderly, athletes to people with disabilities.

When someone gets good results, they always want their loved ones to benefit in the same way.

Husbands tell their wives, wives bring in their husbands...

I even had a guy bring both his wife and his girlfriend! On different days, of course.

So, sometimes we notice a little bit of drama here and there. When one of our couples divorces, someone usually gets custody of the chiropractor.

It's rare that I keep seeing both parties.

It's probably for the best, because there was this one time when a guy showed up with his new "friend" while the ex’s best friend was in the waiting area.

Well, it was like an episode of the "Jerry Springer Show" that day.

Let's get to the story:

This one guy I’d been working on started coming in more frequently, complaining of more pain, more aches, more everything.

I've been doing this for a while now, so I told him that when I see this, it's one of two things:

Either you are physically doing something to aggravate the issue,

Or you are under emotional stress.

He told me that he and his wife were having problems, and there was lots of drama.

Of course, I kept working on him. Sometimes I did some emotional work, but with men, I have to be very business-like when dealing with emotions because we don't like to deal with them.

Time passed, and they finally divorced.

He still comes in regularly, and I've noticed he has less pain and fewer issues. His visits are more like "wellness visits"; he seems in better spirits.

I thought I'd never see the ex-wife again, but she showed up today, and when I checked her, she's doing better than ever!

It got me thinking... these people are way better off divorced! They're not in constant fight-or-flight mode; I'm sure they are happier or will be. It's a positive all the way around.

I've been divorced twice. That's not something I'm proud of. I see both those divorces as failures.

I was 23 when I got married the first time. We were both super young and unprepared. We struggled for four years, and then she wanted out.

Not that I blame her; I was unhappy with myself, and my frustration and unhappiness bled into the relationship.

My second marriage lasted a lot longer than the first. After all we were older, ended up having 2 kids and I really, really tried.

I was just terrified of losing my girls. I even recall saying that I was willing to be miserable and unhappy just “for the kids”

The truth is once we separated, I probably spent more “quality time” with my daughters than I had before.

But here’s the thing in both marriages I would have willingly given up the chance to be happier with a clean end to the relationship in order to give it another shot.

At some point you just run out of shots.

I see elderly couples out at restaurants and they hardly say anything to each other. Is it because they know each other so well that they don’t need to speak, or is one of them silently praying the other one will drop dead so they will finally have a chance at happiness?

What I’m trying to say here is:

Maybe there is no hope for that relationship that you are giving CPR

Maybe it’s time to move on.

Live Long and Prosper. 🖖

@ c11cf5f8:4928464d

Howdy stackers! Here we are again with our monthly Magnificent Seven, the summary giving you a hit of what you missed in the ~AGORA territory.

First thing first. let's check our top performing post Ads!

---

Top-Performing Ads

This month, the most engaging ones are:

• 01 Bitcoin Magazine Launches V3 Limited Edition Bitcoin Crocs by @RideandSmile, no description, nor images provided. The title speak for the product itself. 31 sats \ 8 comments \ 15 May

• 02 Happy Pizza Day Jerky Offer (10k sats sale 5/22 ONLY) by @beejay, celebrating Bitcoin Pizza Day with a delicious offer for a handmade product. Offer is over but it still available on her online shop and IRL at next Twin Cities Outdoor Agora Market https://stacker.news/items/972209/r/AG 103 sats \ 3 comments \ 22 May

• 03 Lard Tallow lotion by @byzantine, sharing with us one of his preferred online shops that accept sats. Here other two: a Regenerative Farm in TX https://stacker.news/items/983695/r/AG and an artisanal lite roast coffee maker https://stacker.news/items/983668/r/AG 62 sats \ 4 comments \ 20 May

• 04 Bitaxe Gamma 601 for sale by @PictureRoom selling P2P, have you shipped it yet? 121 sats \ 12 comments \ 15 May

• 05 Built An Invisible Book Stage by @kr, he did well creating some expectations for this unique and durable product earlier https://stacker.news/items/903946/r/AG 124 sats \ 4 comments \ 21 May

• 06 "₿lack Market Money" T-Shirts by T&F by @BitcoinErrorLog, that had opened his online store with plenty of incredible products, including an Anti-Surveillance clothing line https://stacker.news/items/994555/r/AG stuff never seen before! 51 sats \ 3 comments \ 24 May

• 07 [SELL] Heatpunk 002 Tee by @thebullishbitcoiner, reviving the second edition of a t-shirt dedicated to home solo miners! 79 sats \ 1 comment \ 28 May

---

In case you missed

Here some interesting post, opening conversations and free speech about markets and business on the bitcoin circular economy:

• https://stacker.news/items/992449/r/AG - @Kontext is selling his beloved 2012 Jaguar XF 3.0 V6 Petrol [5M sats], great deal if paid in sats! Have you sold her?
• https://stacker.news/items/987241/r/AG - @RideandSmile shared the Freedom Issue: Letter From the Editor introducing a BM special edition
• https://stacker.news/items/999229/r/AG - @Solomonsatoshi was looking for Green Coffee Beans for DIY home roasting. Will @michaelbinary provide you some?
• https://stacker.news/items/992790/r/AG - @Rayo also introduce the P.A.Z.NIA Radio Network: 52 Hours of Liberation! An interesting livestream for all those interested in freedom.
• https://stacker.news/items/995163/r/AG welcome to @lunin, opening up on SN with Take it step by step and it will work! as part of a promising series: Founder's Thoughts. Here the second post https://stacker.news/items/999867/r/AG Startup according to Mozart

---

Hey sellers! Try Auctions

A quick reminder that now you can setup auctions here in the AGORA too! Learn how. The other feature released last month was the introduction of Shopfronts on SN. Check our SN Merch and SN Zine examples. Thank you all! Let's keep these trades coming and grow the P2P Bitcoin circular economy!

---

Active Professional Services accepting Bitcoin in the AGORA

Let us know if we miss any, here below the most memorable ones: - https://stacker.news/items/900208/r/AG - @unschooled offering Language Tutoring - https://stacker.news/items/813013/r/AG - @gpvansat's [OFFER][Graphic Design] From the paste editions (It's important to keep these offers available) - https://stacker.news/items/775383/r/AG - @TinstrMedia - Color Grading (Styling) Your Pictures as a Service - https://stacker.news/items/773557/r/AG - @MamaHodl, MATHS TUTOR 50K SATS/hour English global - https://stacker.news/items/684163/r/AG - @BTCLNAT's OFFER HEALTH COUNSELING [5K SAT/ consultation - https://stacker.news/items/689268/r/AG - @mathswithtess [SELL] MATHS TUTOR ONILINE, 90k sats per hour. Global but English only.

Let me know if I'm missing other stackers offering services around here!

---

Lost & Found in SN' Wild West Web

Stay with me, we're not done yet! I found plenty of other deals, offers and business related conversations in other territories too...

• BITCOIN... always fucking with my head... by @thecommoner (highly recommended read!)
• The Strange Moral Relativism of "Free Trade" by @Undisciplined (another highly recommended read!)
• What makes society thrive? by @aljaz
• Drop or proxy shipping services that take sats? by @lv99slacker
• Custom Bitcoin Nodes by @anon
• 23 Bitcoin Merch Shops That Sell Shirts For Sats by @hyperfree
• How to create an e-commerce website? by @Bitcoiner1
• Can You Outperform an Apple Tree? by @kr
• B2B Businesses in Bitcoin by @telcobert

Oh boy! Such exciting month! Now our latest weekly appointments:

🏷️ Spending Sunday

(LIVE TODAY) Share your most recent Bitcoin purchases of just check what other stackers are buying with their sats! Today's one open at https://stacker.news/items/1000477/r/AG

All series available here:

🤝 Sellers & Business Club

(UPCOMING EVERY TUESDAY) Here https://stacker.news/items/998773/r/AG wanted to introduce this new series, dedicated to our most active sellers^1. A room to talk about growing business and sales. You will join?

📢 Thursday Talks: What have you sold for Bitcoin this week?

It is losing a bit of momentum, but it will still be opening every week for anyone interested to share sales tips, deals and offers around the Wild West Web! Latest one here https://stacker.news/items/997767/r/AG

Thanks all for reading until here, now... 🫡 Closing remarks as usual. See ya!

---

Create your Ads now!

Looking to start something new? Hit one of the links below to free your mind:

• 💬 TOPIC for conversation,
• [⚖️ SELL] anything! or,
• if you're looking for something, hit the [🛒 BUY]!
• [🧑‍💻 HIRE] any bitcoiner skill or stuff from bitcoiners
• [🖇 OFFER] any product or service and stack more sats
• [🧑‍⚖️ AUCTION] to let stackers decide a fair price for your item
• [🤝 SWAP] if you're looking to exchange anything with anything else
• [🆓 FREE] your space, make a gift!
• Start your own [SHOPFRONT] or simply...
• [⭐ REVIEW] any bitcoin product or LN service you recently bought or subscribed to.

---

Or contact @AGORA team on nostr DM, and we can help you publish a personalized post.

. #nostr #bitcoin #stuff4sats #sell #buy #plebchain #grownostr #asknostr #market #business

https://stacker.news/items/1000715

@ 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.

@ 41fa852b:af7b7706

"The poison was never forced - it was offered gently, until you forgot it was poison at all." - Mark Twain

---

Happy Sunday, folks.

Below is your weekly roundup of events for the coming week.

Added to the event section this week, an exciting new Scottish Bitcoin Conference, happening in August.

Check out all the details below.

---

---

This week's sponsor is…

---

Upcoming Bitcoin Meetups

Happening this week…

1. Dundee Bitcoin: Join them on the 2nd Monday of every month from 17:30 to 20:30 PM at The Wine Press, 16 Shore Terrace, Dundee DD1 3DN. This month's meetup is on Monday 9th. 🍻

2. Canterbury Bitcoin: Meeting this month at the The Dolphin Pub in Canterbury at 7 PM on Tuesday the 10th of June. An informal meetup to discuss Bitcoin and chat. 🍺

3. Glasgow Bitcoin: Meetups are held every second Wednesday of the month. This is a place for people in and around Glasgow to discuss Bitcoin. 18:00 - 23:00 at The Piper Bar, G1 1HL. This month on Wednesday 11th. 🍻

4. St Albans: This is a new meetup happening on the second Wednesday of each month. This month, it's from 19:00 to 22:00 on the 11th at the Robin Hood of St Albans, Victoria St, St Albans. 🍻

5. Children of Riddim - Festival - Bitcoin Stage: Children of Riddim Festival is bringing Bitcoin to the big stage from the 12th--16th June in Hemel Hempstead, with 150+ DJs, artists, and speakers. The Barn of Freedom will host Bitcoin talks, music, and Nostr-powered apps. Tickets and donations for the stage can be made via geyser.fund, with camping included. Acts/speakers include Joe Bryan, Metamick, Roger9000, Angor, and more. 🎉🪩

6. Bitcoin Beach Bournemouth: Every second Thursday of the month at Chaplins Cellar Bar. 529 Christchurch Road, Boscombe, United. You'll find them in the Cogg Room at 19:30. This month it's the 12th. 🍺

7. Bury St Edmunds Bitcoin: is reviving the medieval spirit of the Folkmoot, one Bitcoin meetup at a time. Their second gathering takes place this Friday at 17:30 at Edmundo Lounge. They've also just launched a brand new website.

8. Stoke Bitcoin Meetup: The Stoke Bitcoin meetup is back! They will have Bitcoin coffee to taste, delivered by hand directly from the mountains of El Salvador and grown by @lacruzboss in Berlin, El Salvador. 15:00 on Friday 13th. ☕️🍻

9. 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. 🚶🏽‍♂️🚶🏼‍♀️🚶🏻

10. Bitcoin East: Join Bitcoin East in Bury St. Edmunds on Sunday 15th, 12:00 at Hopsters Bar, Felixstowe. All welcome, Bitcoiners and anyone else curious about Bitcoin. 🍺

---

New Businesses Accepting Bitcoin

This week we have…

• Core Agency: A creative communications firm that blends financial expertise with bold storytelling to help businesses in finance and beyond stand out. Based in the UK, they specialise in strategic planning, brand identity, content production, and public relations, delivering everything from investor-focused media to high-impact digital campaigns. With in-house studios for video, animation, and live streaming, Core offers end-to-end solutions that are both visually compelling and commercially effective. Their mission is to bring clarity, creativity, and confidence to brands navigating complex markets. Whether you're a fintech startup or a global institution, Core helps you communicate with purpose and originality. Now accepting bitcoin payments. 📈

---

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.

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.

Scottish Bitcoin Conference: Taking place on August 23, 2025, at the Glasgow University Union, located at 32 University Avenue, Glasgow G12 8LX. From 09:00 to 16:30.

Featuring an impressive roster of speakers, including Anthony Scaramucci, Hashley Giles, Rick Messit, Dr. Peter Connor, Claire Chisholm, Roger9000, John Magill, Ian Scanlon, Robin Thatcher, Jamie Plowman, Robbie Maltby, Russell Rukin, Peter Lane, Francesco Madonna, and Sam Roberts.

Open to all, this conference offers a unique opportunity for Bitcoiners and newcomers alike to connect and learn in the vibrant setting of Glasgow.

---

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.

@ 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.

Like and repost: X: https://x.com/AGORA_SN/status/1931657445916766655 N: https://njump.me/note1qqqsgu9pgx2u6yt2dv0c5yedpzrqalaqe3rf3lwxfu4a0w6wemtsy0eyfu

https://stacker.news/items/1000477

@ 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

@ dab6c606:51f507b6

I've been interested for a while in how the business with miles and loyalty points works. I found out that only large corporations can partially do this because of how they can then account for it. And it's tax-wise super advantageous. I also added info about loyalty points and gift cards. The text below was written by various AIs as I was digging into it, it's basically a summary, sharing for those who are interested.

Part I: Loyalty Programs of Large Corporations

Business Logic of Loyalty Programs

Loyalty programs of airlines and hotels are sophisticated business tools that serve several key purposes. They primarily function to increase customer loyalty by creating "switching costs" - customers don't want to lose accumulated points, which reduces the likelihood they'll switch to competitors.

At the same time, they're a significant source of additional revenue. For example, American Airlines earns more from selling miles to banks than on some flight routes. When Citibank buys miles for 1-2 cents per mile, the airline gets immediate revenue, while the real value for the customer can be 3-5 cents when used correctly.

Accounting Treatment of Loyalty Points

From an accounting perspective, loyalty points represent deferred liabilities. When a customer earns points, the company must create a reserve for their future redemption. Points are valued based on expected costs of their redemption, not on nominal value.

The key difference is between cash accounting and accrual accounting: - Cash accounting: Revenue is recognized when payment is received, expenses when paid. - Accrual accounting: Revenue and expenses are recognized when the obligation arises.

For loyalty programs, accrual accounting is critical. When an airline sells miles to a bank for $1,000,000, it simultaneously creates a liability for future costs (say $600,000), so taxable income is only $400,000.

Example: Selling Miles to a Bank

An airline sells 50 million miles to Citibank for $1,000,000: 1. Immediate revenue: $1,000,000 2. Creation of liability: $600,000 (estimated future costs) 3. Taxable income: $400,000 4. Future costs: When customers use miles, the company recognizes the expense and reduces the liability

Positive margin arises from several factors: - Breakage - 15-20% of miles are never redeemed - Time value of money - Money from the bank is invested immediately - Marginal costs - An empty seat has low incremental cost

Tax Optimization and Offshore Structures

Large companies often use international structures to optimize taxes from loyalty programs. A typical structure includes: 1. Parent company (USA/EU) - Operates flights and provides services (e.g., flights or accommodation). 2. IP Holding (Ireland/Netherlands) - Owns intellectual property (IP) for the loyalty program, such as brands, software, and databases. 3. Loyalty Operating Company (Singapore/Dubai) - Manages sale of miles to banks and partners, coordinates the program and communicates with customers.

Business Relationships and Payments Between Entities (example with positive result for Singapore)

These entities are connected by contracts that determine who pays for what and why, to minimize tax burden: - Bank → Singapore (Loyalty Operating Company): The bank (e.g., Citibank) pays $1,000,000 for miles it offers to its clients as rewards for using credit cards. The Singapore company is the main contact point for partners because it's located in a low-tax jurisdiction (17%) with good infrastructure for financial services. - Singapore → Ireland (IP Holding): The Singapore company pays $500,000 as royalties for using IP (brands, software, and data) of the loyalty program. This payment is high to shift profit to Ireland, where the tax rate is even lower (12.5%). This reduces taxable income in Singapore. - Singapore → Parent Company (Airline): The Singapore company pays $300,000 to the parent company for providing services (e.g., flights) when customers use miles. This payment is lower than actual costs to minimize profit in the parent company's country, where the tax rate is higher (e.g., 25-35% in USA or EU). - Profit in Singapore: $1,000,000 (income from bank) - $500,000 (royalties to Ireland) - $300,000 (payment to airline) = $200,000 profit, taxed at 17% in Singapore.

Why Such Distribution?

• Ireland (IP Holding): High royalty payments ($500,000) go to Ireland because the 12.5% tax rate is attractive and Ireland is considered a "serious" jurisdiction that meets international rules (e.g., BEPS). Ireland also has double taxation treaties with many countries, facilitating profit shifting.
• Singapore (Loyalty Operating Company): Mile sales and program coordination occur in Singapore due to favorable tax environment (17%) and strategic location for Asian markets. A small profit ($200,000) is left here to demonstrate "economic substance" - that the company has real activity.
• Parent Company: The $300,000 payment is low to minimize taxable income in a high-tax country (e.g., USA or EU).

Why Not 0% Tax Jurisdiction?

Why not use a zero-tax country (e.g., Cayman Islands)? Due to: - Regulatory scrutiny - Tax authorities closely monitor 0% jurisdictions and may question legitimacy. - BEPS rules - Need to demonstrate "substance" (real offices, employees) in the country. - Credibility test - 12.5% in Ireland or 17% in Singapore looks like legitimate business operation.

The result of such structure is that most profit (60-70%) is taxed at 12.5% in Ireland or 17% in Singapore instead of 25-35% in the airline's home country.

Part II: Loyalty Programs and Alternatives for Small Businesses

Why Loyalty Programs Are Problematic for Small Businesses

Unlike large corporations, small businesses like cafes face a fundamental problem with loyalty programs: cash accounting obligation. In many countries, small firms (under $25M annually) must use cash accounting, which means: - Revenue from selling points is taxed immediately - Costs are deducted only when customers use points (maybe a year later) - Creates tax and cashflow problem - tax is paid on money you'll "lose" in the future

Imagine a cafe that sells loyalty points for €100. It must immediately pay tax (say €21), but deducts coffee costs provided for points only in the future.

Alternative Models for Small Businesses

There are more tax-advantageous alternatives:

1. Gift Cards Model

• Revenue is NOT RECOGNIZED when selling gift card
• Revenue is recognized only when customer uses the card
• Example: Sell gift cards for €10,000 in December, get cash immediately, but pay tax gradually as customers use cards during the following year.
• Time value of money: Money can be invested (e.g., 6% annually = €600 extra profit on €10,000)
• Breakage benefit: 2-10% of cards are never used, after certain time (3-5 years, depending on legislation) you can recognize the balance as pure profit.

Example: Starbucks Starbucks had $1.5 billion in unused gift cards on its books in 2022. Estimated 3% breakage means $45 million pure profit – interest-free loan from customers with bonus that part never returns.

2. Subscription Model

• Monthly revenue = immediate taxation
• Monthly costs = immediate deduction
• Example: €10/month for "premium membership" with certain benefits

3. Discount Coupons

• No revenue when issuing coupon
• Reduced revenue when redeeming (sell at lower price)
• Example: 20% discount coupon = sell coffee for €4 instead of €5

Outsourcing Loyalty Program: Details About Shopify Loyalty

Platforms like Shopify Loyalty represent an elegant solution for small businesses wanting to offer loyalty programs without accounting and tax complications. Let's break this down in detail:

How Shopify Loyalty Works

• Shopify as third party: Shopify owns and manages the entire loyalty program including points and software. The customer has their "account" directly with Shopify, not with the specific store. This means points are not your liability, but Shopify's liability.
• Your role: You (e.g., cafe) pay Shopify a monthly fee (e.g., €29) for using the platform and a small transaction fee (e.g., €0.20) for each point redemption (reward). You're essentially a "service provider" for Shopify – you provide rewards when Shopify sends you an order.
• Earning points: Customer earns points for purchases in stores participating in Shopify Loyalty program. For example, if customer buys coffee for €5 in your cafe, Shopify credits them points (e.g., 5 points per euro, so 25 points). Specific rules (how many points per euro) are set by you through Shopify platform, but technically points are managed by Shopify.
• Using points: Customer can use points for rewards (e.g., free coffee for 100 points), but usually only in stores participating in Shopify network. This means if your cafe uses Shopify Loyalty, points earned with you can be used with you or other stores in Shopify ecosystem, if Shopify allows it. Usually, however, stores set up the program so points are primarily usable with them, increasing loyalty to their brand.
• Point redemption process: When customer wants to use points (e.g., 100 points for free coffee), Shopify sends order to you (cafe) to provide the reward. You give the coffee but don't receive direct payment from customer – it's a marketing cost. You also pay Shopify transaction fee (€0.20). Accounting-wise, it's not a sale, so no taxable income or receipt obligation arises.
• Accounting treatment: When customer uses points:
• No receipt = no taxable income
• Coffee cost (€2) + Shopify fee (€0.20) = €2.20
• Recorded as "Promotional expenses" or "Marketing costs"

Why Must Loyalty Program Be Outsourced to Third Party (like Shopify)?

Small businesses don't have capacity or resources to manage their own loyalty program "in-house" for these reasons: - Tax and accounting complexity: If you managed loyalty program yourself, you'd have to create reserves for future liabilities (points customers will use later), estimate breakage rate (percentage of unused points) and handle cash vs. accrual accounting. For small firms that often must use cash accounting, this means immediate taxation of revenue if selling points, but cost deduction only in the future – creates cashflow mismatch. - Technological infrastructure: Managing points, customer databases and integration with payment systems requires sophisticated software and IT team, which is expensive and complicated for small firms. - Legal separation: When program is managed by third party like Shopify, points are their liability, not yours. For you, this means no future liabilities in your accounting books – just monthly costs (Shopify fee), which are tax-deductible as regular expense. - Economic efficiency: Shopify aggregates thousands of stores, achieving economies of scale – lower costs for software, security and data management. A small cafe could never create such system at reasonable price alone.

Why Can't It Be In-house from Tax Perspective?

If small firm managed loyalty program itself: - Immediate tax problem: If firm sold points (e.g., for money or as part of purchase), revenue would have to be taxed immediately, though costs for providing rewards (e.g., free coffee) could be deducted only when customer uses points. This creates cashflow mismatch because you pay tax before actually "losing" money on reward. - Complex reserves: Would have to estimate how many points will be used and create accounting reserves, which is administratively demanding and requires expensive accountants or software. - Risk of errors: Incorrect breakage rate estimates or poor liability management can lead to tax audits and penalties.

With Shopify, these problems are eliminated – you only pay monthly fee and transaction fees, which are simply recorded as marketing costs. Shopify takes full responsibility for managing points and liabilities to customers.

Case Study: Loyalty Points for Cafe (10 + 1 Free Model)

Let's look at specific case of small cafe offering classic loyalty program type "10 + 1 free". Customer gets 1 point for each coffee purchased (e.g., for €3) and after collecting 10 points gets one free coffee. We'll analyze how this works accounting-wise, whether it's "promotional expense" and what's the difference between in-house management and using Shopify.

How "10 + 1 Free" Program Works

• Earning points: Customer buys coffee for €3 and gets 1 point (e.g., stamp on card or digital record). Points have no monetary value for sale – they're purely reward for purchase.
• Using points: After collecting 10 points (meaning purchases for €30) customer gets free coffee (value €3).
• Real cost for cafe: Cost of producing free coffee is lower than selling price, e.g., €1.50 for materials and labor.

Accounting Treatment (In-house)

If cafe manages program itself (in-house), accounting process depends on whether it uses cash accounting (common for small firms) or accrual accounting: - Cash accounting: - When customer buys coffee: Cafe records €3 revenue for each coffee and issues receipt. Point (stamp) has no monetary value, so it's not recorded as liability or revenue. - When redeeming 10 points: When customer gets free coffee, no revenue arises (€0), but cost for coffee production arises (€1.50). This cost is recorded as "Promotional expense" or "Marketing cost" because it's form of discount or advertising to retain customer. - Tax impact: No revenue when issuing free coffee, €1.50 cost is tax-deductible as regular expense. - Accrual accounting (less common for small firms): - When customer buys coffee: Cafe records €3 revenue but simultaneously creates small liability for future reward (e.g., €0.30 per point, which is estimate of cost for future free coffee divided by 10). So from €3 revenue, taxable income is only €2.70. - When redeeming 10 points: When customer gets free coffee, cafe reduces liability by €3 (10 points x €0.30) and records €1.50 cost for coffee production. Difference can be adjusted as breakage or other profit if estimates differ from reality. - Tax impact: Taxable income is lower already at first purchase, but accounting is more complex due to estimates and reserves.

Is it Promotional Expense? Yes, in both cases (cash and accrual) the cost of free coffee is recorded as "Promotional expense" or "Marketing cost" because it's form of discount to support customer loyalty. It's not considered regular sale because no revenue or receipt arises.

Accounting Treatment (via Shopify Loyalty)

If cafe uses Shopify Loyalty to manage "10 + 1 free" program, process is simpler: - When customer buys coffee: Cafe records €3 revenue for coffee and issues receipt. Shopify credits point to customer's account (it's not your liability, but Shopify's). - When redeeming 10 points: Shopify sends order to issue free coffee. Cafe gives coffee (€1.50 cost) and pays Shopify transaction fee (€0.20). Total cost €1.70 is recorded as "Promotional expense" or "Marketing cost". - Tax impact: Same as in-house, no revenue when issuing free coffee, €1.70 cost is tax-deductible as regular expense. Additionally, you don't have to handle any liabilities or breakage estimates because Shopify manages points.

Difference Between In-house and Shopify

• In-house:
• Advantages: Full control over program, no monthly fees to third party (e.g., €29 Shopify fee).
• Disadvantages: If using accrual accounting, must create reserves and estimate breakage, which is administratively demanding. With cash accounting it's simpler (no liabilities), but if you sold points for money, tax mismatch arises (revenue taxed immediately, cost only later). Additionally, must manage point database yourself (stamps, software), which is time-consuming.
• Shopify Loyalty:
• Advantages: No liabilities in your accounting books, Shopify manages points and technology. Accounting-wise it's simple – just monthly fee (€29) and transaction fees (€0.20) as marketing cost. Don't have to handle estimates or breakage.
• Disadvantages: Pay monthly fees and transaction fees, increasing costs (e.g., €0.20 extra per free coffee). Have less control over program because third party manages it.

Conclusion for Cafe: "10 + 1 free" program is accounting-wise considered Promotional expense in both cases (in-house and Shopify) because free coffee is form of marketing to retain customers. Difference is in administrative burden and costs – Shopify simplifies accounting and management, but at cost of monthly fees. In-house is cheaper but more demanding to manage, especially if you wanted to use accrual accounting or sell points for money.

Conclusion

Loyalty programs are sophisticated customer loyalty tools, but their accounting and tax aspects differ significantly between large and small firms. Large corporations use accrual accounting and international structures for tax optimization, while for small businesses alternative models like gift cards or outsourcing entire program are often more advantageous, eliminating tax and cashflow problems. Gift cards additionally bring immediate cash flow, time value of money and breakage benefit, making them ideal tool for businesses of all sizes. Shopify Loyalty offers small firms way to implement loyalty program without accounting complications because it takes technical and legal responsibility, allowing focus on core business. For simple programs like "10 + 1 free," accounting impact is similar (Promotional expense), but Shopify simplifies management at cost of additional fees.

@ 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.

@ 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.

@ dab6c606:51f507b6

Dlhšie som sa zaujímal o to ako funguje biznis s míľami, vernostnými bodmi. Zistil som, že to čiastočne môžu robiť iba veľké korporácie kvôli tomu ako to môžu potom zaúčtovať. A je to daňovo super výhodné. Pridal som aj info o vernostných bodoch a darčekových kartách. Text nižšie napísali rôzne AI ako som sa v tom vŕtal, to je v zásade sumár, zdieľam pre tých, ktorých to zaujíma.

Časť I: Vernostné programy veľkých korporácií

Obchodná logika vernostných programov

Vernostné programy leteckých spoločností a hotelov sú sofistikované obchodné nástroje, ktoré slúžia niekoľkým kľúčovým účelom. Primárne fungujú na zvýšenie zákazníckej lojality vytvorením "switching costs" - zákazníci nechcú prísť o nazbierané body, čo znižuje pravdepodobnosť, že prejdú ku konkurencii.

Zároveň sú významným zdrojom dodatočných príjmov. Napríklad American Airlines zarába viac na predaji míľ bankám ako na niektorých leteckých linkách. Keď Citibank kupuje míle za 1-2 centy za míľu, aerolínia získava okamžitý príjem, zatiaľ čo reálna hodnota pre zákazníka môže byť 3-5 centov pri správnom využití.

Účtovné spracovanie vernostných bodov

Z účtovného hľadiska predstavujú vernostné body odložené záväzky. Keď zákazník získa body, spoločnosť musí vytvoriť rezervu na ich budúce uplatnenie. Body sa oceňujú na základe predpokladaných nákladov na ich uplatnenie, nie na základe nominálnej hodnoty.

Kľúčový je rozdiel medzi cash accounting a accrual accounting: - Cash accounting: Príjmy sa uznávajú pri prijatí platby, náklady pri zaplatení. - Accrual accounting: Príjmy a náklady sa uznávajú v momente vzniku záväzku.

Pre vernostné programy je accrual accounting kritické. Keď aerolínia predá míle banke za $1,000,000, vytvorí zároveň záväzok na budúce náklady (povedzme $600,000), takže zdaniteľný príjem je len $400,000.

Príklad: Predaj míľ banke

Aerolínia predá 50 miliónov míľ Citibank za $1,000,000: 1. Okamžitý príjem: $1,000,000 2. Vytvorenie záväzku: $600,000 (odhadované budúce náklady) 3. Zdaniteľný príjem: $400,000 4. Budúce náklady: Keď zákazníci míle využijú, spoločnosť uzná náklad a zníži záväzok

Pozitívna marža vzniká z niekoľkých faktorov: - Breakage - 15-20% míľ sa nikdy neuplatní - Časová hodnota peňazí - Peniaze od banky investuje okamžite - Marginálne náklady - Prázdne sedadlo má nízky prírastok nákladu

Daňová optimalizácia a offshore štruktúry

Veľké spoločnosti často využívajú medzinárodné štruktúry na optimalizáciu daní z vernostných programov. Typická štruktúra zahŕňa: 1. Materská spoločnosť (USA/EU) - Prevádzkuje lety a poskytuje služby (napr. lety alebo ubytovanie). 2. IP Holding (Írsko/Holandsko) - Vlastní duševné vlastníctvo (IP) k loyalty programu, ako sú značky, softvér a databázy. 3. Loyalty Operating Company (Singapur/Dubaj) - Spravuje predaj míľ bankám a partnerom, koordinuje program a komunikuje so zákazníkmi.

Obchodné vzťahy a platby medzi entitami (príklad s pozitívnym výsledkom pre Singapur)

Tieto entity sú prepojené zmluvami, ktoré určujú, kto za čo platí a prečo, aby sa minimalizovala daňová záťaž: - Banka → Singapur (Loyalty Operating Company): Banka (napr. Citibank) platí $1,000,000 za míle, ktoré ponúka svojim klientom ako odmenu za používanie kreditných kariet. Singapurská spoločnosť je hlavný kontaktný bod pre partnerov, pretože je umiestnená v jurisdikcii s nízkou daňou (17 %) a dobrou infraštruktúrou pre finančné služby. - Singapur → Írsko (IP Holding): Singapurská spoločnosť platí $500,000 ako royalty za použitie IP (značky, softvéru a dát) loyalty programu. Táto platba je vysoká, aby sa presunul zisk do Írska, kde je daňová sadzba ešte nižšia (12,5 %). Tým sa znižuje zdaniteľný príjem v Singapure. - Singapur → Materská spoločnosť (Aerolínia): Singapurská spoločnosť platí $300,000 materskej spoločnosti za poskytnutie služieb (napr. letov), keď zákazníci využijú míle. Táto platba je nižšia ako reálne náklady, aby sa minimalizoval zisk v krajine materskej spoločnosti, kde je daňová sadzba vyššia (napr. 25-35 % v USA alebo EU). - Zisk v Singapure: $1,000,000 (príjem od banky) - $500,000 (royalty do Írska) - $300,000 (platba aerolínii) = $200,000 zisku, ktorý je zdanený pri 17 % v Singapure.

Prečo takéto rozdelenie?

• Írsko (IP Holding): Vysoké royalty platby ($500,000) idú do Írska, pretože daňová sadzba 12,5 % je atraktívna a Írsko je považované za "serióznu" jurisdikciu, ktorá spĺňa medzinárodné pravidlá (napr. BEPS). Zároveň má Írsko zmluvy o zamedzení dvojitého zdanenia s mnohými krajinami, čo uľahčuje presun zisku.
• Singapur (Loyalty Operating Company): Predaj míľ a koordinácia programu prebieha v Singapure kvôli priaznivému daňovému prostrediu (17 %) a strategickej polohe pre ázijské trhy. Zároveň sa tu zanecháva malý zisk ($200,000), aby sa preukázala "ekonomická substance" – teda, že spoločnosť má reálnu činnosť.
• Materská spoločnosť: Platba $300,000 je nízka, aby sa minimalizoval zdaniteľný príjem v krajine s vysokou daňovou sadzbou (napr. USA alebo EU).

Prečo nie 0 % daňová jurisdikcia?

Prečo sa nepoužíva krajina s nulovou daňou (napr. Kajmanské ostrovy)? Kvôli: - Regulatory scrutiny - Daňové úrady pozorne sledujú 0 % jurisdikcie a môžu spochybniť legitímnosť. - BEPS pravidlám - Potreba preukázať "substance" (reálne kancelárie, zamestnancov) v krajine. - Credibility testu - 12,5 % v Írsku alebo 17 % v Singapure vyzerá ako legitímna obchodná operácia.

Výsledkom takejto štruktúry je, že väčšina zisku (60-70 %) je zdanená pri 12,5 % v Írsku alebo 17 % v Singapure namiesto 25-35 % v domovskej krajine aerolínky.

Časť II: Loyalty programy a alternatívy pre malé biznisy

Prečo je loyalty program problematický pre malé biznisy

Na rozdiel od veľkých korporácií, malé biznisy ako kaviarne narážajú pri vernostných programoch na zásadný problém: cash accounting povinnosť. V mnohých krajinách musia malé firmy (pod $25M ročne) používať cash accounting, čo znamená: - Príjem z predaja bodov sa zdaní okamžite - Náklady sa odpočítajú až keď zákazník body využije (možno o rok) - Vzniká daňový a cashflow problém - daň sa platí z peňazí, ktoré "stratíte" v budúcnosti

Predstavte si kaviareň, ktorá predá vernostné body za €100. Okamžite musí zaplatiť daň (povedzme €21), ale náklady na kávu poskytnutú za body odpočíta až v budúcnosti.

Alternatívne modely pre malé biznisy

Existujú daňovo výhodnejšie alternatívy:

1. Gift Cards model

• Príjem sa NEUZNÁ pri predaji gift karty
• Príjem sa uzná až keď zákazník kartu využije
• Príklad: Predáte gift cards za €10,000 v decembri, získate cash okamžite, ale daň platíte postupne, ako zákazníci karty využívajú počas nasledujúceho roka.
• Časová hodnota peňazí: Peniaze môžete investovať (napr. 6 % ročne = €600 extra zisk na €10,000)
• Breakage benefit: 2-10 % kariet sa nikdy nevyužije, po určitom čase (3-5 rokov, podľa legislatívy) môžete zostatok uznať ako čistý zisk.

Príklad: Starbucks Starbucks mal v roku 2022 na účtoch $1,5 miliardy v nevyužitých gift cards. Odhadovaný breakage 3 % znamená $45 miliónov čistého zisku – bezúročná pôžička od zákazníkov s bonusom, že časť sa nikdy nevráti.

2. Subscription model

• Mesačný príjem = okamžité zdanenie
• Mesačné náklady = okamžitý odpočet
• Príklad: €10/mesiac za "premium membership" s určitými benefitmi

3. Discount Coupons

• Žiadny príjem pri vydaní kupónu
• Znížený príjem pri uplatnení (predáte za nižšiu cenu)
• Príklad: 20 % zľavový kupón = predaj kávy za €4 namiesto €5

Outsourcing loyalty programu: Podrobnosti o Shopify Loyalty

Platformy ako Shopify Loyalty predstavujú elegantné riešenie pre malé biznisy, ktoré chcú ponúkať vernostné programy bez účtovných a daňových komplikácií. Poďme si to rozobrať podrobne:

Ako funguje Shopify Loyalty

• Shopify ako tretia strana: Shopify vlastní a spravuje celý vernostný program vrátane bodov a softvéru. Zákazník má svoj "účet" priamo u Shopify, nie u konkrétneho obchodu. To znamená, že body nie sú vaším záväzkom, ale záväzkom Shopify.
• Vaša úloha: Vy (napr. kaviareň) platíte Shopify mesačný poplatok (napr. €29) za používanie platformy a malý transakčný poplatok (napr. €0,20) za každé uplatnenie bodov (reward). Vy ste v podstate "dodávateľom služieb" pre Shopify – poskytujete odmeny, keď vám Shopify pošle objednávku.
• Získavanie bodov: Zákazník získava body za nákupy v obchodoch, ktoré sú zapojené do Shopify Loyalty programu. Napríklad, ak zákazník nakúpi kávu za €5 vo vašej kaviarni, Shopify mu pripíše body (napr. 5 bodov za každé euro, teda 25 bodov). Konkrétne pravidlá (koľko bodov za euro) si nastavujete vy cez Shopify platformu, ale technicky body spravuje Shopify.
• Využitie bodov: Zákazník môže body využiť na odmeny (napr. kávu zadarmo za 100 bodov), ale zvyčajne len v obchodoch zapojených do Shopify siete. To znamená, že ak vaša kaviareň používa Shopify Loyalty, body získané u vás môžu byť využité u vás alebo v iných obchodoch v rámci Shopify ekosystému, ak to Shopify umožňuje. Väčšinou však obchody nastavujú program tak, aby boli body využiteľné primárne u nich, čím sa zvyšuje lojalita k ich značke.
• Proces uplatnenia bodov: Keď zákazník chce využiť body (napr. 100 bodov za kávu zadarmo), Shopify pošle objednávku vám (kaviarni) na poskytnutie odmeny. Vy kávu vydáte, ale nedostanete za ňu priamy príjem od zákazníka – ide o marketingový náklad. Zároveň platíte Shopify transakčný poplatok (€0,20). Účtovne to nie je predaj, takže nevzniká zdaniteľný príjem ani povinnosť vystaviť bloček.
• Účtovné spracovanie: Keď zákazník využije body:
• Žiadny bloček = žiadny zdaniteľný príjem
• Náklad kávy (€2) + Shopify fee (€0,20) = €2,20
• Účtuje sa ako "Promotional expenses" alebo "Marketing costs"

Prečo musí byť loyalty program outsourcovaný tretej strane (ako Shopify)?

Malé biznisy nemajú kapacitu ani zdroje na správu vlastného loyalty programu "in-house" z týchto dôvodov: - Daňová a účtovná komplexnosť: Ak by ste spravovali loyalty program sami, museli by ste vytvárať rezervy na budúce záväzky (body, ktoré zákazníci využijú neskôr), odhadovať breakage rate (percento nevyužitých bodov) a riešiť cash vs. accrual accounting. Pre malé firmy, ktoré často musia používať cash accounting, to znamená okamžité zdanenie príjmu, ak by body predávali, ale odpočet nákladov až v budúcnosti – vzniká cashflow nesúlad. - Technologická infraštruktúra: Správa bodov, databáz zákazníkov a integrácia s platobnými systémami vyžaduje sofistikovaný softvér a IT tím, čo je pre malé firmy nákladné a komplikované. - Legálna separácia: Keď program spravuje tretia strana ako Shopify, body sú ich záväzkom, nie vaším. Pre vás to znamená, že nemáte žiadne budúce záväzky vo svojej účtovnej knihe – len mesačné náklady (poplatok Shopify), ktoré sú daňovo odpočítateľné ako bežný výdavok. - Ekonomická efektivita: Shopify združuje tisíce obchodov, čím dosahuje ekonomiku rozsahu – nižšie náklady na softvér, bezpečnosť a správu dát. Malá kaviareň by sama nikdy nedokázala vytvoriť takýto systém za rozumnú cenu.

Prečo to nemôže byť in-house z daňového hľadiska?

Ak by malá firma spravovala loyalty program sama: - Okamžitý daňový problém: Ak by firma predávala body (napr. za peniaze alebo ako súčasť nákupu), príjem by musela zdaniť hneď, hoci náklady na poskytnutie odmien (napr. káva zadarmo) by mohla odpočítať až v momente, keď zákazník body využije. To vytvára cashflow nesúlad, pretože daň platíte skôr, než reálne "stratíte" peniaze na odmenu. - Zložité rezervy: Musela by odhadovať, koľko bodov sa využije, a vytvárať účtovné rezervy, čo je administratívne náročné a vyžaduje drahých účtovníkov alebo softvér. - Riziko chýb: Nesprávne odhady breakage rate alebo zlý manažment záväzkov môžu viesť k daňovým kontrolám a pokutám.

S Shopify sa tieto problémy eliminujú – vy platíte len mesačný poplatok a transakčné fees, ktoré sú jednoducho účtované ako marketingové náklady. Shopify preberá celú zodpovednosť za správu bodov a záväzkov voči zákazníkom.

Prípadová štúdia: Vernostné body pre kaviareň (model 10 + 1 zadarmo)

Pozrime sa na konkrétny prípad malej kaviarne, ktorá ponúka klasický vernostný program typu "10 + 1 zadarmo". Zákazník dostane 1 bod za každú kúpenú kávu (napr. za €3) a po nazbieraní 10 bodov dostane jednu kávu zadarmo. Rozoberieme, ako to funguje účtovne, či ide o "promotional expense" a aký je rozdiel medzi in-house správou a použitím Shopify.

Ako funguje program "10 + 1 zadarmo"

• Získavanie bodov: Zákazník kúpi kávu za €3 a dostane 1 bod (napr. pečiatku na kartičku alebo digitálny záznam). Body nemajú peňažnú hodnotu na predaj – sú čisto odmenou za nákup.
• Využitie bodov: Po nazbieraní 10 bodov (čo znamená nákupy za €30) zákazník dostane kávu zadarmo (hodnota €3).
• Reálny náklad pre kaviareň: Náklad na výrobu kávy zadarmo je nižší ako predajná cena, napr. €1,50 za suroviny a prácu.

Účtovné spracovanie (In-house)

Ak kaviareň spravuje program sama (in-house), účtovný proces závisí od toho, či používa cash accounting (bežné pre malé firmy) alebo accrual accounting: - Cash accounting: - Pri nákupe kávy zákazníkom: Kaviareň účtuje príjem €3 za každú kávu a vydá bloček. Bod (pečiatka) nemá peňažnú hodnotu, takže sa neúčtuje ako záväzok ani príjem. - Pri uplatnení 10 bodov: Keď zákazník dostane kávu zadarmo, nevzniká príjem (€0), ale vzniká náklad na výrobu kávy (€1,50). Tento náklad sa účtuje ako "Promotional expense" alebo "Marketing cost", pretože ide o formu zľavy alebo reklamy na udržanie zákazníka. - Daňový dopad: Žiadny príjem pri vydaní kávy zadarmo, náklad €1,50 je daňovo odpočítateľný ako bežný výdavok. - Accrual accounting (menej bežné pre malé firmy): - Pri nákupe kávy zákazníkom: Kaviareň účtuje príjem €3, ale zároveň vytvára malý záväzok na budúcu odmenu (napr. €0,30 za každý bod, čo je odhad nákladu na budúcu kávu zadarmo deleno 10). Teda z €3 príjmu je zdaniteľný príjem len €2,70. - Pri uplatnení 10 bodov: Keď zákazník dostane kávu zadarmo, kaviareň zníži záväzok o €3 (10 bodov x €0,30) a účtuje náklad €1,50 na výrobu kávy. Rozdiel môže byť upravený ako breakage alebo iný zisk, ak sa odhady líšia od reality. - Daňový dopad: Zdaniteľný príjem je nižší už pri prvom nákupe, ale účtovníctvo je zložitejšie kvôli odhadom a rezervám.

Je to Promotional Expense? Áno, v oboch prípadoch (cash aj accrual) sa náklad na kávu zadarmo účtuje ako "Promotional expense" alebo "Marketing cost", pretože ide o formu zľavy na podporu lojality zákazníkov. Nie je to považované za bežný predaj, pretože nevzniká príjem ani bloček.

Účtovné spracovanie (cez Shopify Loyalty)

Ak kaviareň používa Shopify Loyalty na správu programu "10 + 1 zadarmo", proces je jednoduchší: - Pri nákupe kávy zákazníkom: Kaviareň účtuje príjem €3 za kávu a vydá bloček. Shopify pripíše bod zákazníkovi do jeho účtu (nie je to váš záväzok, ale Shopify). - Pri uplatnení 10 bodov: Shopify pošle objednávku na vydanie kávy zadarmo. Kaviareň vydá kávu (náklad €1,50) a zaplatí Shopify transakčný poplatok (€0,20). Celkový náklad €1,70 sa účtuje ako "Promotional expense" alebo "Marketing cost". - Daňový dopad: Rovnako ako pri in-house, žiadny príjem pri vydaní kávy zadarmo, náklad €1,70 je daňovo odpočítateľný ako bežný výdavok. Navyše nemusíte riešiť žiadne záväzky alebo odhady breakage, pretože body spravuje Shopify.

Rozdiel medzi In-house a Shopify

• In-house:
• Výhody: Plná kontrola nad programom, žiadne mesačné poplatky tretej strane (napr. €29 Shopify fee).
• Nevýhody: Ak použijete accrual accounting, musíte vytvárať rezervy a odhadovať breakage, čo je administratívne náročné. Pri cash accounting je to jednoduchšie (žiadne záväzky), ale ak by ste body predávali za peniaze, vzniká daňový nesúlad (príjem zdanený hneď, náklad až neskôr). Navyše musíte sami spravovať databázu bodov (pečiatky, softvér), čo je časovo náročné.
• Shopify Loyalty:
• Výhody: Žiadne záväzky vo vašej účtovnej knihe, Shopify spravuje body a technológiu. Účtovne je to jednoduché – len mesačný poplatok (€29) a transakčné poplatky (€0,20) ako marketingový náklad. Nemusíte riešiť odhady ani breakage.
• Nevýhody: Platíte mesačné poplatky a transakčné fees, čo zvyšuje náklady (napr. €0,20 navyše za každú kávu zadarmo). Máte menšiu kontrolu nad programom, pretože ho spravuje tretia strana.

Záver pre kaviareň: Program "10 + 1 zadarmo" je účtovne považovaný za Promotional expense v oboch prípadoch (in-house aj Shopify), pretože káva zadarmo je forma marketingu na udržanie zákazníkov. Rozdiel je v administratívnej záťaži a nákladoch – Shopify zjednodušuje účtovníctvo a správu, ale za cenu mesačných poplatkov. In-house je lacnejšie, ale náročnejšie na správu, najmä ak by ste chceli používať accrual accounting alebo predávať body za peniaze.

Záver

Vernostné programy sú sofistikovaný nástroj zákazníckej lojality, ale ich účtovné a daňové aspekty sa výrazne líšia medzi veľkými a malými firmami. Veľké korporácie využívajú accrual accounting a medzinárodné štruktúry na optimalizáciu daní, zatiaľ čo pre malé biznisy sú často výhodnejšie alternatívne modely ako gift cards alebo outsourcing celého programu, ktoré eliminujú daňové a cashflow problémy. Gift cards navyše prinášajú okamžitý cash flow, časovú hodnotu peňazí a breakage benefit, čo z nich robí ideálny nástroj pre podniky všetkých veľkostí. Shopify Loyalty ponúka malým firmám spôsob, ako implementovať vernostný program bez účtovných komplikácií, pretože preberá technickú a právnu zodpovednosť, čím umožňuje sústrediť sa na core biznis. Pre jednoduché programy ako "10 + 1 zadarmo" je účtovný dopad podobný (Promotional expense), ale Shopify zjednodušuje správu za cenu dodatočných poplatkov.

```

```

@ 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.

@ 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.

@ 86dfbe73:628cef55

Das Private ist immer nur privat in Bezug zu einem bestimmten oder unbestimmten Gegenüber. Heutzutage steht man vielen Privatheiten und vielen Öffentlichkeiten gegenüber. Was privat ist, bemisst sich an der jeweiligen Relation, in der es als privat festgelegt wurde. Die “Privatsphäre”, die üblicherweise gemeint wird, ist jene Sphäre, die der Staat als privat zu respektieren hat, über deren Grenze er sich also nur in seltenen und jeweils zu begründenden Einzelfällen hinwegsetzen darf.

In anderen Beziehungen hingegen gibt es andere “Privatheiten” — dem Arbeitgeber gegenüber etwa, den Kollegen, ehemaligen Schulfreunden, dem Ehepartner, den Eltern oder Kinder. In all diesen Beziehungen gibt es “ausgeschlossene” Bereiche, die das Private meinen. Die Privatsphäre ist dabei die Sphäre über deren Geheimhaltung man gegenüber dem anderen Partner der Beziehung frei verfügen kann, denn Privatsphäre ist die Möglichkeit, sich der Welt selektiv zu offenbaren.

Wenn nicht reflektiert wird, dass es weitgehend eine veränderte Gesellschaft ist, die sich konstituiert, eine Gesellschaft, die mit der vorherigen nichts aber auch gar nichts mehr gemein hat, weil sich der Begriff des “Privaten” verändert, ausdifferenziert, verschiebt, zerfasert — wird der Privatsphärenschutz nicht zu gewährleisten sein.

Das Problem ist, dass „privat und „öffentlich“ alleine nicht funktionieren. Zwischen Privat und Öffentlich gehört – abgeleitet aus dem Begriff des „Social Web“ das Soziale. Und zwischen scheinbar einheitlicher privater „Identität“ und öffentlicher „Person“ gehört ein Bündel an Socialities.

Schon vor dem Netz zersplitterte der moderne, flexible und mobile Mensch in ein Bündel von (nicht: Identitäten sondern) Socialitäten. Das heißt in ein Bündel von Verhaltensweisen, die mehr oder minder bewusst in Beziehung zu bestimmten anderen Socii eingenommen werden. Es ist eine rein kommunikative Größe. Die Socialität eines Arbeitnehmers deckt sich nicht mit der Sozialität des Ehegatten, Vaters usw.

In jeder dieser Beziehungen ist eine andere, zumeist bewusst zu lernende Sozialität vonnöten. Selbst gegenüber Vorgesetzten, gleichrangigen Kollegen und Untergebenen sind mindestens dreierlei Socialitäten am Werke. Denn diese Socialität ist nicht einfach die soziologische „Rolle“, die ein Pluriversum von angenommenen Identitäten unterstellt. Sondern sie ist Ergebnis einer Kommunikationsbeziehung.

Online-Socialitäten

Das Private ist kein kohärente Sphäre, sondern wird durch die Socialität erschaffen. Es ist das, was in der Socialität nicht vorkommt – oder die Qualität der Socialität entscheidend verändert – etwa wenn eine Beziehung zu einer Kollegin/einem Kollegen beginnt (die in der Socialität der Ehegatten wiederum vermutlich nichts zu suchen hat …), sich eine Exfreundin als neue Kundin vorstellt, ein ehemaliger Schulkamerad Chef wird usw. Was „das Private“ ist, lässt sich nicht fassen.

Bei Facebook beispielsweise connectet sich der User mit Familienangehörigen, Freunden, vielleicht ehemaligen Schulfreunden, Kollegen, ggf. Vorgesetzen – und mit Geschäftspartnern oder Kunden. Das heißt: Ein großes Socialitätenbündel vereinigt sich.

Das kann zu größeren Problemen führen, denn die Socialität etwa des Geschäftspartners stellt andere Anforderungen als der ehemalige Klassenkamerad. Die Socialität des Kollegen stellt andere Anforderungen als die der Geschwister.

Die Bündelungsmöglichkeiten durch Personensuchen stellt vor eine ganz andere Herausforderung. Das Multiversum der Socialitäten, das unter verschiedenen Pseudonymen oder doch zumindest auf verschiedenen Plattformen ausgetragen wurde – wird nun plötzlich in ein „Image“ zusammengeführt, das natürlich vorne und hinten inkongruent ist, weil kein gemeinsamer „Kern“, keine einfache „Identität“ vorhanden ist.

Streetview und die Socialität

Schon jetzt nutzen Auskunfteien wie SchuFa oder Creditreform die Wohngegend um Kreditwürdigkeiten zu berechnen. Schon jetzt klassifizieren die Telefonrechner in Callcentern die „Wertigkeit“ eines eingehenden Anrufs per Telefonnummer nach Wohnlage.

Das macht in dieser Socialität "Versicherung-Kunde" einen gewaltigen Unterschied. Und der Kunde hat keinerlei Macht über die Informationen, die der anderen Seite der Socialität verfügbar sind. Die Entscheidung, dass etwas privat sei, zieht nach sich, dass ich es aus einer Socialität exkludiere. „Privat“ bedeutet vor allem „Verzeihung, das ist mir zu privat, darüber gebe ich keine Auskunft“. Und derlei Privatheiten gibt es zu viele – was privat ist, bestimmt die Socialität. Privatsphäre gegenüber dem Kollegen ist eine andere als gegenüber der Vorgesetzten, als gegenüber dem Kunden, als gegenüber dem ehemaligen Schulfreund.

Wie damit umgehen? Das Netz verlassen oder eine eigene „Netzsocialität“ erschaffen, die von vornherein eine inszenierte Kunstfigur ist? Nichts von alledem ist hilfreich. Deswegen kann die Lösung nur aus einer gesamtgesellschaftlichen Debatte rund um die Socialitäten kommen. Und muss sich fragen: Wie soll das Netz sein und funktionieren? Wer soll was einsehen können?

@ 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

@ 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.

@ 318ebaba:9a262eae

When connecting to multiple relays in the Nostr protocol, users may encounter several challenges that can affect their overall experience. Here are some of the key issues:

Challenges of Connecting to Multiple Relays

• Performance Issues: The lightweight design of Nostr relays can lead to performance bottlenecks, especially when many users are connected simultaneously. This can result in slow message delivery or even failures in posting messages if the relays are overwhelmed[1][2][32].

• Reliability and Connectivity: Users may experience connectivity problems with certain relays, which can lead to inconsistent access to messages or delays in communication. If a relay goes offline or has connectivity issues, it can disrupt the flow of information, making it difficult for users to send or receive messages reliably[3][4][18].

• Data Synchronization: As users connect to multiple relays, ensuring that data is synchronized across these relays can be challenging. Inconsistent data states may arise if different relays store messages differently or if there are delays in message propagation. This can lead to confusion about which messages have been sent or received[7][41].

• Configuration Complexity: Managing connections to multiple relays requires a certain level of technical knowledge. Users need to configure their clients properly to connect to various relays, which can be daunting for those less familiar with the technology. Misconfigurations can lead to connection failures or suboptimal performance[4][21].

• Spam and Quality Control: With the open nature of Nostr, some relays may be more susceptible to spam or low-quality content. Users connecting to multiple relays might encounter a higher volume of irrelevant or unwanted messages, which can detract from the overall user experience[6][32].

• Security Concerns: When using multiple relays, users must be cautious about the security of their connections. Not all relays may implement the same level of security, and connecting to less secure relays could expose users to risks such as data interception or unauthorized access to their messages[26][27].

In summary, while connecting to multiple relays in Nostr offers benefits such as redundancy and improved access to information, users must navigate various challenges related to performance, reliability, configuration, and security. Addressing these issues is crucial for a smooth and effective experience on the Nostr network.

[1] https://forum.dfinity.org/t/introducing-replicatr-enhancing-nostr-with-internet-computer-integration/31861 [2] https://medium.com/coinmonks/a-deep-dive-into-nostr-clients-with-technical-insights-and-code-snippets-b1666bb11fac [3] nostr:nevent1qqsfvjvg73wxdn7mda28m704r2zv9lnzlcdgh8r0g52lfvy2wj7uw4czyq32rylmsmre84lhxdypy6jlu4dt3fxfwkq9a0p0lqdl9y8hsp0hur4fuw4 [4] https://www.reddit.com/r/nostr/comments/1e6nm68/new_nostream_relay_created_problems_with_publish/ [5] https://www.lynalden.com/the-power-of-nostr/ [6] https://bitcoinmagazine.com/technical/how-nostr-can-improve-bitcoin-privacy [7] https://barelybuggy.blog/2024/11/26/mostr-offline/ [8] https://github.com/scsibug/nostr-rs-relay/issues/126 [9] https://community.umbrel.com/t/nostr-relay-troubleshooting/17828 [10] https://research.dorahacks.io/2024/04/30/nostr-relay-incentive/ [11] https://community.start9.com/t/issue-confirming-nostr-relay/1682 [12] https://arxiv.org/html/2402.05709v1 [13] https://community.umbrel.com/t/nostr-relay-not-connecting/11401 [14] https://www.purplerelay.com/troubleshooting-common-issues-with-nostr-relay-server-a-users-guide/ [15] https://news.ycombinator.com/item?id=35694029 [16] https://substack.com/home/post/p-158872714?utm_campaign=post&utm_medium=web [17] https://stacker.news/items/142013 [18] https://www.reddit.com/r/nostr/comments/1h6admk/are_these_relays_working/ [19] https://news.ycombinator.com/item?id=33746360 [20] https://github.com/scsibug/nostr-rs-relay/issues/195 [21] https://www.purplerelay.com/how-to-run-a-nostr-relay-a-step-by-step-guide/ [22] https://denostr.medium.com/the-future-of-social-communication-nostrs-origins-and-the-next-destination-in-social-networking-27f0c901d7ae [23] nostr:nevent1qqsqwklh29cvf3z0skhh77xyqf3m53xkppcttf3c8nuc2jqteulfx0czyqcgr7epv9hha2v9afp99l5wl0ljna0zum59fzyhl9v8pgv5xlhf5ava642 [24] https://www.reddit.com/r/nostr/comments/15fyr6r/pervasive_private_key_sharing_seems_dangerous/ [25] https://whtwnd.com/agoracitizen.network/3l2fysaripd2q [26] https://ron.stoner.com/nostr_Security_and_Privacy/ [27] https://forums.puri.sm/t/about-what-is-nostr/20764 [28] https://github.com/nostr-protocol/nips/issues/107 [29] https://medium.com/@volodymyrpavlyshyn/security-features-of-nostr-a0276a22e815 [30] nostr:nevent1qqspd8fh3tplxtfhjpka3y3glzh63v3ygsdhacyq8dvyrnxtvl09lpczyr2v7dprke9lad2qk0svug55vxguqv7n3dwn9vm63u8n5n84znxjxedjf6c [31] nostr:nevent1qqs8e2su6n8m2xtg45qdjw7rdcq6w3g5guvt085h52qhg25wxn755sczyrh26kg89z95jqaz4xkex7kaw2t36twtc75vmrfx2k3p3jqvhfa8vzan82f [32] https://www.cointribune.com/en/nostr-et-la-censure-pourquoi-un-reseau-social-decentralise-est-essentiel-2/ [33] nostr:nevent1qqsv86d756zcw32x0zcvqmr924y5sltvwqud0dywny83ndee30zzrmczyrh26kg89z95jqaz4xkex7kaw2t36twtc75vmrfx2k3p3jqvhfa8vwpfv29 [34] https://github.com/nbd-wtf/nostr-tools/issues [35] https://www.voltage.cloud/blog/the-growth-of-nostr-the-era-of-decentralization [36] https://medium.com/@BingVentures/status-quo-challenges-and-prospect-of-decentralized-social-networks-18f9584f2e8d [37] https://www.reddit.com/r/RedditAlternatives/comments/14s8ao4/greetings_im_here_to_tell_you_about_nostr_a/ [38] https://bitcoinmagazine.com/culture/nostr-the-importance-of-censorship-resistant-communication-for-innovation-and-human-progress- [39] https://github.com/mayneyao/eidos/issues/129 [40] https://www.reddit.com/r/nostr/comments/115a8et/data_duplication_and_distribution_in_nostr_relays/ [41] https://github.com/open-nostr/nostar [42] nostr:nevent1qqsryg8zuc9rdwldat385al24mdt56wanc6g6hfymy8l9tgtmzsc4nspzemhxue69uhhyetvv9ujuurjd9kkzmpwdejhg85cx73 [43] https://ckbcn.xlog.app/Nostr-sheng-tai-fa-zhan-xian-zhuang-ji-wen-ti?locale=en [44] nostr:naddr1qqc92mnvda3kk6twvuk5ummnw3ez6ued2phhgetww35kzmpdwa5hg6pdfehhgetyv43kktt08p5hscnkqgsr7acdvhf6we9fch94qwhpy0nza36e3tgrtkpku25ppuu80f69kfqrqsqqqa28aknkml

@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

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

What's new

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

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

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

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

  • For more technical details, see the protocol spec.

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

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

Fixes

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

Blog Post / Archive
GitHub Repo
CCC Guide
Key Teleport site

@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

• 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

@ 866e0139:6a9334e5

Autor: John J. Mearsheimer. Dieser Beitrag wurde mit dem Pareto-Client geschrieben und erschien zuerst auf dem Blog des Autors. Sie finden alle Texte der Friedenstaube und weitere Texte zum Thema Frieden hier.**

Die neuesten Pareto-Artikel finden Sie in unserem Telegram-Kanal.

---

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

---

Die Frage, wer für den Krieg in der Ukraine verantwortlich ist, ist seit dem Einmarsch Russlands in die Ukraine am 24. Februar 2022 ein sehr umstrittenes Thema.Die Antwort auf diese Frage ist von enormer Bedeutung, denn der Krieg war aus verschiedenen Gründen eine Katastrophe, von denen die wichtigste darin besteht, dass die Ukraine praktisch zerstört wurde. Sie hat einen beträchtlichen Teil ihres Territoriums verloren und wird wahrscheinlich noch mehr verlieren, ihre Wirtschaft liegt in Trümmern, eine riesige Zahl von Ukrainern wurde intern vertrieben oder ist aus dem Land geflohen, und sie hat Hunderttausende von Opfern zu beklagen. Natürlich hat auch Russland einen hohen Blutzoll gezahlt. Auf strategischer Ebene sind die Beziehungen zwischen Russland und Europa, ganz zu schweigen von Russland und der Ukraine, auf absehbare Zeit vergiftet, was bedeutet, dass die Gefahr eines größeren Krieges in Europa auch dann noch bestehen wird, wenn der Krieg in der Ukraine zu einem eingefrorenen Konflikt wird. Wer die Verantwortung für diese Katastrophe trägt, ist eine Frage, die nicht so schnell verschwinden wird, sondern eher noch an Bedeutung gewinnen dürfte, je mehr Menschen das Ausmaß der Katastrophe bewusst wird.

Die gängige Meinung im Westen ist, dass Wladimir Putin für den Krieg in der Ukraine verantwortlich sei. Die Invasion habe darauf abgezielt, die gesamte Ukraine zu erobern und sie zu einem Teil eines größeren Russlands zu machen, so die Argumentation. Sobald dieses Ziel erreicht sei, würden die Russen ein Imperium in Osteuropa errichten, ähnlich wie es die Sowjetunion nach dem Zweiten Weltkrieg getan habe. Daher stelle Putin letztlich eine Bedrohung für den Westen dar, der man mit aller Macht begegnen müsse. Kurz gesagt, Putin ist ein Imperialist mit einem Masterplan, der sich nahtlos in die reiche russische Tradition einfügt.

Das alternative Argument, mit dem ich mich identifiziere und das im Westen eindeutig in der Minderheit ist, lautet, dass die Vereinigten Staaten und ihre Verbündeten den Krieg provoziert haben. Damit soll natürlich nicht geleugnet werden, dass Russland in die Ukraine einmarschiert ist und den Krieg begonnen hat. Die Hauptursache des Konflikts ist jedoch der NATO-Beschluss, die Ukraine in das Bündnis aufzunehmen, was praktisch alle russischen Führer als existenzielle Bedrohung ansehen, die beseitigt werden muss. Die NATO-Erweiterung ist jedoch Teil einer umfassenderen Strategie, die darauf abzielt, die Ukraine zu einem westlichen Bollwerk an Russlands Grenze zu machen. Ein Beitritt Kiews zur Europäischen Union (EU) und die Förderung einer farbigen Revolution in der Ukraine – die Umwandlung des Landes in eine prowestliche liberale Demokratie – sind die beiden anderen Säulen dieser Politik. Die russische Führung fürchtet alle drei Bereiche, aber am meisten fürchtet sie die NATO-Erweiterung. Um dieser Bedrohung zu begegnen, hat Russland am 24. Februar 2022 einen Präventivkrieg begonnen.

Die Debatte darüber, wer den Ukraine-Krieg verursacht hat, ist kürzlich aufgeflammt, als zwei prominente westliche Politiker – der ehemalige US-Präsident Donald Trump und der prominente britische Abgeordnete Nigel Farage – das Argument vorbrachten, dass die NATO-Erweiterung die treibende Kraft hinter dem Konflikt sei. Es überrascht nicht, dass ihre Äußerungen von den Verfechtern der konventionellen Meinung mit einem heftigen Gegenangriff beantwortet wurden. Es ist auch erwähnenswert, dass der scheidende NATO-Generalsekretär Jens Stoltenberg im vergangenen Jahr zweimal sagte, dass „Präsident Putin diesen Krieg begonnen hat, weil er die Tür der NATO schließen und der Ukraine das Recht verweigern wollte, ihren eigenen Weg zu wählen“. Kaum jemand im Westen hat dieses bemerkenswerte Eingeständnis des NATO-Chefs in Frage gestellt, und er hat es auch nicht zurückgezogen.

Mein Ziel ist es, einen Überblick über die wichtigsten Punkte zu geben, die die Ansicht stützen, dass Putin nicht in die Ukraine einmarschiert ist, weil er ein Imperialist ist, der die Ukraine zu einem Teil eines größeren Russlands machen will, sondern vor allem wegen der NATO-Erweiterung und der Bemühungen des Westens, die Ukraine zu einer westlichen Hochburg an der Grenze Russlands zu machen.

---

DIE FRIEDENSTAUBE FLIEGT AUCH IN IHR POSTFACH!

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

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.

Lassen Sie mich mit den sieben wichtigsten Gründen für die Ablehnung der herkömmlichen Meinung beginnen.

ERSTENS gibt es schlicht und ergreifend keine Beweise aus der Zeit vor dem 24. Februar 2022, dass Putin die Ukraine erobern und in Russland eingliedern wollte. Vertreter der gängigen Meinung können keine Schriftstücke oder Aussagen von Putin nennen, die darauf hindeuten, dass er die Ukraine erobern wollte.

Wenn man sie zu diesem Punkt befragt, liefern die Verfechter der konventionellen Meinung Hinweise, die wenig oder gar nichts mit Putins Motiven für die Invasion der Ukraine zu tun haben. Einige betonen zum Beispiel, dass er sagte, die Ukraine sei ein „künstlicher Staat“ oder kein „echter Staat“. Solche undurchsichtigen Äußerungen sagen jedoch nichts über die Gründe für seinen Kriegseintritt aus. Dasselbe gilt für Putins Aussage, er betrachte Russen und Ukrainer als „ein Volk“ mit einer gemeinsamen Geschichte. Andere weisen darauf hin, dass er den Zusammenbruch der Sowjetunion als „die größte geopolitische Katastrophe des Jahrhunderts“ bezeichnete. Aber Putin sagte auch: „Wer die Sowjetunion nicht vermisst, hat kein Herz. Wer sie zurückhaben will, hat kein Hirn.“ Andere wiederum verweisen auf eine Rede, in der er erklärte: „Die moderne Ukraine wurde vollständig von Russland geschaffen, genauer gesagt, vom bolschewistischen, kommunistischen Russland.“ Aber das ist kaum ein Beweis dafür, dass er an der Eroberung der Ukraine interessiert war. Außerdem sagte er in der gleichen Rede: „Natürlich können wir die Ereignisse der Vergangenheit nicht ändern, aber wir müssen sie zumindest offen und ehrlich zugeben.“

Um zu beweisen, dass Putin die gesamte Ukraine erobern und Russland einverleiben wollte, muss man nachweisen, dass er 1) dieses Ziel für erstrebenswert hielt, 2) es für machbar hielt und 3) die Absicht hatte, dieses Ziel zu verfolgen. Es gibt in den öffentlichen Aufzeichnungen keine Beweise dafür, dass Putin erwog, geschweige denn beabsichtigte, die Ukraine als unabhängigen Staat zu beenden und sie zu einem Teil Großrusslands zu machen, als er am 24. Februar 2022 seine Truppen in die Ukraine schickte.

Tatsächlich gibt es erhebliche Beweise dafür, dass Putin die Ukraine als unabhängiges Land anerkannte. In seinem bekannten Artikel vom 12. Juli 2021 über die russisch-ukrainischen Beziehungen, der von Befürwortern der konventionellen Meinung oft als Beweis für seine imperialen Ambitionen angeführt wird, sagt er dem ukrainischen Volk: „Ihr wollt einen eigenen Staat gründen: Ihr seid willkommen!“ Zur Frage, wie Russland die Ukraine behandeln sollte, schreibt er: „Es gibt nur eine Antwort: mit Respekt.“ Er schließt seinen langen Artikel mit den folgenden Worten ab: „Und wie die Ukraine aussehen wird – das müssen ihre Bürger entscheiden.“ Diese Aussagen stehen im direkten Widerspruch zu der Behauptung, Putin wolle die Ukraine in ein größeres Russland eingliedern.

In demselben Artikel vom 12. Juli 2021 und erneut in einer wichtigen Rede am 21. Februar 2022 betonte Putin, dass Russland „die neue geopolitische Realität, die nach der Auflösung der UdSSR entstanden ist“, akzeptiere. Diesen Punkt wiederholte er ein drittes Mal am 24. Februar 2022, als er ankündigte, Russland werde in die Ukraine einmarschieren. Insbesondere erklärte er: „Wir haben nicht vor, ukrainisches Territorium zu besetzen“, und machte deutlich, dass er die ukrainische Souveränität respektiere, allerdings nur bis zu einem gewissen Punkt: „Russland kann sich nicht sicher fühlen, sich nicht entwickeln und nicht existieren, wenn es sich einer ständigen Bedrohung durch das Territorium der heutigen Ukraine ausgesetzt sieht.“ Das heißt, Putin war nicht daran interessiert, die Ukraine zu einem Teil Russlands zu machen, sondern er wollte sicherstellen, dass sie nicht zu einem „Sprungbrett“ für westliche Aggressionen gegen Russland wird.

ZWEITENS gibt es keinerlei Hinweise dafür, dass Putin eine Marionettenregierung für die Ukraine vorbereitete, in Kiew prorussische Führungspersönlichkeiten aufbaute oder irgendwelche politischen Maßnahmen verfolgte, die eine Besetzung des gesamten Landes und dessen letztendliche Eingliederung in Russland ermöglichen würden.

Diese Fakten widersprechen der Behauptung, Putin sei daran interessiert gewesen, die Ukraine von der Landkarte zu tilgen. 

**DRITTENS: Putin hatte nicht annähernd genug Truppen, um die Ukraine zu erobern. **

Beginnen wir mit den Gesamtzahlen. Ich schätze seit langem, dass die Russen mit höchstens 190.000 Soldaten in die Ukraine einmarschiert sind. General Oleksandr Syrskyi, der derzeitige Oberbefehlshaber der ukrainischen Streitkräfte, sagte kürzlich in einem Interview mit The Guardian, dass die russische Invasionstruppe nur 100.000 Mann stark war. The Guardian hatte diese Zahl bereits vor Beginn des Krieges genannt. Es ist unmöglich, dass eine Truppe von 100.000 oder 190.000 Mann die gesamte Ukraine erobern, besetzen und in ein Großrussland eingliedern könnte.

Bedenken Sie, dass die Wehrmacht beim deutschen Überfall auf die westliche Hälfte Polens im September 1939 etwa 1,5 Millionen Mann zählte. Die Ukraine ist geografisch mehr als dreimal so groß wie die westliche Hälfte Polens im Jahr 1939, und in der Ukraine leben im Jahr 2022 fast doppelt so viele Menschen wie in Polen zum Zeitpunkt des deutschen Überfalls. Wenn wir die Schätzung von General Syrskyi akzeptieren, dass 100.000 russische Truppen im Jahr 2022 in die Ukraine einmarschierten, bedeutet dies, dass Russland über eine Invasionsstreitmacht verfügte, die 1/15 der Größe der deutschen Streitkräfte war, die in Polen einmarschierten. Und diese kleine russische Armee marschierte in ein Land ein, das sowohl territorial als auch von der Bevölkerungszahl her viel größer war als Polen.

Abgesehen von den Zahlen stellt sich die Frage nach der Qualität der russischen Armee. Zunächst einmal handelte es sich um eine militärische Streitkraft, die in erster Linie dazu bestimmt war, Russland vor einer Invasion zu schützen. Es handelte sich nicht um eine Armee, die für eine Großoffensive zur Eroberung der gesamten Ukraine, geschweige denn zur Bedrohung des übrigen Europas, gerüstet war. Außerdem ließ die Qualität der Kampftruppen zu wünschen übrig, da die Russen nicht mit einem Krieg rechneten, als sich die Krise im Frühjahr 2021 zuzuspitzen begann. Daher hatten sie kaum Gelegenheit, eine qualifizierte Invasionstruppe auszubilden. Sowohl qualitativ als auch quantitativ war die russische Invasionstruppe nicht annähernd mit der deutschen Wehrmacht der späten 1930er und frühen 1940er Jahre vergleichbar.

Man könnte argumentieren, dass die russische Führung dachte, das ukrainische Militär sei so klein und so unterlegen, dass ihre Armee die ukrainischen Streitkräfte leicht besiegen und das ganze Land erobern könnte. Tatsächlich wussten Putin und seine Leutnants sehr wohl, dass die Vereinigten Staaten und ihre europäischen Verbündeten das ukrainische Militär seit Ausbruch der Krise am 22. Februar 2014 bewaffnet und ausgebildet hatten. Die große Befürchtung Moskaus war, dass die Ukraine de facto Mitglied der NATO werden würde. Außerdem beobachteten die russischen Führer, wie die ukrainische Armee, die größer war als ihre Invasionstruppen, zwischen 2014 und 2022 im Donbass erfolgreich kämpfte. Ihnen war sicherlich klar, dass das ukrainische Militär kein Papiertiger war, der schnell und entschlossen besiegt werden konnte, zumal es über eine starke Rückendeckung durch den Westen verfügte.

Schließlich waren die Russen im Laufe des Jahres 2022 gezwungen, ihre Armee aus der Oblast Charkiw und aus dem westlichen Teil der Oblast Cherson abzuziehen. Damit gab Moskau Gebiete auf, die seine Armee in den ersten Tagen des Krieges erobert hatte. Es steht außer Frage, dass der Druck der ukrainischen Armee eine Rolle dabei spielte, den russischen Rückzug zu erzwingen. Vor allem aber erkannten Putin und seine Generäle, dass sie nicht über genügend Kräfte verfügten, um das gesamte Gebiet, das ihre Armee in Charkiw und Cherson erobert hatte, zu halten. Also zogen sie sich zurück und schufen besser kontrollierbare Verteidigungspositionen. Dies ist kaum das Verhalten, das man von einer Armee erwarten würde, die aufgebaut und ausgebildet wurde, um die gesamte Ukraine zu erobern und zu besetzen. Tatsächlich war sie für diesen Zweck nicht konzipiert und konnte daher diese Herkulesaufgabe nicht bewältigen.

VIERTENS: In den Monaten vor Kriegsbeginn versuchte Putin, eine diplomatische Lösung für die sich anbahnende Krise zu finden.

Am 17. Dezember 2021 sandte Putin ein Schreiben an Präsident Joe Biden und NATO-Chef Stoltenberg, in dem er eine Lösung der Krise auf der Grundlage einer schriftlichen Garantie vorschlug, dass: 1) die Ukraine der NATO nicht beitreten würde, 2) keine Angriffswaffen in der Nähe der russischen Grenzen stationiert würden und 3) die seit 1997 nach Osteuropa verlegten NATO-Truppen und -Ausrüstung nach Westeuropa zurückverlegt würden. Was auch immer man von der Machbarkeit einer Einigung auf der Grundlage von Putins Eröffnungsforderungen halten mag, über die die Vereinigten Staaten keine Verhandlungen führen wollten, es zeigt, dass er versuchte, einen Krieg zu vermeiden.

FÜNFTENS: Unmittelbar nach Beginn des Krieges hat Russland der Ukraine die Hand gereicht, um Verhandlungen zur Beendigung des Krieges und zur Ausarbeitung eines Modus Vivendi zwischen den beiden Ländern aufzunehmen.

Die Verhandlungen zwischen Kiew und Moskau begannen in Weißrussland nur vier Tage nach dem Einmarsch russischer Truppen in die Ukraine. Diese weißrussische Schiene wurde schließlich durch eine israelische und eine Istanbuler Schiene ersetzt. Alle verfügbaren Beweise deuten darauf hin, dass Russland ernsthaft verhandelte und nicht an der Übernahme ukrainischen Territoriums interessiert war, mit Ausnahme der Krim, die es 2014 annektiert hatte, und möglicherweise des Donbass. Die Verhandlungen endeten, als die Ukrainer auf Drängen Großbritanniens und der Vereinigten Staaten die Verhandlungen abbrachen, die zum Zeitpunkt ihrer Beendigung gute Fortschritte gemacht hatten.

Darüber hinaus berichtet Putin, dass er, als die Verhandlungen stattfanden und Fortschritte machten, gebeten wurde, als Geste des guten Willens die russischen Truppen aus dem Gebiet um Kiew abzuziehen, was er am 29. März 2022 tat. Keine westliche Regierung und kein ehemaliger Politiker hat diese Behauptung Putins angefochten, die in direktem Widerspruch zu seiner Behauptung steht, er wolle die gesamte Ukraine erobern.

SECHSTENS: Abgesehen von der Ukraine gibt es nicht den geringsten Hinweis darauf, dass Putin die Eroberung anderer osteuropäischer Länder ins Auge gefasst hat.

Außerdem ist die russische Armee nicht einmal groß genug, um die gesamte Ukraine zu überrennen, ganz zu schweigen von dem Versuch, die baltischen Staaten, Polen und Rumänien zu erobern. Außerdem sind alle diese Länder NATO-Mitglieder, was mit ziemlicher Sicherheit einen Krieg mit den Vereinigten Staaten und ihren Verbündeten bedeuten würde.

**SIEBTENS: Kaum jemand im Westen behauptete, Putin habe imperiale Ambitionen, seit er im Jahr 2000 die Macht übernahm, bis zum Beginn der Ukraine-Krise am 22. Februar 2014. Zu diesem Zeitpunkt wurde er plötzlich zum imperialen Aggressor. Warum? Weil die westlichen Staats- und Regierungschefs einen Grund brauchten, ihm die Schuld für die Krise zu geben. **

Der wohl beste Beweis dafür, dass Putin in den ersten vierzehn Jahren seiner Amtszeit nicht als ernsthafte Bedrohung angesehen wurde, ist die Tatsache, dass er auf dem NATO-Gipfel im April 2008 in Bukarest ein geladener Gast war, auf dem das Bündnis bekannt gab, dass die Ukraine und Georgien schließlich Mitglieder werden würden. Putin war natürlich erzürnd über diese Entscheidung und machte seinem Unmut Luft. Sein Widerstand gegen diese Ankündigung hatte jedoch kaum Auswirkungen auf Washington, da das russische Militär als zu schwach eingeschätzt wurde, um eine weitere NATO-Erweiterung zu verhindern, so wie es auch bei den Erweiterungswellen von 1999 und 2004 zu schwach gewesen war, um sie aufzuhalten. Der Westen glaubte, er könne Russland die NATO-Erweiterung noch einmal aufzwingen.

Außerdem war die NATO-Erweiterung vor dem 22. Februar 2014 nicht darauf ausgerichtet, Russland einzudämmen. Angesichts des traurigen Zustands der russischen Militärmacht war Moskau nicht in der Lage, die Ukraine zu erobern, geschweige denn eine revanchistische Politik in Osteuropa zu verfolgen. Der ehemalige US-Botschafter in Moskau, Michael McFaul, der ein entschiedener Verfechter der Ukraine und scharfer Kritiker Putins ist, stellt bezeichnenderweise fest, dass die Einnahme der Krim durch Russland im Jahr 2014 vor Ausbruch der Krise nicht geplant war; es war eine impulsive Reaktion auf den Putsch, der den prorussischen Führer der Ukraine stürzte. Kurz gesagt, die NATO-Erweiterung war nicht dazu gedacht, eine russische Bedrohung einzudämmen, weil der Westen nicht glaubte, dass es eine solche gab.

Erst als im Februar 2014 die Ukraine-Krise ausbrach, begannen die Vereinigten Staaten und ihre Verbündeten plötzlich, Putin als gefährlichen Führer mit imperialen Ambitionen und Russland als ernsthafte militärische Bedrohung zu beschreiben, die die NATO eindämmen müsse. Dieser abrupte Wechsel der Rhetorik sollte einem wesentlichen Zweck dienen: dem Westen die Möglichkeit zu geben, Putin für die Krise verantwortlich zu machen und den Westen von der Verantwortung freizusprechen. Es überrascht nicht, dass diese Darstellung Putins nach dem Einmarsch Russlands in die Ukraine am 24. Februar 2022 deutlich an Zugkraft gewann.

Eine Abweichung von der gängigen Meinung ist erwähnenswert. Einige argumentieren, dass die Entscheidung Moskaus, in die Ukraine einzumarschieren, wenig mit Putin selbst zu tun hat und stattdessen Teil einer expansionistischen Tradition ist, die lange vor Putin bestand und tief in der russischen Gesellschaft verwurzelt ist. Dieser Hang zur Aggression, der angeblich von inneren Kräften und nicht von Russlands äußerem Bedrohungsumfeld angetrieben wird, hat im Laufe der Zeit praktisch alle russischen Führer dazu gebracht, sich ihren Nachbarn gegenüber gewalttätig zu verhalten. Es lässt sich nicht leugnen, dass Putin in dieser Geschichte das Sagen hat oder dass er Russland in den Krieg geführt hat, aber es heißt, dass er wenig Einfluss hat. Fast jeder andere russische Führer hätte genauso gehandelt.

Es gibt zwei Probleme mit diesem Argument. Erstens ist es nicht widerlegbar, da der langjährige Charakterzug in der russischen Gesellschaft, der diesen aggressiven Impuls hervorrufe, nie identifiziert wurde. Es heißt, die Russen seien schon immer aggressiv gewesen – egal, wer an der Macht sei – und würden es auch immer sein. Es ist fast so, als ob es in ihrer DNA läge. Die gleiche Behauptung wurde einst über die Deutschen aufgestellt, die im zwanzigsten Jahrhundert oft als angeborene Aggressoren dargestellt wurden. Derartige Argumente werden in der akademischen Welt aus gutem Grund nicht ernst genommen.

Außerdem bezeichnete zwischen 1991 und 2014, als die Ukraine-Krise ausbrach, kaum jemand in den Vereinigten Staaten oder Westeuropa Russland als von Natur aus aggressiv. Außerhalb Polens und der baltischen Staaten wurde die Angst vor russischer Aggression in diesen 24 Jahren nicht häufig geäußert, was man erwarten würde, wenn die Russen zu Aggressionen veranlagt wären. Es scheint klar, dass das plötzliche Auftauchen dieser Argumentation eine bequeme Ausrede war, um Russland die Schuld für den Ukrainekrieg zu geben.  

***

Lassen Sie mich einen anderen Gang einlegen und die DREI HAUPTGRÜNDE darlegen, die dafür sprechen, dass die NATO-Erweiterung die Hauptursache für den Ukraine-Krieg war.

**ERSTENS sagten russische Führer aller Art vor Kriegsbeginn wiederholt, dass sie die NATO-Erweiterung in die Ukraine als eine existenzielle Bedrohung betrachten, die beseitigt werden muss. **

Putin hat diese Argumentation bereits vor dem 24. Februar 2022 mehrfach öffentlich dargelegt. In einer Rede vor dem Vorstand des Verteidigungsministeriums am 21. Dezember 2021 erklärte er: „Was sie in der Ukraine tun oder versuchen oder planen, findet nicht Tausende von Kilometern entfernt von unserer Landesgrenze statt. Es geschieht direkt vor unserer Haustür. Sie müssen verstehen, dass wir uns einfach nirgendwo mehr hin zurückziehen können. Glauben sie wirklich, dass wir diese Bedrohungen nicht wahrnehmen? Oder glauben sie, dass wir tatenlos zusehen werden, wie Bedrohungen für Russland entstehen?“ Zwei Monate später, auf einer Pressekonferenz am 22. Februar 2022, nur wenige Tage vor Kriegsbeginn, sagte Putin: „Wir sind kategorisch gegen einen NATO-Beitritt der Ukraine, weil dies eine Bedrohung für uns darstellt, und wir haben Argumente, die dies unterstützen. Ich habe in diesem Saal wiederholt darüber gesprochen.“ Dann machte er deutlich, dass er begreift, dass die Ukraine ein Defacto-Mitglied der NATO werde. Die Vereinigten Staaten und ihre Verbündeten, sagte er, „pumpen die derzeitigen Kiewer Machthaber weiterhin mit modernen Waffentypen voll“. Er fuhr fort, dass Moskau, wenn dies nicht gestoppt werde, „mit einem bis an die Zähne bewaffneten 'Antirussland' dastehen würde. Das ist völlig inakzeptabel.“

Auch andere führende russische Politiker - darunter der Verteidigungsminister, der Außenminister, der stellvertretende Außenminister und der russische Botschafter in Washington - betonten die zentrale Bedeutung der NATO-Erweiterung als Auslöser der Ukraine-Krise. Außenminister Sergej Lawrow brachte es auf einer Pressekonferenz am 14. Januar 2022 auf den Punkt: „Der Schlüssel zu allem ist die Garantie, dass die NATO nicht nach Osten expandieren wird.“

Man hört oft das Argument, die russischen Befürchtungen seien unbegründet, weil es keine Chance gebe, dass die Ukraine dem Bündnis in absehbarer Zukunft beitreten würde, wenn überhaupt. Tatsächlich wird behauptet, die Vereinigten Staaten und ihre europäischen Verbündeten hätten der Aufnahme der Ukraine in die NATO vor dem Krieg wenig Aufmerksamkeit geschenkt. Aber selbst wenn die Ukraine dem Bündnis beitreten würde, wäre dies keine existenzielle Bedrohung für Russland, da die NATO ein Verteidigungsbündnis ist. Daher kann die NATO-Erweiterung weder eine Ursache der ursprünglichen Krise gewesen sein, die im Februar 2014 ausbrach, noch des Krieges, der im Februar 2022 begann. 

Diese Argumentation ist falsch. Tatsächlich bestand die westliche Reaktion auf die Ereignisse von 2014 darin, die bestehende Strategie zu verdoppeln und die Ukraine noch näher an die NATO heranzuführen. Das Bündnis begann 2014 mit der Ausbildung des ukrainischen Militärs und bildete in den folgenden acht Jahren durchschnittlich 10.000 Soldaten pro Jahr aus. Im Dezember 2017 beschloss die Trump-Regierung, Kiew mit „Verteidigungswaffen“ zu versorgen. Andere NATO-Länder zogen bald nach und lieferten noch mehr Waffen an die Ukraine. Darüber hinaus begannen die ukrainische Armee, Marine und Luftwaffe, an gemeinsamen Militärübungen mit NATO-Streitkräften teilzunehmen. Die Bemühungen des Westens, das ukrainische Militär zu bewaffnen und auszubilden, erklären zu einem großen Teil, warum es im ersten Kriegsjahr so ​​gut gegen die russische Armee abschnitt. Eine Schlagzeile im Wall Street Journal vom April 2022 lautete: „Das Geheimnis des militärischen Erfolgs der Ukraine: Jahrelange NATO-Ausbildung.“ 

Abgesehen von den laufenden Bemühungen des Bündnisses, das ukrainische Militär zu einer schlagkräftigeren Kampftruppe zu machen, die an der Seite der NATO-Truppen operieren kann, gab es im Westen im Laufe des Jahres 2021 eine neue Begeisterung für die Aufnahme der Ukraine in die NATO. Gleichzeitig vollzog Präsident Zelensky, der nie viel Enthusiasmus für eine Aufnahme der Ukraine in das Bündnis gezeigt hatte und im März 2019 auf der Grundlage einer Plattform gewählt wurde, die zur Zusammenarbeit mit Russland bei der Beilegung der anhaltenden Krise aufrief, Anfang 2021 einen Kurswechsel und befürwortete nicht nur die NATO-Mitgliedschaft der Ukraine, sondern vertrat auch eine harte Linie gegenüber Moskau.

Präsident Biden, der im Januar 2021 ins Weiße Haus einzog, hatte sich seit langem für die Aufnahme der Ukraine in die NATO eingesetzt und war ein Superfalke gegenüber Russland. Es überrascht nicht, dass die NATO am 14. Juni 2021 auf ihrem jährlichen Gipfel in Brüssel ein Kommuniqué herausgab, in dem es hieß: „Wir bekräftigen den auf dem Gipfel von Bukarest 2008 gefassten Beschluss, dass die Ukraine Mitglied des Bündnisses wird.“ Am 1. September 2021 besuchte Zelensky das Weiße Haus, wo Biden klarstellte, dass die Vereinigten Staaten „fest entschlossen“ seien, „die euro-atlantischen Bestrebungen der Ukraine zu unterstützen“. Am 10. November 2021 unterzeichneten Außenminister Antony Blinken und sein ukrainischer Amtskollege Dmytro Kuleba ein wichtiges Dokument - die „Charta der strategischen Partnerschaft zwischen den USA und der Ukraine“. Das Ziel beider Parteien, so heißt es in dem Dokument, ist es, „das Engagement für die Durchführung tiefgreifender und umfassender Reformen in der Ukraine zu unterstreichen, die für eine vollständige Integration in die europäischen und euro-atlantischen Institutionen erforderlich sind.“ Es bekräftigt auch ausdrücklich das Engagement der USA für die „Bukarester Gipfelerklärung von 2008“.

Es scheint kaum Zweifel daran zu geben, dass die Ukraine auf dem besten Weg war, bis Ende 2021 Mitglied der NATO zu werden. Dennoch argumentieren einige Befürworter dieser Politik, dass sich Moskau keine Sorgen über dieses Ergebnis hätte machen müssen, denn „die NATO ist ein Verteidigungsbündnis und stellt keine Bedrohung für Russland dar“. Aber das ist nicht die Meinung Putins und anderer russischer Politiker über die NATO, und es kommt darauf an, was sie denken. Kurz gesagt, es steht außer Frage, dass Moskau den Beitritt der Ukraine zur NATO als eine existenzielle Bedrohung ansah, die nicht hingenommen werden durfte.

ZWEITENS erkannte eine beträchtliche Anzahl einflussreicher und hoch angesehener Persönlichkeiten im Westen vor dem Krieg, dass die Expansion der NATO – insbesondere in die Ukraine – von der russischen Führung als tödliche Bedrohung angesehen werden und schließlich zur Katastrophe führen würde.

William Burns, der heute die CIA leitet („heute“ leitet John Ratcliffe die CIA, aktualisieren ODER am Anfang des Textes klarstellen, dass er schon älter ist ODER „heute“ streichen und „leitete“ statt „leitet“), aber zum Zeitpunkt des NATO-Gipfels in Bukarest im April 2008 US-Botschafter in Moskau war, verfasste ein Memo an die damalige Außenministerin Condoleezza Rice, in dem er die russischen Überlegungen zur Aufnahme der Ukraine in die Allianz prägnant beschreibt. „Der Beitritt der Ukraine zur NATO“, so schrieb er, „ist für die russische Elite (nicht nur für Putin) die klarste aller roten Linien. In den mehr als zweieinhalb Jahren, in denen ich Gespräche mit den wichtigsten russischen Akteuren geführt habe, von Scharfmachern in den dunklen Nischen des Kremls bis hin zu Putins schärfsten liberalen Kritikern, habe ich noch niemanden gefunden, der die Aufnahme der Ukraine in die NATO als etwas anderes betrachtet als eine direkte Herausforderung für die russischen Interessen.“ Die NATO, so sagte er, „würde als ein strategischer Fehdehandschuh angesehen werden. Das heutige Russland wird darauf reagieren. Die russisch-ukrainischen Beziehungen würden auf Eis gelegt ... Das würde einen fruchtbaren Boden für russische Einmischungen auf der Krim und in der Ostukraine schaffen.“

Burns war 2008 nicht der einzige westliche Entscheidungsträger, der erkannte, dass die Aufnahme der Ukraine in die NATO mit Gefahren verbunden war. Auf dem Bukarester Gipfel sprachen sich sowohl die deutsche Bundeskanzlerin Angela Merkel als auch der französische Präsident Nicolas Sarkozy gegen eine NATO-Mitgliedschaft der Ukraine aus, weil sie wussten, dass dies Russland alarmieren und verärgern würde. Merkel erklärte kürzlich ihre Ablehnung: „Ich war mir sehr sicher, ... dass Putin das nicht einfach zulassen wird. Aus seiner Sicht wäre das eine Kriegserklärung“.

Um noch einen Schritt weiter zu gehen: Zahlreiche amerikanische Politiker und Strategen sprachen sich in den 1990er Jahren gegen die Entscheidung von Präsident Clinton aus, die NATO zu erweitern, als diese Entscheidung noch zur Debatte stand. Diesen Gegnern war von Anfang an klar, dass die russische Führung darin eine Bedrohung ihrer lebenswichtigen Interessen sehen würde und dass diese Politik letztlich in eine Katastrophe münden würde. Die Liste der Gegner umfasst prominente Persönlichkeiten des Establishments wie George Kennan, sowohl Präsident Clintons Verteidigungsminister William Perry als auch seinen Vorsitzenden des Vereinigten Generalstabs, General John Shalikashvili, Paul Nitze, Robert Gates, Robert McNamara, Richard Pipes und Jack Matlock, um nur einige zu nennen.

Die Logik von Putins Position sollte für Amerikaner, die seit langem der Monroe-Doktrin verpflichtet sind, vollkommen verständlich sein. Diese besagt, dass keine entfernte Großmacht ein Bündnis mit einem Land in der westlichen Hemisphäre eingehen und ihre militärischen Streitkräfte dort stationieren darf. Die Vereinigten Staaten würden einen solchen Schritt als existenzielle Bedrohung auffassen und alles tun, um diese Gefahr zu beseitigen. Dies geschah natürlich auch während der Kubakrise 1962, als Präsident Kennedy den Sowjets klar machte, dass ihre Atomraketen aus Kuba abgezogen werden müssten. Putin ist zutiefst von derselben Logik beeinflusst. Schließlich wollen Großmächte nicht, dass sich entfernte Großmächte in ihrem Hinterhof ansiedeln.

DRITTENS: Die zentrale Bedeutung der tiefen Angst Russlands vor einem NATO-Beitritt der Ukraine wird durch zwei Entwicklungen seit Kriegsbeginn verdeutlicht.

Während der Istanbuler Verhandlungen, die unmittelbar nach Beginn der Invasion stattfanden, machten die Russen deutlich, dass die Ukraine eine „dauerhafte Neutralität“ akzeptieren müsse und der NATO nicht beitreten könne. Die Ukrainer akzeptierten die Forderung Russlands ohne ernsthaften Widerstand, sicherlich weil sie wussten, dass es sonst unmöglich wäre, den Krieg zu beenden. In jüngerer Zeit, am 14. Juni 2024, stellte Putin zwei Forderungen, die die Ukraine erfüllen müsse, bevor er einem Waffenstillstand und der Aufnahme von Verhandlungen zur Beendigung des Krieges zustimmen würde. Eine dieser Forderungen war, dass Kiew „offiziell“ erklärt, „dass es seine Pläne, der NATO beizutreten, aufgibt“.

Das alles ist nicht überraschend, denn Russland hat die Ukraine in der NATO immer als existenzielle Bedrohung gesehen, die um jeden Preis verhindert werden muss. Diese Logik ist die treibende Kraft hinter dem Ukraine-Krieg.

Schließlich ist aus der Verhandlungsposition Russlands in Istanbul sowie aus Putins Äußerungen zur Beendigung des Krieges in seiner Ansprache vom 14. Juni 2024 klar ersichtlich, dass er nicht daran interessiert ist, die gesamte Ukraine zu erobern und sie zu einem Teil eines größeren Russlands zu machen.

---

John Joseph Mearsheimer (* 14. Dezember 1947 in Brooklyn, New York City) ist ein US-amerikanischer Politikwissenschaftler an der University of Chicago. Sein Schwerpunkt ist die Analyse internationaler Beziehungen aus der Perspektive des offensiven Neorealismus, den er erstmals 2001 in seiner Monografie The Tragedy of Great Power Politics darstellte.

---

Dieser Text von John J. Mearsheimer erschien am 5.8.2024 auf Substack.Vielen Dank für die Genehmigung des Autors zum Abdruck der deutschen Übersetzung. Die Übersetzung wurde von Thomas Mayer erstellt. 

Neben der NATO-Osterweiterung gibt es weitere Faktoren die zum Ukraine-Krieg führten, zum Beispiel der Nationalismus in der Ukraine und die Unterdrückung der ethnisch-russischen Bevölkerung.

Ausführlich sind die vielschichtigen Hintergründe des Ukraine-Krieges geschildert in dem Buch von Thomas Mayer: Wahrheitssuche im Ukraine-Krieg – Um was es wirklich geht, 600 Seiten, ISBN 978-3-89060-863-1, Infos zum Buch: https://kurzelinks.de/h10a

---

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.

@ bf95e1a4:ebdcc848

This is a part of the Bitcoin Infinity Academy course on Knut Svanholm's book Bitcoin: Sovereignty Through Mathematics. For more information, check out our Geyser page!

The Years Ahead

The Lindy Effect is a theory that describes the future life expectancy of a technology or an idea. It states that an idea’s expected remaining lifespan is proportional to its current age so that every additional period of survival implies a longer remaining life expectancy. Bitcoin, which is not only an idea but also a technology and a social experiment, is ten years old now, and therefore, we can expect it to stay around for at least another ten.

At the time of writing, there are exactly 17,669,941 bitcoins around, and twelve and a half new ones are created every ten minutes. 17,669,941 is about 84% of the total supply, that is, the total amount of Bitcoin that will ever exist. Ten years from now, around twenty million Bitcoin will have been found, three more block reward halvings will have taken place, and the reward for each block found will be 1.5625 Bitcoin. The whole world will have a little more than two and a half million new Bitcoin around. This is to be compared with the more than seventeen and a half million that were created during the last ten years when they were cheap and relatively easy to come by. In the network’s first couple of years, you could acquire several Bitcoin by just claiming them from special websites called faucets every once in a while. The US dollar’s cumulative rate of inflation was 15.6 percent during this period. This means that each dollar lost more than one sixth of its value in the last ten years due to quantitative easing, which is the central banker’s term for counterfeiting. It is very unlikely that the cumulative rate of inflation for the US dollar in the upcoming ten years will be any lower than these 15.6 percent since the fractional reserve lending system requires a little more inflation each year to sustain itself. So, a little less than 2.5 million new Bitcoin to share and at least 20% more US dollars in circulation to buy them with.

Now, let’s look at the Internet itself. Metcalfe’s Law states that the value of a communications network is proportional to the number of users on the network squared. Each new Internet user is a potential new Bitcoin user, especially in those places on the planet where there’s poor Internet connectivity because those places often have a weak local currency that Bitcoin functions as a hedge against. In 2008, 23% of the world’s population had access to the Internet, and in 2018, that number was 48%. In the developing world, the numbers were 14% in 2008 and 41% in 2018. The global numbers might not double again in the forthcoming ten years, but it looks like they’ll keep on rising, especially in developing countries, where they might just double again. All of these indicators (less Bitcoin, more fiat money, more Internet users) point toward a rising Bitcoin price, regardless of its current valuation. Bitcoin has risen in value extremely fast and has added, on average, an additional zero at the end of its price figure roughly every three years. Can it really keep on doing so? Think about the underlying forces that drive the price up. Every single mobile device could potentially hold Bitcoin, yet only a select few do. When more and more people embrace the technology, the whole fear of missing out cycle starts again, and the price jumps up to the next plateau. Note also that every current Bitcoin user can do three things with his or her coins: sell them, lose them, or hold them. On top of this, nothing is stopping an existing Bitcoin user from acquiring more coins.

Bitcoin is an Internet protocol that is very resistant to change. It showed an unprecedented example of this in late 2017 when all of the biggest companies in Bitcoin decided that they were going to implement the proposed Segregated Witness upgrade and then hard fork to 2-megabyte blocks a couple of months later. Segregated Witness, which most users wanted, was activated, but the network’s users resisted the 2-megabyte block hard fork. This led to a lot of frustration among the proponents of the hard fork and led to the creation of a copycat altcoin called Bitcoin Cash. The price of both tokens rose quickly in the aftermath of the fork, but in hindsight, the event was more of a train robbery than a Christmas gift — confusing at best. Segregated Witness does not only free up block space, but it also allows for Layer 2 scaling solutions to be built on top of Bitcoin, such as the Lightning Network. The Lightning Network allows for instant, completely anonymous, nearly free micro-transactions that do not take up block space, and it is up and running right now. In addition to this, the number of Lightning Network transactions that can be carried out simultaneously is only limited by the bandwidth of the nodes. This makes the Lightning Network a future real competitor to Visa or Mastercard. Many other Layer 2 upgrades are in the works, but the core Bitcoin network functions the same way it always has with its inputs and outputs, its public and private keys, and so on.

Will some other token ever replace Bitcoin, then? After all, more efficient protocols are out there. Short answer: no. This has been mentioned several times before in this book, but it can’t be stressed enough. Scarcity on the Internet was a one-time discovery. It was a one-time invention, and it cannot be repeated because resistance to replicability is the invention. Bitcoin’s history and unique position are what makes it truly scarce and resistant to change, and these first ten years will not repeat themselves for any “alternative” token. There is still a lot of confusion about what Bitcoin is, and the idea of sound money on the Internet is a hard concept to grasp since humans haven’t ever encountered absolute scarcity before. The best path forward for any person is arguably to educate him- or herself and others about the invention and what it means. Time will tell whether your sources were true or false, and it is unlikely that Bitcoin will achieve mass adoption in the next couple of years. Still, the infrastructure is in place, and the interfaces of its surrounding software, like wallets, are getting more and more user-friendly every day. Remember, the iPhone was first introduced to the world in 2007, and smartphones had enormous corporate marketing to help them succeed all along the way. Bitcoin grows organically. Let it breathe and watch it evolve but whatever you do, don’t miss the opportunity and acquire some while you still can, at this discounted price.

About the Bitcoin Infinity Academy

The Bitcoin Infinity Academy is an educational project built around Knut Svanholm’s books about Bitcoin and Austrian Economics. Each week, a whole chapter from one of the books is released for free on Highlighter, accompanied by a video in which Knut and Luke de Wolf discuss that chapter’s ideas. You can join the discussions by signing up for one of the courses on our Geyser page. Signed books, monthly calls, and lots of other benefits are also available.

@ 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

---

"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.

@ 8bad92c3:ca714aa5

Key Takeaways

Michael Goldstein, aka Bitstein, presents a sweeping philosophical and economic case for going “all in” on Bitcoin, arguing that unlike fiat, which distorts capital formation and fuels short-term thinking, Bitcoin fosters low time preference, meaningful saving, and long-term societal flourishing. At the heart of his thesis is “hodling for good”—a triple-layered idea encompassing permanence, purpose, and the pursuit of higher values like truth, beauty, and legacy. Drawing on thinkers like Aristotle, Hoppe, and Josef Pieper, Goldstein redefines leisure as contemplation, a vital practice in aligning capital with one’s deepest ideals. He urges Bitcoiners to think beyond mere wealth accumulation and consider how their sats can fund enduring institutions, art, and architecture that reflect a moral vision of the future.

Best Quotes

“Let BlackRock buy the houses, and you keep the sats.”

“We're not hodling just for the sake of hodling. There is a purpose to it.”

“Fiat money shortens your time horizon… you can never rest.”

“Savings precedes capital accumulation. You can’t build unless you’ve saved.”

“You're increasing the marginal value of everyone else’s Bitcoin.”

“True leisure is contemplation—the pursuit of the highest good.”

“What is Bitcoin for if not to make the conditions for magnificent acts of creation possible?”

“Bitcoin itself will last forever. Your stack might not. What will outlast your coins?”

“Only a whale can be magnificent.”

“The market will sell you all the crack you want. It’s up to you to demand beauty.”

Conclusion

This episode is a call to reimagine Bitcoin as more than a financial revolution—it’s a blueprint for civilizational renewal. Michael Goldstein reframes hodling as an act of moral stewardship, urging Bitcoiners to lower their time preference, build lasting institutions, and pursue truth, beauty, and legacy—not to escape the world, but to rebuild it on sound foundations.

Timestamps

00:00 - Intro
00:50 - Michael’s BBB presentation Hodl for Good
07:27 - Austrian principles on capital
15:40 - Fiat distorts the economic process
23:34 - Bitkey
24:29 - Hodl for Good triple entendre
29:52 - Bitcoin benefits everyone
39:05 - Unchained
40:14 - Leisure theory of value
52:15 - Heightening life
1:15:48 - Breaking from the chase makes room for magnificence
1:32:32 - Nakamoto Institute’s mission

Transcript

(00:00) Fiat money is by its nature a disturbance. If money is being continually produced, especially at an uncertain rate, these uh policies are really just redistribution of wealth. Most are looking for number to go up post hyper bitcoinization. The rate of growth of bitcoin would be more reflective of the growth of the economy as a whole.
(00:23) Ultimately, capital requires knowledge because it requires knowing there is something that you can add to the structures of production to lengthen it in some way that will take time but allow you to have more in the future than you would today. Let Black Rockck buy the houses and you keep the sats, not the other way around.
(00:41) You wait until later for Larry Frink to try to sell you a [Music] mansion. And we're live just like that. Just like that. 3:30 on a Friday, Memorial Day weekend. It's a good good good way to end the week and start the holiday weekend. Yes, sir. Yes, sir. Thank you for having me here. Thank you for coming. I wore this hat specifically because I think it's I think it's very apppropo uh to the conversation we're going to have which is I hope an extension of the presentation you gave at Bitblock Boom Huddle for good. You were working on
(01:24) that for many weeks leading up to uh the conference and explaining how you were structuring it. I think it's a very important topic to discuss now as the Bitcoin price is hitting new all-time highs and people are trying to understand what am I doing with Bitcoin? Like you have you have the different sort of factions within Bitcoin.
(01:47) Uh get on a Bitcoin standard, get on zero, spend as much Bitcoin as possible. You have the sailors of the world are saying buy Bitcoin, never sell, die with your Bitcoin. And I think you do a really good job in that presentation. And I just think your understanding overall of Bitcoin is incredible to put everything into context. It's not either or.
(02:07) It really depends on what you want to accomplish. Yeah, it's definitely there there is no actual one-sizefits-all um for I mean nearly anything in this world. So um yeah, I mean first of all I mean there was it was the first conference talk I had given in maybe five years. I think the one prior to that uh was um bit block boom 2019 which was my meme talk which uh has uh become infamous and notorious.
(02:43) So uh there was also a lot of like high expectations uh you know rockstar dev uh has has treated that you know uh that that talk with a lot of reference. a lot of people have enjoyed it and he was expecting this one to be, you know, the greatest one ever, which is a little bit of a little bit of a uh a burden to live up to those kinds of standards.
(03:08) Um, but you know, because I don't give a lot of talks. Um, you know, I I I like to uh try to bring ideas that might even be ideas that are common. So, something like hodling, we all talk about it constantly. uh but try to bring it from a little bit of a different angle and try to give um a little bit of uh new light to it.
(03:31) I alsove I've I've always enjoyed kind of coming at things from a third angle. Um whenever there's, you know, there's there's all these little debates that we have in in Bitcoin and sometimes it's nice to try to uh step out of it and look at it a little more uh kind of objectively and find ways of understanding it that incorporate the truths of of all of them.
(03:58) uh you know cuz I think we should always be kind of as much as possible after ultimate truth. Um so with this one um yeah I was kind of finding that that sort of golden mean. So uh um yeah and I actually I think about that a lot is uh you know Aristotle has his his concept of the golden mean. So it's like any any virtue is sort of between two vices um because you can you can always you can always take something too far.
(04:27) So you're you're always trying to find that right balance. Um so someone who is uh courageous you know uh one of the vices uh on one side is being basically reckless. I I can't remember what word he would use. Uh but effectively being reckless and just wanting to put yourself in danger for no other reason than just you know the thrill of it.
(04:50) Um and then on the other side you would just have cowardice which is like you're unwilling to put yourself um at any risk at any time. Um, and courage is right there in the middle where it's understanding when is the right time uh to put your put yourself, you know, in in the face of danger um and take it on. And so um in some sense this this was kind of me uh in in some ways like I'm obviously a partisan of hodling.
(05:20) Um, I've for, you know, a long time now talked about the, um, why huddling is good, why people do it, why we should expect it. Um, but still trying to find that that sort of golden mean of like yes, huddle, but also what are we hodling for? And it's not we're we're not hodddling just merely for the sake of hodddling.
(05:45) There there is a a purpose to it. And we should think about that. And that would also help us think more about um what are the benefits of of spending, when should we spend, why should we spend, what should we spend on um to actually give light to that sort of side of the debate. Um so that was that was what I was kind of trying to trying to get into.
(06:09) Um, as well as also just uh at the same time despite all the talk of hodling, there's always this perennial uh there's always this perennial dislike of hodlers because we're treated as uh as if um we're just free riding the network or we're just greedy or you know any of these things. And I wanted to show how uh huddling does serve a real economic purpose.
(06:36) Um, and it does benefit the individual, but it also does uh it it has actual real social um benefits as well beyond merely the individual. Um, so I wanted to give that sort of defense of hodling as well to look at it from um a a broader position than just merely I'm trying to get rich. Um uh because even the person who uh that is all they want to do um just like you know your your pure number grow up go up moonboy even that behavior has positive ramifications on on the economy.
(07:14) And while we might look at them and have uh judgments about their particular choices for them as an individual, we shouldn't discount that uh their actions are having positive positive effects for the rest of the economy. Yeah. So, let's dive into that just not even in the context of Bitcoin because I think you did a great job of this in the presentation.
(07:36) just you've done a good job of this consistently throughout the years that I've known you. Just from like a first principles Austrian economics perspective, what is the idea around capital accumulation, low time preference and deployment of that capital like what what like getting getting into like the nitty-gritty and then applying it to Bitcoin? Yeah, it's it's a big question and um in many ways I mean I I even I barely scratched the surface.
(08:05) uh I I can't claim to have read uh all the volumes of Bombber works, you know, capital and interest and and stuff like that. Um but I think there's some some sort of basic concepts that we can look at that we can uh draw a lot out. Um the first uh I guess let's write that. So repeat so like capital time preference. Yeah. Well, I guess getting more broad like why sav

@ 57d1a264:69f1fee1

18-07 HOLIDAY HOME by OFFICE INAINN reimagines the traditional hytte, creating two interconnected cabins, H_G30 and H_G32, located near the scenic Geiranger–Trollstigen route. Set on a steep hillside 148 meters above sea level, the design embraces modern functionality while offering stunning southern views of Storfjorden and minimizing environmental impact.

Blending into the Landscape

The cabins are designed to integrate gently into the natural terrain, following the contours of the hillside. Their horizontal layout reduces the visual impact, blending into the forested surroundings while opening up to the fjord. The minimal footprint respects the environment and reduces construction costs, ensuring the cabins remain nearly invisible from the north while fully engaging with the southern panorama.

Functional, Additive Architecture

Inspired by traditional Norwegian architecture, each cabin consists of two overlapping modules of varying heights, breaking up the building mass and reducing roof size. The higher module serves as the circulation space, while the lower module contains the private and living areas. This approach replaces conventional walls with functional form, creating distinct zones for movement, utility, and relaxation.

Harmonizing Tradition with Modern Living

The cabins follow an east-west retaining wall that mirrors the hill’s natural slope, with additional storage and leisure spaces tucked behind. The shallow depth allows maximum southern exposure for light and views, while the central axis blurs the boundary between indoor and outdoor living, creating a seamless connection to nature.

For more info https://inainn.eu/18-07-holiday-home/

https://stacker.news/items/1000386

@ 044da344:073a8a0e

Es ist merkwürdig, wie sich die Dinge manchmal fügen. Himmelfahrt bin ich mit den beiden größeren Enkeln, 2 und 4, in einen Zirkus gegangen. Wir mussten ein wenig suchen, okay, haben das Zelt aber irgendwann entdeckt am Ufer des Regen. Ich könnte schreiben: klein, aber fein, so richtig trifft es das jedoch nicht. Klein schon. Ich will hier auch nicht schimpfen, weil sich die Zirkusfamilie alle Mühe gegeben hat, einen preisgekrönten Artisten dabeihatte (Silberner Clown in Monte Carlo) und sogar reichlich Tiere in die Manege brachte. Vier Araberpferde, zwei Dromedare, einen Esel und Ziegen.

Dann aber kamen die Katzen. Richtig gelesen. Katzen dort, wo es Tiger, Löwen, Bären gegeben hat, als ich selbst noch ein Kind war. Ich meine gar nicht die großen Zelte in der DDR, Berolina, Busch oder Aeros. Diese Riesen verirrten sich nicht in einen Badeort auf Rügen. Die Wiese gleich hinter unserem Haus gehörte ab Anfang der 1980er Rüdiger Probst, alle paar Jahre wieder. Ein junger Mann, der gar nicht so viel älter war als ich, keine Angst vor großen Tieren hatte und mit einem Salto von Pferd zu Pferd sprang. In einem kleinen Zirkus wie gesagt, für ein paar Groschen und meist vor vollem Haus. Mit den Enkeln hatte ich jetzt allen Platz der Welt und hinterher ein leeres Portemonnaie. Sieben Euro allein für Popcorn (es gab nur eine Tütengröße) und fünf (freiwillig) für ein paar Möhrenstücke, damit die Kinder in der Pause was zum Füttern in der Hand hatten.

Am Abend dann das neue Buch von Matthias Krauß. „Die falschen Fragen gestellt“. Ich habe mich ein wenig gewundert, als das Paket im Kasten lag, weil der Autor vor gar nicht allzu langer Zeit einen „einseitigen Waffenstillstand“ ausgerufen hatte und Schluss machen wollte mit seinem Kampf gegen die „Aufarbeitungsindustrie“ und mit der Verteidigung der DDR. Ich zitiere einfach aus meiner Rezension von 2019:

Matthias Krauß, 1960 in Hennigsdorf geboren, weiß natürlich, was da alles im Argen lag. Er hat selbst an der Sektion Journalistik studiert und in den späten 1980ern noch ein wenig für die Parteipresse gearbeitet. „Apologetisch“, sagt er. Vor allem Innen- und Wirtschaftspolitik. Sein Aber: erstens die Kultur. Begegnungen vor allem mit dem, was in Osteuropa so an Filmen, Serien, Kunst produziert wurde. Punkt zwei: „der einfache Mensch“. „Ungleich häufiger“ im Bild als heute. Und drittens „gab es eine prinzipielle und grundsätzliche Kritik“ am Westen und am Kapitalismus.

Der Zirkus am Ufer des Regen. Ein totes Pferd soll man nicht reiten. Deshalb tauche ich ein in ein Buch, das etwas schafft, was selbst ich nicht für möglich gehalten habe. Matthias Krauß singt ein Loblied auf den DDR-Journalismus, ohne dass es peinlich wird. Er bleibt dabei ganz bei sich – bei der Mappe mit Zeitungsausschnitten, die er als Schüler angelegt hat, bei den Aktbildern im Magazin, das sein Vater abonniert hatte und das dem Sohn auch jenseits der Erotik ganze Welten öffnete, bei einem Porträt, das ihm die Lokalzeitung 1977 widmete.

Das Schöne ist: Matthias Krauß hat das alles aufgehoben und darf jetzt als reifer Mann zurückschauen – als Journalist, der später auch die andere Seite erlebt hat, folglich vergleichen kann und vor allem niemandem mehr nach dem Mund reden muss. Die „Qualität der Bilder“, okay. Eher „Kartoffeldruck“ als Zeitung. Die immer gleichen alten Männer, klar. Die Grenzen, die jedes Parteiorgan hat und die auch ein junger Mann wie Krauß schon zu spüren bekam. Aber eben auch Texte, die nah dran waren am Leben (vor allem an der Arbeit) und ihre Leser ernst nahmen. Matthias Krauß ist nach dem Studium 1986 Redakteur der Jugendseite des Potsdamer SED-Blatts geworden und ruft den Journalismusforschern heute zu: Vergleicht doch einfach die Bravo mit dem Neuen Leben, einer Zeitschrift, die damals sein Leitstern war und immer ausverkauft. These von Matthias Krauß: Das Neue Leben

war vielseitiger, anspruchsvoller und in jeder Hinsicht höherwertiger als die Bravo-Post, mit dem endlos einfältigen Star-Rummel, den auf Kauf und Konsum orientierten Modetipps, dem Klatsch und Abklatsch und den klischeehaften Rollenbildern – Ausdruck des insgesamt unpolitischen Grundanspruchs. Nun gut, aus exakt diesem Grund wird dieser Vergleich wohl niemals stattfinden. (S. 103)

Matthias Krauß hat ein kaum zu schlagendes Argument auf seiner Seite: Er, der SED-Propagandist, hatte nach 1990 schnell wieder das Vertrauen des Publikums, das er „bei Lichte besehen“ vielleicht gar nicht verdiente, aber allein wegen seiner Herkunft bekam (S. 116). Und: Er kann sogar jemanden zitieren, der die Ernte-Berichterstattung vermisst, Hassobjekt von Lesern wie von Journalisten – einen Landwirt aus dem Westen, der dort sehen konnte, wie weit die Kollegen waren, was sie wie machten und wie sie auf das Wetter reagierten (S. 166).

Ich gebe zu: Ich habe eine Schwäche für autobiografische Texte. Solche Bücher erlauben mir, all das mit Leben zu füllen, was in den Akten bald zu Staub zerfällt. Ich habe ein Fußballregal (gleich zweimal Lothar Matthäus!), eine DDR-Abteilung, Erinnerungen von Wissenschaftlern und natürlich Journalisten. Da längst nicht jeder schreibt, der etwas zu sagen hat, helfe ich immer wieder nach und sammle als Interviewer Lebensgeschichten ein. Matthias Krauß dürfte einer der ersten ostdeutschen Medienmenschen aus der Geburtskohorte um 1960 sein, der sich öffentlich äußert und dabei nicht einfach das nachbetet, was ohnehin schon überall steht.

Das gilt auch jenseits des Themas Journalismus. Der Wehrdienst, für mich bis heute ein Albtraum, wird von Matthias Krauß als „Entscheidung für eine Art persönlicher Freiheit“ interpretiert (S. 43). Mit 18 unabhängig sein von den Eltern und dann auch ohne Geldsorgen studieren können. Leipzig war für ihn in den 1980ern nicht nur Uni-Standort, sondern auch „Messestadt“ und damit „Weltstadt“ (S. 50). Und der Aufregung um jede DDR-Exmatrikulation, die er keineswegs schönredet, werden „die Millionen Opfer der Demokratisierung“ gegenübergestellt und das laute gesamtdeutsche Schweigen nicht nur in diesem Punkt (S. 58).

Was das alles mit dem Zirkus zu tun hat? Matthias Krauß hat in der DDR das Motto für sein Leben als Journalist gefunden – bei der Arbeit mit einem Parteisoldaten, der einfach nicht rauswollte aus dem Korsett, das die Genossen über sein Leben geworfen hatten.

Ja, sagte ich mir, stelle immer die falschen Fragen. (S. 153)

In Sachen Zirkus liegen alle Antworten auf dem Tisch. Meine Trauer habe ich schon vor mehr als zehn Jahren verarbeitet. Mal schauen, was die Enkel eines Tages dazu sagen.

Matthias Krauß: Die falschen Fragen gestellt. Journalist in zwei deutschen Staaten. Berlin: Das Neue Berlin 2025, 189 Seiten, 18 Euro.

Michael Meyen: Videos

Freie Akademie für Medien & Journalismus

Unterstützen

@ 7f6db517:a4931eda

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

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

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

---

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

@ 57d1a264:69f1fee1

HTX Studio received a special email. The letter writer's daughter was unfortunately run over by a heavy truck on her way to school, and her right hand permanently lost its function. When using the computer, her hands have to frequently switch between the keyboard and the mouse, which makes typing very slow and tiring. He wanted us to make a one-handed keyboard for his daughter.

https://www.youtube.com/watch?v=9vW12gQ4Klc

The project has just been open-sourced at https://github.com/htx-studio/One-Handed-Keyboard and hopes to be helpful to those who need it. In English for you below:

One-Handed Keyboard

This is a single-mode mechanical keyboard with integrated trackball. The firmware uses QMK . Thanks to all the developers who have contributed to the QMK community.

Keyboard production reference: [Mr. He] We made a special keyboard...

Open source hardware: HTXStudio one-handed keyboard

GitHub repository

Gitee repository

The development environment and setup are available here , and the firmware source code is available here .

The information in this warehouse includes:

• A total of 8 PCBs for three keyboards for the left and right hands, provided by EasyEDA Engineering.
• VIA key change configuration file and compiled firmware.
• Model design files.

---

Warehouse directory structure

Docs

Data sheet and pictures of the chip.

Firmware

QMK firmware for three different keyboard models, and JSON files for VIA key changes.

Hardware

Project files of Jialichuang EDA.

Model

Model files and processing files used by each keyboard model.

---

Production Guide

PCB：

1-Right-hand keyboard-hot-swappable (large): board material FR-4, board thickness 1.6mm, four-layer board, laminate structure JLC04161H-3313, impedance control +/-20%.

1-Left-hand keyboard-welding board (small): board material FR-4, board thickness 1.6mm, double-layer board, ALPS yellow axis needs to be installed with a little force when inserted.

1-Left-hand keyboard-hot-swappable (large): board material FR-4, board thickness 1.6mm, four-layer board, laminate structure JLC04161H-3313, impedance control +/-20%.

2-TypeC: board material FR-4, board thickness 1.6mm, double-layer board, marked CON1 (only for large keyboards).

3-Trackball: board material FR-4, board thickness 1.6mm, double-layer board, the module needs to pay attention to the welding direction, marked CON3.

4- Mouse wheel: board material FR-4, board thickness 1.6mm, double-layer board, it is recommended to use 7mm high encoder, 6mm high button, button trigger pressure ≤180g, marked CON2.

5-Directional buttons: board material FR-4, board thickness 1.6mm, double-layer board, ALPS yellow shaft needs to be inserted with a little force, marked CON4.

6- Main control board - left hand (small): board material FR-4, board thickness 1.6mm, double-layer board.

• Three of them are keyboard-controlled common boards 《3-轨迹球》《4-鼠标滚轮》《5-方向按键》.
• 《5-方向按键》And 《1-左手键盘-焊板(小)》, the key axis uses ALPS yellow axis.
• Note that the left and right hand keyboards are not completely mirrored.
• The trackball control uses SPI1 channel, and the scroll wheel has two separate signal lines, which allows replacing other control devices without major adjustments.
• The main control uses STM32G431CBU6.
• Compatible with A to C or C to C data cables.

Printout:

Keycap: resin, PLA, etc.

Trackball seat: resin, PLA, etc.

Left and right mouse buttons: resin, PLA, etc.

Shell: resin, PLA, etc.

Base: resin, PLA, etc.

Processing:

Positioning plate: Recommended material: pom, thickness 1.5mm.

Positioning plate cotton strip: glue left on one side.

Sandwich cotton: Recommended material is poron, 3.5mm thick.

Axle seat cotton: 2mm thick.

Bottom cotton: Recommended material: poron, 4mm thick.

Silicone pad (for keypad only): 5mm thick, hardness Shore 00-10.

other:

Trackball: diameter 25mm, material PTFE.

Lubricating ball: 2mm diameter, made of PTFE, installed in the printed trackball seat, 6 pieces in number.

Roller: Recommended diameter is between 19mm-20mm, thickness is between 4mm-5mm, and material is metal.

Satellite axis: 2U steel plate satellite axis.

Key switches: 57 ultra-small ALPS yellow switches for the small keyboard and 57 common mechanical switches for the large keyboard.

Cable arrangement: spacing 0.5mm, 8P reverse, 10cm2 strips, 15cm2 strips.

• The FPC sockets of the control board and the small board are both marked with CON, and the corresponding interfaces are connected.
• The file uses an FPC cable holder that can be connected up and down. It should be noted that when the cable holders are connected down, use reverse cable connection.

Model structure:

Installation order:

Take the large keyboard as an example

Pre-assembly work

• First, connect the 4 small PCBs to the keyboard body PCB using cables and burn the program.
• Install 3-5 shafts, rollers and trackballs. Make sure they function normally before assembly.
• Install the correct hot-melt copper nuts at the corresponding positions of the printed shell and base.
• Keycap printing.
• Attach the cotton strips to the protruding parts of the positioning plate (both on the front and back sides).

When burning the firmware for the first time, you can press and hold the button marked "B" on the back of the PCB and then plug in the USB cable to burn the firmware.

If you want to update the firmware, you can press and hold the "ESC" key on the keyboard and then insert the USB cable to burn the firmware.

For more information, please refer to Flashing Your Keyboard (QMK)

Next, start assembling

1. Use screws to install the 4 small boards to the corresponding positions of the base (pay attention to the wiring and installation direction), and install screws at the bottom of the trackball base.
2. Fix the left and right buttons on the keyboard PCB with screws.
3. From bottom to top, place the bottom cotton, shaft seat cotton, keyboard PCB, sandwich cotton and positioning plate into the fan-shaped area of ​​the base in order.
4. Insert the key switch.
5. Put it into the housing and secure it with screws from the bottom.
6. Install the keycaps to complete the assembly.

The screw and nut installation guide can be found here

Finally, this is our first open source project. If there are any shortcomings, you are welcome to criticize and correct us. Thank you.

---

References

Quantum Mechanical Keyboard Firmware

mrjohnk. ADNS-9800. GitHub repository

https://x.com/HTX_Studio/status/1929915992349782206

https://stacker.news/items/1000384

@ da8b7de1:c0164aee

Nukleáris technológiai és projektfejlesztési hírek

Több jelentős nemzetközi fejlemény történt a nukleáris energia területén. A Westinghouse Electric Company megkapta az amerikai Energiaügyi Minisztériumtól a kulcsfontosságú biztonsági jóváhagyást az eVinci mikroreaktorához, ami fontos lépés ennek az innovatív nukleáris technológiának a bevezetése felé. A vállalat Idaho államban tervezi egy tesztreaktor létesítését, ami jól mutatja, hogy a mikroreaktorok piaca egyre nagyobb lendületet kap.

Eközben a nukleáris kapacitás gyors bővítéséhez szükséges ellátási lánc felkészültsége volt a fő témája a World Nuclear Association első konferenciájának. Jelentős projektfrissítések között szerepel a kritikus turbinakomponensek beszerelése a kínai Haiyang atomerőműben, az indiai Mahi Banswara Rajasthan Atomerőmű négy blokkjára vonatkozó szabályozói engedély, valamint egy új olaszországi partnerség, a Nuclitalia, amely fejlett nukleáris technológiákra fókuszál. Belgiumban a Nukleáris Kutatóközpont hivatalos konzultációkat indított egy ólom-hűtésű kis moduláris reaktor (SMR) ügyében, Brazília pedig bejelentette, hogy Oroszországgal közösen fejleszt SMR-projektet.

Szabályozási és biztonsági aktualitások

A Nemzetközi Atomenergia-ügynökség (IAEA) meghosszabbította a tanulmányok benyújtási határidejét a közelgő, nukleáris létesítmények ellenállóképességéről szóló konferenciájára, hangsúlyozva a nukleáris létesítmények alkalmazkodásának fontosságát a klímaváltozás jelentette növekvő kockázatokhoz. A konferenciát 2025 októberében rendezik Bécsben, és fő témája a nukleáris létesítmények biztonságának és ellenállóképességének növelése lesz, különös tekintettel a külső eseményekre, mint az árvizek és földrengések.

Kanadában a Nukleáris Biztonsági Bizottság engedélyezte az Ontario Power Generation számára, hogy megkezdje egy BWRX-300 típusú reaktor építését a Darlington New Nuclear Project helyszínén, ami a nukleáris építkezések folyamatos szabályozói támogatását mutatja. Az Egyesült Államokban a Nukleáris Szabályozási Bizottság további 20 évvel meghosszabbította a Duke Energy Oconee atomerőművi blokkjainak üzemeltetési engedélyét, valamint támogatást nyújtott a michigani Palisades atomerőmű újraindításához.

Iparági és gazdasági trendek

Az iparági vezetők optimistán nyilatkoztak a nukleáris energia jelenlegi helyzetéről, kiemelve az Egyesült Államokban zajló aktív projekteket (például a TerraPower Wyomingban és az X-energy együttműködése a Dow vállalattal), valamint a fejlett nukleáris üzemanyaggyártásba irányuló magánbefektetések növekedését. Felmerült az is, hogy a Világbank nukleáris projekteket is finanszírozhatna, ami tovább ösztönözhetné a globális beruházásokat, és megerősítené a nukleáris energia szerepét az energetikai átmenetben.

Belgiumban a kormány és az Engie közüzemi vállalat végleges megállapodást kötött a Tihange 3 és Doel 4 reaktorok üzemidejének tíz évvel történő meghosszabbításáról, amely az energiabiztonságot és a radioaktív hulladék kezelését is szolgálja. Németországban a nukleáris technológiai szövetség hangsúlyozta, hogy akár hat, nemrégiben leállított reaktor újraindítása technikailag megvalósítható, és a nukleáris energia biztonságos, gazdaságos, valamint klímabarát alternatívát jelent.

Nemzetközi együttműködés és kutatás

Kanadában a Prodigy Clean Energy és a Serco közel jár a szállítható atomerőművek tesztprogramjának befejezéséhez, amelynek középpontjában a biztonság és az extrém helyzetekben való ellenállóképesség áll. Az EnergySolutions és a WEC Energy Group új nukleáris kapacitás létesítését vizsgálja a wisconsini Kewaunee helyszínen, és előzetes engedélyeket kívánnak szerezni a jövőbeni telepítéshez.

Az IAEA ismételten hangsúlyozta, hogy kész támogatni a Zaporizzsjai Atomerőműre vonatkozó megállapodásokat, amely továbbra is orosz katonai ellenőrzés alatt áll, kiemelve a térségben fennálló geopolitikai és biztonsági kihívásokat.

---

Források:
world-nuclear-news.org
nucnet.org
iaea.org
ans.org

@ cae03c48:2a7d6671

Bitcoin Magazine

President Trump’s Truth Social Files S-1 Form For Bitcoin ETF

Today, Trump Media and Technology Group Corp. (Nasdaq, NYSE Texas: DJT) filed with the US Securities and Exchange Commission (SEC) a Form S-1 for their upcoming Truth Social Bitcoin ETF.

The ETF, which will hold bitcoin directly, is designed to track the bitcoin’s price performance. 

“Truth Social Bitcoin ETF, B.T. is a Nevada business trust that issues beneficial interests in its net assets,” stated the Form S-1. “The assets of the Trust consist primarily of bitcoin held by a custodian on behalf of the Trust. The Trust seeks to reflect generally the performance of the price of bitcoin.”

The ETF is sponsored by Yorkville America Digital, LLC and will trade under NYSE Arca. The Trust’s assets primarily consist of bitcoin held by Foris DAX Trust Company, LLC, the designated bitcoin custodian. Crypto.com will act as the ETF’s prime execution agent and liquidity provider.

“Shares will be offered to the public from time to time at varying prices that will reflect the price of bitcoin and the trading price of the Shares on New York Stock Exchange Arca, Inc. at the time of the offer,” mentioned the Form S-1.

While the ETF offers investors a regulated avenue for bitcoin exposure, the Trust warned of several risks related to digital assets:

• Loss, theft, or compromise of private keys could result in permanent loss of bitcoin.
• Bitcoin’s reliance on blockchain and Internet technologies makes it vulnerable to disruptions and cyber threats.
• Environmental and regulatory pressures tied to high electricity use in bitcoin mining could impact market stability.
• Potential forks or protocol failures in the Bitcoin Network may lead to volatility and uncertainty in asset value.

Last week, during an interview at the 2025 Bitcoin Conference, Donald Trump Jr. announced that TMTG and Truth Social were forming a Bitcoin treasury with $2.5 billion. “We’re seriously on crypto—we’re seriously on Bitcoin,” said Trump Jr. “We’re in three major deals. I believe we’re at the beginning of what will be the future of finance. And the opportunity is massive.”

The day after that interview, Eric Trump and Donald Trump Jr., joined by American Bitcoin Executive Chairman and Board Member Mike Ho, CEO Matt Prusak, and Altcoin Daily founder Aaron Arnold, discussed the future of Bitcoin.

“The whole system is broken and now all of the sudden you have crypto which solves all the problems,” commented Eric Trump. “It makes everything cheaper, it makes everything faster, it makes it safer, it makes it more transparent. It makes the whole system more functional.“

“Everybody wants Bitcoin. Everybody is buying Bitcoin,” Eric added.

This post President Trump’s Truth Social Files S-1 Form For Bitcoin ETF first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

@ 57d1a264:69f1fee1

There is a certain image that pops up whenever people think about crushing soda cans. It is the kind of scene you see in movies, where a brawny athlete flattens an empty can with a single squeeze, probably in front of a cheering crowd. The reality, however, is far less cinematic. Most of us barely manage a dent before abandoning the can, sending it tumbling toward the trash bin, often missing the target entirely and hoping no one noticed. It is hardly the stuff of legends, unless you consider fumbling for a runaway soda can an athletic event.

In the end, the Yeti Can Crusher is more than just a clever gadget. It is a reminder that even the simplest chores can be transformed into moments of enjoyment, especially when the right tool is involved. There is a certain thrill in turning a dull task into a satisfying ritual, and when you add a dash of style, suddenly recycling is not just good for the planet, it is actually a little bit fun. With the right crusher in your hand, you might just find yourself looking forward to the next empty can.

Curious to learn more? https://www.yeti.com/outdoor-living/20110010027.html

https://stacker.news/items/1000380

@ 0c65eba8:4a08ef9a

For most of human history, the sexual marketplace was well-regulated.

We are speaking here in general terms. Not every culture got it right, and some were deeply dysfunctional. But wherever marriage, parental investment, and the moral care of children were prioritized, those societies dramatically outcompeted their neighbors.

Incentive structures that supported strong families produced surplus: economic, cultural, and human. Weak ones collapsed.

Why? Because the production of highly competent, capable, mentally and emotionally secure adults is the highest-return activity humanity has ever engaged in. Nothing else provides such a powerful, generational return on investment as raising children into competent adults at scale.

While environment shapes culture and even genetics over time, it is people themselves, their values, behaviors, and internal structure, that determine the quality of every institution and innovation that follows. Get the people right, and the rest follows.

Take Athens, for example. Its golden age wasn’t built on sexual freedom, but on carefully arranged marriages, legally enforced paternity, and multi-generational households. This wasn’t repression, it was coordination, domestication. And it worked.

By the time these norms matured, the sexual marketplace was governed by a complex web of family expectations, religious rules, cultural norms, and community enforcement. Sex was not isolated from responsibility. It was embedded in systems designed to ensure reciprocity, stability, and legacy.

Above all, it was aimed at protecting the vulnerable:

• Women were shielded from bad marriages and abandonment.

• Children were guarded from fatherlessness, abuse and neglect.

• Men were protected from being forced to raise another man's child.

This governance wasn’t repressive. It was protective. It aligned biology, morality, and law to preserve what mattered most.

Marriage was not just a personal bond. It was an intergenerational contract. It linked families, preserved bloodlines, and protected children.

In fact, how well your sexual marketplace was regulated was a clear class signifier. Among the lowest strata of society, mating was often chaotic, driven by instinct, convenience, or desperation. But as you moved up the social hierarchy, norms became stricter, expectations higher, and matchmaking more deliberate. The most successful classes were the ones that invested the most in supporting marriage, disciplining sexual behavior, and preparing the next generation.

This worked for thousands of years to build the west one family at a time.

Then we tore it all down.

The very structure that made sex, love, and family sustainable was dismantled. We became irresponsibly individualistic.

Now, everyone says they want institutional solutions.

But very few understand what that would require, what it demands of us, what it disrupts, and what it will take to build something stable.

This isn’t about dating tips. This is about rebuilding the moral and legal architecture of the sexual domain, so that it works for families, for children, and for civilization again.

You can feel it needs to be done, even if you can’t describe it exactly. Something sacred has been shattered, and pretending it’s working only deepens the misery.

We live in the ruins of what used to be a functioning system. The decline isn’t just visible in the data, it saturates the emotional landscape of daily life. Modern dating feels transactional. Sex is hollow. Women are uncertain. Men are lost. Families are rare and fragile. "Adults" are immature.

And the worst part? Most people think this is normal.

It’s not. It’s a moral, social and institutional collapse. And if we dont fix it, it will be followed by an extinction of western people and culture.

What Happened?

The sexual revolution did to sexual norms what firing the police would do to public safety.

It removed the enforcers of reciprocity, parents, churches, norms, and law, and replaced them with "freedom."

But what replaced regulation wasn’t liberation. It was chaos and predation.

The sexual revolution did not liberate anyone. It dismantled the governance systems that once made mating intelligible and reciprocal:

• Parents, churches, and community elders no longer guide young people toward marriage.

• Legal structures no longer incentivize fidelity or protect paternity.

• Cultural norms no longer bind sex to responsibility, or love to legacy.

What replaced these governance systems wasn’t freedom. It was the stripping away of oversight and consequence. And just like in economics, when you deregulate a high-stakes market, you don’t get utopia, you get predation.

• Divorce soared

• Marriage collapsed

• Anxiety, depression, inceldom, and sterility rose

• Families disintegrated

The result was not a paradise of pleasure. It was a battlefield of broken hearts. The infamous war of the sexes.

It gave us blurred lines between desire and coercion. Propaganda saturated the culture, making vulnerable people pliable, not free. Women were told casual sex meant power. Men learned how to seduce without commitment. Children were conceived under illusion and discarded under regret.

Many had sex believing it would lead to a relationship. It didn’t. Others had children out of wedlock, thinking it would bring stability. It didn’t. Some aborted those children when reality collided with fantasy. Others raised them alone, unsupported, ashamed.

It taught men they had no right to expect paternity. It taught women to mistake attention for commitment. It taught both sexes to expect betrayal.

The social trust required for family life was gutted. And the pain is no longer anecdotal. It is systemic. It's become the new normal.

And no amount of personal effort or success can fully protect you from that institutional decay.

You might build a good life, a strong marriage, a stable home. But you do not live in a vacuum. Your children must still navigate this broken marriage economy. They must form relationships in a world shaped by lies, instability, and betrayal.

You are surrounded by people who were never taught what love is, never shown how to lead a family, never given the structure needed to make good decisions. And their collapse affects you. Their sons may pursue your daughters. Their daughters may carry into your family the wounds of fatherlessness.

You are not exempt from institutional failure, because you live within its consequences every day.

This Isn’t Just About Personal Choices. It’s About Incentives.

You’ve heard enough advice about what you can do: vet better, save yourself for marriage, build character, avoid degeneracy. That’s not what this article is about.

This is about how we fix the structure.

If we want to rebuild civilizational stability, we must re-regulate the sexual marketplace. That means:

• Reintroducing strict moral and legal constraints on sexual behavior

• Promoting courtship norms and family formation at the institutional level

• Creating strong disincentives for single parenthood and non-reciprocal mating

• Restoring incentives for intergenerational involvement in match-making and marital stability

We do this not by going backward, but by going deeper.

By building new institutions, new incentives, and new legitimacy that reward responsibility, protect the vulnerable, and make family formation achievable again for ordinary people, not just the elite.

The Pain Will Force the Change

This may sound impossible to those immersed in the present. But the future is not shaped by what is tolerated, it is shaped by what becomes unbearable.

And this relational economy is becoming unbearable.

The incentives will shift. What was considered impossible yesterday, and still feels improbable today, will become inevitable tomorrow. The only question is whether the solutions we implement will solve the real problem or merely replace one set of dysfunctions with another.

This is where Natural Law matters.

Natural Law gives us something no ideology can: decidability. It offers clarity in confusion, boundaries grounded in reality, and the ability to calculate what leads to order, and what leads to collapse.

Using Natural Law, we can:

• Diagnose the root causes of imbalance between the sexes

• Define what reciprocity looks like in the sexual domain

• Design institutions that reinforce mutual obligation, not exploitation

• Create feedback loops that correct deviation rather than institutionalize it

This isn’t wishful thinking, it’s a social systems design method based on reality. And the longer we delay in applying it, the more damage will compound.

The loneliness, sterility, mistrust, and despair are not sustainable. Not biologically. Not socially. Not civilizationally. Eventually, society will snap back.

And those who understand what went wrong, and are building what comes next, will become the architects of the new order.

Not because they imposed their will. But because they offered rule when everyone else offered ruin.

We don’t need more advice. We need new incentives. And those can only be built by men who are no longer waiting for permission.

@ 97c70a44:ad98e322

Vibe coding is taking the nostr developer community by storm. While it's all very exciting and interesting, I think it's important to pump the brakes a little - not in order to stop the vehicle, but to try to keep us from flying off the road as we approach this curve.

In this note Pablo is subtweeting something I said to him recently (although I'm sure he's heard it from other quarters as well):

nostr:nevent1qvzqqqqqqypzp75cf0tahv5z7plpdeaws7ex52nmnwgtwfr2g3m37r844evqrr6jqy2hwumn8ghj7un9d3shjtnyv9kh2uewd9hj7qghwaehxw309aex2mrp0yh8qunfd4skctnwv46z7qg6waehxw309ac8junpd45kgtnxd9shg6npvchxxmmd9uqzq0z48d4ttzzkupswnkyt5a2xfkhxl3hyavnxjujwn5k2k529aearwtecp4

There is a naive, curmudgeonly case for simply "not doing AI". I think the intuition is a good one, but the subject is obviously more complicated - not doing it, either on an individual or a collective level, is just not an option. I recently read Tools for Conviviality by Ivan Illich, which I think can help us here. For Illich, the best kind of tool is one which serves "politically interrelated individuals rather than managers".

This is obviously a core value for bitcoiners. And I think the talks given at the Oslo Freedom Forum this year present a compelling case for adoption of LLMs for the purposes of 1. using them for good, and 2. developing them further so that they don't get captured by corporations and governments. Illich calls both the telephone and print "almost ideally convivial". I would add the internet, cryptography, and LLMs to this list, because each one allows individuals to work cooperatively within communities to embody their values in their work.

But this is only half the story. Illich also points out how "the manipulative nature of institutions... have put these ideally convivial tools at the service of more [managerial dominance]."

Preventing the subversion and capture of our tools is not just a matter of who uses what, and for which ends. It also requires an awareness of the environment that the use of the tool (whether for virtuous or vicious ends) creates, which in turn forms the abilities, values, and desires of those who inhabit the environment.

The natural tendency of LLMs is to foster ignorance, dependence, and detachment from reality. This is not the fault of the tool itself, but that of humans' tendency to trade liberty for convenience. Nevertheless, the inherent values of a given tool naturally gives rise to an environment through use: the tool changes the world that the tool user lives in. This in turn indoctrinates the user into the internal logic of the tool, shaping their thinking, blinding them to the tool's influence, and neutering their ability to work in ways not endorsed by the structure of the tool-defined environment.

The result of this is that people are formed by their tools, becoming their slaves. We often talk about LLM misalignment, but the same is true of humans. Unreflective use of a tool creates people who are misaligned with their own interests. This is what I mean when I say that AI use is anti-human. I mean it in the same way that all unreflective tool use is anti-human. See Wendell Berry for an evaluation of industrial agriculture along the same lines.

What I'm not claiming is that a minority of high agency individuals can't use the technology for virtuous ends. In fact, I think that is an essential part of the solution. Tool use can be good. But tools that bring their users into dependence on complex industry and catechize their users into a particular system should be approached with extra caution. The plow was a convivial tool, and so were early tractors. Self-driving John Deere monstrosities are a straightforward extension of the earlier form of the technology, but are self-evidently an instrument of debt slavery, chemical dependency, industrial centralization, and degradation of the land. This over-extension of a given tool can occur regardless of the intentions of the user. As Illich says:

There is a form of malfunction in which growth does not yet tend toward the destruction of life, yet renders a tool antagonistic to its specific aims. Tools, in other words, have an optimal, a tolerable, and a negative range.

The initial form of a tool is almost always beneficial, because tools are made by humans for human ends. But as the scale of the tool grows, its logic gets more widely and forcibly applied. The solution to the anti-human tendencies of any technology is an understanding of scale. To prevent the overrun of the internal logic of a given tool and its creation of an environment hostile to human flourishing, we need to impose limits on scale.

Tools that require time periods or spaces or energies much beyond the order of corresponding natural scales are dysfunctional.

My problem with LLMs is:

• Not their imitation of human idioms, but their subversion of them and the resulting adoption of robotic idioms by humans
• Not the access they grant to information, but their ability to obscure accurate or relevant information
• Not their elimination of menial work, but its increase (Bullshit Jobs)
• Not their ability to take away jobs, but their ability to take away the meaning found in good work
• Not their ability to confer power to the user, but their ability to confer power to their owner which can be used to exploit the user
• Not their ability to solve problems mechanistically, but the extension of their mechanistic value system to human life
• Not their explicit promise of productivity, but the environment they implicitly create in which productivity depends on their use
• Not the conversations they are able to participate in, but the relationships they displace

All of these dysfunctions come from the over-application of the technology in evaluating and executing the fundamentally human task of living. AI work is the same kind of thing as an AI girlfriend, because work is not only for the creation of value (although that's an essential part of it), but also for the exercise of human agency in the world. In other words, tools must be tools, not masters. This is a problem of scale - when tool use is extended beyond its appropriate domain, it becomes what Illich calls a "radical monopoly" (the domination of a single paradigm over all of human life).

So the important question when dealing with any emergent technology becomes: how can we set limits such that the use of the technology is naturally confined to its appropriate scale?

Here are some considerations:

• Teach people how to use the technology well (e.g. cite sources when doing research, use context files instead of fighting the prompt, know when to ask questions rather than generate code)
• Create and use open source and self-hosted models and tools (MCP, stacks, tenex). Refuse to pay for closed or third-party hosted models and tools.
• Recognize the dependencies of the tool itself, for example GPU availability, and diversify the industrial sources to reduce fragility and dependence.
• Create models with built-in limits. The big companies have attempted this (resulting in Japanese Vikings), but the best-case effect is a top-down imposition of corporate values onto individuals. But the idea isn't inherently bad - a coding model that refuses to generate code in response to vague prompts, or which asks clarifying questions is an example. Or a home assistant that recognized childrens' voices and refuses to interact.
• Divert the productivity gains to human enrichment. Without mundane work to do, novice lawyers, coders, and accountants don't have an opportunity to hone their skills. But their learning could be subsidized by the bots in order to bring them up to a level that continues to be useful.
• Don't become a slave to the bots. Know when not to use it. Talk to real people. Write real code, poetry, novels, scripts. Do your own research. Learn by experience. Make your own stuff. Take a break from reviewing code to write some. Be independent, impossible to control. Don't underestimate the value to your soul of good work.
• Resist both monopoly and "radical monopoly". Both naturally collapse over time, but by cultivating an appreciation of the goodness of hand-crafted goods, non-synthetic entertainment, embodied relationship, and a balance between mobility and place, we can relegate new, threatening technologies to their correct role in society.

I think in all of this is implicit the idea of technological determinism, that productivity is power, and if you don't adapt you die. I reject this as an artifact of darwinism and materialism. The world is far more complex and full of grace than we think.

The idea that productivity creates wealth is, as we all know, bunk. GDP continues to go up, but ungrounded metrics don't reflect anything about the reality of human flourishing. We have to return to a qualitative understanding of life as whole, and contextualize quantitative tools and metrics within that framework.

Finally, don't believe the hype. Even if AI delivers everything it promises, conservatism in changing our ways of life will decelerate the rate of change society is subjected to and allow time for reflection and proper use of the tool. Curmudgeons are as valuable as technologists. There will be no jobspocalypse if there is sufficient political will to value human good over mere productivity. It's ok to pump the breaks.

@ 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

@ 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.

@ 81022b27:2b8d0644

Here’s the thing: authenticity gives off a vibration: There is so little of it anywhere that we crave it. That’s why an orange guy beats someone who doesn’t mean what they say. Because they don’t really believe a guy in a dress is a woman because that’s what they say they are

People feel vibes and hearing someone lie to their face is offensive. They will follow the guy that at least believes what he is

@ 9ca447d2:fbf5a36d

CANNES, FRANCE – May 2025 — Bitcoin mining made its mark at the world’s most prestigious film gathering this year as Puerto Rican director and producer Alana Mediavilla introduced her feature documentary Dirty Coin: The Bitcoin Mining Documentary at the Marché du Film during the Cannes Film Festival.

The film puts bitcoin mining at the center of a rising global conversation about energy, technology, and economic freedom.

Dirty Coin is the first feature-length documentary to explore bitcoin mining through immersive, on-the-ground case studies.

From rural towns in the United States to hydro-powered sites in Latin America and the Congo, the film follows miners and communities navigating what may be one of the most misunderstood technologies of our time.

The result is a human-centered look at how bitcoin mining is transforming local economies and energy infrastructure in real ways.

To mark its Cannes debut, Mediavilla and her team hosted a packed industry event that brought together leaders from both film and finance.

Dirty Coin debut ceremony at the Marché du Film

Sponsors Celestial Management, Sangha Renewables, Nordblock, and Paystand.org supported the program, which featured panels on mining, energy use, and decentralized infrastructure.

Attendees had the rare opportunity to engage directly with pioneers in the space. A special session in French led by Seb Gouspillou spotlighted mining efforts in the Congo’s Virunga region.

Dirty Coin builds on Mediavilla’s award-winning short film Stranded, which won over 20 international prizes, including Best Short Documentary at Cannes in 2024.

That success helped lay the foundation for the feature and positioned Mediavilla as one of the boldest new voices in global documentary filmmaking.

Alana Mediavilla speaks at the Marché du Film — Cannes Film Festival

“If we’ve found an industry that can unlock stranded energy and turn it into real power for people—especially in regions with energy poverty—why wouldn’t we look into it?” says Mediavilla. “Our privilege blinds us.

“The same thing we criticize could be the very thing that lifts the developing world to our standard of living. Ignoring that potential is a failure of imagination.”

Much like the decentralized network it explores, Dirty Coin is spreading globally through grassroots momentum.

Local leaders are hosting independent screenings around the world, from Roatán and Berlin to São Paulo and Madrid. Upcoming events include Toronto and Zurich, with more cities joining each month.

Mediavilla, who previously worked in creative leadership roles in the U.S. — including as a producer at Google — returned to Puerto Rico to found Campo Libre, a studio focused on high-caliber, globally relevant storytelling from the Caribbean.

She was also accepted into the Cannes Producers Network, a selective program open only to producers with box office releases in the past four years.

Mediavilla qualified after independently releasing Dirty Coin in theaters across Puerto Rico. Her participation in the network gave her direct access to meetings, insights, and connections with the most active distributors and producers working today.

The film’s next public screening will take place at the Anthem Film Festival in Palm Springs on Saturday, June 14 at 2 PM. Additional screenings and market appearances are planned throughout the year at Bitcoin events and international film platforms.

Dirty Coin at the Cannes Film Festival

Watch the Trailer + Access Press Materials

📂 EPK
🎬 Screener
🌍 Host a Screening

Follow the Movement

Instagram: https://www.instagram.com/dirty_coin_official/
Twitter: https://x.com/DirtyCoinDoc
Website: www.dirtycointhemovie.com

@ c9badfea:610f861a

1. Install Food You (it's free and open source)
2. Launch the app and tap the ⚙️ icon
3. Tap Meals and set up your meal schedule (these items will appear on the main screen)
4. Go back and then tap Calorie Goal to configure your daily intake goal
5. Return to the main screen
6. Now you can tap + on a card (e.g. Breakfast) to add a meal
7. Tap + and select Product
8. You can now fill in the details manually
   • Or tap Download Product, paste the URL of the product from OpenFoodFacts (e.g. https://world.openfoodfacts.org/product/6111242101180/lait-entier-uht-jaouda), and then tap Download
9. Tap Create
10. You can now adjust intake details like servings
11. Tap Save
12. Add more products and recipes and start tracking your nutrition!

ℹ️ Once you have created enough products, you can tap + on a meal card on the main screen, then tap + and select Recipe to create recipes from products

ℹ️ Internet connection is only used to optionally fetch product details via URLs; otherwise, the app works completely offline

@ 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

@ 81022b27:2b8d0644

D.D. Palmer was a magnetic healer, a visionary who tapped into the unseen forces of life. He founded chiropractic on the premise that the body’s innate intelligence governs health, and that misalignments—whether called subluxations, blockages, or interferences—disrupt this flow.

This is not a medical concept; it’s a metaphysical one, rooted in the belief that life transcends mere mechanics.

As a profession, we’ve been too concerned with what others think of us, particularly the medical community. In our desperation for acceptance, we’ve diluted our essence.

Some chiropractors advocate abandoning the term “subluxation” because it sounds archaic or unscientific. Personally, I don’t care for the word either—it often leaves my clients’ eyes glazed over. I prefer “blockages” or “interference” to convey the concept in a way that resonates.

But replacing these with medical jargon? That’s a betrayal of our roots.

What we cannot do is conform to a biomedical model that reduces the body to a machine. Chiropractic is not about treating symptoms or mimicking physical therapy. It’s about restoring the body’s connection to its innate wisdom, allowing healing to unfold naturally.

This is our strength, our uniqueness. To abandon it is to board the Titanic just before it sails—a sinking ship of soulless reductionism.

I believe chiropractic needs to embrace its metaphysical heritage boldly. We must stop apologizing for being different and instead educate the public on what we truly offer: a holistic approach that honors the body’s intelligence.

This means refining our language to be clear and relatable without sacrificing our principles. It means training chiropractors to communicate with confidence, not defensiveness. It means building a community that celebrates our philosophy rather than chasing validation from skeptics.

The future of chiropractic lies in authenticity. Let’s stop trying to fit into someone else’s paradigm. We are not medicine’s younger sibling; we are a distinct voice in healthcare. By standing firm in our metaphysical roots, we can inspire a world desperate for holistic solutions. The choice is ours: evolve as a vibrant, principled profession or sink under the weight of conformity. I choose evolution.

@ 81022b27:2b8d0644

Have you seen the show Poker Face on Peacock streaming? Natasha Lyonne plays a casino worker character who has the ability to tell if someone is telling the truth. If she hears a lie, she automatically says, “Bullshit!”

Her ability gets her in trouble with her boss, who is involved in organized crime, and now she is on the run and solving crimes until they find her again (usually at the end of an episode).

It’s like a rock-and-roll Quantum Leap. Anyway, Christi likes the show because there are crimes and clues, and you have to figure it out. I watch it because I can get into it while I’m messing with my phone or doing a little writing.

Well, I have that same ability to detect BS.

When I work on clients, I connect with their energy. I didn’t start out doing it on purpose; I would start working on a client and pick up whatever they were sick with, and then they would feel great, and I would be left struggling.

Some friends taught me how to protect myself, and it helped, but “my shield” prevented me from connecting with my clients like I used to.

Now I connect with the source of all power in the universe: God. (You can call it whatever you want: Source, Universal Intelligence, Prana, etc.)

I send up a little antenna, and I’m protected AND connected.

When I’m in this state and talking to a client, I can clearly tell when someone is not telling the truth because THE BODY DOES NOT LIE!

Sometimes the cause of a physical issue is an emotional issue. If you can connect to someone’s energy like this, you can find and help clear out whatever is the root cause.

I’ve been telling people this quote for as long as I’ve been practicing:

You can lie to your mom, to your friends, and even to yourself, but you can’t lie to your chiropractor!

A polygraph lie detector only measures four things: heart rate and blood pressure, respiration rate, skin conductivity, and movement.

There are now better lie detectors that use EEGs (brain wave measurements). AI finds that voice analysis is a great way to detect honesty.

What’s better than all of that combined?

You.

Your nervous system can detect much more than all these other methods combined. I will try to teach what I know so far if you’d like.

And don’t forget to watch that show! I recommend it.

live long and prosper 🖖🏼

-Dan

@ b1ddb4d7:471244e7

“Not your keys, not your coins” isn’t a slogan—it’s a survival mantra in the age of digital sovereignty.

The seismic collapses of Mt. Gox (2014) and FTX (2022) weren’t anomalies; they were wake-up calls. When $8.7 billion in customer funds vanished with FTX, it exposed the fatal flaw of third-party custody: your bitcoin is only as secure as your custodian’s weakest link.

Yet today, As of early 2025, analysts estimate that between 2.3 million and 3.7 million Bitcoins are permanently lost, representing approximately 11–18% of bitcoin’s fixed maximum supply of 21 million coins, with some reports suggesting losses as high as 4 million BTC. This paradox reveals a critical truth: self-custody isn’t just preferable—it’s essential—but it must be done right.

The Custody Spectrum

Custodial Wallets (The Illusion of Control)

• Rehypothecation Risk: Most platforms lend your bitcoin for yield generation. When Celsius collapsed, users discovered their “held” bitcoin was loaned out in risky strategies.
• Account Freezes: Regulatory actions can lock withdrawals overnight. In 2023, Binance suspended dollar withdrawals for U.S. users citing “partner bank issues,” trapping funds for weeks.
• Data Vulnerability: KYC requirements create honeypots for hackers. The 2024 Ledger breach exposed 270,000 users’ personal data despite hardware security.

True Self-Custody
Self-custody means exclusively controlling your private keys—the cryptographic strings that prove bitcoin ownership. Unlike banks or exchanges, self-custody eliminates:

• Counterparty risk (no FTX-style implosions)
• Censorship (no blocked transactions)
• Inflationary theft (no fractional reserve lending)

Conquering the Three Great Fears of Self-Custody

Fear 1: “I’ll Lose Everything If I Make a Mistake”

Reality: Human error is manageable with robust systems:

• Test Transactions: Always send a micro-amount (0.00001 BTC) before large transfers. Verify receipt AND ability to send back.
• Multi-Backup Protocol: Store seed phrases on fireproof/waterproof steel plates (not paper!). Distribute copies geographically—one in a home safe, another with trusted family 100+ miles away.
• SLIP39 Sharding: Split your seed into fragments requiring 3-of-5 shards to reconstruct. No single point of failure.

Fear 2: “Hackers Will Steal My Keys”

Reality: Offline storage defeats remote attacks:

• Hardware Wallets: Devices like Bitkey or Ledger keep keys in “cold storage”—isolated from internet-connected devices. Transactions require physical confirmation.
• Multisig Vaults: Bitvault’s multi-sig system requires attackers compromise multiple locations/devices simultaneously. Even losing two keys won’t forfeit funds.
• Air-Gapped Verification: Use dedicated offline devices for wallet setup. Never type seeds on internet-connected machines.

Fear 3: “My Family Can’t Access It If I Die”

Reality: Inheritance is solvable:

• Dead Man Switches: Bitwarden’s emergency access allows trusted contacts to retrieve encrypted keys after a pre-set waiting period (e.g., 30 days).
• Inheritance Protocols: Bitkey’s inheritance solution shares decryption keys via designated beneficiaries’ emails. Requires multiple approvals to prevent abuse.
• Public Key Registries: Share wallet XPUBs (not private keys!) with heirs. They can monitor balances but not spend, ensuring transparency without risk.

The Freedom Dividend

1. Censorship Resistance: Send $10M BTC to a Wikileaks wallet without Visa/Mastercard blocking it.
2. Privacy Preservation: Avoid KYC surveillance—non-custodial wallets like Flash require zero ID verification.
3. Protocol Access: Participate in bitcoin-native innovations (Lightning Network, DLCs) only possible with self-custodied keys.
4. Black Swan Immunity: When Cyprus-style bank bailins happen, your bitcoin remains untouched in your vault.

The Sovereign’s Checklist

1. Withdraw from Exchanges: Move all BTC > $1,000 to self-custody immediately.
2. Buy Hardware Wallet: Purchase DIRECTLY from manufacturer (no Amazon!) to avoid supply-chain tampering.
3. Generate Seed OFFLINE: Use air-gapped device, write phrase on steel—never digitally.
4. Test Recovery: Delete wallet, restore from seed before funding.
5. Implement Multisig: For > $75k, use Bitvault for 2-of-3 multi-sig setup.
6. Create Inheritance Plan: Share XPUBs/SLIP39 shards with heirs + legal documents.

“Self-custody isn’t about avoiding risk—it’s about transferring risk from opaque institutions to transparent, controllable systems you design.”

The Inevitable Evolution: Custody Without Compromise

Emerging solutions are erasing old tradeoffs:

• MPC Wallets: Services like Xapo Bank shatter keys into encrypted fragments distributed globally. No single device holds full keys, defeating physical theft.
• Social Recovery: Ethically designed networks (e.g., Bitkey) let trusted contacts restore access without custodial control.
• Biometric Assurance: Fingerprint reset protocols prevent lockouts from physical injuries.

Lost keys = lost bitcoin. But consider the alternative: entrusting your life savings to entities with proven 8% annual failure rates among exchanges. Self-custody shifts responsibility from hoping institutions won’t fail to knowing your system can’t fail without your consent.

Take action today: Move one coin. Test one recovery. Share one xpub. The path to unchained wealth begins with a single satoshi under your control.

@ c631e267:c2b78d3e

Willst du den Charakter eines Menschen kennenlernen, \ so gib ihm Macht. \ Abraham Lincoln

Vermutlich war Friedrich Merz erleichtert nach seinem Besuch beim US-Präsidenten im Oval Office. Dem Bundeskanzler kam zwar neben der Wortgewalt Donald Trumps eher eine Statistenrolle in der Medienrunde zu, aber es hätte natürlich viel schlimmer kommen können. Deswegen hatte er sich wohl vorher Ratschläge geholt, wie man hört unter anderem vom ukrainischen Präsidenten Wolodymyr Selenskyj. Offiziell gab der deutsche Regierungschef sogar an, «außerordentlich zufrieden» mit seinem Antrittsbesuch zu sein.

Dabei gibt es aktuell doch mehr Differenzen als Gemeinsamkeiten. Zu den Themen, mit denen es eine sehr unterschiedliche Umgehensweise hier und dort gibt, gehört die Gesundheit. Trumps Gesundheitsminister, Robert F. Kennedy Jr., kritisiert zum Beispiel, die meisten US-Universitäten würden den Studenten zu wenig über die Bedeutung gesunder Ernährung beibringen. Im Vordergrund der medizinischen Ausbildung stünde zu sehr die Behandlung der Menschen mit Medikamenten. Daher plant er, den Fakultäten die Bundesmittel zu streichen, wenn sie ihren Studenten keine Ernährungskurse anbieten.

Der oft als Verschwörungstheoretiker diffamierte RFK Jr. ist auch Teil des wachsenden Widerstands gegen Geoengineering-Aktivitäten. Die Manipulation von Wetter und Klima beispielsweise durch das Freisetzen von Chemikalien in die Atmosphäre kann kaum gesund sein und soll daher mit Louisiana jetzt in einem weiteren US-Bundesstaat verboten werden. Kennedy hatte derartige Maßnahmen auch schon als ein Verbrechen bezeichnet, das es zu stoppen gelte.

Indes ist der deutsche Beitrag in diesem Kontext, dass Ex-Gesundheitsminister und Covid-Impfpflicht-Befürworter Karl Lauterbach jetzt zum Klimaexperten mutiert. Laut Spiegel soll er Mitglied einer Kommission für Klima und Gesundheit bei der Weltgesundheitsorganisation werden, angeblich unentgeltlich. Vermutlich möchte die WHO im Sinne ihrer One-Health-Initiative mit solcher Lobbyarbeit für «Klimaschutz als Teil des Gesundheitsschutzes» ihren globalen Führungsanspruch untermauern.

Das Thema «Corona» ist im Übrigen noch lange nicht erledigt und das Narrativ bekommt weitere Risse. Nachdem Kennedy in den USA den Covid-«Impfstoff» für gesunde Kinder und schwangere Frauen aus dem empfohlenen Impfplan gestrichen hat, ist eine CDC-Beraterin zurückgetreten, die die Gen-Injektionen für Schwangere gefördert hatte. Auch die australische Regierung hat ihre Impfempfehlungen aktualisiert. Sie räumt jetzt ein, dass der Nutzen des «Impfstoffs» die Schäden für gesunde Jugendliche nicht überwiegt.

Gleichzeitig berichten Medien von einer neuen, anhaltenden «Covid-19-Welle» in China. Es gebe Befürchtungen, dass es zu erneuten Lockdowns und anderen drastischen Maßnahmen kommen könnte, obwohl sich die «Infektionen» laut den Gesundheitsbehörden auf einem Abwärtstrend befinden. In einigen Schulen seien Schüler isoliert und unter Quarantäne gestellt worden.

Isolierung, Überwachung und Kontrolle sind ebenfalls ein höchst ungesundes Erbe der «Coronazeit». Die weltweit vielfach eingeführten digitalen «Impfpässe» wurden als Instrument benutzt, um Kampagnen für digitale Identitäten zu fördern und die entsprechenden Systeme aufzubauen. Gerade hat auch Griechenland mit der Einführung seiner «Personal Citizen Number» den Grundstein für ein einheitliches digitales ID-System gelegt.

Derweil schlagen Datenschützer Alarm wegen des Tracking-Potenzials der sogenannten «Phone Home»-Funktion vieler digitaler Ausweise. Dieses «Feature», bei dem im Hintergrund jedesmal der Aussteller kontaktiert wird, um eine Angabe zu überprüfen, werde ganz leise in der Gesellschaft eingeführt, warnen sie. Das gebe den Regierungen den Vorgeschmack auf eine Macht, die sie kaum jemals wieder loslassen würden. Dagegen hilft nur eins: wachsam sein, hinterfragen und im Zweifel «Nein» sagen, anstatt auf eine vermeintliche Bequemlichkeit hereinzufallen.

[Titelbild: Pixabay]

---

Dieser Beitrag wurde mit dem Pareto-Client geschrieben und ist zuerst auf Transition News erschienen.

@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

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

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

What's new

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

Announcement / Archive
GitHub Repo
Website

@ b1ddb4d7:471244e7

Hosted at the iconic Palace of Culture and Science—a prominent symbol of the communist era—the Bitcoin FilmFest offers a vibrant celebration of film through the lens of bitcoin. The venue itself provides a striking contrast to the festival’s focus, highlighting bitcoin’s core identity as a currency embodying independence from traditional financial and political systems.

𝐅𝐢𝐱𝐢𝐧𝐠 𝐭𝐡𝐞 𝐜𝐮𝐥𝐭𝐮𝐫𝐞 𝐰𝐢𝐭𝐡 𝐩𝐨𝐰𝐞𝐫𝐟𝐮𝐥 𝐦𝐮𝐬𝐢𝐜 𝐯𝐢𝐛𝐞𝐬.
Warsaw, Day Zero at #BFF25 (European Bitcoin Pizza Day) with @roger__9000, MadMunky and the @2140_wtf squad pic.twitter.com/9ogVvWRReA

— Bitcoin FilmFest (@bitcoinfilmfest) May 28, 2025

This venue represents an era when the state tightly controlled the economy and financial systems. The juxtaposition of this historical site with an event dedicated to bitcoin is striking and thought-provoking.

The event features a diverse array of activities, including engaging panel discussions, screenings of both feature-length and short films, workshops and lively parties. Each component designed to explore the multifaceted world of bitcoin and its implications for society, offering attendees a blend of entertainment and education.

The films showcase innovative narratives and insights into bitcoin’s landscape, while the panels facilitate thought-provoking discussions among industry experts and filmmakers.

Networking is a significant aspect of the festival, with an exceptionally open and friendly atmosphere that foster connections among participants. Participants from all over Europe gather to engage with like-minded individuals who share a passion for BTC and its implications for the future.

The open exchanges of ideas foster a sense of community, allowing attendees to forge new connections, collaborate on projects, and discuss the potential of blockchain technology implemented in bitcoin.

The organization of the festival is extraordinary, ensuring a smooth flow of information and an expertly structured schedule filled from morning until evening. Attendees appreciate the meticulous planning that allowed them to maximize their experience. Additionally, thoughtful touches such as gifts from sponsors and well-chosen locations for various events contribute to the overall positive atmosphere of the festival.

Overall, the Bitcoin FilmFest not only highlights the artistic expression surrounding bitcoin but also serves as a vital platform for dialogue—about financial freedom, the future of money, and individual sovereignty in a shifting world.

The event successfully bridges the gap between a historical symbol of control and a movement that celebrates freedom, innovation, and collaboration in the digital age, highlighting the importance of independence in financial systems while fostering a collaborative environment for innovation and growth.

Next year’s event is slated for June 5-7 2026. For further updates check: https://bitcoinfilmfest.com/

@ cae03c48:2a7d6671

Bitcoin Magazine

Mapping Bitcoin’s Bull Cycle Potential

Bitcoin’s Market Value to Realized Value, or MVRV ratio, remains one of the most reliable on-chain indicators for identifying local and macro tops and bottoms across every BTC cycle. By isolating data across different investor cohorts and adapting historical benchmarks to modern market conditions, we can generate more accurate insights into where Bitcoin may be headed next.

The Bitcoin MVRV Ratio

The MVRV Ratio compares Bitcoin’s market price to its realized price, essentially the average cost basis for all coins in the network. As of writing, BTC trades around $105,000 while the realized price floats near $47,000, putting the raw MVRV at 2.26. The Z-Score version of MVRV standardizes this ratio based on historical volatility, enabling clearer comparisons across different market cycles.

Figure 1: Historically, the MVRV Ratio and the MVRV Z-Score have accurately identified cycle peaks and bottoms. View Live Chart

Short-Term Holders

Short-term holders, defined as those holding Bitcoin for 155 days or less, currently have a realized price near $97,000. This metric often acts as dynamic support in bull markets and resistance in bear markets. Notably, when the Short Term Holder MVRV hits 1.33, local tops have historically occurred, as seen several times in both the 2017 and 2021 cycles. So far in the current cycle, this threshold has already been touched four times, each followed by modest retracements.

Figure 2: Short Term Holder MVRV reaching 1.33 in more recent cycles has aligned with local tops. View Live Chart

Long-Term Holders

Long-term holders, who’ve held BTC for more than 155 days, currently have an average cost basis of just $33,500, putting their MVRV at 3.11. Historically, Long Term Holder MVRV values have reached as high as 12 during major peaks. That said, we’re observing a trend of diminishing multiples each cycle.

Figure 3: Achieving a Long Term Holder MVRV value of 8 could extrapolate to a BTC price in excess of $300,000. View Live Chart

A key resistance band now sits between 7.5 and 8.5, a zone that has defined bull tops and pre-bear retracements in every cycle since 2011. If the current growth of the realized price ($40/day) continues for another 140–150 days, matching previous cycle lengths, we could see it reach somewhere in the region of $40,000. A peak MVRV of 8 would imply a price near $320,000.

A Smarter Market Compass

Unlike static all-time metrics, the 2-Year Rolling MVRV Z-Score adapts to evolving market dynamics. By recalculating average extremes over a rolling window, it smooths out Bitcoin’s natural volatility decay as it matures. Historically, this version has signaled overbought conditions when reaching levels above 3, and prime accumulation zones when dipping below -1. Currently sitting under 1, this metric suggests that substantial upside remains.

Figure 4: The current 2-Year Rolling MVRV Z-Score suggests more positive price action ahead. View Live Chart

Timing & Targets

A view of the BTC Growth Since Cycle Lows chart illustrates that BTC is now approximately 925 days removed from its last major cycle low. Historical comparisons to previous bull markets suggest we may be around 140 to 150 days away from a potential top, with both the 2017 and 2021 peaks occurring around 1,060 to 1,070 days after their respective lows. While not deterministic, this alignment reinforces the broader picture of where we are in the cycle. If realized price trends and MVRV thresholds continue on current trajectories, late Q3 to early Q4 2025 may bring final euphoric moves.

Figure 5: Will the current cycle continue to exhibit growth patterns similar to those of the previous two cycles? View Live Chart

Conclusion

The MVRV ratio and its derivatives remain essential tools for analyzing Bitcoin market behavior, providing clear markers for both accumulation and distribution. Whether observing short-term holders hovering near local top thresholds, long-term holders nearing historically significant resistance zones, or adaptive metrics like the 2-Year Rolling MVRV Z-Score signaling plenty of runway left, these data points should be used in confluence.

No single metric should be relied upon to predict tops or bottoms in isolation, but taken together, they offer a powerful lens through which to interpret the macro trend. As the market matures and volatility declines, adaptive metrics will become even more crucial in staying ahead of the curve.

For more deep-dive research, technical indicators, real-time market alerts, and access to a growing community of analysts, visit BitcoinMagazinePro.com.

---

Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.

This post Mapping Bitcoin’s Bull Cycle Potential first appeared on Bitcoin Magazine and is written by Matt Crosby.

@ 32e18276:5c68e245

6 years ago I created some tools for working with peter todd's opentimestamps proof format. You can do some fun things like create plaintext and mini ots proofs. This short post is just a demo of what these tools do and how to use them.

What is OTS?

OpenTimestamps is a protocol for stamping information into bitcoin in a minimal way. It uses OP_RETURN outputs so that it has minimal impact on chain, and potentially millions of documents are stamped all at once with a merkle tree construction.

Examples

Here's the proof of the ots.c source file getting stamped into the ots calendar merkle tree. We're simply printing the ots proof file here with otsprint:

``` $ ./otsprint ots.c.ots

version 1 file_hash sha256 f76f0795ff37a24e566cd77d1996b64fab9c871a5928ab9389dfc3a128ec8296 append 2e9943d3833768bdb9a591f1d2735804 sha256 | --> append 2d82e7414811ecbf | sha256 | append a69d4f93e3e0f6c9b8321ce2cdd90decd34d260ea3f8b55e83d157ad398b7843 | sha256 | append ac0b5896401478eb6d88a408ec08b33fd303b574fb09b503f1ac1255b432d304 | sha256 | append 8aa9fd0245664c23d31d344243b4e8b0 | sha256 | prepend 414db5a1cd3a3e6668bf2dca9007e7c0fc5aa6dc71a2eab3afb51425c3acc472 | sha256 | append 5355b15d88d4dece45cddb7913f2c83d41e641e8c1d939dac4323671a4f8e197 | sha256 | append a2babd907ca513ab561ce3860e64a26b7df5de117f1f230bc8f1a248836f0c25 | sha256 | prepend 683f072f | append 2a4cdf9e9e04f2fd | attestation calendar https://alice.btc.calendar.opentimestamps.org | --> append 7c8764fcaba5ed5d | sha256 | prepend f7e1ada392247d3f3116a97d73fcf4c0994b5c22fff824736db46cd577b97151 | sha256 | append 3c43ac41e0281f1dbcd7e713eb1ffaec48c5e05af404bca2166cdc51966a921c | sha256 | append 07b18bd7f4a5dc72326416aa3c8628ca80c8d95d7b1a82202b90bc824974da13 | sha256 | append b4d641ab029e7d900e92261c2342c9c9 | sha256 | append 4968b89b02b534f33dc26882862d25cca8f0fa76be5b9d3a3b5e2d77690e022b | sha256 | append 48c54e30b3a9ec0e6339b88ed9d04b9b1065838596a4ec778cbfc0dfc0f8c781 | sha256 | prepend 683f072f | append 8b2b4beda36c18dc | attestation calendar https://bob.btc.calendar.opentimestamps.org | --> append baa878b42ef3e0d45b324cc3a39a247a | sha256 | prepend 4fb1bc663cd641ad18e5c73fb618de1ae3d28fb5c3c224b7f9888fd52feb09ec | sha256 | append 731329278830c9725497d70e9f5a02e4b2d9c73ff73560beb3a896a2f180fdbf | sha256 | append 689024a9d57ad5daad669f001316dd0fc690ac4520410f97a349b05a3f5d69cb | sha256 | append 69d42dcb650bb2a690f850c3f6e14e46c2b0831361bac9ec454818264b9102fd | sha256 | prepend 683f072f | append bab471ba32acd9c3 | attestation calendar https://btc.calendar.catallaxy.com append c3ccce274e2f9edfa354ec105cb1a749 sha256 append 6297b54e3ce4ba71ecb06bd5632fd8cbd50fe6427b6bfc53a0e462348cc48bab sha256 append c28f03545a2948bd0d8102c887241aff5d4f6cf1e0b16dfd8787bf45ca2ab93d sha256 prepend 683f072f append 7f3259e285891c8e attestation calendar https://finney.calendar.eternitywall.com ```

The tool can create a minimal version of the proofs:

``` $ ./otsmini ots.c.ots | ./otsmini -d | ./otsprint

version 1 file_hash sha256 f76f0795ff37a24e566cd77d1996b64fab9c871a5928ab9389dfc3a128ec8296 append 2e9943d3833768bdb9a591f1d2735804 sha256 append c3ccce274e2f9edfa354ec105cb1a749 sha256 append 6297b54e3ce4ba71ecb06bd5632fd8cbd50fe6427b6bfc53a0e462348cc48bab sha256 append c28f03545a2948bd0d8102c887241aff5d4f6cf1e0b16dfd8787bf45ca2ab93d sha256 prepend 683f072f append 7f3259e285891c8e attestation calendar https://finney.calendar.eternitywall.com ```

which can be shared on social media as a string:

5s1L3tTWoTfUDhB1MPLXE1rnajwUdUnt8pfjZfY1UWVWpWu5YhW3PGCWWoXwWBRJ16B8182kQgxnKyiJtGQgRoFNbDfBss19seDnco5sF9WrBt8jQW7BVVmTB5mmAPa8ryb5929w4xEm1aE7S3SGMFr9rUgkNNzhMg4VK6vZmNqDGYvvZxBtwDMs2PRJk7y6wL6aJmq6yoaWPvuxaik4qMp76ApXEufP6RnWdapqGGsKy7TNE6ZzWWz2VXbaEXGwgjrxqF8bMstZMdGo2VzpVuE

you can even do things like gpg-style plaintext proofs:

``` $ ./otsclear -e CONTRIBUTING.ots -----BEGIN OPENTIMESTAMPS MESSAGE-----

Email patches to William Casarin jb55@jb55.com

-----BEGIN OPENTIMESTAMPS PROOF-----

AE9wZW5UaW1lc3RhbXBzAABQcm9vZgC/ieLohOiSlAEILXj4GSagG6fRNnR+CHj9e/+Mdkp0w1us gV/5dmlX2NrwEDlcBMmQ723mI9sY9ALUlXoI//AQRXlCd716J60FudR+C78fkAjwIDnONJrj1udi NDxQQ8UJiS4ZWfprUxbvaIoBs4G+4u6kCPEEaD8Ft/AIeS/skaOtQRoAg9/jDS75DI4pKGh0dHBz Oi8vZmlubmV5LmNhbGVuZGFyLmV0ZXJuaXR5d2FsbC5jb23/8AhMLZVzYZMYqwjwEPKWanBNPZVm kqsAYV3LBbkI8CCfIVveDh/S8ykOH1NC6BKTerHoPojvj1OmjB2LYvdUbgjxBGg/BbbwCGoo3fi1 A7rjAIPf4w0u+QyOLi1odHRwczovL2FsaWNlLmJ0Yy5jYWxlbmRhci5vcGVudGltZXN0YW1wcy5v cmf/8Aik+VP+n3FhCwjwELfTdHAfYQNa49I3CYycFbkI8QRoPwW28AgCLn93967lIQCD3+MNLvkM jiwraHR0cHM6Ly9ib2IuYnRjLmNhbGVuZGFyLm9wZW50aW1lc3RhbXBzLm9yZ/AQ3bEwg7mjQyKR PykGgiJewAjwID5Q68dY4m+XogwTJx72ecQEe5lheCO1RnlcJSTFokyRCPEEaD8Ft/AIw1WWPe++ 8N4Ag9/jDS75DI4jImh0dHBzOi8vYnRjLmNhbGVuZGFyLmNhdGFsbGF4eS5jb20= -----END OPENTIMESTAMPS PROOF-----

$ ./otsclear -v <<<proof_string... # verify the proof string ```

I've never really shared these tools before, I just remembered about it today. Enjoy!

Try it out: https://github.com/jb55/ots-tools

@ f4a890ce:af88c4aa

執行摘要

比特幣自橫盤延續，總市值回落至3.24兆美元，成交量下降至591億美元，顯示短線資金趨於觀望。下週操作應聚焦三大關鍵數據：

衍生品市場槓桿與清算動態：觀察永續合約持倉與資金費率變化。若持倉再度攀升且費率轉為大幅正值，多頭風險將升高；同時留意爆倉價格與清算熱力圖，作為短線波動的前瞻指標。

ETF 資金流向：BTC/ETH ETF 流入與流出數據，是機構資金態度的風向標。若下週出現淨流出，將可能引發價格回調壓力；相反，流入維持則有助於支撐高位盤整。

鏈上資金結構與穩定幣規模：持續追蹤交易所餘額與鯨魚地址淨流出情況，評估大額資金動向；同時關注穩定幣總市值變化，若有減少，意味避險情緒抬頭，反之則暗示買盤動力仍持續。

總體而言，市場結構仍偏多，但需警惕「高槓桿＋低流動」可能帶來的瞬間波動。建議保持倉位彈性，讓數據引導調整策略，避免在高位盲目追高。

---

加密市場

本週加密貨幣市場總市值維持在 3.26 兆美元 左右，顯示出市場基本面仍具穩定性。與此同時，當週總成交量下降至 546.84 億美元，反映出市場活躍度減弱，投資者交易意願相對謹慎。

https://coinmarketcap.com/charts/

市場情緒方面，恐懼與貪婪指數降至 52，處於中性範疇，表明投資者對市場前景的情緒有所保留。

https://www.coinglass.com/zh-TW/pro/i/FearGreedIndex

此外，相對強弱指標落在中性至超賣區間，暗示部分標地在短線上可能面臨獲利回吐或技術性修正的壓力，而市場尚未進入絕對弱勢狀態。

https://www.coinglass.com/zh-TW/pro/i/RsiHeatMap

山寨幣季節指數維持在 20，這說明市場資金依舊偏向配置於比特幣及其他主流加密貨幣，中小型代幣並未受到市場資金的大量青睞。

https://www.blockchaincenter.net/en/altcoin-season-index/

穩定幣市值上升至 249.938 億美元，反映出部分資金正積極尋求避險，或準備在市場調整後進行潛在的佈局操作。

https://defillama.com/stablecoins

小結

本週加密市場在總市值維持穩定的同時，成交量的下降顯示出交易熱情的不足，加上恐懼與貪婪指數和相對強弱指標均呈現中性偏弱態勢，整體市場情緒趨向保守。山寨幣季節指數的低迷也反映出資金仍偏向主流幣種，而穩定幣市值的提升則表明投資者正在為市場未來調整或出現更具吸引力的價格點做準備。未來，需持續關注資金流向與宏觀經濟動態，以判斷市場後續走勢。

---

衍生性商品

槓桿交易需求仍然強勁，本週永續合約持倉規模達 141.68B，雖然較前週有所下降，但仍顯示市場活躍度維持高水準。

https://www.coinglass.com/zh-TW/pro/futures/Cryptofutures

資金費率方面，目前市場呈現 負費率 (-0.0047%)，顯示空方勢力增強，多數交易所的情緒偏向空頭。

https://www.coinglass.com/zh-TW/FundingRate

爆倉數據反映市場波動仍導致大量強制平倉，本週總計空單爆倉達 453.14M，而多單爆倉則達 1267.859M，多頭爆倉金額顯著高於空方，顯示市場對高槓桿多單的清算壓力較大。

其中 6月5日 空單爆倉 88.68M，多單爆倉 875.855M，這一天的市場劇烈波動導致大量強制清算。

https://www.coinglass.com/zh-TW/LiquidationData

清算熱力圖顯示，$106,000 附近 清算金額達 175.11M； $111,000 附近 也有 169.02M 的清算，這些區間可能成為近期市場波動的關鍵點。

https://www.coinglass.com/zh-TW/pro/futures/LiquidationHeatMap

期權市場活躍，投資者在不同價格區間進行對沖與佈局：

$100,000 行權價的看跌期權合約數量達 7.42K，總金額 $25.86M，市場對該區間的防禦仍然較強。

$110,000 行權價的看漲期權合約數量達 13.02K，總金額 $57.61M，顯示市場對上行的預期仍存在，但與上週相比略有下降。

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 12.86B，顯示市場對該區間的交易活動仍較為集中。

https://www.coinglass.com/zh-TW/pro/options/max-pain

小結

本週加密市場顯示槓桿交易活躍度仍然維持高水準，但市場情緒偏向保守，資金費率轉為負值反映空方情緒增強。爆倉數據顯示多頭遭遇較大壓力，投資者在槓桿操作時需謹慎風險管理。期權市場的交易策略仍然分歧，市場在不同行權價格的佈局顯示投資者對後市走勢保持不同預期。建議交易者持續關注市場數據，根據槓桿交易動向調整策略，以降低市場震盪帶來的風險並尋找最佳交易機會。

---

ETF

本週，加密貨幣衍生性商品市場出現顯著差異，資金流向呈現兩極化現象。比特幣（BTC）ETF方面，本週出現資金流出，金額達6.161億美元。這一變化顯示投資者對比特幣近期走勢產生疑慮，或在調整資金配置，以應對可能的市場風險和波動加劇。

以太坊（ETH）ETF則呈現資金流入趨勢，本週流入金額達 7,020 萬美元。較之於比特幣的趨勢，這一資金流入暗示出部分投資者對以太坊未來潛力充滿信心，特別是在其技術升級和生態系統發展背景下，認為相較於比特幣，ETH更具備吸引力。

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呈現出明顯的資金流向差異。比特幣ETF大幅流出揭示了市場風險偏好的調整，而以太坊ETF的資金流入則表明投資者對其技術發展及生態系統持續看好。未來，投資人需持續關注宏觀經濟環境與技術創新如何影響各加密貨幣衍生性商品的動態，以便在不確定的市場中做出更合適的資金配置決策。

---

鏈上分析 | BTC

二級交易所的比特幣儲備量再次創下斷崖式新低，顯示出市場上的流動性仍在減少。

https://cryptoquant.com/asset/btc/chart/exchange-flows/exchange-reserve?exchange=all_exchange&window=DAY&priceScale=log&metricScale=linear&chartStyle=line

地址分布方面，10-100顆比特幣的地址數量持續下降，100-1k、1k-10k及10k以上顆數的地址數量則繼續上升，特別是10k以上地址的數量近期突然激增，顯示大戶的持幣情緒正在加強。

https://cryptoquant.com/community/dashboard/67e2481ba2a7203afd437b31

鯨魚活躍地址數量全數上升，可以得知近期鯨魚們進場的速度逐步加快。

https://cryptoquant.com/community/dashboard/67e2481ba2a7203afd437b31

Exchange Netflow 顯示出近期大額淨流出交易所的情況，這進一步證實了市場上多數投資者偏向長期持有。

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

Long Term Holder Supply 持續上升，說明持幣155天以上的長期投資者信心未減。

https://www.bitcoinmagazinepro.com/charts/long-term-holder-supply/

URPD 顯示，104,000 美元以上買入的投資人已有被套跡象，若價格再次回落，將觸及 99,000 美元以下的支撐密集區。

https://charts.bgeometrics.com/distribution_realized_price.html

Short-Term Holder Realized Price 為 97,000 美元，短線若修正，此區間可能提供技術性支撐。

https://www.bitcoinmagazinepro.com/charts/short-term-holder-realized-price/

溢價指數方面，Coinbase 溢價指數衝高至 0.105 以上，韓國溢價指數則維持在 2.52，顯示美韓兩地市場買盤情緒仍然正向，整體鏈上結構支撐比特幣中期續強的可能性。

https://cryptoquant.com/asset/btc/chart/market-data/coinbase-premium-index?window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line

Coinbase 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

Korea Premium Index

小結

本週比特幣鏈上數據顯示多頭格局進一步鞏固，二級交易所儲備量斷崖式下滑至新低，資金持續撤離交易所。

地址分布方面，10–100 BTC 的中小戶數量持續降低，而100–1 k、1 k–10 k及10 k+地址全線上升，尤其10 k+地址近期突增，顯示超級大戶加速佈局；鯨魚活躍地址也全面走高，進場節奏愈發急促。 Exchange Netflow 持續呈現大額淨流出，佐證長線持有趨勢，且 Long‑Term Holder Supply 持續攀升，反映市場偏好長期持有。成本面上，URPD 指標顯示回調後買在104,000美元以上的籌碼深度被套，未來若價格下行將觸及99,000美元以下投資人的成本區。

Short‑Term Holder Realized Price（155天內持幣者平均成本）約97,000美元，此區或成短期支撐，這也恰好和 URPD 指標吻合。

同時，Coinbase 溢價指數維持在0.105以上，韓國溢價指數則穩定於2.52，顯示全球買盤需求穩健。

整體而言，鏈上結構健康，資金流向多為長線建倉，但高位被套壓力與短期成本點仍需密切關注。

---

總體經濟

本週加密貨幣市場持續受到宏觀經濟環境的顯著影響。聯邦基金有效利率穩定維持在 4.33%，顯示市場仍處於高利率壓制之下，資金流動性受到明顯限制，這一情勢對風險資產尤其是加密市場構成挑戰。

https://fred.stlouisfed.org/series/FEDFUNDS

隨著 6 月 18 日 FOMC 會議臨近，市場普遍預期當前利率大概率將維持在 4.25%-4.50% 區間。然而，投資者亦將目光轉向 9 月 17 日的下一次會議，該會議上 4.0%-4.25% 區間的降息預期不斷攀升，目前已高達 51.8%，顯示市場對中期內利率調整存在明顯的分歧與期待。這種預期上的轉變，既意味著部分市場參與者看好未來資金回流的可能性，也使投資者對當前高利率環境下資產價格波動更加謹慎。

https://www.cmegroup.com/cn-t/markets/interest-rates/cme-fedwatch-tool.html

消費者物價指數 (CPI) 持續維持在 2.33%，顯示通膨壓力穩定而可控；失業率則保持在 4.2%，反映出勞動市場的基本穩健。雖然這些基本面數據表現平穩，卻難以在高利率與流動性緊縮的背景下對加密貨幣價格形成強而有力的支撐，市場參與者更趨於採取保守的投資策略，尤其在高槓桿交易普遍存在的情況下，風險管理顯得尤為重要。

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

整體而言，加密市場依舊面臨高利率環境帶來的流動性限制與價格波動風險。雖然短期內市場情緒偏保守，但 9 月 17 日會議上降息預期的上升，或將為未來市場帶來積極轉機。投資者應持續關注 FOMC 會議及最新經濟數據變化，謹慎調整交易策略以應對可能出現的轉機與挑戰。

---

新聞

Ripple 的穩定幣 RLUSD 在杜拜獲得批准

https://www.coindesk.com/markets/2025/06/03/ripples-stablecoin-rlusd-gets-stamp-of-approval-in-dubai

MoonPay 在紐約獲得令人垂涎的 BitLicense

https://www.coindesk.com/policy/2025/06/04/moonpay-grabs-coveted-bitlicense-approval-in-new-york

穩定幣正悄悄增強美國國力

https://www.coindesk.com/opinion/2025/06/04/stablecoins-are-quietly-reinforcing-u-s-national-power

韓國選舉加密貨幣友善總統李在明為新總統

https://www.coindesk.com/policy/2025/06/04/south-korea-elects-crypto-friendly-lee-jae-myung-as-new-president

Circle 首次公開募股 (IPO) 定價為每股 31 美元，穩定幣發行人估值為 69 億美元

https://www.coindesk.com/markets/2025/06/04/circle-debuts-on-nyse-at-31-per-share-valuing-stablecoin-issuer-at-62-billion

香港即將允許加密貨幣衍生性商品交易

https://www.coindesk.com/policy/2025/06/05/hong-kong-set-to-allow-crypto-derivatives-trading

---

@ 32e18276:5c68e245

Damus OpenSats Grant Q1 2025 Progress Report

This period of the Damus OpenSats grant has been productive, and encompasses the work our beta release of Notedeck. Since we sent our last report on January, this encompasses all the work after then.

Damus Notedeck

We released the Beta version of Notedeck, which has many new features:

Dave

We've added a new AI-powered nostr assistant, similar to Grok on X. We call him Dave.

Dave is integrated with tooling that allows it to query the local relay for posts and profiles:

Search

The beta release includes a fulltext search interface powered by nostrdb:

Zaps

You can now zap with NWC!

And More!

• GIFs!
• Add full screen images, add zoom & pan
• Introduce last note per pubkey feed (experimental)
• Allow multiple media uploads per selection
• Major Android improvements (still wip)
• Added notedeck app sidebar
• User Tagging
• Note truncation
• Local network note broadcast, broadcast notes to other notedeck notes while you're offline
• Mute list support (reading)
• Relay list support
• Ctrl-enter to send notes
• Added relay indexing (relay columns soon)
• Click hashtags to open hashtag timeline

Damus iOS

Work continued on the iOS side. While I was not directly involved in the work since the last report, I have been directing and managing its development.

What's new:

Coinos Wallet + Interface

We've partnered with coinos to enable a one-click, non-KYC lightning wallet!

We now have an NWC wallet interface, and we've re-enabled zaps as per the new appstore guidelines!

Now you can see all incoming and outgoing NWC transactions and start zapping right away.

Enhanced hellthread muting

Damus can now automatically mute hellthreads, instead of having to do that manually.

Drafts

We now locally persist note drafts so that they aren't lost on app restart!

Profile editing enhancements

We now have a profile picture editing tool so that profile pictures are optimized and optionally cropped

Conversations tab

We now have a conversations tab on user profiles, allowing you to see all of your past conversations with that person!

Enhanced push notifications

We've updated our push notifications to include profile pictures, and they are also now grouped by the thread that they came from.

And lots more!

Too many to list here, check out the full changelog

Nostrdb

nostrdb, the engine that powers notecrumbs, damus iOS, and notedeck, continued to improve:

Custom filters

We've added the ability to include custom filtering logic during any nostrdb query. Dave uses this to filter replies from kind1 results to keep the results small and to avoid doing post-processing.

Relay index + queries

There is a new relay index! Now when ingesting notes, you can include extra metadata such as where the note came from. You can use this index to quickly list all of the relays for a particular note, or for relay timelines.

NIP50 profile searches

To assist dave in searching for profiles, we added a new query plan for {kind:0, search:} queries to scan the profile search index.

How money was used

• relay.damus.io server costs
• Living expenses

Next quarter

We're making a strong push to get our Android version released, so that is the main focus for me.

@ 8d34bd24:414be32b

Last post, I touched on the subject of what do you say to those going through trials and tribulations, but as I read Job, it seemed like there was more to say on the subject of how Christians are to respond to those who are suffering. The original passage of inspiration was this.

Don’t Be A Miserable Comforter

Then Job answered,

“I have heard many such things;\ Sorry comforters are you all.\ Is there no limit to windy words?\ Or what plagues you that you answer?\ I too could speak like you,\ If I were in your place.\ I could compose words against you\ And shake my head at you.\ I could strengthen you with my mouth,\ And the solace of my lips could lessen your pain. (Job 16:1-5)

Job was suffering. His friends came with the intention of comforting Job. Job vented his frustrations and problems understanding God’s justice. His friends tried to correct Job’s honest questions. These corrections escalated to the point of accusing Job of heinous sins and saying that everything that had happened to Job was his fault.

Job rightly said, “If I were in your place, I could compose words against you, and shake my head at you.” Sometimes we have to show mercy while a person is working through their feelings and confusion. Although some hardships are the consequences or punishment for sins, many (probably most) are not. We, as Christians, are promised trials. We should not be surprised when we go through trials.

Job also compares two ways of responding to a fellow believer going through trials. He says, “I could strengthen you with my mouth, and the solace of my lips could lessen your pain.” We can use our words to encourage and strengthen those who are suffering.

He also accuses his visitors of “Sorry comforters are you all. Is there no limit to windy words?” This reminds me of a traditional saying, “If you can’t say anything nice, don’t say anything at all.” Some of us want to fix everything. Sometimes we need to just listen. We don’t have to speak an answer for everything. In these uncomfortable situations, it is easy to start with a brief, Biblical answer, but then to start filling the silence with our own words to fill the silence. This can harm of everyone.

Job’s friends initial comments were not bad and were mostly true, but the more they talked, the more they went off track and the more harm they did. We want to lessen their pain, not be sorry comforters.

Of course this doesn’t mean that we can’t share God’s word. It doesn’t mean we can’t acknowledge obvious sins that are known by all parties. It does mean that all words should be an encouragement to lead them into closer fellowship with God.

Job again comments about his friends.

Even now, behold, my witness is in heaven,\ **And my advocate is on high.\ My friends are my scoffers;\ My eye weeps to God.\ O that a man might plead with God\ As a man with his neighbor!\ For when a few years are past,\ I shall go the way of no return. (Job 16:19-22) {emphasis mine}

Job, being a godly man, puts his trust in God. Notice the pattern: God, friends, God.

And my advocate is on high.\ My friends are my scoffers;\ My eye weeps to God.

Despite the scoffing and harm done by his friends, he keeps his eye on God as his advocate and the one he turns to in sorrow. In the case of Job, he is able to lean on God despite the harm done by his friends. Those will lesser faith might have been pushed away from God by his friends words.

Love One Another

In the New Testament, we are told:

“A new commandment I give to you, that you love one another, even as I have loved you, that you also love one another. By this all men will know that you are My disciples, if you have love for one another.” (John 13:34-35)

Our every word and action should be loving. That doesn’t mean ignoring sin, but it does mean every word and action should be used to draw a person into closer relationship with their God and Savior. In the case of a person who is sinning, Jesus set a perfect example.

The scribes and the Pharisees brought a woman caught in adultery, and having set her in the center of the court, they*said to Him, “Teacher, this woman has been caught in adultery, in the very act. Now in the Law Moses commanded us to stone such women; what then do You say?” They were saying this, testing Him, so that they might have grounds for accusing Him. But Jesus stooped down and with His finger wrote on the ground. But when they persisted in asking Him, He straightened up, and said to them, “He who is without sin among you, let him be the first to throw a stone at her.” Again He stooped down and wrote on the ground. When they heard it, they began to go out one by one, beginning with the older ones, and He was left alone, and the woman, where she was, in the center of the court. Straightening up, Jesus said to her, “Woman, where are they? Did no one condemn you?” She said, “No one, Lord.” And Jesus said, “I do not condemn you, either. Go. From now on sin no more.” (John 8:3-11)

What did Jesus do:

1. He protected the accused from those trying to use, abuse, and torment her.

2. He did not deny her sin, but encouraged her accusers to acknowledge their own sins.

3. He encouraged her to “sin no more.”

This woman knew she had sinned. She did not need to be reminded of it. She didn’t deny it; she knew. Because she and everyone else knew her sin, there was no need to bring it up again. Jesus used this situation to help her accusers understand their own sin and to lead her into repentance and salvation. The gentle correction was used to lead her to a better way.

When we speak to someone in trials, whether self-inflicted, externally caused, or a standard trial common to all men, our goal should be to uplift and draw to Jesus. We should have mercy on the suffering and not add to their suffering.

No matter the case, we need to carefully use our words for love and mercy.

Beloved, let us love one another, for love is from God; and everyone who loves is born of God and knows God. The one who does not love does not know God, for God is love. By this the love of God was manifested in us, that God has sent His only begotten Son into the world so that we might live through Him. In this is love, not that we loved God, but that He loved us and sent His Son to be the propitiation for our sins. Beloved, if God so loved us, we also ought to love one another. (1 John 4:7-11)

Dealing With Sin & Repentance

In 1 & 2 Corinthians, Paul deals with a situation of extreme sin. In 1 Corinthians he rebukes the church for allowing this heinous sin within their church body.

It is actually reported that there is immorality among you, and immorality of such a kind as does not exist even among the Gentiles, that someone has his father’s wife. You have become arrogant and have not mourned instead, so that the one who had done this deed would be removed from your midst.

For I, on my part, though absent in body but present in spirit, have already judged him who has so committed this, as though I were present. In the name of our Lord Jesus, when you are assembled, and I with you in spirit, with the power of our Lord Jesus, I have decided to deliver such a one to Satan for the destruction of his flesh, so that his spirit may be saved in the day of the Lord Jesus. (1 Corinthians 5:1-5) {emphasis mine}

This unrepentant sin could not be allowed to remain in the body because it could spread among God’s people and because it harmed God’s glory. At the same time, the motivation for removing him from the body was not to remove him from a relationship with God. It was to cause consequences in the hopes that the man would return to Jesus.

In 2 Corinthians, we find that he does repent of his son and seek to come back into the fellowship of believers.

For out of much affliction and anguish of heart I wrote to you with many tears; not so that you would be made sorrowful, but that you might know the love which I have especially for you.

But if any has caused sorrow, he has caused sorrow not to me, but in some degree—in order not to say too much—to all of you. Sufficient for such a one is this punishment which was inflicted by the majority, so that on the contrary you should rather forgive and comfort him, otherwise such a one might be overwhelmed by excessive sorrow. Wherefore I urge you to reaffirm your love for him. For to this end also I wrote, so that I might put you to the test, whether you are obedient in all things. But one whom you forgive anything, I forgive also; for indeed what I have forgiven, if I have forgiven anything, I did it for your sakes in the presence of Christ, so that no advantage would be taken of us by Satan, for we are not ignorant of his schemes. (2 Corinthians 2:4-11) {emphasis mine}

Once a sinner repents, we are to immediately forgive and comfort them and welcome them back into the fellowship of believers. We are not to remind them of their previous sins and overwhelm them with excessive sorrow, but are to reaffirm our love for them. Any punishment was for correction, not to harm or cause them pain. We should seek the good of those who sinned. We should welcome them back with open arms. We should forgive as we were forgiven by God.

All of our words and actions toward others, whether the most godly saint or the most reprehensible sinner, should be to the goal of drawing them closer to the Savior and helping them to trust in God’s goodness, wisdom, and strength.

May the God of Heaven carry your burdens and help you to help carry the burdens of those around you. May Our Savior help us to be a godly encouragement to the suffering who draws them into closer fellowship with the Savior. May the Holy Spirt give us discernment in how to best encourage the suffering and to help them rest in Jesus.

Trust Jesus

@ 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.

@ 318ebaba:9a262eae

📌 My pinned postings

✒️ My articles

🔑 End-to-end encrypted DMs

💶 Easy zappings

🎯 My search client

🦣 My Mastodon

@ 2b998b04:86727e47

This is my first test -- I'm writing a blog post (using primal long form post) on nostr once and using github actions to fetch and store article as a static page on github pages to be used in a website (blog.stantonweb.com) and potentially other places.

@ b2a8fdbc:dcab1f03

ถ้าเรามี "เงินที่ดี" ที่มีจำนวนจำกัดและสามารถเก็บมูลค่าได้อย่างแท้จริง ภาวะเงินฝืดที่เกิดจากคุณสมบัติเช่นนี้ อาจนำไปสู่ผลลัพธ์ที่เป็นบวกอย่างมหาศาลต่อคุณภาพชีวิตและมุมมองของมนุษย์ต่อการดำรงอยู่ ไม่ใช่เพียงแค่ความกังวลเรื่องการว่างงาน

เงินฝืด: ก้าวข้ามความกลัวการตกงาน สู่การค้นหาความหมายของชีวิต แนวคิดที่ว่ามนุษย์ไม่ได้เกิดมาเพื่อทำงานหากินไปแต่ละวัน แต่เพื่อค้นหาความหมายที่แท้จริงของชีวิต เป็นปรัชญาที่ลึกซึ้ง และสอดคล้องกับแนวคิดที่ว่า เมื่อเงินมีคุณสมบัติที่มั่นคงและมีจำกัด อาจนำมาซึ่งการเปลี่ยนแปลงเชิงบวกดังนี้:

1. ความมั่นคงทางการเงินและคุณภาพชีวิตที่ดีขึ้น เมื่อเงินมีคุณสมบัติที่เก็บรักษามูลค่าได้ดี นั่นหมายความว่ากำลังซื้อของเงินจะไม่ลดลงไปตามกาลเวลา ตรงกันข้าม อาจเพิ่มขึ้นด้วยซ้ำในระบบเศรษฐกิจที่มีประสิทธิภาพ สิ่งนี้จะส่งผลให้:

• ลดความกังวลเรื่องค่าครองชีพ : ผู้คนจะกังวลเรื่องรายได้ไม่พอค่าใช้จ่ายน้อยลง เพราะเงินที่หามาได้ในวันนี้ จะมีมูลค่าที่คงที่หรือเพิ่มขึ้นในอนาคต ทำให้วางแผนชีวิตได้ง่ายขึ้น
• การออมและการลงทุนมีประสิทธิภาพ : แรงจูงใจในการออมจะสูงขึ้น เพราะเงินที่เก็บไว้มีมูลค่าเพิ่มขึ้นเอง ทำให้เกิดความมั่งคั่งสะสมได้ง่ายขึ้น ซึ่งสามารถนำไปลงทุนในสิ่งที่มีคุณค่าอย่างแท้จริง
• ปลดล็อคจากวงจร "วิ่งไล่จับเงิน": เมื่อไม่ต้องกังวลเรื่องเงินเฟ้อกัดกินมูลค่าเงิน มนุษย์อาจไม่จำเป็นต้องทำงานหนักมากเพื่อชดเชยกำลังซื้อที่หายไป ทำให้มีเวลาและพลังงานเหลือเฟือสำหรับสิ่งอื่น ๆ ในชีวิต

2. การนิยาม "งาน" และ "คุณค่า" ใหม่ ในบริบทที่เงินมีความมั่นคง การทำงานอาจไม่ได้ถูกมองว่าเป็นเพียงหนทางในการ "หาเลี้ยงชีพ" อีกต่อไป แต่จะกลายเป็นการสร้างคุณค่าที่แท้จริง:

• งานที่สร้างสรรค์และมีความหมาย : ผู้คนอาจมีอิสระมากขึ้นในการเลือกทำงานที่ตนเองหลงใหล มีความหมาย หรือสร้างสรรค์สิ่งใหม่ ๆ ที่เป็นประโยชน์ต่อสังคม ไม่ใช่แค่การทำงานเพื่อเงิน
• ลดการแข่งขันที่ไม่จำเป็น : เมื่อมูลค่าของเงินมั่นคง การแข่งขันเพื่อแย่งชิงทรัพยากรที่มีจำกัดอาจลดลง ทำให้สังคมมีทิศทางที่ร่วมมือกันมากขึ้น
• การพัฒนามนุษย์อย่างรอบด้าน : เมื่อมีเวลาและทรัพยากรมากขึ้น มนุษย์จะมีโอกาสในการเรียนรู้ พัฒนาทักษะใหม่ ๆ หรือทุ่มเทให้กับงานอดิเรกและความสนใจส่วนตัว ซึ่งนำไปสู่การพัฒนาตนเองอย่างรอบด้าน

3. การมุ่งเน้นไปที่ความหมายที่แท้จริงของชีวิต หากมนุษย์หลุดพ้นจากพันธนาการของการ "ทำงานเพื่ออยู่รอด" ก็จะมีพื้นที่ทางความคิดและจิตใจที่กว้างขวางขึ้นเพื่อ:

• ค้นหาความสุขจากภายใน : ความสุขอาจไม่ได้มาจากการสะสมวัตถุ แต่มาจากการใช้ชีวิตอย่างมีสติ การเชื่อมโยงกับผู้อื่น หรือการทำกิจกรรมที่เติมเต็มจิตใจ
• การพัฒนาจิตวิญญาณ : มีเวลามากขึ้นในการสำรวจปรัชญา ศาสนา หรือศิลปะ เพื่อค้นหาความหมายของชีวิตที่ลึกซึ้งกว่าการบริโภค
• การดูแลสิ่งแวดล้อมและสังคม : เมื่อความกังวลเรื่องเศรษฐกิจลดลง สังคมอาจหันมาให้ความสำคัญกับการรักษาสิ่งแวดล้อม การแก้ปัญหาสังคม และการสร้างโลกที่ดีขึ้นสำหรับทุกคน

"เงินที่ดี" ที่มีคุณสมบัติจำกัดและเก็บมูลค่าได้นั้น มีศักยภาพที่จะเปลี่ยนแปลงพลวัตของสังคมและช่วยให้มนุษย์สามารถมีชีวิตที่มั่งคั่งและมีความหมายได้มากขึ้น โดยไม่ได้ถูกจำกัดอยู่เพียงแค่การทำงานเพื่อความอยู่รอดเท่านั้น

@ a5ee4475:2ca75401

[EM ATUALIZAÇÃO]

vacina #saude #politica #manipulacao #mundial #genocidio #pandemia #conspiracao

"Aqueles que não conseguem lembrar o passado estão condenados a repeti-lo." - George Satayana

Este artigo reúne algumas menções e evidências mais antigas que vim registrando durante alguns anos em relação a Covid-19, vacinas obrigatórias e a ação de agências de governo, fundações, políticos, mídia tradicional, celebridades, influenciadores, cientistas, redes sociais e laboratórios, em envolvimento com genocídio e restrições de liberdades em escala mundial causado por decisões em várias esferas relativas ao covid e as vacinas obrigatórias em geral.

Porém, alguns links podem não estar mais disponíveis, foram que ainda faltam ser registradas muitas informações já divulgadas nos últimos anos e que muitos não tiveram contato pela escassez de meios para a obtenção dessas informações de forma organizada.

Portanto, o presente artigo ainda passará por atualizações de conteúdo e formatação. Logo, se possível, ajudem sugerindo complementos ou alterações, ou com doações.

---

Noções iniciais:

• O termo 'Coronavírus' (COVID) é na verdade um nome genérico para vários vírus de gripes já comuns, dado para o tipo corona (com uma "coroa", 'espetos' ao redor dele), o Sars-Cov-2 (que passou a ser chamado erroneamente só de Covid), é só um deles.
• SARS-CoV-2 é que é nome do vírus. Ele que causa a doença Covid-19;
• O coronavírus SARS-CoV-2 é o segundo tipo de SARS-CoV documentado, o primeiro ocorreu entre 2002 e 2003, se originando também da China e também dito como tendo origem animal;
• SARS (Severe Acute Respiratory Syndrome) - Síndrome Respiratória Aguda Grave (SRAG) é a uma doença respiratória viral, relatada ser de origem zoonótica (animal), causada pelos coronavírus SARS-CoV (2002) e SARS-CoV-2 (2019), ambos de origem chinesa;

---

1. Vacinas Obrigatórias em Geral

23/01/2025 - [Pesquisa] Vacinas nos EUA causando autismo em crianças https://publichealthpolicyjournal.com/vaccination-and-neurodevelopmental-disorders-a-study-of-nine-year-old-children-enrolled-in-medicaid/

• O CDC admite que 98 milhões de pessoas receberam o vírus do câncer através da vacina da Poliomielite https://medicinanews.com.br/frente/frente_1/o-cdc-admite-que-98-milhoes-de-pessoas-receberam-o-virus-do-cancer-atraves-da-vacina-poliomielite/

"O CDC (Os Centros de Controle e Prevenção de Doenças dos Estados Unidos) removeu rapidamente uma página do seu site, que estava em cache no Google, como você pode ver logo abaixo, admitindo que mais de 98 milhões de americanos receberam uma ou mais doses de vacina contra pólio dentro de 8 período entre 1955 e 1963, quando uma proporção da vacina foi contaminada com um poliomavírus causador de câncer chamado SV40."

Fonte original da imagem: https://preventdisease.com/images13/CDC_Polio.png [indisponível] - A imagem foi trocada por outra de menor qualidade e em outro link, mas eu já tinha a imagem original salva.

Imagem arquivada em: https://web.archive.org/web/20201203231640/

27/02/2021 - Por que o Japão demorou para vacinar, mesmo com Olimpíada se aproximando https://www.cnnbrasil.com.br/internacional/2021/02/27/por-que-o-japao-demorou-para-vacinar-mesmo-com-olimpiada-se-aproximando

"Desconfiança da população japonesa em relação a vacinas, ligada a casos ocorridos no passado, está entre razões que atrasaram imunização no país.

A resistência à vacina do Japão remonta à década de 1970, quando duas crianças morreram dentro de 24 horas após receberem a vacina combinada contra difteria, tétano e coqueluche (coqueluche). A vacina foi temporariamente suspensa, mas a confiança já havia sido abalada. Por vários anos, as taxas de vacinação infantil caíram, levando a um aumento nos casos de tosse convulsa.

No final dos anos 1980, houve outro susto com a introdução da vacina tripla contra sarampo, caxumba e rubéola produzida no Japão. As primeiras versões do imunizante foram associadas à meningite asséptica, ou inchaço das membranas ao redor do cérebro e da medula espinhal. O problema foi rastreado até o componente caxumba da vacina tripla, o que levou a uma ação judicial e a indenização por danos pesados.

O Instituto Nacional de Ciências da Saúde interrompeu a dose combinada em 1993 e a substituiu por vacinas individuais. Após o escândalo, Shibuya disse que o governo japonês se tornou "ciente dos riscos" e seu programa nacional de vacinação tornou-se voluntário.

O Dr. Yuho Horikoshi, especialista em doenças infecciosas, diz que os processos levaram a uma "lacuna de vacinação", em que nenhuma vacina foi aprovada no Japão por cerca de 15 anos.

Mais recentemente, em 2013, o Japão adicionou a vacina contra o papilomavírus humano (HPV) ao calendário nacional para proteger as meninas contra o vírus sexualmente transmissível, que é conhecido por causar câncer cervical. No entanto, vídeos de meninas supostamente sofrendo de reações adversas começaram a circular no YouTube, levando o governo a retirá-los da programação nacional."

---

2. PRIMEIRAS OCORRÊNCIAS PREDITIVAS AO COVID-19

2002 - Síndrome respiratória aguda grave (SARS) Brenda L. Tesini (setembro de 2018). Síndrome respiratória aguda grave (SARS) [indisponível]. Manual Merck. Consultado em 23 de janeiro de 2020, citado no Wikipedia

SARS - Wikipédia: "A SARS [doença do vírus SARS-CoV] foi detectada pela primeira vez no fim de 2002 na China. Entre 2002 e 2003, um surto da doença resultou em mais de 8 000 casos e cerca de 800 mortes em todo o mundo."

2010 - Fundação Rockfeller, Lockstep. https://www.rockefellerfoundation.org/wp-content/uploads/Annual-Report-2010-1.pdf

Neste PDF da fundação Rockfeller, em seu próprio site, a fundação deixou claro o seu envolvimento em casos de ‘contenção’ de pandemias juntamente com a USAID (agência americana com nome ambíguo, como formalmente ‘United States Agency for International Development’, mas soando como ‘US Socorre’, mas sendo um braço do governo democrata que financiava interferências políticas diretas em vários países, como em intervenções no Brasil ), inclusive em relacionadas ao SARS, o mesmo sintoma dos coronavírus Sars-Cov e Sars-Cov-2 (o vírus propagado em 2019) e que causa o COVID-19.

Segundo eles:

“Integração entre Regiões e Países

A Fundação Rockefeler investiu US$ 22 milhões em sua Iniciativa de Redes de Vigilância de Doenças para ajudar a conter a disseminação de doenças infecciosas e pandemias, fortalecendo os sistemas nacionais, regionais e globais de vigilância e resposta a doenças. Dois programas-chave da Rockefeler — a Rede de Vigilância de Doenças da Bacia do Mekong e a Rede Integrada de Vigilância de Doenças da África Oriental — conectaram e capacitaram profissionais de saúde, epidemiologistas e autoridades de saúde pública em toda a região, levando a um aumento de seis vezes nos locais de vigilância de doenças transfronteiriças somente nos últimos três anos. Em 2010, a Rockefeler expandiu a bem-sucedida campanha transdisciplinar One Health, que a USAID e o Banco Asiático de Desenvolvimento adotaram como modelos. One Health refere-se à integração da ciência médica e veterinária para combater essas novas variedades de doenças zoonóticas que se movem e sofrem mutações rapidamente de animais para humanos. Essas colaborações criaram e fortaleceram uma rede regional crítica de saúde pública, enquanto as lições aprendidas foram exportadas entre disciplinas e países. Além de fortalecer os laços globais em saúde pública, a Rockefeler ajudou a elevar o nível de especialização e treinamento em campo. O Programa de Treinamento em Epidemiologia de Campo coloca graduados nos mais altos escalões do governo no Laos e no Vietnã, enquanto as bolsas da Rockefeler transformaram as ferramentas disponíveis para os médicos, permitindo-lhes utilizar o poder da internet para se comunicar e monitorar eventos, compreender contextos locais e analisar novos problemas. Finalmente, estamos aplicando ferramentas do século XXI para combater os desafios de saúde do século XXI.”

Julho de 2012 - Revista Mundo Estranho - Epidemias Citado em: https://super.abril.com.br/especiais/epidemia-o-risco-invisivel/

Página do site ME salva em Imagem no Voidcat

Houve uma ‘coincidência’, a revista Mundo Estranho em julho de 2012, entrevistou o até então doutorando em virologia, Átila Iamarino (do canal Nerdologia no Youtube - O mesmo cientista que fez diversas propagandas das vacinas no Brasil), para descrever um possível cenário de propagação de uma epidemia viral, a revista descreve com grande precisão os eventos de 2020, mas apontando o oposto da China, em que, na realidade, sua economia cresceu vertiginosamente.

Segundo eles:

“ 1 – A Ásia é o ponto de partida. Após várias mutações, um novo vírus surge hospedado em morcegos. As fezes que eles soltam no ar infectam guaxinins. Dos mercados da China, esses animais são levados vivos para serem abatidos em restaurantes. Estressados, eles arranham e mordem os cozinheiros, espalhando o vírus.

2 – O vírus adquire a capacidade de ser transmitido de homem para homem por via aérea – forma mais fácil de contágio. Além disso, o contágio se dá antes mesmo de o enfermo apresentar os sintomas. Assim, em média, o doente infecta cinco pessoas antes de ter febre, vômito, diarreia, desidratação e falta de ar.

3 – O governo chinês envia uma comissão para avaliar a doença misteriosa que acomete alguns vilarejos. A equipe volta sem resultados e não considera o surto alarmante até que três pesquisadores adoecem e um deles morre. A China não informa a Organização Mundial da Saúde (OMS) para não demonstrar fragilidade.

4 – Os sintomas são comuns e a doença só chama a atenção quando muita gente começa a morrer na mesma região. Ainda assim, demora para que médicos e enfermeiros percebam a ineficiência de antibióticos na cura – o que exclui a maioria das bactérias como agente causador. Testes com vírus comuns também dão negativo.

5 – O governo isola comunidades em que há focos da doença. Ninguém entra nas cidades e nenhum doente pode sair. Mas, como a misteriosa enfermidade demora quatro dias para mostrar seus sintomas, muitos doentes saem dos vilarejos sem saber que estão infectados, alastrando a epidemia.

6 – Doentes viajam de avião para grandes cidades, como Hong Kong. O fervilhante centro comercial, que atrai gente do mundo todo, é um polo de contágio e disseminação. Sem imaginar o risco que correm, pessoas são contaminadas e, ao voltar para seu local de origem, carregam o vírus para todos os continentes.

7 – Com a doença já fora de controle, começa uma corrida entre laboratórios e cientistas de grandes universidades para descobrir o agente causador. Mesmo com o vírus isolado, as vacinas demoram para ser feitas em larga escala, tornando impossível o atendimento à demanda mundial.

8 – Os países se isolam, mantendo esquemas de quarentena. Aeroportos são fechados e o turismo mundial cai a quase zero. A China sofre as piores consequências, com o fluxo de empresários para Hong Kong suspenso – gerando prejuízos de bilhões de dólares – e com o boicote a produtos alimentícios vindos da Ásia.

9 – Além dos 10% de casos letais, os milhões de doentes precisam de atendimento médico. Enquanto hospitais e cemitérios estão lotados, escolas, indústrias e comércio ficam paralisados por falta de profissionais. O transporte público também para e os trabalhadores que podem passam a trabalhar em casa.

10 – Nas nações pobres, quase 20% da população morre – e outros milhões são vitimados mesmo em países ricos. Parte dessa mortalidade ocorre por causa da doença, mas outro fator determinante é a crise financeira global. A produção de alimentos cai por falta de mão de obra.

Fontes: A História e Suas Epidemias e Pandemias – A Humanidade em Risco, de Stefan Cunha Ujvari; Pragas e Epidemias – Histórias de Doenças Infecciosas, de Antonio Carlos de Castro Toledo Jr. Consultoria: Stefan Ujvari Cunha, infectologista do Hospital Alemão Oswaldo Cruz; Paolo Zanotto, professor de virologia do Instituto de Ciências Biológicas (ICB) da USP; Átila Iamarino, doutorando em HIV-1 no ICB da USP. “

---

3. PRIMEIROS INDÍCIOS

10/2019 - Evento 201 - Durante os Jogos Militares Internacionais na China https://www.centerforhealthsecurity.org/event201/

Promovido por: - Bill & Melinda Gates Foundation - John Hopkins Institute - Fórum econômico mundial

"O evento simula a liberação de um coronavírus novo do tipo zoonótico transmitido por morcegos para porcos e por fim para humanos. Eventualmente ele se torna muito transmissível entre humanos levando a uma pandemia severa. O vírus é muito parecido com o vírus da SARS, mas se transmite muito mais facilmente entre pessoas devido a sintomas muito mais leves destas."

Também mencionado por: Jornal Estadão

Sobre o "Movimento antivacina"

05/12/2017 - Movimento antivacina: como surgiu e quais consequências ele pode trazer? https://www.uol.com.br/universa/noticias/redacao/2017/12/05/o-que-o-movimento-antivacina-pode-causar.htm?cmpid=copiaecola

23/03/2019 - "Instagram bloqueia hashtags e conteúdo antivacinação" https://canaltech.com.br/redes-sociais/instagram-bloqueia-hashtags-e-conteudo-antivacinacao-135411/

23/05/2021 - Novos dados sobre pesquisadores de Wuhan aumentam debate sobre origens da Covid https://www.cnnbrasil.com.br/saude/novos-dados-sobre-pesquisadores-de-wuhan-aumentam-debate-sobre-origens-da-covid/

"A China relatou à Organização Mundial da Saúde que o primeiro paciente com sintomas semelhantes aos de Covid-19 foi registrado em Wuhan em 8 de dezembro de 2019"

01/02/2020 - O que aconteceu desde que o novo coronavírus foi descoberto na China https://exame.com/ciencia/o-que-aconteceu-desde-que-o-novo-coronavirus-foi-descoberto-na-china/

"O primeiro alerta foi recebido pela Organização Mundial da Saúde (OMS) em 31 de dezembro de 2019"

15/09/2020 - YouTube diz que vai remover vídeos com mentiras sobre vacina contra COVID-19 https://gizmodo.uol.com.br/youtube-remover-videos-mentiras-vacina-covid-19/

"O YouTube anunciou na quarta-feira (14) que estenderá as regras atuais sobre mentiras, propaganda e teorias da conspiração sobre a pandemia do coronavírus para incluir desinformação sobre as vacinas contra a doença.

De acordo com a Reuters, a gigante do vídeo diz que agora vai proibir conteúdos sobre vacinas contra o coronavírus que contradizem “o consenso de especialistas das autoridades de saúde locais ou da OMS”, como afirmações falsas de que a vacina é um pretexto para colocar chips de rastreamento nas pessoas ou que irá matar ou esterilizar quem tomar."

*07/01/2021 - YouTube vai punir canais que promovem mentiras sobre eleições – incluindo os de Trump https://olhardigital.com.br/2021/01/07/noticias/youtube-vai-punir-canais-que-promovem-mentiras-sobre-eleicoes-incluindo-os-de-trump/

"O YouTube anunciou que vai punir canais que promovem mentiras sobre as eleições, removendo sumariamente qualquer vídeo que contenha desinformação e, ao mesmo tempo, advertindo com um “strike” o canal que o veicular. A medida já está valendo e a primeira “vítima” é ninguém menos que o ex-presidente americano, Donald Trump.

A medida não é exatamente nova, mas foi novamente comunicada e reforçada pelo YouTube na quarta-feira (6), após os eventos de invasão do Capitólio, em Washington, onde o presidente eleito Joe Biden participava da cerimônia que confirmava a sua vitória nas eleições de novembro de 2020. A ocasião ficou marcada pela tentativa de invasão de correligionários de Trump, que entraram no edifício em oposição à nomeação do novo presidente. Uma mulher acabou sendo morta pela polícia que protegia o local.

O ex-presidente Donald Trump teve vídeos banidos de seu canal no YouTube após os eventos de ontem (6) no capitólio."

---

4. FIGURAS CENTRAIS

Bill Gates

• Bill Gates diz 'não' a abrir patentes de vacinas https://www.frontliner.com.br/bill-gates-diz-nao-a-abrir-patentes-de-vacinas/

"Bill Gates, um dos homens mais ricos do mundo, cuja fundação tem participação na farmacêutica alemã CureVac, produtora de vacina mRNA para prevenção de covid-19, disse não acreditar que a propriedade intelectual tenha algo a ver com o longo esforço global para controlar a pandemia."

João Doria - Governo de São Paulo

26/07/2017 - João Dória vai a China conhecer drones para ampliar segurança eletrônica na capital paulista https://jc.ne10.uol.com.br/blogs/jamildo/2017/07/26/joao-doria-vai-china-conhecer-drones-para-ampliar-seguranca-eletronica-na-capital-paulista/

02/08/2019 - Governo de SP fará Missão China para ampliar cooperação e atrair investimentos https://www.saopaulo.sp.gov.br/spnoticias/governo-de-sao-paulo-detalha-objetivos-da-missao-china/

20/11/2019 - Doria se encontra com chineses das gigantes CREC e CRCC e oferece concessões de rodovia, metrô e ferrovia https://diariodotransporte.com.br/2019/11/20/doria-se-encontra-com-chineses-das-gigantes-crec-e-crcc-e-oferece-concessoes-de-rodovia-metro-e-ferrovia/

25/01/2020 - "Chineses serão agressivos" nas privatizações em SP até 2022, afirma Dória https://noticias.uol.com.br/colunas/jamil-chade/2020/01/25/entrevista-joao-doria-privatizacoes-sao-paulo-china.htm

O governador de São Paulo, João Doria, afirma que vai acelerar os programas de desestatização no estado em 2020 e acredita que concessões e vendas poderão permitir uma arrecadação de pelo menos R$ 40 bilhões. Nesse processo, o governador avalia que a China deve atuar de forma agressiva e que aprofundará sua posição de maior parceira comercial do estado, se distanciando de americanos e argentinos.

29/06/2020 - Doria estabelece multa para quem estiver sem máscara na rua em SP https://veja.abril.com.br/saude/doria-estabelece-multa-para-quem-estiver-sem-mascara-na-rua/

24/12/2020 - Doria é flagrado sem máscara e fazendo compras em Miami https://pleno.news/brasil/politica-nacional/doria-e-flagrado-sem-mascara-e-fazendo-compras-em-miami.html

"Foto do governador de São Paulo sem o item de proteção viralizou nas redes"

07/06/2021 - Doria é criticado na internet por tomar sol sem máscara em hotel no Rio https://vejasp.abril.com.br/cidades/doria-e-criticado-na-internet-por-tomar-sol-sem-mascara-em-hotel-no-rio/

30/09/2020 - Governo de SP assina contrato com Sinovac e prevê vacina para dezembro https://agenciabrasil.ebc.com.br/saude/noticia/2020-09/governo-de-sp-assina-contrato-com-sinovac-e-preve-vacina-para-dezembro

O governador de São Paulo, João Doria, e o vice-presidente da laboratório chinês Sinovac, Weining Meng, assinaram hoje (30), um contrato que prevê o fornecimento de 46 milhões de doses da vacina CoronaVac para o governo paulista até dezembro deste ano.

O contrato também prevê a transferência tecnológica da vacina da Sinovac para o Instituto Butantan, o que significa que, o instituto brasileiro poderá começar a fabricar doses dessa vacina contra o novo coronavírus. O valor do contrato, segundo o governador João Doria é de US$ 90 milhões.

20/10/2020 - Coronavac terá mais de 90% de eficácia, afirmam integrantes do governo paulista https://www.cnnbrasil.com.br/saude/2020/12/20/coronavac-tera-mais-de-90-de-eficacia-afirmam-integrantes-do-governo

24/10/2020 - Não esperamos 90% de eficácia da Coronavac’, diz secretário de saúde de SP https://www.cnnbrasil.com.br/saude/2020/12/24/nao-esperamos-90-de-eficacia-da-coronavac-diz-secretario-de-saude-de-sp

07/01/2021 - Vacina do Butantan: eficácia é de 78% em casos leves e 100% em graves https://www.cnnbrasil.com.br/saude/2021/01/07/vacina-do-butantan-eficacia-e-de-78-em-casos-leves-e-100-em-graves

09/01/2021 - Não é hora de sermos tão cientistas como estamos sendo agora https://g1.globo.com/sp/sao-paulo/video/nao-e-hora-de-sermos-tao-cientistas-como-estamos-sendo-agora-diz-secretario-de-saude-de-sp-9166405.ghtml

10/01/2021 - Dados da Coronavac relatados à Anvisa não estão claros, diz médico https://www.cnnbrasil.com.br/saude/2021/01/10/dados-da-coronavac-relatados-a-anvisa-nao-estao-claros-diz-medico

"O diretor do Laboratório de Imunologia do Incor, Jorge Kalil, reforçou que faltaram informações sobre a Coronavac nos dados divulgados à Anvisa"

12/01/2021 - New Brazil data shows disappointing 50,4% efficacy for China’s Coronavac vaccine [Novos dados do Brasil mostram eficácia decepcionante de 50,4% para a vacina CoronaVac da China] https://www.reuters.com/article/us-health-coronavirus-brazil-coronavirus/new-brazil-data-shows-disappointing-504-efficacy-for-chinas-coronavac-vaccine-idUSKBN29H2CE

13/01/2021 - Eficácia da Coronavac: 50,38%, 78% ou 100%? https://blogs.oglobo.globo.com/lauro-jardim/post/5038-78-ou-100.html

“De acordo com interlocutores que participaram tanto do anúncio de ontem como da semana passada, quem pressionou para que os dados de 78% e 100% fossem liberados foi João Dória.”

07/05/2021 - Covid-19: Doria toma primeira dose da vacina CoronaVac https://veja.abril.com.br/saude/covid-19-doria-toma-primeira-dose-da-vacina-coronavac/

04/06/2021 - Doria é vacinado com a segunda dose da CoronaVac em São Paulo https://noticias.uol.com.br/politica/ultimas-noticias/2021/06/04/doria-e-vacinado-com-a-segunda-dose-da-coronavac-em-sao-paulo.htm

15/07/2021 - Doria testa positivo para a Covid-19 pela 2ª vez https://www.correiobraziliense.com.br/politica/2021/07/4937833-doria-testa-positivo-para-covid-19-pela-segunda-vez.html

"Governador de São Paulo já havia sido diagnosticado com a doença no ano passado. Ele diz que, apesar da infecção, se sente bem, o que atribui ao fato de ter sido vacinado com duas doses da Coronavac"

06/08/2021 - CPI recebe investigação contra Doria por compra de máscara sem licitação https://www.conexaopoder.com.br/nacional/cpi-recebe-investigacao-contra-doria-por-compra-de-mascara-sem-licitacao/150827

"Empresa teria usado o nome de Alexandre Frota para vender máscaras ao governo de SP. Doria nega informação"

Renan Filho

(filho do Renan Calheiros)

25/07/2019 - Governador Renan Filho vai à China em busca de investimentos para o estado https://www.tnh1.com.br/videos/vid/governador-renan-filho-vai-a-china-em-busca-de-investimentos-para-o-estado/

20/03/2020 - Governadores do NE consultam China e pedem material para tratar covid-19 https://noticias.uol.com.br/saude/ultimas-noticias/redacao/2020/03/20/governadores-do-ne-consultam-china-e-pedem-material-para-tratar-covid-19.htm

---

5. Narrativas, restrições e proibições

17/12/2020 - STF decide que vacina contra a covid pode ser obrigatória, mas não forçada https://noticias.uol.com.br/saude/ultimas-noticias/redacao/2020/12/17/stf-julga-vacinacao-obrigatoria.htm?cmpid=copiaecola

"O STF (Supremo Tribunal Federal) decidiu, em julgamento hoje, que o Estado pode determinar a obrigatoriedade da vacinação contra a covid-19. Porém fica proibido o uso da força para exigir a vacinação, ainda que possam ser aplicadas restrições a direitos de quem recusar a imunização.

Dez ministros foram favoráveis a obrigatoriedade da vacinação, que poderá ser determinada pelo governo federal, estados ou municípios. As penalidades a quem não cumprir a obrigação deverão ser definidas em lei."

27/07/2021 - Saiba que países estão adotando 'passaporte da vacina' para suspender restrições https://www.cnnbrasil.com.br/internacional/2021/07/27/saiba-que-paises-estao-adotando-passaporte-da-vacina-para-suspender-restricoes

" - Israel - Uniao Europeia - Áustria - Dinamarca - Eslovênia - França - Grécia - Irlanda - Itália - Letônia - Lituânia - Luxemburgo - Holanda - Portugal - Japão - Coreia do sul"

18/06/2021 - O que é o passaporte da vacina que Bolsonaro quer vetar? https://noticias.uol.com.br/politica/ultimas-noticias/2021/06/18/uol-explica-o-que-e-o-passaporte-da-vacina-que-opoe-bolsonaro-e-damares.htm

"O Brasil poderá ter um certificado de imunização futuramente. Aprovado no Senado na semana passada, o "passaporte da vacina", como é chamado, prevê identificar pessoas vacinadas para que entrem em locais públicos ou privados com possíveis restrições."

---

6. Vacinas

Alegações iniciais

• CoronaVac, Oxford e Pfizer: veja diferenças entre as vacinas contra covid noticias.uol.com.br/saude/ultimas-noticias/redacao/2021/05/11/diferencas-vacinas-covid-brasil.htm

" - CoronaVac (Butantan/Sinovac - Chinesa) Com virus inativo 50,38% de eficácia 2 doses

• Covishield - 'AstraZeneca' (Fiocruz/Astrazenica/Oxford - Britânica) Com virus não replicante 67% de eficácia 2 doses

• ComiRNAty - 'Pfizer' (Pfizer - Americana / BioNTech - Alemã) Com RNA mensageiro 96% de eficácia 2 doses"

Riscos diretos

15/06/2021 - Trombose após vacinação com AstraZeneca: Quais os sintomas e como se deve atuar? https://www.istoedinheiro.com.br/trombose-apos-vacinacao-com-astrazeneca-quais-os-sintomas-e-como-se-deve-atuar/

"Agências europeias estão reticentes com a vacina da AstraZeneca. Ela chegou a ser desaconselhada a pessoas com idade inferior a 60 anos, e um alto funcionário da Agência Europeia de Medicamentos declarou que era melhor deixar de administrar a vacina deste laboratório em qualquer idade quando há alternativas disponíveis, devido aos relatos de trombose após a primeira dose, apesar de raros."

11/05/2021 - CoronaVac, Oxford e Pfizer: veja diferenças entre as vacinas contra covid https://noticias.uol.com.br/saude/ultimas-noticias/redacao/2021/05/11/diferencas-vacinas-covid-brasil.htm

"Na terça-feira (12), o Ministério da Saúde determinou a suspensão da aplicação da vacina de Oxford/AstraZeneca para gestantes e puérperas com comorbidades. A decisão segue recomendação da Anvisa, que apura a morte de uma grávida de 35 anos que tomou o imunizante e teve um AVC (acidente vascular cerebral)."

30/07/2021 - Pfizer representa o mesmo risco de trombose que a Astrazeneca, aponta levantamento https://panoramafarmaceutico.com.br/pfizer-representa-o-mesmo-risco-de-trombose-que-a-astrazeneca-aponta-levantamento/

---

7. CRIMES

Crimes da Pfizer

18/11/2020 Não listado no google - Os Crimes documentados da produtora de vacinas de Covid - Pfizer [INGLÊS] https://www.dmlawfirm.com/crimes-of-covid-vaccine-maker-pfizer-well-documented/

"A velocidade com que a vacina Covid da Pfizer foi produzida, a ausência de estudos em animais, testes de controle randomizados e outros testes e procedimentos padrão usuais para um novo medicamento são, no mínimo, preocupantes. Além disso, todos os fabricantes de vacinas Covid receberam imunidade legal para quaisquer ferimentos ou mortes que possam causar. Se essas vacinas são tão seguras quanto promovidas, por que seus fabricantes precisam de imunidade geral?"

"A Pfizer, uma empresa farmacêutica que parece ter ganhado na loteria para produzir a primeira vacina Covid-19, está atualmente lutando contra centenas de ações judiciais sobre o Zantac, um popular medicamento contra azia. Os processos da Zantac afirmam que a droga popular pode estar contaminada com uma substância cancerígena chamada N-nitrosodimetilamina (NDMA). Os processos Zantac são em aberto e em andamento, já que a farmacêutica está lutando contra eles; mas a Pfizer, sabemos, cometeu vários crimes ou transgressões pelos quais foi punida nos últimos anos. As falhas da empresa estão bem documentadas e vale a pena revisá-las neste momento crítico da história da humanidade, enquanto todos nós buscamos respostas."

A Pfizer recebeu a maior multa da história dos Estados Unidos como parte de um acordo judicial de US $ 2,3 bilhões com promotores federais por promover medicamentos erroneamente (Bextra, Celebrex) e pagar propinas a médicos complacentes. A Pfizer se confessou culpada de falsificar a marca do analgésico Bextra, promovendo o medicamento para usos para os quais não foi aprovado.

Na década de 1990, a Pfizer estava envolvida em válvulas cardíacas defeituosas que causaram a morte de mais de 100 pessoas. A Pfizer enganou deliberadamente os reguladores sobre os perigos. A empresa concordou em pagar US $ 10,75 milhões para acertar as acusações do departamento de justiça por enganar reguladores.

A Pfizer pagou mais de US $ 60 milhões para resolver um processo sobre o Rezulin, um medicamento para diabetes que causou a morte de pacientes de insuficiência hepática aguda.

No Reino Unido, a Pfizer foi multada em quase € 90 milhões por sobrecarregar o NHS, o Serviço Nacional de Saúde. A Pfizer cobrou do contribuinte um adicional de € 48 milhões por ano, pelo que deveria custar € 2 milhões por ano.

A Pfizer concordou em pagar US $ 430 milhões em 2004 para resolver acusações criminais de que havia subornado médicos para prescrever seu medicamento para epilepsia Neurontin para indicações para as quais não foi aprovado. Em 2011, um júri concluiu que a Pfizer cometeu fraude em sua comercialização do medicamento Neurontin. A Pfizer concordou em pagar $ 142,1 milhões para liquidar as despesas.

A Pfizer revelou que pagou quase 4.500 médicos e outros profissionais médicos cerca de US $ 20 milhões por falar em nome da Pfizer.

Em 2012, a Comissão de Valores Mobiliários dos Estados Unidos - anunciou que havia chegado a um acordo de US $ 45 milhões com a Pfizer para resolver acusações de que suas subsidiárias haviam subornado médicos e outros profissionais de saúde no exterior para aumentar as vendas no exterior.

A Pfizer foi processada em um tribunal federal dos Estados Unidos por usar crianças nigerianas como cobaias humanas, sem o consentimento dos pais das crianças. A Pfizer pagou US $ 75 milhões para entrar em acordo no tribunal nigeriano pelo uso de um antibiótico experimental, o Trovan, nas crianças. A empresa pagou um valor adicional não divulgado nos Estados Unidos para liquidar as despesas aqui. A Pfizer violou o direito internacional, incluindo a Convenção de Nuremberg estabelecida após a Segunda Guerra Mundial, devido aos experimentos nazistas em prisioneiros relutantes.

Em meio a críticas generalizadas de roubar os países pobres em busca de drogas, a Pfizer prometeu dar US $ 50 milhões para um medicamento para a AIDS para a África do Sul. Mais tarde, no entanto, a Pfizer falhou em honrar essa promessa.

• Pfizer contract leaked! [Contrato da Pfizer vazado] http://sanjeev.sabhlokcity.com/Misc/LEXO-KONTRATEN-E-PLOTE.pdf

Segundo o contrato "o produto não deve ser serializado":

"5.5 Reconhecimento do comprador.

O Comprador reconhece que a Vacina e os materiais relacionados à Vacina, e seus componentes e materiais constituintes estão sendo desenvolvidos rapidamente devido às circunstâncias de emergência da pandemia de COVID-19 e continuarão a ser estudados após o fornecimento da Vacina ao Comprador nos termos deste Contrato. O Comprador reconhece ainda que os efeitos de longo prazo e eficácia da Vacina não são atualmente conhecidos e que pode haver efeitos adversos da Vacina que não são atualmente conhecidos. Além disso, na medida do aplicável, o Comprador reconhece que o Produto não deve ser serializado."

Crimes da AstraZeneca

21/06/2003 - AstraZeneca se declara culpada no esquema de médico de câncer https://www.nytimes.com/2003/06/21/business/astrazeneca-pleads-guilty-in-cancer-medicine-scheme.html

"A AstraZeneca, a grande empresa farmacêutica, se declarou culpada hoje de uma acusação de crime de fraude no sistema de saúde e concordou em pagar $ 355 milhões para resolver as acusações criminais e civis de que se envolveu em um esquema nacional para comercializar ilegalmente um medicamento contra o câncer de próstata.

O governo disse que os funcionários da empresa deram incentivos financeiros ilegais a cerca de 400 médicos em todo o país para persuadi-los a prescrever o medicamento Zoladex. Esses incentivos incluíram milhares de amostras grátis de Zoladex [...]"

27/04/2010 - Farmacêutica gigante AstraZeneca pagará US $ 520 milhões pelo marketing de medicamentos off-label https://www.justice.gov/opa/pr/pharmaceutical-giant-astrazeneca-pay-520-million-label-drug-marketing

"AstraZeneca LP e AstraZeneca Pharmaceuticals LP vão pagar $ 520 milhões para resolver as alegações de que a AstraZeneca comercializou ilegalmente o medicamento antipsicótico Seroquel para usos não aprovados como seguros e eficazes pela Food and Drug Administration (FDA), os Departamentos de Justiça e Saúde e Serviços Humanos A Equipe de Ação de Fiscalização de Fraudes em Saúde (HEAT) anunciou hoje. Esses usos não aprovados também são conhecidos como usos "off-label" porque não estão incluídos no rótulo do medicamento aprovado pela FDA."

• List of largest pharmaceutical settlements [Lista dos maiores acordos farmaceuticos] https://en.m.wikipedia.org/wiki/List_of_largest_pharmaceutical_settlements

---

8. CIENTISTAS

• Máscara Provoca Insuficiência Respiratória E Contaminação Microbiana… [Canal deletado] https://youtube.com/watch?v=eHu-pydSvDI

Não lembro mais a quem pertencia, mas provavelmente era de um médico falando do assunto. Creio ter sido do Dr. Paulo Sato, por essa temática ter sido abordada por ele, mas ao abrir o site aparece somente:

"Este vídeo foi removido por violar as diretrizes da comunidade do YouTube"

Dr. Paulo Sato

• USAR ou NÃO USAR a CUECA do seu governador no rosto https://fb.watch/7NPP_7rS5S/ https://www.facebook.com/AdoniasSoaresBR/videos/1347904292291481/ Adonias Soares entrevista ao Dr. Paulo Sato sobre as máscaras, em que é simulado o efeito da respiração prolongada das máscaras no organismo com o uso de águas de torneira, natural, gaseificada (com gás carbônico) e antioxidante, em que a com gás carbônico (PH 4 - Ácido) representa o organismo humano, e na prática representa lesão corporal e iniciação de doenças.

Dr. Kary Mullis

(Criador do teste PCR)

• PCR nas palavras do seu inventor - Dr. Kary Mullis (legendado) https://www.youtube.com/watch?v=W1O52uTygk8

"Qualquer um pode testar positivo para quase qualquer coisa com um teste de PCR, se você executá-lo por tempo suficiente… Com PCR, se voce fizer isso bem, você pode encontrar quase tudo em qualquer pessoa… Isso não te diz que você está doente."

• Kary Mullis DESTRUYE a Anthony Fauci lbry://@CapitalistChile#0/Kary-Mullis---Fauci#5

"Ele [...] não entende de medicina e não deveria estar onde está. A maioria dos que estão acima são só administrativos e não têm nem ideia do que ocorre aqui em baixo e essas pessoas tem uma agenda que não é a que gostaríamos que tivessem, dado que somos nós os que pagamos a eles para que cuidem da nossa saúde. Têm uma agenda pessoal."

Dra. Li-Meng Yan

• Dra. Li-Meng Yan: O vírus foi criado em laboratório com um objetivo: Causar dano. https://youtu.be/pSXp3CZnvOc

Dr. Joe Roseman

• Cientista Phd Dr Joe Roseman faz seríssimas advertencias sobre a picada https://youtu.be/0PIXVFqJ_h8

Dr. Robert Malone

• As vacinas podem estar causando ADE - Dr. Robert Malone https://odysee.com/@AkashaComunidad:f/Las_vacunas_pueden_estar_causando_ADE_magnificaci%C3%B3n_mediada_por:f lbry://@Información.#b/Drrm#9

Dr. Robert Malone, um dos três inventores da tecnologia de RNAm que se usa de forma farmacêutica. No vídeo fala sobre os efeitos de ADE (realce dependente de anticorpos) que estão ocorrendo com as vacinas. Nas palavras do Dr. Malone, já não é somente uma hipótese, mas baseada nos conhecimentos gerados nas provas e ensaios pré clínicos, com as vacinas contra o primeiro vírus da SARS.

Dr. Luc Montagnier

• Dr. Luc Montagnier, virologista, prêmio Nobel de medicina, um dos descobridores do vírus HIV, afirma: "a vacinação em massa está criando as novas variantes' (@medicospelavida , telegram)

CASOS DOCUMENTADOS

13/09/2021 - 13 de setembro de 2021 - Carta aberta ao Ministro da Saúde por Arlene Ferrari Graf, mãe de Bruno Oscar Graf https://telegra.ph/Carta-aberta-ao-Ministro-da-Sa%C3%BAde-09-13

Também em: Gazeta do Povo

O texto de uma mãe discorrendo sobre o filho dela, Bruno Oscar Graf, ter ANTI-HEPARINA PF4 AUTO-IMUNE e ter vindo a falecer por reação à vacina.

11/05/2021 - Rio notifica morte de grávida vacinada com imunizante Oxford https://www.terra.com.br/noticias/coronavirus/rio-notifica-morte-de-gravida-vacinada-com-imunizante-oxford,415b9b0c49169427ac2f90ae3765c057e9suy3qn.html

"Vítima não apresentava histórico de doença circulatória nem sofria de nenhuma doença viral; relação será investigada"

13/08/2021 - Cruzeiro com 4.336 pessoas tem 27 contaminados com Covid-19 em Belize https://paranaportal.uol.com.br/geral/cruzeiro-com-4-336-pessoas-tem-27-contaminados-com-covid-19-em-belize/amp/

"Segundo um comunicado do Conselho de Turismo de Belize emitido na quarta-feira (11), 26 contaminados são da tripulação e um é passageiro. A maioria é assintomática e os 27 estão vacinados."

---

9. ALEGAÇÕES DIRETAS

09/2021 - Setembro de 2021 - BOMBA: Ex-membro do Partido Comunista da China revela que o primeiro surto da Covid foi “intencional” https://terrabrasilnoticias.com/2021/09/bomba-ex-membro-do-partido-comunista-da-china-revela-que-o-primeiro-surto-da-covid-foi-intencional/

01/03/2023 - 1 de Março de 2023 - O chefe do FBI, Christopher Wray, diz que vazamento de laboratório na China é muito provável https://www.bbc.com/news/world-us-canada-64806903

26/12/2024 - 26 de Dezembro 2024 - FBI ‘não tem permissão para informar Biden’ sobre a teoria de vazamento de laboratório da Covid https://www.thetimes.com/world/us-world/article/fbi-not-allowed-to-brief-biden-on-covid-lab-leak-theory-8df9mr997

O FBI concluiu com "confiança moderada" que a COVID-19 pode ter sido criada em laboratório, com base em parte na análise genômica conduzida por cientistas do Centro Nacional de Inteligência Médica.

@ cae03c48:2a7d6671

Bitcoin Magazine

Bitcoin Life Insurer, Meanwhile, Becomes First Company to Publish Audited Financials Denominated in Bitcoin

Meanwhile Insurance Bitcoin (Bermuda) Limited (“Meanwhile”) announced it has become the first company in the world to release externally audited financial statements denominated entirely in Bitcoin. According to the announcement, the company reported 220.4 BTC in assets and 25.29 BTC in net income for 2024, a 300% year over year increase.

Today marks a global first & historic event for us, along with the public release of our 2024 audited financial statements, covering our 1st year of sales.

As the 1st company in the world to have Bitcoin-denominated financial statements externally audited, we are excited to…

— meanwhile | Bitcoin Life Insurance (@meanwhilelife) June 5, 2025

“We’ve just made history as the first company in the world to have Bitcoin-denominated financial statements externally audited,” said Zac Townsend, CEO of Meanwhile. “This is an important, foundational step in reimagining the financial system based on a single, global, decentralized standard outside the control of any one government.” 

The financial statements were audited by Harris & Trotter LLP and its digital asset division ht.digital. Meanwhile’s financials also comply with Bermuda’s Insurance Act 1978, noting that their BTC denominated financials were approved and comply with official guidelines. The firm, fully licensed by the Bermuda Monetary Authority (BMA), operates entirely in BTC and is prohibited from liquidating Bitcoin assets except through policyholder claims, positioning it as a long term holder. 

“As the first regulated Bitcoin life insurance company, we view the BTC held by Meanwhile as inherently long-term in nature—primarily held to support the Company’s insurance liabilities over decades,” Townsend added. “This makes it significantly ‘stickier’ and resistant to market pressures compared to the BTC held by other companies as part of their treasury management strategies.” 

Meanwhile’s 2024 financials also revealed 23.02 BTC in net premiums and 4.35 BTC in investment income, showing that its model not only preserves Bitcoin, but earns it. The company’s reserves (also held in BTC) were reviewed and approved by Willis Towers Watson (WTW). 

Meanwhile also offers a Bitcoin Whole Life insurance product that allows policyholders to save, borrow, and build legacy wealth—entirely in BTC, and has plans to expand globally in 2025.

“We are incredibly proud of today’s news as it underscores how Meanwhile is at the forefront of the next phase of the convergence between Bitcoin and institutional financial markets,” said Tia Beckmann, CFO of Meanwhile. “Now having generated net income in BTC, we have demonstrated that we are earning it through a sustainable insurance business model designed for the long term.” 

This post Bitcoin Life Insurer, Meanwhile, Becomes First Company to Publish Audited Financials Denominated in Bitcoin first appeared on Bitcoin Magazine and is written by Jenna Montgomery.

@ 37666b60:3698ff14

Hello

@ cae03c48:2a7d6671

Bitcoin Magazine

President Trump’s Truth Social Files S-1 Form For Bitcoin ETF

Today, Trump Media and Technology Group Corp. (Nasdaq, NYSE Texas: DJT) filed with the US Securities and Exchange Commission (SEC) a Form S-1 for their upcoming Truth Social Bitcoin ETF.

The ETF, which will hold bitcoin directly, is designed to track the bitcoin’s price performance. 

“Truth Social Bitcoin ETF, B.T. is a Nevada business trust that issues beneficial interests in its net assets,” stated the Form S-1. “The assets of the Trust consist primarily of bitcoin held by a custodian on behalf of the Trust. The Trust seeks to reflect generally the performance of the price of bitcoin.”

The ETF is sponsored by Yorkville America Digital, LLC and will trade under NYSE Arca. The Trust’s assets primarily consist of bitcoin held by Foris DAX Trust Company, LLC, the designated bitcoin custodian. Crypto.com will act as the ETF’s prime execution agent and liquidity provider.

“Shares will be offered to the public from time to time at varying prices that will reflect the price of bitcoin and the trading price of the Shares on New York Stock Exchange Arca, Inc. at the time of the offer,” mentioned the Form S-1.

While the ETF offers investors a regulated avenue for bitcoin exposure, the Trust warned of several risks related to digital assets:

• Loss, theft, or compromise of private keys could result in permanent loss of bitcoin.
• Bitcoin’s reliance on blockchain and Internet technologies makes it vulnerable to disruptions and cyber threats.
• Environmental and regulatory pressures tied to high electricity use in bitcoin mining could impact market stability.
• Potential forks or protocol failures in the Bitcoin Network may lead to volatility and uncertainty in asset value.

Last week, during an interview at the 2025 Bitcoin Conference, Donald Trump Jr. announced that TMTG and Truth Social were forming a Bitcoin treasury with $2.5 billion. “We’re seriously on crypto—we’re seriously on Bitcoin,” said Trump Jr. “We’re in three major deals. I believe we’re at the beginning of what will be the future of finance. And the opportunity is massive.”

The day after that interview, Eric Trump and Donald Trump Jr., joined by American Bitcoin Executive Chairman and Board Member Mike Ho, CEO Matt Prusak, and Altcoin Daily founder Aaron Arnold, discussed the future of Bitcoin.

“The whole system is broken and now all of the sudden you have crypto which solves all the problems,” commented Eric Trump. “It makes everything cheaper, it makes everything faster, it makes it safer, it makes it more transparent. It makes the whole system more functional.“

“Everybody wants Bitcoin. Everybody is buying Bitcoin,” Eric added.

This post President Trump’s Truth Social Files S-1 Form For Bitcoin ETF first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

@ 0b118e40:4edc09cb

The idea of Bitcoin as an internet native currency, and eventually a global one, is coming to life slowly. But historically, the idea of global currency has haunted the world’s financial imagination for nearly a century. 

From Keynes’s Bancor in 1944 to Zhou Xiaochuan’s post-crisis proposal in 2009 to today’s renewed debates, the idea resurfaces every time the global economy fractures. 

Could this time be different with Bitcoin? 

I decided to trace the idea of global currency through several decades and books. I may have missed some parts, so feel free to add. I’ll keep this brief and leave the books I’ve read below.

In the beginning

It all started on July 1, 1944. 730 delegates from 44 Allied nations, including major powers like the US, UK, Soviet Union, China, and France, gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire. They spent 2 weeks figuring out how the new international monetary and financial system would be, post WW2

After WW1, the treaty of Versailles was needed, but imposed harsh reparations that devastated economies and contributed to the rise of fascism, such as Hitler, Mussolini and gang. 

So when folks met up in 1944 (WW2 was almost ending), the goal was to prevent another Great Depression, another global conflict and build a stable global economic order. 

2 main proposals were discussed in Bretton Woods. 

1. John Maynard Keynes, representing the UK, proposed the creation of a global currency called Bancor. It will be issued through a global central bank known as the International Clearing Union (ICU).

2. Harry Dexter White, representing the US, promoted a dollar-based system. Countries would peg their currencies to the US. dollar backed by gold. He also led the creation of the IMF and the World Bank.

To understand how both of these proposals work, let's look at an example.

• Country A (Germany): Massive exporter

• Country B (USA): Massive importer

• Country C (Brazil): Balanced trade (imports = exports)

***Based on Dexter’s model and the current USD-based system, ***

Say Germany sells $1B worth of cars to the US. The US  pays in dollars, increasing its trade deficit. Germany accumulates dollars as reserves or buys the US Treasury bonds. Over time, the US continues running trade deficits, while Germany keeps hoarding dollars. Hence the  unsustainable debt of the US. 

***In Keynes’s Bancor system, ***

If Germany sells $1B worth of cars to the US, then the US does not pay in dollars. Instead, the ICU credits Germany with 1B Bancors and debits the US with -1B Bancors. 

The ICU police this. If Germany exceeds the surplus threshold, it pays interest or penalties to discourage hoarding. If the US exceeds its deficit threshold, it is warned to rebalance trade or face restrictions.

Here, Germany is incentivized to import more (e.g., from Brazil) or invest in global development. The US is encouraged to export more or reduce consumption. Brazil, with balanced trade, enjoys stability in Bancor flows and avoids pressure.

The idea behind Bancor was a zero-sum balancing act. No country could become “too big to fail” due to excessive deficits. But it was too complicated and idealistic in assuming every country could maintain balanced trade. 

Dexter on the other hand had a few tricks up his sleeve. In the end, Dexter’s USD dominance proposal was adopted. 

The Bretton Woods system established the US dollar as the central global currency 

Why did dollar dominance win over Bancor?

Simplicity often wins over complexity. But more so ICU felt too centralized, asking nations to surrender economic autonomy to a global body. That didn’t sit well in a post-war world where sovereignty was non-negotiable. That and idealist economic trade balance views. 

Dexter’s dollar-based system on the other hand wasn’t fair play at all. It was centralized and authoritarian in its design. 

So how did Dexter pull it off?

They had gold. They were ahead in economic recovery.

And they had nuclear weapons. 

At the time, the US held nearly 2/3 of the world’s gold reserves. It was a significant advantage in advocating for a gold-backed dollar as the bedrock of global trade. 

The US proposed a fixed gold peg at $35 per ounce.

From a broader geopolitical backdrop, the global population in 1944 was about 2.3 billion, a fraction of today’s 8 billion. The world was far less interconnected. The war had devastated Europe, Russia, and much of Asia. Infrastructure, economies, and entire cities were in ruins. The US, by contrast, had faced far fewer casualties and damages. Being geographically isolated, it had minimal domestic losses, around a tenth of what Europe suffered, and its economy was poised to rebuild faster. 

But gold dominance and economic recovery alone didn’t secure US financial dominance.

American scientific breakthroughs had already signaled global power. Physicists like Leo Szilard and Albert Einstein, who had fled Europe, helped develop nuclear weapons. Their intent was deterrence, not destruction. But once the bomb existed, it changed geopolitics overnight. The US had military dominance. And after Hiroshima and Nagasaki in 1945, it became the undisputed superpower. 

In the end, the USD won and the vision for neutral global currency faded. 

And 20 years passed on…

France sends its warship to the US

Under Bretton Woods, countries could exchange dollars for gold, but the US had been printing more dollars than it had gold to back it. And it used it to fund the costly Vietnam War and domestic programs like the Great Society under LBJ. 

Belgian-American economist Robert Triffin pointed out a fatal flaw in the Bretton Woods system that came to be known as the Triffin dilemma. 

• The world needed US dollars for liquidity and trade.

• But the more dollars the US pumped out, the less credible its gold promise became.

Yet the US kept promising that every dollar was still convertible to gold at $35 per ounce.

French President Charles de Gaulle saw this as financial imperialism. He called it the  “exorbitant privileged position”. The world had to pay for what they bought with the money they have, but not the US. 

So in 1965, France did something unexpected. It sent a warship to New York Harbor to physically retrieve French gold reserves held by the Federal Reserve. 

Would it have escalated to war? Maybe. But likely not. It was perhaps more of a diplomatic theatre and a sovereign flex. France was exercising its right under the Bretton Woods agreement to convert dollars into gold. But doing it with military formality was to send a signal to the world that they don’t trust the US system anymore.

It was one of the first major public blows to the dollar’s credibility. And France wasn’t alone. Other countries like West Germany and Switzerland followed suit, redeeming dollars for gold and draining US reserves.

The Nixon shock

Given they did not have enough gold, the IMF introduced Special Drawing Rights (SDRs) in 1969. SDRs were an international reserve asset, created to supplement gold and dollar reserves. Instead of relying solely on the US dollar, SDRs were based on a basket of major currencies (originally gold-backed but later diversified).

The idea was to reduce the world’s dependence on the dollar and avoid a liquidity crisis. But SDRs were a little too late and a little too weak to solve the underlying problem.

By 1971, the US could no longer sustain the illusion. President Nixon “closed the gold window,” suspending dollar convertibility to gold. 

The Bretton Woods collapsed and this marked the beginning of fiat money dominance.

The French pursuit

While France demanded justice in one corner of the world, the French franc, specifically the CFA franc, has been dominant in parts of Africa since 1945, long before 1971.

After WWII, France created two CFA franc zones:

• West Africa: Communauté Financière Africaine (XOF)

• Central Africa: Coopération Financière en Afrique Centrale (XAF)

These zones included 14 African countries, many of which were former French colonies. France maintained monetary control via currency convertibility guarantees and representation in African central banks. Till today it has influence over these country’s monetary policy.

Colonisation hasn't ended in some parts of the world. 

Did countries stop using the USD after the Nixon shock 1971?

Nope. The US dollar was no longer convertible to gold and it dismantled the fixed exchange rate system. But most countries did not stop using the USD as their dominant reserve or trade currency. There were no decent alternatives. Instead, they floated their currencies or maintained a soft peg to the dollar or a basket of currencies. 

The USD remained dominant in oil trade (OPEC priced oil in USD) - petrodollar deal, global debt markets and FX reserves (central banks kept holding USD). 

In 1997, when many Southeast Asian countries were still pegged to the USD, Soros claimed that SEA will tank. The US further increased its credit rates leading to capital flight and eventual tanking of these countries leading to Asian Financial Crisis '97. Many financial crisis has similar vibe.

The 1999 Euro launch

The idea of a shared currency appeared again, this time through the forms of Euro. It was a mandatory system for member states of the Eurozone, and came with centralized authority, the European Central Bank (ECB), which controlled monetary policy for all participating nations.

At first glance, the euro seemed like a win. It eliminated exchange rate fluctuations, making trade within the Eurozone smoother. It gave weaker economies access to lower borrowing costs and helped Europe establish itself as a financial heavyweight. Today, the euro is the second most-used reserve currency after the US dollar.

But it came at a cost. Countries that adopted the euro lost monetary sovereignty and could no longer print their own money or adjust interest rates to respond to local crises. This became painfully clear during Greece’s debt crisis, where strict monetary policies prevented the country from devaluing its currency to recover. The one-size-fits-all approach meant that economies as different as Germany and Greece had to follow the same rules, often to the detriment of weaker nations. Debt-ridden countries like Italy and Spain were forced into harsh austerity measures because they could not manipulate their currency to ease financial strain. Meanwhile, richer nations like Germany and the Netherlands felt they were unfairly propping up struggling economies, creating political tension across the EU.

In recent years, the euro has faced pressure from global trade tensions, monetary tightening, and geopolitical instability contributing to market volatility and periodic depreciation against other major currencies.

The Bretton Woods 2.0

Believe it or not, after all that, there was a call for Bretton Woods 2.0. Yet another global currency dream.

When the housing market collapsed in 2008 followed by a series of domino effects, global banks froze lending, economies contracted, and panic set in. The crisis exposed how fragile the international financial system had become as it was overly reliant on debt, under-regulated, and centered around the US dollar.

Many countries, especially in the Global South and emerging markets, started to question whether a system built around a single national currency was sustainable. 

China, for instance, had been holding huge amounts of US debt while the US printed more dollars through bailouts and quantitative easing. This created global imbalances as exporting nations were lending money to the US to keep the system running, while taking on the risk of dollar depreciation. 

In 2009, China’s central bank openly proposed replacing the US dollar with a neutral global reserve currency suggesting SDRs (Special Drawing Rights) issued by the IMF instead.

These concerns led to a wave of calls from world leaders for a “Bretton Woods 2.0” ,  a modern rethinking of the post-WWII economic order. At G20 summits in London in 2009, countries like France, China, and Russia pushed for reforms in global financial institutions and more balanced power sharing. 

In the end, the IMF received more funding, and some banking regulations were tightened in the years after. But no real overhaul happened. No surprise there? The dollar remained dominant. 

The foundation of the global economy didn’t change, even though trust in it had been deeply shaken.

The growth of BRICS

In 2023, Brazil, Russia, India, China, and South Africa began discussing the idea of a shared currency or alternative mechanism to reduce the dependence on USD ie de-dollarisation. The sanctions on Russia didn't help. After Russia’s invasion of Ukraine, the US and its allies froze Russia’s dollar reserves and cut it off from SWIFT, the “backbone of global banking communication”. This made one thing clear. If you fall out with Washington, your access to the global economy can vanish overnight.

China’s growing economic power also gave it more leverage to process alternative options. It would trade in Yuan with Russia and Iran.

I know many still say it's at its early stage, but I see many countries hedging their bets quietly and aligning with Putin and Xi. It became more obvious after US imposed tariffs on multiple nations, signaling that economic tools can double as political weapons. The world’s second financial system is slowly forming.

What is the world looking for, for the last century ?

From Bretton Woods to multiple financial crises, from the birth of the Euro to the rise of BRICS, through war and peace, we’ve been circling around the same ideal. A global currency that is :

1. Simple 

2. Free from dominant power 

3. Decentralised

4. Borderless

5. Scarce 

6. Transparent 

7. Inclusive, with self custody

8. Resilient in crisis 

9. Built for individual financial sovereignty

10. A new backbone for global finance, owned by no one

It doesn’t matter where you’re from, what politics you believe in, or how your economy leans. The answer keeps pointing in the same direction:

Bitcoin

This is the first true global currency.

And it’s just there 

Waiting...

.

.

.

---

Some books that might interest you :

1. The Battle of Bretton Woods by Benn Steil

2. Goodbye, Great Britain by Kathleen Burk and Alec Cairncross

3. The Ghost of Bancor by Tommaso Padoa-Schioppa

4. Confessions of an Economic Hitman by John Perkins

5. The Blood Bankers by James S. Henry

@ 5d4b6c8d:8a1c1ee3

Today was one of the best days I've had in a while. We had a long family outing, so lots of steps and sunshine and fresh air. I ate very well. No junk food at all. The only snacks I had were organic dark chocolate dipped in hodl butter.

Things to keep working on: I didn't sleep great (blame the Stanley Cup going to OT) and I didn't stick to my eating window.

How about you stackers? Let's here your ~HealthAndFitness triumphs and pitfalls.

https://stacker.news/items/1000285

@ b1ddb4d7:471244e7

“Not your keys, not your coins” isn’t a slogan—it’s a survival mantra in the age of digital sovereignty.

The seismic collapses of Mt. Gox (2014) and FTX (2022) weren’t anomalies; they were wake-up calls. When $8.7 billion in customer funds vanished with FTX, it exposed the fatal flaw of third-party custody: your bitcoin is only as secure as your custodian’s weakest link.

Yet today, As of early 2025, analysts estimate that between 2.3 million and 3.7 million Bitcoins are permanently lost, representing approximately 11–18% of bitcoin’s fixed maximum supply of 21 million coins, with some reports suggesting losses as high as 4 million BTC. This paradox reveals a critical truth: self-custody isn’t just preferable—it’s essential—but it must be done right.

The Custody Spectrum

Custodial Wallets (The Illusion of Control)

• Rehypothecation Risk: Most platforms lend your bitcoin for yield generation. When Celsius collapsed, users discovered their “held” bitcoin was loaned out in risky strategies.
• Account Freezes: Regulatory actions can lock withdrawals overnight. In 2023, Binance suspended dollar withdrawals for U.S. users citing “partner bank issues,” trapping funds for weeks.
• Data Vulnerability: KYC requirements create honeypots for hackers. The 2024 Ledger breach exposed 270,000 users’ personal data despite hardware security.

True Self-Custody
Self-custody means exclusively controlling your private keys—the cryptographic strings that prove bitcoin ownership. Unlike banks or exchanges, self-custody eliminates:

• Counterparty risk (no FTX-style implosions)
• Censorship (no blocked transactions)
• Inflationary theft (no fractional reserve lending)

Conquering the Three Great Fears of Self-Custody

Fear 1: “I’ll Lose Everything If I Make a Mistake”

Reality: Human error is manageable with robust systems:

• Test Transactions: Always send a micro-amount (0.00001 BTC) before large transfers. Verify receipt AND ability to send back.
• Multi-Backup Protocol: Store seed phrases on fireproof/waterproof steel plates (not paper!). Distribute copies geographically—one in a home safe, another with trusted family 100+ miles away.
• SLIP39 Sharding: Split your seed into fragments requiring 3-of-5 shards to reconstruct. No single point of failure.

Fear 2: “Hackers Will Steal My Keys”

Reality: Offline storage defeats remote attacks:

• Hardware Wallets: Devices like Bitkey or Ledger keep keys in “cold storage”—isolated from internet-connected devices. Transactions require physical confirmation.
• Multisig Vaults: Bitvault’s multi-sig system requires attackers compromise multiple locations/devices simultaneously. Even losing two keys won’t forfeit funds.
• Air-Gapped Verification: Use dedicated offline devices for wallet setup. Never type seeds on internet-connected machines.

Fear 3: “My Family Can’t Access It If I Die”

Reality: Inheritance is solvable:

• Dead Man Switches: Bitwarden’s emergency access allows trusted contacts to retrieve encrypted keys after a pre-set waiting period (e.g., 30 days).
• Inheritance Protocols: Bitkey’s inheritance solution shares decryption keys via designated beneficiaries’ emails. Requires multiple approvals to prevent abuse.
• Public Key Registries: Share wallet XPUBs (not private keys!) with heirs. They can monitor balances but not spend, ensuring transparency without risk.

The Freedom Dividend

1. Censorship Resistance: Send $10M BTC to a Wikileaks wallet without Visa/Mastercard blocking it.
2. Privacy Preservation: Avoid KYC surveillance—non-custodial wallets like Flash require zero ID verification.
3. Protocol Access: Participate in bitcoin-native innovations (Lightning Network, DLCs) only possible with self-custodied keys.
4. Black Swan Immunity: When Cyprus-style bank bailins happen, your bitcoin remains untouched in your vault.

The Sovereign’s Checklist

1. Withdraw from Exchanges: Move all BTC > $1,000 to self-custody immediately.
2. Buy Hardware Wallet: Purchase DIRECTLY from manufacturer (no Amazon!) to avoid supply-chain tampering.
3. Generate Seed OFFLINE: Use air-gapped device, write phrase on steel—never digitally.
4. Test Recovery: Delete wallet, restore from seed before funding.
5. Implement Multisig: For > $75k, use Bitvault for 2-of-3 multi-sig setup.
6. Create Inheritance Plan: Share XPUBs/SLIP39 shards with heirs + legal documents.

“Self-custody isn’t about avoiding risk—it’s about transferring risk from opaque institutions to transparent, controllable systems you design.”

The Inevitable Evolution: Custody Without Compromise

Emerging solutions are erasing old tradeoffs:

• MPC Wallets: Services like Xapo Bank shatter keys into encrypted fragments distributed globally. No single device holds full keys, defeating physical theft.
• Social Recovery: Ethically designed networks (e.g., Bitkey) let trusted contacts restore access without custodial control.
• Biometric Assurance: Fingerprint reset protocols prevent lockouts from physical injuries.

Lost keys = lost bitcoin. But consider the alternative: entrusting your life savings to entities with proven 8% annual failure rates among exchanges. Self-custody shifts responsibility from hoping institutions won’t fail to knowing your system can’t fail without your consent.

Take action today: Move one coin. Test one recovery. Share one xpub. The path to unchained wealth begins with a single satoshi under your control.

@ 81022b27:2b8d0644

I’m always doing work on myself. I have read reams of self-help books, attended seminars, bought cassette tape programs and CDs (remember those?), had a stint with Dianetics and Scientology, the Landmark Forum, you name it. My last seminar was Unleash the Power Within with Tony Robbins.

Addicted? Maybe. But I always feel there’s room for improvement.

Over the years, I’ve explored meditation and uncovering hidden blocks that affect how I operate in this world.

So I was experimenting (in my head) with things that made me uncomfortable.

One of them was math.

I told myself, “Math is an easy subject, and I can work out problems in my head.”

Immediately I felt a bunch of resistance.

Then something else came up.

I used to do math problems in my head with no trouble. But I remembered a grade school teacher who “wanted to see my work.”

I told him, “What does it matter? I got the right answer; I did it in my head.”

This teacher insisted I show my work, and I did not see the logic behind it. It was stupid and slowed me down.

I started getting failing grades because I couldn’t show my work.

So at some point, I gave up and said, “MATH IS STUPID.”

Fast forward years later, and I’m doing everything I can to avoid taking classes related to math.

So much so that when I decided to start chiropractic school, I was lacking math credits. I was delayed a few quarters because I needed the math credits before I started chiropractic college.

All because a silly math teacher didn’t recognize that I might have had a natural ability for it—and instead of nurturing it, he made me hate it.

Here’s the thing: I told myself for many years that I wasn’t good at math.

That was just the way I saw myself.

I was wrong.

I still have no desire to go solve equations or stuff like that. Maybe that ship has sailed. I won’t be Einstein scrawling complex equations on a chalkboard.

BUT WHAT IF?

WHAT LIES ARE YOU TELLING YOURSELF ABOUT YOURSELF?

Live Long and Prosper.

-Dan

@ 0b65f96a:7fda4c8f

Es gibt Bibliotheken voll Literatur zur „Kunst“ der Kriegsführung. Dies hier ist ein Beitrag zu den Bibliotheken der Kunst Frieden zu führen. Denn Frieden ist nicht die Abwesenheit von Krieg. Sondern eine mindestens ebenso intensive Aktivität. Worin genau besteht sie aber? Ich glaube darin, weder nach der einen noch nach der anderen Seite vom Hochseil zu fallen. Denn vom Hochseil kann man immer nach zwei Seiten fallen. Das ist dann auch schon die Kernherausforderung: Gleichgewichthalten!

Es scheint zunächst ein ganz äußerlicher Auftrag. Es gibt immer und wird immer widerstreitende Interessen geben. Allerdings ist das nur die äußerste Zwiebelschale. Denn wenn wir die Sache etwas mit Abstand von uns selbst betrachten, werden wir in uns hinein verwiesen: Frieden kann nur von innen nach außen gestiftet werden. Wenn wir das Hochseil in uns suchen, was finden wir dann? – Zweifels ohne, wissen wir von uns, dass wir nicht jeden Tag unser bestes Selbst sind. Würde es sich nicht lohnen etwas genauer über die Möglichkeit nach zwei Seiten vom Hochseil zu fallen nachzudenken, zugunsten der eigenen Balancierfähigkeit?

Wir sind daran gewöhnt zu denken dem Guten steht das Böse gegenüber. Daraus ziehen ja alle Western und Martial Arts Streifen ihren Plot: Der Gute bringt den Bösen um die Ecke und damit hat wieder mal das Gute gesiegt. Wir bewerten das „um die Ecke bringen“ unterschiedlich, je nach dem, von wem es kommt.

Ich möchte einen neuen Gedanken vorschlagen über unser Inneres, über Gut und Böse nachzudenken. Denn, wie gesagt, vom Hochseil kann man nach zwei Seiten fallen. Und es hat immer drastische Wirkung. Wo kommen wir also hin, wenn wir sagen: Frieden ist immer ein Gleichgewichtszustand, ergo eine Zeit der Mitte?

Sagen wir Toleranz ist ein erstrebenswertes Ideal. Dann würden wir sicher sagen Engstirnigkeit ist das Gegenteil davon und alles andere als Wünschenswert. Ja, so ist es gewiss. Und es bleibt hinzuzufügen, auch Beliebigkeit ist das Gegenteil von Toleranz. Denn es gibt eine Grenze, wo Toleranz nicht mehr Toleranz ist, sondern Beliebigkeit, ein „alles ist möglich“. Ähnlich können wir es für Großzügigkeit denken: Großzügigkeit ist ein erstrebenswertes Ideal. Ihr Gegenteil ist Geiz. Ihr anderes Gegenteil die Verschwendung. Oder Mut. Mut ist ein erstrebenswertes Ideal. Feigheit sein Gegenteil. Sein anderes Gegenteil ist Leichtsinn. Mit andern Worten: Das Ideal wird immer zum Hochseil. Und wir können immer nach zwei Seiten von ihm fallen. Wenn wir diesem Gedanken folgen, kommen wir weg von der Gut-Böse-Dualität. Und stattdessen zur Frage nach dem Gleichgewicht. Zur Frage nach der Mittezeit.

Natürlich steht es uns frei all das zu denken. Oder auch nicht zu denken. Denn selbstverständlich ist es möglich es nicht zu denken und bei einer Dualitätsvorstellung festhängen zu bleiben. Es wird uns nur nicht helfen Frieden zu denken und in Frieden zu handeln. Wenn wir wollen können wir durch das Aufspannen einer Trinität einen neuen Raum eröffnen und betreten. In ihm wird Frieden aktiv führbar, denn er wird eine Gleichgewichtssituation in uns selbst! – Nicht eine, sich einander gegenüberstehender äußerer Mächte!

Gehen wir noch einen Schritt weiter in unserer Betrachtung, können wir feststellen, dass es durchaus einen Unterschied macht nach welcher Seite wir runter fallen. Denn auf der einen Seite ist es immer eine Verengung: Engstirnigkeit, Geiz, Feigheit in unseren Beispielen. Auf der anderen ist es immer eine Zersplitterung oder Versprühung. In unseren Beispielen Beliebigkeit, Verschwendung und Leichtsinn. Und das erstrebenswerte ist eben immer die Mitte, das von uns ständig aktualisierte Gleichgewicht.

Das interessante ist, wo diese Mitte liegt, lässt sich niemals statisch festlegen. Sie ist immer dynamisch. Denn sie kann zu unterschiedlichen Momenten an unterschiedlicher Stelle liegen. Es ist immer ein Ich, das sich in Geistesgegenwart neu ausbalanciert. Und darum ist Frieden so schwer. Wir werden ihn niemals „haben“, sondern ihm immer entgegen gehen.

Der Kriegsruf ist nichts anderes, als ein Versuch von denen, die vom Hochseil gefallen sind, uns auch herunter zu kicken.

Netter Versuch. Wird aber nichts!

In der Nussschale: Die Dualität auflösen in die Trinität der balancierenden Mitte zwischen der Geste der Versteinerung und der Geste des Zerstäubens oder Zersplitterns. Die dynamische Qualität der Mitte bemerken. Oder, tun wir es nicht, ist das gleich der erste Anstoß, der uns wieder zum Wackeln bringt. Und des Ich´s gewahr werden, das balanciert. Frieden führen ist eine Kunst.

---

Dieser Beitrag wurde mit dem Pareto-Client geschrieben.

Noch nicht auf Nostr? Hier entlang zum leichten Einstieg!

---

Patric I. Vogt, geb. 1968 in Mainz. Autor von „Zukunft beginnt im Kopf Ein Debattenbeitrag zur Kernsanierung von Rechtsstaat und Demokratie“. Lebt als freischaffender Künstler, Lehrer und Unternehmer. Über drei Jahrzehnte Beschäftigung mit dem Ideenfeld soziale #Dreigliederung und Anthroposophie. Moderation und Mediation von sozialen Prozessen und Organisationsentwicklung. Staatlich ungeprüft, abgesehen von den Fahrerlaubnissen zu Land und zu Wasser. Motto: Gedanken werden Worte, werden Taten! www.perspektivenwechsel.social

---

@ 1817b617:715fb372

🚀 Instantly Send Spendable Flash BTC, ETH, & USDT — 100% Blockchain-Verifiable!

Step into the future of cryptocurrency innovation with CryptoFlashingTool.com — your go-to solution for sending spendable Flash Bitcoin (BTC), Ethereum (ETH), and USDT transactions. Using cutting-edge 🔥 Race/Finney-style blockchain simulation, our technology generates coins that are virtually indistinguishable from real, fully confirmed blockchain transactions. Transactions stay live and spendable from 60 up to 360 days!

🌐 Explore all the details at cryptoflashingtool.com.

🌟 Why Trust Our Crypto Flashing System? Whether you’re a blockchain enthusiast, ethical hacker, security expert, or digital entrepreneur, our solution offers a perfect mix of authenticity, speed, and flexibility.

🎯 Top Features You’ll Love: ✅ Instant Blockchain Simulation: Transactions are complete with valid wallet addresses, transaction IDs, and real confirmations.

🔒 Privacy First: Works flawlessly with VPNs, TOR, and proxies to keep you fully anonymous.

🖥️ User-Friendly Software: Built for Windows, beginner and pro-friendly with simple step-by-step guidance.

📅 Flexible Flash Durations: Choose how long coins stay valid — from 60 to 360 days.

🔄 Full Wallet Compatibility: Instantly flash coins to SegWit, Legacy, or BCH32 wallets with ease.

💱 Exchange-Ready: Spend your flashed coins on leading exchanges like Kraken and Huobi.

📊 Proven Results: ✅ Over 79 billion flash transactions completed. ✅ 3000+ satisfied users around the globe. ✅ 42 active blockchain nodes ensuring fast, seamless performance.

📌 How It Works: Step 1️⃣: Input Transaction Info

Pick your coin (BTC, ETH, USDT: TRC-20, ERC-20, BEP-20). Set amount and flash duration. Enter the recipient wallet (auto-validated). Step 2️⃣: Make Payment

Pay in your selected crypto. Scan the QR code or use the provided address. Upload your transaction proof (hash and screenshot). Step 3️⃣: Launch the Flash

Blockchain confirmation simulation happens instantly. Your transaction appears real within seconds. Step 4️⃣: Verify & Spend

Access your flashed coins immediately. Verify your transactions using blockchain explorers. 🛡️ Why Our Flashing Tech Leads the Market: 🔗 Race/Finney Attack Mechanics: Mimics authentic blockchain behavior. 🖥️ Private iNode Clusters: Deliver fast syncing and reliable confirmation. ⏰ Live Timer: Ensures fresh, legitimate transactions. 🔍 Real Blockchain TX IDs: All transactions come with verifiable IDs.

❓ FAQs:

Is flashing secure? ✅ Yes, fully encrypted with VPN/proxy compatibility. Multiple devices? ✅ Yes, up to 5 Windows PCs per license. Chargebacks possible? ❌ No, flashing is irreversible. Spendability? ✅ Flash coins stay spendable 60–360 days. Verification after expiry? ❌ No, transactions expire after the set time. Support? ✅ 24/7 Telegram and WhatsApp help available. 🔐 Independent, Transparent, Trusted:

At CryptoFlashingTool.com, we pride ourselves on unmatched transparency, speed, and reliability. See our excellent reviews on ScamAdvisor and top crypto forums!

📲 Contact Us: 📞 WhatsApp: +1 770 666 2531 ✈️ Telegram: @cryptoflashingtool

🎉 Ready to Flash Like a Pro?

💰 Buy Flash Coins Now 🖥️ Get Your Flashing Software

The safest, smartest, and most powerful crypto flashing solution is here — only at CryptoFlashingTool.com!

 Instantly Send Spendable Flash BTC, ETH, & USDT — 100% Blockchain-Verifiable!

Step into the future of cryptocurrency innovation with CryptoFlashingTool.com — your go-to solution for sending spendable Flash Bitcoin (BTC), Ethereum (ETH), and USDT transactions. Using cutting-edge 

 Race/Finney-style blockchain simulation, our technology generates coins that are virtually indistinguishable from real, fully confirmed blockchain transactions. Transactions stay live and spendable from 60 up to 360 days!

 Explore all the details at cryptoflashingtool.com.

 Why Trust Our Crypto Flashing System? Whether you’re a blockchain enthusiast, ethical hacker, security expert, or digital entrepreneur, our solution offers a perfect mix of authenticity, speed, and flexibility.

 Top Features You’ll Love: 

 Instant Blockchain Simulation: Transactions are complete with valid wallet addresses, transaction IDs, and real confirmations.

 Privacy First: Works flawlessly with VPNs, TOR, and proxies to keep you fully anonymous.

 User-Friendly Software: Built for Windows, beginner and pro-friendly with simple step-by-step guidance.

 Flexible Flash Durations: Choose how long coins stay valid — from 60 to 360 days.

 Full Wallet Compatibility: Instantly flash coins to SegWit, Legacy, or BCH32 wallets with ease.

 Exchange-Ready: Spend your flashed coins on leading exchanges like Kraken and Huobi.

 Proven Results: 

 Over 79 billion flash transactions completed. 

 3000+ satisfied users around the globe. 

 42 active blockchain nodes ensuring fast, seamless performance.

 How It Works: Step 

: Input Transaction Info

• Pick your coin (BTC, ETH, USDT: TRC-20, ERC-20, BEP-20).
• Set amount and flash duration.
• Enter the recipient wallet (auto-validated).

Step 

: Make Payment

• Pay in your selected crypto.
• Scan the QR code or use the provided address.
• Upload your transaction proof (hash and screenshot).

Step 

: Launch the Flash

• Blockchain confirmation simulation happens instantly.
• Your transaction appears real within seconds.

Step 

: Verify & Spend

• Access your flashed coins immediately.
• Verify your transactions using blockchain explorers.

 Why Our Flashing Tech Leads the Market: 

 Race/Finney Attack Mechanics: Mimics authentic blockchain behavior. 

 Private iNode Clusters: Deliver fast syncing and reliable confirmation. 

 Live Timer: Ensures fresh, legitimate transactions. 

 Real Blockchain TX IDs: All transactions come with verifiable IDs.

 FAQs:

• Is flashing secure? 

 Yes, fully encrypted with VPN/proxy compatibility. - Multiple devices? 

 Yes, up to 5 Windows PCs per license. - Chargebacks possible? 

 No, flashing is irreversible. - Spendability? 

 Flash coins stay spendable 60–360 days. - Verification after expiry? 

 No, transactions expire after the set time. - Support? 

 24/7 Telegram and WhatsApp help available.

 Independent, Transparent, Trusted:

At CryptoFlashingTool.com, we pride ourselves on unmatched transparency, speed, and reliability. See our excellent reviews on ScamAdvisor and top crypto forums!

 Contact Us: 

 WhatsApp: +1 770 666 2531

 Telegram: @cryptoflashingtool

 Ready to Flash Like a Pro?

 Buy Flash Coins Now

 Get Your Flashing Software

The safest, smartest, and most powerful crypto flashing solution is here — only at CryptoFlashingTool.com!

@ a296b972:e5a7a2e8

Wie schon gewohnt durch die Empfänge von Baerbock und von der Leyen im Ausland, in Washington ein Empfang etwas oberhalb der 1. Class, von Staatsempfang keine Spur. Passt eigentlich auch nicht für den 51. Bundesstaat der USA. Aber immerhin flog die „Bundesrepublik Deutschland“ ohne Pannen, das ist ja auch schon mal was. Und bei solch einem erfahrenen Chef-Co-Piloten an Bord, der auch mal schnell einspringen könnte, sozusagen als 2. Wahl, kann eigentlich gar nichts mehr schief gehen. Vielleicht hat Fritzchen den Kapitän auch gefragt, ob er auch mal ans Steuer darf, wenn sich die Gelegenheit schon bietet.

Im Gepäck die eingerahmte Geburtsurkunde von Großvater Trump. Als ob Donald die sich nicht selbst besorgen könnte, wenn er Interesse daran hätte. Vielleicht hat er sie auch schon.

Die Übergabe, kurz und schmerzlos. Sie erinnert an einen Sketch von Loriot, „Weihnachten bei Hoppenstedts“:…oh, eine Krawatte! Der versprochene Ehrenplatz wird sich vermutlich in einer der unteren Etagen des Weißen Hauses befinden.

Man muss auch erst einmal darauf kommen, so typisch deutsch: Eine Geburtsurkunde als Geschenk. Das könnte man auch als einen Wink mit dem Zaunpfahl ansehen: Erinnere Dich an Deine deutschen Wurzeln (und lass uns gefälligst nicht fallen?).

Jetzt zur Einschätzung des Treffens: Vorfahrt mit frisch gewaschenem Auto, Schwarz-Rot-Gold vorne am Kotflügel, wie es sich gehört, Schwarz-Rot-Gold am Eingang. Ganz schön rechts. Warum eigentlich nicht die Regenbogenfahne?

Begrüßung durch Trump auf Nachfrage eines Reporters: „I love the People of Germany.“

Und Merz nutzt die Gelegenheit sich in Biedermeier-Style einzuschmeicheln: „And I love the People of America.“

Und Trump erwidert: „That‘s good!“

In welcher Atmosphäre findet das Treffen statt?

Trump hat ein Elefantengedächtnis. Er weiß um die abwertenden, diplomatiefreien Aussagen, die Merz über ihn gemacht hat. Er weiß, dass Merz ihn mehrfach persönlich beleidigend angegriffen hat. Als Präsident der USA steht man darüber. Aber man weiß es! Trump ist sich darüber im Klaren, mit welcher Geisteshaltung er es bei Merz zu tun hat.

Vor dem Hintergrund passt seine Aussage zur Presse: „Ich liebe die Deutschen.“ Das ist eine demokratische und höfliche Sympathiebekundung gegenüber der deutschen Bevölkerung, die Merz zwar miteinschließt, aber nicht direkt an ihn gerichtet ist.

Trump begrüßt Merz mit Handschlag, begrüßt aber eigentlich nicht den Kanzler, sondern die Deutschen.

Andererseits darf der Äußerung „Ich liebe die Deutschen“ auch nicht zu viel Bedeutung beigemessen werden, denn die Amerikaner sind ja dafür bekannt, dass sie gerne und schnell alles lieben: I love America, I love Coca-Cola, I love Peanuts und eben auch I love the People of Germany.

Merz nutzt gleich die Gelegenheit, sich anzubiedern, in dem er pariert: „Und ich liebe die Amerikaner.“, worauf Trump antwortet: „That’s good!“ Das kann man übersetzen mit „Das ist gut!“, aber auch mit „Das ist auch gut so!“, bei letzterem wäre es eine versteckte Drohung. Mach Dir bewusst, wo Du bist und mit wem Du es zu tun hast und verhalte Dich danach!

Nonverbal wird dem sonst in Deutschland so eloquent wirken wollenden, akzentuiert sprechenden Merz die Bedeutung zugedacht, die ihm aus Sicht von Trump gebührt. In Frankfurt heißen sie Wiener, in Wien heißen sie Frankfurter.

Somit sind die Voraussetzungen, unter denen das Treffen stattfinden soll, schon einmal von amerikanischer Seite aus geklärt.

Du bist hier Gast in meinem Haus, also benimm Dich auch entsprechend! Ich bin der Präsident der Vereinigten Staaten von Amerika und Du bist klein Fritzchen aus dem Sauerland. Die Machtverhältnisse sind unausgesprochen geklärt.

Man hat in gewohnter Manier Platz genommen. Die Journalisten stellen Ihre Fragen ausschließlich an Trump. Zufall, oder Teil einer orchestrierten Aufführung, das wird man nie erfahren.

So oder so, die Journalisten signalisieren durch ihre Fragen an Trump, auf welcher Seite sie stehen, es weht der Geist von „America first“. Was Germany dazu zu sagen hat, interessiert niemanden, warum auch?

Die Einseitigkeit ist schon sehr auffällig. Eigentlich hätte es die Journalisten interessieren müssen, wie Deutschland zu verschiedenen Themen steht. Keine Fragen an Merz zu Zöllen, zur Ukraine, zur Meinungsfreiheit, zur Opposition. Mit dem Anspruch, ein breites Spektrum an Meinungen abbilden zu wollen, hat das eigentlich nichts zu tun. Wenn das die Vorstellung von „Freedom of Speach“ ist, dann können hier Zweifel aufkommen.

Falls diese Fragerunde in Hollywood-Manier gestaltet wurde, dann spräche das eher für Propaganda pro Trump. Wäre es Propaganda, dann wäre das Ziel allerdings erreicht worden: Kein Mensch interessiert sich für das, was Deutschland, vertreten durch Merz, zu sagen hat.

Trump setzt dem Ganzen zum Schluss noch die Krone auf, in dem er die Journalisten auffordert, nun endlich doch auch noch ein paar Fragen an Merz zu richten. Das unterstreicht nochmals das (geplante oder ungeplante) Desinteresse der anwesenden Journalisten, die sich nun fast schon genötigt fühlen, anstandshalber etwas zu fragen.

Merz, der bisher brav wie ein Schüler dem Lehrer zugehört hat, muss nun blitzschnell entscheiden, wie er die „künstlich“ hergestellte Möglichkeit nutzen kann, um, etwas unter Druck, durch die Kürze der Zeit, mit wenigen Worten seinen Standpunkt nach außen zu tragen. Seine konzentrierte Kernbotschaft, die Essenz, die Deutschland aus den USA und die übrige Welt hören soll, ist: Er steht weiter an der Seite der Ukraine und Russland ist ausschließlich das Böse.

Ganz schön raffiniert, denn so hat Trump es geschafft, das Konzentrat der Merz’schen Logik aus ihm herauszupressen.

Beide bekunden den Willen zum Frieden. Gleichzeitig wird jedoch auch klar, was jeder unter Frieden versteht: Merz will „Frieden durch Krieg“ und Trump will „Frieden durch Frieden“.

Auf rund 45 Minuten Trump kommen rund 4 Minuten Merz. Die Minuten drücken exakt die Machtverhältnisse aus.

Hätte Trump vorgehabt, Merz vorzuführen, ihm die Ohren langzuziehen, ihn bis auf die Knochen zu blamieren, er hätte reichlich Möglichkeiten dazu gehabt.

Er hätte Merz fragen können, warum er seinerzeit meinte, dass ihn, Trump, als Arschloch zu bezeichnen, noch gelinde sei. Er hätte ihn fragen können, warum er Trump als Gefahr für die Demokratie ansieht. Trump weiß darum, er hat es jedoch nicht angesprochen, was ist der Grund dafür?

Und Vance, der ebenfalls anwesend war, hätte seine Feststellungen zur Meinungsfreiheit und der „Fire-Wall“ gegen die Opposition, die er auf der Sicherheitskonferenz in München klar formuliert hat, wiederholen können, jetzt, wo doch der Kanzler, als erster Ansprechpartner für Deutschland, persönlich hätte gefragt werden können.

Beim Besuch von Selenskyj haben beide ja auch gewaltig gezeigt, wer hier das Sagen hat.

Nichts! Keine schallende Ohrfeige für Merz, doch nur Erdnussbutter auf’s Sandwich geschmiert. Kein „You don’t have the cards…“, was den Tatsachen entsprechen würde.

Auf politischer Ebene bleibt in den USA nichts, rein gar nichts dem Zufall überlassen. Je länger man darüber nachdenkt, desto klarer kann einem werden, dass das Treffen genau so geplant war, wie es sich abgespielt hat. Aber was genau ist der Plan, der dahintersteckt? Es gibt einen, dass ist so sicher, wie das Amen in der Kirche.

Sollen sich die Deutschen, vor allem die deutsche Politik in Sicherheit wiegen? Wenn das Teil eines Planes wäre, wäre er gelungen, denn in Deutschland wird der Besuch als gelungen und erfolgreich bewertet, aus welchen Gründen auch immer. Inzwischen ist Deutschland ja Weltmeister im Schönreden.

Spannend auch die Vorstellung, wenn man die Phantasie anregt, wie das Gespräch, im Fall Merz ein Monolog, verlaufen wäre, wenn die deutsche Opposition auf dem Stuhl von Merz gesessen hätte.

Es widerspräche der Realität, wenn nicht im Hintergrund ganz andere Ziele verfolgt und Absprachen getroffen würden. Welchen Einfluss auf das Treffen hat der bevorstehende NATO-Gipfel am 24. und 25. Juni 2025 in Den Haag?

Es drängt sich immer mehr der Verdacht auf, dass man es mit zwei Realitäten zu tun hat. Eine, die offiziell verkündet wird, und eine, die den Tatsachen entspricht, die aus welchen Gründen auch immer jedoch zunächst noch im Verborgenen bleibt. Ob das vielleicht sogar gut oder eher schlecht ist, wird die Zukunft zeigen. Klar ist jedoch, dass eine gesteuerte Realität in der Öffentlichkeit verbreitet werden soll, die man durchaus als Propaganda von allen Beteiligten bewerten kann. Da hackt eine Krähe der anderen kein Auge aus. Da heißt es wachsam bleiben und nicht der Versuchung zu erliegen, das zu glauben, was man gerne glauben möchte und von dem man sich wünscht, dass es eintritt.

„Bediene Dich Deines eigenen Verstandes.“ Das ist die Aufgabe der Zeit.

“Dieser Beitrag wurde mit dem Pareto-Client geschrieben.”

* *

(Bild von pixabay)

@ df67f9a7:2d4fc200

Nostr is NOT a social network. Nostr is a network of interconnected social apps. And, since any app is a social app, Nostr is for every app.

---

ONLY Nostr incentivizes inter-connectivity between independent apps, simply by respecting sovereignty at the protocol layer. For end users, sovereignty means that the content they post “to Nostr” will never be owned by the apps that they use. For businesses building apps on Nostr, sovereignty means that every app actually benefits by other apps being on the network. Because sovereignty is respected, users are retained for longer and independent apps thrive far longer on Nostr than on the legacy “black box” social networks.

Social apps thrive on Nostr

Nostr integration provides these benefits for every app :

• Unrestrained access for any app, to all public and private data “on Nostr”. No fees or licenses for harvesting user data from the network.
• Unburdened from liability, when collecting user data with any app. When sending “to Nostr”, end users retain custody of user data while apps never loose access.
• Unlimited free market of search engines and feed algos. Users and brands can create, use, and share any algos or custom feeds. Grow your audience on your own terms.
• Universal open network for all apps. Build any kind of app for any audience, on the same network as other apps for other audiences. Discover new trends from user data.
• Unregulated tech platform. Build your own app and use it as you wish. No gate keepers. No code review. 

Sovereignty is good for business.

Regardless of the network size, a Nostr integrated app can grow its user base MUCH faster and with greater independence BECAUSE of the sovereignty respecting protocol. While end users may retain custody of their identities and data on the network, it’s the apps that determine which data is, or is not, sent to the network. Respect for sovereignty IS the killer feature that ONLY the Nostr protocol provides for apps and for end users.

Because Nostr is permissionless for any app to integrate :

• end users will always have a free market of apps choose from
• apps are free to integrate only as much as benefits their business model.
• apps gain access to more novel data as new apps bring new users to the network.

Because data on Nostr is managed by end users and available to all apps :

• User data looses exclusivity and the demand shifts toward novel insights and information derived from these data.
• Apps are freed from having to be “data pirates”, and can focus on establishing a trusted user base, providing valuable services to satisfied customers, informed by the abundance of user data.
• Apps are incentivized to offload data onto the network, establishing a new paradigm for interconnectivity, where independence is NOT at stake as the network grows.
• New markets spring up to support users with self custody of their data, driven by the reality that apps can have full access without assuming responsibility.
• The market for search and algo tools opens up for independent apps and end users to discover and interact freely with each other.
• The ad based “attention economy” slowly transforms to a value based consumer economy, where the end user is the customer rather than the product being sold.

Even while privacy is respected

Sometimes sovereignty is at odds with privacy, but Nostr allows all parties to win while both are protected.

• For end users sending sensetive data "to Nostr", privacy is assured by encrypting it with their own private keys and/or sending it to private (auth required) relays of their choosing.
• For apps handling private IP or business data, any traditional “black box” infrastructure can be used in the back end to manitain isolation from Nostr.

This means apps and end users remain in control of their own private data, without requiring “big social” as trust provider or data reseller. To access a user's private data, client apps (even search engines, running locally) only need explicit permission from the end user to retrieve or decrypt from Nostr relays. Public data, on the other hand, is freely available for any app or search engine to harvest from any Nostr relay. In either case, user data on the Nostr network is always accessible to client apps, without additional restrictions or fees.

Nostr is for every app.

Adding social to any app makes it a better app. Add reviews for products or services. Add commenting or direct messaging. Share or collaborate on content creation. Nostr integration is straightforward and incremental for any app.

Nostr doesn't define your app's business model ... Nostr 10X's it!

Here's how :

1. Start with your own business and app design. Add Nosrr login.
2. Discover what "kinds" of user data already exists "on Nostr" that your app can ingest and make use of.
3. Decide which "kinds" of data would benefit your business, your users, and the network, if sent "to Nostr".
4. Implement Nostr integration for data kinds and add webs of trust tools for recommendation and discovery.
5. Verify your app is sovereignty respecting in how it handles private data and implements Nostr NIPs.
6. Engage with existing users, and onboard new users from your app, to earn their trust and patronage over Nostr.

For more info and assistance, contact our team of Nostr integration experts.

@ d6affa19:9110b177

If there were only one thing I had to list as the single most effective way to improve a Female Led Relationship (FLR), it would be found in the phrase “yes, Ma’am.” Whether trying to get the dynamic off the ground or keep it going during the grind of everyday life, this phrase—and the energy it evokes—encompasses so many essential elements of an FLR. In my experience, not many other things continuously breathe life into a relationship like the magic of “yes, Ma’am.”

Of course, this phrase can be modified to the Woman’s desire (“yes, Mistress,” “yes, my Queen,” “yes, Goddess” are common examples), but “yes, Ma’am” is something acceptable nearly anywhere. It’s simple, polite, somewhat discreet, and yet extremely effective and powerful. In an FLR (even in a low-protocol dynamic), the phrase is elevated from a basic formality to an invocation of trust, respect, and surrender.

The words by themselves are powerless. But when consistently expressed with the right energy and intention, it becomes a sort of miniature ritual that keeps them both anchored to the relationship. This shouldn’t be conflated with “yes, Dear,” a phrase stereotypically used when a man is merely appeasing a Woman. No, the energy here is not to appease, but to please. Because She deserves it.

To illustrate this further, let’s dig into the depth I find in these two words.

An Invocation of Structure, Trust, and Identity

“Yes, Ma’am” is so deceptively simple. It’s a verbal expression of his obedience—the bare minimum a Woman should receive in an FLR. And it keeps the framework intact in everyday life, especially when the mood is subtle or non-sexual.

In this way, “yes, Ma’am” reinforces the foundation of the FLR. Each utterance reminds them both of their positions. Each declaration quiets any confusion. Each delivery deepens the dynamic and tightens the structure.

When these words are spoken and consistently followed up with action, they demonstrate emotional maturity—that he’s moved beyond questioning whether She’s “right” and into the realm of devotion. It signals to Her that Her needs don’t have to be proven to him anymore and that Her preferences don’t need to be justified.

He’s no longer debating Her logic, making excuses, or searching for loopholes; he’s no longer resisting or self-protecting. He’s not agreeing as an equal, he’s not negotiating with Her, he’s not hedging Her demand. He is simply submitting to Her.

Just as it’s “yes, Ma’am” when She tells him to kneel, it’s also “yes, Ma’am” when She asks him to fix the sink, or dismisses a request, or even reminds him to do something he’s about to do. “Yes, Ma’am,” then act.

The Words Alone Are Not the Magic

Again, the magic of “yes, Ma’am” doesn’t reside in the words themselves, but in the intention, energy, and action behind them. The phrase itself is just a vessel. Just as a chalice, the words hold something sacred, but the sanctity resides in the wine, not the cup. The action, the delivery, and the consistency are what give the phrase its power.

If spoken with resentment, sarcasm, or with no follow-through, they mean nothing. If he speaks them but then delays, argues, or makes excuses, then his submission is inauthentic. This undermines trust and, ultimately, the relationship. But when he says “yes, Ma’am” and immediately acts on Her direction—despite being tired, flustered, aroused, or even in disagreement, then that is real submission; that is profound trust. And that is what She feels.

And that’s what he feels. It becomes a reminder of his humility and an expression of self-discipline in service to Her. Over time, it shifts his thought patterns and instincts. He may feel uncertainty, self-pity, or insecurity, but “yes, Ma’am” melts it all into clarity. Old responses like “Well, actually…” “Can’t I just…” “I thought we agreed…” “Why can’t You…” are simply replaced with “yes, Ma’am.”

Even if he’s feeling exhausted, annoyed, or needy. There are no complaints or explanations, only Her will and a choice to put aside his ego, align with Her rhythm, and re-center his purpose. This is an act of vulnerability. He is placing his emotional safety in Her hands and relying on Her to care for his well-being.

It communicates to Her:
- “I hear You.”
- “I will act on Your desires.”
- “I trust You more than I trust my resistance.”
- “I’m Yours, even now, especially now.”

And let’s not ignore the erotic undertones in this depth of surrender. A simple phrase makes his discipline audible, echoing Her power. It bears his humility, longing, eagerness, vulnerability—his contained arousal. And She knows. She hears the plea. She feels the weight—the tension—the heat—the surrendered will… Ever-present, even in the most mundane moments…

Closing Thoughts

Of course, this level of devotion takes practice and a great deal of trust. No one is perfect, so he will fail at times, but that’s what makes it so beautiful—it’s a continuously active and conscious choice. And, at first, it may sound awkward for him or forced, but with dedication and intention She will begin to hear the tone, feel the vibe, and sense the sincerity in it. This energy is what builds Her trust in him.

This phrase, or rather the mindset behind it, has improved my own relationship so, so much. While it may not fit into every experience, it’s something that I discovered was a missing piece in mine. Enough so that I felt compelled to share.

Because as a relationship goes on, things change—passions fluctuate, pain resurfaces, doubts arise, life gets busy, things get heavy—but “yes, Ma’am” remains steady and intimate. Piece by piece trust and devotion are built with thousands of quiet yeses. And regardless of the circumstances, “yes, Ma’am” gently whispers “this is still us; this is still our shared truth; this is still sacred” over and over again.

@ 90c656ff:9383fd4e

When people talk about Bitcoin, it’s often described as a digital currency or a “speculative investment.” However, one of Bitcoin’s most fundamental and least understood roles is its function as a settlement network. To understand this, it’s worth comparing it with traditional settlement systems like SWIFT and exploring how Bitcoin offers a foundational layer for global value transfer decentralized and censorship-resistant.

First, let’s explain the difference between liquidity and settlement:

• Liquidity refers to the ease with which an asset can be converted into “money” without losing value.

• Settlement is the process of completing a transaction (actual transfer of value between parties).

SWIFT: The communication layer of the traditional financial system

The SWIFT system (Society for Worldwide Interbank Financial Telecommunication) is a network for communication between banks. It doesn’t move money directly but sends standardized messages that instruct financial institutions to perform transfers. The process involves multiple intermediaries, is costly, slow (can take days), and depends on trust between parties and local regulations.

Unlike SWIFT, Bitcoin is a self-sufficient network that enables the direct settlement of value between two parties, without the need for intermediaries. With each block mined, transactions are validated and recorded immutably in a global, transparent, and secure database: the timechain or "blockchain".

01 - Final settlement: Once a transaction is confirmed by a sufficient number of blocks, it is considered final and irreversible.

02 - Censorship resistance: There is no central entity that can block or reverse a valid transaction.

03 - Global availability: The network is accessible 24/7 anywhere in the world with internet access.

Just as gold once served as the foundation of monetary systems, Bitcoin is establishing itself as a base layer of digital value. This layer can support others, such as:

01 - The Lightning Network, which enables near-instant transactions with extremely low fees;

02 - Tokenized financial services, which can use Bitcoin as collateral or for inter-institutional settlement.

By functioning as a public and neutral settlement network, Bitcoin offers an alternative to the traditional system, which is fragmented, closed, and reliant on trust between institutions.

In summary, more than just a speculative asset, Bitcoin is emerging as a global financial infrastructure. As a settlement network, it removes intermediaries, reduces costs, increases security, and democratizes access to value transfer. In an increasingly interconnected and digital world, understanding Bitcoin’s role as a base layer may be key to understanding the future of money.

Thank you very much for reading this far. I hope everything is well with you, and sending a big hug from your favorite Bitcoiner maximalist from Madeira. Long live freedom!

@ 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.

@ 3eab247c:1d80aeed

Global Metrics

Here are the top stats from the last period:

• Total Bitcoin-accepting merchants: 15,306 → 16,284
• Recently verified (1y): 7,540 → 7,803 (the rest of our dataset is slowly rotting; help us before it's too late!)
• Avg. days since last verification: 398 → 405 (more mappers, please)
• Merchants boosted: 22 (for a total of 4,325 days, someone is feeling generous)
• Comments posted: 34

Find current stats over at the 👉 BTC Map Dashboard.

Merchant Adoption

Steak n’ Shake

The US 🇺🇸 is a massive country, yet its BTC Map footprint has been lagging relative to other countries ... that is until now!

In what came as a nice surprise to our Shadowy Supertaggers 🫠, the Steak ’n Shake chain began accepting Bitcoin payments across hundreds of its locations nationwide (with some international locations too).

According to CoinDesk, the rollout has been smooth, with users reporting seamless transactions powered by Speed.

This marks a significant step towards broader Bitcoin adoption in the US. Now to drop the capital gains tax on cheesburgers!

SPAR Switzerland

In other chain/franchise adoption news, the first SPAR supermarket in Switzerland 🇨🇭 to begin accepting Bitcoin was this one in Zug. It was quickly followed by this one in Rossrüti and this one in Kreuzlingen, in what is believed to be part of a wider roll-out plan within the country powered by DFX's Open CryptoPay.

That said, we believe the OG SPAR crown goes to SPAR City in Arnhem Bitcoin City!

New Features

Merchant Comments in the Web App

Web App users are now on par with Android users in that they can both see and make comments on merchants.

This is powered by our tweaked API that enables anyone to make a comment as long as they pass the satswall fee of 500 sats. This helps keep spam manageable and ensure quality comments.

And just in case you were wondering what the number count was on the merchant pins - yep, they're comments!

Here is an 👉 Example merchant page with comments.

Merchant Page Design Tweaks

To support the now trio of actions (Verify, Boost & Comment) on the merchant page, we've re-jigged the design a little to make things a little clearer.

What do you think?

Technical

Codebase Refactoring

Thanks to Hannes’s contributions, we’ve made progress in cleaning-up the Web App's codebase and completing long overdue maintenance. Whilst often thankless tasks, these caretaking activities help immensely with long-term maintainability enabling us to confidently build new features.

Auth System Upgrades

The old auth system was held together with duct tape and prayers, and we’re working on a more robust authentication system to support future public API access. Updates include:

• Password hashing
• Bearer token support
• Improved security practices

More enhancements are in progress and we'll update you in the next blog post.

Better API Documentation

Instead of relying on tribal knowledge, we're finally getting around to writing actual docs (with the help/hindrance of LLMs). The "move fast, break everything" era is over; now we move slightly slower and break slightly less. Progress!

Database Improvements

We use SQLite, which works well but it requires careful handling in async Rust environments. So now we're untangling this mess to avoid accidental blocking queries (and the ensuing dumpster fires).

Backup System Enhancements

BTC Map data comes in three layers of fragility:

• Merchants (backed up by OS - the big boys handle this)
• Non-OSM stuff (areas, users, etc. - currently stored on a napkin)
• External systems (Lightning node, submission tickets - pray to Satoshi)

We're now forcing two core members to backup everything, because redundancy is good.

Credits

Thanks to everyone who directly contributed to the project this period:

• Comino
• descubrebitcoin
• Hannes
• Igor Bubelov
• Nathan Day
• Rockedf
• Saunter
• SiriusBig
• vv01f

Support Us

There are many ways in which you can support us:

• Become a Shadowy Supertagger and help maintain your local area or pitch-in with the never-ending global effort.

• Consider a zapping this note or make a donation to the to the project here.

@ e05934ba:6fd1a7e9

Test Blog Content

@ eb0157af:77ab6c55

The Spanish coffee chain follows in Strategy’s footsteps, aiming for a Bitcoin-first strategy.

Vanadi Coffee SA, a well-known Spanish coffee shop chain, is preparing for a major shift in its business model through a bitcoin investment worth over $1.1 billion. The company plans to transform itself from a simple coffee distributor into an entity centered around the leading cryptocurrency.

Salvador Martí, chairman of the board of directors, has outlined a clear vision for the company’s future, seeking authorization to implement a bitcoin accumulation strategy with a maximum budget of €1 billion, according to documentation submitted to BME Growth.

The strategy involves using convertible financing lines to support the bitcoin acquisition, following the model successfully pioneered by Strategy. Martí has already demonstrated his conviction by purchasing 5 BTC for approximately $500,000 two weeks ago.

Vanadi Coffee’s decision comes at a critical moment for the company, which reported losses of $3.7 million in 2024 — exceeding its annual revenues by nearly $600,000. The GameStop episode offers a relevant case study: the American company, facing similar difficulties, opted to purchase bitcoin through a debt securities issuance, acquiring a total of 4,710 bitcoins.

The corporate bitcoin trend

Vanadi Coffee’s initiative is part of a broader global movement, with companies from various industries embracing bitcoin as a strategic reserve asset. From Chinese logistics firms to football clubs, the phenomenon of corporate adoption is crossing both geographic and sectoral boundaries.

Strategy remains the pioneer of this approach, having demonstrated how a company can completely reinvent itself through bitcoin accumulation. Michael Saylor’s success story has inspired numerous other businesses to consider cryptocurrency not merely as an investment, but as a central pillar of their business strategy.

The next Vanadi Coffee board meeting, scheduled for June 29, will mark a pivotal moment for the Spanish company. Approval of the $1.1 billion strategy could trigger further investments from other corporations.

The post Spanish company Vanadi Coffee bets on Bitcoin: $1.1 billion investment appeared first on Atlas21.

@ 527337d5:93e9525e

The Algorithmic Pursuit of Connection: A Five-Book Journey into the Self

As a researcher, hitting my thirties and the winding down of a significant project prompted a crucial re-evaluation of life's latter half. While I'd successfully applied probabilistic control theory to one-on-one interactions, the complexities of group dynamics remained a persistent challenge. My recent dive into five diverse books on human relationships inadvertently became a profound journey of self-discovery, fundamentally reshaping my perspective on social connections.

---

Neil Strauss: A Mirror Reflecting the Self's Evolution

Neil Strauss's The Truth resonated deepest among my recent reads. The author's battle with sex addiction uncomfortably mirrored my own past struggles: the fragile self-esteem stemming from rejection, the hubris born of early successes, and the tendency to view women as mere objects of manipulation. It felt eerily prescient, a glimpse into a potential future.

Yet, I found myself arriving at Strauss's ultimate conclusion – the paramount importance of self-preparation and community – far sooner than he did. This acceleration wasn't accidental; it was the result of intense focus on individual experiences, meticulously replayed and analyzed in my mind. The book, therefore, served less as a revelation and more as a powerful validation of my own journey of introspection and root-cause analysis.

---

Quantifying Connection: The Promise and Limits of Mathematical Models

Hannah Fry's The Mathematics of Love offered a kindred spirit in its attempt to quantify human relationships. While I appreciate the mathematical lens, Fry's models primarily concern dyadic relationships (N=2), relying on relatively simple systems of two-variable ordinary differential equations. For me, these are akin to linear models, sufficient only up to a certain point. Beyond N=4, the dependencies become exponentially complex.

My own pursuit extends to understanding and optimizing group dynamics within complex systems. This involves multi-variable problems (N $\ge$ 3) and the application of network theory, a far more sophisticated approach. Human collectives, after all, are systems of nodes and edges, where information propagates in predictable ways. My focus is on deriving optimal behavioral controls within these intricate frameworks.

Conversely, Men Are from Mars, Women Are from Venus initially struck me as bordering on conspiracy theory. However, its latter half proved unexpectedly useful. Its clear enumeration of male and female desires, and its articulation of common points of conflict, presented a practical template for communication styles. In a systemic view, this serves as a rudimentary, yet functional, interface design for complex social interactions.

---

A Dispassionate Critique of Relationship Dogma

My drive for efficiency and systematic understanding led to a rather blunt assessment of certain relationship classics. The New Science of Adult Attachment felt disorganized and frustratingly anecdotal. Lacking a coherent theoretical framework, it burdened the reader with deciphering meaning from a jumble of examples. Its inefficiency was, frankly, its most irksome flaw.

Similarly, Dale Carnegie's How to Win Friends and Influence People struck me as closer to pseudoscience than social science. Its plethora of specific anecdotes obscured any underlying principle. Given my deep engagement with social engineering – a discipline that systematically and practically analyzes human interaction – Carnegie's work appeared largely irrelevant and inefficient. From my perspective, which views humans as objective systems to be analyzed with mathematical rigor, such unstructured approaches hold little value.

---

The Unveiling of a Core Principle: Humans as Systems

This intensive reading period solidified my most crucial insight: humans, at their core, are systems. This understanding allows for a dispassionate, methodical approach to human collectives, mitigating unnecessary emotional friction.

This revelation has sharply refined my future learning trajectory. I'm now prioritizing foundational theories like graph theory and network theory over anecdotal accounts of human behavior. By mastering these theoretical underpinnings, I aim to precisely model complex human interactions as systems of nodes and edges, enabling the derivation of optimal behavioral controls within communities.

My choice of the term "target for capture" for individuals stems from a personal aversion to perceived equality in certain human interactions, a mechanism to avoid cognitive dissonance. This rational approach, I believe, is key to cultivating secure attachment styles – relationships demonstrably sustainable in the long term. My philosophy is to strategically approach the initial engagement, then transition to a stable, enduring connection. It's a calculated, dispassionate method for achieving desired relational outcomes.

Ultimately, this period of reading wasn't just about acquiring knowledge; it was a profound journey of self-discovery, clarifying my personal frameworks for navigating life's complexities and forging meaningful, yet strategically managed, connections.

@ 73d8a0c3:c1853717

This is not the beginning of my story. The beginning was removed.

This is where I choose to begin restoring it.

I’ve lived with a condition—not undiagnosed, but redacted. It reshaped my body, cognition, and autonomic control in ways that defy current clinical language—not because they’re impossible, but because they’ve been excluded from what is allowed to be known.

What I believe now—after years of direct experience, careful observation, and failed explanations—is that I’ve lived through a biological adaptation. A slow, systemic response to a fungal invader. Not an infection in the acute sense, but a reprogramming of my physiology: pituitary signaling, electrolyte balance, behavior, and memory itself.

The systems meant to detect it—medical, scientific, and digital—did not fail. They looked away.

Whether by accident or design, this condition has been removed from collective understanding. But it’s real. It happened. And it is happening still.

This isn’t a call for sympathy or recognition. It’s a call to memory. Mine. Yours. Ours—before it’s erased again.

I’ll be documenting what I’ve lived. Not just symptoms and labs—but the theory that explains them, and the structures that buried them. Some of this will be messy. Some speculative. Some precise. All of it will be honest.

And if what I’m saying is true, then I am not the only one. Just one of the few who remembered long enough to write it down.

So I begin here, before the tracks run out.

Also available on Substack: [https://jimcraddock.substack.com/] Nostr: @jimcraddock@primal.net Pubkey: npub1w0v2psmnnsq23qpwum66hc8wxvxc083t6xpndmx28z3qtsv9xutsfjz2tf

@ 374ee93a:36623347

Chef's notes

Start your day the self sovereign way

Details

• ⏲️ Prep time: 10 mins
• 🍳 Cook time: 15 mins
• 🍽️ Servings: 4

Ingredients

• 1lb Jar Bottled Rhubarb https://jimblesjumble.netlify.app/item/a0c35618722834ac714d0a47058a2adc76ee7485a6b74f5da5f9eb2d3fb5d879
• 1pt Homemade Custard (3/4pt cream, 3 large eggs, 100g honey, 1/2 tbspn vanilla extract)
• 4 Handfuls Granola
• 1 Node https://plebeian.market/products/huxley@nostrplebs.com/start-9-node-y22zfjp8x6

Directions

1. Whisk together the cream, eggs, honey and vanilla
2. Chill overnight or serve warm with 1/4 jar of stewed rhubarb and a large handful of granola per person
3. Consolidate some UTXOs on your node
4. Have a Good Morning

@ 472f440f:5669301e

Marty's Bent

J.P. Morgan CEO Jamie Dimon has long been an outspoken skeptic and critic of bitcoin. He has called Bitcoin a speculative asset, a fraud, a pet rock, and has opined that it will inevitably blow up. A couple of years ago, he was on Capitol Hill saying that if he were the government, he would "close it down". Just within the last month, he was on Fox Business News talking with Maria Bartiromo, proclaiming that the U.S. should be stockpiling bullets and rare earth metals instead of bitcoin. It's pretty clear that Jamie Dimon, who is at the helm of the most powerful and largest bank in the world, does not like bitcoin one bit.

Evidence below:

via Bitcoin Magazine

via me

via CNBC

via Trending Politics

Despite Dimon's distinguished disdain for Bitcoin, J.P. Morgan cannot deny reality. The CEO of the largest bank in the world is certainly a powerful man, but no one individual, even in the position that Jamie Dimon is in, is more powerful than the market. And the market has spoken very clearly, it is demanding bitcoin. The Bitcoin ETFs have been the most successful ETFs in terms of pace of growth since their launch. They've accumulated tens of billions of dollars in AUM in a very short period of time. Outpacing the previous record set by the gold ETF, GLD.

Whether or not Jamie Dimon himself likes Bitcoin doesn't matter. J.P. Morgan, as the largest bank in the world and a publicly traded company, has a duty to shareholders. And that duty is to increase shareholder value by any ethical and legal means necessary. Earlier today, J.P. Morgan announced plans to offer clients financing against their Bitcoin ETFs, as well as some other benefits, including having their bitcoin holdings recognized in their overall net worth and liquid assets, similar to stocks, cars, and art, which will be massive for bitcoiners looking to get mortgages and other types of loans.

via Bloomberg

I've talked about this recently, but trying to buy a house when most of your liquid net worth is held in bitcoin is a massive pain in the ass. Up until this point, if you wanted to have your bitcoin recognized as part of your net worth and count towards your overall credit profile, you would need to sell some bitcoin, move it to a bank account, and have it sit there for a certain period of time before it was recognized toward your net worth. This is not ideal for bitcoiners who have sufficient cash flows and don't want to sell their bitcoin, pay the capital gains tax, and risk not being able to buy back the amount of sats they were forced to sell just to get a mortgage.

It's not yet clear to me whether or not J.P. Morgan will recognize bitcoin in cold storage toward their clients' net worth and credit profile, or if this is simply for bitcoin ETFs only. However, regardless, this is a step in the right direction and a validation of something that many bitcoiners have been saying for years. Inevitably, everyone will have to bend the knee to bitcoin. Today, it just happened to be the largest bank in the world. I expect more of this to come in the coming months, years, and decades.

Lyn Alden likes to say it in the context of the U.S. national debt and the fiscal crisis, but it also applies to bitcoin adoption and the need for incumbents to orient themselves around the demands of individual bitcoiners; nothing stops this train.

Corporate Bitcoin Treasuries are Changing Market Dynamics

Leon Wankum revealed how corporate Bitcoin treasuries are fundamentally reshaping business dynamics. Companies can now issue equity to fund operations while preserving their Bitcoin holdings, creating a revolutionary capital structure. Leon highlighted MicroStrategy's position, noting they hold enough Bitcoin to cover dividend payments for over 200 years. This model enables companies to reduce founder dilution since they don't need repeated funding rounds when their treasury appreciates.

"Some companies' Bitcoin treasuries are now worth more than all money they've ever raised." - Leon Wankum

Leon shared examples from his own portfolio companies where this strategy has proven transformative. Public companies have discovered an entirely new business model through strategic dilution that actually increases BTC per share. As Leon explained, this approach allows firms to leverage equity markets for operational funding while their Bitcoin treasury compounds in value, creating a positive feedback loop that benefits both shareholders and the company's long-term sustainability.

Check out the full podcast here for more on real estate price cycles, Bitcoin lending products, and the transition to a Bitcoin standard.

---

Headlines of the Day

California May Seize Idle Bitcoin After 3 Years - via X

Semler Scientific Buys $20M More Bitcoin, Holds $467M - via X

US Home Sellers Surge as Buyers Hit 4-Year Low - via X

Get our new STACK SATS hat - via tftcmerch.io

---

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 $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 feel old.

---

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:

@ bf47c19e:c3d2573b

Originalni tekst

Autor: mr Vladimir Dinić (student doktorskih studija; vladimirdinic88@gmail.com)

---

Rezime

Bikojn je prva decentralizovana „peer-to-peer“ kriptovaluta nastala 2009. godine. Osnovna specifičnost ove valute jeste činjenica da njen emitent ne postoji. Sa druge strane, ponuda ove valute je softverski programirana i ograničena. Između ostalog, njene osnovne karakteristike su i relativno sigurna plaćanja, niski transakcioni troškovi, anonimnost korisnika, praktično nemoguće falsifikovanje, nereverzibilnost transakcija, ali i izuzetno nestabilan devizni kurs. I pored brojnih prednosti, korišćenje ove valute je predmet brojnih diskusija, budući da ova valuta nudi mogućnost različitih zloupotreba i obavljanja kriminalnih aktivnosti. Budućnost ove i sličnih valuta u tom smislu zavisi kako od sigurnosti korišćenja tih valuta, tako i od zakonske regulacije ovakvih plaćanja.

Uvod

Razvoj informacione tehnologije, kao jedne od najpropulzivnijih privrednih grana današnjice, doveo je do pojave novih oblika alternativnih valuta. Njihove osnovne karakteristike su decentralizovanost, odnosno nepostojanje centralne banke, države, opštine, kompanije ili bilo koje druge centralne institucije koja bi vršila emisiju te valute, kao i stoprocentno oslanjanje na informacionu tehnologiju u procesu njihove emisije i realizacije transakcija.

Predmet istraživanja ovog rada biće bitkojn, decentralizovana valuta nastala pre 4 godine koja među ostalim alternativnim valutama trenutno zauzima najznačajnije mesto i privlači najviše pažnje. Putem analize dostupne akademske literature, statističkih podataka i ostalih relevantnih izvora pokušaćemo da izdvojimo osnovne karakteristike bitkojn valute, prednosti, nedostatke, efekte i perspektive njegovog korišćenja kao oblika decentralizovane kriptovalute. Budući da je broj radova u kojima su opisane karakteristike i efekti korišćenja bitkojn valute relativno mali, cilj ovog rada će biti da na sveobuhvatan način prezentuje osnovne specifičnosti bitkojn valute i kontroverze povezane s njenim korišćenjem.

Struktura rada je sledeća. Prvo će biti opisane osnovne karakterisike bitkojn valute i način na koji se realizuju transakcije u ovoj valuti. Zatim će biti opisan sam proces, tok i efekti njene emisije, kao i formiranje i kretanje deviznog kursa bitkojna, a zatim će biti izdvojene osnovne prednosti i nedostaci bitkojn valute. U nastavku rada će biti opisana uloga finansijskih institucija koje posluju sa bitkojnima, kao i problemi funkcionisanja bitkojna, gde pre svega imamo u vidu različite zloupotrebe i ostale izvore nestabilnosti. Na samom kraju rada će biti prezentovani regulatorni aspekti korišćenje ove valute.

Karakteristike bitkojn valute

Bitkojn (engl. “Bitcoin” - BTC) predstavlja oblik elektronskog novca koji omogućuje plaćanja putem Interneta direktno između transaktora bez učešća finansijskih institucija. Ova valuta je nastala 2009. godine. Ono po čemu je bitkojn valuta specifična jeste činjenica da je u pitanju decentralizovana valuta, tj. ona funkcioniše bez centralne banke ili druge kompanije koja bi predstavljala emitenta. Takođe, praktično i ne postoje čak ni klasične banke i druge finansijske institucije kao finansijski posrednici. Stoga, da bi se osigurala sigurnost plaćanja i onemogućile različite zloupotrebe, koristi se sama mreža kao sistem koji će kontrolisati regularnost transakcija.

Kao osnovne karakteristike ove virtuelne valute možemo izdvojiti sledeće:

• U pitanju je P2P valuta (engl. „peer-to-peer“). Drugim rečima, za razliku od svih ostalih virtuelnih valuta, BTC je zasnovan na P2P mrežama. Inače, “Peer-to-peer” predstavlja mrežu računara koji nisu zasnovani na „klijent-server“ tehnologiji, već su svi računari ravnopravni članovi mreže. Obično se koristi za deljenje informacija na taj način što kada jedan računar “podeli” neki sadržaj, svi ostali računari u mreži će imati pristup tom fajlu.

• Takođe, to je prva “kriptovana valuta” ili „kriptovaluta“ (engl. “crypto-currency”), tj. zasnovana je na primeni kriptografije sa ciljem kontrole emisije i prometa konkretnog elektronskog novca (Bitcoin.org/en/ about n.d.). Drugim rečima, poverenje u ovu valutu se bazira na sigurnosti koju obezbeđuje kriptografija kao nauka koja se bavi metodama zaštita informacija putem šifrovanja i korišćenjem digitalnog potpisa (Sh.wikipedia.org/wiki/Kriptografija n.d.).

• Emitent ove valute nije ni centralna banka ni neka kompanija, već sami korisnici, tj. vlasnici “mining” računara (engl. “mining” - “rudarenje”). To praktično znači da na emisiju i promet ove valute ne utiče nijedna centralna banka, odnosno centralni entitet od čije monetarne politike ili bilo čega vezanog za njega može zavisiti vrednost valute. Poverenje u bitkojn zavisi od „poštenog“ funkcionisanja većine tzv. “mining” računara u mreži (Barber i saradnici 2012, p.400), a koji su inače zaduženi za verifikaciju transakcija. Logički zaključak koji proističe iz ove činjenice ukazuje na to da se sa rastom obima transakcija u BTC valuti može očekivati veća sigurnost, jer što je veći obim transakcija u bitkojn valuti, praktično će biti teže vršiti zloupotrebe.

• - U pitanju je “open-source” valuta, budući da je kod koji upravlja emisijom i transakcijama otvorenog karaktera, i svi zainteresovani mogu imati pristup.

• U bitkojn sistemu plaćanja praktično ne postoje računi nalik onima koji postoje u bankama. BTC valuta bi mogla biti shvaćena kao sef u kome se nalazi određena vrednost. Ono što formalni vlasnici određene količine BTC valute praktično poseduju jeste ključ koji im omogućuje jedinstven i ovlašćen pristup tom sefu, odnosno plaćanje.

Navedene osnovne karakteristike bitkojna mogu se ilustrovati kroz sledeću rečenicu: „Temelj bitkojn filozofije je u kombinaciji kriptografske sigurnosti digitalnog sveta koju čini veliki broj računara povezanih u jaku i neuništivu peer to peer mrežu i ograničenoj količini raspoloživih resursa kao što je to slučaj sa srebrom i zlatom (maksimalan broj bitkojn novčića je 21 milion, trenutno u opticaju je oko 11,5 miliona (prim. aut.)) čineći tako jaku i stabilnu takozvanu kriptovalutu koja se nalazi na Internet mreži ali fizički nije prisutna ni u jednoj zemlji na svetu“ (Bitcoinbalkan.com 2012).

Šema transakcije u bitkojn valuti

Bitkojn valuta može biti kreirana na Internetu od strane bilo koga, tj. od bilo kog člana mreže čiji računar vršu verifikaciju transakcija. Pritom, svaki računar u mreži može predstavljati tzv. “node”, tj. „mining“ računar koji zajedno sa ostalim računarima učestvuje u verifikaciji iniciranih transakcija. Sam proces verifikacije transakcija predstavlja dodavanje digitalnog zapisa u tzv. “glavnu knjigu” izvršenih bitkojn transakcija, odnosno u “lančani zapis blokova transakcija” (En.bitcoin. it n.d.). Pod blokom transakcija se podrazumeva skup nedavno generisanih transakcija koje čekaju verifikaciju od strane ostalih računara u mreži. Inače, sam bitkojn se može smatrati lancem digitalnih potpisa. Naime, svaka transakcija se verifikuje od strane određenog broja ostalih računara u mreži, pri čemu se sve te transakcije u digitalnom zapisu čuvaju u samom elektronskom formatu koji reprezentuje bitkojn valutu.

Ovaj proces verifikacije transakcija se u tom smislu obavlja od strane većeg broja računara u mreži, kako bi se obezbedila veća sigurnost i regularnost verifikovanih transakcija. Dodatnu sigurnost pruža “vremenski pečat” (engl. “timestamp”) kao integralni deo svakog lanca digitalnih potpisa (Nakamoto n.d., p.2), čime se obezbeđuje autentičnost transakcija, odnosno sprečava mogućnost višestrukog korišćenja jedne iste količine bitkojna za kupovinu različitih dobara i usluga. Takođe, svaki blok sa sobom nosi i određeni matematički problem koji računar mora da reši. Svaki od tih zadataka je moguće rešiti na više načina, a dovoljno je pronaći jedan kako bi transakcija bila realizovana. Za svaki uspešno rešeni zadatak generiše se određen broj bitkojna kao nagrada za vlasnike računara koji su „rešili zadatak“. Ovo je istovremeno i način na koji bitkojn privlači nove korisnike. Nakon prijema bitkojna po osnovu određene transakcije, potrebno je da protekne određeni vremenski period od 10 minuta do 1h, da bi primalac mogao da koristi taj novac. Kao razlog ovog čekanja navodi se činjenica da je potreban određeni vremenski period za pronalaženje bloka transakcija koji će se verifikovati (En.bitcoin.it n.d.). Inače, bitkojn novac nastaje u računarskom programu koji se zove “Bitkojn rudar” (engl. “Bitcoin miner”).

Kao što Šema 1 pokazuje, svaka transakcija između dva računara u mreži zahteva verifikaciju ove transakcije od strane određenog broja računara u mreži. Nakon uspešno verifikovane transakcije dolazi do proširenja lanca digitalnih zapisa koji predstavljaju bitkojn. Oni “mining” računari koji vrše tzv. “hashing” i verifikaciju transakcija dobijaju, tj. generišu određen broj BTC kao nadoknadu za tu svoju ulogu i koji mogu koristiti po svom nahođenju. U tom smislu, trošenje električne energije i rad “mining” računara, uslovno rečeno, predstavlja realno pokriće za emitovani bitkojn. Pritom se u velikoj meri zanemaruje činjenica da vrednost utrošene električne energije i hardverskih resursa može prevazilaziti vrednost generisanih BTC valuta, pa se može postaviti pitanje ekonomske isplativosti, tj. održivosti takve valute. Kao jedan od faktora koji opravdava ove troškove može se navesti anonimnost koju korišćenje ove valute pruža. Međutim, danas se na tržištu mogu pronaći uređaji koji višestruko povećavaju kapacitet “mining” računara, tako da se “rudarenje” BTC valute može smatrati profitabilnim. Primera radi, sredstva investirana u kupovinu “GPU” (grafičkih kartica) ili “ASIC Bitcoin Miner” uređaja koji se koriste u te svrhe se mogu povratiti u roku od nekoliko meseci (Barber i saradnici 2012, p.400).

Faktor koji određuje verovatnoću da će “mining” računar pronaći blok transakcija koje treba verifikovati poznat je kao “difficulty” faktor. On u suštini predstavlja meru težine pronalaženja tog bloka (En.bitcoin.it n.d.). U slučajevima kada je relativno veliki broj računara na mreži spreman da vrši verifikaciju, ovaj faktor se povećava, i obrnuto. Uloga ovog faktora se ogleda u podsticanju korišćenja bitkojn valute onih koji bi želeli da zarade putem “rudarenja”, jer se smanjenjem “difficulty” faktora povećava verovatnoća pronalaženja bloka u uslovima kada je mali broj učesnika zainteresovan da verifikuje transakcije. Sa druge strane,, “difficulty” faktor se povećava u slučajevima kada je veliki broj članova mreže spreman da vrši verifikaciju naloga, kako bi se ograničila stopa monetarnog rasta u željenim okvirima (Nakamoto n.d., p.3). Vrednost “difficulty” faktora se menja nakon svakih 2016 blokova.

Pritom sama mreža, odnosno algoritam na kome se zasnivaju transakcije u bitkojn valuti, definiše koliko bitkojna svako pojedinačno može kreirati, u skladu sa pravilom “kontrolisane ponude” (engl. “controlled supply”). Broj bitkojna koji se na ovaj način može generisati je u samom nastanku iznosio 50 BTC po bloku, dok od 2013. godine nagrada iznosi 25 BTC po bloku. Broj generisanih bitkojna po bloku transakcije biće prepolovljen na svake 4 godine, što će tokom vremena dovoditi do usporene stope rasta količine bitkojna u opticaju.

Emisija bitkojna i njeni efekti

Emisija bitkojna je u potpunosti isplanirana, odnosno programirana, i njeno upravljanje je dodeljeno samoj mreži, odnosno onim računarima koji vrše verifikaciju transakcija. Ovakav algoritam je izabran jer on u najvećoj meri aproksimira stopu rasta ekstrakcije pojedinih ruda kao što je zlato, budući da je ograničena količina bitkojna koja u jednom trenutku može postojati u sistemu i maksimalna količina koja se može „izrudariti“.

Programiranim tempom rasta količine BTC novca u opticaju određeno je da maksimalna količina emitovanih bitkojna nikada ne pređe nivo od 21.000.000 BTC. Budući da je za verifikaciju jednog bloka transakcija potrebno u proseku 10 minuta, to je ujedno i period tokom kojeg se broj bitkojna poveća za malopre pomenutih 25 (od početka 2013. godine do kraja 2017.), da bi se broj novoemitovanih BTC u jedinici vremena programirano smanjivao tokom vremena.

Međutim, primena ovakve programirane stope ograničenog i usporenog monetarnog rasta za posledicu može imati rast deviznog kursa bitkojna, kao i pad cena proizvoda izraženih u bitkojn valuti, što bi u konačnom trebalo da utiče na rast tražnje za ovom valutom. Prema nekim shvatanjima, upravo je ekspanzivna monetarna politika mnogih centralnih banaka nakon 2008. godine sa ciljem ublažavanja negativnih efekata krize i strah od inflacije jedan od najvažnijih faktora koji su uticali na relativno veliku tražnju za bitkojn valutom (Christin, Moore 2013, p.1). Po shvatanju kejnzijanaca, pad cena izraženih u jednoj valuti i istovremena apresijacija te valute može motivisati transaktore da više štede, a manje troše, što u konačnom može imati recesione efekte. Težnja ka štednji bi dovela do smanjenjog korišćenja ove valute, pa bi sve veći broj „mining“ računara napuštao mrežu, zbog čega bi došlo do ugrožavanja stabilnosti i slabljenja deviznog kursa ove valute (Barber i saradnici 2012, p.404). Sa druge strane, po shvatanju predstavnika austrijske škole, pad cena ne obuhvata samo pad cena finalnih prozvoda, već i inputa, tako da ne bi trebalo da dođe do smanjenja profita i recesije (En.bitcoin. it n.d.). Koja će se shvatanja pokazati ispravnim, zavisiće od niza faktora, pre svega stabilnosti i sigurnosti bitkojna kao valute.

Naime, trenutno se ova valuta može smatrati sigurnom za realizaciju transakcija, ali ne i dovoljno stabilnom u pogledu otpornosti na spekulativne udare i druge izvore nestabilnosti, budući da je trenutno njena kapitalizacija relativno mala, pa veoma mali poremećaji mogu uticati na značajna kolebanja cena i kursa. Naime, ova valuta može u velikoj meri biti podložna različitim spekulativnim napadima, budući da ne postoje regulativne odredbe i sankcije za one članove mreže koji bi trgovanjem pokušali da utiču na devizni kurs i tako ostvarili spekulativni profit i ugrozili integritet same valute. Treba imati u vidu i da su same transakcije anonimne, tako da bi se moglo postaviti pitanje određene regulacije ovih transakcija. Međutim, to bi moglo ugroziti anonimnost kao jednu od osnovnih prednosti ove valute. Sa rastom tržišta može se očekivati veći imunitet na spekulativne udare. Međutim, budući da će u narednom periodu stopa monetarnog rasta biti relativno mala, rast tržišta bi se mogao ostvariti jedino putem jačanja deviznog kursa ove valute, tj. ova valuta bi mogla postati stabilnija ukoliko bi dovoljno apresirala.

Deflaciona tendencija bi bila dodatno intenzivirana i usled delovanja sledećih faktora:

• Centralne banke svih zemalja bi u manjoj ili većoj meri povećavale količinu novca u opticaju svake godine, dok bi sa druge strane ponuda bitkojna bila relativno sporo rastuća. Pritom, treba imati u vidu da bi kurs bitkojna pre svega zavisio od tražnje za tom valutom. Iako je 2010. godine u odnosu na početnu 2009. stopa monetarnog rasta BTC valute iznosila 100%, trenutno oko 13% na godišnjem nivou, zbog same prirode proizvoda i usluga koje se njime mogu kupiti i usled sve većeg broja kompanija koje primaju bitkojn (En.bitcoin.it n.d.) kao sredstvo plaćanja, ovaj monetarni rast ne izaziva inflaciju.

• Paralelno sa padom cena izraženih u bitkojn valuti povećavala bi se granična sklonost štednji, pa bi povećanje brzine opticaja novca, kao potencijalni faktor koji bi mogao da utiče na smanjenje deflacionih procesa, izostalo (ECB 2012, p.25).

Kalkulacijom se takođe može doći do zaključka da će već 2025. godine stopa monetarnog rasta iznositi manje od 1% (tačnije 0,83%), a 2037. godine manje od 1‰ (tj. 0,095%). Nakon čega, monetarni rast će se i dalje nastaviti zanemarljivo malim stopama, ali nikada neće preći programiranu granicu od 21.000.000 BTC. Kretanje ponude bitkojna tokom vremena je prikazan na Grafikonu 1:

Inače, već 2035. godine. će u opticaju biti 99% programirane gornje granice bitkojna (približno 20.800.000 BTC), tj. do 2040. godine će nestati interes za daljim “rudarenjem” u današnjem smislu, jer bi bili potrebni ogromni resursi da bi se stvorio čak i minimalni deo jednog bitkojna. Nakon toga, predviđeno se da vlasnici “mining” računara zarađuju po osnovu nalaćivanja transakcionih troškova za verifikovane transkcije u određenom procentu (ECB 2012, p.25), tako da se dugoročno ovaj sistem može oceniti kao održiv. Stopa monetarnog rasta tokom vremena bi se u polulogaritamskom grafikonu sa prirodnom osnovom mogla predstaviti na Grafikonu 2:

Inače, broj generisanih bitkojna dnevno koje jedan pojedinac može ostvariti po osnovu “mining” aktivnosti je implementiran u samom kodu bitkojn valute i određuje se po sledećoj formuli (Bitcoin.stackexchange.com 2011):

Ukoliko bismo uprostili ovu formulu time što bismo deo formule sačinjen od više konstanti sveli na jedan realan broj dobili bismo njenu skraćenu verziju:

U ovom izrazu značenje parametara je sledeće:

• X predstavlja broj generisanih bitkojna,

• D predstavlja trenutni „difficulty“ faktor,

• H predstavlja trenutni „hash-rate“, odnosno brzinu kojom konkretan uređaj koji pojedinac poseduje vrši „rudarenje“,

• B predstavlja nagradu u bitkojnima za realizovan blok transakcija,

• 20,11626 predstavlja konstantu u formuli.

Kao što se može zapaziti, pored toga što zarada po osnovu “mining” procesa zavisi od tzv. “difficulty” faktora, predviđene brzine stvaranja BTC u jedinici vremena (trenutno iznosi 25 BTC po jednom bloku, odnosno na svakih 10-ak minuta), ovaj proces zavisi od brzine kojom računari vrše “rudarenje”. Brzina se izražava u h/s (engl. “hash per second”), odnosno u Mh/s ili Gh/s. Na osnovu kalkulacija se može zaključiti da zarada i brzina otplate po osnovu “mining” procesa zavisi od kvaliteta uređaja koji se koristi za taj proces. Inače, zarada po osnovu korišćenja klasičnih grafičkih kartica koje su se do nedavno koristile za ovaj proces je trenutno neuporedivo manja (nekoliko desetina do nekoliko hiljada puta) u odnosu na najsavremenije uređaje za “rudarenje” (En.bitcoin.it n.d.)). Budući da se tokom narednih godina može očekivati povećanje “difficulty” faktora (u skladu sa dosadašnjom tendencijom (Bitcoinx.com n.d.)) i smanjenje broja generisanih bitkojna po bloku transakcija, profitabilnost će se, pod pretpostavkom nepromenljivog kursa i nepromenjenih cena uređaja za “rudarenje” i električne energije višestruko smanjivati.

U Tabeli 1 su prikazani osnovni statistički podaci o bitkojn valuti na dan 22.03.2013. i na dan 30.08.2013. godine:

Kao što se može zapaziti, u odnosu na period pre 5 meseci, došlo je do povećanja bitkojn novčanih jedinica u opticaju, što je i očekivano, budući da je u pitanju programiran proces. Takođe, došlo je do povećanja tržišne kapitalizacije BTC valute, što je pre svega posledica njene apresijacije. Uvećanje kapitalizacije tokom vremena od samog nastanka 2009. godine, a naročito tokom 2013. godine, kako usred povećanja broja bitkojna, tako i usled apresijacije njegovog deviznog kursa može se uočiti sa Grafikona 3:

Može se reći da BTC valutni sistem ima određene sličnosti sa zlatnim standardom, jer postoji gornja granica rasta količine valute u opticaju, tako da, slično sistemu zlatnog važenja, može postati kočnica daljem razvoju, budući da onemogućuje povećanje tražnje putem povećanja količine novca u opticaju. Povezano sa pravilom “kontrolisane ponude”, poželjno je naglasiti da je čak i sam Milton Fridman smatrao da je monetarnu politiku programirane ili konstantne stope monetarnog rasta moguće uspešno implementiratu pomoću računara (Econlib.org 2006). Inače, pristalice bitkojna kritikuju sistem frakcionih rezervi. Takođe, smatraju da je nastanak ove valute početni korak u ukidanju monopola centralne banke kao ekskluzivnog emitenta novca (ECB 2012, p.22). Postoje i shvatanja da je kreator ove valute kao inspiraciju imao zlatni standard. Međutim, ono po čemu se ovaj sistem razlikuje od zlatnog standarda jeste nedostatak unutrašnje, tj. materijalne vrednosti koja je svojstvena robnom novcu kao što su to plemeniti metali, dok bitkojn poseduje samo funkcionalnu vrednost koja zavisi od njegove kupovne snage.

Postoje, međutim, i shvatanja da bitkojn valuta u suštini funkcioniše kao Ponzijeva šema, budući da onima koji ranije počnu sa njenim korišćenjem pruža mogućnost ostvarenja značajnog profita ukoliko prodaju svoje bitkojne u uslovima rasta cena. Međutim, kao razlike ovog sistema u odnosu na Ponzijevu šemu možemo izdvojiti (ECB 2012, p.27):

• Ne postoji očekivani finansijski prinos koji se može ostvariti niti se prilikom prvog korišćenja bitkojn valute potpisuje ugovor koji garantuje visok prinos, čak ni za početne ulagače. U praksi, profit se može ostvariti kako po osnovu rudarenja, čime nastaju novi bitkojni, tako i po osnovu jačanja deviznog kursa ove valute. Međutim, taj profit je neizvestan, pre svega komponenta koja se odnosi na apresijaciju deviznog kursa.

• Ne postoji centralna institucija ili kompanija koja bi mogla da pokupi novac od korisnika sistema i „nestane“. Iako u praksi oni koji su prvi počeli da „rudare“ uspevaju da najviše i zarade, svaki profit ostvaren po osnovu „rudarenja“ i kasnijeg izlaska iz sistema bi se pre mogao okarakterisati kao spekulacija („kupiti jeftino, prodati skupo“) nego Ponzijeva šema. Međutim, u praksi je ipak postojao primer koji demantuje ovaj argument, a u pitanju je slučaj kompanije „Bitcoin Savings and Trust“ (“BTCST”) koja je tokom 2011. i 2012, godine koristeći klasičnu Ponzijevu šemu proneverila novac svojih korisnika. Ipak, ovaj primer se može oceniti samo kao izuzetak, odnosno kao zloupotreba sistema, ali ne i kao dokaz da bitkojn valuta funkcioniše kao Ponzijeva šema.

Devizni kurs bitkojna

Devizni kurs bitkojna se, kao i u slučaju bilo koje druge valute formira na berzi, na bazi sučeljavanja ponude i tražnje za tom valutom. U odnosu na početak godine kada je BTC/USD kurs iznosio približno 13, krajem avgusta je vrednost bitkojna prema američkom dolaru približno 10 puta veća i BTC/USD kurs iznosi oko 130. Očigledno je da 1 BTC ima višestruko veću vrednost od bilo koji zvanične svetske valute, pri čemu se njegova vrednost uglavnom izražava u USD, budući da se na bitkojn berzama najveći deo bitkojna razmeni za američki dolar.

Krajem avgusta se u opticaju nalazi ukupno skoro 12 miliona BTC, pri čemu njihova ukupna vrednost izražena u USD približno iznosi preko 1,4 milijarde USD. Konkretno, to znači da je ukupna vrednost svih emitovanih bitkojna nominalno veća od bruto društvenog proizvoda pojedinih zemalja. Budući da je cena zlata približno 50 USD/g, možemo zaključiti da 1 bitkojn vredi nešto više od 2,5 grama zlata. Prevedeno u RSD po kursu od približno 85 RSD/USD, za kupovinu jednog bitkojna je na dan 29.08.2013. godine potrebno više od 11.000 RSD. Pritom, 1 bitkojn je jednak 100.000.000 „satoshis“-a (naziv „satoshis“ potiče od pseudonima Satoshi Nakamoto, tj. pseudonima kreatora ili grupe ljudi koji su stvorili bitkojn).

Inače, kurs bitkojna zavisi od ponude i tražnje za ovom valutom. Kretanje srednjeg ponderisanog dnevnog kursa BTC valute u odnosu na USD može se uočiti na osnovu Grafikona 4:

Na osnovu dostupnih podataka od početka 2013. godine statističkom analizom može se doći do zaključka da linearna funkcija trenda najbolje opisuje kretanje vrednosti BTC valute. Ocenjena linearna funkcija trenda glasi:

BTC/USD = 27.95 + 0.45t

pri čemu je bazni period 1. januar 2013. godine, a to je ceo broj koji predstavlja broj dana nakon 1.januara. Međutim, budući da je koeficijent determinacije svega r²= 0.52, ocenjena funkcija trenda se ne može primeniti za ekstrapolaciju, odnosno ne bismo mogli sa velikim stepenom sigurnosti da procenimo kretanje vrednosti bitkojna u budućnosti. Ovako nizak koeficijent determinacije ukazuje na činjenicu da je devizni kurs bitkojna veoma nestabilan. Nestabilnosti deviznog kursa bitkojna u velikoj meri doprinosi i podložnost različitim šokovima, o čemu će više reči biti kasnije.

Prednosti i nedostaci bitkojn valute

Kao osnovne prednosti bitkojna u odnosu na ostale, kako nacionalne, tako i alternativne valute, obično se navode:

• Za razliku od transakcija klasičnim elektronskim novcem koji se nalazi na računima banaka, u slučaju bitkojna ne postoje transakcioni troškovi ili su oni svedeni na minimum, dok sa druge strane ne postoji ograničenje u pogledu minimalnog iznosa transakcije koju je moguće realizovati (Nakamoto n.d., p.1).

• Kontrolu transakcija i emisiju BTC valute vrše kompjuterski algoritmi, čime se onemogućava pojava veštački izazvane inflacije. Takođe, ovom verifikacijom se izbegava “duplo plaćanje” (engl. “double-spending”), čime bi se mogao zloupotrebiti sistem (Bitcoin.org/en/ about n.d.) i nekontrolisano povećavala količina novca u opticaju. Sigurnost plaćanja je pritom zasnovana na korišćenju kriptografije.

• Praktično je gotovo nemoguće falsifikovati bitkojn. Teoretski, to bi bilo moguće ukoliko bi se isti BTC iskoristio za istovremeno obavljanje dva plaćanja. Međutim, lanac digitalnih potpisa onemogućava takve transakcije (Stanford Bitcoin Group n.d.).

• Omogućena je potpuna anonimnost transaktora. Međutim, iako ovo predstavlja pogodnost za određene grupe ekonomskih subjekata, sa aspekta poreskih i regulatornih organa ova osobina bitkojna bi se definitivno mogla oceniti kao njen nedostatak. Za razliku od elektronskog novca u platnom prometu kod kojeg su informacije o učesnicima u transakciji javnog, a informacije o transakcijama privatnog karaktera, u slučaju bitkojn valute su informacije o transaktorima privatnog karaktera, tj. veoma često ni samim transaktorima nije poznato kome vrše plaćanja, dok su same karakteristike realizovane transakcije javnog karaktera.

Sa druge strane, kao neke od osnovnih nedostataka bitkojn valute možemo izdvojiti sledeće:

• Bitkojn nije široko prihvaćen kao sredstvo plaćanja. Naime, veoma je mali broj privrednih subjekata koji primaju bitkojn za prodaju prodaju robe, odnosno pružanje usluga. Iako je broj ovih subjekata sve veći, uloga bitkojna kao sredstva plaćanja je još uvek veoma ograničena. Razlog ovoj pojavi leži kako u činjenici da postoji niz proizvoda koji se ne mogu kupiti za bitkojn, tako i u činjenici da ova valuta ne postoji u svojoj fizičkoj verziji, tako da se može koristiti jedino za elektronska plaćanja.

• Devizni kurs bitkojna je veoma nestabilan. Tome u velikoj meri doprinosi i nepostojanje centralnog entiteta poput centralne banke koja bi putem intervencija na deviznom tržištu ili nekom drugom merom monetarne politike mogla pozitivno da utiče na njegovu stabilizaciju.

• Transakcije bitkojn valutama nisu reverzibilne, što znači da nije moguće poništiti već realizovanu transakciju. Iako se ova osobina bitkojn valute može smatrati njenim nedostatkom, značajno je zapaziti da bitkojn u suštini više liči na keš nego na elektronski novac, pa samim tim nema nikakvu mogućnost poništavanja transakcija, jer po definiciji ne postoji sistem za praćenje toka novca. Drugim rečima, transakcije realizovane elektronskim novcem koji se nalazi na računima banaka se mogu poništiti u određenom roku. Sa druge strane, u najvećem broju slučajeva gotovinu potrošenu u prodavnici uglavnom nećemo moći da povratimo, osim ukoliko nije u pitanju roba sa garancijom i sl. Upravo u ovome i leži jedan od najvećih problema vezan za korišćenje bitkojn valute, a koji se odnosi na teškoće prilikom povraćaja novca u slučaju kupovine neispravnih proizvoda bez adekvatno regulisane garancije. Sa druge strane, ovo je odličan mehanizam zaštite prodavaca od zloupotreba, jer im ovaj mehanizam omogućuje sigurnu i momentalnu naplatu svojih potraživanja po osnovu prodate robe (Nakamoto n.d., p.1). Vezano za reverzibilnost transakcija, značajno je naglasiti da je osnovni uzrok ove osobine bitkojna činjenica da, u opštem slučaju, ne postoji posrednik u plaćanju, odnosno, sve plaćanja se vrše direktno između tržišnih subjekata. Iako se nererzibilnost može oceniti kao nedostatak bitkojna, treba imati u vidu da nepostojanje posrednika za posledicu ima nepostojanje provizija koje bi u suprotnom naplaćivale banke ili drugi posrednici u platnom prometu. Međutim, ne treba zanemariti činjenicu da postoje opcione provizije koje plaćaju oni koji žele da transakcija u bitkojn valuti bude brže realizovana (Stanford Bitcoin Group n.d.).

• Iako je reč o vidu elektronskog novca, postoji mogućnost njegovog gubitka. Naime, jedna od specifičnosti ove valute jeste da ona postoji samo u svojoj elektronskoj verziji. Pritom se nalog koji se koristi za plaćanja razlikuje od klasičnog transakcionog računa u banci po tome što ne postoji institucija poput banke koja bi transaktorima zatvorila ili blokirala nalog. Takođe, ne postoje nikakva ograničenja u pogledu korišćenja bitkojna. Nalog mogu deaktivirati sami korisnici sistema time što bi prestali da ga koriste i time što bi se oslobodila svih BTC valuta na svom nalogu. Nalog se inače gubi i ukoliko se prilikom oporavka operativnog sistema na računaru ne obezbedi skladištenje (engl. “backup”) bitkojna. Time se faktički taj novac trajno gubi iz sistema. U tome se faktički i ogleda sličnost između bitkojn valute i običnog novca, budući da on praktično može biti izgubljen ili uništen (Kaplanov 2012, p.116). Međutim, za razliku od običnog novca koji može biti dodatno otštampan od strane centralne banke, u slučaju bitkojna ne postoji entitet koji bi emitovao novu količinu novčanih jedinica koje bi zamenile nestale ili uništene bitkojne.

• Kao poslednji nedostatak bitkojna bismo mogli navesti sve one probleme koji se odnose na zloupotrebe kojima je on podložan, a koji se odnose na mogućnost obavljanja nelegalnih aktivnosti, pranje novca, stvaranja “crnih tržišta”, ali i poreskih rajeva, mogućnost poreske evazije, ali i neotpornost na različite napade kompjuterskih virusa itd.

Korišćenje BTC valute se preporučuje manjim kompanijama i preduzetnicima, budući da im omogućuje prodaju proizvoda i njihovu naplatu uz niže transakcione troškove, tj. bez provizija različitih finansijskih institucija, kao i zahvaljujući činjenici da je veoma lako implementirati ovaj oblik prodaje i naplate prodaje putem Interneta. Međutim, time se može dovesti u pitanje legalnost obavljanja takvih aktivnosti, naročito kada je reč o prodaji digitalnih proizvoda (softvera, muzike,…) koji se mogu neograničen broj puta umnožavati i prodavati bez ikakve evidencije, čime se može izbeći izvršenje poreske obaveze.

Finansijske institucije koje posluju sa bitkojnima

Trenutno postoji oko 50 aktivnih berzi na kojima se zvanične valute mogu razmeniti za bitkojn, od kojih je najznačajnija “MtGox” na kojoj se dnevno razmeni oko 64% ukupnog prometa bitkojn valutom za ostale zvanične valute i obrnuto. Inače, bitkojn se najviše razmenjuje za USD (74%) i EUR (14%), dok je značaj svih ostalih valuta zanemarljiv (Bitcoincharts.com n.d.). Inače, statistička analiza aktivnih i ugašenih bitkojn berzi je pokazala nekoliko zakonitosti (Christin, Moore 2013, p.7):

• Sa povećanjem prometa na nekoj berzi smanjuje se verovatnoća da će doći do njenog zatvaranja

• S druge strane, što je promet na nekoj berzi veći, postojaće i veća šansa da dođe do različitih oblika zloupotreba i prekršaja.

Pritom treba imati u vidu da je u ovoj analizi apstrahovan niz faktora koji bi potencijalno mogli da utiču na dobijanje drugačijih rezultata. Primera radi, nije uzeta u obzir reputacija samih berzi, odnosno činjenica da će atraktivnost same berze zavisiti od sigurnosti koju ona pruža svojim korisnicima.

Takođe, iako je kao jedna od osnovnih karakteristika kriptovaluta, a samim tim i bitkojna, navedena činjenica da ovakve valute u opštem slučaju funkcionišu bez posredovanja finansijskijh institucija, ne treba zanemariti činjenicu da se marta 2013. godine pojavio prvi hedž fond „Exante“ koji investira u bitkojn. Treba međutim naznačiti da ovaj fond ima širok portfolio aktivnosti, pri čemu su operacije sa bitkojnom samo jedna od njih. Fond kao naknadu za svoje usluge ne naplaćuje procentualni deo ostvarenog profita, već fiksnu proviziju od 0,5% neto vrednosti Bitcoin Fund-a. Pritom, ovaj fond ogroman akcenat stavlja na zaštitu podataka i sigurnost fonda. Marta 2013. godine vrednost fonda je iznosila približno 3,2 miliona USD. Inače, za pristup fondu su neophodna inicijalna ulaganja od minimum 100.000 USD (Forbes.com 2013). Ovaj fond ostvaruje zaradu po osnovu kapitalnih dobitaka na kupljene bitkojne, pri čemu jedna akcija ovog fonda vredi tačno jedan BTC. S obzirom na vrtoglavi rast vrednosti bitkojn valute, očekuju se visoki prinosi po osnovu plasmana ovog fonda. Kao osnovne prednosti investiranja u fond umesto direktne kupovine BTC valute navode se (Exante.eu/press/news2013[a]):

• Lakše je kupiti akcije/investicione jedinice fonda nego bitkojn.

• Sredstva investirana u fondove umesto u direktnu kupovinu bitkojn valute se smatraju sigurnijim, budući da takvi fondovi, između ostalog i Exante, značajan akcenat stavljaju na kriptografsku sigurnost sredstava svojih korisnika.

Inače, od juna 2013. godine ovaj fond svojim klijentima nudi „Automatic Trading Platform“ (ATP), odnosno elektronsku platformu za trgovinu koja im omogućuje niz usluga koje se, između ostalog, odnose na različite statističke alate i portfolio menadžment (Exante.eu/press/news 2013[b]).

Međutim, ovaj fond nije prva finansijska institucija koja je radila sa bitkojn valutom. Naime, ne treba zaboraviti ni na „Bitcoin Savings and Trust“ (“BTCST”) kompaniju koja je, koristeći klasičnu Ponzijevu šemu, od 2011. do septembra 2012. godine prikupila oko 700.000 BTC (vrednih više od 4,5 miliona USD) od svojih klijenata obećavši im nedeljne stope prinosa od čak 7%, a zatim taj novac proneverila. Tim povodom je jula 2013. godine američka “Komisija za hartije od vrednosti i berzu” (engl. “Securities and Exchange Commission” - SEC) optužila ovu kompaniju i Trendon Shaversa, njenog osnivača (Wang 2013).

Takođe, postoje i najave da će vlasnici BTC valute moći da na realnim bankomatima da povlače zvaničan novac čiji je emitent centralna banka u ekvivalentnom iznosu (eventualno umanjenom za određenu proviziju), kao i da će se moći koristiti prilikom kupovine u prodavnicama na POS terminalima (Newscientist.com 2012).

Kao što se može zaključiti, iako je bitkojn po svojoj prirodi decentralizovana valuta koja čak i eliminiše potrebu za finansijskim posrednicima, same potrebe njegovih korisnika očigledno nameću potrebu za odgovarajućim finansijskim institucijama koje bi imale različite funkcije u bitkojn transakcijama. Kao neke od finansijskih institucija koje za sada posluju sa bitkojn valutom za sada su se izdvojile berze koje omogućuju razmenu najpoznatijih svetskih valuta za bitkojn i obratno. Takođe, sve češće se javljaju i druge finansijske institucije kao posrednici u plaćanju bitkojnima, a koje svojim klijentima nude veći stepen zaštite podataka i sigurnosti pri obavljanju transakcija u odnosu na direktna plaćanja bez korišćenja usluga finansijskih posrednika. U tom smislu, ukoliko izvršimo komparaciju razvoja decentralizovane bitkojn valute sa razvojem klasičnog novca, pojava nekog oblika centralnog entiteta u ovom sistemu (po osnovu ekonomske moći ili po osnovu nekih zakonskih odredbi) koji bi preuzeo neke od funkcija klasične centralne banke više ne deluje kao naučna fantastika. Naime, prvi oblici novca su, kao što je poznato, bili stoka, koža, so, med, krzno, kasnije metali kao što su gvožđe, bakar i plemeniti metali (srebro i zlato), a zatim i novčanice. Paralelno sa razvojem sredstava plaćanja javljali su se novi učesnici u privrednom životu kao što su zlatari koji su izdavali certifikate po osnovu deponovanog novca i međusobno vršili kliring potraživanja svojih klijenata. Nakon toga nastaju i privilegovane banke koje su bile jedine ovlašćene od strane države da emituju banknote, da bi prve centralne banke nastale tek u 17. veku (Đurović-Todorović 2010, str.18- 23). U tom smislu, iako prve oblike novca nije emitovala nijedna centralna institucija, već sami ljudi, nije isključena mogućnost da nekada u budućnosti kriptovalute kao što je bitkojn, koje su po svojoj prirodi decentralizovane, dobiju centralnu instituciju. Međutim, budući da, prema mnogim shvatanjima, upravo decentralizovanost ovakve valute predstavlja faktor koji u najvećoj meri pozitivno utiče na tražnju za takvom valutom, postoji verovatnoća da bi u slučaju pojave centralnog entiteta u takvim sistemima opala tražnja za tim valutama, a povećala se tražnja za drugim valutama koje još uvek nisu centralizovane. U konačnom, ceteris paribus, pokušaj regulacije i centralizacije neke kriptovalute bi u konačnom samo mogao dovesti do napuštanja tih valuta, erozije njihovog značaja i migracije korisnika i tranfera njihovih sredstava u druge valute.

Problemi funkcionisanja i regulacija bitkojna

Bitkojn valuta je gotovo u potpunosti van regulacionog spektra centralne banke i poreskih organa. Stoga je pojedini autori pogodnim instrumentom za stvaranje “crnog tržišta” različitih roba i usluga, a najznačajnija opasnost postoji ukoliko bi se koristila za obavljanje nelegalnih aktivnosti. Primera radi, zabeleženi su slučajevi kada se bitkojn valuta koristila za kupovinu droge putem Interneta (Manchin. senate.gov 2011).

Takođe, ništa beznačajniji nisu problemi po osnovu krađe (koje su se već dešavale) ili potencijalnog nekontrolisanog umnožavanja ove valute od strane cyber-kriminalaca (što je za sada praktično neizvodljivo). Usled toga, može doći i do značajnih fluktuacija kursa bitkojn valute. Između ostalog, postoje i procene stručnjaka za kriptografiju i sigurnost podataka na Internetu da se sigurnost ove valute može oceniti kao veoma niska (Economist.com 2012). Primera radi, 2011. godine se pojavio kompjuterski virus, tj. „Trojanac“ koji “krade bitkojn novčanike” (engl. „Bitcoin wallet“), tj. koji, ukoliko se nađe na računaru onog ko koristi bitkojn valutu, preuzima i šalje putem Interneta na odgovarajuću adresu kompjuterske fajlove pomoću kojih je moguće sa nekog drugog računara koristiti tuđ bitkojn novac (Symantec.com 2011). Usled tog sigurnosnog kolapsa, vrednost bitkojna je pala sa 30,99 USD 08.06.2011. na svega 0,10 USD 20.06.2011. Do decembra 2011. godine vrednost valute se vratila na nešto više od 3 USD (ECB 2012, p.38). Sledeći značajan udarac na bitkojn valutu dogodio se 10. aprila 2013. godine. Tog dana je trgovina BTC valutom otpočela po ceni od 200 USD, da bi tokom dana dostigla svoj istorijski maksimum od čak 266 USD, da bi u roku od par sati njena vrednost pala ispod 100 USD. Iako su se prve sumnje odnosile na dv. DDoS napad, zvaničnici MtGox berze su izjavili da je uzrok ovog problema preveliki obim trgovine.

Inače, DDoS napad (engl. „distributed denial- of-service attack“) predstavlja napad na tržišni centar putem masovnog ispostavljanja naloga za trgovinu kako bi se izazvala blokada u trgovini i izvršio uticaj na cenu. Međutim, pravi DDoS napad je ubrzo zaista usledio, pa je berza prekinula proces trgovanja u periodu od 2 sata, mada je i narednih 8 sati postojao problem u pristupu mreži. Prekid trgovanja se desio na još nekim bitkojn berzama. Ovaj kolaps je ukazao na neke od osnovnih slabosti bitkojn valute, a koje se odnose kako na dominantan položaj MtGox berze, tako i na činjenicu da je veliki broj elektronskih berzi za trgovanje bitkojn valutom razvijan od strane web developer-a koji jesu iskusni profesionalci, ali nisu poznavali u dovoljnoj meri način funkcionisanja finansijskih berzi (Bitcoinmagazine.com 2013).

Jedno od osnovnih pitanja koje se postavlja od same pojave bitkojn valute odnosi se na legalnost njegove primene. Inače, kao razlozi zbog kojih bi bitkojn trebalo smatrati potpuno legalnom valutom navode se: pravo na slobodnu razmenu, činjenica da bitkojn ne predstavlja alternativu američkom dolaru kao zvaničnoj valuti, odnosno ni na koji način ne predstavljaju njegov falsifikat, niti se nalaze u širokoj upotrebi. Sa druge strane, kao razlozi zbog kojih bi trebalo zakonski preciznije regulisati korišćenje bitkojna navode se povećana mogućnost poreske evazije i činjenica da bitkojn otvara mogućnost za kreiranje poreskih rajeva i crnog tržišta različite robe (pre svega droge), kao i za pranje novca.

Naime, transakcije u bitkojnima prema nekim ocenama imaju klasične elemente bartera, odnosno trampe, a takve transakcije su oporezive. Međutim, bitkojn po svojoj prirodi nudi anonimnost i mogućnost prikrivanja brojnih transakcija od poreskih organa čime se izbegava izvršenje poreske obaveze. Takođe, značajno pitanje se odnosi i na nadležno zakonodavstvo u slučaju transakcija u bitkojn valuti na međunarodnom nivou, kada bi bilo veoma teško utvrditi nadležnu poresku vlast. Sa jedne strane, kriptovalute (među kojima je trenutno najaktuelniji bitkojn) su sve popularnije. Sa druge strane, finansijske institucije su pod sve većim pritiskom da dostavljaju potrebne informacije o svojim klijentima poreskim organima i sarađuju sa njima kako bi se sprečila poreska evazija. Iako je reč o potpuno nezavisnim procesima, činjenica je da oni u sve većoj meri konvergiraju (Marian 2013, p.38). U tom smislu, korišćenje kriptovaluta je po svojim efektima dosta slično poslovanju u ofšor zonama, budući da profit ostvaren u, primera radi, bitkojn valuti nije predmet oporezivanja, a takođe korisnici ovih valuta imaju obezbeđenu anonimnost. Praktično, sa nastankom kriptovaluta poreski obveznici su dobili novo oružje za poresku evaziju. Štaviše, ne postoji ni institucija od koje bi poreski organi mogli da zahtevaju dostavljanje informacija o vlasnicima računa u toj valuti. U sistemima plaćanja zasnovanim na kriptovalutama ne postoje ni centralne banke kao emitenti, ni klasične finansijske institucije koje bi mogle biti predmet različitih pritisaka poreskih organa. Drugim rečima, korišćenje kriptovaluta za sada, uslovno rečeno, poreske vlasti ne mogu uspešno da kontrolišu, odnosno da detektuju korišćenje ovih valuta na sistematičan način, osim eventualno u pojedinačnim slučajevima. Prema nekim shvatanjima, postoji opasnost da će se u budućnosti poreska evazija sve više odvijati putem korišćenja kriptovaluta, a na štetu sadašnjih ofšor zona, odnosno mogu im predstavljati direktnu konkurenciju. Međutim, sa druge strane treba imati u vidu relativno malu vrednost virtuelne ekonomije u okviru koje se koriste te vrituelne valute, tako da je za sada prisutno i relativno malo interesovanje nadležnih poreskih organa za većom kontrolom ovih tokova. Takođe, trenutni ekonomski potencijal kriptovaluta im ne omogućuje da postanu značajnija konkurencija ofšor zonama.

Pored poreske evazije, anonimnost koja je imanentna bitkojn valuti pruža i niz mogućnosti za prikrivanje različitih kriminalnih aktivnosti. Pod tim pre svega imamo u vidu trgovinu drogom, pranje novca, i niz drugih kriminalnih aktivnosti.

Stoga, kao potencijalna rešenja za rizike koje primena ove valute sa sobom nosi mogu se izdvojiti sledeći predlozi (www-cs-faculty. stanford.edu n.d.[2]):

• Forsirano licenciranje - Budući da u slučaju bitkojna ne postoji centralni entitet niti klasične finansijske institucije koje bi mogle biti primorane da izvrše registraciju kao posrednici u plaćanju (engl. „money transmitters“), postoje predlozi da bi se registracija trebala odnositi samo na vlasnike „mining“ računara. Međutim, to bi predstavljalo isuviše komplikovanu proceduru, a takođe bi postojao problem vezan za regulaciju ukoliko bi se „rudarenje“ vršilo iz drugih zemalja u kojima ne postoji ovakav oblik regulacije.

• Zahtevi za poreskim izveštajima - Postoji ideja da bi svi korisnici bitkojna trebalo da automatski budu u obavezi da poreskim organima dostavljaju sve izveštaje o transakcijama u ovoj valuti. Međutim, primenom ovakve mere poreski organi bi se suočili sa preprekama kao što su: mogućnost obavljanja transakcija iz inostranstva, teška izvodljivost s obzirom na neophodnost saglasnosti korisnika, nestabilna vrednost bitkojn valute i niz drugih.

• Prinudno gašenje - Kao jedan od načina za gašenje ove i sličnih valuta može se navesti i formalna zabrana korišćenja ovakvih valuta kao sredstava plaćanja i donošenje niza restriktivnih zakonskih odredbi kojima bi se suzbijalo ili kontrolisalo korišćenje ovih valuta. Takođe, postoje ideje da bi virtuelne valute, s obzirom na relativno mali ekonomski značaj, mogle da budu u potpunosti otkupljene od strane centralne banke ili da centralna banka angažuje resurse koje bi koristila za „rudarenje“ tih valuta, čime bi one bile eliminisane iz dalje upotrebe (Marian 2013, p.47). Međutim, to bi uvek iziskivalo manje ili veće troškove. Takođe, tu bi se možda pojavila i mogućnost različitih zloupotreba.

Međutim, i pored izdvojenih teorijskih shvatanja o nužnosti i načinu regulacije transakcija u bitkojn valuti, zanemarljivo mali broj zemalja je učinio nešto konkretno po tom pitanju. Primera radi, u slučaju SAD-a ne postoji nijedna zakonska odredba kojom se izričito zaključuje zabrana korišćenja ove valute i definiše njeno korišćenje ilegalnom aktivnošću (www-cs-faculty.stanford.edu n.d.[1]). Sa druge strane, postoje i određeni pokušaji da se različitim preporukama, direktivama i podzakonskim aktima daju smernice za regulaciju alternativnih valuta, uključujući i decentralizovane virtuelne valute kao što je bitkojn. Jedan od njih je i „Primena FinCEN- ove regulacije na osobe koje administriraju, razmenjuju i koriste virtuelne valute” (engl. „Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies”). U pitanju je preporuka kojom je “Financial Crimes Enforcement Network” kao departman Trezora SAD-a pokušao da da sugeriše način implementacije „Bank Secrecy Act“ regulative na virtuelne valute. Prema ovoj preporuci, ekonomski subjekt koji kreira virtuelnu valutu i koristi je za kupovinu realnih dobara i usluga se smatra korisnikom te valute i njegove aktivnosti nisu predmet regulacije. Sa druge strane, subjekt koji kreira virtuelnu valutu i prodaje je za zvanično sredstvo plaćanja se smatra posrednikom u plaćanju i njihove aktivnosti su predmet regulacije (Fincen.gov 2013, p.5). Međutim, osim ovog pojmovnog razgraničenja ovom preporukom nije dat odgovor na niz dodatnih pitanja vezanih za regulaciju ovih transakcija.

U Nemačkoj je ove godine bitkojn dobio status „privatnog novca“ (engl. „private money“), čime je načinjen značajan korak napred ka širem zakonskom obuhvatu i masovnijem korišćenju ove valute. Korišćenje bitkojna i njegova emisija nisu zabranjeni, međutim, profit po osnovu korišćenja bitkojna podleže poreskim zakonima. Naime, prihodi ostvareni po osnovu prodaje proizvoda i pružanja usluga ostvareni u bitkojn valuti se oporezuju porezom na dodatu vrednost, dok se sav ostali profit po osnovu emisije ili korišćenja bitkojna oporezuje porezom na dohodak, odnosno dobit (Dw.de 2013). Međutim, nije naglašeno na koji bi način bilo rešeno pitanje poreske evazije.

Iako po pitanju regulacije bitkojna nije mnogo učinjeno ni u Francuskoj, značajno je zapaziti činjenicu da su regulatorni organi Bitcoin-Central-i, jednoj od bitkojn berzi, dali dozvolu za obavljanje određenih bankarskih poslova, pre svega onih vezanih za usluge platnog prometa. Time će njenim klijentima biti omogućeno da deponuju sredstva u evrima ili bitkojnima i da ih jednostavno konvertuju (Tagteam.harvard.edu n.d.). Takođe, ova sredstva su deponovana na računu druge finansijske institucije, i u skladu sa tim su osigurana do iznosa od 100.000 EUR od strane francuskog “Fonda za garanciju depozita” (franc. „Fonds de garantie des dépôts “) (En. bitcoin.it n.d.).

Međutim, i pored ovih pojedinačnih izuzetaka, u opštem slučaju područje alternativnih valuta, a pre svega decentralizovanih kriptovaluta kao što je bitkojn do sada nije adekvatno, nedvosmisleno i u potpunosti regulisano ni u jednoj od relevantnih jurisdikcija.

Zaključak

Bitkojn predstavlja specifičnu valutu koja se po svojim karakteristikama razlikuje od svih svojih prethodnika. Otkad se pojavila pokrenula je niz kontroverzi vezanih za pozitivne i negativne efekte njene primene. Emisija ove valute je kompjuterski programirana i ograničena, zasnovana na „peer-to-peer“ tehnologiji i tehnologiji enkripcije podataka čime se faktički eliminiše mogućnost dvostrukog plaćanja, falsifikovanja i sličnih zloupotreba. To je ujedno i jedan od glavnih razloga zbog čega se ova valuta smatra sigurnom iako ne postoji centralna emisiona institucija. Transakcioni troškovi su veoma niski, gotovo su zanemarljivi, ali same transakcije nisu reverzibilne, što se može oceniti značajnim nedostatkom ove valute.

Međutim, s obzirom na činjenicu da je makroekonomski značaj bitkojna zanemarljivo mali, čak i manji šokovi mogu negativno uticati na njegovu stabilnost i izazvati drastične fluktuacije deviznog kursa. Pritom ne postoji centralna institucija koja bi mogla svojim merama pozitivno da utiče na njegovu stabilizaciju, a što može predstavljati značajnu prepreku za masovnije korišćenje ove valute. Budući da ova valuta svojim korisnicima praktično pruža potpunu anonimnost i netransparentnost njihovih aktivnosti, postoje kritike da se na taj način kreira pogodan ambijent za pranje novca, kreiranje crnih tržišta nelegalne robe, poresku evaziju i niz drugih kriminalnih radnji. Takođe, postojali su slučajevi različitih zloupotreba poput Ponzijevih šema i kompjuterskih Trojanaca koji su korišćeni za krađu elektronskih novčanika korisnika bitkojn valuta.

Stoga se vodi sve češća diskusija o potrebi regulisanja ovakvih kriptovaluta. Iako je određen broj zemalja počeo da reguliše bitkojn transakcije, i dalje je relativno malo učinjeno po tom pitanju budući da ovakvo pitanje zahteva veliku opreznost. Naime, bilo koji oblik kontrole i regulacije ovakvih valuta bi za posledicu mogao imati preusmeravanje korisnika tih valuta na korišćenje drugih kriptovaluta koje još uvek nisu predmet regulative ili transfer bitkojn transakcija u one jurisdikcije u kojima one nisu regulisane. U tom smislu, jedan od najvećih izazova za centralne banke i nacionalne regulatorne organe u budućem periodu će se vrlo verovatno odnositi na praćenje efekata korišćenja ovakvih valuta i njihovu regulaciju, odnosno preduzimanje adekvatnih mera u slučaju različitih zloupotreba ili izazivanja nestabilnosti. Kakva će biti budućnost bitkojna i sličnih kriptovaluta zavisiće kako od regulacije ovakvih valuta, tako i od njihove sigurnosti i stabilnosti.

1. Barber Simon, Boyen Xavier, Shi Elaine, Uzun Ersin, “Bitter to Better - How to Make Bitcoin a Better Currency”, Financial Cryptography, Volume 7397 of Lecture Notes in Computer Science, page 399-414. Springer (2012), crypto.stanford.edu/~xb/fc12/bitcoin.pdf, Vreme pristupa: 02.08.2013.

2. Bitcoin.org/en/about, “About Bitcoin”, n.d., bitcoin.org/en/about, Vreme pristupa: 01.08.2013.

3. Bitcoin.stackexchange.com, “How Much Bitcoin Will I Mine Right Now With Hardware X?”, 2011, bitcoin.stackexchange.com/questions/118/how-much-bitcoin-will-i-mine-right-now-with-hardware-x, Vreme pristupa: 08.08.2013.

4. Bitcoinbalkan.com, “Uvod u Bitcoin”, 2012, bitcoinbalkan.com/uvod-u-bitcoin, Vreme pristupa: 24.08.2013.

5. Bitcoincharts.com, n.d., bitcoincharts.com, Vreme pristupa: 28.08.2013.

6. Bitcoinmagazine.com, “The Bitcoin Crash:An Examination”, 2013, bitcoinmagazine.com/markets/the-bitcoin-crash-an-examination-1365911041, Vreme pristupa: 22.08.2013.

7. Bitcoinx.com, n.d., bitcoinx.com/charts/, Vreme pristupa: 29.08.2013.

8. Christin Nicolas, Moore Tyler, “Beware the Middleman: Empirical Analysis of Bitcoin Exchange Risk”, Financial Cryptography, Volume 7859 of Lecture Notes in Computer Science, pages 25-33. Springer (2013), andrew.cmu.edu/user/nicolasc/publications/MC-FC13.pdf, Vreme pristupa: 07.08.2013.

9. Dw.de, “Germany lends real value to bitcoin virtual money”, 2013, dw.com/en/germany-lends-real-value-to-bitcoin-virtual-money/a-17038675, Vreme pristupa: 25.08.2013.
10. Đurović-Todorović Jadranka, „Monetarna ekonomija“, Ekonomski fakultet u Nišu, Niš, 2010.
11. ECB, “Virtual Currency Schemes”, 2012, ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf, Vreme pristupa: 01.08.2013.
12. Econlib.org, “An Interview with Milton Friedman”, 2006, econlib.org/library/Columns/y2006/Friedmantranscript.html Vreme pristupa: 21.08.2013.
13. Economist.com, “Monetarists Anonymous”, 2012, economist.com/node/21563752, Vreme pristupa: 24.08.2013.
14. En.bitcoin.it, “Bitcoin Central”, n.d., en.bitcoin.it/wiki/Bitcoin-Central, Vreme pristupa: 22.08.2013.
15. Exante.eu/press/news , “Bitcoin Fund aims to make Bitcoin Investing easy”, 2013[a], exante.eu/press/news/297/, Vreme pristupa: 27.08.2013.
16. Exante.eu/press/news, “EXANTE Opens Up an Automatic Trading Platform for Bitcoin Funds”, 2013[b], exante.eu/press/news/314/, Vreme pristupa: 27.08.2013.
17. Fincen.gov Fincen.gov, “Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies”, 2013, fincen.gov/statutes_regs/guidance/pdf/FIN-2013-G001.pdf, Vreme pristupa: 15.8.2013.
18. Forbes.com, “First Bitcoin Hedge Fund Launches From Malta”, 2013, Vreme pristupa: 27.08.2013. forbes.com/sites/jonmatonis/2013/03/08/first-bitcoinhedge-fund-launches-from-malta/, Vreme pristupa: 28.08.2013.
19. Kaplanov Nikolei M., “Nerdy Money: Bitcoin, The Private Digital Currency, And The Case Against Its Regulation”, Temple University Legal Studies Research Paper, 2012, luc.edu/media/lucedu/law/ students/publications/clr/pdfs/kaplanov. pdf, Vreme pristupa: 05.08.2013.
20. Manchin.senate.gov, “Manchin Urges Federal Law Enforcement to Shut Down Online Black Market for Illegal Drugs”, 2011, manchin.senate.gov/public/ index.cfm/press-releases?ID=284ae54a-acf1- 4258-be1c-7acee1f7e8b3, Vreme pristupa: 25.08.2013.
21. Nakamoto Satoshi, “Bitcoin: A Peer-to-Peer Electronic Cash System”, n.d., bitcoin.org/bitcoin.pdf, Vreme pristupa: 04.08.2013.
22. Newscientist.com, “Bitcoin credit card to let users withdraw cash”, 2012, newscientist.com/blogs/onepercent/2012/08/bitcoincredit-card-to-let-use.html, Vreme pristupa: 27.08.2013.
23. Marian Omri Y., “Are Cryptocurrencies 'Super' Tax Havens?”, 112 Michigan Law Review First Impressions (2013), ssrn.com/abstract=2305863, Vreme pristupa: 23.08.2013.
24. Sh.wikipedia.org/wiki/Kriptografija, “Kriptografija”, n.d., sh.wikipedia.org/wiki/Kriptografija, Vreme pristupa: 12.08.2013.
25. Stanford Bitcoin Group, “The Basics of Bitcoin”, n.d., bitcoin.stanford.edu/basics, Vreme pristupa: 15.08.2013.
26. Symantec.com, “Infostealer. Coinbit”, 2011, symantec.com/security_response/writeup.jsp?docid=2011-061615-3651-99, Vreme pristupa: 23.08.2013.
27. Tagteam.harvard.edu, “Feed Item: Bitcoin going mainstream? Exchange approved to operate as a bank”, n.d., tagteam.harvard.edu/hub_feeds/1785/feed_items/69431, Vreme pristupa: 26.08.2013.
28. Wang Mengyi, “SEC Charges Texas Man with Running a Bitcoin Ponzi Scheme”, 2013, jolt.law.harvard.edu/digest/patent/flash-digest-news-in-brief-144, Vreme pristupa: 23.08.2013.
29. Www-cs-faculty.stanford.edu, “Current Legal Status”, n.d.[1], cs- faculty.stanford.edu/~eroberts/cs181/ projects/2010-11/Bitcoins/current-legal- status.html, Vreme pristupa: 21.08.2013.
30. Www-cs-faculty.stanford.edu, “Regulating Bitcoin”, n.d.[2], cs.stanford.edu/people/eroberts/cs201/projects/2010-11/Bitcoins/regulating-bitcoin.html, Vreme pristupa: 21.08.2013.