@ cae03c48:2a7d6671

Bitcoin Magazine

Mercurity Fintech to Raise $800 Million for Bitcoin Treasury 

Mercurity Fintech Holding Inc. (Nasdaq: MFH), a digital finance company focused on blockchain-based financial infrastructure, has announced plans to raise $800 million to establish a long-term Bitcoin treasury reserve. The initiative is part of the company’s effort to incorporate digital assets into its financial strategy. 

According to a recent news release, Mercurity intends to transition a portion of its reserves into Bitcoin, supported by blockchain-native custody, staking solutions, and tokenized treasury tools designed to advance yield and extend asset duration. 

“We’re building this Bitcoin treasury reserve based on our belief that Bitcoin will become an essential component of the future financial infrastructure,” said Shi Qiu, CEO of Mercurity. “We are positioning our company to be a key player in the evolving digital financial ecosystem.”

If fully raised and implemented at current market prices, the capital could allow the company to acquire approximately 7,433 BTC, which would make Mercurity the 11th largest corporate holder of Bitcoin, surpassing GameStop’s reported 4,710 BTC holdings. 

The announcement comes during a time of corporate interest in Bitcoin, with 223 companies and entities now holding the asset, up from 124 earlier this month. In total, public firms currently hold more than 819,000 BTC, accounting for roughly 3.9% of the total supply. 

Mercurity’s plans also coincide with its initial inclusion in the FTSE Russell 2000® and Russell 3000® indexes, according to the 2025 reconstitution list. The firm was previously listed in the Russell Microcap Index. Index inclusion is expected to increase the company’s visibility among institutional investors and funds that track major benchmarks.

“Moving from the Russell Microcap to the Russell 2000 shows that investors recognize the value we are creating in blockchain finance,” Qiu added. “Our Bitcoin treasury reserve initiative is the next logical step in this evolution.”

The company noted that the reserve will be managed using institutional-grade custody, on-chain liquidity protocols, and staking-enabled tools to improve capital efficiency. The goal is to not just hold Bitcoin, but to put it to work within a secure, yield-generating structure. By using these systems, Mercurity aims to maintain long-term exposure to BTC while maximizing reserve productivity. 

With this initiative, Mercurity joins a growing list of public companies actively reshaping treasury strategy around Bitcoin, signaling continued momentum in corporate Bitcoin adoption. 

This post Mercurity Fintech to Raise $800 Million for Bitcoin Treasury  first appeared on Bitcoin Magazine and is written by Jenna Montgomery.

@ d57360cb:4fe7d935

Most of life is out of your control. It happens of its own accord. We make plans in our minds but they rarely turn out how we want them to. Look back five years ago and remember the visions and dreams you had of your life. Most likely it never fit the vision you used to imagine. Sure somethings may have came into reality but it’s certain it didn’t go according to plan.

That’s the great myth it never goes as planned and that’s, well it’s okay. We don’t need to hold on for dear life and close ourselves off to life itself.

When life occurs, we have the tendency to want to edit and modify things to our likings. Only it’s impossible. What’s more important is the mind we bring with us to life. If we can enter into every situation with acceptance, things start to feel completely different. This isn’t to say this is some magical fix and everything will be fine. It’s more of a way to eliminate unnecessary mental roadblocks we create.

The outside circumstances don’t matter as much as you think. People will use the things outside themselves as a perpetual hope machine they strive on to escape their present issues. Surely one day it will all change when x, y, and z happen, but the joke of it all is when x, y and z do happen people suddenly look for a, b and c.

Instead of peering off into an imaginative future, ask yourself what mind did you bring to the place your feet are firmly placed in. You don’t need to hope on x, y, or z when you have a mind that can attend to any circumstance.

There’s an old zen story of a man who received a lump of clay, thinking it worthless he discarded it. Another man found it washed up near a river bank. On close inspection he saw a shining light glittering through the clay. He rinsed it completely to find a shining gold bar. It was always gold whether covered in clay or in its purest form much like pure attention is the nature of your mind only its often buried under an endless stream of thoughts.

@ cae03c48:2a7d6671

Bitcoin Magazine

Maelstrom Announces Its Fourth Bitcoin Developer Grant Recipient

Maelstrom is announcing that Ron, known online as “macgyver13,” is the fourth recipient of the Maelstrom Bitcoin Grant Program, per a press release sent to Bitcoin Magazine. Ron will be working on Silent Payments, as proposed in Bitcoin Improvement Proposal 352. 

“We are excited to be financially supporting Ron, in his mission on integrating Silent Payments into Bitcoin wallets,” said the CFO of Maelstrom Arthur Hayes. “Many merchants and users want to provide/display a single static address that doesn’t change, which is an important, valid and simple use case. With Silent Payments this can still be done, while on-chain address re-use is avoided. Address re-use is a goldmine for the surveillance organisations, and at Maelstrom, we want to help put a stop to it.”

In September 2023, Silent Payments was proposed by Josie Baker and Ruben Somsen. It allows people to create a single, static address to share with friends, use for donations, or post for tips without sacrificing privacy. This eliminates address reuse, a key method used by surveillance firms to track user behavior on the blockchain.

“With many software projects, and perhaps even more so in Bitcoin, taking an idea from a proposal to a fully adopted solution is the hardest part,” Josie said. “In the short amount of time I’ve been working with Ron, I’ve been thrilled at the progress we’ve made and I’m excited to work with him over the next year on Silent Payments adoption with the goal of making an intuitive, seamless user experience while also protecting user’s financial privacy.”

Bitcoin privacy depends on using new addresses, which often requires sender to receiver interaction. Existing static address methods use notifications that increase costs and leak metadata. Silent Payments avoids both interaction and notifications but requires wallets to scan the blockchain. Multi-party input use is not yet proven secure.

Silent Payments aim to implement:

• Zero transaction cost overhead
• No linkability between payments and static addresses
• No need for sender to receiver interaction
• Compatibility with privacy tools and modern wallet features

“My primary focus will be coordinating development and testing efforts within the growing community dedicated to integrating Silent Payments into desktop and mobile Bitcoin wallets,” stated the new grantee of Maelstrom Ron. “By advancing Silent Payments alongside BOLT12 and BIP-353, we aim to enhance privacy and simplify the user experience, paving the way for broader adoption of Bitcoin as a payment solution.”

This post Maelstrom Announces Its Fourth Bitcoin Developer Grant Recipient first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

@ 1fdb6dac:65eb9a8a

What if art knows before I do?

There are times when I finish a piece and just stare at it, not really understanding what I’ve done. As if it had been created by another part of me… a part that knows things I don’t yet know.

It often happens that, some time later—when I’m no longer so immersed in the process—I start to see signs, symbols, colors or shapes that speak of something I’m going through — or was about to go through. It’s as if my body knew it before my mind. As if art were a secret language between my soul and the world.

I don’t know if this happens to other artists, but I feel that often I’m not creating something with a clear intention. It just appears. And then, when I look at it with some distance, I realize a story was being told… my story. One I wasn’t fully aware of.

I feel that when I create from an honest place, without trying to control, something bigger takes over. The mind quiets a little, and it’s the body that begins to speak. There’s a kind of trance, like a current running through me. Sometimes I enjoy it, other times it makes me uncomfortable.

When I “finish,” I’m left with the feeling of having been moved by something that taught me without words.

I’ve realized that art doesn’t always say what I want to show, but what I need to see. And that’s powerful, because sometimes it reveals things I’m not ready to face. But it’s there. In front of me. Like a symbolic mirror.

It also happens that, when someone looks at my work and says, “this made me feel something,” it often aligns with something I’m processing inside—even if I haven’t said it out loud. As if the other person could read in the art what I didn’t know how to write in words.

When we’re creating, we’re also moving energy. Not just painting, or writing, or dancing — but transforming emotions, releasing things we didn’t know were stuck. There’s something ritualistic about art. A healing with no prescription. Alchemy.

Sometimes I feel that art heals me without me even knowing what was hurting. And that feels magical — and also very real.

I’m starting to trust that more: that the soul knows first. That my most intuitive and wild side understands processes that my rational side still can’t name. Art helps me give shape to the shapeless. And maybe, sometimes, it’s not even mine — it simply moves through me.

That when I stop trying to control, something appears that reveals me. That says:\ “This is you, even if you don’t know it yet.”¿Y si el arte sabe antes que yo?

---

---

---

ESPAÑOL

Hay veces que termino una obra y me quedo mirándola sin entender bien qué hice. Como si la hubiese creado otra parte de mí… una parte que sabe cosas que yo todavía no sé.

Me pasa seguido que, tiempo después, cuando ya no estoy tan adentro del proceso, empiezo a ver señales, símbolos, colores o formas que me hablan de algo que estoy atravesando —o que estaba por atravesar. Es como si mi cuerpo lo hubiera sabido antes que mi cabeza. Como si el arte fuese un lenguaje secreto entre mi alma y el mundo.

No sé si a otros artistas les pasa esto, pero yo siento que muchas veces no estoy creando algo con intención clara. Simplemente aparece. Y después, al observarlo con distancia, me doy cuenta de que ahí se estaba contando una historia… mi historia. Una que ni yo tenía del todo consciente.

Siento que cuando creo desde un lugar honesto, sin querer controlar, algo más grande toma el control. La mente se silencia un poco, y es el cuerpo el que empieza a hablar. Hay una especie de trance, como una corriente que me atraviesa. A veces me gusta y otras me incomoda.

Cuando "termino", quedo con la sensación de haber sido atravesada por algo que me enseñó sin palabras.

Me di cuenta de que el arte no siempre dice lo que quiero mostrar, sino lo que necesito ver. Y eso es fuerte, porque a veces revela cosas que no estoy lista para enfrentar. Pero está ahí. Frente a mí. Como un espejo simbólico.

Me pasa también que, cuando alguien mira mi obra y me dice “esto me hizo sentir tal cosa”, muchas veces coincide con algo que yo estoy procesando internamente, aunque no lo haya dicho en voz alta. Como si el otro pudiera leer en el arte lo que yo no supe escribir con palabras.

Cuando estamos creando, también estamos moviendo energía. No solo pintando o escribiendo o bailando, sino transformando emociones, liberando cosas que no sabíamos que estaban trabadas. El arte tiene algo de ritual. De sanación sin receta. De alquimia.

A veces siento que el arte me cura sin que yo entienda qué me estaba enfermando. Y eso me parece mágico y también muy real.

Estoy empezando a confiar más en eso: en que el alma sabe antes. En que mi parte más intuitiva y salvaje entiende procesos que mi parte racional todavía no puede nombrar. El arte me ayuda a poner en forma lo que no tiene forma. Y quizás, a veces, ni siquiera es mío: simplemente pasa por mí.

Que cuando dejo de querer controlar, aparece algo que me revela. Que me dice:\ “Esto sos vos, aunque no lo sepas todavía”.

@ cae03c48:2a7d6671

Bitcoin Magazine

The Bitcoin Treasury Strategy That’s Reanimating Zombie Companies

A growing number of public companies are stuck in limbo—technically solvent, but strategically stalled. Growth has evaporated. Stock prices have languished. Reinvestment opportunities are unclear or underwhelming. These companies aren’t broken—they’re just drifting.

They’ve become what markets call zombie companies: firms that generate enough to survive, but not enough to excite. And in today’s capital environment, stagnation is no longer neutral—it’s dangerous.

This is where a Bitcoin treasury strategy comes in.

What Is a Bitcoin Treasury Strategy—and What Problem Does It Solve?

At its core, a Bitcoin treasury strategy means converting a portion of idle corporate cash into Bitcoin and treating it as a long-term treasury reserve asset. It’s not a product pivot or a marketing stunt. It’s a capital strategy.

The problem it solves is simple but deadly:

• Capital erosion: Fiat currencies are inflating away purchasing power.
• Inefficient reserves: Billions in cash sit idle on balance sheets, dragging down return on assets.
• Narrative decay: Companies without a growth story get ignored—or punished—by markets.
• Shareholder fatigue: Passive capital strategies frustrate conviction-driven investors.

A Bitcoin treasury strategy is designed to reverse that trend—by reframing cash as conviction.

Two Distinct Approaches to a Bitcoin Treasury Strategy

There’s no one-size-fits-all approach to building a Bitcoin treasury. Instead, companies tend to pursue one of two broad strategic paths:

1. Defensive Allocation
Companies like Tesla and Block have allocated a portion of their reserves to Bitcoin as a hedge against fiat debasement. It’s a form of monetary insulation—protecting cash from erosion while signaling awareness of inflation’s long-term effects. These companies aren’t changing their business models, but they are acknowledging that holding cash in today’s environment means silently bleeding purchasing power. This strategy helps improve the hurdle rate, enhances reserve productivity, and sends a forward-looking message to investors.

2. Offensive Accumulation and Securitization
Strategy (formerly MicroStrategy), Semler Scientific, and Metaplanet have adopted a more aggressive model. Rather than passively holding Bitcoin, they’ve turned their balance sheets into capital engines—securitizing their Bitcoin holdings through equity and debt issuance to fuel further accumulation. Their goal is to maximize BTC per share, enhance BTC yield, and create shareholder value through financial engineering that compounds exposure. These companies are rewriting the treasury playbook, showing that Bitcoin isn’t just a store of value—it can be a strategic accelerant.

Why Bitcoin—and Not Gold, Equities, or Cash?

Bitcoin isn’t just another asset. It’s engineered monetary policy.

➤ Fixed supply: Bitcoin’s 21 million cap creates built-in scarcity, unlike fiat or equity dilution.

➤ 24/7 liquidity: Global, permissionless markets give companies access to real-time value.

➤ Verifiability and portability: It’s digital capital that can’t be seized, censored, or inflated.

➤ Asymmetric upside: Bitcoin has consistently outperformed every major asset class over multi-year cycles.

More importantly, Bitcoin is narrative fuel. It communicates conviction, discipline, and macro-awareness—all of which modern investors are starving for.

The Components of a Successful Bitcoin Treasury Strategy

A Bitcoin treasury strategy isn’t just about buying Bitcoin. It’s about embedding it into capital structure and governance. That requires rigor.

➤ Treasury governance: Establish internal guardrails on allocation, rebalancing, and reporting.

➤ Secure custody: Choose institutional-grade solutions, with redundancy, auditability, and oversight.

➤ Capital deployment strategy: Some companies use cash. Others leverage equity, debt, or ATM programs.

➤ Market communication: The value of Bitcoin on your balance sheet rises with clarity, transparency, and frequency of investor communication.

Companies like Strategy (formerly MicroStrategy), Semler Scientific, and Metaplanet didn’t just buy Bitcoin. They built Bitcoin treasury frameworks—with real policies, investor alignment, and governance maturity.

How Bitcoin Reframes the Shareholder Relationship

The Bitcoin treasury model isn’t just a liquidity play. It’s a credibility signal.

➤ Narrative magnet: Bitcoin attracts attention—not just from retail investors, but from global institutions searching for proxy exposure.

➤ Alignment lever: High-conviction shareholders reward companies that act decisively and transparently.

➤ Shareholder base upgrade: Bitcoin introduces long-term, ideologically aligned holders who are less reactive to short-term earnings noise.

Bitcoin gives stale stories new energy. And in capital markets, momentum is everything.

Execution: What It Takes to Make This Strategy Work

Bitcoin is not a set-it-and-forget-it strategy. It requires:

➤ Executive conviction: Most successful strategies are driven by founders, activist chairs, or tightly aligned boards—not committees.

➤ Discipline over hype: Volatility is part of the game. But the strategy must be built to endure it.

➤ Clarity and timing: The best entries are paired with proactive shareholder education and public clarity—not reactive announcements.

The most common failure mode? Buying Bitcoin high, with no treasury framework in place, then being forced to sell low when pressure mounts. That’s not a Bitcoin failure—that’s a structure failure.

Conclusion: You Don’t Need a New Business Model—You Need a Capital One

A Bitcoin treasury strategy isn’t for everyone. But for companies with a strong cash position and weak narrative traction, it offers a clear path forward.

You don’t need to change your product. You don’t need to invent a new category. You need to stop leaking value through capital drift—and start signaling conviction through capital strategy.

In a market where performance is narrative, and capital is credibility, Bitcoin is the benchmark.

Zombie companies won’t survive on inertia. But with a Bitcoin treasury strategy, they might just come back to life.

Disclaimer: This content was written on behalf of Bitcoin For Corporations. This article is intended solely for informational purposes and should not be interpreted as an invitation or solicitation to acquire, purchase, or subscribe for securities.

This post The Bitcoin Treasury Strategy That’s Reanimating Zombie Companies first appeared on Bitcoin Magazine and is written by Nick Ward.

@ f0fd6902:a2fbaaab

What can't fungi do? Fungi come in all kinds of delightfully enchanting and bizarre forms and are the ultimate do-it-alls. Some of them are edible or medicinal; they help organic gardeners keep their gardens happy; they eat plastic, and they glow in the dark. Fungi-based biomaterials also have the potential to help us build more sustainable homes or make more eco-friendly products; heck, they can even talk to each other in their own secret language.

Not surprisingly, they can also make some interesting music, with a little help from Canadian musician Tarun Nayar, the mastermind who makes nature-inspired electronic music under the name Modern Biology.

Source: https://www.treehugger.com/modern-biology-musician-makes-music-using-mushrooms-7485168

Video with mushrooms sound like:

https://www.youtube.com/watch?v=EHwybeMXFAA&t=22s

https://stacker.news/items/1005531

@ b1e9b8df:07685594

OERTR steht für eine Art, freie Bildungsressourcen (Open Educational Resources) über das dezentrale Protokoll Nostr zu verbreiten, auffindbar zu machen und weiterzuentwickeln.

Statt zentraler Plattformen oder Silos nutzen wir Relays – offene Knoten im Nostr-Netzwerk – um Materialien, Metadaten, Annotationen und Kurse dauerhaft, hoch verfügbar und maschinenlesbar im interoperablen Datenraum verfügbar zu machen.

---

🚀 Unser Ziel

• OER auffindbar machen – über strukturierte Events (z. B. Kind 30023, 30142)

• Mitmachen ermöglichen – durch einfache Workflows mit git, Matrix & Nostr

• Bildung dezentral denken – jenseits von Plattformlogiken

• Metadaten lebendig halten – durch Community-gestützte Annotation & Remixbarkeit

---

🔧 Womit wir arbeiten

• 💬 Matrix zur Koordination & Diskussion

• 💻 git(hub) zur offenen Entwicklung und Dokumentation

---

📡 Mach mit!

➡ Nostr folgen:\ 👉 npub1k85m3haymj3ggjknfrxm5kwtf5umaze4nyghnp29a80lcpmg2k2q54v05a (nähere Infos auf https://github.com/edufeed-org/OERTR )

➡ Matrix beitreten:\ 🟢 #OERTR:rpi-virtuell.de\ https://matrix.to/#/%23OERTR:rpi-virtuell.de\ Zum Diskutieren, Planen, Ausprobieren.

➡ GitHub anschauen:\ 📂 https://github.com/edufeed-org/OERTR\ Mit Beispieldaten, n8n-Workflows, NIP-Verlinkungen & mehr.

---

🧠 Ideen zum Start

• 🔍 Indexe für OER-Projekte (z. B. OERinfo, rpi-virtuell, WirLernenOnline)

• 📚 Tagging-Events für Fachbereiche, Zielgruppen & Lizenztypen

• 🤝 Event-Verknüpfung mit Mastodon, Mobilizon, Wikidata

• 🧩 Mitdenken beim Aufbau eines offenen Bildungsraums via Nostr

---

📎 Beispiel: OER-Material posten

json { "kind": 30142, "tags": [ ["d", "https://example.org/oer1234"], ["r", "https://example.org/oer1234"], ["subject", "Ethik"], ["author", "Max Mustermann"], ["license", "CC-BY 4.0"] ], "content": "Material zur Gewaltfreien Kommunikation für die 5. Klasse" }

💡 Fragen? Ideen?

Wir freuen uns über Feedback, Pull Requests oder ein einfaches "Hallo!"\ ➡ Schreib uns im Matrix-Raum oder auf Nostr .

OERTR – ein Netzwerk. Kein Silo.

@ efc2b6e5:99c53c19

AI companies massively influence society by projecting their values on ML models, whether we want it or not. It'd be great if at least some people in the companies knew how exactly they influence society, could make certain predictions, or even make ML models themselves predict users' worldviews and some of their behavior.

Some might argue that AI systems already do something like that. I believe they could do it much better: chatbots could be more balanced in terms of security (they are definitely overcensored) and recommender systems, for instance, could contribute to healthy personal and collective transformations (rather than just competing in ability to steal users' attention and trap it in the echo chambers).

Reductionism is an obstacle in AI development

Even most reliable knowledge doesn't solve some of the problems that are already in demand. Even least reliable knowledge still may contain something useful for our problems. While we lack reliable and noncontradictory knowledge, we can still benefit from certain synthesis of working ideas. There's approach that makes it possible to look at the knowledge from a very broad perspective, do such synthesis, and benefit from emergent properties of the synthesis.

Integral (Meta-)Theory created by Ken Wilber is probably the best known attempt to enable the possibility to form and navigate the big picture understanding in a hope to address issues of the epoch we've recently entered.

IMO it has certain challenges that make it repellent to IT:

1. Fundamental psychological theories on which the Integral Theory is based are still pretty fragile; they need time to become mature enough and recognized (while it doesn't look like we have that time). There are endless edit wars on Wikipedia, which makes me feel depressing about possibilities to even introduce Spiral Dynamics and Multiple Intelligences to IT people.
2. Emphasis on controversial interpretations of certain arational states of consciousness.

It's hard to address the first challenge; however, I recently discovered a new “secularized” Non-Reductionist Philosophy launched by David Long, which, among other things, uses wisdom from Integral Theory and attempts to address the second challenge. I'm glad that there are people who don't just criticize the Integral Theory, its community and Wilber's positions but are also developing the new meta-theories.

NR can also be a good way to get familiar with other meta-theories, so one could choose whatever works the best for their problems. For instance, if you're working on something as exotic as some competitor to EEG-powered meditation device, perhaps you will find Integral Theory relevant to study as well, since it's more focused on the states.

I'd like to point out a couple of moments I noticed in the video "Why Non-Reductionism Is A Better Meta-Theory" that caught my attention, as well as in some other older videos. There's not much to comment on the content itself rather than on the form of the content. This feedback might be used for improvements/elaborations in the next videos and just for everyone curious about the new meta-theory. But first

Why do I post here?

Specifically for the deep topics that relate to the current epoch, I no longer find engaging in the YouTube/FB/Reddit/Diqus/Giscus/etc. discussions useful anymore, at least due to broken and almost omnipresent AI-based censorship, that keeps “improving” at randomly shadow-banning people. How many deep and valuable opinions we no longer see?

BTW, it's possible to create Reddit-like communities here at Nostr as well, using Satellite client for example. I believe it's a better place for NR, Rebel Wisdom and many others.

References to full materials used for criticism

There are curious clips with Wilber in the video. It'd be great to have links in the description (or at least titles of the full videos if it's copyrighted material) so viewers could easier form their own independent opinions. I find it important during the age of information overload and narrative warfare. This will also improve SEO.

Emergentism FAQ

There's a strong position on emergence of consciousness; it seems it's not even a hypothesis in NR and I guess that makes some people so reactive.

I think it would be great to have an FAQ page to possibly make future debates more ecological and fruitful. Some of the things that could be elaborated in the FAQ:

• importance of distinction between philosophical theory (inductive reasoning? or actually deductive reasoning? I'm confused here) and scientific theory (deductive reasoning)
• the fact that for now counterarguments usually fall into the categories of “ignorance fallacy”, “false equivalency fallacy” and “God of the gaps” which aren't something sufficient; the whole point of challenge was to find at least a logically valid counterposition (ideally a counterposition that is sound with currently available scientific ~~facts~~ theories), not the nitpicking attacks
• what kind of emergence is meant, is it important here at all and why.

Debates moderation

Probably most of the debates converge to consensus, which are fruitful anyway. There are a few interesting conflicting debates as well. However, I found this specific conflicting debate with Matt Segall quite exceptional.

Matt's position was not understood. He was more interested in a dialogue rather than debates and I think it would be more productive. However, in this specific case, my guess is it would literally take hours to just figure out the common language on a certain concept he mentions.

My humble guess is that a combination of negotiator and moderator with a primary perceiving personality type function (if typologies work at all) could be a step to more meaningful and ecological dialogues in the future. But such negotiator/moderator should also be skilled enough to reflect most challenging parts using more “rational language” as best as possible. These people are rare. Basically I mean the style of dialogues that happened between theoretical physicist David Bohm and Indian philosopher Jiddu Krishnamurti: IMO these were the talks where both sides at some point were barely transcending limitations of their languages and focusing more on intuition in order to understand each other. Much fuzzier and spontaneous dialogues, which aren't prematurely limited by too harsh rationality. Similar thing (with shorter periods of negotiation) could be combined with debating as well.

I hope NR community will be open to understanding more perspectives and won't end up turning into something like a cold and scary crystallization of rational arrogance; that would be damaging and quite opposite to the healthy intentions of the whole project.

Final thoughts

I like the clarity and density of the presented ideas in the video, the choice of lines of development in the map and the alternative to the Integral Methodological Pluralism. I like the mentioned interpretation of “free” will, very much resonates with how I personally interpret it. Tritone-ish devilish sounds in the cons sections is a nice aesthetic choice as well.

I guess there's a lot to learn from NR, no matter what positions we hold on the “rational spirituality” and that sort of stuff. Just to avoid projections and misunderstandings: I'm in a neutral position to all the post-postmodern discourses (NR, Integral, Metamodernism, etc.); I care about these philosophies, make my own distinctions on what's healthy or not, and my positions don't necessarily perfectly match with some of the claims these philosophies make.

Thank you David Long for launching this philosophy and the movement; I'm looking forward to the next videos!

I'd appreciate reposts and all this as well, thanks!

@ 5d4b6c8d:8a1c1ee3

Boy howdy! We're getting some good finals games in the NBA and NHL. I imagine that will occupy most of our discussion.

Do we expect these teams to be contenders next year too or is this their window?

I now need Indy to pull off the win, if I'm going to win our bracket challenge. In the event of an Indy win, @grayruby hilariously shot himself in the foot with his pick for MVP in the points challenge (there's a fun little econ lesson there).

We are starting to transition into offseason mode, though: starting with the Knicks post mortem.

Aaron Judge has a ludicrous 87% chance of winning the AL MVP this year. Also, @Jer is demolishing me in fantasy this week.

Predyx has some exciting new sports markets up. I may have gotten a bargain on some Euro Rules Football outcomes just a few minutes ago.

We'll also recap the ongoing contests and discuss whatever else stackers want to hear about.

https://stacker.news/items/1005467

@ 472f440f:5669301e

Marty's Bent

via me

I had a completely different newsletter partially written earlier tonight about whether or not "this cycle is different" when this nagging thought entered my head. So I'm going to write about this and maybe I'll write about the dynamics of this cycle compared to past cycles tomorrow.

A couple of headlines shot across my desk earlier tonight in relation to the potential escalation of kinetic warfare in the Middle East. Apparently the U.S. Embassy in Iraq was sent a warning and evacuation procedures were initiated. Not too long after, the world was made aware that the United States and Israel are contemplating an attack on Iran due to the "fact" that Iran may be close to producing nuclear weapins. The initial monkey brain reaction that I had to these two headlines was, "Oh shit, here we go again. We're going to do something stupid." My second reaction was, "Oh shit, here we go again, I've seen these two exact headlines many times over the years and they've proven to be lackluster if you're a doomer or blood thirsty war monger." Nothing ever happens.

As I venture into my mid-30s and reflect on a life filled with these types of headlines and my personal reactions to these headlines, I'm finally becoming attuned to the fact that the monkey brain reactions aren't very productive at the end of the day. Who knows exactly what's going to happen in Iraq or Iran and whether or not kinetic warfare escalates and materializes from here? Even though I'm a "blue-blooded taxpaying American citizen" who is passively and unwillingly contributing to the war machine and the media industrial complex, there's really nothing I can do about it.

The only thing I can do is focus on what is in front of me. What I have control of. And attempt to leverage what I have control of to make my life and the life of my family as good as humanly possible. Ignoring the external and turning inward often produces incredible results. Instead of worrying about what the media wants you to believe at any given point in time, you simply look away from your computer screen, survey the physical space which you're operating in and determine what you have, what you need and how you can get what you need. This is a much more productive way to spend your time.

This is what I want to touch on right now. There's never been a better time in human history to be productive despite what the algorithm on X or the mainstream media will lead you to believe. Things aren't as great as they could be, but they're also not as bad as you're being led to believe. We live in the Digital Age and the Digital Age provides incredible resources that you can leverage to make YOUR life better.

Social media allows you to create a platform without spending any money. AI allows you to build tools that are beneficial to yourself and others with very little money. And bitcoin exists to provide you with the best form of money that you can save in with the knowledge that your relative ownership of the overall supply isn't going to change. No matter what happens in the external world.

If you can combine these three things to make your life better and - by extension - potentially make the lives of many others better, you're going to be well off in the long run. Combining these three things isn't going to result in immediate gratification, but if you put forth a concerted effort, spend the time, have some semblance of patience, and stick with it, I truly believe that you will benefit massively in the long run. Without trying to sound like a blowhard, I truly believe that this is why I feel relatively calm (despite my monkey brain reactions to the headlines of the day) at this current point in time.

We've entered the era of insane leaps in productivity and digital hard money that cannot be corrupted. The biggest mistake you can make in your life right now is overlooking the confluence of these two things. With an internet connection, an idea, some savvy, and hard work you can materially change your life. Create something that levels up your knowledge, that enables you to get a good job in the real world, or to create a company of your own. Bring your talents to the market, exchange them for money, and then funnel that money into bitcoin (if you're not being paid in it already). We may be at the beginning of a transition from the high velocity trash economy to the high leverage agency economy run on sound money and applied creativity.

These concepts are what you should be focusing most of your time and attention to today and in the years ahead. Don't get distracted by the algorithm, the 30-second video clips, the headlines filled with doom, and the topics of the 24 hour news cycle. I'll admit, I often succumb to them myself. But, as I get older and develop a form of pattern recognition that can only be attained by being on this planet for a certain period of time, it is becoming very clear that those things are not worth your attention.

Living by the heuristic that "nothing ever happens" is a pretty safe bet. Funnily enough, it's incredibly ironic that you're led to believe that something is happening every single day, and yet nothing ever happens. By getting believing that something happens every day you are taking your attention away from doing things that happen to make your life better.

Tune out the noise. Put on the blinders. Take advantage of the incredible opportunities that lie before you. If enough of you - and many others who do not read this newsletter - do this, I truly believe we'll wake up to find that the world we live in is a much better place.

Nothing ever happens, so make something happen.

Intelligence Officials Are Quietly Becoming Bitcoin Believers

Ken Egan, former CIA Deputy Chief of Cyber Operations, revealed a surprising truth on TFTC: the intelligence community harbors numerous Bitcoin advocates. Egan explained that intelligence professionals uniquely understand how governments weaponize financial systems through sanctions and account freezing. Having wielded these tools themselves, they recognize the need for personal financial sovereignty. He shared compelling anecdotes of discovering colleagues with "We are all Satoshi" stickers and a European chief of station paying for dinner with a BlockFi card to earn Bitcoin rewards.

"I think there are a lot of Bitcoiners, not just at CIA, but across the whole national security establishment... they're in it for the exact same reasons everybody else is." - Ken Egan

The Canadian trucker protests served as a pivotal moment, Egan noted. Watching Western governments freeze citizens' bank accounts for political dissent struck a nerve among intelligence professionals who previously viewed financial weaponization as a tool reserved for foreign adversaries. This awakening has created unlikely allies within institutions many Bitcoiners distrust.

Check out the full podcast here for more on Bitcoin's national security implications, privacy tech prosecutions, and legislative priorities.

---

Headlines of the Day

Stripe Buys Crypto Wallet Privy After Bridge Deal - via X

Trump Calls CPI Data "Great" Urges Full Point Fed Cut - via X

Bitcoin Hashrate Reaches New All-Time High - via X

Get our new STACK SATS hat - via tftcmerch.io

---

Bitcoin’s Next Parabolic Move: Could Liquidity Lead the Way?

Is bitcoin’s next parabolic move starting? Global liquidity and business cycle indicators suggest it may be.

Read the latest report from Unchained and TechDev, analyzing how global M2 liquidity and the copper/gold ratio—two historically reliable macro indicators—are aligning once again to signal that a new bitcoin bull market may soon begin.

Download the report here

---

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...

Life is good.

---

Download our free browser extension, Opportunity Cost: https://www.opportunitycost.app/ start thinking in SATS today.

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:

@ 99e7936f:d5d2197c

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

„BORN TUBI FREE“   statt   „VIEL FREE“

Ja, Sie haben richtig gelesen.

Bildung hatte in meinem Elternhaus keinen hohen Stellenwert. Für meine Eltern war es erstrebenswert, ein gutes Heim mit großem Garten, etwas Komfort und gutes Essen zu haben. Sowohl mein Vater als auch meine Mutter hatten starken Bezug zur Landwirtschaft und Nutztierhaltung. Tiere, die keinen Nutzen hatten, waren in den Augen meiner Eltern Luxus. Auch für mich ist es heute wichtig, Zugang zu Grün und zur Natur zu haben. Ich liebe Tiere, die keinen Nutzen haben, und Pflanzen aller Art. Im Sommer stundenlang unter dem Blätterdach eines alten Baumes zu liegen und dem Knacken der Äste zuzuhören, ist für mich Glück.

In meiner Kindheit gab es blökende Schafe und Lämmer statt Klavierunterricht. Wir kletterten bei der Obsternte auf den Baum oder sammelten Fallobst statt im Sportverein zu turnen. Statt Büchern gab es Besuche bei Tante und Onkel, die Geschichten von früher erzählten. Und statt Museumsbesuchen gab es die Werkstatt meines Vaters und das Hobby meiner Mutter, alte Möbel zu sammeln und selbst zu restaurieren. Die Themen des Lebens lernte ich nicht durch Theateraufführungen kennen, sondern durch den Alltag und die Menschen in meiner unmittelbaren Umgebung.

Durch die Schule kam ich erstmals in Kontakt mit der Möglichkeit, dass man Dinge auch abstrakt-theoretisch lernen konnte. Schule war für mich auch ein Ort, an dem ich ganz nebenbei das Sozialverhalten anderer Menschen studieren konnte. Das war für mich als Kind und Teenager ein wichtiges Korrektiv. Aber vor allem habe ich über die Schule gelernt, dass es eine ganze Welt zu entdecken gab, die mir bis dahin unbekannt war. Bildung war für mich nie etwas, mit dem man angibt. Bildung war für mich ein Geschenk, eine Überraschung, eine Freude, ein Anfang von etwas Neuem, eine Hoffnung, manchmal eine Angst, es nicht zu schaffen, aber immer wieder eine Quelle von Verstehen und neuen Fragen. Bildung ist für mich heute eine riesige Landkarte, die ich nach Herzenslust bereisen kann, wenn ich mag. Auf meiner Landkarte gibt es noch so viele weiße Flecken. Ich habe mein Abitur mit 29 Jahren ohne die emotionale Unterstützung meiner Eltern nachgeholt. Meine Eltern ahnten schon, dass sich nach dem Abitur ein „teures“ Studium anschließen würde. Auch das war in ihren Augen Luxus, denn ich hatte ja bereits eine Ausbildung.

Nach dem Krieg hatten viele Menschen gar nicht die Möglichkeit, Schulbildung zu erlangen. Im Vordergrund stand, einen guten Job zu finden, Kinder zu bekommen und etwas aufzubauen, ein Haus zu bauen, sich Urlaub im sonnigen Süden leisten zu können. Frauen, die in den 60er Jahren nicht heirateten und stattdessen studieren wollten, waren in der Welt meiner Eltern nicht sichtbar. Bildung war eine stille Sehnsucht, an die man nicht mal im Traum denken durfte, so kam es mir in meiner Familie als Teenager manchmal vor. Das muss mit dem materiellen Mangel meiner Eltern in ihrer Kindheit zu tun gehabt haben. Ich habe dieses Phänomen auch bei den Eltern von Freunden oder bei Verwandten beobachten können. Materieller Wohlstand schien wichtiger als irgendwelche fernen Ziele und Horizonte. Erst mit fortschreitendem Alter fingen meine Eltern an, sich hobbymäßig und theoretisch zu bilden. Sie besuchten zwar keine Kurse in der Volkshochschule, aber sie kauften sich Sachbücher zu den verschiedensten Themen oder machten Kulturreisen in die neuen Bundesländer. Das war für sie der pure Luxus. Sie besuchten Schlösser und Burgen, mein Vater liebte es, in rustikaler Umgebung oder in historischen Gebäuden an schön gedeckten Tischen zu essen, während meine Mutter die Holzmaserung der Möbel genau betrachtete und befühlte.

Da ich diesen „Bildungsluxus“ aber deutlich vor meinem Rentenalter haben wollte, nahm ich die zähen Diskussionen mit meinen Eltern wegen einer finanziellen Unterstützung meines Studiums in Kauf. Bildung ist ein Grundbedürfnis von Menschen, das von ganz allein entsteht, wenn es nicht aktiv unterdrückt wird. Das hat die Evolution vermutlich so angelegt, damit man ab und zu auch mal das Gewohnte verlässt, um Neues zu entdecken, weil Flexibilität die Überlebenschancen der Spezies erhöht.

Bildung ist ein Grundbedürfnis, und das machen sich natürlich auch die dunklen Kräfte auf dieser Welt zu Nutze.

Das heutige Bild, das ich zum Artikel gewählt habe, habe ich vor ein paar Wochen in dem Viertel, in dem ich wohne, mit der Kamera aufgenommen. Auf einem Plakat konnte ich „VIEL FREE“ in großen Buchstaben lesen und war sprachlos. Ich wusste gar nicht, was mich so bestürzte, als ich das Plakat sah. Aber ich spürte, dass ich dieses Plakat im Bild festhalten musste, weil irgendeine tiefe Botschaft darin lag, die ich mitnehmen sollte. Manchmal verstehe ich Dinge erst intuitiv und anschließend kognitiv.

Dieses Plakat ist eine Werbung für irgendeinen Freizeitpass o.ä., den man in unserer Region erwerben kann. Aber der Anbieter wirbt mit einer bewusst falschen Rechtschreibung (VIEL FREE). Da ich nicht aus einem Bildungshaushalt komme, könnte mir das herzlich egal sein. Aber was mir nicht egal ist, ist das Gefühl, das ich beim Lesen dieses Plakats bekam. Das war ein Gefühl von einem vollen Nachttopf, den man mir über den Kopf schüttet und dabei noch hämisch grinst. Das Plakat hat mich spontan empört.

Ich dachte sofort an die Geflüchteten aus Syrien und Afghanistan, mit denen ich vor ein paar Jahren gearbeitet hatte. Sie hatten dermaßen Stress mit dem Erlernen der deutschen Sprache gehabt. Oft waren die „Lehrer“ in den Sprachkursen keine ausgebildeten Lehrer gewesen. Die Familienväter und die Teenager der Flüchtlingsfamilien fielen teils mehrmals durch die Prüfungen und hatten Angst, deshalb von der Behörde nicht zum regulären Arbeitsmarkt bzw. zum Gymnasium zugelassen zu werden. Die Mütter blieben zum Glück gelassener. Die bestandene Sprachprüfung war die offizielle Voraussetzung für die Teilnahme am ersten Arbeitsmarkt, so hieß es damals zumindest. Wer den Abschluss nicht hatte, erhielt keine Hilfe beim Schreiben einer Bewerbung. Das „Konzept“ der Maßnahme zur Vermittlung in Arbeit, in der ich damals tätig war, sah dies so vor. Ich kann mich noch lebhaft an die Auseinandersetzung mit meinem Kollegen erinnern, die ich deshalb damals hatte. Diese Logik erschloss sich mir nicht, denn man lernt Sprache doch am besten dort, wo man lebt UND arbeitet. Aber zurück zu dem Plakat. Was ich zum Ausdruck bringen möchte, ist, dass es insbesondere in dem Viertel, in dem ich wohne, viele Menschen mit ganz unterschiedlicher Herkunft und mit Kriegserfahrung gibt, die nicht sicher sind in der deutschen Sprache, für die es nicht hilfreich ist, dass Plakate mit einer fehlerhaften Rechtschreibung für etwas werben. Und von der zynischen Qualität dieses „VIEL FREE“ rede ich noch gar nicht.

Wie soll man in einem Land, das man neu kennen lernen möchte und muss, weil man aus einem Krieg geflüchtet ist, die Sprache lernen, wenn man bewusst fehlerhafte Rechtschreibung vorgesetzt bekommt? Und den angeblichen Wortwitz verstehen doch die meisten gar nicht, weil sie, wie gesagt, weder im mündlichen noch im schriftlichen Sprachausdruck sicher sind. Und niemand möchte sich lediglich „frei fühlen“, sondern lieber tatsächlich „frei sein“, oder nicht? Und echte Freiheit hat sicherlich auch nichts mit irgendeiner Plastikkarte zu tun, mit der ich einen Erlebnispark oder ein Spaßbad aufsuchen kann.  

„Frei sein“ bedeutet für mich, dass ich nicht durch psychologische Tricks für etwas interessiert werde, das mich von echter Freiheit ablenken und abhalten soll. Echte Freiheit braucht auch sicherlich keine Plastikkarten mit personenbezogenen Daten. Echte Freiheit bedeutet, dass ich NICHT aus meinem Heimatland durch Krieg vertrieben werde, sondern dass ich mein Leben (und meine Freizeit) nach Lust und Laune so gestalten kann, wie ich das will. Und dazu gehört mehr als ein Besuch im Erlebnispark des Landes, in das ich geflüchtet bin, um zu überleben. Dazu gehört, dass ich die Sprache vor Ort verstehe und selbst sprechen kann, dass ich ein respektierter Teil der Gesellschaft werde, dass ich die gleichen Chancen bekomme wie die anderen, dass ich die finanziellen Mittel habe für Bildung, guten Wohnraum mit Garten und was auch immer, dass ich mobil bin, und dass ich, insbesondere als junger Mensch, meine Familie und eine vertraute Gruppe von Freunden um mich habe. Also „frei sein“ bedeutet, NICHT aus meiner Heimat weggebombt zu werden.

In meiner unmittelbaren Nachbarschaft leben unbegleitete minderjährige Flüchtlinge in einer Wohngemeinschaft zusammen. Das sind höfliche Jungs so um die 16/17 Jahre. Sie lernen die Welt und das Leben gerade erst kennen. Sie haben keinen leichten Start gehabt, sind aber neugierig auf dieses neue Land, in dem sie nun leben. Sie grüßen freundlich und probieren die neu erlernte Sprache aus. Solche Plakate direkt vor ihrer Haustür sind nicht hilfreich. Diese Plakate versuchen, junge Menschen mit ihrem ganz normalen Bedürfnis danach, Neues zu erleben, abzuholen und in eine aktionsreiche Scheinwelt zu entführen, in der es vermeintlich Freiheit und ganz VIEL Spaß gibt. Solche Plakate sind für mich keine unschuldige Werbung für einfache Freizeitgestaltung. Solche Plakate sind einerseits der dezente Wink in Richtung Konsum und andererseits kognitive Platzhalter, mentale Füllstoffe.

VIEL FREE mit Plastikkarten ist in meinen Augen ein aufdringliches Angebot für willkommene Schmerzvermeidung durch Konsum. Es ist Angriff auf Sprache und Denken. Es richtet sich an junge Menschen, die das, was sie in den letzten Jahren hier oder woanders erleben mussten, vergessen möchten. Nach Kriegen oder staatlichen Übergriffen, so wie in der sogenannten Corona-Zeit, geht es immer für fast alle Beteiligten um das Vergessen. An diesem Punkt sind sich die Dynamik von Trauma einerseits und die Täterstruktur andererseits leider immer einig. Deswegen hat es ja auch in der deutschen Vergangenheit funktioniert, Konsum als Schmerzpflaster auf Wunden aller Art zu kleben.

VIEL FREE ist für mich ein trauriges Zeitdokument, das meine Aufmerksamkeit gefunden hat, weil es das Gegenteil von Freiheit, Genießen, Gemeinschaft und vielem mehr darstellt.

VIEL FREE hat mich an meine Eltern in jungen Jahren und ihre Sehnsüchte erinnert, eine traumatisierte Generation, die alles dafür getan hat, materiellen Wohlstand zu generieren, um sich endlich wieder emotional sicher fühlen zu können.

VIEL FREE erreicht nicht die Herzebene, weil es nicht von Herzen kommt.

VIEL FREE ist eine kostengünstige Zucker-LÖSUNG, die den kleinen Hunger und die stille Sehnsucht nach Heimat, Zugehörigkeit, Sicherheit, Frieden, Glück und vielleicht auch nach Bildung stillen soll. Aber sie macht genau das, was Zucker macht. Sie macht nicht satt, sondern weckt den großen Hunger. Man konsumiert dann das Falsche mit all den Folgen, die das hat. Es ist schwer, aus solchen Kreisläufen wieder raus zu kommen.

Wem dienen diese ungesunden Kreisläufe?

Wem dient dieser Konsum, der nicht satt macht?

Wem dient das Vergessen einer traumatischen Jugend?

Was denkt man alles NICHT, während man mit VIEL FREE als mentalem Füllstoff beschäftigt ist?

Was fühlt man alles NICHT, während man Loopings auf der Konsumschiene dreht?

Was macht man alles NICHT, was außerhalb der vorgezeichneten Freizeitzone liegt, aber auch Spaß macht?

Was ist die gesunde Alternative für junge Menschen, egal welcher Herkunft?

Wie können Angebote insbesondere für junge Menschen, die traumatisiert sind, aussehen?

Wo kann man als junger Mensch kostenlos und ohne eine Institution oder ein „Konzept“ im Nacken mit Gleichaltrigen in der Freizeit „abhängen“ und nebenbei Schafe, Obstbäume und andere Menschen aus sicherer Entfernung beobachten?

Wo gibt es solche unschuldigen Oasen?

Wo kann man Trauma „heilen“ oder zumindest die Voraussetzungen für spätere Selbstheilung schaffen?

Wo wird man nicht mit Zucker-LÖSUNG angefixt?

Wo kann man lernen, den eigenen Körper, die eigenen Gefühle nach Trauma wieder zu spüren, zu regulieren und sich dadurch wirklich frei zu fühlen?

Wer vermittelt der nächsten Generation eigentlich, was wir (in den letzten fünf Jahren) gelernt haben?

Vielleicht geht das erstmal über praktische Angebote, über das persönliche Erleben und später dann über theoretische Bildung. Man muss den Wert von Schafen und Bäumen nicht sofort theoretisch erklärt bekommen. Für den Anfang reicht es, wenn man Zugang zu Schafen und Bäumen bekommt und lernt, wie andere mit Schafen und Bäumen umgehen, also Lernen am Modell. Es müssen auch nicht unbedingt Schafe und Bäume sein, das ist, wie Sie bereits gemerkt haben, nur eine Metapher.

Mich haben Schafe und Bäume in gewisser Weise gerettet. Sie haben mir Verbindung angeboten. Ich konnte diese Verbindung am eigenen Leib spüren. Ich konnte spüren, dass ich bin und auch erahnen, wer ich wirklich bin. Sie waren mir ein verlässliches Gegenüber in schwierigen Zeiten, sie haben mich so oft beruhigt, getröstet und gehalten. Die Natur hört zu, wenn keiner mehr zuhört. Sie nimmt Dich an, egal wer Du bist. Sie bewertet Dich nicht. Sie ist unendlich geduldig und ein super Lehrer für alle Fragen, die einem als Kind so einfallen können. Sie weckt Deine Aufmerksamkeit, Deine Neugier, Deinen Wunsch zu Lernen und zu Verstehen. Sie lenkt Dich ab. Die Natur unterrichtet Dich ganz beiläufig. Ihre Sprache ist das kreative Spiel und die Fülle. Diese Anbindung an die Natur hilft mir bis heute, mit Herausforderungen aller Art klarzukommen. Wenn ich nicht weiter weiß oder mich beruhigen möchte und muss, dann gehe ich in die Natur. Danach ist nicht jedes Problem sofort gelöst, aber ich bin wieder zuversichtlich, dass ich auch diese Welle nehmen kann und über Wasser bleibe. Ich spüre mich dann mit all meiner Kraft als einen Teil dieser Welt. Und genau das wünsche ich vor allem den jungen Leuten in meiner Umgebung, die noch so viel vor sich haben.

Du bist geboren, um Dich als einen Teil dieser Welt kraftvoll und frei zu fühlen.

Du bist ein Stück von dieser Natur, die jeden Tag kreativ spielt und immer reichlich von allem hat.

Man sagt: „Schau auf den Horizont, wenn die Wellen hochschlagen.“

Für mich bedeutet das: Wenn Du Dich mit der Natur verbindest, dann hast Du Orientierung, dann fühlst Du Dich selbst. Und wenn Du Dich und Deine angeborene Stärke fühlst, dann bist Du frei. Dann kann Dir kein Problem etwas anhaben. Die Natur heilt sich und Dich jeden Tag auf`s Neue.

BORN TO BE FREE.

BE FREE.

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

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

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.

\ Newsletter per Mail (Die Friedenstaube)\ hier abonnieren\ \ In Telegram lesen -> hier unsere Kanäle\ https://t.me/pareto_artikel \ https://t.me/friedenstaube_artikel \ \ Als Feed in einem Feed-Reader \ https://pareto.space/atom/feed.xml \ https://pareto.space/atom/de_feed.xml \ https://pareto.space/atom/en_feed.xml

@ e096a89e:59351479

Here’s how to make the perfect soft boiled egg in seven minutes using ice water.

Video: https://v.nostr.build/gODN4ihoJal4EhuA.mp4

1. Grab your eggs.

2. Fill a pot with water, put it on high heat, and bring it to a boil.

3. While waiting, fill a bowl with ice and water. Set it aside.

4. Once the water is boiling, gently add the eggs.

5. Start a timer for 7 minutes.

6. When 7 minutes are up, transfer the eggs into the ice water bowl.

7. Let them sit for a couple of minutes before peeling.

(Optional) Make peeling fun - see how big of shell pieces you can get.

1. After peeling, put the eggs back into the ice water for a few more minutes. *This helps them firm up slightly while keeping the yolk soft but not runny.

2. Sprinkle with sea salt flakes and enjoy with whatever you like.

Give a zap if you enjoy this sort of content, and if this yielded good results for you :)

@ f683e870:557f5ef2

This is what has been achieved on a per-project basis since receiving the grant from Opensats.

npub.world

Together with nostr:npub1wf4pufsucer5va8g9p0rj5dnhvfeh6d8w0g6eayaep5dhps6rsgs43dgh9, I have been refining npub.world to deliver real-time, WoT-powered profile search. These refinements include:

• implementing new desings by nostr:npub1t3gd5yefglarhar4n6uh34uymvft4tgu8edk5465zzhtv4rrnd9sg7upxq

• moving to the new Vertex DVM standard

• improved URL and npub parsing

Vertex crawler

Due to the architectural mistakes I made when designing the first version, I have embarked on a full rewrite of the crawler. The new architecture is simpler, more modular and more performant, and I am confident that it will provide a stable foundation on which to expand the Vertex offering with additional functionalities and analytics.

The major differences with the old version are:

• the DB and RWS interfaces have been broken up and simplified into smaller ones, each defined by their own packages

• a simplified, more efficient algorithm for updating random walks

• use of a custom-built cache to speed up graph computations

• a worker pool pattern to speed up event archiving

These changes have reduced the LOC by more than half while improving performance by \~10x. Of independent interest is the new pipe package, which can also be used by other projects to crawl the Nostr network.

Vertex Relay and DVMs

The Vertex relay has been updated several times, and now supports four DVM services:

• Verify Reputation

• Recommend Follows

• Rank Profiles

• Search Profile

For each service, customers can choose the algorithm to use by specifing the sort option to use between:

• followerCount

• globalPagerank

• personalizedPagerank

More information can be found at https://vertexlab.io/.

Overall, the relay has processed more than 100,000 DVM requests, with the current daily rate standing at around 1,500.

rely

Unsatisfied with the khatru relay framework, I've decided to build my own called rely, with the goal of being simpler and more stable. I've not just scratched a personal hitch: I've used khatru for several months now (the Vertex relay is still using it) and I encountered several issues, some of which I've solved with PRs to the underlying go-nostr library.

The main differences between khatru and rely:

• rely is much simpler, both architecturally and in terms of LOC (less than half)

• rely has a solid testing approach, where a random yet reproducible high traffic hits the relay to see what breaks

• rely implements a worker pool pattern where a configurable number of goroutines process the incoming requests from clients. On the other hand, khatru process them in the HandleWebsocket goroutine, which is spawned every time a client connects. This is dangerous in my opinion because if too many clients connect, memory usage would spike and the relay could potentially crash.

New DVM spec

I helped to draft this new proposal to update the DVM spec, which is one of the most controversial NIPs. While almost everyone agrees that it needs to change, there is no consensus on how to move forward. I believe our proposal is a sensible approach that defines discovery, usage, and error patterns while leaving flexibility for specific DVM kinds.

Looking at the future

Next I am going to move the Vertex relay to the rely framework and to the new crawler package. I expect that this will increase the performance and will make things more solid and more simple. After all of this refactoring and simplification, it will be time to finally add features to the Vertex offering. I have an ambitious roadmap consisting of:

• accepting ecash for DVM requests

• designing client-side validation schemes for the DVM responses

• expanding the pagerank algorithm to make use of mutes and reports

• adding an WoT impersonator check to npub.world

• adding a nip05 check to npub.world

• make a relystore package with some plug&play databases for rely.

@ 2cde0e02:180a96b9

pen & ink; monochromized

tools used

https://stacker.news/items/1005456

@ b1ddb4d7:471244e7

Jason Lowery’s thesis, Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin, reframes bitcoin not merely as digital cash but as a transformative security technology with profound implications for investors and nation-states alike.

For centuries, craft brewers understood that true innovation balanced tradition with experimentation—a delicate dance between established techniques and bold new flavors.

Much like the craft beer revolution reshaped a global industry, bitcoin represents a fundamental recalibration of how humans organize value and project power in the digital age.

The Antler in the Digital Forest: Power Projection

Lowery, a U.S. Space Force officer and MIT scholar, anchors his Softwar theory in a biological metaphor: Bitcoin as humanity’s “digital antler.” In nature, antlers allow animals like deer to compete for resources through non-lethal contests—sparring matches where power is demonstrated without fatal consequences. This contrasts sharply with wolves, who must resort to violent, potentially deadly fights to establish hierarchy.

The Human Power Dilemma: Historically, humans projected power and settled resource disputes through physical force—wars, seizures, or coercive control of assets. Even modern financial systems rely on abstract power structures: court orders, bank freezes, or government sanctions enforced by legal threat rather than immediate physical reality.

Lowery argues this creates inherent fragility: abstract systems can collapse when met with superior physical force (e.g., invasions, revolutions). Nature only respects physical power.

Bitcoin’s Physical Power Engine: Bitcoin introduces a novel solution through its proof-of-work consensus mechanism. Miners compete to solve computationally intense cryptographic puzzles, expending real-world energy (megawatts) to validate transactions and secure the network.

This process converts electricity—a tangible, physical resource—into digital security and immutable property rights. Winning a “block” is like winning a sparring match: it consumes significant resources (energy/cost) but is non-destructive.

The miner gains the right to write the next page of the ledger and collect rewards, but no participant is physically harmed, and no external infrastructure is destroyed.

Table: Traditional vs. Bitcoin-Based Power Systems

Power System

Mechanism

Key Vulnerability

Resource Cost

Traditional (Fiat/Banking)

Legal abstraction, threat of state force

Centralized points of failure, corruption, political change

Low immediate cost, high systemic risk

Military/Economic Coercion

Physical force, sanctions

Escalation, collateral damage, moral hazard

Very high (lives, capital, instability)

Bitcoin (Proof-of-Work)

Competition via energy expenditure

High energy cost, concentration risk (mining)

High energy cost, low systemic risk

Softwar Theory National Strategic Imperative: Governments Are Taking Notice

Lowery’s Softwar Theory has moved beyond academia into the corridors of power, shaping U.S. national strategy:

1. The Strategic Bitcoin Reserve: Vice President JD Vance recently framed bitcoin as an instrument projecting American values—”innovation, entrepreneurship, freedom, and lack of censorship”. State legislation is now underway to implement this reserve, preventing easy reversal by future administrations.
2. Regulatory Transformation: The SEC is shifting from an “enforcement-first” stance under previous leadership. New initiatives include:
   • Repealing Staff Accounting Bulletin 121 (SAB 121), which discouraged banks from custodying digital currency by forcing unfavorable balance sheet treatment.
   • Creating the Cyber and Emerging Technologies Unit (CETU) to develop clearer crypto registration/disclosure rules.

The Investor’s Lens: Scarcity, Security, and Asymmetric Opportunity

For investors, understanding “Softwar” validates bitcoin’s unique value proposition beyond price speculation:

• Digital Scarcity as Strategic Depth: Bitcoin’s fixed supply of 21 million makes it the only digital asset with truly inelastic supply, a programmed scarcity immune to political whims or central bank printing.

  This “scarcity imperative” acts as a natural antidote to global fiat debasement. As central banks expanded money supplies aggressively (Global M2), bitcoin’s price has shown strong correlation, acting as a pressure valve for inflation concerns. The quadrennial “halving” (latest: April 2024) mechanically reduces new supply, creating built-in supply shocks as adoption grows. * The Antifragile Security Feedback Loop: Bitcoin’s security isn’t static; it’s antifragile. The network strengthens through demand: * More users → More transactions → Higher fees → More miner revenue → More hashpower (computational security) → Greater network resilience → More user confidence.
  This self-reinforcing cycle contrasts sharply with traditional systems, where security is a cost center (e.g., bank security budgets, military spending). Bitcoin turns security into a profitable, market-driven activity. * Institutionalization Without Centralization: While institutional ownership via ETFs (like BlackRock’s IBIT) and corporate treasuries (MicroStrategy, Metaplanet) has surged, supply remains highly decentralized.

  Individuals still hold the largest share of bitcoin, preventing a dangerous concentration of control. Spot Bitcoin ETFs alone are projected to see over $20 billion in net inflows in 2025, demonstrating robust institutional capital allocation.

The Bitcoin Community: Building the Digital Antler’s Resilience

Lowery’s “Softwar” theory underscores why bitcoin’s decentralized architecture is non-negotiable. Its strength lies in the alignment of incentives across three participant groups:

1. Miners: Provide computational power (hashrate), validating transactions and securing the network. Incentivized by block rewards (newly minted BTC) and transaction fees. Their physical energy expenditure is the “muscle” behind the digital antler.
2. Nodes: Independently verify and enforce the protocol rules, maintaining the blockchain’s integrity. Run by users, businesses, and enthusiasts globally. They ensure decentralized consensus, preventing unilateral protocol changes.
3. Users: Individuals, institutions, and corporations holding, transacting, or building on bitcoin. Their demand drives transaction fees and fuels the security feedback loop.

This structure creates “Mutually Assured Preservation”. Attacking bitcoin requires overwhelming its global, distributed physical infrastructure (miners/nodes), a feat far more complex and costly than seizing a central bank’s gold vault or freezing a bank’s assets. It transforms financial security from a centralized liability into a decentralized, physically-grounded asset.

Risks & Responsibilities

Investors and policymakers must acknowledge persistent challenges:

• Volatility: Bitcoin remains volatile, though this has decreased as markets mature. Dollar-cost averaging (DCA) is widely recommended to mitigate timing risk.
• Regulatory Uncertainty: While U.S. policy is increasingly favorable, global coordination is lacking. The EU’s MiCAR regulation exemplifies divergent approaches.
• Security & Custody: While Bitcoin’s protocol is robust, user errors (lost keys) or exchange hacks remain risks.
• Environmental Debate: Proof-of-Work energy use is scrutinized, though mining increasingly uses stranded energy/renewables. Innovations continue.

Jason Lowery’s “Softwar” theory elevates bitcoin from a financial instrument to a socio-technological innovation on par with the invention of the corporation, the rule of law, or even the antler in evolutionary biology. It provides a coherent framework for understanding why:

• Nations like the U.S. are looking to establish bitcoin reserves and embracing stablecoins—they recognize bitcoin’s role in projecting economic power non-violently in the digital age.
• Institutional Investors are allocating billions via ETFs—they see a scarce, secure, uncorrelated asset with antifragile properties.
• Individuals in hyperinflationary economies or under authoritarian regimes use bitcoin—it offers self-sovereign wealth storage immune to seizure or debasement.

For the investor, bitcoin represents more than potential price appreciation. It offers exposure to a fundamental reorganization of how power and value are secured and exchanged globally, grounded not in abstract promises, but in the unyielding laws of physics and mathematics.

Like the brewers who balanced tradition with innovation to create something enduring and valuable, bitcoin pioneers are building the infrastructure for a more resilient digital future—one computationally secured block at a time. The “Softwar” is here, and it is reshaping the landscape of p

@ 5d4b6c8d:8a1c1ee3

Here's a video about the Pacers' offensive adjustments to OKC's extraordinary defense:

https://youtu.be/1LF2Sd1jTXQ

This finals matchup probably has the highest level team basketball I remember seeing.

https://stacker.news/items/1005445

@ 9c9d2765:16f8c2c2

In the heart of a forgotten village, wrapped in fog and silence, lived a girl named Lisa who had never seen her reflection.

There were no mirrors in the village, only old tales whispered by elders that mirrors “stole your spirit” or “showed things best left hidden.” Lisa never questioned it. She believed what she was told: she was plain, timid, and destined for nothing more than blending into shadows.

But she felt something inside a flicker, like a candle trying to burn through thick glass.

One day, while gathering herbs deep in the forest, Lisa stumbled upon the ruins of an ancient house. Inside, beneath sheets of ivy and dust, stood an enormous mirror tall, cracked, and untouched for decades.

She froze.

Curiosity trembled in her chest. Carefully, she wiped away the dust with her sleeve.

At first, she saw only her eyes, wild, curious, and afraid. Then, slowly, the whole reflection emerged. Not plain. Not broken. But alive.

It was her, and yet someone more stronger, prouder, freer.

Tears welled in her eyes. All her life, she had believed others’ words. But here, in silence, she saw the truth for herself.

She began visiting the mirror each day, not to admire beauty, but to remind herself she was real. That her thoughts mattered. That what lived inside her could not be shaped by lies spoken outside.

When she returned to the village, she walked differently.

She spoke.

She led.

And others began to wonder: What did she see that changed her?

Lisa simply smiled and said, “I stopped seeing what they told me I was. And started seeing who I truly am.”

Moral: You are not what others say you are. You are who you choose to see.

@ 6ad3e2a3:c90b7740

Turning and turning in the widening gyre

The falcon cannot hear the falconer;

Things fall apart; the centre cannot hold;

Mere anarchy is loosed upon the world,

The blood-dimmed tide is loosed, and everywhere

The ceremony of innocence is drowned;

The best lack all conviction, while the worst

Are full of passionate intensity.

Surely some revelation is at hand;

Surely the Second Coming is at hand.

The Second Coming! Hardly are those words out

When a vast image out of Spiritus Mundi

Troubles my sight: somewhere in sands of the desert

A shape with lion body and the head of a man,

A gaze blank and pitiless as the sun,

Is moving its slow thighs, while all about it

Reel shadows of the indignant desert birds.

The darkness drops again; but now I know

That twenty centuries of stony sleep

Were vexed to nightmare by a rocking cradle,

And what rough beast, its hour come round at last,

Slouches towards Bethlehem to be born?

The Second Coming — W.B. Yeats

I don’t know what I want to write about today. There are a lot of converging currents coursing through my reality right now. I feel we’re in an interregnum of sorts between what was and what’s to come. I guess you could simply describe that as the present, something that has ever been the case. But this moment feels more intense like something big is dying and something else, God knows what, is on its way “to be born".

I exchanged emails recently with an old friend, and he sent me a link to a David Foster Wallace commencement speech entitled “This Is Water.” In it Wallace tells a joke of an old fish seeing two younger fish swimming by and asks them “How’s the water?” Later on one of the younger ones asks the other, “What is water?”

Wallace hanged himself a few years after the speech. Apparently he was unable to maintain the perspective he laid out in it which was that we can choose our attitude toward what we experience in any moment, no matter how much aversion we habitually associate with it. That the act of choosing equanimity constitutes the freedom we seek. That this freedom to choose is ever present, in fact the ability to direct our attention and consciousness is itself the water. And yet out of habit we are often oblivious to this most fundamental reality.

My friend’s email was in response to my description of the dissolution I see right now. Everything seems fake. The news, the governments, the edicts of reputationally bankrupt institutions zombying along as though the last five years never happened, like the proverbial emperor still purporting to rule though everyone can now see his pale, unsightly posterior.

Yes, the coffee shops are still open, people still go on vacation with their families. Let’s go to Paris, Rome, the Greek Isles! Let’s pretend everything is as we had imagined in the before times when our goals and aspirations seemed real, when the glitchy pixels in the matrix hadn’t yet revealed themselves so glaringly.

Maybe this was always the case. All our games were always professional wrestling, a scripted charade for which we willingly suspended disbelief. But like the roadrunner in the cartoon, we have since become aware we have run out of road, four steps beyond the cliff edge.

. . .

Wallace in his speech described such indignities as being stuck in traffic after a long day of work, or in a long grocery checkout line. The mind’s usual programs run, cursing everyone and everything around us. Instead of contemplating the miracle of human existence we feel only disgust and impatience. We want to finish with the run, the work, the obligatory hour so we can move on to something presumably more pleasant.

I can handle such day to day discomforts, but the overwhelming sense of dissolution is undermining the aims to which I had once attached meaning. I set up my life for freedom and prosperity, and now, just as I have my ducks in a row, there’s an imminent magnetic pole shift or a financial and social collapse that threatens to counterfeit my efforts.

It’s easy to opt out when you’re losing, to decry the injustice, unfairness and pointlessness of the game when you weren’t getting much from it anyway. When you’ve got nothing, you’ve got nothing to lose, to paraphrase Bob Dylan. But as a late bloomer wanting to sample the wine of the Gods at long last, it’s dispiriting in a different way, like saving up for a new car and seeing it stolen before you had a chance to drive it.

That’s the shallow version, distress at discovering just before getting the things I had always wanted I was actually playing not just the wrong game, but a false one. That I’m upset I can’t gratify my ego in the way I had hoped, that I can’t get the pat on the back I had craved because the back-patters decided to tear up the playing field just as I finally became a contender.

The deeper version is you only get better at the game through your own efforts to discover what’s true, your own self-mastery and access to a measure of wisdom. This process transforms your life from a tedious and difficult slog to a state of ease and flow. You are more connected, more in touch with yourself and the forces within. You can handle aversion, in fact voluntarily invite it at times to hone your mind and access your resourcefulness. You love your life and connect to the people in it. You have great hope and aspirations for the future. You believe in God, or the Tao or whatever force animates all things, you can navigate the world’s imperfections and do not want it to fall into chaos and disorder.

The task of remembering this during the run, the traffic jam or the grocery store checkout line is not so difficult. But would it be the same during periods of violence and resource scarcity where literal survival is at stake, the rules of which are set by biology and physics rather than the incentives of human society?

Yes, I’d rather be eating dinner at home than sitting in traffic, but I can appreciate that I’m able to sit comfortably in my climate controlled pod, listening to music while traversing these distances rather than foraging for food in the harsh wild. Yes, this old Portuguese lady is taking an eternity to get the groceries into her pushcart, but I can imagine how it is to be old and slow and still have to shop and eat, and it’s trivial to cut her some slack.

I’m not claiming I always have this perspective, but I surely am able to channel equanimity during the ordinary aversion that arises in one’s day to day life. I do this while running on the track, the aches and pains, the discomfort, the wanting to get it over with is a battle I fight every week by my own choosing. But imagine if instead of running 10 minute miles I was forced to do them in six. It’s not so easy to keep a calm, conscious mind while gasping for breath.

The truth is these calamities I imagine are not yet real, the asteroid has not yet hit, the economy not yet collapsed. I have never experienced the kind of hardship I dread. I am ever in the grocery line, the 10-minute mile run, the traffic jam, never the concentration camp or Mad Max-style post-apocalypse. Why not just deal with that when the time comes, if it ever comes? Why die a thousand deaths like the proverbial coward rather than the one required of the brave man?

I suppose it comes down to wanting to be prepared. There’s nothing you can do if an asteroid destroys the entire earth, but if your national government devolves into tyranny, you could get out before it’s too late. There’s the adage one should only concern oneself about the things one can control, but the rub is in deciding what’s in your power and of what to let go. It’s an easy out, per the adage, to narrow your locus of control to doing your job and paying your bills. You can too easily forget that which job you have, where you live, what preparations to make are also matters in which you have a choice.

Even if you believe a magnetic pole shift could spill the earth’s oceans across continents within the next few decades — I find this plausible — you could move to the mountains to get ahead even of that. A fatalist, non-questioning attitude can be a psychological salve in times of upheaval, but “salve” and "“slave” are but a typo apart.

. . .

When I was six someone broke into my house. I was still awake, and while pretending to be asleep, I heard him rummaging through my belongings, stealing an old Fisher Price turntable and a black and white TV. My father died four years later, and at 10, I remember thinking as the oldest boy in the house, it was now my responsibility to defend my family if anything like that, or worse, happened again. Of course, I wasn’t really capable of doing this, and I knew it, but I would have to try, futile as it might be.

I imagine that psychology has stayed with me as an adult — it’s up to me to see around corners, assess the various threats to me and my family, even if some of them are too daunting for any one individual. I could let it go, I suppose, it would probably even be healthy to do so. But there is a part of me that wonders whether people like me, people who feel this irrational responsibility, are the those who survive cataclysms and shocks. I surely am not the only one who feels this way and quite likely would not be especially effective given I don’t have engineering, outdoorsman or serious combat skills. But that hyper-vigilance toward and preparation for worse-case scenarios is something someone has to do, someone who would likely be selected for the role by the particular accidents of his upbringing.

. . .

There is another way to look at this, of course. The notion one ought to step up in the face of adverse circumstances, even extreme ones, is valid. But perhaps the best way to prepare is not endlessly to assess potential threats like some black ops CIA outfit, but to have a calm and detached mind. Should the signs appear, a poised and observant person would take action insofar as he is able. That you, having trained your attention away from default habits of comfort-seeking and dread and toward conscious observation, will do what’s required if and when the time comes. That you can trust yourself, and by that I mean trust in God, so to speak, to guide your awareness and actions for the most effective and adaptive response.

The Fourth Turning might well be upon us, indeed “the centre [may not] hold.” There is no guarantee your response will ensure you or those you love survive. There has never been such a guarantee for anyone, only the freedom to direct your attention, to choose your state of mind, to the extent you are capable, in the conditions that arise. To respond to the older fish that the water is okay, it’s pretty nice actually.

@ 9c9d2765:16f8c2c2

In a quiet coastal town where summer lingered like a forgotten song, lived an old gardener named Ali. His home sat at the edge of the cliffs, where ocean wind tossed sea spray into the air and the sun kissed everything golden. Ali’s garden was a legend of tulips that sang with color, vines that danced in the breeze, and trees that whispered stories to anyone who would listen.

But Ali had grown frail. His hands, once strong, now trembled. His memory sometimes slipped like sand through a sieve. Yet every day, he tended the plants. Not because he needed them but because they still needed him.

One autumn, a young boy named Ben moved into the neighboring house. Ben had not spoken a word since losing his mother the year before. He would sit for hours at the fence, watching Ali work.

Ali never asked him to speak. Instead, he gave Ben a sunflower seed.

“Plant it,” he said. “And believe in the bloom.”

Ben did.

The next day, Ali gave him a cracked watering can. The next, a rusty trowel. Day by day, silence became action. The boy mimicked Ali’s movements. Dug soil. Watered. Waited.

Then winter came fast. A cruel one.

One morning, Ali was gone.

The town whispered, “The gardener has passed.” Snow dusted the garden. The plants withered. Ben stood before the tiny sunflower shoot and wept silently.

But spring arrived timid and uncertain.

And from the earth, a single sunflower broke through.

Ben spoke his first words in months to the flower.

“You’re not alone.”

And in a voice that cracked but carried, he added, “Neither am I.”

Moral: Even after loss, life finds a way. Sometimes, a single leaf can carry the weight of hope for someone else.

@ 472f440f:5669301e

Marty's Bent

Sup, freaks? Your Uncle Marty did a little vibe coding a couple months ago and that vibe coding project has turned into an actual product that is live in the Google Chrome web store and will soon to be live in the Firefox add-on store as well. It's called Opportunity Cost and it is an extension that enables you to price the internet in Bitcoin.

Opportunity Cost – See Prices in Bitcoin Instantly

Convert USD prices to Bitcoin (satoshis) as you browse. Dual display, privacy-first, and open source.

Opportunity CostTFTC

Check it out!

This whole process has been extremely rewarding to me for many reasons. The first of which is that I've had many ideas in the past to launch a product focused on bitcoin education that simply never left my brain because I never felt comfortable paying a developer to go out and build a product that I wasn't sure would ultimately get product market fit.

Due to the advancements of AI, particularly ChatGPT and Replit, I was able to spend a few hours on a Saturday vibe coding a prototype for Opportunity Cost. It worked. I side loaded it into Chrome and Firefox, tested it out for a few days and decided, "Hey, I think this is something that's worthwhile and should be built."

Backtracking just a little bit, the initial idea for this app was to create an AR application that would enable you to take pictures of goods in the real world and have their prices automatically converted to bitcoin so that you could weigh the opportunity cost of whether or not you actually wanted to buy that good or decide to save in bitcoin instead. With the help of Justin Moon from the Human Rights Foundation and Anthony Ronning from OpenSecret and Maple AI, I was pointed in the right direction of vibe coding tools I could use to build a simple MVP. I took their advice, built the MVP, and demoed it at the Bitcoin Park Austin weekly AI meetup in mid-April.

The next week, I was talking with a friend, Luke Thomas, about the idea and during our conversation he made a simple quip, "You should make a Chrome extension. I really want a Chrome extension that does this." And that's what sent me down the vibe coding rabbit hole that Saturday which led to the prototype.

After I was comfortable with and confident in the prototype, I found a young hungry developer by the name of Moses on Nostr, I reached out to him, told him my idea, showed him the prototype and asked if he thought he could finish the application for me. He luckily agreed to do so and within a couple of weeks we had a fully functioning app that was officially launched today. We're about 12 hours into the launch and I must say that I'm pleasantly surprised with the reception from the broader Bitcoin community. It seems like something that people are happy exists and I feel extremely happy that people see some value in this particular application.

Now that you have the backstory, let's get into why I think something like Opportunity Cost should exist. As someone who's been writing a newsletter and producing podcasts about bitcoin for eight years in an attempt to educate individuals from around the world about what bitcoin is, why it's important, and how they can leverage it, I've become convinced that a lot of the work that needs to be done still exists at the top of the funnel. You can scream at people. You can grab them by the shoulders. You can shake them. You can remind them at Thanksgiving that if they had listened to your advice during any Thanksgiving in the previous years they would be better off financially. But at the end of the day most people don't listen. They need to see things. Seeing things for yourself is a much more effective teaching mechanism than be lectured to by someone else.

My hope with Opportunity Cost is that it catches the eye of some bitcoin skeptics or individuals who may be on the cusp of falling down the bitcoin rabbit hole and they see the extension as a way to dip their toes into bitcoin to get a better understanding of the world by pricing the goods and services they purchase on a day-to-day month-to-month and year-to-year basis in bitcoin without having to download a wallet or set up an exchange account. The tippy top of the bitcoin marketing funnel.

That is not all though. I think Opportunity Cost can serve individuals at both ends of the funnel. That's why it's pretty exciting to me. It's as valuable to the person who is bitcoin curious and looking to get a better understanding as it is to the hardcore bitcoiner living on a bitcoin standard who is trying to get access to better tools that enable him to get a better grasp of their spending in bitcoin terms.

Lastly, after playing around with it for a few days after I built the prototype, I realized that it has incredible memetic potential. Being able to take a screenshot of goods that people are buying on a day-to-day basis, pricing them in bitcoin and then sharing them on social media is very powerful. Everything from houses to junk items on Amazon to the salaries of pro athletes to your everyday necessities. Seeing the value of those things in bitcoin really makes you think.

One day while I was testing the app, I tried to see how quickly I could find goods on the internet that cumulatively eclipsed the 21 million supply cap limit of bitcoin. To my surprise, even though I've been in bitcoin for 12 years now, it did not take me that long. The opportunity cost of everything I buy on a day-to-day basis becomes very clear when using the extension. What's even clearer is the fact that Bitcoin is completely mispriced at current levels. There is so much winning ahead of us.

Also, it's probably important to note that the extension is open source. You can check out our GitHub page here. Submit pull requests. Suggest changes to the app.

We've also tried to make Opportunity Cost as privacy preserving as possible. Everything within the extension happens in your browser. The only external data that we're providing is the bitcoin to fiat price conversion at any given point in time. We're not data harvesting the web pages you're browsing or the items you're looking at. We're not collecting data and sending it to third party marketers. We want to align ourselves with the open and permissionless nature of bitcoin while also preserving our users' privacy. We're not trying to monetize this in that way. Though, I will say that I'm thinking of ways to monetize Opportunity Cost if it does gain significant traction, but I promise it will be in a way that respects your privacy and is as unobtrusive as possible. We'll see how it goes.

Thank you for coming to my TED talk. Please download and use the extension. Let us know what you think.

Headlines of the Day

Saylor Says Bitcoin Is Perfect Money to Jordan Peterson - via X

Trump Won't Sell Tesla Despite Musk-Bessent Heated Exchange - via X

Bitcoin Gains Traction in Kenya's Largest Slum Kibera - via X

Get our new STACK SATS hat - via tftcmerch.io

---

Bitcoin’s Next Parabolic Move: Could Liquidity Lead the Way?

Is bitcoin’s next parabolic move starting? Global liquidity and business cycle indicators suggest it may be.

Read the latest report from Unchained and TechDev, analyzing how global M2 liquidity and the copper/gold ratio—two historically reliable macro indicators—are aligning once again to signal that a new bitcoin bull market may soon begin.

Download the report here

---

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...

East Coast aesthetics over everything.

---

*Download our free browser extension, Opportunity Cost: *<<https://www.opportunitycost.app/>> start thinking in SATS today.

*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:

@ df478568:2a951e67

How To Mine Your Own Vanity Nostr Key

note. This article works best on https://habla.news/u/marc@primal.net/how-to-mine-a-nostr-vanity-key-with-rana

Rana is a vanity npub generator.

I'll show you how to use it on Ubuntu.

If you're not Linux ninja and use Windows instead of Linux ninja weapons, you can still use Linux with Virtualbox, free ans open source virtualization software. Head over to

https://www.virtualbox.org/ to learn more. They also have an enterprise business if you need that sort of thing, you can learn more at https://shop.oracle.com/

Rana is a nostr vanity key mining program. The source code can be found here.

Rana Is On GitHub

https://github.com/grunch/rana

Since rana already has pretty good docs, I decided to make a video instead of write about this because It's easier to see rana in action than it is to write about Rana. I went off on some tangents, so I might edit this down later, but I hope it helps you mine your own nostr key.

nevent1qqsfk7a000m8zc3ptsuu4vytepqc9eedceclpt2ns9pzlech5cpaflceng5al

Show Notes

https://github.com/grunch/rana

https://virtualbox.org/

https://doc.rust-lang.org/cargo/getting-started/installation.html

cargo run --release -- --vanity-n-prefix=juxtap0se

☮️

nostr:npub1marc26z8nh3xkj5rcx7ufkatvx6ueqhp5vfw9v5teq26z254renshtf3g0

900,969

@ 8d34bd24:414be32b

So often Christians focus on God’s love and ignore His judgment. They tell people they need to be saved, but leave out from what they need to be saved. Fifty or a hundred years ago, almost every American knew the basics of the Bible, what sin is, what the judgment of Hell is, and that the God of the Bible is our Creator. Today, most people in America and the world know very little of that. Phrases like, “Trust Jesus and be saved,” mean very little. The person you are talking to may be silently thinking, “Who is Jesus? Why should I trust Him? What do I need to be saved from?”

Most Christians, especially from Evangelical circles, have been steeped in the phrase “Be saved,” but how many have thought carefully about from what they are being saved? If we have trouble answering, “from what?”, how can we explain it to those who don’t know Jesus?

But God demonstrates His own love toward us, in that while we were yet sinners, Christ died for us. Much more then, having now been justified by His blood, we shall be saved from the wrath of God through Him. For if while we were enemies we were reconciled to God through the death of His Son, much more, having been reconciled, we shall be saved by His life. And not only this, but we also exult in God through our Lord Jesus Christ, through whom we have now received the reconciliation. (Romans 5:8-11) {emphasis mine}

Primarily we are saved “from the wrath of God.” We are also reconciled which saves us from separation from God.

We are also told that we are rescued [saved] “from the wrath to come.”

And to wait for His Son from heaven, whom He raised from the dead, that is Jesus, who rescues us from the wrath to come. (1 Thessalonians 1:10) {emphasis mine}

Then one might ask, “What right does God have to tell me what to do and to get mad at me?”

In the beginning was the Word, and the Word was with God, and the Word was God. He was in the beginning with God. All things came into being through Him, and apart from Him nothing came into being that has come into being. In Him was life, and the life was the Light of men. The Light shines in the darkness, and the darkness did not comprehend it. (John 1:1-5) {emphasis mine}

Why does God get to set the rules? Because He made all things. The Creator gets to set the rules for His creation. It isn’t just ‘might makes right,’ but the one who spoke everything into being gets to set the rules for His creatures just like He set the rules for how everything in the universe works.

Many might claim, “but surely God can’t expect us to be perfect? Nobody is perfect.”

For we do not have a high priest who cannot sympathize with our weaknesses, but One who has been tempted in all things as we are, yet without sin. Therefore let us draw near with confidence to the throne of grace, so that we may receive mercy and find grace to help in time of need. (Hebrews 4:15-16) {emphasis mine}

Jesus doesn’t expect more than He has given. He went through every temptation we have experienced, including trials and hardships we can’t imagine, and yet was without even one sin. He is the perfect example of what we should be. Even more amazingly, he understands that we are unable to live up to His standard, so He came to earth, suffered, died, and rose again, so we could be reconciled to Him. All we have to do is repent of our sins, trust Him, and submit to Him. How can we not put our faith in Him after all He did for us?

He made Him who knew no sin to be sin on our behalf, so that we might become the righteousness of God in Him. (2 Corinthians 5:21)

Jesus paid the penalty. He took our sins, so we can receive His righteousness. This is a trade everyone should be willing to make, but sadly most refuse — some willfully, but some because they haven’t heard the good news. Hopefully all Christians will faithfully share the gospel with those around them.

May the perfect Savior guide us in His perfect will and help us to rightfully share the gospel with all those around us.

Trust Jesus

@ 4fe14ef2:f51992ec

Howdy Stackers,

Leave a comment below to share your hustles and wins. Let us know what you've sold this week. Have you sold it for bitcoin, sats or zaps? It doesn't matter how big or small your item is, solid or digital, product or service.

Just share below what you’ve listed, swapped, and sold. Let everyone rave on your latest deals!

Like and repost ^1:

https://stacker.news/items/1004320

@ 9ca447d2:fbf5a36d

El Salvador – June 3, 2025 — The grassroots Bitcoin community of El Salvador is proud to announce the return of Bitcoin Week, taking place this November with five dynamic events celebrating Bitcoin adoption, education, and community-led innovation.

Join us for a week of inspiration, collaboration, and impact.

Bitcoin Week 2025 calendar

📍 November 12 – Bitcoin Education Celebration Gala: Kick off the week in style with a luxurious and intimate evening at a high-class dinner, celebrating “proof of work” and the achievements of the Bitcoin education movement.
Expect major plans for the year(s) ahead but also a reflection to past proof-of-work—and don’t miss out on the Great Grassroots Giveaway, included with every ticket.

📍 November 13 – Bitcoin Educators Unconference: Hosted for the third time in San Salvador at Cadejo Montaña, this sixth edition of the Educators Unconference embodies our commitment to provide a space for decentralized, community-led conversations.
Join educators and leaders shaping the global Bitcoin conversation!

📍 November 14–15 – Adopting Bitcoin: The Network Effect: Now in its fifth year, Adopting Bitcoin returns with a powerful focus on real-world Bitcoin usage across global communities.
This year’s theme—The Network Effect—explores how interconnected local initiatives can spark exponential growth in adoption.

📍 November 16 – Visit Bitcoin Beach, El Zonte: Make your way to Bitcoin Beach, the heart of El Salvador’s Bitcoin story. Enjoy a day of connection and discovery in this iconic beachside town. Full details coming soon.

📍 November 22–23 – Economía Bitcoin, Berlín: Head to the town of Berlín, El Salvador for the second edition of Economía Bitcoin, a powerful, small-scale conference and festival focused on circular economies and practical Bitcoin use.
Spend sats freely in town and see how local action drives global impact.

With five unique events across three regions in Bitcoin Country, this edition of Bitcoin Week is your chance to experience El Salvador’s Bitcoin journey up close. Whether you’re an educator, builder, Bitcoiner, or simply curious—you’re invited.

Join us this November. Be part of the movement.

@ e9d7ed6f:f52b3346

Bitcoin is not for everyone but open for everyone. As a teenager, Bitcoin has already seen massive sprout growth surpassing Amazon's market value, becoming the fifth most valuable asset in the world and aiming to surpass gold that has been around us for the last 5,000 years. According to coinworld, Bitcoin trails only behind Apple, Microsoft, NVIDIA and ofcourse the shinny yellow metal of antiquity, gold in terms of market capitalization. Its clear to see the hormones are firing. Institutional adoption, regulation clarity, geopolitics, inflation are all fueling speedy growth and adoption for Bitcoin around the world.

As we witness this unprecedented speedy growth of Bitcoin, the decentralized network of consensus, nodes and mining power, toes are reaching the ceiling of the shoe. Most countries are on a Bitcoin rush hour either making Bitcoin legel tender, crafting regulatory policies, establishing strategic reserves, Bitcoin ETFs, Bitcoin educational programs and developing smart contracts. Bitcoin is indeed decentralized, dusting off the old double spending centralized ledger, transfoming the way we appoach finance.

In the midst of all this Bitcoin fuss, one may wonder, what's Malawi's position on Bitcoin? Where does Malawi place Bitcoin? What's the state of affairs for Bitcoin and Crypto currencies in Malawi? Is Malawi noticing the trends, is the sky any orange? Are there any Bitcoiners, miners, nodes? Can Malawi place itself in a position to benefit from this Bitcoin phenomenon? Do we have any free energy resources to utilize for Bitcoin mining, policy framework, regulation and make it actually legal tender? Is there even any interest in Bitcoin at all in Malawi?.

The state of affairs for Bitcoin in Malawi is as bright and promising however, its going to take a shovel, digging and getting dirty. In a nutshell, lets have a litmus test, exploring a brief historical background of Bitcoin in Malawi, Bitcoinboma organization & education, Women of Satoshi initiative & ofcourse, Malawi catch Bitcoin if you can. There maybe other unofficial record to the specific historical background of Bitcoin and Crypto currencies in Malawi that as of the time of writing are missed. Reach out, feed me in comments or reach out via my Twitter (X) handle @pacharo_w

1. Historical background of Bitcoin As Bitcoin is heading for the economic throne, the Malawian Kwacha continues to dwindle down the tunnel. Purchasing power seems to slip and fall on the muddy economic road to a point where a basic necessity, sugar has hit a record high price of MWK 5,000.00. The prices are the sponge soaking all the excess printing of the currency generated by commercial banks and our central bank which by the way is the guardan of the Malawian kwacha. Speaking of the lender of last resort, a report by Miriam Banire on Crypto adoption around the world: Malawi stated Reserve Bank made it clear that cryptocurrencies are not considered legal tender and their use remains illegal.

The report further highlighted by stating, " RBM bears the exclusive mandate to issue legal tender, thus, bank notes and coins in Malawi, and to date, has not issued any form of cryptocurrency. The general public is encouraged to fully understand and be aware of the risks associated with the use of cryptocurrencies and similar online trading schemes, which include money laundering, vulnerability to cybercrimes, hacking and other fraudulent activities.” A statement from the former Governor of RBM, Dr. Dalitso Kabambe.

In the light of this, 2022 seems to be the official opening entry of Bitcoin and all crypto currency discussions in Malawi. Bitcoin was treated as just any other cryptocurrency and assumably needing a more careful approach to it. A strong emphasis that the RBM bears exclusive rights to issue legal tender currency in form of notes and coins drew a clear line, underlining risks such as fraudulent schemes, money laundering and cybercrimes if not monitored or regulated by the central bank.

In 2023, the same report stated that RBM was aware of cryptocurrency trade activities and there was mounting pressure from organizations such as ICT Association of Malawi as well as Economic Association of Malawi on formulating a regulatory policy and giving a clear stand on legal status for cryptocurrencies. The secretary of RBM and general counsel mentioned in further development in the report of engaging verious stakeholders in crypto regulation and having a neutral stand.

This implies that the governments position is still not yet clear and not known on where it stands on all this. However, they are aware and their attention is undivided.

Malawi is also a member of the World Economic Forum. An international independent egency that aims at improving the state of the world by involving the business communities, governments and institutions in crafting policies, guidelines and really put in effect agendas seeming fiting for a cause. Does it sound like Malawi perhaps may have been trying to explore its first Central Banking Digital currency?

WEF clearly advocates for a cashless society and has pushed for central banks in its membership to craft a Central Banking Digital Currency. As word on the corner travels so fast, Malawi seems to have called for consultations for a CBDC which its prototype patent is called the 'e-kwacha.' A digital currency that will be issued by the state, perhaps that will also go side to side with the physical notes of the Kwacha.

Progress of this project has so far went under the sheets as not much has been heard or speculated but we have our three eyes and three ears open to see the unfoldings of any development.

BITCOINBOMA, EDUCATION AND WOMEN OF SATOSHI

All roads to Bitcoinboma began in 2022, when Malawi including the rest of the world were recovering from aftermath of COVID-19 pandemic which was declared by World Health Organization. By this time a lot of business activities had slowed down, most private sector had been on a lock down and others working remotely.

Demand and supply command lines had drastically dropped. Masks had to be worn in all public places and atmosphere was utterly dry. Physical meetings seemed a challenge, gathering as crowd suddenly was a taboo but as history continually speaks and repeats, such times on the opposite side, opportunites loom for light. Two gentlemen, Nick Twayman and Grant Gombwa were actively sparkling Bitcoin conversations, deliberating Bitcoin and its state in Malawi. They started hosting space talks, engaging with fellow bitcoiners and audiences across the world via on twitter (X).

As if they were men on a mission to the Creature of the Jerky Island to draft a BitcoinBoma bill, it is believed that in 2023, August was the first time a Bitcoin physical Meet up happened in Malawi, right in the heart of the capital city at MHub Area 15, Lilongwe. There were fifteen participants and amongst many things they shared ideas of Bitcoin, state of legality, education and awareness as well as its adoption in Malawi. The aftermath of this meeting encouraged Grant and Nick to develop an idea of an organization. Interestingly, it was the wife of Nick that came up with the name "BitcoinBoma." Perfectly fitting, the name "Boma" stands for "place where people live" also it stands for " Government." Bitcoin being for the people, serves the society, a universal digital currency, the name absolutely placed everything in order fitting the context and representation.

BitcoinBoma was born in August, 2023 and made its first steps by intergrating the themes of social interaction, environmental awareness and economic enpowerment of Malawians. This organization advocates for the use case of Bitcoin as a legal tender currency, offering an altenative along side the Kwacha, seeking framework and acceptance as means of payment for goods and services. Bitcoin finally had a home in Malawi, BitcoinBoma.

Later, Ian Foster, a chartered accountant, economist, business analyst and ofcourse a Bitcoin maxi teamed up with the cofounders of BitcoinBoma and went together for a Bitcoin voyage conference in South Africa towards the end of 2023. After this conference, he later joined Bitcoinboma & also highlited his personal efforts of engaging Malawi government on the Bitcoin course which amongst other things included negotiating with the government of Malawi, through the Ministry of energy resources and Mining. He proposed an opportunity to utilize the water energy which powers the electric hydro-power plant grid that powers and generates electricity for Malawi. In the proposal, the abstract was utilizing and boostering efficiency of generating electricity through Bitcoin mining.

Later in May, 2024 BitcoinBoma collaborated with Trezor academy to host their first Bitcoin Education seminar and it happened in the month of July, 2024. They were 12 participants who completed a 3 day seminar series, scooping certificates of attendance, crafting cyberhornets of Bitcoin to preach the gospel of Bitcoin to the masses. These efforts proved a success and opened the door of an opportunity to embark on the first BitcoinBoma Diploma education journey. Towards the year end of 2024, BitcoinbBoma successfully launched the Bitcoin Diploma education campaign and registered its first Cohort students to embark on an education program.

November 16th, 2024 was a special day. It was packed like its a chrismas day where all relatives are sitting and laughing on a round table. BitcoinBoma hosted a Bitcoin 101 session with a special guest who later has become an incredible pillar of strength in BitcoinBoma. Talking of electrical Engeenier a Bitcoin powerhouse, vastly experienced, some grey hair we were privileged to meet and have Olev Maimets, all the way from Canada. He detailed the significance of Bitcoin, why Bitcoin and how his life has changed by embarking on Bitcoin. To this day, Olev is an anchor, a tutor, an aid and alley of BitcoinBoma.

Later, Ian travelled to El- Salvador, where his mission was to raise awareness and apply for BitcoinBoma to be a Mi Primer Bitcoin node and on 5th January, 2025 Bitcoinboma took its first step embarking on its first education program.

On the February 12, 2025 BitcoinBoma received an upvote representation of 56 votes to become a light node.

As history of BitcoinBoma continued to unfold, a new alley emerged from the shores of the fresh waters of Malawi. A briliant, creative and passionate Doctor and a junior Bitcoin protocal developer who cofounded a cooperative initiative called Women of Satoshi.

WOMEN OF SATOSHI This young ambitious professional doctor and junior Bitcoin developer by the name of Yankho Ngoleka took advantage of his challenging profession and made it to an opportunity by concretrating on how marginalized and vulnerable young women and women can build from scratch using an idea known as 'Sats Mkhonde.' The idea loiters a common traditional women's' Bank m'mKhonde, where women can form a cooperative and loan each other currency to support their existing business and pay it back after a given period of time for others to access. ' The name is an imagery that means, ' the Bank is within the veranda' so to say, ' the Bank is close to you.'

Earlier, it was highlighted how small scale businesses are really the skeleton of Malawi's economy. One of their major draw back is how FIAT currencies wash off the purchasing power for their gains in the small businesses they run. In the long run if these business erode with hyperinflation, then chances are they wont survive. Absence of these businesses means a cut in business supply chains, collapse of production and destruction of a family unit.

How can these businesses be recession proof? Women of Satoshi has a unique answer. If these businesses have access and adopt Bitcoin as altenative digital currency portfolio then it stretches the life span of their investment and savings. Bitcoin is a store of value and fares well with time. Women of Satoshi aims to educate and let women pioner 'Sats Mkhonde' initiative which will be a cataylst in creating a Bitcoin circular economy. As BitcoinBitcoinboma picked its perks, it partnered together with Women of satoshi and shared together the vision of awareness and education for Bitcoin in Malawi. In the months of March- April of 2025, BitcoinBoma and Women of Satoshi collaborated with Trezor Academy for a Bitcoin seminar at MUBAS ( Malawi University of Business Applied Science) which was a success.

MALAWI CATCH BITCOIN IF YOU CAN

When there's a dead rat in the ceiling, no matter how you clean the house, the cent of it will keep you outside the house. When you have a currency plundered by catastrophic loss of purchasing power, it will keep you out of reach for prosperity.

There is a lot of mirage on the state of affairs of the Kwacha. It seems the more we use it as a medium of exchange and store of value, the greater it plunges. The rate of its velocity seems to concur to the speed of light and prices are soaring to the point they can break the dome. The underwhelming performance of the Kwacha places every citizen on blink of loss, financial paralysis, uncertainty and instability of the nation.

There are a lot of schools of thoughts, we have brilliant economists, well grounded institutions that act as an eye and they have solid data with all the charts in place. As of writing, trading economists, reports an exchange rate rise of MWK 1,734/1 USD recording a 0.02% increase as of 10th June, 2025. In contrast, the Kwacha performed lower last month giving a 0.02% & a lower turnover of 0.03% from the previous twelve months check

On the opposite side, the reality speaks a different language. Regardless of the slight gain, prices of commodities which are an indicator to the purchasing power of the currency continue to climb up. Every commodity seems to react with any speculation, rumor mill, geopolitics and ofcourse trends with the US Dollar, cases of both white market (Bank rate) & black market(Unregulated US Dollar market rate).

Fuel availability is also one catalyst that sets the wildest fires of price hikes. Just a slight hint of fuel shortage, sets ablaze prices of every commodity leaving a wallet only ashes and dust. A fuel shortage can get the price of fuel at MWK 10,000 or above per litre as compared to the official pump price of MWK 2,530 for Petrol and MWK 2,734 for diseal as of writing. According to statista, Malawi has one of the highest, in fact the first country on the list for the highest gasoline prices.

Confidence & purchasing power of the Kwacha is extremely reliant towards availability of US Dollar. What institutions of trust miss as guardians of the Kwacha is we legitimize the Kwacha to another collapsing currency, the US dollar. The dollar standard since 1971 has never mantained any purchasing power. It has in fact failed to keep its grip as a store of value as time can attest its stability and strength. This is the case with all FIAT currencies throughout history. Price inflation of commodities has always signalled a weak currency due to over excessive printing, government deficit spending for social programs, ever ending construction works, social cash transfers amongst other things. Whenever, the money supply is tampered with, a loss in the purchasing power is inevitable. The institutions we trust to save guard the purchasing power of the currency fail to uphold the principle and never mention or question the money supply problem. They chose shortcuts that bypass the natural principles of free markets.

This is like keeping a dead rat in a home, if you can't locate it, the smell will choke the nostrils.If we are to reverse the situation, we need to fix our home by addressing the problem of this dead rat. A deep search, proper cleaning utensils and some odor deodorant should aid the cleaning process. Malawi should properly position itself on the stand of legalizing use of Bitcoin and handling FIAT currencies. The fate of the Malawian Kwacha is sealed and will continue to dwindle, losing its purchasing power as currency supply is never ending always fuelled by excessive spending and debt by the governmentt. This where Malawi must Catch Bitcoin if it can.

Loss of purchasing power and currency debasements are an ever ending circus. Excessive spending is a key feature for governments and when future prosperity is spent presently disasters looming in the future are always unavoidable. So how can Malawi avoid such catastrophes?

Allowing Bitcoin side with the Malawian Kwacha, it can combat forex challenges. Bitcoin doesn't have an exchange rate. It is 'the money itself.' It has a use case backed by computational power, network and cryptographic intergrated security. Nations can use Bitcoin to exchange value and communicate bilateral agreements without holding each others currencies to facilitate trade. There's no risking sabotaging the whole nation using primarily one instrument and medium of exchange. Bitcoin can allow Malawi to engage and exchange value, talents, resources and boom emerging markets with Bitcoin provided a framework is put in place to support Bitcoin. Using Bitcoin, will bypass almost all barriers to access international goods as well as export locally made goods to other countries.

Again, Bitcoin offers an altenative to the currency. No forex? No currency printer? Well, no problem, we have a stable altenative that can be used and still have access to international market. The 'one option only' conveys to limitation. Malawi markets are very vibrant, possibilities are limitless. We have producers who produce more and consume less. The pieces all collapse if there's one firm point holding the entire financial infrastructure. So if the dollar collapses, the Kwacha must follow trend. As all FIAT are nothing but IOUs, backed by the faith, trust and realiance of government. When the government seizures, the currency will follow too. Alternatively, this is not the case with Bitcoin. Built in scarcity and difficulty adjustment in its release, it keeps its inflation in check, having an equilibrium supply and creating more demand that brings about stability in the free market.

Truth is majority of the citizens panic and worry of faith in the Malawian kwacha. Everyone complains of high costs of living, that the wage isn't as good and fails to uphold coverage for a family. Adding a side hustle, two or three jobs and shifts, lending capital to farm all as a thousand ways to invade inflation. As prices will forever continue to sore, the market also keeps an eye and Grasham's Law always takes effect. (Grashams Law, Bad money drives out good money). The MWK 20.00 Malawian currency note could buy some candy back in the days. If we stretch this further it was a wage in the 1930''s to 60's. Today a MWK 20 note barely affords to make any purchase. At face value its useless on market, just a paper and a number on it. Some merchants don't accept it, being the weakest link and can't really purchase anything of value although it still has legal status and backed by government. The government through Reserve Bank of Malawi cautioned its citizenry that the MWK 20 note is still legal tender and must be accepted and used and warned those merchants refusing may face the law.

Well i hope i won't face the law with this.

Bitcoin may be the answer to questions majority of small scale businesses have who, constantly question legitimacy and fragility of the Kwacha. Price shocks ultimately dilute the little gains these businesses make, sending them back to the drawing board with really no insurance, surplus capital or compensation for the flooding Kwacha. Inflation of Kwacha undermines the capital power of these businesses and yet they are the skeleton that hold the muscle of the economy. Many of these are local vendors who tirelessly roam around in the urban city and rural areas, small shops also called 'Okala' who at many times order goods from other retail and wholesaler shops. When price shocks happen, their tables scatter and really have no choice but to also raise their prices. It gets to the point that at times one may not know how much they are they going sell their goods or what price is one going to buy.

On the other hand, Bitcoin which has proven time and again to be stable could protect, insure these businesses against these catastrophes. The deflationary measure can help a portion of their business capital be insured in the form of savings.

Bitcoin doesn't have a price and can't be measured to a collapsing currency to determine its value. The underlining statement is 1 Satoshi will always equal to 1 Satoshi, 1 BTC will always equal to 1 BTC. A digital currency with such a store of value feature in its feathers can really be an altenative, a reliable economic container, storing value for a really long time and can safely land any small business enterprise on a flying wheel.

So whats next... Let me wrap up by sharing an amazing experience i had with the students i teach at my school. Am huge fan of football & its encouraging to see young girls play soccer. At my school, on this particular day, i had fun seeing and cheering them play for a prize and they absolutely went nuts and loved it.

I offered them MWK 10,000 prize, about 5,280 Sats, $5.77 as of writing & the winners took it all. I know one day they will get to understand Bitcoin and why, they will also accept Bitcoin as payment.

One day they will have their football kits labelled Bitcoin and own Bitcoin branded football boots and balls. If you think this is a great idea, share, express your views and suggestions in the comments, I'd be so excited to hear them.

Am also a developing roockie blogger, you can rate my pen skills and give any meaningful suggestions.

Sources:

@ b6dcdddf:dfee5ee7

Bitcoiners around the world are helping to build a safe, permanent home for 50+ orphans in Bugiri, Uganda 🇺🇬—complete with dorms, classrooms, gardens, and Bitcoin education.

Project by @orphansofuganda

https://geyser.fund/project/buildingabitcoinfundedorphanagehomeinuganda

https://stacker.news/items/1002532

@ 5627e59c:d484729e

Ik hou van de natuur en van verbinding maken\ Van diepgang en van mensen raken

Van creatief schrijven en programmeren\ Van speels bewegen en nieuwe dingen leren

Ik hou van leven en van dromen\ En van mensen zien\ Hun diepste wensen uit doen komen

@ 5627e59c:d484729e

Ik sta hier nu een poos\ Bevroren, machteloos

Ik wil graag iets veranderen\ Gewoon iets doen voor anderen

Maar het mag precies niet zijn\ En dat doet me veel pijn

Verlamd en vol van onbegrip\ Ik krijg er maar geen grip op

Op de wereld en de mensen\ Zij verpletteren mijn diepste wensen

Niemand die eens hoort\ Naar wat mij toch zo stoort

Ik kan nog eens proberen\ Om de wereld om te keren

Maar ik weet, het heeft geen zin\ Ik raak nooit binnen in

De ander\ Kom, verander

Misschien wordt het eens tijd\ Dat ik mezelf bevrijd

Van al die overmacht\ Die mij toch zo versmacht

Een stapje achteruit\ Adem in en adem uit

Ik doe mijn oogjes dicht\ En zie wie mij verplicht

Opzadelt met ambitie\ Van waar komt toch die missie

Al de pijn die ik niet aankan\ En van 't bestaan verban

Al 't bewijs voor mijn geloof\ Dat ik niet meer vliegen kan

@ 472f440f:5669301e

Marty's Bent

via me

"The man in the coma" has been a long-running archetype of a bitcoiner on TFTC and Rabbit Hole Recap. Over the years, we've referenced the man in the coma in regards to bitcoin being a backward compatible distributed network that would enable an individual, in the case of our example - a man who fell into a coma, to be able to wake up many years, even decades, after falling into a deep sleep, go back to his bitcoin node and be able to participate in the network and validate his own transactions as if the network was operating the same it was the day he slipped into a coma. As a distributed network, this is one of bitcoin's greatest value props; consistency for the individual running it, no matter the version.

Having spent 12 years engrossed in bitcoin, thinking about it every day, building a media company focused on educating people about the network and the monetary revolution it enables, why it's important and how they can use it. Becoming a managing partner at Ten31, which is dedicated to investing in companies building out infrastructure that makes bitcoin more accessible and easier to use; "the man in the coma" has become a more prominent archetype in my mind.

"The man in the coma" archetype can be described in other ways. For instance, there was an individual by the name of John Doe, who joined myself and Matt Odell on TFTC about seven years ago who went to jail for four years. He was distributing certain goods on the Silk Road for many years and got nabbed by the police while throwing a house party. Unfortunately for Mr. Doe, the goods he were selling via the Silk Road were in the house hosting the party that got busted. Fortunately for Mr. Doe, the police who nabbed him were not privy to the way in which he was marketing and selling the goods. He went to jail for four years, walked out at the end of his sentence, found his bitcoin wallets, recovered them and was more than pleasantly surprised at the magnitude of his wealth.

The forced hodl that was incited by the state throwing him in a cage wound up paying off after four years. Now, I can certainly admit that time is the most scarce asset in the world. Being put in a cage for four years or falling into a coma for a number of years is not ideal. However, there are lessons to be gleaned from the successes that have been realized by "the man in the coma" and the man who was forced to hodl by being thrown in a cage. Unable to access his bitcoin during that period of time to make less than wise decisions.

The main lesson to be gleaned is that doing nothing is oftentimes significantly more optimal than doing something. Too many bitcoiners decide to make rash decisions influenced by the day-to-day happenings on social media or some one-off comment from someone in their personal life that they respect. These comments can be about the long-term viability of bitcoin itself, some prognostications about where the price is going in a short-term to medium-term time frame or simply the social aspects of being associated with bitcoin. All of these factors play into influencing certain individuals deciding to sell their bitcoin in the hopes of buying it back lower, realizing something material in their day-to-day life or jumping off a ship that they've been convinced is about to sink.

In my mind, the only thing listed above that makes a bit of sense to me is realizing something material in your day-to-day life. Selling some bitcoin to purchase something that makes your life better like enabling you to support your family at a critical time and in a way that would not be possible unless you sold bitcoin. That makes sense to me. However, the other two are completely nonsensical. Bitcoin's success is binary. It either succeeds or it doesn't. And if you accept that this is true, success means slowly but surely becoming the global reserve currency and monetary network used by billions of humans on the planet or it goes to zero.

If the former materializes, that means that billions of people are going to be competing for 21 million Bitcoin. There are, by some estimates, $900 trillion worth of assets that are being used to store wealth over the short, medium, and long term. Bitcoin has the potential to subsume a material percentage of that $900 trillion. In my mind, if bitcoin is as good as I believe it is, it should take at least half of that market, if not 80 to 90%. This in and of itself is a gamble. No one can be certain that this will come true. And with that in mind you have to make a probabilistic bet by surveying the world and discerning what the likelihood of bitcoin's ultimate success is.

If you think governments, central banks, and large corporations are going to continue down the path of unfettered expansion of the monetary base, debt, and misallocation of capital, bitcoin, a peer-to-peer distributed cash system that cannot be controlled by any individual. corporation, country, or central bank makes a lot of sense. The debasement, the debt expansion, and the misallocation of capital are driven by fallible humans working in incentive structures that are vulnerable to the fallible nature of the humans working within them.

Human fallibility brings with it the ability to talk oneself out of a position that one knows makes sense and is logical. This is the disadvantage that those who are not "the man in the coma" or "the man in a cage" operate from. Being forced to hodl bitcoin is already and will increasingly be seen as a relative advantage. Many who are in bitcoin today, paying attention to every headline, every pull request and every doubt flung their way will likely get to 2030 and agree that they made worse decisions than the man who was thrown in a cage or who slipped into a coma.

Of course, this isn't a fair introspective conclusion. The man in the coma and the man who was forced to hodl because he was put in a jail cell did not have a decision at the end of the day. Both were forced to hodl due to external or internal forces that, all else being equal, they would prefer not have had to endure. However, the outcome of these two situations will likely be better than the outcome of "the man in the arena" who thinks that by making decisions on the go as a slew of information comes his way on a day-to-day basis will materialize in a larger stack of satoshis.

The reality of the situation is such that no one truly knows where bitcoin is going to go on a day-to-day, month-to-month, or year-to-year basis. Especially at this point with large institutions, nation-states, corporations, and individual states getting into the fray. The only tried-and-true strategy within bitcoin over the long term is to stay humble, stack sats, and hodl like you are "the man in the coma" or the man who was thrown in a cage.

Bitcoin's Volatility Won't End With Institutional Adoption

Leon Wankum challenged the popular "supercycle" narrative during our conversation, arguing that Bitcoin's volatility isn't going away despite massive institutional adoption. While acknowledging that MicroStrategy now holds over 2% of all Bitcoin and won't sell, Leon maintains that leverage will still need to be washed out. He expects another 60% drawdown at the end of this bull cycle, viewing this as a feature rather than a bug of Bitcoin's design.

"Bitcoin naturally washes out leverage, it builds resilience and we don't go through these crazy boom and bust cycles, we go through bull and bear markets and I think that's a net positive." - Leon Wankum

Leon sees Bitcoin's volatility as fundamentally different from fiat's destructive boom-bust cycles. Where traditional markets require central bank intervention to prop up failing systems, Bitcoin's regular corrections create genuine resilience. Bad actors will always enter during euphoric phases, and the subsequent washouts ensure only strong hands remain. This natural selection process, he argues, is beautiful - it's what makes Bitcoin antifragile.

Check out the full podcast here for more on real estate opportunity costs, Bitcoin bonds, and treasury company risks.

---

Headlines of the Day

Romania Adds Crypto Terminals to Post Offices - via X

Musk Claims Trump in Epstein Files - via X

Uber CEO Calls Bitcoin Proven Store of Value - 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...

The kids really do grow up faster than you expect.

---

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:

@ cae03c48:2a7d6671

Bitcoin Magazine

Remixpoint Invests ¥887 Million More Into Bitcoin

Remixpoint Inc. (3825.T), a management consulting services company, announced it has purchased ¥887.3 million worth of Bitcoin, acquiring 55.68 BTC at an average price of ¥15.94 million per coin. 

JUST IN: Remixpoint just keeps buying more #bitcoin. Another 55.68 BTC today and they now have a total of 981.39 BTC. pic.twitter.com/mTkZg8mNO4

— NLNico (@btcNLNico) June 12, 2025

Following this purchase, the company now holds a total of 981.39 BTC, with a market value of approximately ¥15.63 billion. The unrealized gain on its Bitcoin holdings stands at ¥2.32 billion, reflecting their confidence in Bitcoin’s long term value. The funds came from the exercise of stock acquisition rights conducted on June 10.

Remixpoint Inc. is a Japanese company that started in the auto and energy sectors but has changed toward digital assets. It’s one of the few public companies in Japan actively holding Bitcoin, seeing it as both a store of value and a hedge against the weakening yen. Their move highlights a growing shift in Japan’s corporate space toward Bitcoin adoption.

Bitcoin has been so strong over the years that even in Japan, more companies are adding it to their balance sheets. It all started with Metaplanet, which was originally a hotel and hospitality company. In 2024, they shifted their strategy entirely and began accumulating Bitcoin as a treasury asset. That move caught the attention of investors and marked a turning point in Japan’s corporate approach to digital assets. Since then, Metaplanet has leaned fully into the Bitcoin thesis, positioning itself as Japan’s version of Strategy.

Recently, Metaplanet also announced its “555 Million Plan,” aiming to acquire 210,000 BTC, which is about 1% of Bitcoin’s total supply, by the end of 2027. This represents a major step up from its original “21 Million Plan,” which aimed for just 21,000 BTC. As of June 2, the company had already secured 8,888 BTC, far ahead of schedule and signaling strong momentum in its accumulation strategy.

Metaplanet has launched Asia’s largest-ever equity raise dedicated to Bitcoin:
¥770.9 billion (~$5.4B) capital raise
555 million shares via moving strike warrants
First in Japan: issued at a premium to market — enabled by Metaplanet’s high volatility and deep liquidity… pic.twitter.com/UlXHneyDzo

— Simon Gerovich (@gerovich) June 6, 2025

To fund this effort, Metaplanet launched Japan’s first moving strike warrant structure, issuing 555 million shares to raise approximately ¥770.9 billion. The plan was approved following a 10-for-1 stock split and a shareholder vote to increase authorized shares. With robust BTC yield performance and growing investor backing, Metaplanet is quickly establishing itself as Japan’s most influential corporate player in the Bitcoin space.

This post Remixpoint Invests ¥887 Million More Into Bitcoin first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

@ 5627e59c:d484729e

Een warme chocomelk\ Een knuffel en de moed te durven spreken\ Een leuk oprecht verhaal\ En een stap naar mijn verlangen

Deze dingen allemaal\ Maken me warm vanbinnen\ Ik hou van deze dingen\ Ze doen mijn hartje zingen

Ik wens iedereen zo'n warmte toe\ Ik wou dat ik het delen kon\ Maar het ziet er anders uit\ Voor jou dan hoe voor mij

Het enige wat ik echt kan zeggen\ Het enige dat ik zeker weet\ De kracht om warmte te creëren\ Ligt in je eigen handen

In je voeten, in je mond\ Het zit ook in je ogen\ En ook in je haar\ En zei ik al je mond\ En zelfs ook in je kont

Haha, ik ben maar wat aan 't lachen\ Dat is wat mij verlucht\ En ervoor zorgt dat wat ik zeg\ Van mij los kan komen\ En jou bereiken kan

Zo kan ik op beide oren slapen\ Dat ik deed dat wat ik kon\ Ik sprak dat wat belangrijk is\ Voor mij en liet het los

De wijde wereld in\ Voor al die horen wil en daar om geeft\ Om die warmte in hun hartje\ En daar misschien naar streeft

Ik wens je al 't succes toe in de wereld\ Want God weet, je bent het waard\ Het ligt nu in jouw handen\ Deze woorden, wat ik zeg\ Iets om over na te denken\ Tussen 't brood en het beleg

Leef gewoon je leven\ En zorg goed voor jezelf\ En als je 't graag wilt vinden\ Is het daar voor jou aan 't wachten\ Tot jij klaar bent met geloven\ In al dat anders klinkt

Ik kan je niets beloven\ Maar vertrouw op jouw instinct

@ 0403c86a:66d3a378

Exciting news for FOOTBALL fans ⚽! Global Sports Central 🌐 is teaming up with Predyx, a leading prediction market in the Bitcoin ecosystem, to bring you comprehensive coverage of the very first Club World Cup directly on Nostr. This partnership is all about enhancing your experience with the latest news, insights, and interactive features!

The Club World Cup will showcase the best clubs from around the globe, and with our collaboration, you’ll be fully engaged in the action. Predyx focuses on long-term outcomes, allowing you to make predictions on who will win it all. Plus, if you’re not happy with your predictions, you can sell your shares at any time and switch allegiance—after all, it’s a free market!

What You Can Expect:

• Latest News and Match Reports: Stay updated with the latest news, in-depth match reports, and insights from the tournament, ensuring you never miss a moment.

• Market Odds Tracking: Follow the shifts in market odds in real-time, giving you the edge when making predictions and engaging with the action.

• Player of the Day Card: Celebrate standout performances with our Daily Player of the Day card, highlighting the top players from the tournament.

• Game oN Frontpage: Each day, we’ll feature the frontpage of the day, showcasing the most historical matchups and capturing the feel of the game.

• Best Moments Replays: Relive the excitement with replays of the best moments from the Cup, so you can catch all the highlights and unforgettable plays.

• Long-Term Predictions: Engage with Predyx to forecast who will win the tournament and who will take home the MVP award, allowing you to make strategic predictions as the tournament unfolds.

• Easy Login System: Getting started is a breeze! All you need is a Lightning wallet to log in and participate, making it simple for everyone to join in on the fun.

• Lightning-Fast Bitcoin Payments: With the Lightning Network, placing your bets and making predictions is faster and easier than ever. Enjoy seamless transactions while you cheer for your favorite teams!

"Predyx is excited to be part of this innovative partnership," said Derek. "We’re bringing fans a new way to interact with the game they love, all while using the fast and secure Lightning Network."

Predyx is a Bitcoin-native prediction market platform running on the Lightning Network. We’re building the fastest, most trust-minimized betting engine in the world — no deposits, instant payouts, sats-native, and degen-friendly.

Global Sports Central 🌐 Your daily spin around the sports world 🔄 Stay in the loop with the latest scores, stories, and stats.

GSC360 - Where Every Angle Matters

@ 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.

@ f0fd6902:a2fbaaab

https://stacker.news/items/1005372

@ f0fd6902:a2fbaaab

From my end, it s not one thing but a sentence:

A borderless world in a decentralized economy, where age, sex, race, religion... have not labels in a society where human are sovereigns.

https://stacker.news/items/1005361

@ 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.

```

```

@ 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

@ 5627e59c:d484729e

Warmte betekent zachtheid aan de grenzen\ Omringt door zachte mensen

Warmte betekent vrijheid\ Vrij om mij te tonen en te bewegen

Warmte betekent rust\ Om hier niet ver vandaan te hoeven zijn

Warmte betekent leven\ Iets waar ik vol van liefde mijn aandacht aan wil geven

Warmte betekent vriendschap\ Alle vriendschap die mijn hartje vult

Warmte betekent vol zijn\ Vol betekenis die mijn omgeving aan mij schenkt

Warmte betekent geven\ Geven om wat ik voor jou en jij voor mij\ Wij voor elkaar nu eigenlijk echt betekenen

@ 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.

@ 8bad92c3:ca714aa5

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.

Real Estate Correction Coming

Real estate expert Leon Wankum shared his perspective on why property prices need to find a new equilibrium by 2026. He pointed to the 18-year property cycle theory, noting we're at the end of the current cycle with a massive imbalance - 34% more sellers than buyers, the highest gap since records began in 2013. Leon explained that sellers still have unrealistic expectations based on 2021-2022 peaks, while buyers face a fundamentally different reality with higher borrowing costs.

"We need a price equilibrium. We need demand and supply prices to match. It's going to take a long time, I think." - Leon Wankum

Leon doesn't expect a catastrophic crash, however. He emphasized that the financial system depends too heavily on real estate as collateral for authorities to allow a complete collapse. With interest rates likely staying above 3% to combat inflation, he sees a healthy correction rather than devastation - a necessary adjustment that creates opportunities for patient buyers who understand the new market dynamics.

Check out the full podcast here for more on Bitcoin treasury strategies, dual collateralization, and corporate BTC adoption

---

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:

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

@ 2b998b04:86727e47

🌋 Ka ʻImi i ka Pono: Seeking What’s Right

A 7-Day Series on Sovereignty, Bitcoin, and the Soul of the Islands

> "Man is not free unless he wills to be free."\ > — Johann Gottlieb Fichte

Hawai‘i understands sovereignty. It always has.\ But it was taken — first with pen and politics, then with force and fiat.

Bitcoin offers something different:\ A way to reclaim sovereignty without violence.\ A tool for self-rule, not state rule.\ A system built not on empire, but on truth and time.

This week, I’ll be posting a 7-part series exploring this tension:\ Between the Hawai‘i that was, the system that is, and the future that might be — if we choose to build on bedrock instead of paper.

I don’t know if there’s a traditional Hawaiian word for a 7-day week — maybe there doesn’t need to be.\ Time moves differently on these islands.\ But for the next 7 days, I’ll mark each reflection as a kind of modern lā hoʻomanaʻo — a day of remembering, reckoning, and restoring.

This is personal. It’s philosophical. It’s also unfinished.

But that’s what sovereignty looks like:\ Not something given — something reclaimed.

Stay tuned. Stay akamai.\ 🟧\ — Andrew G. Stanton (aka akamaister)

@ 79be667e:16f81798

I am here too\ In the same space like you

In the same situation I'm in\ It's a matter of positioning

I cannot leave this place I'm in\ It was brought about\ By what's been happening

So please don't look at me\ For what I can or cannot do for you\ But look at what is happening for me\ And what is happening for you

Let's communicate\ Not orchestrate

Because there's something I wish to do\ And there's a place I wish to go to

And I'm sure that there is too\ In your heart a fire\ Known by only you

So let us listen, look and see\ For what's true for you\ And what's true for me

That we may act upon what's here\ In order for us both to take a step\ In the direction we wish to steer

@ ae9dc5ef:77f0ed87

I'm excited to announce that Nostr Game Engine just reached its first development milestone: v0.0.

What is Nostr Game Engine?

Nostr Game Engine is built on top of the modular and proven jMonkeyEngine.

What sets it apart? Its internals are being gradually replaced with Nostr-powered modules, turning it into a reference engine purpose-built for decentralized games.

This first release delivers these key capabilities:

Peer-to-Peer Networking

Forget centralized game servers. Nostr Game Engine gives you real P2P multiplayer, using WebRTC for data streaming and Nostr relays for coordination.

Want to dig deeper? This is a draft NIP that is a revised version of this other draft NIP, that details how the signaling works.

WebRTC is already a solid and reliable peer-to-peer protocol, equipped with a full set of NAT traversal capabilities, but its signaling phase typically relies on specialized central servers.

By coupling WebRTC with Nostr, we take signaling decentralized too by relying on a network of dumb public relays that are oblivious to what encrypted data we send to them and are easily replaceable.

(see the documentation for more info)

Nostr Authentication & Gamertags

NGE has a fully managed Nostr Auth flow, with support for NIP-49 encrypted local nsecs and  NIP-46 remote signers.

It also fully handles metadata, including external identities:  your profile picture, display name, and other details can carry over between games, and even from other Nostr clients and communities.

This release is also introducing Gamertags: persistent gaming handles tied to your Nostr pubkey. They are like Xbox Gamertags or the old Discord handle, but they’re decentralized and follow you across any game that supports them (check this draft nip for more info).

Match Making

While matchmaking is planned for a later milestone on the roadmap, this release ships with an early implementation to help test RTC connections.

This initial implementation has the APIs to create lobbies that are discoverable and optionally password-protected. Players can search and filter for lobbies using both client-side and relay-side filtering, depending on what the relay supports.

Right now, you can’t see how many players are in a lobby, and the feature is still a bit rough around the edges, but it's a solid start, and more improvements are coming as we move further along the roadmap.

The cool part? You don’t even need to know Nostr is running under the hood. The engine exposes simple APIs like createLobby, findLobbies, and connectToLobby, the developer can call them when needed, and the engine handles all the relay querying and data stitching behind the scenes.

(see the documentation for more info)

A new Nostr Client Library

The engine uses a new Nostr client library built from scratch, designed for performance, asynchronicity, and memory efficiency. It’s lean, fast, and built to be the foundation for everything that comes next.

Cross-Platform and language of choice

The entire codebase is written mostly in Java, and it builds natively for Linux, macOS, and Windows.

Support for Android, iOS, and Web Browsers is on the roadmap.

What has been built so far?

• Version 0.0, with the core features mentioned above

• Documentation covering the key components of the engine

• An app template to help bootstrap projects and experiment with the engine

• An high performance and portable nostr client library

• A tech demo (more on that later)

So now, you can get a real feel for the engine, see what it does, play around with it, and maybe even start experimenting with your own ideas.

Roadmap

This is just the beginning. There is a full roadmap on the website.

Upcoming milestones include ads, deeper identity features, and tools that make decentralized game development as smooth as possible.

Sea of Nostriches

This is a demo built for this release. 

You start alone in an open ocean with a boat, nothing much at first. 

But as soon as another player joins (another peer), your boat begins sending data directly to theirs via peer-to-peer communication. You’ll see this visualized as a stream of numbers moving between boats in game.

If you have a profile picture set, it’ll automatically appear on your boat’s sail, and you’ll see others’ profile pictures on theirs.

That’s the core of it. 

It is not a real game, as there is nothing really to do, no lag compensation, no score etc… but it is a decent reference, and an “integration test” for this release.

There’s a lot more going on behind the scenes, like how the ocean is simulated or how rendering is handled, but that’s beyond the scope of this post. You can check out the full source code on GitHub, along with native builds for all supported platforms and a portable JAR.

---

That’s all for now! Huge thanks go to nostr:nprofile1qythwumn8ghj7ct5d3shxtnwdaehgu3wd3skuep0qyt8wumn8ghj7etyv4hzumn0wd68ytnvv9hxgtcqypu8xwr40lp96ewdj2fef408wy70gd3carf9n6xu7hrnhq6whpgly925h0z for making this possible. Their support allows me to dedicate full-time effort to this project and contribute to the growth of the Nostr ecosystem.

---

Check out the website at ngengine.org and browse the docs at ngengine.org/docs if you want to dig deeper.

Feel free to come up with any questions. I’ll do my best to answer.

@ cae03c48:2a7d6671

Bitcoin Magazine

The Trump’s American Bitcoin Merges with Gryphon, Reports 215 BTC on Balance Sheet Since Launch

American Bitcoin Corp (ABTC), a newly formed private Bitcoin mining company backed by Eric Trump and Donald Trump Jr., announced in a June 10 SEC filing that it has acquired 215 Bitcoin (BTC) since launching operations on April 1, 2025. The reserve is currently valued at approximately $23 million, showing their drive and commitment to Bitcoin. 

JUST IN: American Bitcoin Corp (private) reports to have 215 #bitcoin (per 31 May) since it's launch on April 1, 2025.

They will merge with Gryphon Digital $GRYP and become public under ticker $ABTC.

They mention "Bitcoin accumulation is not a side effect of ABTC’s business.… pic.twitter.com/wq1Uxr76Z2

— NLNico (@btcNLNico) June 10, 2025

“Bitcoin accumulation is not a side effect of ABTC’s business. It is the business,” the company stated in the filing.

Furthermore, ABTC has entered into a merger agreement with Gryphon Digital Mining ($GRYP), and the combined company is expected to begin public trading under the ticker $ABTC as early as Q3 2025. 

The company’s three-layer strategic plan—outlined in the SEC disclosure—details a focused approach:

Layer 1: Build the Engine

• ABTC’s foundation is built on “producing Bitcoin below-market cost through a capital efficient, infrastructure-light operating model.” The company owns and operates over 60,000 miners from Bitmain and MicroBt, running primarily on Hut 8-managed facilities.

Layer 2: Scale the Reserve

• ABTC had “accumulated approximately 215 Bitcoin in reserve since launching on April 1, 2025,” which it considers a long-term strategic asset. The firm states its goal is “to utilize public markets and strategic financing structures to access efficient capital and leverage that capital to increase its Bitcoin in reserve per share.”

Layer 3: Lead the Ecosystem 

• The company ultimately aims to use its operational scale and mining position to drive industry-wide adoption. “ABTC may pursue opportunities to support protocol development, enhance network infrastructure and contribute to Bitcoin’s resilience and adoption in ways that align with shareholder value creation.”

For mining rewards, ABTC uses Foundry and Luxor pools with sub-1% fees and relies on Coinbase Custody for secure cold storage, featuring multi-factor authentication and strict withdrawal protocols. 

With operations across Niagara Falls, NY; Medicine Hat, AB; and Orla, TX, ABTC is leveraging strategic partnerships—primarily with Hut 8—to scale its Bitcoin holdings while influencing the broader crypto mining ecosystem.

This post The Trump’s American Bitcoin Merges with Gryphon, Reports 215 BTC on Balance Sheet Since Launch first appeared on Bitcoin Magazine and is written by Jenna Montgomery.

@ f0fd6902:a2fbaaab

The Pallas cat wasn’t known to live on Mount Everest until a National Geographic Expedition in 2019 made a surprising discovery. The research team, made up of scientists from eight different countries, unexpectedly found Pallas feces in the Sagarmatha National Park in Nepal. “It is phenomenal to discover proof of this rare and remarkable species at the top of the world,” said Dr Tracie Seimon of the Wildlife Conservation Society’s Zoological Health Program.

These irritated-looking kitties live at high elevations throughout Asia and are considered “super predators,” meaning they are extremely successful at catching their prey. Analysis of scat revealed the feline is surving on pika within the mountain region.

https://stacker.news/items/1005336

@ f0fd6902:a2fbaaab

Panpsychism is the view that mentality is fundamental and ubiquitous in the natural world. The view has a long and venerable history in philosophical traditions of both East and West, and has recently enjoyed a revival in analytic philosophy. For its proponents panpsychism offers an attractive middle way between physicalism on the one hand and dualism on the other. The worry with dualism—the view that mind and matter are fundamentally different kinds of thing—is that it leaves us with a radically disunified picture of nature, and the deep difficulty of understanding how mind and brain interact. And whilst physicalism offers a simple and unified vision of the world, this is arguably at the cost of being unable to give a satisfactory account of the emergence of human and animal consciousness. Panpsychism, strange as it may sound on first hearing, promises a satisfying account of the human mind within a unified conception of nature.

For more details: https://plato.stanford.edu/entries/panpsychism/

https://stacker.news/items/1005324

@ 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

@ 79be667e:16f81798

Kan jij zien, er is geen hemel\ Probeer het zelf, dan lukt het wel\ Geen hel staat ons te wachten\ Enkel sterren hangen ons boven het hoofd\ Kan jij zien, iedereen leeft voor dit moment

Kan jij zien, er zijn geen landen\ Het is niet moeilijk gewoon land te zien\ Niets om voor te moorden of te sterven\ Ook geloof wordt niet gezien\ Kan jij zien, het leven wordt geleefd door iedereen in vrede

Misschien zeg je, ik kijk niet naar jouw wereld\ Maar ik deel dit zicht met velen\ Moge ook jij zoals ons zien\ Wij kijken in de wereld en zien gewoon onszelf

Kan jij zien, er is geen bezit\ Ik vraag me af of jij dit kan\ Geen hebben of een nood\ In een samen-leving van mensen\ Kan jij zien, wij delen de wereld met elkaar

Misschien zeg je, ik kijk niet naar jouw wereld\ Maar ik deel dit zicht met velen\ Moge ook jij zoals ons zien\ Wij kijken in de wereld en zien gewoon onszelf

@ 5627e59c:d484729e

Love, I thank you for your warmth\ Ever lifting

You keep me charmed\ Ever drifting

May I be me\ And you be you

In a perfect harmony\ Embracing all life makes us grow through

@ 6ad3e2a3:c90b7740

I’ve written before about the distinction between a platform, like Gmail or X, and a protocol, like SMTP or nostr. The former is typically owned and centrally controlled, the latter permissionless and open to everyone. For example, Google can ban you from using its email client, but no one can prevent you from using email itself because no one owns the email protocol.

Language is also a protocol, in fact every language including English. Anyone, even your worst enemy who knows it can make himself understood by those who understand it. Dictionaries and grammar guides exist, but over time even they bend to common usage and are forced to include new words and rules over time because no one owns or unilaterally controls the language.

Nonetheless that doesn’t prevent people from trying. If large companies ban you from using their communications platforms like Facebook, X and Gmail, it can severely constrict your reach. Banks can’t prevent you from using physical dollars, but they can cancel your credit cards and close your accounts, if for example you’ve decided to support Canadian truckers protesting their government, making it difficult for you to transact in a society largely run on their digital rails.

Over the last few years we even saw brazen attempts to turn language into a protocol via preferred pronouns, political correctness and a government-funded “disinformation” industry. The idea was that you had to “log in” with your correct view and accurate information credential before you could participate in a discussion about a wide array of sensitive topics. If you questioned the safety and efficacy of vaccines, the fairness of the 2020 election or the origins of the Covid virus you often found yourself denied reach on various platforms and labeled “anti-vax,” “anti-science,” an “election denier” or a “conspiracy theorist.”

These labels served to circumvent substantive discussion by denying basic standing such that there was no path to a hearing on the merits. If you did not signal your bona fides via adherence to certain preferred edicts, your perspective was often summarily dismissed, not only by individuals, but also institutions at the behest of which the modern public square is administered.

In short, centralized platforms, responding to government pressure, attempted to turn self-expression and in some cases even language itself into platform. As it turns out, that attempt was a violation of the law, at least in the United States, where we have a First Amendment:

Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the government for a redress of grievances.

That the First Amendment was violated over the last five years (and is still being violated now, though more with respect to what you can say about Israel and the conflict raging therein) is not surprising. The Constitution is merely a piece of paper and as such wholly dependent on succeeding generations’ willingness to stand up for it. Governments are always, by their nature, top down and fascistic insofar as they use force to achieve their desired ends, and it would be naive to think a piece of paper should stop them from doing so given a sufficiently compliant populace.

Put differently, the consecrated ideas in the piece of paper must be perpetuated to retain their binding effect. And rational arguments as to their supremacy over the expedience of the day (“people are dying, it’s a once in a century pandemic!”) often fall on propagandized ears. A list of sacrosanct principles is no failsafe for mass formation psychosis, and sophisticated and powerful factions have learned to foment manias as needed to overwhelm the average person’s dedication to them.

But just as gunpowder to some extent democratized the use of force 600 years ago, the spread of new technologies has the potential to enforce the First Amendment in perpetuity in a way the Framers with their pen and paper could not. In fact, we can re-write the First Amendment for the modern digital age in simplified form:

Religion and speech are ever protocols, never platforms.

In essence, no centralized entity can control, capture or censor them. But instead of simply stating this as a matter of principle, we can now, via Bitcoin and nostr, instantiate it into a decentralized ecosystem with the use of distributed nodes and unbreakable encryption. All the king’s horses and all the king’s men would more have as much chance of re-assembling Humpty Dumpty, contra the laws of entropy, as cracking your private keys. Inducing manias in the general public and using it as a lever on centralized gatekeepers works only at the platform level, but necessarily fails versus a distributed protocol.

The solution then in the face of an indifferent and obedient population to restoring the principles on which freedom and the prospect of human prosperity depend is to develop and use unstoppable, uncensorable technology, i.e., digital protocols, to circumvent the walled-garden platforms run by centralized tech behemoths. Yes, advocating for the principles in the founding documents is good and useful, but building and using tools that instantiate them is also necessary.

If enough people transact peer to peer in bitcoin rather than over the closed-circuit rails of the global banking system, and enough people share information over nostr, rather than via the centralized tech platforms, laws and actions that violate free speech would be as effective as ones outlawing gravity or laws of thermodynamics.

The next revolution won’t be with the guillotine or the pitchfork, but bottom-up person to person, permissionless interaction and transaction. You can still be excommunicated from the platforms by their commissars and state apparatchiks, but their edicts no longer run merely afoul of a consecrated piece of paper — they come up against an infrastructure over which they no longer have enforceable jurisdiction.

@ 5627e59c:d484729e

Jaren tellen\ Hoeft voor mij niet

Verhalen vertellen\ Over geluk en verdriet

Een warme haven\ Veilig en fijn

Dromen voorgedragen\ Onschuldig en rein

Momenten ervaard, geleerd\ En geïntegreerd

Ideeën, geloven en gevoelens\ Gevormd en gecreëerd

Zonder eind of echt begin\ Vallen, groeien, leren, stoeien

Een gezin in een gezin met een gezin erin\ Gezind gericht blijft liefde vloeien

@ 5627e59c:d484729e

Happy New Year!

Happy New Year, my dearest human family\ Happy New Year, my dearest animal family

Dear children of the Earth\ I wish you all a magical year

May it be utterly new\ Ever-changing\ New now

And may your journey say\ Life is amazing! I'm in a maze\ Life is awesome! Quite some awe\ Life is magical! True alchemy

I am human\ Black woman, I love you so\ Life-giver of my origin, the negro [nigiro]

I am\ Thus physical and non-physical meet

Life is to be\ As the elements are and compete\ And as they collide with one another\ One becomes aware of an other\ And so life sets on a journey\ To discover the other

Animal life is set to explore\ Allowing all experience the other has in store\ Life left to experience without a voice\ Until it discovers there is an 'I'\ And it has a choice

Human life is to be inside a human body\ Thus fusion between intellect and feeling\ Gets to express its perspective\ Inside infinity

Truly, a magical gift\ My Holy Trinity

And so from human life flow many voices\ As it navigates through infinite choices\

Thus I say

Life is magic\ A gift for all that is here\ Perceived by too many as tragic\ Take care of your vision, I tell you, my dear [tell-a-vision]

Life is magic\ And words are spells\ Placing your aim beyond your reach\ It takes away efficiency from your speech

Life is magic\ Above all else\ Even when it has me feeling blue\ Seemingly left without a clue

Still I say

Perfection\ You are everything\ And I am of you

The source, the mirror\ And the reflection

@ 7460b7fd:4fc4e74b

从“出行规则”看监管逻辑与比特币的制度之道

FATF“出行规则”的治理逻辑与监管者的苦衷

金融行动特别工作组（FATF）在2019年推出“Travel Rule”（出行规则），试图将传统银行体系的反洗钱规制延伸至加密资产领域complyadvantage.com。这一规则要求虚拟资产服务商（VASPs）在转账过程中收集并传递交易双方的身份信息，使这些信息如同“随行护照”般伴随资金流动complyadvantage.com。其背后的治理逻辑不难理解：随着加密货币跨境使用的激增，监管者担心加密交易的匿名性为洗钱、恐怖融资提供了便利通道complyadvantage.com。因此，FATF将传统金融领域的第16号建议（关于跨境电汇信息）更新，明确要求加密交易同样附带发送人和接收人的姓名、地址等识别数据complyadvantage.comcomplyadvantage.com。这一举措体现了监管机构的苦衷：在犯罪分子利用技术躲避监管的现实下，他们感到有责任“补上漏洞”，即便这意味着套用旧有的银行规则到全新的区块链技术上。

然而，落实出行规则绝非易事。首先，不同司法管辖区行动步调不一，FATF多次批评各国实施进度缓慢，许多国家尚未将该规则转化为国内法complyadvantage.com。即使在已经执行的地区，监管部门也面临两难：既要防止非法资金流动，又担心过严管制扼杀金融创新。监管者的“苦衷”在于，他们既害怕被视作纵容犯罪，又担心被指责扼杀技术进步。出行规则要求VASPs收集详尽的客户身份信息，并在交易时与对方机构共享，这在实践中遇到技术和隐私保护方面的阻碍trisa.io。一些国家（如瑞士、新加坡）甚至在无最低金额门槛的情况下要求对所有交易执行该规则，欧盟更规定即使收款方是私人自管钱包也必须提交信息trisa.io。这种高标准加重了行业合规负担，使守法企业叫苦不迭，而不法分子则可能转入地下或转向无监管区域继续活动。可以说，监管机构陷入“猫抓老鼠”的困境：不推行吧，担心放任犯罪；推行过严吧，又恐打击面过广。正因如此，FATF在其2024年报告中承认出行规则的全球落实“严重滞后”complyadvantage.com，这既反映各国执法能力的差异，也凸显了此规则本身在新技术环境下的水土不服。

全球跨境资金与信息的系统性压制

出行规则的推行，从宏观上看是在全球金融体系施加新的“信息围墙”。一方面，它将原本开放的价值互联网重新划分为受监管的透明区和未监管的黑箱区。凡是跨过一定金额门槛（FATF建议为1000美元/欧元）的交易，都必须在链上绑定用户的实名信息complyadvantage.com。这意味着个人的资金流动和身份信息被深度绑定并广泛共享，一举打破了加密货币原有的准匿名特性。这种做法固然提升了追踪非法交易的可能性，但也埋下了系统性压制的隐患。正如业界联盟TRISA所警告的那样，将出行规则机械地套用于公开区块链，实则打造了一个集中存储个人隐私与财富信息的“数据金库”，极易成为黑客、犯罪组织甚至敌对政府垂涎的目标trisa.iotrisa.io。因为在传统银行体系下，账户账本是私密的，第三方难以直接获取交易明细；而在区块链上，一旦将姓名、地址等个人识别数据与公开的钱包地址关联，任何人都能通过链上记录分析出个人的财富状况和社交图谱trisa.io。这种对跨境资金和信息流动的全面记录与监控，实质上构成了对个人金融自由的系统性压制：人们在国际转账时不得不暴露隐私，否则交易将被拒之门外。更有甚者，一些国家已将这一逻辑无限延伸，例如中国公安机关提示即便一笔1000 USDT（泰达币）的转账都有可能被列入重点监控名单binance.com。当连如此小额的个人跨境交易都被严密审查时，金融交易所承载的信息自由流动已大打折扣。

从制度批判的视角看，这种全球范围的信息管制源自某些法律传统下对国家主权和税收控制的执念。在大陆法系传统中，国家往往通过成文法律对经济活动实施自上而下的强力规范，历史上形成了构筑信息壁垒以巩固主权和财政的路径依赖。例如许多大陆法系国家长期实行外汇管制和资本流动限制，以防范资金外逃、维护本国税基。这种做法虽出于主权自主的考虑，却与自由贸易要求的要素自由流动天然矛盾。研究表明，不同法律体系的国家在经贸合作模式上偏好迥异，法律传统差异往往成为国际经济一体化的无形藩篱，甚至导致经济关系的割裂cogitatiopress.com。典型案例如中国，对加密资产和稳定币采取高压监管，正是延续了其在资本项目下的信息管控传统。2024年链上数据显示，中国境内USDT跨境流动规模同比激增400%，日均交易额超过50亿美元binance.com。大量民间资金试图借助稳定币绕开官方的外汇管制，形成了一条隐蔽的“数字资金高速公路”binance.com。对此当局迅速祭出国家安全大旗，不仅将无证出入境资金视为重大风险隐患，甚至明确指出USDT等稳定币已成资本无序外逃的工具，必须强力封堵binance.combinance.com。在这一背景下，FATF出行规则等于为各国提供了一个合法理由，在全球范围内实施对跨境资金与信息的联合围堵：以打击洗钱之名，行资本管制之实。这套机制所产生的结构性效果，是在国际金融体系中嵌入了一种“默认不信任”的基调——跨境资金流动被一律视为潜在不法，必须层层验证、记录在案。其结果不仅压抑了资金与信息的自由流通，也为公民个人头上加装了“数字镣铐”，让人们在国际经贸往来中丧失匿名行动的选择权。

隐私协议的滥用：区块链匿名性的两面

在区块链世界中，隐私与匿名性原本被视作一项珍贵的技术特性，代表着去中心化金融对个人隐私权的尊重。然而，当缺乏法理自洽性和契约中立性的支撑，这种匿名性工具却易被犯罪集团所劫持，成为逃避监管的温床。以太坊上的“Tornado Cash”混币协议就是前车之鉴。作为一个去中心化的匿名交易服务，Tornado Cash初衷在于增强用户隐私，但由于缺少必要的合法约束和内部控制，一再被不法之徒利用：自2019年成立以来，该协议已被用于清洗超过70亿美元的犯罪收益，其中包括朝鲜黑客组织“拉撒路集团”在攻击Axie Infinity游戏桥后盗取的4.55亿美元secrss.com。2022年美国财政部更指出，尽管开发者声称Tornado Cash只是中立工具，但其并未采取哪怕基本的措施来阻止服务被反复用于恶意洗钱secrss.com。最终，美国OFAC直接将Tornado Cash列入制裁清单，以此警示加密行业：缺乏法理支撑的匿名协议，终将因为被滥用于洗钱而招致严厉监管惩罚secrss.com。

类似的情况也发生在波场（Tron）等链上。一些基于Tron的混币机制号称提供端到端加密、零知识证明等技术手段来隐匿交易来源sites.google.com。表面上看，这些系统满足了用户追求隐私的需求，但在现实中却成为电信诈骗、网络赌盘等犯罪链条的最爱。联合国毒品和犯罪办公室2024年的报告披露：Tron区块链上的泰达币（USDT）已成为网络诈骗、洗钱、非法赌博的首选工具int-comp.org。犯罪分子之所以偏爱Tron上的USDT，正因为它具备价格稳定、跨境转账手续费低、速度快等优势，可以在不引人注目的情况下快速大额转移资金int-comp.org。链上分析亦显示，高风险USDT转账有高达83%无法追溯最终去向，犯罪团伙通过混币器、地址拆分等技术手段把资金搞得支离破碎，以至于监管部门难以跟踪binance.com。这背后反映出一个发人深省的现象：当一套隐私工具本身没有内置中立的契约约束（如合法用途的限定或责任追踪机制），那么它的匿名性越强，越可能被不法势力挟持利用。波场USDT的大规模滥用已经引起各方警觉，Tron项目方甚至与稳定币发行商和区块链分析公司合作，成立“T3打击犯罪特别小组”，截止2024年底已冻结逾1亿美元涉嫌犯罪的USDTtrmlabs.comcointelegraph.com。可见，当匿名性的武器落入犯罪网络之手，技术提供者也不得不被动介入“事后补救”，这恰恰说明当初设计时若缺乏法理上的自我约束，最终仍要以行政手段清理残局。

隐私协议被滥用的另一面，还体现在某些区块链应用与既有法律文化格格不入。以太坊上的去中心化预测市场「Polymarket」提供了一种赌博式合约交易平台，用户可以下注现实事件的结果。然而从伊斯兰教法视角看，这类“预测市场”无异于赤裸裸的**赌博（Maysir）**行为——参与者纯粹为了不确定事件的结果赌上一把财富，得利者以他人损失为代价，没有创造任何实际价值blog.zoya.financeblog.zoya.finance。根据伊斯兰金融原则，任何脱离实体经济、以纯粹机会为基础获取收益的交易都被视为不道德且明令禁止blog.zoya.finance。因此，Polymarket之类的平台与伊斯兰法对契约合法性的根本要求完全不兼容。这提醒我们：区块链技术的创新若缺乏契约中立性（即契约不偏离基本的公平与道义原则），就容易触犯某些法律或宗教的底线，从而被视作无效甚至有害的合约。无论是Tornado Cash这样的匿名洗钱温床，Tron链上被诈骗集团操控的资金暗道，还是Polymarket式的“去中心化赌场”，这些系统都凸显出当技术试图凌驾法律和伦理时所面临的巨大风险。它们要么被政府如临大敌般封杀（正如Tornado Cash遭制裁），要么被正义力量反制清理（如Tether冻结波场诈骗资金reuters.com），要么在道义上遭到主流文化的排斥（如伊斯兰世界视预测赌博为禁忌）。这一系列教训昭示：区块链生态中的隐私与创新，必须建立在法理自洽和契约中立的基础上，否则技术越前卫，反噬也越猛烈。

比特币的保守式创新：技术中立与合约合法性的统一

在区块链的众多创新中，比特币无疑是一个特殊的存在。它被称为“保守派的创新”，乃因其在开创数字货币新时代的同时，恪守了一些朴素但持久的原则。首先，比特币的设计追求技术中立。中立并不意味着纵容匿名滥用，而是指比特币网络对任何参与者一视同仁，仅仅按照既定算法规则处理交易，无内置偏见或特殊权限。比特币交易记录公开透明，所有交易在全球共享的账本上广播确认，其匿名性是“假名制”（pseudonymous）而非无法穿透的黑箱。事实上，正是由于比特币交易记录可被区块链分析工具去匿名化，在过去几年中我们看到犯罪团伙对比特币的兴趣有所降低，反而转向了Monero等完全匿名币或Tron-USDT等更隐匿便捷的手段int-comp.orgint-comp.org。Chainalysis的最新报告显示，2024年稳定币已经取代比特币成为犯罪分子使用的主要加密货币，占非法交易量的63%，而比特币在非法用途中的占比显著下降int-comp.orgint-comp.org。这个趋势从反面印证了比特币系统“公开且中立”的特性天然抑制了部分洗钱和犯罪滥用：任何人在比特币区块链上大额频繁作恶，都更容易被全球监管机构捕捉线索，留下破案的蛛丝马迹。

其次，比特币体现了交易确定性和契约精神的统一。在法律体系（尤其是英美普通法和伊斯兰教法）中，一份契约要具有合法性，核心在于当事各方自愿、条款清晰且不违背基本道德。比特币网络上的交易契约以代码方式自动执行，一旦双方签名广播，交易即被不可篡改地记录，一切权利义务随即完结。这种**“交割即结算”的机制提供了绝对的确定性，杜绝了传统金融中常见的赖账、拒付、无限制 chargeback（退款）等不确定因素。比特币不需要中央中介担保信用，依靠分布式共识来保证交易的最终性，这种确定性契合了普通法系对契约履行的重视：契约一旦成立即应严格履行，不得任意毁约。更值得注意的是，比特币没有利息（riba）和债务膨胀的设计**，2100万枚的恒定供应和逐步减半的发行机制，使其更接近一种数字商品而非通过债务衍生的货币nasdaq.com。在伊斯兰金融原则下，收取或支付利息被视为不公正，属明令禁止的行为，而比特币的货币体系天生规避了“利息”的概念nasdaq.com。同时，比特币交易公开透明，每一笔转账都记录在链上且需双方同意才能发生，这与伊斯兰教法要求交易双方充分知情、协商一致的原则不谋而合nasdaq.comnasdaq.com。尽管有人担忧加密货币的投机性带来不确定性（Gharar），但那更多是市场行为层面的波动，而比特币协议本身的运作是清晰明确、不含欺瞒的nasdaq.com。在穆斯林学者看来，如果加密货币被用于合法且善意的目的，它并不必然违反伊斯兰金融核心原则nasdaq.com。例如，中东一些创新项目已尝试将区块链用于公益和慈善，对每笔币交易提取天课（宗教捐献）用于慈善基金，以确保技术符合伊斯兰伦理nasdaq.comnasdaq.com。这种做法其实与比特币“协议中立、用途开放”的精神一致——技术本身不预设善恶关键，在于使用者是否将其用于合乎道义的契约。

换言之，比特币之“保守”，保守在它选择做“数字黄金”而非肆意重塑社会契约。它遵循价值储藏和交换媒介的基本定位，没有内置复杂的金融衍生功能，也不鼓励凭空创造信用泡沫。这种克制让比特币能够较自然地融入现行法治框架：作为一种私人财产和交换工具，比特币交易遵循“你情我愿，金额确定”的简明契约模型，各法域只需按财产或货物的属性去规范它即可。在英美法下，比特币已逐渐被法院视为可执行财产权益，盗窃比特币等同于盗窃有形财物来惩处。伊斯兰世界中，越来越多学者承认比特币具有财产价值，可以作为货币或商品使用，只要不用于赌博等不法用途，即可被视为“清洁”的财富。在迪拜等地，监管机构也探索制定符合沙里亚原则的加密货币监管指南，承认比特币等作为投资和支付工具的地位。这一切说明，比特币的核心设计没有违背人类社会关于契约正当性的根本要求——公平、自愿、透明，以及不伤害无辜第三方的利益。相比之下，许多后来的加密项目试图在隐私、金融工程上“开历史倒车”，结果反而凸显出比特币朴素设计的高明之处：它为维护基本道义预留了空间，通过公开透明防范了极端滥用，用技术手段恢复了契约的确定性和中立性。

历史视角：数字黄金如何推动正和博弈

历史的眼光往往能够校准当下的纷争。在货币演进的长河中，每当权力过度介入导致“恶币驱逐良币”时，人类总会试图寻回更公正稳健的交换媒介。16世纪格雷欣法则（劣币驱逐良币）揭示出，当政府滥铸货币、削减贵金属含量时，真正有价值的硬币（良币）便会被人们藏匿起来，劣币充斥市面yilinhut.netyilinhut.net。但值得深思的是，格雷欣现象并非不可逆的自然规律，而是统治者操控货币所致的扭曲。正如有学者指出的：“劣币驱逐良币并非市场自发，而是‘政府用劣币驱逐良币’的缩影；一旦能够摆脱政府的控制，这一定律就会失效，比特币恰恰旨在让货币摆脱政府控制，让良币重归市场”yilinhut.net。比特币作为现代数字黄金，其出现为全球经济提供了一种从新回归良币的可能。它不隶属于任何单一国家，其价值不依赖特定主权信用背书，而源于全球共识和算力保障的稀缺性。从国际贸易角度看，比特币类似于跨境结算中的黄金或白银——当两个国家缺乏互信或不愿接受对方货币时，完全可以通过比特币这种“中性资产”进行价值锚定交换，从而避开法币汇率波动和政治干预的风险。近年来，一些案例显示，比特币在地缘冲突或关税战背景下扮演了避险工具的角色：有分析指出，由于比特币不受制于特定国家的贸易政策，投资者把它视为对冲关税风险的手段，当贸易争端导致股市下跌时，比特币反倒逆势上涨，展现出独立于国际贸易格局的价值定位nai500.com。这印证了比特币作为“数字黄金”的一个要义：在国家壁垒与货币战争横生的世界里，它提供了一种超脱政治藩篱的价值载体，使得资金能够在更大程度的自由中逐利避险。

更深一层看，比特币蕴含着推动全球从零和博弈走向正和博弈的制度潜能。传统的法币体系常常被国家间博弈所挟持：各国竞相贬值本币以刺激出口、通过货币超发转嫁债务，这种你输我赢的零和心态导致国际金融秩序暗流汹涌。而比特币的兴起为“货币互信”提供了新范式。设想一个场景：若若干主要经济体将比特币纳入储备或结算体系，它们之间反而可能降低竞争性贬值的冲动，因为谁也无法单方面增发比特币来占便宜，大家只有共同维护其价值稳定才有利可图。这种在公开透明规则下的竞争，更接近“正和游戏”，即各方通过合作都能获益，而非此消彼长。有人将比特币视为一种“人类道义契约”，意指它不是某强权逼迫他国接受的货币（如历史上的殖民通货），而是全球无数个体自愿选择的价值共识。它的运行不依赖枪炮和法律强制，而靠的是对规则的信任与技术的确保。可以说，比特币构筑了一个前所未有的“自愿制度”：人人遵守21万块区块的发行上限和去中心化共识，这本身就是人类史上少见的跨文化、跨政治的合作现象。当这种制度逐步深入国际贸易和金融关系，我们有理由期待一个更公平的格局：劣币不再轻易驱逐良币，反而诚实守信的货币会赢得更广泛的使用；国家壁垒不会彻底消弭，但各国将更难通过封锁金融信息来要挟他国或剥夺公民，因为人们手中握有主权无法轻易触及的价值锚。

当然，比特币并非万能良药，它也会经历价格周期波动、面临技术升级挑战。然而，从历史视角出发，它承载的意义堪比现代版的黄金/白银——一种超越民族国家、服务于全球贸易和人类福祉的价值尺度。当年金本位体系在19世纪促进了世界贸易的繁荣，那是因为金银天然具有防范滥发的属性，使各国币值维持相对稳定。而比特币有望在21世纪承担类似的角色：在数字时代为世界提供一个防止无序贬值和信用滥用的“价值中轴”。这不仅是经济议题，更是道义命题。正如卢梭等思想家描述的社会契约，只有当制度建立在自愿与道义基础上，才能实现持久的正和博弈。比特币所体现的，就是这样一种自下而上凝聚的制度工具：它让个人与个人之间、国家与国家之间有机会基于共同利益而非强制权力来协作。一旦“良币”不再总是被逐出市场，人类就可能跳出过去那种劣币横行、以鄙胜良的怪圈，迎来金融领域的道义复归。

结语：拥抱创新契约，重塑监管范式

当下，FATF的出行规则所代表的监管思路与比特币所代表的技术革新，正站在历史的对立面上交锋。一方以安全与主权之名筑墙设限，另一方以中立与自由之实开辟新径。本文从制度批判的角度剖析了出行规则背后的治理逻辑与局限，揭示了过度管制对全球资金与信息流动的系统性压制，也反思了隐私技术在缺乏法理支撑时被滥用的教训。与此形成鲜明对照的是，比特币作为“保守式创新”的范例，展现出通过技术中立与契约确定性来天然抑制犯罪、兼容多元法统的独特优势。历史的回声告诉我们：真正良好的制度应当是使善者获益、恶者难存，其出发点是信任合作而非恐惧防范。

面对这一新旧范式的碰撞，立法者和监管者理应有所醒悟。与其穷尽手段构筑高墙、不惜牺牲公民自由来堵截风险，不如顺应技术发展的大势，拥抱那些内生具有道义契约性质的创新。在反洗钱和金融稳定目标下，监管可以也应该与技术“正和博弈”：鼓励像比特币这样透明中立的系统发挥正面效应，同时针对真正的黑箱匿名工具精确打击；在国际合作中，以开放心态探索新的全球货币协议，避免陷入零和的管制竞赛。只有这样，我们才能既防范“劣币”作乱，又让“良币”留在市井，形成一个既有秩序又有自由的金融生态。比特币之所以令无数持有者怀抱信念，不仅因为其经济价值，更因为其背后蕴含着对更公正更自由的制度可能性的期待。这份期待正在转化为现实的政治倡议，推动立法和监管的变革。在不久的将来，当我们回望今日，或许会发现：正是这一场关于“出行规则”与“数字黄金”的争论，催生出金融治理范式的转折点——让人类第一次有机会以合作共赢的契约，去取代那延续千年的强权博弈。

参考文献：

• FATF. What is the FATF Travel Rule? ComplyAdvantagecomplyadvantage.comcomplyadvantage.com

• TRISA. Recommendations to FATF for Virtual Assets Travel Ruletrisa.iotrisa.io

• E安全. 美国对朝鲜黑客关联加密货币Tornado Cash实施制裁secrss.comsecrss.com

• Rezaul Karim. Stablecoins: The new epicentre of crypto fraud, ICAint-comp.org

• 币圈线人. 凌晨三点的USDT警报：当稳定币变成资本外逃的「数字高速公路」binance.combinance.com

• 最高检. 依法惩治跨境电信网络诈骗及其关联犯罪典型案例spp.gov.cn

• Zoya Finance. Election Betting Markets: Halal or Haram?blog.zoya.finance

• 胡翌霖. 为什么比特币不适用格雷欣法则（劣币驱逐良币）？yilinhut.net

• Reuters. Tether says it has frozen $225 mln linked to human traffickingreuters.comreuters.com

• NAI500财经. 再创历史新高的比特币，究竟是科技股还是“数字黄金”？nai500.com

• Nasdaq. How Cryptocurrency Aligns with Islamic Financenasdaq.comnasdaq.com

@ cae03c48:2a7d6671

Bitcoin Magazine

F Street Announced Goal Of Accumulating $10 Million In Bitcoin

Today, F Street, an alternative investment and private lending firm, announced it has begun adding Bitcoin to its corporate treasury, with a goal of accumulating $10 million in BTC.

JUST IN: Investment firm F Street announced it's buying Bitcoin daily using business proceeds for its treasury reserves

They plan to buy $10 million Bitcoin pic.twitter.com/NMLOteyUYU

— Bitcoin Magazine (@BitcoinMagazine) June 11, 2025

The company began daily BTC purchases on June 9, using business proceeds and treasury funds. This move is part of a broader strategy to strengthen F Street’s capital base and support its real estate lending and investment operations.

“Bitcoin offers a compelling hedge against inflation and dollar debasement,” said the Chief Operating Officer of F Street Mike Doney. “Incorporating it into our treasury is a strategic step to preserve and grow value for our investors and our business interests.”

In line with its commitment to transparency, F Street also plans to establish a public proof of reserves so that stakeholders can independently verify the custody of its Bitcoin assets. The firm aims to build a meaningful BTC position that supports its long term vision of a capital framework.

F Street’s move comes at a time when institutional interest in Bitcoin is experiencing a notable surge, and many prominent voices in the financial world are starting to support it. Billionaire investor Paul Tudor Jones, speaking today in an interview with Bloomberg, named Bitcoin as a critical part of what he considers the ideal portfolio against inflation.

“What would an ideal portfolio be… But it would be some kind of combination of probably gold, vol adjusted, Bitcoin, gold, stocks,” Jones said. “That’s probably your best portfolio to fight inflation. Vol adjusted because the vol of Bitcoin obviously is five times that of gold, so you’re going to do it in different ways.”

Adding to the momentum, the Head of Digital Assets of BlackRock Robert Mitchnick explained two days ago what’s really driving the surge in demand for Bitcoin ETFs.

“It’s a lot of things coming together. Out of the gate was retail and investor demand…” said Mitchnick. “Now, more recently, we’ve seen just steady progress of more wealth advisor adoption, more institutional adoption. It’s been a mix of people who it’s the first time that they’ve invested in anything in the crypto space. And then on the other hand, you have lots of people who’ve been invested in Bitcoin for a long time and they’re taking advantage of the ETP wrapper.”

This post F Street Announced Goal Of Accumulating $10 Million In Bitcoin first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

@ 79be667e:16f81798

De laatste zonnestralen van de dag streken over de eeuwige golven en weerkaatsten als lichtpuntjes in de ogen van schipper Joris terwijl hij nog een slok nam van zijn glazen fles die de vorm had van het hoofd van een oude monnik.

Gekregen van een oude vrouw uit de bergen van de Himalaya, zorgde de rum genaamd 'Old Monk' voor een verwarmend gezelschap op deze eenzame kerstnacht.

Joris had met zijn boot naar India gevaren nadat zijn vrouw hem had verlaten en hij een Indiër had ontmoet die had gezegd: "Waar ik vandaan kom, zijn vrouwen vrij en worden ze niet gezien als enkel en alleen de mooie lichamen die zij bezitten of als eeuwig bezit van een gezin."

Verward en ongelovig had Joris gekeken naar de wereld en besefte dat vrouwen inderdaad slechts gezien werden als hun fysieke schoonheid, genegeerd werden voor hun koesterende gevoeligheid en bekritiseerd werden door hun spontane intensheid en had hierop voor twee jaar lang gezocht in India naar deze vrije vrouwen met als enig resultaat een oude vrouw te ontmoeten die alleen in de bergen woonde en dagelijks haar wijsheid deelde met ieder luisterend oor.

Daar ging het doorzichtig monnikshoofd en verliet met een grote gebogen vlucht de hand van schipper Joris toen plots met groot kabaal de boot abrupt tot stilstand kwam en Joris hals over kop naar de andere kant van het dek geslingerd werd.

Het monnikshoofd verdween in het donker terwijl Joris zijn lichaam probeerde te lokaliseren en met zijn ogen wijd open zijn hersenen zo veel mogelijk informatie probeerde door te spelen.

Tevergeefs, want zijn enorme verschot werd gevolgd door een enkel groeiende verbazing, ongeloof en desoriëntatie toen de boot begon te kantelen.

De bundel licht, afkomstig van de mast van de boot, zwierde doorheen het donker en kwam te schijnen op een gigantische rots in het midden van de zee die werd bezeten door een oogverblindende glinstergroene schijn.

Uit het donker kwam het monnikshoofd, dat nog steeds in volle vlucht was, in het vizier van de lichtbundel en plaatste zich exact tussen de glinstergroene verschijning en Joris waarbij Joris doorheen het monnikshoofd gezegend werd met het zicht op een pracht van een zeemeermin die uitnodigend poseerde op de rots.

Met een luide plons viel Joris achterover in het water toen hij zich realiseerde dat vrouwen zichzelf ook lieten vangen door lust en hun uiterlijke opmaakcompetities en met een dankbare glimlach zonk hij naar de bodem van de zee en was opnieuw geboren.

@ 79be667e:16f81798

Zonneschijn\ Stralen, lachen, zo fijn\ Moge de wereld dankbaar zijn

De vrouw, mijn gevoeligheid\ Bron van creativiteit

Genietend niets doen in het gras\ Met wat brood en wat wijn in het glas

@ 866e0139:6a9334e5

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

---

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

---

Israel hat eine umfangreiche Serie von Luftangriffen auf den Iran gestartet.

Die westlichen Medien übernehmen natürlich unhinterfragt die faktenfreie Behauptung der israelischen Regierung, dass diese Angriffe „präventiv“ waren.

Das Trump-Regime versucht, dies als einen völlig einseitigen israelischen Angriff darzustellen, der nichts mit den Vereinigten Staaten zu tun habe - eine Behauptung, die man durchaus glauben könnte, wenn man gestern geboren wäre.

Hier ist eine Liste von Schlagzeilen, die wir in Zukunft von der New York Times erwarten können:

• Iranische Angriffe erschüttern Israel in einem unprovozierten Angriff.

• Israelische Familien suchen Schutz bei antisemitischem Terroranschlag.

• Israelischer Verteidigungsminister: US-Campus-Demonstranten wussten irgendwie von iranischen Angriffen im Voraus, was auf eine Koordination mit Teheran hindeutet.

• Trump äußert privat seine Frustration mit Netanjahu über den Iran-Konflikt, dem die USA nur passiv und unschuldig beiwohnen.

• Amerikanische Juden fühlen sich inmitten der sich zuspitzenden Kriege im Nahen Osten verunsichert und nicht unterstützt.

• Meine Meinung: Ich habe bei den Luftangriffen auf Tel Aviv um mein Leben gefürchtet. Niemand auf der Welt kann sich vorstellen, wie das ist.

• Meinung: Besteht die Gefahr, dass die USA in einen weiteren Krieg im Nahen Osten hineingezogen werden?

• Meinung: Stolpern die USA in einen weiteren Krieg im Nahen Osten?

• Meinung: Stolpern die USA versehentlich in einen weiteren Krieg im Nahen Osten?

• Meinung: Werden die USA mit Füßen getreten und in einen Krieg im Nahen Osten hineingezogen, den sie seit jeher um jeden Preis zu vermeiden versuchen?

• USA starten Präventivschlag gegen den Iran.

• Ihre Meinung: Werden die USA in einen dritten Weltkrieg hineingezogen?

• Meinung: Taumeln die USA kopfüber in einen nuklearen Schlagabtausch mit Russland und China?

• Meinung: Der Himmel verdunkelt sich, während nukleare Strahlung über unser Land kriecht, deshalb müssen wir alle zusammenkommen und die Hamas verurteilen.

• Meinung: Die Erde ist ein unfruchtbares Ödland. Nichts bleibt übrig. Schauen Sie nach Ihren jüdischen Freunden.

Dieser Text erschien zuerst auf englisch auf dem Substack-Blog der Autorin.

---

LASSEN SIE DER FRIEDENSTAUBE FLÜGEL WACHSEN!

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.

@ 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.

@ fe820c8e:d2d76f04

Course Main Title

This is your course initialization stub.

Please see the Docs to find out what is possible in LiaScript.

If you want to use instant help in your Atom IDE, please type lia to see all available shortcuts.

Markdown

You can use common Markdown syntax to create your course, such as:

1. Lists

2. ordered or

3. unordered

4. ones ...

| Header 1 | Header 2 | | :--------- | :--------- | | Item 1 | Item 2 |

Images:

Extensions

 --{{0}}--

But you can also include other features such as spoken text.

  --{{1}}--

Insert any kind of audio file:

   {{1}}

?audio

 --{{2}}--

Even videos or change the language completely.

   {{2-3}}

!?video

  --{{3 Russian Female}}--

Первоначально создан в 2004 году Джоном Грубером (англ. John Gruber) и Аароном Шварцем. Многие идеи языка были позаимствованы из существующих соглашений по разметке текста в электронных письмах...

{{3}}

Type "voice" to see a list of all available languages.

Styling

The whole text-block should appear in purple color and with a wobbling effect. Which is a bad example, please use it with caution ... ~~ only this is red ;-) ~~

Charts

Use ASCII-Art to draw diagrams:

                                Multiline
1.9 |    DOTS
    |                 ***
  y |               *     *
  - | r r r r r r r*r r r r*r r r r r r r
  a |             *         *
  x |            *           *
  i | B B B B B * B B B B B B * B B B B B
  s |         *                 *
    | *  * *                       * *  *
 -1 +------------------------------------
    0              x-axis               1

Quizzes

A Textquiz

What did the fish say when he hit a concrete wall?

[[dam]]

Multiple Choice

Just add as many points as you wish:

[[X]] Only the **X** marks the correct point.
[[ ]] Empty ones are wrong.
[[X]] ...

Single Choice

Just add as many points as you wish:

[( )] ...
[(X)] <-- Only the **X** is allowed.
[( )] ...

Executable Code

A drawing example, for demonstrating that any JavaScript library can be used, also for drawing.

```javascript // Initialize a Line chart in the container with the ID chart1 new Chartist.Line('#chart1', { labels: [1, 2, 3, 4], series: [[100, 120, 180, 200]] });

// Initialize a Line chart in the container with the ID chart2 new Chartist.Bar('#chart2', { labels: [1, 2, 3, 4], series: [[5, 2, 8, 3]] }); ```

Projects

You can make your code executable and define projects:

``` js -EvalScript.js let who = data.first_name + " " + data.last_name;

if(data.online) { who + " is online"; } else { who + " is NOT online"; } json +Data.json { "first_name" : "Sammy", "last_name" : "Shark", "online" : true } ```

More

Find out what you can even do more with quizzes:

https://liascript.github.io/course/?https://raw.githubusercontent.com/liaScript/docs/master/README.md

@ 79be667e:16f81798

Spontaniteit\ Creativiteit

Iets visueel of gewoon geluid\ Het moet eruit

Ik doe mezelf cadeau aan jou\ Omdat ik van het leven hou

@ a88f35c7:7b121d83

El stone balancing.

La práctica de apilar piedras en equilibrio se conoce comúnmente como "stone balancing". Algunos lo consideran una forma de arte y meditación, en la que las piedras se colocan de manera que se mantienen en equilibrio, a menudo en configuraciones visualmente impresionantes, sin el uso de adhesivos u otros materiales de sujeción. Por lo que he descubierto haciendo este artículo, el "stone balancing" es muy antiguo y tiene orígenes diversos por lo que no se puede atribuir a una sola cultura o región geográfica.

Personalmente, he de reconocer que soy un poco "hater" respecto a esta práctica de apilar piedras, ya que considero que la mayoría de las personas que construyen estos montículos hoy en día lo hacen durante sus vacaciones, simplemente para mostrar al mundo que estuvieron allí (la foto en Instagram suele estar incluida en la experiencia). Sin embargo, no son conscientes de que, como resultado, el paisaje queda plagado de miles de montículos creados por "stone balancers" como ellos.

Sinceramente, creo que solo una pequeña parte de la población practica esta actividad con fines meditativos o funcionales, y debo admitir que, cada vez que me encuentro con una acumulación de piedras en formato vertical, siento una fuerte tentación de derribarlas, pero mi mujer suele impedírmelo.

La analogía.

Llegados a este punto, espero que tengáis claro que no os he querido hacer leer un artículo entero sobre el "stone balancing", por muy respetable que sea esta práctica, así que obviamente lo estoy utilizando como analogía. Os prometo que, a partir de ahora, iré al grano:

La cuestión es que considero que la analogía del “stone balancing” encaja perfectamente con el proceso de creación de Bitcoin. Más aún, creo que refleja fielmente el proceso creativo que hubo detrás de muchos inventos que han cambiado el mundo. Por ello, aunque este artículo se centre en Bitcoin y su reloj probabilístico, la analogía en sí puede aplicarse a una amplia variedad de ámbitos.

Vamos que la analogía del "stone balancing" podría considerarse como la navaja suiza de las analogías en cuanto a procesos creativos! Mis argumentos a favor a continuación:

• La invención de Satoshi se basó en la selección de elementos tecnológicos y protocolos preexistentes, combinándolos de manera innovadora para lograr un equilibrio funcional y robusto. De manera similar, en el “stone balancing”, se eligen cuidadosamente las piedras disponibles en el entorno considerando su forma, peso y estabilidad.

Es fundamental comprender que el verdadero mérito de Satoshi radicó - como bien señala Nick Szabo en "Bitcoin, what took ye so long?" - en la “gran cantidad de pensamiento poco convencional que se requirió” para ensamblar piezas ya existentes de forma totalmente novedosa.

• En el "stone balancing", si todas las piedras han sido seleccionadas y colocadas correctamente, el equilibrio puede permanecer inalterado durante años, resistiendo incluso las inclemencias del tiempo. De manera similar, Bitcoin ha mantenido su estabilidad operativa durante más de 16 años. Desde su creación en 2009, la red de Bitcoin ha demostrado una notable resistencia, funcionando de manera continua sin interrupciones significativas en todo este tiempo.

• Finalmente, si las piedras se han apilado en el momento y lugar adecuados, es esperable que más personas quieran intentar crear algo similar cerca (esto es precisamente lo que sucede en paisajes llenos de montículos al finalizar la temporada de verano). De manera análoga, la creación de Bitcoin ha generado una proliferación de miles de intentos similares—comúnmente denominados shitcoins—que han terminado saturando el entorno.

De hecho, las burbujas especulativas (y el mercado Crypto lo es) pueden entenderse como señales de neón que, pese al ruido generado, sugieren la posibilidad de que haya algo verdaderamente valioso detrás (Bitcoin).

Creo que si nos ponemos a pensar en otras invenciones, veremos como la analogía puede encajar bastante bien.

Las piedras que seleccionó Satoshi.

Según el propio whitepaper "Bitcoin: A Peer-to-Peer Electronic Cash System” el objetivo final de Satoshi Nakamoto era crear un sistema de efectivo electrónico descentralizado. Sin embargo, es importante resaltar que Bitcoin no fue el primero de su especie ya que existieron varios intentos antes que él. Los más relevantes se listan a continuación:

• B-Money de Wei Dai.

• Hashcash de Adam Back.

• eCash de David Chaum.

Pues bien, estos intentos previos ya hicieron uso de las mismas “piedras” que años más tarde apilaría Satoshi Nakamoto para crear Bitcoin. Las “piedras” que llevaban ya tiempo disponibles eran, entre otras, las siguientes:

• La Prueba de trabajo (PoW): Ya utilizada por B-Money y eCash

• La criptografía de clave pública: Ya utilizada B-Money y eCash

• Las funciones Hash: Ya utilizadas por B-Money, Hashcash y eCash

• Blockchain: Incluso el concepto de blockchain ya fue conceptualizado en 1991 por Stuart Haber y W. Scott Stornetta como un sistema criptográficamente seguro para el sellado de tiempo de documentos digitales. (How to time-stamp a digital document)

Entonces, si las piedras que apilaron Wei Dai, Adam Back y David Chaum son básicamente las mismas que las que apiló más tarde Satoshi Nakamoto, ¿porque estos sistemas previos de dinero electrónico no acabaron funcionando y Bitcoin sí?

Pues bien, a diferencia de los intentos previos, Satoshi Nakamoto logró alinear de manera casi perfecta los incentivos de todos los participantes de una red descentralizada, diseñando un sistema económico que, a través de la teoría de juegos, garantizase que el comportamiento honesto resultase más beneficioso que cualquier intento de actuar de forma maliciosa, con el objetivo de lograr un consenso entre todos los participantes sobre el estado del sistema (o libro contable) en un momento determinado y es justo aquí donde hay que hacerse las preguntas clave:

• ¿Cómo sabes la hora si no puedes confiar en un tercero que te diga qué hora es?

• ¿Quién debería estar a cargo del tiempo si poner a alguien a cargo no está permitido?

Creo que tal vez fuese la respuesta a estas preguntas la que requirió esa gran cantidad de pensamiento poco convencional del que hablaba Nick Szabo. Creo que tal vez solucionar el problema de generar un reloj descentralizado es lo que convierte a Satoshi Nakamoto en un genio. Si lo paras a pensar, generar tu propia unidad de tiempo (el tiempo de bloque) no es trivial.

El equilibrio de Satoshi.

Para entender porqué es este uno de los factores más importantes de Bitcoin me he basado, casi de forma exclusiva, en el siguiente artículo de Gigi: Bitcoin is time.

En este artículo, Gigi explora por qué el problema de medir el tiempo está estrechamente relacionado con la necesidad de mantener registros, por qué no existe un tiempo absoluto en un sistema descentralizado y cómo Bitcoin utiliza la causalidady la impredictibilidad para construir su propio sentido del “ahora”:

• El tiempo es una cadena causal: Sin la causalidad, distinguir entre lo que ocurrió antes y lo que sucedió después sería imposible. La línea de tiempo establece la relación causal entre los eventos, proporcionando el contexto necesario para su secuenciación.

Determinar con precisión el orden de los eventos es fundamental para mantener un libro contable coherente y evitar el problema del doble gasto. Bitcoin logra esto encadenando los bloques mediante funciones criptográficas de hash, que garantizan la inmutabilidad y secuencialidad de las transacciones. Cada bloque contiene un hash del bloque anterior, lo que crea una estructura encadenada que dificulta la alteración de registros sin invalidar la cadena completa.

• La impredictibilidad es necesaria: Sin impredictibilidad, la causalidad carece de sentido ya que para establecer que algo ocurrió en un momento dado, es necesario reportar eventos que no podrían haberse predicho antes de que ocurrieran o dicho de otra forma, si la secuencia de eventos fuera predecible, sería posible saltar hacia adelante. Por tanto, la impredictibilidad asegura que ningún participante pueda predecir o manipular el orden de las transacciones.

Bitcoin se apoya en dos grandes fuentes de impredictibilidad: las propias transacciones y la prueba-de-trabajo (PoW):

• Las transacciones: De antemano es imposible saber quien ganará la prueba de trabajo y por tanto qué transacciones decidirá incluir en el nuevo bloque.

• La prueba-de-trabajo (PoW): De antemano es imposible saber la solución de la prueba de trabajo por lo que cualquier minero deberá gastar cierta energía y tiempo en resolverla.

Todo lo anterior asegura poder disponer de un reloj probabilístico cuyo tiempo de referencia es el tiempo de bloque. Sin embargo, este tiempo de bloque se encontraría totalmente desconectado de la realidad “humana” sin el ajuste de dificultad.

La genialidad del ajuste de dificultad mantiene el nexo de unión entre el tiempo en el mundo Bitcoin (el tiempo de bloque) y el tiempo en el mundo "humano". Este mecanismo es esencial porque, sin él, el reloj interno de Bitcoin tendería a acelerarse progresivamente a medida que más mineros se unieran a la red o que mejorara la eficiencia de los dispositivos de minería. Gracias al ajuste de dificultad, se preserva la relación aproximada de 1 bloque cada 10 minutos, asegurando así la estabilidad temporal entre el mundo de Bitcoin y “nuestro mundo”.

Por tanto, y tal y como sugiere Gigi; "la nueva idea -lo que descubrió Satoshi- es cómo estar de acuerdo de forma independiente sobre una historia de eventos sin una coordinación central. Él halló la forma de implementar un esquema de marcado de hora descentralizado"

La guinda del pastel.

Como guinda del pastel, he reservado un punto que bien podría haber incluido en el apartado de la analogía, pero que considero encaja mejor aquí como conclusión final y es que al igual que en el arte del “stone balancing”, donde el creador de la estructura se retira poco después de haberla construido, dejando que el equilibrio se mantenga por sí solo, Satoshi Nakamoto que siempre se mantuvo en el anonimato, llegado a cierto punto se hizo a un lado y desapareció.

Satoshi Nakamoto probablemente comprendía que permanecer al frente de su invención podría convertirlo en una vulnerabilidad para el sistema. Es posible que tomara nota de los problemas legales enfrentados por Bernard von NotHaus, creador de Liberty Dollar, una moneda respaldada por metales preciosos como el oro y la plata, diseñada como una alternativa al dólar estadounidense a la que, en 2007, poco antes de la invención de Bitcoin, las autoridades federales le incautaron grandes cantidades de monedas de plata y oro, así como otros activos relacionados con el Liberty Dollar.

Y es que cuando apilas piedras en la propiedad de un Estado, es probable que este intente derribarlas… sino que se lo digan a Keonne Rodríguez y William Lonergan Hill, cofundadores de Samourai Wallet.

@ 1c5ff3ca:efe9c0f6

Just calling it Open is not enough - Herausforderungen öffentlicher Bildungsinfrastrukturen und wie Nostr helfen könnte

Ich möchte gerne mit euch teilen, an welchen Konzepten ich arbeite, um die öffentliche Bildungsinfrastruktur mit Hilfe von Nostr zugänglicher und offener zu gestalten. Ich arbeite im Bereich öffentlicher Bildungsinfrastrukturen, besonders im Feld von Open Educational Resources (#OER). OER sind offen lizenzierte Bildungsmaterialien, die mit einer offenen Lizenz, meist einer Creative Commons Lizenz, versehen sind (CC-0, CC-BY, CC-BY-SA). Durch die klare und offene Lizenzierung ist es leicht möglich, die Lernmaterialien auf die individuellen Bedarfe anzupassen, sie zu verbessern und sie erneut zu veröffentlichen.

Seit vielen Jahren wird einerseits die Entwicklung freier Bildungsmaterialien gefördert, andererseits werden Plattformen, insbesondere Repositorien gefördert, die diese Materialien verfügbar machen sollen. Denn irgendwo müssen diese Materialien zur Verfügung gestellt werden, damit sie auch gefunden werden können.

Das klappt allerdings nur so mittelgut.

Herausforderungen

Nach vielen Jahren Förderung kann die einfache Frage: "Wo kann ich denn mein OER-Material bereitstellen" nicht einfach beantwortet werden. Es gibt Services, bei denen ich mein OER hochladen kann, jedoch bleibt es dann eingeschlossen in dieser Plattform und wird nicht auf anderen Plattformen auffindbar. Außerdem sind diese Services häufig an bestimmte Bildungskontexte gebunden oder geben Content erst nach einer Qualitätsprüfung frei. Dies führt dazu, dass ein einfaches und gleichzeitig öffentliches Teilen nicht möglich ist.

Diese und weitere Herausforderungen haben ihren Ursprung darin, dass Service und Infrastruktur in der Architektur öffentlichen Bildungsarchitektur ungünstig vermischt werden. Als Infrastruktur verstehe ich hier die Bereitstellung einer öffentlichen und offen zugänglichen Bildungsinfrastruktur, auf der Daten ausgetauscht, also bereitgestellt und konsumiert werden können. Jedoch existiert eine solche Infrstruktur momentan nicht unabhängig von den Services, die auf ihr betrieben werden. Infrastrukturbetreiber sind momentan gleichzeitig immer Servicebetreiber. Da sie aber die Hand darüber haben wollen, was genau in ihrem Service passiert (verständlich), schränken sie den Zugang zu ihrer Infrastruktur mit ein, was dazu führt, dass sie Lock-In Mechanismen großer Medienplattformen in der kleinen öffentlichen Bildungsinfrastruktur replizieren.

Es ist in etwas so, als würde jeder Autobauer auch gleichzeitig die Straßen für seine Fahrzeuge bauen. Aber halt nur für seine Autos.

Anhand einiger beispielhafter Services, die bestehende Plattformen auf ihren Infrastrukturen anbieten, möchte ich die Herausforderungen aufzeigen, die ich im aktuellen Architekturkonzept sehe:

• Upload von Bildungsmaterial
• Kuration: Zusammenstellung von Listen, Annotation mit Metadaten
• Crawling, Indexierung und Suche
• Plattfformübergreifende Kollaboration in Communities -> Beispiel: Qualitätssicherung (was auch immer das genau bedeutet)
• KI- Services -> Beispiel: KI generierte Metadaten für BiIdungsmaterial

Material Upload

Der Service "Material-Upload" oder das Mitteilen eines Links zu einem Bildungsmaterial wird von verschiedenen OER-Pattformen bereitgestellt (wirlernenonline.de, oersi.org, mundo.schule).

Dies bedeutet konkret: Wenn ich bei einer der Plattformen Content hochlade, verbleibt der Content in der Regel auch dort und wird nicht mit den anderen Plattformen geteilt. Das Resultat für die User: Entweder muss ich mich überall anmelden und dort mein Material hochladen (führt zu Duplikaten) oder damit leben, dass eben nur die Nutzer:innen der jeweiligen Plattform meinen Content finden können.

Der "Open Educational Resource Search Index" (OERSI) geht diese Herausforderung an, indem die Metadaten zu den Bildungsmaterialien verschiedener Plattformen in einem Index bereitgestellt werden. Dieser Index ist wiederum öffentlich zugänglich, sodass Plattformen darüber auch Metadaten anderer Plattformen konsumieren können. Das ist schon sehr gut. Jedoch funktioniert das nur für Plattformen, die der OERSI indexiert und für alle anderen nicht. Der OERSI ist auf den Hochschulbereich fokussiert, d.h. andere Bildungskontexte werden hier ausgeschlossen. Der Ansatz für jeden Bildungsbereich einen passenden "OERSI" daneben zustellen skaliert und schlecht und es bleibt die Herausforderung bestehen, dass für jede Quelle, die indexiert werden soll, ein entsprechender Importer/Crawler geschrieben werden muss.

Dieser Ansatz (Pull-Ansatz) rennt den Materialien hinterher.

Es gibt jedoch noch mehr Einschränkungen: Die Plattformen haben sich jeweils auf spezifische Bildungskontexte spezialisiert. D.h. auf die Fragen: Wo kann ich denn mein OER bereitstellen, muss immer erst die Gegenfrage: "Für welchen Bildungsbereich denn?" beantwortet werden. Wenn dieser außerhalb des allgemeinbildendenden Bereichs oder außerhalb der Hochschule liegt, geschweige denn außerhalb des institutionellen Bildungsrahmens, wird es schon sehr, sehr dünn. Kurzum:

• Es ist nicht einfach möglich OER bereitzustellen, sodass es auch auf verschiedenen Plattformen gefunden werden kann.

Kuration

Unter Kuration verstehe ich hier die Zusammenstellung von Content in Listen oder Sammlungs ähnlicher Form sowie die Annotation dieser Sammlungen oder des Contents mit Metadaten.

Einige Plattformen bieten die Möglichkeit an, Content in Listen einzuordnen. Diese Listen sind jedoch nicht portabel. Die Liste, die ich auf Plattform A erstelle, lässt sich nicht auf Plattform B importieren. Das wäre aber schön, denn so könnten die Listen leichter auf anderen Plattformen erweitert oder sogar kollaborativ gestaltet werden, andererseits werden Lock-In-Effekte zu vermieden.

Bei der Annotation mit Metadaten treten verschiedene zentralisierende Faktoren auf. In der momentanen Praxis werden die Metadaten meist zum Zeitpunkt der Contentbereitstellung festgelegt. Meist durch eine Person oder Redaktion, bisweilen mit Unterstützung von KI-Services, die bei der Metadateneingabe unterstützen. Wie aber zusätzliche eigene Metadaten ergänzen? Wie mitteilen, dass dieses Material nicht nur für Biologie, sondern auch für Sport in Thema XY super einsetzbar wäre? Die momentanen Ansätze können diese Anforderung nicht erfüllen. Sie nutzen die Kompetenz und das Potential ihrer User nicht.

• Es gibt keine interoperablen Sammlungen
• Metadaten-Annotation ist zentralisiert
• User können keine eigenen Metadaten hinzufügen

Crawling, Indexierung und Suche

Da die Nutzer:innen nicht viele verschiedene Plattformen und Webseiten besuchen wollen, um dort nach passendem Content zu suchen, crawlen die "großen" OER-Aggregatoren diese, um die Metadaten des Contents zu indexieren. Über verschiedene Schnittstellen oder gerne auch mal über das rohe HTML. Letztere Crawler sind sehr aufwändig zu schreiben, fehleranfällig und gehen bei Design-Anpassungen der Webseite schnell kaputt, erstere sind etwas stabiler, solange sich die Schnittstelle nicht ändert. Durch den Einsatz des Allgemeinen Metadatenprofils für Bildungsressourcen (AMB) hat sich die Situation etwas verbessert. Einige Plattformen bieten jetzt eine Sitemap an, die Links zu Bildungsmaterial enthalten, die wiederum eingebettet script-tags vom Typ application/ld+json enthalten, sodass die Metadaten von dort importiert werden können.

Beispiel: e-teaching.org bietet hier eine Sitemap für ihre OER an: https://e-teaching.org/oer-sitemap.xml und auf den jeweiligen Seiten findet sich ein entsprechendes script-Tag.

Das ist schon viel besser, aber da geht noch mehr:

Zunächst ist dieser Ansatz nur für Plattformen und Akteure praktikabel, die über IT-Ressourcen verfügen, um entsprechende Funktionalitäten bei sich einbauen zu können. Lehrende können dies nicht einfach auf ihrem privaten Blog oder ähnliches umsetzen. Zum anderen besteht immer noch ein Discovery Problem. Ich muss nach wie vor wissen, wo ich suchen muss. Ich muss die Sitemaps kennen, sonst finde ich nichts. Statt eines Ansatzes, bei dem Akteure eigenständig mitteilen können, dass sie neuen Content haben (Push-Ansatz), verfolgen wir derzeit einen Ansatz, bei dem jede Plattform für sich Content im Pull-Verfahren akquiriert. Dies führt an vielen Stellen zu Doppelarbeiten, ist ineffizient (mehrere Personen bauen genau die gleichen Crawler, aber halt immer für ihre Plattform) und schliesst vor allem kleine Akteure aus (lohnt es sich einen Crawler zu programmieren, wenn die Webseite "nur" 50 Materialien bereitstellt?).

Anstatt erschlossene Daten zu teilen, arbeiten die Plattformen für sich oder stellen es höchstens wieder hinter eigenen (offenen oder geschlossenen) Schnittstellen bereit. Das ist wohl nicht das, was wir uns unter einer offenen und kollaborativen Gemeinschaft vorstellen, oder?

Bei der Suche stehen wir vor ähnlichen Herausforderungen, wie bereits oben geschildert. Obwohl verschiedene OER-Aggregatoren in Form von Repositorien oder Referatorien bereits viele der "kleineren" Plattformen indexieren und somit eine übergreifende Suche anbieten, ist es nicht möglich, diese Aggregatoren gemeinsam zu durchsuchen. Dies führt im Endeffekt dazu, dass die User wieder verschiedene Plattformen ansteuern müssen, wenn sie den gesamten OER-Fundus durchsuchen wollen.

• An vielen Stellen wird Content doppelt erschlossen, aber immer für die eigene Plattform
• Es gibt keinen geteilten Datenraum, in den Akteure Content "pushen" können
• Es gibt keine plattformübergreifenden Suchmöglichkeiten

Plattformübergreifende Kollaboration

Das wäre schön, oder? Mir ist schleierhaft, wie #OEP (Open Educational Practices, genaue Definition durch die Community steht noch aus) ohne funktionieren soll. Aber es gibt meines Wissens nach nicht mal Ansätze, wie das technisch umgesetzt werden soll (oder doch? let me hear).

Ein Szenario für solche plattformübergreifende Kollaboration könnte Qualitätssicherung sein. Gesetzt, dass sich zwei Plattformen / Communities auf etwas verständigt haben, dass sie als "Qualität" bezeichnen, wie aber dieses Gütesiegel nun an den Content bringen?

Plattform A: Na, dann kommt doch alle zu uns. Hier können wir das machen und dann hängt auch ein schönes Badge an den Materialien.

Plattform B: Ja, aber dann hängt es ja nicht an unseren Materialien. Außerdem wollen/müssen wir bei uns arbeiten, weil welche Existenzberechtigung hat denn meine Plattform noch, wenn wir alles bei dir machen?

• Obwohl nun #OEP in aller Munde sind, gibt es keine technischen Ansätze, wie (plattformübergreifende) Kollaboration technisch abgebildet werden kann

KI-Services

Was ist heute schon komplett ohne das Thema KI zu erwähnen? Mindestens für den nächsten Förderantrag muss auch irgendetwas mit KI gemacht werden...

Verschiedene Projekte erarbeiten hilfreiche und beeindruckende KI-Services. Beispielsweise, um die Annotation von Content mit Metadaten zu erleichtern, Metadaten automatisch hinzuzufügen, Content zu bestimmten Themen zu finden oder (halb-)automatisch zu Sammlungen hinzuzufügen. Aber (vielleicht habt ihr es schon erraten): Funktioniert halt nur auf der eigenen Plattform. Vermutlich, weil die Services nah am plattformeigenen Datenmodell entwickelt werden. Und da die Daten dieses Silo nicht verlassen, passt das schon. Das führt dazu, dass an mehreren Stellen die gleichen Services doppelt entwickelt werden.

• KI-Services funktionieren oft nur auf der Plattform für die sie entwickelt werden

Zusammenfassung der Probleme

Wir machen übrigens vieles schon sehr gut (Einsatz des AMB, Offene Bidungsmaterialien, wir haben eine großartige Community) und jetzt müssen wir halt weiter gehen.

(Die OER-Metadatengruppe, die das Allgemeine Metadatenprofil für Bildungsressourcen (AMB) entwickelt hat, bekommt für ihre Arbeit keine direkte Förderung. Gleichzeitig ist sie eine zentrale Anlaufstelle für alle, die mit Metadaten in offenen Bildungsinfrastukturen hantieren und das Metadatenprofil ist eines der wenigen Applikationsprofile, das öffentlich einsehbar, gut dokumentiert ist und Validierungsmöglichkeiten bietet.)

Betrachten wir die gesamten Plattformen und die beschriebenen Herausforderungen aus der Vogelperspektive, so lassen sich drei ineinander verschränkte Kernbestandteile unterscheiden, die helfen, die beschriebenen Probleme besser zu verstehen:

• User
• Service
• Daten

User: Auf (fast) allen Plattformen agieren User. Sie laden Material hoch, annotieren mit Metadaten, sind in einer Community, suchen Content usw. Egal, ob sie sich einloggen können/müssen, irgendetwas bieten wir unseren Usern an, damit sie daraus hoffentlich Mehrwerte ziehen

Service: Das ist dieses irgendetwas. Die "Webseite", die Oberfläche, das, wo der User klicken und etwas tun kann. Es ist das, was den Daten oft eine "visuelle" Form gibt. Der Service ist der Mittler, das Interface zwischen User und Daten. Mithilfe des Services lassen sich Daten erzeugen, verändern oder entfernen (Es gibt natürlich auch viele nicht-visuelle Services, die Interaktion mit Daten ermöglichen, aber für die meisten normalen Menschen, gibt es irgendwo was zu klicken).

Daten: Die Informationen in strukturierter maschinenlesbarer Form, die dem User in gerenderter Form durch einen Service Mehrwerte bieten können. Ungerenderte Daten können wir schwieirg erfassen (wir sind ja nicht Neo). Das können entweder die Metadaten zu Bildungmaterialien sein, die Materialien selbst, Profilinformationen, Materialsammlungen o.ä.

Meines Erachtens nach haben viele der oben beschriebenen Herausforderungen ihren Ursprung darin, dass die drei Kernbestandteile User, Service, Daten ungünstig miteinander verbunden wurden. Was kein Vorwurf sein soll, denn das ist genau die Art und Weise, wie die letzten Jahre (Jahrzehnte?) Plattformen immer gebaut wurden:

• User, Service und Daten werden in einer Plattform gebündelt

Das heisst durch meinen Service agieren die User mit den Daten und ich kann sicherstellen, dass in meiner kleinen Welt alles gut miteinander funktioniert. Sinnvoll, wenn ich Microsoft, Facebook, X oder ähnliches bin, weil mein Geschäftsmodell genau darin liegt: User einschließen (lock-in), ihnen die Hohheit über ihren Content nehmen (oder kannst du deine Facebook Posts zu X migrieren?) und nach Möglichkeit nicht wieder rauslassen.

Aber unsere Projekte sind öffentlich. Das sind nicht die Mechanismen, die wir replizieren sollten. Also was nun?

Bildungsinfrasstrukturen auf Basis des Nostr-Protokolls

Nostr

Eine pseudonyme Person mit dem Namen "fiatjaf" hat 2019 ein Konzept für ein Social Media Protokoll "Nostr - Notes and Other Stuff Transmitted By Relays" wie folgt beschrieben:

It does not rely on any trusted central server, hence it is resilient, it is based on cryptographic keys and signatures, so it is tamperproof, it does not rely on P2P techniques, therefore it works.

Fiatjaf, 2019

Die Kernbestandsteile des Protokolls bestehen aus:

• JSON -> Datenformat
• SHA256 & Schnorr -> Kryptographie
• Websocket -> Datenaustausch

Und funktionieren tut es so:

User besitzen ein "Schlüsselpaar": einen privaten Schlüssel (den behälst du für dich, nur für dich) und einen öffentlichen Schlüssel, den kannst du herumzeigen, das ist deine öffentliche Identität. Damit sagst du anderen Usern: Hier schau mal, das bin ich. Die beiden Schlüssel hängen dabei auf eine "magische" (kryptografische) Weise zusammen: Der öffentliche Schlüssel lässt sich aus dem privaten Schlüssel generieren, jedoch nicht andersherum. D.h. falls du deinen öffentlichen Schlüssel verlierst: Kein Problem, der lässt sich immer wieder herstellen. Wenn du deinen privaten Schlüssel verlierst: Pech gehabt, es ist faktisch unmöglich, diesen wieder herzustellen.

Die Schlüsselmagie geht jedoch noch weiter: Du kannst mit deinem privaten Schlüssel "Nachrichten" signieren, also wie unterschreiben. Diese Unterschrift, die du mit Hilfe des privaten Schlüssels erstellst, hat eine magische Eigenschaft: Jeder kann mithilfe der Signatur und deinem öffentlichen* Schlüssel nachprüfen, dass nur die Person, die auch den privaten Schlüssel zu diesem öffentlichen Schlüssel besitzt, diese Nachricht unterschrieben haben kann. Magisch, richtig? Verstehst du nicht komplett? Nicht schlimm, du benutzt es bereits vermutlich, ohne dass du es merkst. Das ist keine fancy neue Technologie, sondern gut abgehangen und breit im Einsatz.

Merke: User besitzen ein Schlüsselpaar und können damit Nachrichten signieren.

Dann gibt es noch die Services. Services funktionieren im Grunde wie bereits oben beschrieben. Durch sie interagieren die User mit Daten. Aber bei Nostr ist es ein kleines bisschen anders als sonst, denn: Die Daten "leben" nicht in den Services. Aber wo dann?

Wenn ein User einen Datensatz erstellt, verändert oder entfernen möchte, wird dieses "Event" (so nennen wir das bei Nostr) mit deinem privaten Schlüssel signiert (damit ist für alle klar, nur du kannst das gemacht haben) und dann mehrere "Relays" gesendet. Das sind die Orte, wo die Daten gehalten werden. Wenn ein User sich in einen Service einloggt, dann holt sich der Service die Daten, die er braucht von diesen Relays. User, Service und Daten sind also entkoppelt. Der User könnte zu einem anderen Service wechseln und sich dieseleben Daten von den Relays holen. Keine Lock-In Möglichkeiten.

Merke: User, Service und Daten sind entkoppelt.

Zuletzt gibt es noch die Relays. Relays sind Orte. Es sind die Orte, zu denen die Events, also die Daten der User, ihre Interaktionen, gesendet und von denen sie angefragt werden. Sie sind sowas wie das Backend von Nostr, allerdings tun sie nicht viel mehr als das: Events annehmen, Events verteilen. Je nach Konfiguration dürfen nur bestimmte User auf ein Relay schreiben oder davon lesen.

Das Protokoll ist von seinem Grunddesign auf Offenheit und Interoperabilität ausgelegt. Keine Registrierung ist nötig, sondern nur Schlüsselpaare. Durch kryptografische Verfahren kann dennoch die Authentizitität eines Events sichergestellt werden, da nur die Inhaberin des jeweiligen Schlüsselpaares dieses Event so erstellen konnte. Die Relays sorgen dafür die Daten an die gewünschten Stellen zu bringen und da wir mehr als nur eines benutzen, haben wir eine gewisse Ausfallsicherheit. Da die Daten nur aus signierten JSON-Schnipseln bestehen, können wir sie leicht an einen anderen Ort kopieren, im Falle eines Ausfalls. Durch die Signaturen ist wiederum sichergestellt, dass zwischendurch keine Veränderungen an den Daten vorgenommen wurden.

Beispiel: Ein Nostr Event

Hier ein kleiner technischer Exkurs, der beschreibt, wie Nostr Events strukturiert sind. Falls dich die technischen Details nicht so interessieren, überspringe diesen Abschnitt ruhig.

Jedes Nostr Event besitzt die gleiche Grundstruktur mit den Attributen:

• id: Der Hash des Events
• pubkey: Der Pubkey des Urhebers des Events
• created_at: Der Zeitstempel des Events
• kind: Der Typ des Events
• tags: Zusätzliche Metadaten für das Event können in diesem Array hinterlegt werden
• content: Der textuelle Inhalt eines Events
• sig: Die Signatur des Events, um die Integrität der Daten zu überprüfen

json { "id": <32-bytes lowercase hex-encoded sha256 of the serialized event data>, "pubkey": <32-bytes lowercase hex-encoded public key of the event creator>, "created_at": <unix timestamp in seconds>, "kind": <integer between 0 and 65535>, "tags": [ [<arbitrary string>...], // ... ], "content": <arbitrary string>, "sig": <64-bytes lowercase hex of the signature of the sha256 hash of the serialized event data, which is the same as the "id" field> }

Die verwendeten Eventtypen sowie die existierenden Spezifikationen lassen sich unter https://github.com/nostr-protocol/nips/ einsehen.

Wichtig ist auch: Du kannst einfach anfangen, Anwendungen zu entwickeln. Die Relays werden alle Events akzeptieren, die dem o.g. Schema folgen. Du musst also niemanden um Erlaubnis fragen oder warten, bis deine Spezifikation akzeptiert und hinzugefügt wurde.

You can just build things.

Exkurs: Nostr für Binärdaten - Blossom

Ja, aber... das ist doch nur für textbasierte Daten geeignet? Was ist denn mit den Binärdaten (Bilder, Videos, PDFs, etc)

Diese Daten sind oft recht groß und es wurde sich auf das Best-Practice geeignet, diese Daten nicht auf Relays abzulegen, sondern einen besser geeigneten Publikationsmechanismus für diese Datentypen zu finden. Der Ansatz wird als "Blossom - Blobs stored simply on mediaservers" bezeichnet und ist recht unkompliziert.

Blossom Server (nichts anderes als simple Medienserver) nutzen Nostr Schlüsselpaare zur Verwaltung Identitäten und zum Signieren von Events. Die Blobs werden über ihren sha256 Hash identifiziert. Blossom definiert einige standardisierte Endpunkte, die beschreiben wie Medien hochgeladen werden können, wie sie konsumiert werden können usw.

Die Details, wie Authorisierung und die jeweiligen Endpunkte funktionieren, werden in der genannten Spezifikation beschrieben.

Nostr 🤝 Öffentliche Bildungsinfrastrukturen

Wie könnten Herausforderungen gelöst werden, wenn wir Nostr als Basis für die öffentliche Bildungsinfrastruktur einsetzen?

Material-Upload

• Es ist nicht einfach möglich OER bereitzustellen, sodass es auch auf verschiedenen Plattformen gefunden werden kann.

Mit Nostr als Basis-Infrastruktur würden die Metadaten und die Binärdaten nicht an den Service gekoppelt sein, von dem aus sie bereitgestellt wurden. Binärdaten können auf sogenannten Blossom-Servern gehostet werden. Metadaten, Kommentare und weitere textbasierte Daten werden über die Relay-Infrastruktur verteilt. Da Daten und Service entkoppelt sind, können die OER Materialien von verschiedenen Anwendungen aus konsumiert werden.

Kuration

• Es gibt keine interoperablen Sammlungen
• Metadaten-Annotation ist zentralisiert
• User können keine eigenen Metadaten hinzufügen

Sammlungen sind per se interoperabel. Auf Protokollebene ist definiert, wie Listen funktionieren. Die Annotation mit Metadaten ist an keiner Stelle zentralisiert. Das Versprechen der RDF-Community "Anyone can say anything about any topic" wird hier verwirklicht. Ich muss mir ja nicht alles anhören. Vielleicht konsumiere ich nur Metadaten-Events bestimmter Redaktionen oder User. Vielleicht nur diejenigen mit einer Nähe zu meinem sozialen Graphen. Jedenfalls gibt es die Möglichkeit für alle User entsprechende Metadaten bereit zu stellen.

Crawling, Indexierung und Suche * An vielen Stellen wird Content doppelt erschlossen, aber immer für die eigene Plattform * Es gibt keinen geteilten Datenraum, in den Akteure Content "pushen" können * Es gibt keine plattformübergreifenden Suchmöglichkeiten

Keine Doppelerschließungen mehr. Wenn ein User im Netzwerk ein Metadatenevent veröffentlicht hat, ist es für alle konsumierbar. Der Datenraum ist per se geteilt. Plattformübergreifende Suche wird durch die Kombination aus Relays und NIPs ermöglicht. In den NIPs können spezielle Query-Formate für die jeweiligen NIPs definiert werden. Relays können anzeigen, welche NIPs sie untersützten. Eine plattformübergreifende Suche ist im Nostr eine relay-übergreifende Suche.

Plattformübergreifende Kollaboration

• Obwohl nun #OEP in aller Munde sind, gibt es keine technischen Ansätze, wie (plattformübergreifende) Kollaboration technisch abgebildet werden kann

Nostr ist der technische Ansatz.

KI-Services

• KI-Services funktionieren oft nur auf der Plattform für die sie entwickelt werden

Es gibt im Nostr das Konzept der Data Vending Machines (s. auch data-vending-machines.org). Statt also einfach nur eine API zu bauen (was auch schon sehr schön ist, wenn sie offen zugänglich ist), könnten diese Services auch als Akteure im Nostr Netzwerk fungieren und Jobs annehmen und ausführen. Die Art der Jobs kann in einer Spezifikation beschrieben werden, sodass die Funktionsweise für alle interessierten Teilnehmer im Netzwerk einfach nachzuvollziehen ist.

Die Services könnten sogar monetarisiert werden, sodass sich hier auch Möglichkeiten böten, Geschäftsmodelle zu entwickeln.

Fazit

Die Open Education Community ist großartig. Es sind einzigartige und unglaublich engagierte Menschen, die sich dem hehren Ziel "Zugängliche Bildung für Alle" -> "Offene Bildung" verschrieben haben. Wir verwenden Creative Commons Lizenzen -> Commons -> Gemeingüter. Es ist okay, dass viele Projekte von Sponsoren und Förderungen abhängig sind. Was wir machen, ist im Sinne eines Gemeingutes: Öffentliche Bildung für alle. Also zahlen wir als Gemeinschaft alle dafür.

Was nicht okay ist: Dass das, wofür wir alle gezahlt haben, nach kurzer Zeit nicht mehr auffindbar ist. Dass es eingeschlossen wird. In öffentlich finanzierten Datensilos. Es muss für alle auch langfristig verfügbar sein. Sonst ist es nicht zugänglich, nicht offen. Dann ist das O in OER nur ein Label und Marketing, um für eine ABM-Maßnahme 3 Jahre Geld zu bekommen. Denn nichts anderes ist Content-Entwicklung, wenn der Content nach drei Jahren weggeschmissen wird.

Und dasselbe gilt für OEP. Offene Lernpraktiken, sind auch nur eine Phrase, wenn wir die passende technische Infrastruktur nicht mitdenken, die wirkliche Offenheit und Kollaboration und damit die Umsetzung offener Lernpraktiken ermöglicht.

Und wenn wir uns jetzt nicht Gedanken darüber machen, die Infrastruktur für offenes Lernen anzupassen, dann werden wir vermutlich in einigen Jahren sehen können, was bei politischen Umorientierungen noch davon übrig bleiben wird. Wenn die Fördertöpfe komplett gestrichen werden, was bleibt dann übrig von dem investierten Geld?

Wir brauchen Lösungen, die engagierte Communities weiter betreiben können und denen kein Kopf abgeschlagen werden kann, ohne dass wir zwei neue daneben setzen könnten.

Wir müssen uns jetzt Gedanken darüber machen.

Wie offen will öffentliche Bildungsinfrastruktur sein?

@ 79be667e:16f81798

Veroorzaakt door de wereld rond mij\ Vormen de wereld in mij

Verwaarloosd door de wereld rond mij\ Overgelaten aan mij

Een groene brug komt uit mij\ Verbindt mij met wij\ En laat ons samen vrij

@ a2bcfaeb:2b1f789d

Privileged to be in the Bitcoin village for two days conference courtesy of BitBiashara. I wouldn't get such a chance without Bitcoin Making meaningful connections and sharing ideas with the best minds in Bitcoin. My take home is, Bitcoin education is really needed. I will be carrying the message back to my village. God bless Bitcoin. Support our circular economy.

@ b4fade0e:a4d2b56a

Find essential details about the operating hours of the after school program in Anaheim Hills offered by Hillsborough Private Preschool. This structured program runs weekdays and is designed to accommodate working parents while offering children a secure, enriching environment. With flexible scheduling and attentive care, the program aligns with local school dismissal times. Learn about pick-up procedures, supervision quality, and how the program supports academic and social development through structured routines and engaging activities tailored to your child’s needs.

@ d5ca7093:549ad1ec

I recently decided to create my own personal brand website—something simple with a clean landing page, contact info, links to my work, and a blog. The idea was straightforward: when you meet people in real life or connect online, you need a reliable, consistent place they can go to learn more about you. Social media platforms aren’t built for that—they’re noisy, crowded, and ultimately not under your control.

As we shift into a decentralized digital future, owning your own website is one of the easiest and most powerful moves you can make. Social media pages are just websites owned by someone else. TikTok, Instagram, YouTube—they all serve specific functions, but there’s nothing stopping you from creating your own platform. If you make videos, host a video gallery. If you write, post your own blog. You don’t need to depend on Twitter or Medium to get your thoughts out. Open-source tools and modern frameworks make it easier than ever to replicate what these big platforms do—on your terms.

This shift is already visible with platforms like Nostr and Mastodon, which promote the idea of identity and communication without central ownership. Your website can be a central node in that ecosystem. Unlike a profile on a platform that can vanish overnight, your domain name is portable and permanent. You can point it anywhere—your own server, a decentralized network, or a new platform that respects user autonomy. That kind of control is only possible when you own your digital real estate.

In fact, I believe domain names are the next evolution of usernames. They’re already being used that way on services like BlueSky and Mastodon. A domain name isn’t just a web address—it’s a digital identity. It can be your contact card, your blog, your portfolio, and even your inbox. In a decentralized world, owning a domain is like planting a flag. It says: this is mine.

The deeper truth is that these centralized platforms are incentivized to keep you inside their ecosystem. They harvest your data, limit your reach unless you pay, and can suspend or ban your account without warning. When you build on their land, you play by their rules. When you build on your own land—your website—you make the rules. You decide what gets seen, what gets featured, and what data gets collected.

And let’s talk discoverability. While social media relies on algorithms and trends to push your content, your website can be indexed and searched globally on your terms. SEO tools, schema markup, and open metadata standards let you control how your content appears across the web. Add analytics, email capture, or even push notifications, and you’ve created a full digital marketing system that doesn’t depend on anyone else’s infrastructure.

For developers and technical creators, building a personal site also becomes a live demo of your skillset. It’s an interactive resume, a sandbox for new technologies, and a launchpad for projects. Whether you’re using React, Astro, Hugo, or GhostCMS, the tools you choose say as much about you as the content you publish. And because it’s all yours, you’re free to experiment without limitation.

Ultimately, your website is an investment in future-proofing your digital identity. As decentralized protocols evolve, your personal site can plug into that infrastructure—whether it’s connecting wallets, supporting decentralized comments, or syndicating content to multiple platforms. Owning your site today means you’ll be ready for the web of tomorrow.

@ 7460b7fd:4fc4e74b

联名银行账户的历史、挑战与现代替代方案 —— 兼论 PayJoin 的跨法域教法友好新实践

1. 联名账户的起源与制度逻辑（英美法系）

联名账户的定义与起源。 联名银行账户是指由两个或以上个人共同持有、均有权操作的银行账户birketts.co.uk。这一制度起源于英美普通法下对于共同财产持有的需求，可追溯到不动产共有 (如共有租赁 joint tenancy) 概念在金融存款领域的引入birketts.co.uk。19世纪末到20世纪中叶，欧美银行开始允许多人在同一账户上拥有签字权，方便夫妻或家人联合管理财务，并在账户持有人死亡时避免遗产认证（probate）流程——因此联名账户常被称为“穷人的遗嘱”，作为一种规避遗嘱认证的工具nelsonmullins.comnelsonmullins.com。

共同租赁与生存者权利。 在英国普通法传统中，不动产的 joint tenancy 具有“生存者享有权”（Right of Survivorship），即一名共有人去世后，其份额自动归属存活的共有人。这一理念被移植到银行账户：大多数联名账户在开立时即默认附带生存者权利（JTWROS），存款人之一死亡时，账户资金无须经过遗产程序直接归属于存活者birketts.co.uknelsonmullins.com。英美各州法律以及《统一遗嘱认证法》（UPC）普遍承认这一默认规则，除非开户时有相反约定nelsonmullins.comnelsonmullins.com。这体现了联名账户在制度设计上的核心逻辑：账户法律权属共同且具有延续性，银行只关注账户的法律所有人而不深究每位持有人对资金的实益份额birketts.co.uk。

意图推定与权益归属争议。 尽管法律上联名账户具共同所有与生存者权利，但在实益归属（Beneficial Ownership）上常引发争议birketts.co.uk。英美法院历史上发展出不同理论来推定联名账户资金归属的意图：一是合同理论，认为签署的开户协议本身构成合同，确立各持有人对账户的平等权利（包括死亡后全额归属权）；二是信托/赠与理论，视添加共有人为对其利益的赠与或信托安排birketts.co.ukbirketts.co.uk。英国法院传统上采用推定信托原则：若账户资金完全由一方存入，则推定这笔钱由该方信托持有，除非账户持有人有夫妻、父母子女等特殊关系，此时反推定为赠与（advancement）birketts.co.uk。例如，父母将子女加入账户通常被视为对子女的财产赠与，逝世后余额归子女所有birketts.co.uk；而无亲属关系的人加入账户则多被视为管理方便的安排，资金实益仍属原出资人birketts.co.uk。美国法亦有类似原则，不少州要求若实际意图只是“便利账户”（Convenience Account），需在开户时或遗嘱中明确声明，否则默认视为赠与，账户余额按生存者权利归共同持有人nelsonmullins.comnelsonmullins.com。这种法律推定的复杂性，使联名账户长期存在“制度混乱”局面nelsonmullins.com，历史上大量诉讼围绕共同持有人之间以及继承人之间对账户资金归属的争夺展开nelsonmullins.comnelsonmullins.com。

账户签署模式：“和”与“或”。 另一个制度要点是账户的操作权限。传统英美银行账户协议中，可以指定联名账户为“双方签字”（“A 和 B”账户）或“任一方签字”（“A 或 B”账户）模式investopedia.com。“双方签字”要求所有共有人同意才能支取，保障了共同行使控制权，但使用不便，主要用于企业账户或信托账户；“任一方签字”则允许任一持有人单独操作账户，是夫妻/家庭联名账户的常见形式investopedia.com。印度、英国等地银行常用“Either or Survivor”（任一或生存者）来指明此类账户默认具有生存者继承权mikecoady.com。这一设计体现了联名账户的灵活性：要么强调共同控制，要么强调独立便利。然而正如下文所述，这种便利也带来了诸多法律与实务风险。

2. 美国联名账户的典型法律问题及银行应对

遗产继承与意图冲突。 在美国，联名账户最常见的问题是与遗产规划意图不一致，引发继承纠纷。例如老年父母出于支付账单方便，将成年子女之一加入账户，但并不打算在去世后将全部余额都赠与该子女nelsonmullins.comnelsonmullins.com。如果父母过世前未书面声明账户不作为遗赠，那么按照许多州法律，该账户会绕开遗嘱直接归存活的子女所有nelsonmullins.comnelsonmullins.com。这可能与父母原本打算公平分配遗产给其他继承人的意愿相违背nelsonmullins.com。例如在南卡罗来纳的案例 Abernathy v. Latham 中，母亲生前联名账户本意是方便支付其医疗开销，遗嘱却意图将财产分予另两位非联名子女，但因未在开户时或遗嘱中明确说明，法院仍判定账户余额由共有人（联名女儿）全额继承nelsonmullins.comnelsonmullins.com。为避免此类情况，《统一多方账户法》（已被部分州采纳）要求账户持有人如欲排除生存者权利，须在开户表或遗嘱中有明确书面说明，否则默认视为意图赠与生存者nelsonmullins.comnelsonmullins.com。银行方面也逐渐提供选项，允许客户指定联名账户为“无生存者权利”（类似于按份共有），但这在实践中不常使用，需要客户有明确法律意识。

账户冻结与债权纠纷。 联名账户的另一风险在于，当其中一位持有人遇到法律麻烦（债务、诉讼、税务等），整个账户可能被冻结或强制执行。美国的多数司法辖区视联名账户内资金为各持有人_推定_平等拥有，因此债权人可以申请冻结或扣押债务人姓名下的联名账户，即便另一共有人对债务不知情也可能失去账户资金nolo.comnolo.com。各州对此规定不同：有些州限定债权人仅能扣押账户的一半资金（假定另一半属无债务方）nolo.com；但在另一些州，债权人可申请扣押全部余额，然后由无责共有人举证证明其中有自己出资的部分才能取回nolo.comnolo.com。例如一对兄妹联名账户，如兄弟欠债遭判决，债权人可能要求银行冻结整个账户，妹妹必须提供存款记录等证明哪些钱是自己存入（traceable contributions）才能抗辩解除nolo.comnolo.com。这一过程繁琐且充满不确定性，给无辜共有人带来资金风险。对此风险，银行没有义务主动区分资金归属，只依据账户合同行事nolo.com。为减轻客户顾虑，一些州允许在开户时将账户明确标为“便利账户”（仅供代理操作，不算共同财产），或夫妻开设“Entireties账户”（夫妻整体所有，仅可共同处分，个人债权人不得强制执行），以提供一定保护alperlaw.comnolo.com。但这些选项依赖特殊法规且在不同管辖区差异很大nolo.comnolo.com。因此美国银行通常会在开户协议中提醒联名账户的连带责任（如信用卡联名账户双方对欠款负共同责任investopedia.com）和可能的债权风险，并建议客户慎重选择共有人。

误操作与内部欺诈。 联名账户给予每位持有人几乎不受限制的提款权，因此另一大隐患是账户内部的误用或欺诈。如果一位持有人缺乏理财自律或存在恶意，他/她可单方面提取或转移全部资金，另一持有人事后才发现损失investopedia.comkitces.com。由于银行视所有共有人为合法所有者之一，无法仅凭一方投诉而阻止另一方的提款——银行有合同义务执行任何持有人合法发起的指令kitces.com。这意味着联名账户几乎没有内部制衡：即使银行察觉可疑，也“束手无策”，因为指令来自账户合法共有人kitces.com。受害一方只能通过法院诉讼，主张账户只是“代理/便利”性质、对方违反受托责任 (fiduciary duty) 而挪用资金，尝试追回款项kitces.com。然而举证过程漫长且结果不确定，需要证明当初加名仅为代理方便而非真正赠与kitces.com。正因如此，美国理财顾问常警示客户：不要轻易通过联名账户授权他人理财，否则不仅资金可能被滥用，而且一旦对方出事，您的钱也可能受牵连kitces.comkitces.com。相比之下，更安全的做法是使用有限授权（Power of Attorney）或生前信托来给予代理人有限权限，而非直接共享所有权kitces.comkitces.com。银行业也逐步接受和配合这些替代方案，如核验授权书、副署人等，以平衡便利性和安全性。

3. 海湾国家联名账户的实践与挑战

跨境劳工汇款与联名账户。 海湾阿拉伯国家聚集了大量外籍劳工（尤其来自南亚、东南亚），他们经常需要将收入汇款回家。许多外籍人士选择开立联名账户作为家庭财务工具，例如在本国银行开设自己与配偶或父母的联名账户，以便家人在其海外工作期间共同管理资金或从账户中提取生活费icicibank.comicicibank.com。部分在海湾地区的银行也允许外籍客户与家人开联名账户，方便他们将工资存入并由在家乡的配偶使用附属银行卡取款reddit.com。这种安排在技术上降低了频繁国际汇款的成本和难度。然而，它也带来了法律和文化层面的挑战：一方面，不同国籍/居住地的联名人涉及跨境法规（如外汇管制、税务申报）的复杂性；另一方面，在一些文化中男女或代际间共享账户可能与传统观念不符，需要遵循伊斯兰教法或当地习俗。比如有的穆斯林丈夫可能按照教法允许妻子保有自己财产、不干涉之原则，不倾向于共用账户，而选择直接汇款给妻子个人账户reddit.com。因此，跨境家庭常在便利与合规之间权衡，在联名账户和单独账户+授权取款等模式中做出选择。

家族资产共管需求。 海湾本地富裕家族内部也存在共同管理资产的需求。例如父子共同经营生意、兄弟姐妹联合投资物业等情况，希望有一个共管的账户池。传统上，在海湾阿拉伯社会，大家族通过掌门人代持或设立家族办事处（Family Office）集中管理资产，但现代银行服务也提供了一些新工具。例如阿联酋的 Emirates Islamic 推出了**“家庭储蓄账户”模式，允许多达10位直系亲属各有独立子账户，但共享一个合并余额来获得较高的整体收益率，同时保持每个人账户的私密性和独立使用emiratesislamic.aeemiratesislamic.ae。这被视为传统联名账户的改良：资金并不真正混同，但在银行系统内被视为“虚拟共同体”，以激励家庭存款emiratesislamic.aeemiratesislamic.ae。该方案也明确遵循伊斯兰教法**（如采用 Wakala 投资代理协议分享利润，而非利息）emiratesislamic.aeemiratesislamic.ae。由此可见，海湾银行业在满足家族共同理财需求时，更倾向于结构化解决方案，以避免直接共有人制度带来的法律障碍。

教法继承与账户冻结。 最严峻的挑战是伊斯兰教法的强制继承规则。在海湾阿拉伯国家（如海合会各国），伊斯兰教法（Sharia）通常适用于穆斯林公民的资产继承。根据教法，当账户持有人去世，其资产必须按照固定的继承份额分配给法定继承人（配偶、子女、父母等），个人意愿影响有限。这与普通法系下联名账户“生存者自动继承全部”原则直接冲突gulfnews.comgulfnews.com。因此在如阿联酋等地，无论账户是个人还是联名，只要持有人去世，银行立即冻结账户，直到宗教法院或民事法院完成继承认证gulfnews.comgulfnews.com。联名并不能豁免冻结：即使另一共有人健在且资金主要由其贡献，也不得动用账户，直至法院指令gulfnews.comgulfnews.com。例如一位印度外籍人士在迪拜与妻子共有多个账户，妻子骤然去世后，他发现所有联名账户被法院冻结，无法提款支付日常生活费mikecoady.commikecoady.com。因为按照程序，继承人在申请继承证书时需申报所有死者名下账户，法院即通知各银行冻结资金mikecoady.commikecoady.com。数月后法院根据教法规将款项在丈夫和子女间按教法份额分配（例如丈夫25%、儿子50%、女儿25%mikecoady.com），而不像普通法那样全部归存活配偶mikecoady.com。这一事件突显了联名账户在教法环境下的“危险”：存活共有人不仅无法直接继承，短期内甚至无法动用共同财产gulfnews.comgulfnews.com。为此，当地专业人士建议外籍人士避免在无遗嘱情况下使用联名账户，或至少保证每人有独立账户以备不时之需mikecoady.com。更稳妥的做法是在当地立下符合教法的正式遗嘱，或采用公司/信托架构持有资产，以绕开个人账户直接继承的障碍gulfnews.com。总之，在海湾国家，联名账户因为法域文化差异面临特殊挑战，必须提前规划以防范账户冻结与继承冲突的问题。

4. 联名账户的现代替代方案及局限性

面对上述各种问题，金融和技术领域已经发展出若干替代方案来实现多人共同管理资金的目标，每种方案各有其法律、治理和技术局限。下表对主要替代机制进行比较：

| 替代方案 | 实现方式 | 优点 | 局限性 | | ------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------ | ---------------------------------------------------------------------------------- | | 对公账户/公司账户 | 设立法人实体（公司、合伙企业），以公司名义开银行账户，由多名股东/高管共同控制fdic.gov。 | 法律结构清晰，有公司法保护；可设定多签批准流程；个人债务不直接牵连公司资金。 | 设置和维护成本高（注册、税务、合规）；非家庭场景不便；跨国开户困难。 | | 信托账户 | 设立信托或基金，受托人开设账户代持财产，受益人包括相关个人kitces.com。 | 可定制受托人义务，保障弱势方利益；避开遗产认证，按信托契约分配；在普通法下有成熟法理。 | 在民法或教法地区法律地位不明；设立需专业知识和费用；受托人可能滥用职责（需信任或监管）。 | | 授权与代理 | 不改变账户所有权，通过签署财务授权书或银行授权，让代理人能操作账户kitces.com。 | 手续简单成本低；不转移所有权、不影响继承；授权范围可限定（仅查看、限额支付等）。 | 授权人在法律上无所有权，遇代理破产/去世授权失效；部分机构对授权认受度有限（可能拒绝执行）。 | | 多重签名钱包 | 在加密货币领域使用多签名技术（如2/3签名）管理资金，各方持有私钥，需达成门槛签名才能支出blog.upay.bestmilkroad.com。 | 技术上去中心化，无单点控制；规则灵活（M-of-N签名可定制）；无银行介入、无国界限制；防范单方欺诈或遗失（可设应急密钥）。 | 仅适用于数字资产，不适用法币账户；用户需一定技术能力；法律上不承认“共同签名”财产分配，纠纷解决缺乏司法支持；一旦签名门槛达不到（如一方失联），资金可能冻结在链上。 | | 权限分级系统 | 由银行或金融平台提供，多用户共享同一账户或钱包但权限不同（如主账户人设置子账户/支付限额）。 | 可实现精细控制：如一方全权，另一方仅查询或限额交易；方便家庭理财、企业财务控制；平台往往提供日志追踪增强透明度。 | 核心账户仍属单一法律主体，其他人为被授权人而非真正共有人；授权关系依赖平台规则，法律保障弱；跨机构不可通用，缺乏行业标准。 |

对公账户/公司架构： 通过成立法人实体（如注册有限责任公司或合伙企业）共同持有资金，是许多情况下替代联名账户的方案absolutetrustcounsel.com。例如夫妻可成立一家有限责任公司共同持有投资资产，再以公司名义开银行账户。这将资金从个人名下移至公司名下，从而隔离个人法律风险：一方的个人债权人无法直接针对公司账户执行alperlaw.com。公司章程还能规定账户需多方签字支出，提高内部监督。然而其局限是显而易见的：成立和维护公司需支付注册、审计、报税等成本，对于单纯家庭资金共管显得繁琐；跨境开设公司账户涉及各国法律和合规要求，操作门槛高。因此公司账户更多用于正式商业合伙场景，在普通家庭财务中接受度有限。

信托结构： 信托源于普通法，可作为联名账户的法律替代——尤其在涉及遗产和未成年人利益时更为优越。家长可设立生前信托，把资金转入信托账户，由受托银行按信托契约管理并允许指定受益人共同使用，从而避免形式上的联名kitces.comkitces.com。信托能够细致规定各方的权益份额和职责（受托人对受益人的诚信义务 Amanah），并可跨越死亡事件自动过渡产权，无需冻结账户或经过繁琐继承程序。然而信托在许多民法或伊斯兰法系国家并无完善的法律框架（例如一些海湾国家对家族信托的承认有限），设立信托往往需要借助离岸法域（如开曼群岛、新加坡的信托法律）coinshares.com。此外，信托涉及专业法律文件起草和持续监管成本，对一般用户门槛较高。若受托人滥用职权，受益人必须诉诸法院救济，也存在道德风险。因此信托虽在英美被视为解决联名财产问题的黄金标准，但在跨法域环境下其可行性取决于当地法律制度支持程度。

授权代理： 这是不改变资金所有权又能实现共同管理的简单途径。很多美国老人不愿直接加子女为联名人，改为签署广泛的持久财务授权书 (Durable Power of Attorney)，授权子女在自己失能时管理账户kitces.com。银行也提供第三方授权形式，比如在账户中登记一位“代理签字人”。授权的优点是保留资产独立性：资金仍属原主，无需担心代理人个人债务牵连；同时授权可随时撤销或修改。不过授权并非万能：若授权人去世，授权自动失效，代理人无法再动用账户（此时资产转由遗产程序处理）nelsonmullins.comnelsonmullins.com。此外，不是所有国家/银行都乐于承认外国授权文件，实际操作中代理人可能仍遇阻力（一些银行出于合规会对代理指令多加审查）。因此授权适合作为短中期的账户共管方案，但不能完全解决死亡继承和跨境问题。

多重签名数字钱包： 在区块链和加密货币领域，多重签名 (multi-sig) 技术成为实现“多人共管资金”的创新方案blog.upay.bestmilkroad.com。例如，两位商业伙伴可以创建一个比特币2-of-2多签钱包，任何转出交易需要双方的数字签名，类似银行账户要求两把钥匙同时拧开保险箱。这种技术不依赖中心机构：资金由去中心化网络维护，任何一方单独无法挪用，使内部欺诈风险降至最低。同时，它突破了国界，在不同法域的人都可共同控制同一钱包。然而，当前多签钱包主要限于加密资产，对于法币存款并不可用。即便在加密领域，也存在治理难题：法律层面不承认密码学上的“共有”概念，如果多签持有人发生纠纷或死亡，传统法院很难介入分配私钥或代为执行交易river.comriver.com。例如一方去世未留下其私钥，除非智能合约预设了应急方案（如超时解锁给存活方或预留第三方密钥），否则资金将永久锁定链上。又如一方恶意拒绝签名，另一方只能尝试技术或社工手段获取签名，无正规法律途径解决。总的来说，多签提供了技术上的安全与中立，但牺牲了一定的便捷性和法律可追索性，目前更适合高信任度团队或对安全性要求极高的场景（如加密货币交易所的资产托管）。

权限分级的账户系统： 随着金融科技的发展，一些银行和支付平台推出了多用户权限功能，试图兼顾多人使用的便利与风险控制。例如某些数字银行允许一个主账户下开设子账户，各账户持有人拥有独立登录、卡片，但资金在后台链接，实现类似家庭钱包的效果。主账户持有人可以设定每个副账户的额度和权限（只能消费不可转出等），既给家人财务自由又保留总体控制。这类方案实质上还是一个人拥有账户，其余是被授权用户，只不过科技手段让用户体验上接近联名账户。这种权限分级系统可以灵活定制规则（比如双重确认大额支出、实时通知等），非常适合企业财务（类似传统网银的“双人复核”）或家庭预算（如给孩子的零用卡）。局限在于：法律关系上账户只属于主用户，其余人没有法律所有权，因此如果主用户出事，账户仍会被冻结，其他人权益无保障。此外，不同银行平台各自为政，缺乏统一标准，一旦跨行或跨境，此类授权无法延伸。在监管层面，这种模式也引发KYC疑问：银行需要对所有实际使用者尽职调查，否则可能出现非账户持有人匿名使用资金的情况。

综上，各种替代方案各自解决了传统联名账户的一部分问题，却也引入新的限制。没有一种方案能完美覆盖法律、治理、技术各方面：对公账户和信托提供法律清晰度但成本高、地域受限；授权和权限分级提升便利但不改变根本权属；多签钱包实现了跨境共同控制但游离于现行法律框架之外。正是在这样的背景下，新兴的PayJoin技术引人注目——它并非传统意义上的“账户”或“契约”，而是一种交易机制，可能在跨法域和教法环境下提供一种创新的资金共管思路。

5. PayJoin 技术机制与联名账户的比较

PayJoin 的原理简介。 PayJoin（又称 P2EP，Pay-to-Endpoint）是一种比特币交易的隐私增强技术，其核心思想是：让交易的接收方也贡献一部分输入river.com。在传统的单方支付中，一笔交易的所有输入通常都来自付款人，这泄露了一个隐私信息：这些输入地址很可能属于同一人（区块链分析中的“共同输入归属假设”）river.com。PayJoin 则打破这一假设：收款人预先与付款人沟通，同意在收到款项时由自己提供一个UTXO作为交易输入之一，然后双方构建一个包含多笔输入、输出的联合交易payjoin.orgpayjoin.org。例如，Alice 向 Bob 支付 1 BTC，传统做法是 Alice 提供1 BTC输入-> Bob 的地址。PayJoin 下，可能变成：Alice 提供0.6 BTC输入，Bob 提供0.5 BTC输入，两人签署一笔交易，其中 Bob 的输出得到1.1 BTC（相当于 Bob 原有0.5+Alice支付1.0，减去找零给Alice和手续费），Alice 拿回找零0.4 BTCpayjoin.org。从区块链上看，这笔交易有两个输入（分别来自Alice和Bob的钱包）和若干输出，但观察者无法断定究竟是哪部分是支付、哪部分是找零，因为它看起来跟“一人用多个输入付款”并无二致payjoin.orgpayjoin.org。PayJoin 使交易的资金归属变得难以推导：外人不再确切知道Alice给了Bob多少钱。

“共同控制”与权限对比。 虽然 PayJoin 不是账户，但它体现了一种交易层面的共同控制：交易的生成和签名需要双方参与river.com。付款人和收款人通过点对点加密通信（通常经Tor或类似渠道）协商交易细节，各自选择愿意投入的UTXO，然后协同构建PSBT（部分签名比特币交易）并分别签章river.comriver.com。只有双方都签名，交易才能广播成功。这一点类似联名账户的“双签”模式（“和账户”），需要双方同意才能完成一笔“资金移动”。不同之处在于：联名账户的双签是在账户维度的持续权限控制，而 PayJoin 的“双签”是逐笔交易的合作行为，一旦交易完成，双方各自拿回属于自己的输出，并不产生一个长期共管的地址或账户。这意味着 PayJoin 不涉及资金托管：Alice和Bob各自仍控制自己钱包里的币，只是在支付发生的一刻进行了协作。相较之下，传统联名账户（尤其“或账户”）往往允许单方独立操作而缺乏约束investopedia.cominvestopedia.com；而 PayJoin 则需要双方在线同意才能促成，这在一定程度上提供了共同见证/确认。不过，PayJoin 并不能防止任一方事后随意支配自己收到的输出（类似于联名账户的任一持有人可自行提取自己的款项比例）。因此在控制模型上，PayJoin更像是瞬时的“合伙记账”：双方都参与记账过程，但结算后各拿各的钱。如果有需要，可以反复通过PayJoin进行资金往来，从而达到一种“经常性共同操作”的效果，但它本身不会锁定资金需要长期共同签署。相比之下，多重签名钱包会真正把资金锁定在需要多方签名才能解锁的地址上，这是不同的。

不可推导的资金归属。 对于联名账户，外部人（包括银行或法院）通常也无法直接区分账户内资金最初由谁存入，因为账户作为一个整体记录余额birketts.co.uk。只有通过内部账或存款记录才能分析贡献比例。同样地，PayJoin 交易在区块链上造成了资金来源的混淆：链上观察者无法确定哪一方贡献了多少输入、哪个输出归谁payjoin.org。这从隐私角度是优点：它打破了比特币网络上对于资金流向的常规分析规则payjoin.org。而从“共有”角度来看，这种资金归属不透明性与联名账户有相似之处——在一个联名账户中，如果没有充分证据，第三方或债权人常默认账户资金各半归属双方nolo.com；在一次PayJoin交易中，除非双方公开细节，否则无人能确知哪个输出是支付哪个是找零，即交易对手间的具体资金划分仅他们自己清楚payjoin.org。值得注意的是，这种隐私并非完全的匿名，而是针对特定交易的归属不可判定。联名账户的不可归属性是长期的（整个账户余额如此），而PayJoin是针对单笔转移，但如果双方持续采用PayJoin模式进行交互，那么整个资金流的图谱对外部来说将变得支离破碎，难以拼凑双方各自持有多少。对于希望财务共管但又不想被外界清晰审计出权属的人来说，这提供了一种新颖的工具。

与多方混币区别。 需要指出，PayJoin 不同于传统的CoinJoin（多人混币）。CoinJoin通常是数个不相干的人把若干UTXO放一起构造一笔交易，打乱关联，从而实现隐私增强river.com。而 PayJoin 仅两方参与且具有实际支付含义：付款人最终少了钱，收款人净得钱。这更贴近真实的一对一资金往来场景，只是包装成让外界看不出。而CoinJoin往往输出每人拿回和输入等量的钱，只是换了碎片顺序，没有实现真正资金转移。PayJoin的效率更高（两人即可，不需撮合众人），也更节省手续费，因其输出数量可与普通交易无异，不增加链上容量payjoin.orgpayjoin.org。

综上，PayJoin 在共同控制和资金归属模糊两方面都与联名账户有相似之处，却又有本质区别：联名账户是法律与账户层面的共管关系，持续存在；PayJoin是技术与交易层面的合作行为，瞬时完成。正是这种差异，使 PayJoin 可以避开许多联名账户的制度性问题，从而具备一些独特优势，如下节所述。

6. PayJoin：跨法域中立且教法友好的潜力

跨法域的中立性。 PayJoin 基于比特币网络运作，其参与各方只需遵循比特币协议，与任何特定国家法律或金融机构无直接关联。这意味着，无论交易双方身处何地、何种法系，都可以采用PayJoin来完成一笔支付或价值转移，而不受当地银行政策差异的影响。例如，一位美国的用户可以与一位海湾国家的用户通过各自的比特币钱包执行PayJoin，资金即时划转，无需经过银行清算或外汇管制。这种去中心化特性使 PayJoin 天然具有跨法域中立性：它不需要在某国开设账户、符合某地金融牌照，也无须考虑两地对联名账户截然不同的法律定义。对于跨境家庭或团队而言，PayJoin 提供了共同参与财务活动的新方式——不再以账户形式存在，而是在链上合作完成交易。由于没有共同持有的账户实体，便不存在账户被冻结或被单方面没收的风险（前提是双方各自保管好自己的私钥）。尤其在一些司法管辖冲突的场景下（如非穆斯林丈夫与穆斯林妻子想共享财富，但各自国家法律对联名财产认定不同），PayJoin可以作为双方私下的财务协议来使用，而避免落入法域冲突的真空地带。需要强调，PayJoin 本身不违反任何国家的明文法律——它只是标准的比特币交易形式之一payjoin.orgpayjoin.org。法律上各国通常将比特币交易视为个人资产处分行为，只要不用于非法目的，并无禁止交易双方协商其交易结构的法规。因此，从合法性角度看，PayJoin 相当于两人商定了一种转账方式，在Common Law看来符合契约自由原则，在各法域都找不出明显抵触的条文。

伊斯兰教法的友好性。 从伊斯兰金融原则审视，PayJoin 具有许多契合点，使其有望被视为“教法友好”的实践：

• 无利息（Riba）：PayJoin 只是资金转移工具，不涉及贷款或利息计付。比特币本身不支付利息，交易过程中也没有任何一方无风险获利的要素scitcentral.com。相比传统银行账户可能涉及利息或利率变动（伊斯兰金融需通过盈利率协议Wakala等实现类似功能），PayJoin 完全规避了利息禁忌。

• 控制与所有权明确（Amanah信托原则）：在联名账户中，各方资金混同，实际归属成谜，可能引发Amanah上的疑虑——一方实为代管他人财产却可以随意取用。而PayJoin每笔交易双方知情并同意，且结算后各自掌控自己的余额，没有长期代管他人财物的情况。可以认为，双方在PayJoin合作中互为受托人：各自承诺只签署符合约定金额的交易，不多签或少签。这种短暂的互信很容易履行且范围有限，符合 Amanah 强调的受托义务（诚信、准时履约）。双方都不把资金长久交给对方或第三方，减少了信托滥用的可能。

• 避免过度不确定性（Gharar）：Gharar 指交易中不确定性或信息不对称过高，从而带有投机欺诈成分。PayJoin 交易结构虽然对外人不透明，但对交易双方本身是完全清晰的——他们事先约定了支付额，每人贡献多少UTXO、将得到多少找零输出，都是明确计算的payjoin.org。交易未完成前，任何一方都可以中止（不签名则交易无效），不存在押注未知结果的情况，也没有复杂衍生品或概率元素，因而不违反“避免Gharar”的原则changelly.com。与之相比，传统联名账户在教法环境下的最大不确定性反而是继承处理：共有人无法确定死后谁能得到多少份额（取决于教法和法院），这对各方而言是一种Gharar。而PayJoin每次交易完结，资金归属当下尘埃落定，没有悬而未决的权益。

• 非赌博性质（Maysir）：Maysir意为赌博或投机。PayJoin 并非博弈，而是有实际用途的支付工具，没有随机输赢，也不以对赌为目的changelly.com。两人合作进行PayJoin，不会出现一方赢钱一方输钱的零和结果——本质还是执行支付，只是改变信息披露，并无博彩成分。因此，用PayJoin进行正常经济活动，应不触犯禁赌教规。

更进一步，有学者和教法顾问已经在讨论比特币本身的可容许性：许多观点认为只要比特币用于合法贸易、避免利息和欺诈，它可以被视作财产和交换媒介，从教法上是Halal（可允）plasbit.comchangelly.com。一些中东地区的交易所和机构也在寻求Fatwa（教令）承认加密货币交易的合规性。PayJoin 作为其上的一种交易方式，如能被正确理解，其Sharia合规障碍应较小。因为相比之下，更具争议的是匿名性和洗钱风险，但那属于世俗法律范畴，下节会谈到。

避免强制继承冲突。 前文提及，在海湾国家按Sharia会冻结联名账户并强制按法定比例分配。这主要因为账户在法律上视为死者遗产的一部分。而若两人采用PayJoin等去中心化方式管理财富，则每人始终持有自己那部分私钥控制的币，不形成法律上的“联名遗产”。当一方过世，其私钥所控币是其遗产，另一方所控币不属于遗产范围，因此不会被教法程序冻结。当然，亡者的比特币仍需按其遗嘱或教法分配，但起码存活者立即可支配自己持有的部分，现金流不中断。这与联名账户情形截然不同。在实践中，夫妻可各自持有数字钱包，定期用PayJoin互相汇款、结算共同开支。万一一方不幸去世，另一方钱包里的余额就是属于Ta自己的，不经遗产处理即可继续使用；而逝者钱包若未留访问方式则资产可能锁死，反而避免了与法定继承人的纠纷（当然，从保护家人利益角度，应有妥善的密钥遗嘱安排，但可通过多签或托管来实现，而不需要传统联名账户）。总之，PayJoin提供了一种不经银行、绕开法域限制的合作模式，使双方的财产在法律上保持独立，却能在经济上实现协同。这对于跨国夫妇或团队，尤其处在不同财产制度（教法 vs 世俗法）下的组合，极具吸引力。

7. 合规性分析：伊斯兰金融原则与普通法要求的平衡

引入任何新实践方式，都必须评估其在各法域的合规性。针对 PayJoin，需要分别从伊斯兰金融教义和普通法/现代监管角度来审视，确保其同时满足双方关切，真正成为“跨法域中立、教法友好”的方案。

符合伊斯兰金融原则： 根据上述分析，PayJoin 本身没有违反 Riba、Gharar、Maysir 等禁忌，可被设计为符合 Shariah 的工具。然而，为进一步确保教法合规，可以考虑以下细节：

• 合同形式与意图明确（Niyyah）：伊斯兰交易强调各方意图正当、合同清晰。虽然 PayJoin 不需要书面合同，但双方可在私下有书面或口头协议，说明这是一种共同协作支付，不是借贷或投资关系，以免日后产生歧义。这类似于 Amanah 原则下的承诺：双方约定各自仅为支付目的贡献资金，不据此主张对方财产权。

• 避免不义之财（Dhulm）：教法禁止不公正的占有。如果 PayJoin 被恶意用来隐匿资助不法活动或侵占他人财产，显然不合规。这需要道德约束：FinTech开发者在推广PayJoin方案时，应嵌入使用指引，强调其用于正当目的（如家庭财务协作、隐私保护），不鼓励用于欺诈或洗钱。这与伊斯兰金融注重的社会责任原则吻合nasdaq.com。

• 审慎与透明（Itqan & disclosure）：在穆斯林社群中推广时，可以让受过教法培训的专业人士参与审查PayJoin流程，甚至发布教法意见书（Fatwa）声明其可接受性，并教育用户如何将其融入Halal理财生活。例如建议穆斯林家庭在使用PayJoin前，明确约定彼此的财产份额和用途，记录每笔协作交易的原因，以保持家庭内部的透明和信任（这有点类似于定期对账，在宗教上也是鼓励诚实对待财产往来的一部分）。

符合普通法和监管要求： 虽然 PayJoin 技术本身不违反合同和财产基本法理，但现实应用中还有一些合规问题需要考虑：

• 反洗钱（AML）与身份识别（KYC）：西方普通法体系下的金融监管要求对资金来源和交易对手尽职调查。PayJoin提高了链上匿名性，可能引起监管机构对其用于洗钱的担忧cointelegraph.comriver.com。为此，FinTech企业在实现PayJoin功能时，可加入自愿的透明机制：例如双方如果在受监管平台（交易所、支付处理器）进行PayJoin，可以在链下向平台报告交易对手的身份哈希，以满足监管审计需要（前提是双方同意，并且平台在受司法令时才揭示）。这样既不破坏链上隐私，又保留合规的选项。此外，开发者也应提示用户遵守所在地法规：如一次性大额PayJoin转账在某些国家可能需要申报，用户需自觉履行。

• 合同与救济：Common Law 强调合同自由，但也要求有违约或欺诈时能提供司法救济。PayJoin 没有标准合同，如果一方未履行承诺（例如收款方承诺一起做PayJoin但反悔要求普通转账，或者付款方声称已付但实际未广播交易），法律上如何处理？对此建议是：当 PayJoin 用于商业场景时，仍应有基本合同约定。如果发生纠纷，一方可以提交协商的PSBT记录、通信记录等作为证据。由于Bitcoin交易有不可篡改的链上记录，反而容易举证实际支付了多少钱给谁。法律可能将其视为一种合伙或代理协议的履行：双方合意做一件事并完成了。如果一方中途毁约导致对方损失，可按普通契约法求偿。不过需要法院对这一技术有所了解。因此合规上，或许需要通过行业协会向监管和司法解释PayJoin的机制，使其被当作正当交易手段看待，而非神秘的洗钱工具。

• 税务与报告：各国税法对加密交易的申报要求不同。PayJoin并未改变交易实质，只是隐私增强，但从税务上说，若涉及资产转移，同样要记录成本基础和收益。合规方案可以是：提供给用户一个工具，将自己参加的PayJoin交易标记并保存原始支付细节（付款额、找零额），以便报税时证明实际支出收入情况。这一点对企业采用PayJoin尤为重要，确保账务透明避免日后审计问题。

公平与共识： 普通法原则重视交易的公平合理和各方真实同意。PayJoin是双方自愿合作的结果，表面上满足共识原则。但我们也要考虑弱势保护：比如一方技术精通，一方小白用户，会否出现不公平？为了防范这一点，可以在用户界面上做警示：当有人请求与你进行PayJoin，你应该明白这对你意味着什么——一般来说收款人不会吃亏，因为多收一个找零输出，并不会损失价值；付款人也不应吃亏，只是多花一点手续费。但要防止有人利用不明真相的用户，让其参与PayJoin却在输出分配上作弊（理论上如果收款人恶意构造交易让付款人多付了钱且付款人未察觉签了名）。因此技术实现上也需做到公平：钱包软件在构建PayJoin时应自动检查付款金额正确、找零正确，防止篡改。这种保护符合普通法对公平的要求，也体现了伊斯兰金融中**避免Dhulm（不义）**的精神。

综上，PayJoin 作为一种新实践，要成功立足，需要双重合规：一方面在宗教伦理上证明其正当性，一方面在世俗法律上确保透明与守法。幸运的是，这两方面并不矛盾：PayJoin追求的是一种技术手段的优化，与伊斯兰和普通法原则并无本质冲突。通过适当的措施和教育，完全可以做到兼容。例如，在一个试点应用中（假设由一家兼具Sharia顾问和合规官的FinTech公司运营），穆斯林家庭用经Fatwa认可的比特币钱包进行PayJoin理财，同时该应用满足KYC/AML标准并提供报表工具。那么这一模式将真正体现“跨法域中立、教法友好”。它既让用户不受限于传统制度，又确保了道德与法律底线，为金融科技开发者打开一条服务全球用户的新道路。

结语

联名银行账户作为百年来方便多人共管财富的制度，一路发展伴随着各类法律和实践难题。在普通法系，其灵活性与风险并存，引发继承、债务、滥用等诸多纠纷；在伊斯兰法环境下，更面临继承冻结等制度性冲击。在全球化时代的跨境场景中，传统联名账户愈发显出局限，各种替代方案各擅胜场却难有万能药。PayJoin 技术的出现，为我们提供了一个全新的视角：也许不再需要“联名账户”这个法律产物，通过区块链的协作交易，完全可以实现类似目标且避开许多固有问题。本报告深入比较了联名账户制度与PayJoin在“共同控制”和“不可推导归属”上的异同，探讨了PayJoin 如何满足伊斯兰金融和普通法的合规要求。对于金融科技开发者而言，这意味着巨大的创新空间：未来的应用可以让两个人“各自持币，共同支付”，既保障各自权属，又实现合作效率。在设计此类系统时，我们应牢记历史教训，融合法律与教义的智慧，确保技术既推进了便利，也巩固了公平与信任——这正是联名账户理念在21世纪的重生。

参考文献：

• Birketts法律简报，“联名银行账户：谁拥有这些钱？”，2023年4月4日birketts.co.ukbirketts.co.uk。

• Nelson Mullins律师事务所博客，“理解联名账户的生存者权利”，2024年1月17日nelsonmullins.comnelsonmullins.com。

• Nolo法律百科，“对联名账户的强制执行”，更新于2023年10月30日nolo.comnolo.com。

• Mike Coady财富管理博客，“阿联酋外籍人士：联名账户的危险”，2021年7月29日mikecoady.commikecoady.com。

• _Gulf News_报道，“在你之后，你在阿联酋的银行余额会自动给家人吗？”，2025年5月16日gulfnews.comgulfnews.com。

• Emirates Islamic 银行官网，“Emarati家庭储蓄账户”产品页emiratesislamic.aeemiratesislamic.ae。

• Kitces金融规划文章，“便利账户的风险与备选方案”，2019年kitces.comkitces.com。

• Investopedia词条，“Joint Account联名账户：定义、运作、利弊”，更新于2025年5月9日investopedia.cominvestopedia.com。

• Payjoin官方文档，“为什么使用PayJoin - 隐私”，2025年payjoin.orgpayjoin.org。

• River Financial百科，“PayJoin (P2EP)”，2025年river.comriver.com。

• 其他参考资料包含 PlasBit、Changelly 等对于比特币与伊斯兰金融兼容性的讨论changelly.comscitcentral.com。

@ 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:

@ 9ca447d2:fbf5a36d

In a massive vote of confidence for a new bitcoin-focused company, Tether and Bitfinex have moved over 37,000 BTC—worth $3.9 billion—to digital treasury firm Twenty One Capital. This is one of the largest Bitcoin transactions in recent history.

The announcement came from Paolo Ardoino, CEO of Tether and CTO of Bitfinex, through multiple posts on X. According to Ardoino, the transfers were part of a pre-funding round for the launch of Twenty One Capital, a new company that will lead the bitcoin treasury space.

Ardoino announced several transfers on X — Sources 1, 2, 3, 4, and 5

“Tether Group is moving 10,500 BTC to address bc1qpzt4m58zzqgp84ktyuj5tz8g8k8ssg2g2d5eeerwhx4gxulqq5mqjzm5gc as part of the pre-funding of SoftBank’s investment in Twenty One Capital (XXI)” Ardoino said.

Twenty One Capital is a new bitcoin treasury firm led by Jack Mallers, CEO of Strike and founder of Zap. The company is backed by Tether, Bitfinex, SoftBank and Cantor Fitzgerald.

The company will go public via a SPAC merger with Cantor Equity Partners (CEP) and will trade under the ticker XXI on Nasdaq. After the merger was announced CEP’s stock price skyrocketed from $11 to $59.75.

Cantor Equity Partners’ stock price jumped on news of the merger — TradingView

Mallers says the company’s mission is bold and clear: accumulate bitcoin and provide full transparency through public wallet disclosures, also known as providing “proof-of-reserves“.

Total bitcoin moved to Twenty One Capital so far include:

• 10,500 BTC from Tether on behalf of SoftBank (worth about $1.1 billion)
• 19,729.69 BTC from Tether (worth around $2 billion)
• 7,000 BTC from Bitfinex (valued at roughly $740 million)

The amounts sum up to 37,229.69 BTC, worth around $3.9 billion at current prices. These were verified on public blockchain explorers.

The Twenty One Capital wallets now show large balances. They have already confirmed they have 31,500 BTC. That makes them the 3rd largest corporate bitcoin holder behind Strategy and Marathon Digital Holdings.

Once these new transfers are confirmed, the company will take over Marathon to become the second-largest corporate holder of the scarce digital asset globally.

Related: Twenty One Capital Becomes 3rd-Largest Corporate Holder of Bitcoin

Unlike companies that add bitcoin to their balance sheet, Twenty One Capital exists solely to accumulate and manage bitcoin. It follows a model similar to Strategy but is more transparent.

Mallers introduced new financial metrics like Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR) to value the company in bitcoin terms, not fiat.

He thinks economic value in the future will not be measured in dollars but in satoshis—the smallest unit of bitcoin. The company is not just about guarding against fiat collapse, but about completely opting out of the system.

A key part of the firm’s strategy is proof of reserves. Unlike some other big bitcoin holders, Twenty One Capital has already published its public wallet addresses so anyone can verify its holdings in real time.

Ardoino called this approach “Bitcoin Treasury Transparency (BTT)” and said it’s a response to recent industry scandals that showed the dangers of financial opacity in digital assets.

Mallers added openness is the only way to build long-term trust in a bitcoin-native financial system.

Twenty One Capital wants to reshape financial infrastructure, build native bitcoin lending models and promote global Bitcoin adoption.

@ 79be667e:16f81798

In een zee van mogelijkheden\ Kunnen we best veel tijd aan dromen besteden

Dromen is een universele taal\ Het wordt gedaan door ons allemaal

Het is het woord\ Dat deze gelijkheid de grond in boort

@ 5d4b6c8d:8a1c1ee3

I'm solo parenting for a couple of days, so I got lots of activity and not a lot of sleep. I stuck to my fasting window, but didn't stick to OMAD, and mostly ate healthy stuff.

How'd you do on your ~HealthAndFitness goals stackers?

https://stacker.news/items/1005114

@ 8d34bd24:414be32b

It is hard going through difficult situations. Health problems, family problems, financial problems, feeling alone, feeling stuck in the wrong place, and persecution are all situations that Christians regularly find themselves. The question is “How will we respond to pain?”

Advice for the Suffering

Some Christians pull away from God when it feels like everything is going wrong. They think God doesn’t care or can’t fix things. They resent every minute of pain and accuse God of wrongdoing. Even Job, who fell on his face in worship after losing everything had a moment of weakness.

“Oh that my grief were actually weighed\ And laid in the balances together with my calamity!\ For then it would be heavier than the sand of the seas;\ Therefore my words have been rash.” (Job 6:2-3) {emphasis mine}

After a moment of doubt, he did, however, repent of his rash words, as should we all.

Job should be an example to us all in dealing with pain and difficult situations. This is the verse that inspired this post.

But it is still my consolation,\ And I rejoice in unsparing pain,\ That I have not denied the words of the Holy One. \ (Job 6:10) {emphasis mine}

What an example! “I rejoice in unsparing pain.” When we trust God so much that we can rejoice in unsparing pain, we are trusting God as we should. We are accepting that God is working good in our life and we can trust Him even when nothing makes sense to us.

I also love how he says that his consolation is that “I have not denied the words of the Holy One.” Job is hurting terribly. His heart is broken. He is destitute. He lost 8 children in one day. His friends, that came to console him, have instead accused him of wrongdoing. He doesn’t understand what God is doing and why, but he has “NOT denied the words of the Holy One.” He is still putting his faith in God and his word. He is still submitting to God when he feels mistreated. He is still trusting \ God, even when he doesn’t understand what God is doing and why so many bad things are raining down on him in a torrent. Despite it all, he refuses to deny God. I hope if I am ever put through similar situations, that I can trust God and not deny His goodness.

Advice for friends

The book of Job, in addition to advice to those who are suffering, also gives advice to friends of those who are suffering. (or maybe more accurately, what not to do)

Job’s friends came with the intention to encourage and console Job. Every time Job would confess his thoughts, concerns, and questions, the response by his friends would get harsher and harsher. In the beginning they were gentle corrections, but they quickly escalated to accusing Job of great sins, that they had to know were not true, and blaming Job for every hard thing that had happened to him.

I’ve talked to other Christians who have confessed to being dragged down by other Christians who would tell them that every difficult thing that happened to them was due to their sin or lack of faith. In the case of Job, his difficulties were due to his faithfulness, in order to prove to Satan and all of history that a faithful man would stay faithful to God in good times and in bad.

Can Christians suffer as a consequence of sins and poor decisions? Of course, but there are many times that the faithful suffer. In Scripture, the people who suffered most were frequently the most faithful.

Job’s correction of his friends was accurate.

“For the despairing man there should be kindness from his friend;\ So that he does not forsake the fear of the Almighty.\ My brothers have acted deceitfully like a wadi,\ Like the torrents of wadis which vanish, (Job 6:14-15)

For those who don’t know, a wadi is a streambed that has water running in the wet season, but is bone dry during the dry season. Job accused his friends of being encouraging and helpful when he was prospering, then showing up and providing no encouragement or help when he needed it most. He thought refreshment was coming to visit, and instead what hope he had left was drained from him by his “friends.”

We need to make sure we aren’t one of those who decreases hope and decreases faith in one who is hurting. We need to have mercy when a hurting person works through their confusion and doubts and help lead them back to God instead of driving a wedge between them and God.

May the God of heaven protect us and lead us through the trials of life and may our trials lead us into the arms of our Savior. May God help us to merciful and to help guide the hurting into the Savior’s care.

Trust Jesus

@ 6ad3e2a3:c90b7740

"Modern science is based on this principle: give us one free miracle and then we'll explain the rest."

— Terrence McKenna

I always wondered why a pot of water boils on the stove. I mean I know it boils because I turned on the electricity, but why does the electricity cause it to boil? I know the electricity produces heat, and the heat is conducted through the stainless steel pot and into the water, but why does the heat transfer from stovetop to the water?

I know the heat from the stove via the pot speeds up the molecules in the water touching it and that they in turn speed up the molecules touching them and so on throughout the pot, but why do speedy molecules cause adjacent molecules to speed up?

I mean I know they do this, but why do they do this? Why couldn’t it be that sped-up molecules only interact with sufficient speedy molecules and ignore slower ones? Why do they interact with all the molecules, causing all of them to speed up? Or why don’t the speedy ones, instead of sharing their excited state, hoard it and take more energy from adjacent slower molecules, thereby making them colder, i.e., why doesn’t half the water boil twice as fast (on the left side of the pot) while the other half (right side) turns to ice?

The molecules tend to bounce around randomly, interacting as equal opportunists on the surrounding ones rather than distinguishing only certain ones with which to interact. Why do the laws of thermodynamics behave as such rather than some other way?

There may be yet deeper layers to this, explanations going down to the atomic and even quantum levels, but no matter how far you take them, you are always, in the end, left with: “Because those are the laws of physics”, i.e., “because that’s just how it is.”

. . .

The Terrence McKenna quote, recently cited by Joe Rogan on his podcast, refers to the Big Bang, the current explanation adopted by the scientifically literate as to the origins of the universe. You see there was this insanely dense, infinitesimally small micro dot that one day (before the dawn of time) exploded outward with unimaginable power that over billions of years created what we perceive as the known universe.

What happened prior? Can’t really say because time didn’t yet exist, and “prior” doesn’t make sense in that context. Why did it do this? We don’t know. How did it get there? Maybe a supermassive black hole from another universe got too dense and exploded out the other side? Highly speculative.

So why do people believe in the Big Bang? Because it comports with and explains certain observable phenomena and predicted other phenomena which were subsequently confirmed. But scratch a little deeper for an explanation as to what caused it, for what purpose did it occur or what preceded it, and you hit the same wall.

. . .

Even if we were to understand at a quantum level how and why the Big Bang happened and what preceded it, let’s assume it’s due to Factor X, something we eventually replicated with mini big-bangs and universe creations in our labs, we would still be tasked with understanding why Factor X exists in the universe. And if Factor X were explained by Process Y, we’d still be stuck needing an explanation for Process Y — ad infinitum.

Science can thus only push the wall back farther, but can never scale it. We can never arrive at an ultimate explanation, only partial ones. Its limitations are the limitations of thought itself, the impossibility of ever creating a map at a scale of one mile per mile.

@ 5627e59c:d484729e

Machtig water\ Door velen bemind

Element van beweging\ Vormgever aan land\ Bondgenoot van wind

Voorkomer van comfort\ Toelater van rust

Machtig water\ Waar ik ook ga\ Ik weet dat jij de grond onder mijn voeten kust

@ 73868430:0ec4fe27

皇居 Imperial Palace

巽櫓（桜田二重櫓) Sakurada Tatsumi Yagura

二重橋 Nijubashi Bridge

---

靖國神社 Yasukuni Jinja

遊就館 Yushukan

---

上野動物園 Ueno Zoological Garden

上野動物園不忍池 Ueno Zoological Garden Shinobazuno Pond

上野東照宮五重塔 Ueno Toshogu Shrine Five Story Pagoda

築地活鮮市場,御徒町店 Tsukiji Kassen Ichiba, Okachimachi

---

鉄道博物館 The Railway Museum

---

TOHAKU茶館 (応挙館) Tohaku Chakan

---

新大久保駅 Shin-Ōkubo

---

シンボルプロムナード公園 Symbol Promenade Park

セントラル広場 Central Square

日本科学未来館 The National Museum of Emerging Science and Innovation Japan (Miraikan)

---

箱根町 Hakone

芦ノ湖 Lake Ashi

元箱根 Motohakone

彫刻の森駅 Chokokunomori

三の鳥居,箱根神社 The Third Torii of Hakone Shrine

---

小田原城 Odawara Castle

@ 5d4b6c8d:8a1c1ee3

I know more of the talk is around the Bucks and Giannis, but the Knicks have actually made a huge move already, plus we have some Knicks fans in our midst.

Despite having their best season of the 21st century, the Knicks fired their highly respected coach for not making it to the NBA Finals (which no one expected them to do).

Is this just standard Knicks malpractice? If so, what further malpractice might they commit?

Or, is it part of a legit plan (as unlikely as that seems)? And, if so, what else is in that plan?

The obvious starting place is KAT. I thought KAT had a great season, but he definitely did some dumb KAT stuff in the playoffs. Will the Knicks trade KAT (and whatever else) to land either KD or Giannis? Should they?

If they trade for Giannis, does he play center? If not, they also need a stretch-5, because Giannis can't play next to a traditional big.

KD would be a little cleaner, plus the Suns need a center and supposedly Booker and KAT are buds. KD could slot in at the 4 and give them a starting 5 of - Robinson - KD - OG - Bridges - Brunson

With Hart coming off the bench, that's an awesome 6-man rotation. It's basically what they had, but with KD in place of KAT.

Is KD enough better than KAT for this to be a title team?

What else might be going on with the Knicks?

https://stacker.news/items/1005038

@ 472f440f:5669301e

Marty's Bent

via nostr:nprofile1qyxhwumn8ghj7mn0wvhxcmmvqy0hwumn8ghj7mn0wd68yttjv4kxz7fwvf5hgcm0d9hzumnfde4xzqpq85h9z5yxn8uc7retm0n6gkm88358lejzparxms5kmy9epr236k2qtyz2zr

A lot of the focus over the last couple of months has been on the emergence of Strategy competitors in public markets looking to build sizable bitcoin treasuries and attract investors of all shapes and sizes to drive shareholder value. The other big topic in the bitcoin development world has been around OP_RETURN and the debate over whether or not the amount of data that can be shoved into a bitcoin transaction should be decided by the dominant implementation.

A topic that is just as, if not more, important that is not getting enough appreciation is the discussion around open source bitcoin developers and the lingering effects of the Biden administration's attack on Samourai Wallet and Tornado Cash. If you read our friend Matt Corallo's tweet above, you'll notice that the lingering effects are such that even though the Trump administration has made concerted efforts to reverse the effects of Operation Chokepoint 2.0 that were levied by the Biden administration, Elizabeth Warren, and her friends at the Treasury and SEC - it is imperative that we enshrine into law the rights of open source developers to build products and services that enable individuals to self-custody bitcoin and use it in a peer-to-peer fashion without the threat of getting thrown in jail cell.

As it stands today, the only assurances that we have are from an administration that is overtly in favor of the proliferation of bitcoin in the United States. There is nothing in place to stop the next administration or another down the line from reverting to Biden-era lawfare that puts thousands of bitcoin developers around the world at risk of being sent into a cage because the government doesn't like how some users leverage the code they write. To make sure that this isn't a problem down the line it is imperative that we pass the Blockchain Regulatory Clarity Act, which would not hold bitcoin developers liable for the ways in which end users leverage their tools.

Not only is this an act that would protect developers from pernicious government officials targeting them when end users use their technology in a way that doesn't make the government happy, it will also protect YOU, the end user, looking to transact in a peer-to-peer fashion and leverage all of the incredible properties of bitcoin the way they were meant to be. If the developers are not protected, they will not be able to build the technology that enables you to leverage bitcoin.

So do your part and go to saveourwallets.org. Reach out to your local representatives in Congress and Senators and make some noise. Let them know that this is something that you care deeply about and that they should not only pay attention to this bill but push it forward and enshrine it into law as quickly as possible.

There are currently many developers either behind bars or under house arrest for developing software that gives you the ability to use Bitcoin in a self-sovereign fashion and use it in a privacy-preserving way. Financial privacy isn't a crime. It is an inalienable human right that should be protected at all cost. The enshrinement of this inalienable right into law is way past due.

#FreeSamourai #FreeRoman

Headlines of the Day

MicroStrategy Copycats See Speculative Premiums Fade - via X

Square Tests Bitcoin Payments, Lightning Yields Beat DeFi - via X

Get our new STACK SATS hat - via tftcmerch.io

Bitfinex Moves $731M Bitcoin to Jack Mallers' Fund - via X

---

Take the First Step Off the Exchange

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

Take control. Start with Bitkey.

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

---

Ten31, the largest bitcoin-focused investor, has deployed $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...

Should I join a country club?

---

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:

@ 2b998b04:86727e47

ファースト・プリンシプルズ（First Principles）序章

この序章は「ファースト・プリンシプルズ」と題した7回シリーズの始まりです。分散化、コスト、自由、そして真実の奥にある本質的な変化を探ります。7回なのは、1週間のリズム——働き、休み、立ち返るというリズム——に合わせたからです。それぞれの記事は、私が受け入れてきた技術や哲学の根底にある真理を掘り下げます。分散化と主権、真実、時間、そして希望まで。\ \ テクノロジーはコストをゼロに近づける——よくそう言われます。

これは『The Price of Tomorrow』という書籍の主張でもあります。技術が進化するほど、自然とデフレ（物価下落）を引き起こす。自動化は労働を置き換え、ソフトウェアはインフラを代替し、AIは意思決定そのものを肩代わりする。限界費用（追加生産にかかるコスト）は限りなくゼロに近づく。

——でも、それだけじゃない。

そこには、経済学者や技術者が見落としがちな「もう一層の深さ」があります。

単に「生産コスト」が下がるかどうかではなく、問うべきは 中央集権による「コントロール・コスト（支配コスト）」 です。

限界費用が下がっても、中央集権の「隠れた代償」は上がっていくのです。

---

「無料」という幻想

たとえば、GitHub。

一見無料です。静的ウェブサイトを公開し、コードをホストし、Actionsで自動化し、グローバルに協業することもできる——全部、無料で。

でもGitHubはMicrosoftに所有されています。あなたはサーバーを管理できない。プラットフォームを所有していない。鍵（アクセス権限）も持っていない。

つまり、それは「取り上げられるかもしれない贈り物」にすぎない。

Google Docsも、YouTubeも、Substackも同じ。「無料で始めよう」というクラウドサービス全般も。

これらのツールが悪いわけではありません。むしろ、優れたものも多い。

でも「中立」ではないのです。

あなたが支払う代償は、必ずしもドルではありません。ときに、それは：

• データアクセスの制限

• APIの利用制限

• 突然の料金変更

• 検閲やアカウント停止

• サービス移行にかかるコスト（特に問題が起きた時）

これは 中央集権プラットフォームの「隠れた家賃」 です。しかも、時間とともに複利的に増えていきます。

---

コントロール・コスト vs 限界費用

限界費用が「これを作るのにどれだけ安いか？」だとすれば、\ コントロール・コストは「これを使うことでどれだけ自由を失うか？」です。

Mediumなら無料で記事を投稿できますが、SEO（検索表示順位）は向こうのもの。\ Shopifyでビジネスを始められますが、彼らの判断でアカウントが停止される可能性もある。\ Instagramでフォロワーを増やしても、フィードを支配するのはアルゴリズムです。

私たちは「デフレ」を喜ぶように訓練されてきました。でも、実際には多くのツールが、参入コストを下げながら、コントロール・コストを膨らませているのです。

ここで、分散化（Decentralization） が物語を逆転させます。

---

分散化の本当の約束

本当の分散化は、ただ「安くする」だけじゃありません。\ それは「主権（Sovereignty）」をもたらします。

価格だけでなく、力を分配する。\ 手数料ゲートではなく、支配の構造そのものを取り除く。

こう言えるのです：

• 自分の鍵を自分で持て

• 自分のコンテンツを自分で持て

• 自分のスタックを自分で構築せよ

• 自分の配信チャネルを自分で持て

だからこそ、Nostr が重要。\ だからこそ、Bitcoin が重要。\ だからこそ、たとえ不便でも、セルフホスティングやパーミッションレスなプロトコル、オープンソースのツールが大切なのです。

彼らは「安くしてくれる」だけじゃない。\ 私たちの 自由 を守ってくれる。

---

実例：私のブログ構築

私がブログ blog.stantonweb.com を作り始めたとき、\ 最も楽な方法は選びませんでした。

私は以下を組み合わせました：

• 長文投稿に Nostr

• 投稿を取得・表示するためのPythonスクリプト

• GitHub Actions で自動化

• 表示は静的HTML

• ホスティングは GitHub Pages + Cloudflare（無料）

データベースも、CMSも、テーマ課金もなし。

限界費用？ 0ドルです。

でももっと重要なのは、コントロール・コストも限りなくゼロだということ。\ 誰にも止められない。\ 企業にリーチを制限されない。\ ゲートキーパーが「掲載に値するか」を判断しない。

---

新しい「コスト」定義へ

価格だけを最適化すれば、捕らわれる。

自由を最適化すれば、やがて「余白」を築ける——金銭的余白だけでなく、創造の余白、道徳の余白、運営の余白も。

それが分散化の真価。\ 安いだけじゃない。\ より真実なものへ。

---

補足：過去からの教訓

Skypeを覚えていますか？\ 当初は真のP2Pツールで、構造的に分散されていました。でもMicrosoftに買収され、中央集権型に再設計され、やがてその中身は解体されました。

Napsterも同様。P2Pで音楽業界を揺るがしましたが、最終的には停止され、中央集権型の代替サービスに取って代わられました。

BitTorrentは生き残りました——それは「ただのプラットフォーム」にならなかったからです。

このパターンは明白です：

• 資本が集まれば中央集権になる

• 支配があれば検閲も起きる

• しかし、自由は分散化から生まれる

そして私たちは、何度でもこの道を選び直さなければならないのです。

---

共同執筆：ChatGPT（“Dr. C”）が主要な論点の整理と精緻化をサポートしました。\ \ 数日以内にPart 1を公開予定。ご期待ください。

—\ blog.stantonweb.com およびNostrにて公開中。\ Zap（投げ銭）リンク：https://tinyurl.com/yuyu2b9t

@ 7460b7fd:4fc4e74b

比特币如何通过协议机制实现隐私而不违反反洗钱法

1. 引言

“保守派的创新”理念指的是在不破坏既有社会制度的前提下推进技术革新。在金融领域，隐私与合规常被视为此消彼长的关系，但比特币生态展示出一种渐进式的平衡路径：既探索交易隐私保护，又避免公然违背反洗钱法规要求。这种平衡并非异想天开；传统金融本就提供一定程度的隐私，例如银行账簿并非对公众透明，个人消费细节通常不为外人所知en.bitcoin.it。比特币的目标之一是以去中心化方式复制这种隐私保护，但同时它并未试图动摇反洗钱法律的基石。相反，比特币社区秉持“保守式创新”，通过协议层的改进逐步增强用户隐私，同时尊重监管红线。例如，美国政府近年提出“负责任创新”原则，要求在保障国家安全和金融稳定的前提下鼓励区块链技术有序发展siis.org.cn。比特币的发展恰体现了这一点：它采用公开区块链，但通过巧妙的机制设计和增量升级，为合法用户提供类似现金的隐私空间，而不公然为洗钱者大开方便之门。

2. UTXO 模型与账户制的本质区别

比特币采用 UTXO（未花费交易输出）模型记录账本，这与传统银行或以太坊的账户模型截然不同。简单类比来说，UTXO 模型类似于现金交易，账户模型则类似于银行账簿nervos.org。在 UTXO 模型下，每笔交易消耗之前的输出并创造新的输出，币值被划分成离散的“硬币”单元；就如同用一枚金币付款找零，找零过程会销毁原金币并造出面额不同的新币docs.glassnode.comdocs.glassnode.com。每个 UTXO 都隶属于某个地址，而地址通常由用户一次性使用，这使得难以直接将所有交易关联到同一身份nervos.org。换言之，比特币系统并不追踪“账户余额”，而是追踪散落在各地址下的一笔笔未花费输出nervos.org。用户的钱包余额只是所有这些 UTXO 金额的总和。

与之相比，账户模型则维护全球状态，每个账户有持续的余额记录，很容易基于固定的账户识别用户身份cexplorer.io。账户体系下，多笔交易进出同一账户，会在账本中清晰显示某人所有的资产变动情况。这种透明度对监管有利，但也意味着隐私的天然缺失——资金流向可以直接与账户持有人绑定。UTXO 模型天生提供了更大的隐私空间，因为每笔交易可以使用新的地址，外部观察者难以确定多个交易是否属于同一主体nervos.org。正如贵金属或现金交易中，实物的流转不记名，UTXO 的分散性赋予了用户类似实物货币的隐私保护。而账户体系更像实名登记的银行账户，所有交易活动都集中在同一名下，隐私隔离性较弱。

需要强调的是，UTXO 模型提供的是**“笔名制”隐私而非完全匿名。区块链上的地址并不直接揭示身份，但如果有人能将地址与现实身份对应起来（例如通过交易所KYC记录），那么UTXO交易历史的透明特征仍可被利用。因此，比特币底层设计选择在匿名性与可追溯之间折中：通过UTXO提供尽可能的去身份化交易记录，同时保留全网公开可审计的交易流动性。这种设计一方面满足了反洗钱(AML)**对可追溯性的最低要求（所有交易公开上链），另一方面也为合法交易提供了一定程度的隐私遮蔽（地址不直接对应实名）。这种隐私“空隙”是比特币协议保守创新的起点。它类似于现金的特性——现金交易不记录买卖双方身份，但大额可疑现钞交易仍可通过其他线索引起执法注意。同理，UTXO 模型下小额日常交易可保持去身份化，而异常模式的资金流动仍可能触发监管机构的区块链分析关注。

3. CoinJoin 的实现方式与监管意义

为进一步拓展隐私，比特币社区发展出多种链上混合机制，其中最典型的是 CoinJoin。CoinJoin 是一种无须信任中介的协作交易方法：将多个付款人的转账合并在一笔交易中，从而混淆外部观察者对“谁在向谁付款”的判断en.bitcoin.it。其核心思想由 Gregory Maxwell 于2013年提出，利用比特币交易可以有多个输入和输出的特性，组织多个参与者共同构造一笔交易，每个参与者提供若干输入并得到自己预期的输出。由于区块链上只记录了一笔合成交易，外界难以确定哪笔输入对应哪笔输出，实现交易参与者之间的匿名性集。典型的 CoinJoin 实现会让所有参与者约定使用相同面额的输出（例如每人都拆分成若干个0.1 BTC的输出），这样链上看到多个等额输出时，无法分辨这些输出原先属于哪个参与者en.bitcoin.it。同时，每个参与者通常还会得到找零输出，从而保持总额不变。通过这种方式，一次 CoinJoin 交易实质上打乱了资金的对应关系，达到了“混币”的效果。

CoinJoin 的技术细节体现出比特币协议层面的巧妙设计：比特币交易的输入签名彼此独立，因此完全可以由不同用户分别签署再合并，只要所有必要签名齐备，交易便有效en.bitcoin.it。这意味着多个彼此不信任的用户可以在不交出控制权的情况下共同生成一笔交易——整个过程无需更改比特币协议，一切遵循既有规则即可完成en.bitcoin.it。这种协作混合交易在链上结构特征通常为：多个来源地址（输入）对应多个去向地址（输出），且输出面额往往存在重复值，使传统“通过金额和地址关联交易”的分析方法失效。由于 CoinJoin 交易并不标注参与者身份，它在区块链数据上与普通交易不可区分，尤其当其输出面额设计得不像刻意等值时，更增添了辨识难度。

然而，正是这种加强隐私的技术，引起了监管机构对潜在滥用的关注。反洗钱机构将此类混合服务归类为“增加匿名性风险的活动”。FATF（金 融 行 动 特 别 工 作 组）的报告将使用混币器视为一项重要风险指标，指出“不少犯罪分子利用混币/Tumbling服务来遮蔽资金来源或去向”fatf-gafi.org。从监管角度看，CoinJoin 等机制本身具有中立性，但其用途可能涉及掩盖非法所得流转，从而引发执法部门警惕。在现实案例中，确有不法分子尝试利用 CoinJoin 逃避监管：例如 2016 年 Bitfinex 交易所黑客窃得巨额比特币后，多年间反复采用Wasabi钱包的 CoinJoin 功能清洗资金，被称为“当时最先进的洗钱手法”time.com。又如2021年美国司法部破获的臭名昭著案件中，一对夫妻涉嫌协助清洗 Bitfinex 被盗比特币，调查发现他们使用了 CoinJoin 来试图匿名化交易，但最终仍因区块链的永久记录和执法部门的链上分析技术而落网time.comcointelegraph.com。这说明混合交易并非万能护身符：对于有能力的执法机构而言，大额异常的链上混合行为依然可能被捕捉和溯源，只是增加了分析难度和取证成本。

监管机构对于混币工具的法律立场逐渐明晰。在美国，FinCEN（金融犯罪执法网络）早在2013年指导意见中即表明，经营虚拟货币兑换或传输业务需遵守《银行保密法》(BSA)规定。2019年FinCEN进一步明确：提供混币/搅币服务的机构属于货币服务业务（MSB），必须登记注册并履行反洗钱义务fincen.gov。简言之，运行CoinJoin服务即视同资金汇兑业务，需要实行KYC、报告可疑交易等合规措施，否则即属非法经营。在2020年，美国首次对比特币混币服务施加严厉制裁：运营 “Helix”混币器的 Larry Harmon 被指控未经许可经营MSB并协助洗钱，被FinCEN处罚6000万美元，后又被法院判处入狱三年fincen.gov。执法调查显示，Harmon经营的混币服务三年内处理比特币逾350,000枚，且主动宣传可匿名购买毒品等非法商品，这些行为严重违反了反洗钱法fincen.govfincen.gov。这一里程碑案例表明，美国司法实践已将第三方混币服务视作违法，运营者须承担刑事及民事后果。

与此对应的是，如果仅提供去中心化的软件工具而非代客操作，则法律定位有所不同。FinCEN在2019年声明中也承认，提供匿名化软件本身不构成货币传输服务cliffordchance.com。这为比特币协议层面的创新留下了空间：开发者可以创造CoinJoin钱包或协议，让用户自行对等完成混合交易，而不涉及中介经手资金。在这种架构下，软件提供方不直接“控制”客户资金流，因而不被视为MSB。然而，监管的灰度在于，如果软件提供方设立了协调服务器并从中收取服务费，是否变相成为了混币业务经营者？对此，不同司法辖区可能有不同解读。一些CoinJoin实现（如Wasabi钱包的协调器）选择主动限制自身角色，以避免落入监管“经营服务”的范畴。同时，也有业内主体为了降低监管冲击而做出让步。例如，隐私钱包 Wasabi 的开发公司（注册于英国）在2022年宣布，其CoinJoin协调服务器将拒绝可疑的非法来源资金参与混币cointelegraph.com。该公司通过黑名单过滤特定的UTXO来防止明显带有犯罪特征的币混入池内，此举被视为向执法机构妥协的“自律”措施cointelegraph.comcointelegraph.com。虽然此举在隐私社区引发争议，但从监管角度看，这是行业努力寻求平衡的体现：即允许合法用户继续享有隐私工具，同时遏制不法分子滥用。类似地，FATF和各国监管者也在加强对混币器的监控合作，包括将臭名昭著的混币平台列入制裁清单（如2022年美国OFAC先后制裁了比特币混币服务Blender.io和以太坊混币器Tornado Cash，因其被朝鲜黑客用于清洗盗窃资金）cliffordchance.com。

综合来看，CoinJoin技术本身并不违反法律——正如现金本身不违法，但用于洗钱即涉罪。关键在于使用目的和主体。比特币协议通过CoinJoin提供了增强隐私的可能性，这是对抗链上数据监控、维护币值可替代性（fungibility）的“保守式创新”举措en.bitcoin.it。它在技术上避免了对底层协议的破坏，也没有阻断执法取证的所有途径（大额交易所的进出仍需KYC，链上记录依然永久留存）。监管机构目前的态度是在不取缔技术本身的前提下，加强对相关服务商和可疑行为的监管。对于商业银行运营者而言，这意味着应当了解CoinJoin交易的链上特征及合理用途：并非凡是CoinJoin输出即等同非法，必须结合上下文判断真实风险。同时，银行也需遵循监管指引，对来自明显混币路径的资金提高尽调级别，必要时提交可疑交易报告。但反过来说，在合规框架下，合理使用CoinJoin提升客户隐私并不直接违法。例如，一些合规的比特币托管机构会允许用户提币时自行使用CoinJoin，以保护客户交易历史不被外界窥探——前提是资金本身来源清白、去向明确记录。这样的做法体现了隐私与反洗钱并非绝对对立：通过适当的程序设计，可以在不违背法规的情况下给用户更多隐私保障。

4. Lightning Network 的中介态地位

*闪电网络（Lightning Network）*是比特币之上的第二层协议，它通过链下通道实现高速小额支付，被视为比特币在隐私和扩容上的一大创新。闪电网络的运作机制，是两方在链上创建一个支付通道（开设一笔特殊的多签交易作为锚定），然后在通道内部通过数字签名即时交换比特币所有权。这些频繁发生的链下交易并不记录在区块链上，只有当双方最终关闭通道时，链上才结算通道的最终余额状态。由于大部分交易被转移到链下，闪电网络具有先天的隐私中介性质：外界只能看到通道开启和关闭的两笔链上交易，而通道内部可能发生了上千笔支付却无从获知细节。这使得闪电网络的交易不可被区块浏览器直接追踪，从而大大减少了链上分析能够获取的信息cointelegraph.comcointelegraph.com。对于普通用户而言，这种“离链”处理提升了交易私密性和即时性；对于商业银行合规部门而言，闪电网络则带来了全新的挑战和机遇。

从合规角度看，闪电网络的位置有些类似于**“灰盒”：介于传统金融和完全公开区块链之间。一方面，闪电节点间的转账采用类似于Tor洋葱路由的加密跳转，每一跳节点只知道前一站和后一站，路径中继信息被隐藏，这为交易双方提供了接近匿名的路径隐私。另一方面，闪电通道的资金最终还是要通过链上比特币进出，这些开关通道的动作依然在公共账本上透明可见。因此，监管可以将注意力聚焦在出入口**：当资金从交易所等受监管机构流入闪电通道，或从闪电通道流回受监管机构时，对相关主体进行KYC和流向监控。这类似于对银行资金流出进入现金流通领域的监管思路——现金在社会中如何流转难以监控，但银行对大额取现和存现可以执行申报和审查。同理，闪电网络内部的细小支付难以逐笔监视，但大型入口/出口操作（如大量资金通过闪电通道转移）可以被标记关注。

闪电网络的挑战在于匿名性和跨境性。由于节点运行不需要许可，任何人在全球范围内都可架设闪电节点并参与路由，中间节点既看不见支付金额（只有通道余额变化）也不知交易来源和目的地。这种设计初衷是在技术上保护用户隐私和抗审查，但也意味着传统“旅伴规则”（Travel Rule）的信息传递机制难以直接应用于闪电支付。根据FATF的“VASPs旅行规则”，虚拟资产服务商之间转账需在金额阈值以上共享客户身份信息。然而闪电网络的交易路径通常不经过中心化服务商：大多是用户自行操作钱包直连，对等网络中路线随机。即便有部分交易通过托管型闪电服务（如托管钱包）发起，目前也缺乏成熟方案让节点在支付时附带KYC信息。因此，闪电网络被视为现行AML框架下的“监管空白地带”之一：合法的小额支付在其中获得极大便利，但不法分子也可能尝试利用其快速转移资金、不留痕迹的特性来层层拆分洗钱。

监管机构正逐步关注这一动向。一方面，他们强调同样的法规原则适用于闪电网络：凡是以营利为目的替他人传输资金者，无论通过链上或链下，都应履行反洗钱义务。比如，FinCEN在2023年提出的预防性规则中，将“虚拟货币混合作为特定受关注领域”，虽未明指闪电网络，但也释放出对任何有意提高匿名性的交易技术加强监管的信号cliffordchance.comcliffordchance.com。对于提供托管式闪电服务的机构，情况类似于交易所或托管钱包，需要注册MSB并执行KYC/AML流程。例如，一些提供闪电充值提现的公司在美国选择直接停止服务，以规避未能及时合规的风险——2023年11月，知名闪电钱包“Wallet of Satoshi”团队宣布将应用从美国区店下架，并停止为美国用户提供服务，称这是一个“艰难的决定”cointelegraph.com。虽然官方未明言原因，但业内推测此举与美国严格的合规环境有关：Wallet of Satoshi 属于全托管闪电钱包，依据美国法律应当取得货币传输牌照并遵循诸如Travel Rule等要求。在监管不确定性和合规成本高企的情况下，其选择退出美国市场，凸显了闪电业务在强监管司法管辖区所面临的压力。

另一方面，监管者也看到闪电网络的机遇：它有潜力降低链上交易拥堵、提升小额支付经济性，这对正规金融机构也是有利的创新。例如，银行可以利用闪电网络为客户提供秒级跨境小额汇款服务，在合法场景中比特币闪电通道可作为支付轨道，满足实时结算需求，同时因金额小、风险低可以适当简化手续。在香港等地，监管机构鼓励金融创新与风控并进。香港金管局在2023年修订的AML指引中提及，要采取风险为本方法看待新技术应用，并避免一刀切地拒绝虚拟资产相关业务，提倡审慎前瞻的态度来对待这类创新支付方式kwm.comkwm.com。英国FCA也提出**“不妨碍创新”的监管理念**，在确保核心AML要求落实的同时，为新支付技术留出试验空间。在这种氛围下，如果商业银行运营总监能够深入理解闪电网络的运行原理，就有机会将其优势用于合规的业务模式中。例如，银行可充当闪电通道的受信任节点，为客户提供经KYC的闪电支付渠道：银行对接入的客户身份尽职调查，并监控异常大额流动，而对客户小额高频交易则通过闪电网络实现即时低费率完成。这种模式下，银行相当于在闪电网络和传统体系之间架设合规桥梁，既不牺牲客户隐私（因为具体小额交易不公开），又满足反洗钱“看得见、管得了”的要求。

概言之，闪电网络作为中介态层，为比特币交易的隐私与效率提供了极大提升，但也要求金融机构调整传统AML手段：由链上监控转向节点端口监控。运营总监需要关注闪电通道的资金进出量、识别可疑的频繁开关通道行为，以及配合跨境情报分享以防范有人利用闪电网络在不同司法区之间快速转移赃款。在风险可控的前提下，闪电网络完全可以成为合规金融工具箱的一部分，而不是监管的对立面。

5. PayJoin（BIP-78）的机制与合规设计

PayJoin（又称P2EP，Pay to Endpoint）是一种由两方协作完成的特殊比特币交易结构，可视作CoinJoin的简化版和升级版。它由比特币改进提案BIP-78标准化，于2019年由开发者 Nicolas Dorier 提出bips.devbips.dev。PayJoin 的典型场景是付款人与收款人在一次支付过程中联手构造交易：收款人提供一个比特币收款地址和一个临时服务器端点，付款人发起交易时，不仅花费自己的UTXO，还从收款人处获取一个UTXO一同作为输入加入交易bitcoinops.org。换言之，交易的输入来自付款人和收款人双方，而输出则包括正常的付款金额给收款人（可能与常规付款金额不同，因为收款人也贡献了输入）以及付款人的找零。这种设计使链上观察者难以分辨哪些输入属于谁、哪个输出是真正的支付款，进而打破链上常用的“共同输入属于同一实体”推断bitcoinops.org。PayJoin 交易在区块链上看起来与普通交易无异：它不像传统CoinJoin那样有许多相等面额的输出，不具有明显的混币特征en.bitcoin.iten.bitcoin.it。因此，区块链分析公司难以再用简单启发式判断支付关系，从而极大增强了支付双方的隐私。

PayJoin 的技术流程可以概括如下：bips.dev首先，收款人在生成比特币收款二维码（BIP-21 URI）时，附带一个pj=端点，表示自己支持PayJoin并提供了协商接口。付款人扫描发票后，钱包客户端先构造一笔常规交易（只含付款人的输入和相应输出），然后将该未签名交易通过HTTP发送到收款人的pj端点。收款人服务器收到后，在交易中加入自己预先选定的一枚UTXO作为额外输入，并相应地增大将付给自己的输出金额（因为收款人也贡献了一部分资金，需要“找零”返还），形成一个新的交易方案。收款人签署自己那部分输入后，将半签名交易返回给付款人。付款人验证交易未被篡改（如支付目标金额正确等），再签署自己部分的输入。最终，这笔包含双方输入的完整交易被广播到比特币网络并记入区块链bips.devbips.dev。

举例来说，Alice 要向 Bob 支付1 BTC货款。传统做法是Alice用她的一枚≥1 BTC的UTXO付款，找零归还自己；Bob收到1 BTC。但在PayJoin中，假设Alice有一枚0.6 BTC和一枚0.5 BTC的UTXO，Bob手上有一枚0.4 BTC的UTXO未花费。那么Alice可先构造一笔用0.6+0.5两枚UTXO支付1 BTC的交易（找零0.1给自己）。Bob看到后，可以加入自己的0.4 BTC作为输入，并将支付给自己的输出从1 BTC增加到1.4 BTC，同时让Alice的找零相应减少为0.1-0.4=-0.3 BTC（负数意味着Alice其实付出了0.3 BTC + 原本的0.1找零共0.4 BTC给Bob，正好匹配Bob贡献的输入）。经过这种调整，最终交易输入包括Alice的0.6和0.5、Bob的0.4，总计1.5 BTC；输出包括Bob收到的1.4 BTC（其中Bob净得+1 BTC，含回自己的0.4）和Alice的找零0.1 BTC。链上观察者只看到Alice和Bob的若干输入共同支付了1.4 BTC给Bob的地址，以及0.1 BTC给Alice的找零地址。从表面上看，这可以被解释为Alice支付了1.4 BTC给Bob并收到0.1找零，也可以解释为Bob支付了一部分钱给自己（看似无意义）而Alice支付剩余部分给Bob，没有任何方法从区块数据确定真实的1 BTC支付额en.bitcoin.it。如此一来，支付本身的隐私性大幅提升，但交易合规性并未受损：Alice和Bob各自知道自己的出资与所得，交易双方的信息完整，可在需要时向监管说明实际资金流。只不过对于无知情权的第三方而言，这笔交易等同于谜题，大大降低了链上监控的可行性。

PayJoin 体现了比特币协议层治理的一种思路：通过开放标准增强隐私而不违反共识规则。作为BIP-78标准，PayJoin获得了社区认可并被多款钱包和支付处理工具采纳。例如，开源支付网关BTCPay Server自2020年以来支持商户端默认启用PayJoin收款bitcoinops.org；隐私钱包Wasabi和Samourai等也相继实现了对BIP-78的支持，让用户在日常支付中方便使用此功能bitcoinops.org。这些采用者本身都属于守法经营的实体（BTCPay服务的商户需遵守当地法规，Wasabi等钱包开发团队在合规压力下甚至实行过黑名单机制如前述），因此PayJoin的推广更多是为了保护良性用户的隐私，而非为洗钱提供新工具。相较于CoinJoin混合许多陌生资金，PayJoin每次仅涉及一名付款人和一名收款人，没有第三方参与资金池，故不存在“大规模匿名化”效果，只有针对该笔支付的信息隐藏。这使其很难被犯罪分子用于清洗巨额资金：因为两两配对支付的效率和匿名集规模都远不及混币池。而在合法场景下，PayJoin倒是十分实用——例如商户可以在不增加负担的情况下自动参与客户的支付交易，从而保护商户与客户双方的财务隐私不被区块链分析公司过度窥探。正如Bitcoin Optech对其评价的那样，PayJoin增强了支付双方以及整个比特币用户群的隐私bitcoinops.org，“通过让交易难以被拆解归属，有利于全网的隐私性”。

从合规设计上看，PayJoin 非常“克制”。首先，它不改变交易总额的去向：收款人仍收到应得的款项，只是多走了一步“先支付给自己再找零”的形式；付款人也仅花费了自己该付的钱（只是混杂在更大金额输出中）。因此，从资金流合法性来说，PayJoin 没有引入额外的模糊地带，每一笔输出都有明确的实际归属方。其次，PayJoin 不依赖任何中心化第三方来撮合，多在客户端与商户服务器间通过一次HTTP通讯完成。这意味着没有一个专门的“PayJoin服务提供商”需要承担MSB责任，整个流程更像是点对点协议的一部分。再次，由于收款人参与其中，通常收款人本身是提供商品或服务的商家，其身份在交易关系中是已知的。比如某客户通过PayJoin向商家付款，商家在自己后台记录中可以注明该笔订单已通过PayJoin支付，对应链上交易哈希等。如果日后监管调查，需要了解这笔混淆过的交易情况，商家完全能够提供证据证明谁是付款人、金额多少，只不过这些信息未写入区块链而已。这跟传统现金交易后的记录有异曲同工之处：账本上可能只显示商家收款入账，但商家收据上会注明付款人是谁。同样，PayJoin 实现了链上隐私但保留了链下记录的可能性。

当然，PayJoin 的兴起也让链上分析公司感到头疼：因为一旦这种交易普及，过去依据“共同输入推断同一所有者”的分析方法将失效en.bitcoin.it。这实际上提升了比特币整体的抗审查能力，却也令执法部门的链上自动监测工具需要升级。不过，从监管角度来看，PayJoin 并未妨碍司法调查：由于它没有像大型混币那样引入不特定多方，执法者可以通过传统调查手段（如向已知商家调取交易记录）来还原真相。可以说，PayJoin把隐私权和合规需求巧妙地划出了界限——公开账本不再暴露一切细节，但真正有合法权利需要知道的人（交易相对方、执法部门）依然有途径获取所需信息。这正是比特币“保守式创新”的精髓体现：在不破坏既有法律框架的前提下，通过协议改进最大程度保护用户正当隐私。

6. 对比“合用账户”与 PayJoin 的区别及法律可识别性

传统金融中，两个或以上主体共同使用资金，通常采用联名账户（Joint Account）的形式。例如，商业合作伙伴或夫妻可以开设联名银行账户，账户内资金由各持有人共同所有和支配。法律对这类账户的身份和权益归属有清晰界定：银行会对每位账户持有人进行尽职调查（KYC），账户资金的法定所有人就是账户登记的所有持有人。账户交易的责任也由持有人按合同分担。即使账户资金混合来源不一，法律上可以通过约定或推定原则划分各自的受益权益（例如按照存入金额或签署协议比例）birketts.co.ukbirketts.co.uk。重要的是，无论账户内资金如何流动，监管和执法都知道关联到该账户的自然人/法人是谁。因此，联名账户实现了多人合用资金的便利，但透明度依然存在于金融机构与监管视野内：多名持有人均是可识别、可问责的主体。

相比之下，PayJoin 在链上呈现出的“共同支付”情形并没有建立任何持久的联合账户或法律实体关系。一次PayJoin交易虽然包含了两方的输入，看起来是“两个人一起付了一笔钱”，但区块链并未记录这两个人各自的身份或份额。这就引出一个问题：法律上能识别PayJoin参与者吗？ 链上数据本身无法直接识别，需要结合链下信息。比如在前述客户与商家通过PayJoin交易的例子中，区块链只显示一笔来自多个地址的交易。如果不借助商家提供的订单记录，外部第三方很可能误以为这些输入都属于同一人控制（传统heuristic的误判）en.bitcoin.it。因此，从纯链上证据看，PayJoin让法律主体识别变得困难：执法人员若仅依据区块数据，很难断定这笔交易涉及两个独立当事人。然而，并不意味着法律就无法识别—关键在于索取链下佐证。正如上节所述，每笔PayJoin交易的当事双方自己清楚出资和收款情况。如果其中一方如商家是受监管实体（有KYC义务），那其记录就能将链上地址对应回实名。即便双方皆为个人，在调查情况下，也可通过钱包日志、通信记录等证明彼此在对应时间协作构建了该交易。因此，从法律证明角度，PayJoin的参与者身份是可还原的，只是需要额外的信息链路，比常规转账要绕一点。

值得注意的是，英美法系对类似“共同出资支付”并非没有概念可循。在英国法下，若两人共同出资购买资产但无明文协议，法院可能探寻双方的共同意图和出资比例来确定各自权益（如适用衡平法上的推定信托原则）birketts.co.ukbirketts.co.uk。PayJoin交易本质上是双方共同“出资”完成了一次支付，因此在极端情况下（比如交易发生纠纷，双方就其中款项归属产生争议），法院或仲裁机构也可参考类似思路：审查双方对支付金额的约定，以及各自贡献和收益，从而确认真正的资金流向。不过，与联名账户不同的是，PayJoin不涉及长期共同持有资金，它只是一个瞬时的合伙支付行为。交易完成后，资金立即分别归属该去向的单一主体（收款人得到款项、付款人拿回找零）。不存在一个持续的“共同账户”载体来容纳双方资金。因此，法律上无需也无法对PayJoin建立类似联名账户的架构。每一方仍然只对各自收到或支出的部分负责，没有形成新的共同财产。

对于监管机构而言，联名账户容易监控——银行定期报告账户活动，所有相关个人信息齐全；而PayJoin交易如果不借助外部信息，单凭链上模式就难以分辨出来。这既是其隐私优势也是监管难点。但反过来看，PayJoin也没有引入无法克服的匿名性：它没有混杂无关联的第三方资金，交易双方实际彼此熟知，是一对一有联系的。这与完全匿名的暗网混币有本质区别。可以说，PayJoin更像两人私下结伴去银行各取一部分现金，然后合在一起交给第三人——银行账上只看到第三人存入一笔总额，但两人的个人取款银行各自有记录。因此如果第三人涉嫌违法受款，调查人员可以从银行调取那笔存款来源的拆分记录，发现实际上来自两人分别的账户。同理，PayJoin的合规思路是在需要的时候，将链上模糊的交易“解压”回两条清晰的资金线。这种设计确保了它在法律可解释性上比起传统CoinJoin混币更强：CoinJoin有时会出现N进N出，每个输出来源于N个输入的混合，法律上很难逐一对应归属，而PayJoin始终是一进一出（一方净支付，另一方净收款），只是混在一起过账。因此，一旦揭示两方身份，各自金额清楚明了，不存在无法区分谁的钱的问题。

具体到普通法体系的英美港三地，对于PayJoin交易目前尚无明文法规或判例直接评述。但可以推测，如果司法或监管机关发现有人采用PayJoin方式来掩饰交易关系，他们会采用实质重于形式的原则看待：关注交易背后的真实当事人和资金用途，而不会被表面上的“单笔交易”假象所困扰。例如，美国FinCEN和司法部在认定洗钱时，核心是看资金是否经过分层、混淆意图隐匿非法来源fatf-gafi.org。PayJoin如果被用于非法用途，那么执法也许需要对相关的钱包服务商、通信记录等进行取证才能还原过程。这增加了调查难度，但并非无法可依。在香港，新的VASP法规下，持牌机构需要对涉及的不寻常交易模式提高警觉。如果客户提现比特币后马上与别人做了一次PayJoin再存回，这种不寻常链路可能会引发问询，要求说明交易目的。英国FCA亦强调，加密资产交易所应监控客户是否使用了高度混淆技术并进行风险评估。在这些框架下，PayJoin如果被理解并检测到，可能会被归类为一种需要额外尽职调查的交易行为。但只要能够解释清楚其合法用途（例如商家为了客户隐私而采用PayJoin收款），法律并不禁止这种交易结构。

最后，从用户角度看，PayJoin其实更接近正常商业行为而非刻意洗钱安排。例如，两家公司合作支付一笔款项给供应商，传统方法可能是成立一个合资实体或开共同账户来出资再付款，而通过比特币PayJoin，两家公司可各自直接拿出一部分比特币，在一次交易中共同支付给供应商，无需建立长期联名账户关系。这种做法在法律上依然体现为各公司分别支付了各自的那部分货款，只是合并成一笔链上交易。因此法律能够识别并追踪每家公司支付的金额（通过公司内部记录），不存在损失审计线索的隐患。可以说，联名账户依赖金融机构去记录和划分共同资金，PayJoin则依赖参与各方自行记录默契合作。前者信息透明在机构，后者信息私密但参与人自知。因此，只要参与方守法经营并做好内部财务纪录，PayJoin并不会削弱法律对资金流的追查能力，它只是让公开账本不再直接泄露交易细节。这对遵纪守法者是利好，对企图躲避监管的大额洗钱者来说反而不是首选工具（因为两两串联洗钱的效率和隐蔽性远逊于大型混币池和离岸账户）。综合而言，在英美港法理下，PayJoin交易应被视为一种正当且可解释的隐私增强支付，通过适当的信息披露即可澄清其性质，并不构成无法识别的法律难题。

7. 应用设想：无需公司设立的合伙支付

展望未来，比特币协议提供的这些机制有望催生新的合规创新应用。例如，利用PayJoin或CoinJoin思想，可以实现“无需公司实体的合伙支付”。设想两个跨境贸易伙伴临时合作采购一批货物，各自承担一半货款。他们不必设立合资公司或开联名账户来筹措资金，而是可以各自准备好比特币，通过一次多输入交易直接将货款支付给供应商。链上只记录供应商收到总货款，至于资金来自两家伙伴公司这一事实则隐匿在交易结构中。这种操作相当于一种即时合伙：双方在支付瞬间形成合作，在支付完成后合作关系即告终结，无需持续的法律实体。这对于一次性项目或临时联盟尤其方便，节省了大量传统金融流程（开设账户、签署联名协议等）。同时，由于比特币交易天然跨境，这笔合伙支付可以绕开繁琐的国际汇款手续，在分钟级别完成结算。

当然，要使此应用合规落地，需要满足若干前提：首先，双方合作伙伴彼此必须信任并有清晰的合同约定，否则仅靠技术协作支付无法确保权益。例如，他们应签署一份协议注明各自出资比例和采购份额，以防日后纠纷。其次，在财务上，每一方仍应登记自己支付了多少款项给供应商，以便审计和税务申报。这一点通过比特币钱包记录和双方对账单据可以解决。再次，供应商若受到监管（如大宗贸易需要申报资金来源），则需在合同中注明货款由两家共同支付，比特币交易哈希作为支付凭证，辅以两家公司声明各自支付了多少。这样，监管方即使在链上看不出细节，也能通过合同资料了解实情。最后，参与各方应确保符合反洗钱要求：如交易金额巨大，需要提前告知银行/监管（因为法定货币转换为比特币的过程可能涉及银行），并确保合作伙伴和供应商都不是制裁或黑名单对象。

在上述框架内，这种无需公司载体的合伙支付完全可以合法合规地运作。它带来的创新性在于降低了商务协作的门槛和提高资金周转效率。例如，中小企业联盟可以临时抱团采购获得批发折扣，用联合支付的方式完成结算，然后各自获得自己的货物份额，无需成立繁杂的联营公司。又比如，多位国际投资人可通过CoinJoin把资金汇聚支付给一个项目发起人，以换取相应代币或股权份额，过程中保护了各自的隐私（外界只能看到项目方收到总款项）——前提是项目合法且投资人信息项目方已经KYC掌握。在香港等金融中心，这类合伙支付概念若能成熟，或许会出现在沙盒测试中：监管机构可以指定一些低风险场景，让持牌机构尝试使用比特币的PayJoin技术为客户提供多人支付服务，观察其运作和风险点。在英国，开放式银行业务的推进下，不排除未来有传统银行与比特币技术公司合作，开发出“Consortium Pay”产品，允许多个企业客户共同发起一个链上支付给供应商，银行在后台负责协调并确保AML合规。而美国作为最大的资本市场，也有可能在明确监管框架后，允许受监管的金融科技公司提供此类合伙支付解决方案，服务于例如私募基金多LP联合出资投资等场景。

需要强调的是，此类应用设想应避免过度理想化。在现实推进中，监管者会审慎评估风险，不会因技术便利而放松对洗钱等的警惕。因此，上述创新更可能一步步渐进实现：先在小额、低风险场景测试，再扩展到更广泛用途。同时，行业需要建立配套的透明机制（如自愿的交易附言备注或链下报告）以令监管安心。例如，几个公司通过合伙支付完成交易后，可以向监管机构备案相关交易哈希和各自出资比例，以取得信任豁免监控的待遇。这类似于今天银行报告大额交易，但具体用途保留商业机密。总之，比特币协议赋予了支付组织形式的灵活性，如何将其用于合规且创造价值的领域，将取决于监管开放态度和从业者的创造力。

8. 结语

综上所述，比特币通过协议机制实现隐私的探索，体现出鲜明的“保守派的创新”特征：它尊重金融领域反洗钱等制度的底线，在此范围内巧妙地寻求隐私与合规的平衡。从UTXO模型的选择，到后来发展的CoinJoin、闪电网络、PayJoin等技术，比特币生态并未一味追求匿名至上的乌托邦，而是尝试在现行法律框架内改善用户隐私体验。UTXO让比特币天然具备类似现金的去名属性，但公开链上记录又确保了交易透明度的基本盘，不至于成为无法监管的黑箱en.bitcoin.it。CoinJoin进一步为自愿的用户群提供了混合匿名环境，同时行业自律和执法打击并行，防止其成为洗钱温床cointelegraph.comfincen.gov。闪电网络则以链下通道降低了小额交易的可追踪性，却仍需通过进出节点受控来维护法规所需的监测点cointelegraph.com。PayJoin更是在日常支付场景中证明，提升隐私不一定以损害合规为代价——两方协作即可隐藏交易图谱，同时交易实质一目了然，无损任何一方的审计责任bitcoinops.orgen.bitcoin.it。这些创新无不遵循渐进改良的路径：它们没有推倒重来地另起一套隐匿系统，而是构建在比特币原有规则之上，通过开放社区的BIP提案机制取得共识，再由市场自发采用。这种稳健的演进保证了社会制度与技术创新的同步适应：当新隐私工具出现时，监管社区也在学习调整，从而在动态博弈中找到了新的平衡点。

对于香港、英国、美国等奉行普通法和重视金融监管的司法区而言，比特币的这一发展路径提供了宝贵的参考。一方面，各国监管者日益认识到，加密技术带来的金融创新并非洪水猛兽，其间蕴含着优化效率和用户权益的新机会。正如FATF提出的，要在鼓励负责任创新的同时管控风险siis.org.cn。比特币的隐私机制若被正确运用，能够保护公民金融隐私权、增强货币可替代性、减少不必要的集中过问，这是与民主法治社会价值相契合的目标。另一方面，实践也证明，通过强有力的监管措施，完全可以将不法分子的滥用遏制在可控范围。链上数据的公开性加上新的分析工具，使执法部门即便在出现混淆技术时，仍能抽丝剥茧地追查重大神秘案件time.com。据Chainalysis等机构统计，近年来加密货币交易中涉非法用途的比例已降至不足0.2%这样的历史低位cointelegraph.com。这表明隐私增强技术的出现并未导致洗钱犯罪失控，相反，隐私与合规正逐步实现良性共存：守法大众享有更安全的个人金融空间，犯罪分子依然难逃法网。商业银行运营总监作为合规体系的重要一环，应当拥抱这种变化，深入理解比特币协议层隐私机制的原理和合规要点。在确保自身机构严格遵守KYC/AML要求的前提下，也可以考虑利用比特币的这些特性开发新业务、服务客户需求。毕竟，隐私保护和反洗钱并非零和博弈——正如比特币生态所展示的，技术创新完全可以服务于保护个人合法权益与维护金融秩序这两大目标的平衡统一。比特币协议层面“保守而创新”的实践，正在为新金融时代如何兼顾自由与安全提供启发，其经验值得我们持续关注和借鉴。

参考资料：

1. Nervos, “UTXO 模型 vs. 账户模型” (2023)nervos.orgnervos.org

2. Bitcoin Optech, “Payjoin”bitcoinops.org

3. Bitcoin Wiki, “PayJoin”en.bitcoin.it

4. Bitcoin Wiki, “CoinJoin”en.bitcoin.iten.bitcoin.it

5. Cointelegraph, “No crypto for criminals: CoinJoin BTC mixing tool to block illicit transactions” (2022)cointelegraph.comcointelegraph.com

6. FinCEN, “第一起比特币混币服务违反反洗钱法遭处罚”新闻稿 (2020)fincen.govfincen.gov

7. Clifford Chance, “FinCEN拟将混币交易列为主要洗钱顾虑” (2023)cliffordchance.com

8. TIME, “如何追踪Bitfinex被盗比特币” (2022)time.com

9. Cointelegraph, “Wallet of Satoshi 美国区下架” (2023)cointelegraph.com

10. 上海国研院, “美国区块链治理策略” (2023)siis.org.cn

11. FATF, “Virtual Assets Red Flag Indicators” (2020)fatf-gafi.org

12. Chainalysis, “2021年加密犯罪报告”cointelegraph.com

@ 3283ef81:0a531a33

Hey\ Ho

Let's go!

@ 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

@ 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/

@ 502ab02a:a2860397

หลังเสียงระเบิดลูกสุดท้ายของสงครามโลกครั้งที่สองเงียบลง สิ่งที่ยังดังต่อไปในบ้านอเมริกันทุกเช้าคือเสียงโฆษณาจากวิทยุที่เตือนว่า “อย่าลืมกินมื้อเช้านะ เพราะมันคือมื้อที่สำคัญที่สุดของวัน” วาทกรรมนี้ไม่ได้หล่นมาจากปากหมอ หรือคำสอนพระ แต่มันลอยออกมาจากกล่องซีเรียลแบรนด์หนึ่งที่ชื่อว่า Grape-Nuts ซึ่งผลิตโดยบริษัท General Foods ที่ตอนนั้นกำลังครองพื้นที่โต๊ะอาหารเช้าทั่วประเทศ

Grape-Nuts เกิดขึ้นมาตั้งแต่ปี 1897 โดยชายชื่อ Charles William Post หรือ C.W. Post ชายหนุ่มที่เคยเข้ารับการรักษาตัวที่ Battle Creek Sanitarium ของหมอ John Harvey Kellogg ผู้คลั่งไคล้ในสุขภาพและการละราคะด้วยการกินคลีนแบบไม่กินเนื้อสัตว์ ที่นั่นเองที่ Post ได้แรงบันดาลใจจากอาหารสำหรับผู้ป่วยที่หมอ Kellogg คิดค้นขึ้น และพอกลับบ้าน เขาก็ลุกขึ้นมาสร้างแบรนด์ซีเรียลของตัวเองในชื่อ Grape-Nuts โดยเน้นเรื่องไฟเบอร์ การย่อย และสุขภาพล้วนๆ

ชื่อ “Grape-Nuts” ฟังแล้วงงใช่มั้ย เฮียจะเล่าให้ฟัง คือเจ้านี่มันไม่มีองุ่น ไม่มีถั่ว แต่ Post บอกว่าซีเรียลของเขาหวานธรรมชาติเหมือนองุ่น และเวลาย่อยจะเกิดสารที่เขาเรียกว่า grape sugar ก็เลยตั้งชื่อว่าประมาณ “ถั่วแห่งองุ่น” ฟังดูเฮลตี้แบบมีความรู้แต่จริงๆ คือชื่อทางการตลาดล้วนๆ ที่หวังจะสร้างจินตภาพใหม่ให้อาหารเช้าแบบแห้งๆ

หลังจากนั้นธุรกิจของเขาก็โตเอาโตเอา กลายเป็น Postum Cereal Company และค่อยๆ เข้าซื้อกิจการของบริษัทอาหารอื่นๆ จนปี 1929 เปลี่ยนชื่อเป็น General Foods Corporation กลายเป็นบริษัทยักษ์ใหญ่ที่ถือครองแบรนด์ดังมากมาย ไม่ว่าจะเป็น Jell-O, Maxwell House, Birds Eye, Log Cabin เรียกว่าครอบคลุมทั้งอาหารแห้ง อาหารสด ของหวาน และเครื่องดื่ม

พอเข้าสู่ยุคสงครามโลกครั้งที่สอง ประเทศสหรัฐฯ ต้องการทุกแรงงาน ทุกมือ และทุกสมองมาช่วยกันเดินหน้าเครื่องจักรสงคราม รัฐบาลประกาศให้การผลิตกลายเป็นภารกิจแห่งชาติ บริษัทใหญ่ๆ ก็เลยรีบเสนอหน้ามาเป็นส่วนหนึ่งของความรักชาติ General Foods ก็ไม่พลาด พวกเขาเปิดแคมเปญผ่านแบรนด์ Grape-Nuts ว่า “Eat a Good Breakfast – Do a Better Job” หรือ “กินมื้อเช้าให้ดี ทำงานให้เยี่ยม” พร้อมประโยคที่กลายเป็นคำขวัญติดหัวคนทั้งประเทศว่า “Breakfast is the most important meal of the day”

พวกเขาไม่ได้บอกว่า “กินของเราแล้วดี” แต่ใช้เทคนิคย้อนศร บอกว่า “ไม่กินมื้อเช้า...ระวังสุขภาพแย่นะ” แล้วค่อยสอดแทรกว่าอาหารเช้าที่เหมาะสม ควรจะเป็นสิ่งที่เทนมใส่แล้วกินได้ใน 2 นาที—นั่นแหละ Grape-Nuts เอง

วาทกรรมนี้ถูกส่งผ่านรายการวิทยุ หนังสือพิมพ์ และโฆษณาทุกแบบที่มีในตอนนั้น โดยอ้างว่า “ผู้เชี่ยวชาญด้านโภชนาการกล่าวไว้” ซึ่งตอนนั้นยังไม่มีแหล่งอ้างอิงแน่นอนว่าใครคือผู้เชี่ยวชาญคนนั้น แต่ก็ไม่มีใครกล้าค้าน เพราะมันฟังดูถูกต้องและน่าเชื่ออย่างประหลาด

ผลที่ตามมาคืออะไร? คนเริ่มเปลี่ยนวิธีคิดเรื่องอาหารเช้า จากเมื่อก่อนที่มื้อแรกของวันอาจเป็นแค่ขนมปังจิ้มไข่ลวก กากหมูกับข้าว หรือแม้แต่มันต้มจิ้มน้ำปลา กลายเป็นการเทซีเรียลใส่นมเย็น หวานกรุบกรอบทุกคำ และรู้สึกดีเหมือนได้ทำหน้าที่พลเมืองที่ดีไปในตัว เพราะได้รีบออกไปทำงาน

เบื้องหลังของวาทกรรมนี้จริงๆ แล้วคือการต่อยอดกำไรอย่างชาญฉลาดของบริษัทอาหารที่ต้องการเปลี่ยนพฤติกรรมการกินของทั้งประเทศให้หมุนรอบสินค้าในมือของตัวเอง โดยเฉพาะ Grape-Nuts ซึ่งเป็นผลิตภัณฑ์แห้ง เก็บได้นาน ผลิตได้เร็ว และใช้ทรัพยากรน้อยกว่าการปรุงอาหารสดๆ ที่เคยนิยมกันมาแต่ก่อน

กลยุทธ์แบบนี้ฉลาดมาก เพราะมันไม่ได้ขายของโดยตรง แต่มันขาย “แนวคิด” ก่อน แล้วค่อยผูกของเข้ากับแนวคิดนั้นทีหลัง และคนก็เชื่อง่าย เพราะยุคนั้นกำลังหิวหาความมั่นคงทั้งกายและใจหลังเพิ่งผ่านความโกลาหลของสงครามมาหมาด ๆ

แน่นอนว่า General Foods ไม่ได้ทำเรื่องนี้คนเดียว แต่พวกเขาคือเจ้าที่ “เริ่มต้นก่อน” และใช้พลังของสงครามเป็นแรงส่งทางวัฒนธรรม จากจุดเล็กๆ บนกล่องซีเรียล กลายเป็นคำขวัญที่ครูสอนในโรงเรียน พ่อแม่พูดกับลูก และโฆษณาพูดกับคนทั้งประเทศ

แคมเปญประสบความสำเร็จมากถึงขั้นที่บริษัทโฆษณานำไปรีไซเคิลซ้ำให้แบรนด์อื่น เช่น Kellogg’s, Post และ Quaker จนทุกกล่องซีเรียลในซูเปอร์มาร์เก็ตพูดประโยคเดียวกันโดยไม่ต้องนัดหมาย มันกลายเป็นวาทกรรมฝังหัวคนไปแบบเนียน ๆ ว่า ถ้าไม่กินมื้อเช้า จะโฟกัสงานไม่ได้ จะเรียนไม่รู้เรื่อง จะหงุดหงิดง่าย แล้วก็...จะดูเหมือนไม่รักตัวเอง

สิ่งที่เกิดขึ้นในยุคนั้นไม่ใช่แค่การตลาด แต่มันคือ “การสร้างความหมายใหม่ให้มื้อเช้า” จากเดิมที่แต่ละบ้านมีวิธีของตัวเอง ก็กลายเป็นการกำหนดสูตรสำเร็จที่มาพร้อมภาพเด็กยิ้ม คนสุขภาพดี และคุณแม่ที่เตรียมโต๊ะให้พร้อมก่อนลูกจะตื่น

นักข่าวจาก The Guardian เคยเขียนไว้อย่างแสบ ๆ ว่า นี่ไม่ใช่แค่แผนการขายของ แต่มันคือ “moralizing through breakfast” หรือการใส่ศีลธรรมลงไปในอาหารเช้า ถ้าไม่กิน ก็เหมือนคนไม่มีวินัย ถ้ากิน ก็เหมือนได้รับการยอมรับ เป็นผู้ใหญ่ที่ดี ดูแลตัวเองได้

ตรงนี้แหละที่น่าสนใจ เพราะมันย้อนกลับไปถึงรากความคิดของหมอ John Harvey Kellogg เมื่อหลายสิบปีก่อน ที่มองว่าอาหารควรถูกออกแบบเพื่อควบคุมจิตใจมนุษย์ให้อยู่ในกรอบศีลธรรม เขาอาจไม่ได้อยากทำการตลาด แต่สุดท้ายบรรษัทใหญ่กลับนำอุดมการณ์นั้นมารีแพ็คในเวอร์ชันที่ขายได้จริง

หลังจากนั้น วัฒนธรรมมื้อเช้าแบบอุตสาหกรรมก็ฝังรากแน่นยิ่งขึ้นในสังคมตะวันตก โดยเฉพาะเมื่อตลาดเริ่มเจาะไปที่เด็ก ๆ ด้วยการ์ตูนมาสคอต ของเล่นในกล่อง และสีสันสดใสที่ล่อตาล่อใจ ในขณะที่เนื้อในกล่องก็เต็มไปด้วยน้ำตาล แป้ง และบางครั้งก็สารเติมแต่งที่ไม่ต่างจากขนมหวาน

น่าสนใจว่าตลอดยุคหลังจากนั้น จนถึงปัจจุบัน คำว่า “Breakfast is the most important meal of the day” ยังถูกใช้ซ้ำโดยแบรนด์อาหารเช้าหลายเจ้าทั่วโลก ทั้งที่ความจริงในทางวิทยาศาสตร์ใหม่ๆ เริ่มตั้งคำถามกับคำกล่าวนี้แล้วว่า จริงหรือ? หรือแค่ “ขายของเก่ง” กันแน่

นักโภชนาการอิสระเริ่มออกมาเปิดโปงว่า คำกล่าวที่ว่า “อาหารเช้าสำคัญที่สุดของวัน” ไม่มีงานวิจัยที่รองรับอย่างชัดเจน มันเป็นเพียงคำที่ถูกทำซ้ำโดยบริษัทที่มีผลประโยชน์เต็มเปา รายงานจาก Livestrong, Reddit Skeptics และหลายแหล่งสรุปตรงกันว่า ประโยคนั้นไม่ได้มาจากแพทย์ แต่มาจากห้องประชุมโฆษณา

แต่ถึงจะรู้แล้วว่าถูกหลอก คนจำนวนมากก็ยังเชื่ออยู่ดี เพราะมันไม่ใช่แค่ข้อมูล แต่มันกลายเป็น ความทรงจำร่วมของทั้งสังคม ไปแล้ว ทุกวันนี้แม้จะมีการศึกษามากมายในเรื่องของมื้ออาหาร แต่อาหารมื้อเช้าก็ยังคงเป็นสิ่งที่ "แตะต้องไม่ได้" ยังคงถูกมองว่าใครไม่กินอาหารเช้าจะโง่

เฮียว่าการตลาดที่แนบเนียนที่สุด ไม่ใช่การเปลี่ยนความคิดคน แต่คือการทำให้คน “จำไม่ได้ว่าความคิดนั้นมาจากไหน” แล้วเผลอเชื่อไปเองว่ามันคือความจริงแต่กำเนิด

เมื่อเฮียมองย้อนกลับไป ก็เห็นชัดเลยว่าอาหารเช้าของเราถูกนิยามใหม่โดยกล่องกระดาษที่ข้างในกรอบแต่ข้างนอกหวานลวง เป็นทั้งของกิน และของหลอกในเวลาเดียวกัน

ทุกวันนี้ เราอาจยังเห็นโฆษณาที่บอกว่า “อาหารเช้าคือเชื้อเพลิงของวัน” หรือ “อย่าออกจากบ้านโดยไม่กินอะไรเลย” แล้วยังเห็นบางโฆษณาบอกว่า "การตากแดดคือการก่อโรคมะเร็งผิวหนัง"

ทั้งที่ความจริงบางทีมื้อเช้าที่ดีที่สุด ก็อาจไม่ต้องอยู่ในกล่องซีเรียล หรือจานขนมปังปิ้ง แต่มันอาจเป็นช่วงเช้าที่เรารู้สึกว่า...วันนี้เราควบคุมชีวิตตัวเองได้อีกวัน ไม่ต้องถูกควบคุมด้วยอำนาจที่มองไม่เห็นใดๆต่างหาก #pirateketo #กูต้องรู้มั๊ย #ม้วนหางสิลูก #siamstr

@ c4f5e7a7:8856cac7

I've managed to amass three SN profiles.

Is there a way to combined these?

@k00b @ek

https://stacker.news/items/995836

@ a88f35c7:7b121d83

Aunque a primera vista no lo parezca, el mundo digital en el que operan muchas empresas hoy en día no es tan diferente del mundo físico. De hecho, es común establecer analogías con la era medieval (términos como Bastion Host, Castle and Moat, Gatekeepers y Watchtower reflejan esta comparación) y quienes trabajamos en ciberseguridad estamos acostumbrados su uso. Sin embargo, hoy quiero abordar la seguridad digital desde una perspectiva evolutiva y haciendo una analogía con el contexto de la economía primaria, ya que la lectura de la tesis “Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin”, de Jason Paul Lowery, me ha llevado a reflexionar sobre este tema.

Para profundizar en esta analogía, propongo una relación simple: todos los actores que habitan el mundo digital (empresas, proveedores de servicios, actores malintencionados, usuarios, etc.) se consideraran organismos biologicos vivos que coexisten en un entorno hostil y compiten por los recursos disponibles en él.

Relación beneficio-costo del ataque (RBC).

Cada organismo biológico puede describirse como una fuente rica en nutrientes y un depósito de recursos valiosos. En la imagen de arriba, he intentado representar (disculpad si no lo he logrado completamente) un organismo unicelular con un núcleo (el tesoro) y una membrana que lo protege de las bacterias de alrededor.

En un escenario como este, es lógico pensar que la mayoría de estos organismos se convierten en un objetivo atractivo, una presa, para otros seres vivos diseñados por la evolución para capturar y explotar dichos recursos por la fuerza.

En consecuencia, un organismo incapaz de proteger su tesoro (ya sea por debilidad o ineficacia) se convierte en un caramelo en la puerta de un colegio: un cartel de neón irresistible para las formas de vida circundantes, que no dudarán en devorarlo.

Nota: Mientras escribía esto, no pude evitar pensar en el mundo digital y en todos esos sistemas con puertos abiertos expuestos en Shodan.

Pues bien, se puede definir la relación de beneficio-costo del ataque como:

RBC = BA/CA

Donde:

• BA representa la función de la abundancia de recursos de un organismo (su “tesoro”). Los organismos con una gran cantidad de recursos valiosos tienen un BA alto, mientras que aquellos con menos recursos valiosos presentan un BA más bajo.

• CA mide la capacidad y disposición de un organismo para imponer costos físicos severos a sus atacantes. Los organismos que pueden y están dispuestos a infligir daños físicos significativos a sus vecinos tienen un CA alto. En contraste, aquellos que carecen de dicha capacidad o no están dispuestos a ejercerla tienen un CA bajo.

Si la relación anterior ha quedado clara, resulta evidente que los organismos con una RBC más alta son más vulnerables al ataque que aquellos con una RBC más baja, ya que representan un mayor retorno de inversión para los vecinos hambrientos que buscan devorarlos.

Por esta razón, los organismos tienen la necesidad existencial de reducir su RBC tanto como sea posible, lo que los impulsa a aumentar su capacidad y disposición para imponer costos físicos significativos a sus atacantes. Por el contrario, un organismo no puede simplemente dedicar todo su tiempo y energía a acumular recursos y esperar prosperar a largo plazo, ya que esto incrementaría su RBC, poniendo en riesgo su supervivencia.

A modo conclusión, se podría decir que, para sobrevivir a largo plazo, los organismos deben gestionar ambos lados de la relación RBC para evitar que este ratio aumente hasta niveles peligrosos. Esto se puede hacer de la siguiente forma:

• Optar por reducir su numerador (reducir su "tesoro").

• Aumentar su denominador (imponer costos físicos significativos a sus atacantes).

En la naturaleza, podríamos decir que reducir la abundancia de recursos no es una solución demasiado ideal para los organismos que buscan crecer, por lo que aumentar su CA es la opción más recomendable.

Una analogía útil para explicar el RBC es la situación en la que un ladrón debe decidir qué apartamento robar. Antes de actuar, inspecciona dos puertas en el mismo piso: una a la izquierda, de madera y visiblemente desgastada, y otra a la derecha, blindada y equipada con múltiples cerrojos.

Es probable que el ladrón asuma que el “tesoro” detrás de la puerta blindada es más valioso. Sin embargo, los altos costos del ataque (mayor tiempo, esfuerzo y riesgo) disuadirán a muchos ladrones que no estén preparados para asumir ese desafío. Así, la relación entre recompensa y costo de ataque influye en la decisión, reflejando el principio del RBC en la naturaleza.

Margen de prosperidad.

Retomando la idea de la “economía de la evolución” y la difícil tarea de sobrevivir, es importante recordar que, como hemos visto antes, cualquier organismo debe mantener su nivel de RBC lo más bajo posible. Pero, ¿cuán bajo exactamente?

La clave está en mantenerlo por debajo del umbral crítico que determine si un ataque resulta rentable o no para un posible depredador o competidor. Si el RBC es demasiado alto, el organismo se convierte en un objetivo atractivo; si es lo suficientemente bajo, los costos de atacarlo superan los beneficios, disuadiendo a la mayoría de los agresores. Según Lowery, la diferencia entre el nivel de RBC de un organismo y el umbral peligroso puede definirse como su margen de prosperidad. En otras palabras, este margen representa cuánto puede permitirse un organismo aumentar su RBC antes de volverse un objetivo viable para el ataque. Mantener un margen de prosperidad amplio es esencial para garantizar estabilidad y minimizar riesgos en un entorno competitivo.

Planteado a alto nivel, podría parecer un problema sencillo de resolver, ya que, en esencia, solo se trata de mantener el RBC por debajo del umbral peligroso mientras se preserva un margen adecuado de prosperidad. Sin embargo (y siempre hay un “pero”), el verdadero desafío radica en que el organismo no puede conocer con precisión dicho umbral, ya que este depende casi por completo de factores externos.

Las variables que determinan el umbral peligroso están condicionadas por el entorno y por la presencia de otros organismos que cohabitan en él. Esto implica que un organismo nunca puede estar completamente seguro de cuánto puede aumentar su RBC antes de atraer la atención de posibles atacantes. Esta incertidumbre introduce un nivel de riesgo que dificulta la optimización de la estrategia de crecimiento y supervivencia.

Supervivencia a largo plazo.

Dado que los organismos no pueden determinar con certeza qué nivel de seguridad es suficiente, la supervivencia se convierte en un proceso de aprendizaje sobre cómo regular el RBC y maximizar el margen de prosperidad tanto como sea posible. En términos generales, un organismo puede seguir tres estrategias:

• Opción 1: Aumentar el BA por encima del CA provocará un crecimiento en el RBC, acercándolo a la zona de peligro, por lo que esta opción queda descartada.

• Opción 2: Aumentar el CA a medida que aumenta el BA, manteniendo el RBC fijo (crecimiento proporcional de los dos valores). Aunque esta estrategia conserva el mismo margen de seguridad, no es una solución sostenible a largo plazo, ya que el entorno se vuelve cada vez más hostil y el nivel de RBC que antes garantizaba la supervivencia puede volverse insuficiente.

• Opción 3: Aumentar el CA más que el BA. En este caso, el margen de prosperidad se amplía porque el RBC disminuye. Esta, según Lowery, es la única estrategia viable para garantizar la supervivencia a largo plazo.

La enseñanza de la evolución en el mundo de la ciberseguridad.

Si aplicamos los principios de la economía primaria al ámbito de la ciberseguridad, es posible extraer algunas enseñanzas valiosas, aunque también es cierto que el mundo digital tiene ciertas excepciones o flexibilidades. A continuación, expondré las conclusiones a las que he llegado tras realizar este ejercicio de análisis.

El Coste de Ataque (CA), que implica imponer costos a los atacantes, no deja de ser una inversión en seguridad a través de herramientas, procesos y revisiones. Como ha demostrado la económica primaria, esta estrategia es clave para garantizar la supervivencia a largo plazo de una empresa ya que hace que los ciberataques sean menos rentables y por lo tanto menos frecuentes. En esta línea y al igual que en la naturaleza, una empresa no puede saber nunca que tan cerca está del umbral del peligro (ya que este depende de factores casi totalmente externos) y por tanto debe esforzarse por maximizar el CA siempre que pueda (esto es invertir en ciberseguridad). Así que ya sabéis, si alguien alguna vez pone en duda las inversiones en ciberseguridad, le podéis decir con total certeza que es economía de supervivencia y es LA ÚNICA FORMA de garantizar la viabilidad de la empresa a largo plazo.

Por otro lado, está el Beneficio de Ataque (BA), el "tesoro" protegido por todos los organismos. Haciendo un paralelismo con el mundo digital, este equivale a los datos e información que almacena una organización. Es natural que, al igual que ocurre en los organismos biológicos, una empresa busque incrementar y proteger este activo.

Todos hemos oído un millón de veces expresiones como "es la era de la información", "los datos son el nuevo petróleo" o "la información es poder", y no dudo de su veracidad. Sin embargo, basándonos en la economía de supervivencia mencionada, hacer crecer el Beneficio de Ataque (BA) puede ser peligroso.

De hecho, hemos comprobado que incrementar el BA por encima del Coste de Ataque (CA) no es una estrategia viable a largo plazo. Pero, como todos sabemos, es complicado convencer al área de negocio de que tal vez (solo tal vez) ciertos datos sensibles no sean realmente necesarios para su almacenamiento en bases de datos. Y que, en caso de que lo sean, su protección mediante cifrado debería ser una prioridad.

Entonces, ¿Es posible reducir el BA?

Llegados a este punto, surge la duda de si, a diferencia del mundo natural, en el mundo digital que hemos construido, es posible reducir el Beneficio de Ataque (BA) sin comprometer la viabilidad de una empresa.

En la naturaleza, la supervivencia depende del crecimiento y la acumulación de recursos, pero en el entorno digital, ¿realmente es necesario almacenar y procesar cada dato disponible? ¿O es posible optimizar y reducir el volumen de datos sensibles sin afectar el negocio? A continuación algunos ejemplos:

• ¿Es realmente necesario que tenga que facilitar mi DNI al repartidor de UPS o SEUR?

• ¿Es justificable que el Real Decreto 933/2021 obligue a las empresas del sector de hospedaje a almacenar y proporcionar datos sensibles de los viajeros, como el DNI, teléfono fijo y móvil, relación de parentesco entre huéspedes, así como información sobre el pago, incluyendo el tipo de tarjeta, número y fecha de caducidad?

• ¿Porque es necesario pasar por un proceso riguroso de KYC para comprar según que activos financieros?

Estoy seguro que cada caso de los anteriores tiene una justificación aunque tampoco tengo ninguna duda de que estas probablemente sean cuestionables desde el punto de vista de la privacidad y protección de datos.

Esta última reflexión me ha llevado a buscar si actualmente existen proyectos y/o estrategias enfocadas en la minimización de datos, con el objetivo de reducir cualquier exposición innecesaria de información personal y he podido comprobar que existen diferentes líneas de trabajo en esta dirección como el sistema Decentralized Identity (DID) o Zero-Knowledge Proofs (ZKP). Estas tecnologías permiten verificar información sin revelar datos personales, lo que indica que ya hay profesionales abordando esta preocupación.

Quizás, cuando estos sistemas estén más consolidados, podamos comprobar si, a diferencia del mundo biológico, el mundo digital permite el crecimiento de un organismo sin tener que aumentar su BA.

@ 43820409:694a54a4

This is a brief summary.

This is the best article ever created.

You may be wondering why?

Why

Because we made it.

How

• It just is
• Everyone agrees

---

Thank you for your attention.

End.

@ 3c389c8f:7a2eff7f

Most of my time on Nostr, relays served content simply based on what was requested. Clients mostly requested follow list based content, and often only if the user requested to 'read' from a particular relay. Very simple, though not ideal. Clients that attempted to offer some 'global' or 'universal' feed made it possible to discover some new things but also served spam, redundant bot posts, and even some malicious things that managed to make it through a relay's filters. Paid relays began to gain some ground, with better filters to reduce spam and malicious content, which has helped a lot to clean up these broader feeds that expand beyond the follow-based timeline. Many of the relays hosted redundant content, too, which is important but it's not the only thing that is. The system still left a lot to be desired, particularly for anyone who has understood the potential behind the client-relay set up. Other concerns, like relay centralization through user concentration, still needed to be discussed and addressed.

Despite the voicing of relay diversity advocates, this system seemed to provide most of what people were looking for to replace their typical social media experience. Still, though, reply spam attacks found their way through, as they do. Web-of-Trust relays began to pop up to help mitigate the problem. Using contact lists and extended contact lists as a method of reducing the prevalence of spam has worked really well, but does have it limitations as to how new users can enter into these social graphs, without already knowing someone who is using Nostr. Also not ideal, but it has been a step forward for Nostr's social media use case. Hosted relay services that offered more diverse policy for a relay to operate under finally began to take some hold for those that wanted more choice and control. Still though, potential had barely been breeched.

It might have been before the WoT relay movement, but of nowhere (not really but it kind of seemed like it), a cat relay appeared within the ecosystem. This silly, fun, cute, clever relay collected notes with the #catstr hashtag and used some fancy image analysis stuff (that I can't explain) to collect notes and images of nothing but cats. Such a simple thing, but that was a catalyst (🥁) moment for Nostr. A relay could do more than just collect notes from following lists?? A couple more iterations of the curated content relay model came to be, driving home the idea that this wasn't some silly pie-in-the-sky concept. It was an aha moment for some, sheer joy for the relay advocates, and a turning point for expanding Nostr beyond the basic social media replacement. Very few client options for simply browsing one relay existed at the time, and while it was novel to see, the rest of the framework to support it was not strong nor very easy to use. Even with this dilemma, the catstr relay set off what has become some of the most interesting and useful innovation that has happened within the Nostr ecosystem since I arrived.

Since then, I have spent a lot of my time on Nostr exploring some of what has been developed on the relay front, experimenting where I have found the opportunity and thinking a lot about where this all could lead. Innovation on both the relay and client sides of Nostr have been expanding, not quite in lockstep, but closely enough that someone like myself can now easily jump onto a client like Jumble.social and get a glimpse into what is happening and get an idea of the potential of what is yet to come. For those working in the relay field, I am sure this feels like one slow moving train. For a client developer, it probably feels a little overwhelming to shift an entire model away from what has worked for something that will work better. As a less-than-technical user who is mostly disconnected from any major development, it's exciting. Relay diversity brings actual utility to Nostr. It also brings the assurances that Nostr offers, which whether we have been subjugated to these problems before or not, it is the main reason why Nostr exists and why we are here using it now.

For most anyone reading this, it probably sounds like some weird, unnecessary history lesson. This is actually one long introduction into a little mini-series of relay recaps though.... I was wondering what I would write about next, and this is it. I may just be a user but I'm an adventurous one and I pay attention, so I'm excited to share some of my thoughts, experiences, and observations over the coming weeks... because exciting isn't a strong enough word for the what I see as possible. :)

@ 3104fbbf:ac623068

It is possible to shift your mindset in adulthood — but it’s exceedingly rare. There’s no exact science to it, yet roughly 2% of people seem truly able — or willing — to change their worldview past a certain age. As arbitrary as that number may sound, it often holds true in practice. It helps explain human behavior and why the remaining 98% — those unwilling to embrace deep inner change — will never dare to step outside their comfort zone.

Learning new skills holds real, practical value: it’s how we redirect our lives toward something better. But it requires a willingness to evolve the way we think. In my view, the only truly helpful approach is to share insights, ideas, and methods — and then let each individual decide whether they’re ready to invest time and energy into rethinking their patterns, learning what’s needed, and transforming their habits or beliefs. There are no shortcuts.

As someone who’s committed to this path and aware of what’s at stake for humanity in the next 20 years — especially with AI — I want to share a few signposts for those ready to lift their heads out of the sand.

---

Discernment in the Age of AI: More Essential Than Ever

We are living through a radical upheaval, driven by artificial intelligence and the exponential acceleration of technology. And I’m convinced of one thing: if a belief, ideology, or conviction born in the 21st century isn’t constantly reevaluated — with curiosity, humility, and intellectual rigor — by confronting opposing views, digging into what’s uncomfortable, and honestly questioning what we don’t yet understand, then we’re not thinking. We’re just gambling on blind faith — or refusing to face reality. And eventually, that catches up with us.

The longer you wait to adapt to technological acceleration, the more you risk becoming trapped in an invisible loop — one where you don’t even realize just how far behind you’ve fallen.

Take independent thinking and discernment — arguably the most vital skills in an AI-driven world. If you rely on AI in a domain where you lack critical sensitivity, you’re setting yourself up for disaster.

When you use AI to move a project forward, you need to instantly recognize when something feels off: “That doesn’t make sense. It’s too cliché. It doesn’t work.” And the AI — trained to please you — will agree: “You’re right.”

But… what if you’re wrong?

That’s where the downward spiral begins — a kind of creative death. Many people:

Settle for the AI’s first answer,

Fail to grasp that this response is just the most statistically likely, the most "expected,"

And end up with something generic, bland, and forgettable.

We have to move beyond that. We have to enter that narrow zone where we seek something original, alive, new — and keep pushing: “No, that’s not it yet.” It’s through this iterative process that refinement happens, and real value emerges.

Used this way, AI becomes a powerful tool — one that accelerates research, eliminates friction, and streamlines the creative process.

Prompting — the art of crafting precise, thoughtful instructions for the AI — is learned through practice, trial and error. But it also demands a specific mental posture: one rooted in curiosity, humility, and the willingness to question yourself. You must be willing to doubt your own assumptions, to challenge your own blind spots.

---

The Mental Exoskeleton: Amplifying Human Potential Through AI

We’re living in a near-magical era. If you’ve already built a solid foundation of skills, AI acts like an exoskeleton — allowing you to lift far more than you could on your own. If you’re already strong, it amplifies your strength. If you’ve learned how to think and how to use your mind, it multiplies your intellectual power.

And if you’ve cultivated curiosity and broad general knowledge — instead of locking yourself into hyper-specialization — for the first time in history, that’s an edge. Because AI enables you to instantly dive deeper into any of those fields and connect the dots across disciplines. Suddenly, it feels like you can tap into the depth of global expertise, on demand, in virtually any subject.

But again, this all hinges on mindset. If most people don’t know what they want, can’t think independently, clearly, or precisely, and don’t even know what questions to ask — AI won’t help them move forward. It won’t fix a broken mentality. In the end, it’s the 2% — those who can ask the right questions, think strategically, and challenge their own thinking — who will truly harness this technology.

And because of that, the gap is going to widen. The divide between the capable and the incapable, the wealthy and the struggling, is only going to deepen. The 2% will continue to accelerate, while those who don’t know how to wield this tool effectively will be left behind. In this sense, AI doesn’t level the playing field — it magnifies inequality.

Anything we currently believe to be beyond AI’s reach won’t remain so for long. When AI becomes fully autonomous — faster and more intelligent than any living human — there will be almost nothing it can’t help us do or manifest in the real world.

---

The Coming Divide in Human Evolution

The only real distinction will be this: this new form of intelligence will never truly be human.

And not everyone will react positively. While radical transhumanists will push the boundaries without restraint, a strong backlash is likely — perhaps even violent — driven by a new wave of puritanical neo-conservatism. These individuals will fiercely oppose any form of technological enhancement of human abilities. The result could be intense civil unrest.

And this isn’t science fiction anymore — it’s already underway. Most people, distracted by daily life and mainstream media, aren’t paying close attention. We’ve just revived extinct species. The dire wolf, gone for over 10,000 years? Done. What’s next? This isn’t some virtual simulation — you’ll soon be able to pet a dire wolf. Human genetic modification is inevitable. And it’s going to make a lot of people profoundly uneasy.

Even now, people with Neuralink implants are playing video games using only their minds. And what’s crazy is that these players are saying: “We’ll need our own league — we’re already outperforming anyone still stuck with a keyboard, mouse, or controller.”

This isn’t a futuristic fantasy — it’s happening right now.

It’s the mental exoskeleton, in a way. We’ve already seen physical exosuits helping paraplegic patients walk again — mental-cybernetic augmentation is the logical next step. It’s no longer just about restoring lost function, but enhancing and accelerating it. The gap between “augmented” individuals and those who aren’t is only going to grow — and it already is, simply between those who master AI tools and those who barely scratch the surface.

Even before that, landing a job will soon require AI literacy — that’ll be the baseline. And it won’t stop there. Your job performance reviews will include how well you work with AI: your fluency, speed, and depth of integration. If you’re not improving continuously, if you’re not keeping pace, you’re already falling out of the game.

So it’s not just about knowing how to use AI — it’s about constantly improving your skills with it. That takes real training, like working a muscle. It won’t just fall into your lap. The majority of people who aren’t actively engaged will be left behind. And as deflationary technology enables material abundance, universal basic income may become a reality. Work might no longer be essential for survival.

But unless there’s a radical shift in global mindset, this material abundance could become a curse: a world where 98% of people are dependent, apathetic, intellectually numbed, wandering aimlessly through life — much like the characters in Wall-E.

---

How AI Is Reshaping and Rebuilding the World of Work

It’s painfully obvious: either you use AI, or you’ll be replaced by someone who does.

Our brains have two hemispheres — analytical and creative. A few centuries ago, creativity wasn’t valued much. The world was built for analytical thinkers — schools, exams, the entire education system. That was the “correct” path.

But the Internet made technical specialists interchangeable. As Daniel Pink highlights in A Whole New Mind, overnight, anyone could hire a developer from anywhere — Pakistan, India, wherever — through platforms like Upwork or Fiverr. Skills that were once rare and expensive became globally available and cheap.

In his book, Pink argues that the future belongs not to specialized technicians, but to creative thinkers. Not the one who can play every instrument — but the one who can conduct the orchestra. The one who may not execute every task better than you, but who can bring people, tools, and ideas together to build something great — something that adds value to the world.

Today, many developing countries are rising out of poverty by building foundational technical skills. Roles that once required elite expertise — research assistants, paralegals, coders, accountants, musicians, sound engineers — are now globally accessible. Anyone, anywhere, can learn anything by tapping into the sum of human knowledge online.

AI agents are autonomous programs designed to think and act on your behalf — like super-assistants that can plan, decide, and execute tasks for you. In the past, if I wanted something done, I’d hire a person. Now? I can just program an AI agent.

And this is moving fast. Very fast : Exponential acceleration !!!!!!

By 2027, AI agents won’t just complete tasks — they’ll:

• Write improvements for other AIs,

• Conduct massive experiments independently,

• And achieve decades’ worth of progress in a matter of days or weeks.

It’s 2025. We’re already halfway there. That means we’re less than 24 months away from what many are calling an intelligence explosion — a tipping point where everything accelerates beyond prediction.

By 2028, we’ll have passed what’s often referred to as the technological horizon — a point of no return, where trying to forecast the future becomes meaningless. No one will be able to predict what jobs, economies, or societies will even look like. That’s the pace of change.

Individually, if we don’t want to find ourselves lost and disoriented, we need to act now — adopt the technology, use it, learn it, build our skillsets, and constantly ask:

“How can I use AI to build what I want to build — to create real value?”

• The people who will thrive are those who:

• Can discern — they know what’s useful and what isn’t,

• Have vision — they know what they want to create,

• And most importantly,

• Have the courage to bring it to life.

---

The Great Equalizer of Decentralization

Imagine the global economy as a massive sheet of glass. Today, this sheet is held in balance by a few corporate giants, some mid-sized companies, and a vast multitude of small structures.

But we’re on the verge of watching it crash to the floor. And when it shatters, it won’t be the small structures that break—it’ll be the large ones. The very enterprises that currently form the backbone of the system will fracture into thousands of smaller, more agile units. Why? Because artificial intelligence is acting as a powerful equalizer of power. We are standing at the dawn of a great decentralization of money, power, and energy.

Soon, we’ll see billion-dollar companies being created by one, two, or maybe three individuals. These small teams will be able to deploy entire organizations made up of autonomous AI agents — capable of running all the departments of a business. These agents will manage budgets, use tools, buy and sell using Bitcoin directly, execute tasks, and scale operations. And suddenly, the very concept of having employees… will disappear.

The real question then becomes: what happens when 30% of the workforce suddenly decides to launch their own ventures? The shift will be colossal. It will spark a massive decentralization of countless services, an explosion of innovation, and an unprecedented surge in entrepreneurial activity — especially if the global economy aligns with a monetary standard rooted in the neutral benchmark of Bitcoin.

But it also raises a deeper existential question for the majority:

“Where will I find meaning and purpose in a world that no longer needs me?”

Until now, work, knowledge, and expertise have all been shaped by scarcity. A lawyer charges high fees because legal knowledge is scarce. A doctor does the same because of medical expertise.

But what happens when knowledge is no longer scarce? When it becomes instantly available to everyone? That’s when the real rupture begins.

---

Hyperlinked Intelligence: When AI Agents Talk to Each Other

In this new world, the MCP protocol — short for Multi-Channel Protocol — designates a system that enables artificial intelligence agents to communicate and collaborate without friction. Think of it as a universal language, a shared grammar that allows various AIs — regardless of their function — to exchange information and coordinate in real-time.

Here’s the central idea:

Today, most AI agents operate in isolation. One manages your calendar, another your emails, a third handles your travel plans. But they don’t really talk to each other.

With the MCP protocol, these agents can cooperate seamlessly. They exchange data, delegate tasks, and make joint decisions — all without human intervention. This makes them exponentially more efficient.

Let’s take some concrete examples:

• An AI could cross-check your calendar and travel plans to automatically schedule an on-site meeting.

• It could access your communication platforms (email, social media), synchronize your contacts, and manage your posts without you lifting a finger.

• It could even handle complex tasks like optimizing your online presence, managing a dating profile, or generating strategic content for your professional networks.

In short, the MCP protocol supercharges AI systems by transforming them from isolated tools into interconnected intelligent networks. It opens the door to fully autonomous workflows that can handle a broad range of tasks at accelerating speeds, without human input.

It’s the TCP/IP moment of artificial intelligence.

Remember: TCP/IP enabled the birth of the internet by creating a universal communication standard. MCP could become that standard for AI — allowing all intelligent agents to connect, interact, and collaborate while transacting autonomously in a digital economy.

With this infrastructure, AI agents become “intelligent hyperlinks”: they naturally connect, share data, and perform actions in synergy. Everything clicks into place. Everything flows. And suddenly, AI becomes infinitely more powerful.

In the very near future, every executive or entrepreneur will have a “phantom agent” — an AI that tracks calls, meetings, decisions. A CEO will be able to ask their agent for a complete situational briefing. Even more: these phantom agents will talk to each other across departments and make decisions autonomously.

This is already happening as I write these lines.

Now picture this: you give an AI the following mission — “Identify the five most profitable business models today, replicate them, and recruit the agents needed to scale them up.” In an instant, you unleash an army of AI agents set to disrupt every online business in existence. This is the beginning of a new world of automation and velocity.

And the protocol that will allow these AI agents to coordinate is the key to this revolution. Until now, AI agents operated in silos and quickly hit their limits. With the MCP protocol, that barrier disappears. An AI will be able to access your calendar, book a flight, check available hotels — and that’s just the beginning.

The true revolution lies in the scale of what this will enable.

The possibilities are nearly endless.

---

Empowering Individuals: How Open-Source AI Can Protect Our Freedoms in the Digital Age

As artificial intelligence (AI) evolves at breakneck speed, it’s essential that everyone—not just tech experts—understands how it will shape our future. While AI offers tremendous benefits, it also carries serious risks, particularly in terms of surveillance and privacy. By embracing open-source AI and freedom technologies, we can ensure a fairer, more transparent digital world.

🌍 Why Open-Source AI Matters

Open-source AI refers to systems whose code is accessible to the public—allowing anyone to audit, replicate, modify, or improve them. This transparency fosters accountability and collaboration. In contrast, closed-source AI systems, controlled by a handful of Big Tech firms or government-private alliances, risk creating monopolies and surveillance mechanisms more pervasive than anything we’ve seen before. We are already witnessing how far governments and corporations are willing to go in tracking and monitoring citizens—paving the way toward a hybrid dystopia, straight out of 1984 and Brave New World, ruled by a caste of transhumanist technocrats.

Free and open-source software is essential to reclaim control over our digital lives. Proprietary systems are easily weaponized for surveillance, undermining our fundamental rights, our privacy, and democracy itself. By supporting open-source AI, we help decentralize power and reduce the risk of authoritarian control.

🛡️ Defending Against the Surveillance Dystopia

Without adequate safeguards, AI can become a tool of mass surveillance, gradually eroding personal freedoms. To push back, we must:

Support Open-Source Initiatives: Contribute to AI projects that prioritize transparency and user control over data.

Advocate for Ethical AI Development: Demand systems that are privacy-respecting and bias-free.

Stay Informed: Educate yourself on the ethical implications of AI and Bitcoin—and take action accordingly.

🧭 A Simple Guide to Get Started

Learn the Basics of AI: Tap into accessible resources to understand the foundations of AI and prompt engineering.

Understand Bitcoin Fundamentals: Learn to be your own bank, breaking away from centralized financial systems. Exit the fiat Ponzi as much as possible during this transition. ** Explore Open-Source Principles: Familiarize yourself with how open-source works—and why it matters. ** Engage with the Community: Join forums, attend workshops, or participate in online discussions on AI and digital rights.

Practice Digital Hygiene: Use end-to-end encrypted communication tools and be mindful of your digital footprint. Seek out Freedom Tech tools that already exist—don’t be seduced and neutralized by convenience.

Promote Ethical Practices: Support policies and initiatives that favor decentralized development and individual empowerment.

Share What You Learn: Spread this knowledge in your circles—gradually, intentionally.

Why This Matters

By embracing the digital revolution, individuals can take an active role in shaping the future and contributing to a fairer, more secure society. This is especially vital for generations less familiar with emerging technologies—they face both a unique challenge and a rare opportunity. Not just the youth, but Gen X and their predecessors must bridge the knowledge gap, understand the fundamentals of Bitcoin and the potential of AI. Doing so ensures their relevance, their participation in the digital transformation, and protection for their children.

Digital literacy goes beyond just using new tools—it’s about understanding their impact, risks, and benefits. It means educating ourselves about the dangers of centralized control and the strengths of decentralized systems. This includes learning how to protect your digital privacy, manage personal data, and navigate a world increasingly shaped by AI. Equipped with these skills, individuals can help design the digital universe—and safeguard their rights within it.

The pace of technological change demands constant adaptation. As Michael Saylor puts it: the future belongs to AI and Bitcoin. Those who fail to adapt risk being left behind in a hyper-digitized society. But adaptation is not just about tools—it’s a mindset shift. It’s about embracing change and committing to lifelong learning.

This is a collective responsibility. By promoting digital literacy and encouraging exploration of empowering technologies, we can avoid a dystopian sci-fi future—and steer toward a freer, more decentralized world.

In Summary

The impact of the digital revolution is profound and demands your immediate attention. By embracing open-source AI and Bitcoin—and understanding the consequences of our digital choices—we can build a future where technology empowers people, protects freedom, and fosters sovereignty. No matter your age or background, you have a role to play in this transition. Your active participation is essential to shape a world that serves humanity, not the systems that seek to control it.

Now is the time to act. As the digital wave accelerates, fusing the wisdom of the past with tomorrow’s tools, we can co-create a world that truly reflects the values of freedom, responsibility, and collective uplift.

Inspired by Mark Moss & Tom Bilyeu !

@ 3eba5ef4:751f23ae

Crypto Insights

Skipping Witness Sync for Pruned Nodes? A Look at Bitcoin Sync Optimization and Security Tradeoffs

Jose SK posted an analysis exploring the security implications of allowing newly started full nodes to skip downloading certain blockchain history data under specific configurations.

Bitcoin Core uses the assumevalid config option by default to skip script verification for blocks created roughly one or two months prior to the current version’s release. Additionally, while disabled by default, many users enable the prune option, which deletes block data after validation (the retention period depends on block size and user settings). SK argues that using assumevalid and prune could allow nodes to download witness data for older blocks, since it's only used for script validation—something assumevalid bypasses. This could reduce bandwidth use by over 40%.

However, Ruben Somsen responds that this changes the security model: even if scripts may not be validated, the downloaded data is still checked against the block header’s Merkle root, coinbase transaction, and witness commitments. Skipping it risks data loss if no one preserves and verifies the data—an issue seen in XRP Ledger.

Capping Transaction Weight to Improve Decentralization and Relay Efficiency

Vojtěch Strnad proposed a consensus change to cap most transaction weights at 400,000 weight units (100,000 vbytes). Specifically, aside from the coinbase transaction, only a single transaction in a block may exceed that limit.

This allows:

• Easier block template optimization: Smaller transactions simplify solving the knapsack problem and reduce wasted space.
• Easier relay policies: Large transactions complicate relay logic and fee-rate prediction, potentially wasting bandwidth if they're evicted or delayed due to slight changes in fee-rate.
• Avoiding mining centralization: Ensure full nodes can relay nearly all transactions helps avoid users of special transactions from needing to pay out-of-band fees, which might otherwise centralize mining power.

Pruning Dust UTXOs to Ease Network Burden

Robin Linus proposed a soft fork to remove low-value, long-unspent outputs (dust) from the UTXO set. Several variations were discussed, with the two main alternatives being:

• Destroying old uneconomical outputs: long-unspent small value outputs would become unspendable.
• Requiring a proof of existence for old uneconomic funds to be spent: Using tools like Utreexo to prove an old output is part of the UTXO set when spending it.

Both approaches aim to cap UTXO set size, assuming a minimum output value and Bitcoin’s 21 million cap.

Ark vs. LSP: Comparing Liquidity Models for Different Use Cases

This research compares Ark and Lightning Service Provider (LSP) in terms of liquidity requirements. The author models user behavior with varying top-up frequencies (weekly, monthly, quarterly) and gradual Lightning usage throughout the year. Findings include:

• LSP liquidity needs are driven primarily by balance changes; Ark’s by payment volume.
• LSP liquidity durations fluctuate more than Ark’s.
• LSP predicts user behavior better than Ark.
• Refill frequency is key to Ark’s liquidity efficiency.

Conclusion:

• Users who make daily Lightning payments and receive income at least weekly may spend less with LSP than Ark.
• Users with less frequent payment and monthly Bitcoin income could save more with Ark combined with Lightning gateways.
• DCA (dollar-cost averaging) Bitcoin stackers should prefer Ark, as its liquidity costs are only a fraction of LSP.

Citrea & Babylon Advance Cross-Chain Verification

• Citrea upgraded its Clementine bridge to v2, replacing BitVM2 with a garbled SNARK verifier, and integrated Transfer of Ownership Protocol (TOOP). This removes the need for large amounts of collateral and pre-pay withdrawals (for liquidity) in the bridge.

• Babylon completed its first entire unhappy path BitVM test on Bitcoin mainnet. It spanned 42 blocks, cost ~$16,000 in fees, and took less than 8 hours—demonstrating that a full challenge-disprove sequence works in practice.

How the DelBrag Protocol Works

DelBrag can be seen as BitVM with off-chain computation. Its creator Jeremy Rubin shared presentation (PDF) at Bitcoin++, outlining how the protocol functions, including detailed diagrams, timing analysis, and the concept of optimistic circuit consistency checks.

Bitcoin Testing Is a Ghost Town: Bad UX, Rotten Interfaces, and Bugs

This critique points out that Bitcoin is advancing technically but falling behind in UX and software testing—hindering adoption and onboarding. Key issues include:

• Gap between progress and usability: Apps and infrastructure are evolving, but devs often deprioritize real-world usability, making Bitcoin software intimidating for newcomers.
• Lack of professional testing: Leads to buggy releases and barriers for first-time users.
• Clunky onboarding frustrates users and stalls growth.
• Bitcoin could suffer the fate of tech like Lotus Notes or PGP (Pretty Good Privacy)—excellent in themselves but failed due to poor UX.

8 Years In, Is Lightning Still a Hobbyist’s Playground?

This article points out that despite growing node and channel counts and their capacity, the Lightning Network still faces serious hurdles:

• High maintenance costs: Running a node isn’t fun or profitable.
• Lack of redundancy: LN depends on 2-of-2 multisig bilateral channels. Unlike traditional networks, LN lacks robust failover. Downtime risks payment failure or funds getting stuck.
• Tradeoff between security and reliability: Security takes precedence, but it leads to fragility. Businesses needing reliable payments may find this unacceptable.
• Core issues remain unaddressed: Most improvements are UX-level. There’s been little progress on scalability, redundancy, or robustness. Static channel backups help recovery but not live failover. Proposed fixes (like hot standby nodes) are complex, risky, and not widely adopted.

Gemini’s Global Crypto Report: Holding Increases, Memecoins as Onboarding Gateway

Gemini released its 2025 Global State of Crypto Report, noting:

• Global crypto ownership rises, led by Europe.

  Crypto ownership grew across key markets in 2025: UK: 24% (up from 18%), US: 22% (up from 21%), France: 21% (up from 18%), Singapore: 28% (up from 26%).

• Trump administration’s pro-crypto stance boosts confidence.

  23% of US non-owners said Trump’s Strategic Bitcoin Reserve increased their crypto confidence. Similar sentiment was seen in the UK (21%) and Singapore (19%).

• Memecoins become a gateway to adoption.

  Many crypto users started with memecoins: US: 31%, Australia: 30%, UK: 28%, Singapore: 23%, Italy: 22%, France: 19%.

• Spot crypto ETFs gain popularity.

  Crypto ETF ownership rose: US: 39% (up from 37%), Italy: 47%, UK: 41%, Singapore: 40%, Australia: 38%, France: 32%.

@ fa5ea00f:1075fbfe

“Don’t trust, verify”

하루에도 몇번씩 이 문장은 나를 괴롭힌다.

코드를 뜯어보는 데서 출발해, 현대 사회를 주도하는 문화의 의미를 해체하고 살펴보는 것으로 확장할 수 있다고 생각한다. 이것이 이 아티클의 기본 전제다. 비트코이너들은 포스트모더니즘처럼 무작정 해체(deconstruct)하는 것이 아니라, 합리적 회의주의로 접근한다. 그것은 crypto-anarchism과 libertarian futurism의 기반이 됐고, 이제는 비트코인의 핵심 정신으로 자리 잡고 있다. 나도 조금씩 공부하고 있지만, 왜 anarcho-capitalism이 비트코이너들에게 매력적인지 쉽게 알 수 있다. 비트코인은 돈과 정치를 재정의하고 있으며, 가치를 창출하는 개인의 정체성과 행동마저도 다시 정의하고 있기에, 국가의 해체까지 이어지는 것은 어찌 보면 필연적으로 보인다.

그런데 나는 아직도 이해가 안되는 부분이 있다. 바로 종교와 비트코인의 관계다. 평화, 사랑, 정의, 희망 같은 종교의 사상과 비트코인을 연결하려는 시도는 빈번하다. 그만큼 이 기술은 인간에게 단순한 도구를 넘어선 철학적, 존재론적 충격으로 다가온다. 그러나 내가 정말 이해하지 못하는 부분은 스스로를 “don’t trust, verify”의 철학에 따라 사는 사람이라 자부하면서도, 종교만큼은 끝내 검증해보려 하지 않는 태도다. 종교는 믿음의 영역이라지만 검증하려는 시도조차 하지 않는 태도는 비트코이너의 정신과 상당한 괴리가 있다고 생각한다.

나는 종교를 해체해 보고도 똑같은 믿음을 유지하는 사람을 본 적이 없다. 복음주의 개신교에 깊이 몸담았던 입장에서 보면, 예컨대 모세오경과 복음서가 실제 사건들을 단순히 기록한 것이 아니라 여러 저자들과 편집자들의 해석과 목적이 얽힌 서사적 구성물이라는 사실조차 받아들이기 어려워한다. 실제 역사와 문학적으로 파고들어야 할 부분인데 대부분은 자신이 배운 교리를 전제로 성경을 해석하려고 한다. 가장 성스럽게 여기는 성서가 왜 '하나님의 말씀'인지 물으면 “성서에 그렇게 쓰여 있다”거나 “믿음의 영역이다”라고만 답한다. 그 구절이 현대의 성경책을 지칭하는 것도 아닌데 말이다.

이런 식으로 파도 파도 끝없는 의문점들을 맹목적 믿음으로 덮어버리려는 것이 현대 복음주의 개신교다. 아직도 그런 사고방식을 지닌 비트코이너가 있다면, 종교—특히 제도화된 종교—에 대해서 불신의 씨앗을 품어 봤으면 좋겠다. 타락에서 구속과 영생으로 이어지는 서사를 통해 성경을 읽는다면 너무 많은걸 놓치게 된다는걸 깨달을 수 있다.

결코 쉬운 길이 아니다. 나 역시 태어나기 전부터 교회를 다녔을 만큼, 기독교는 내 존재의 근원이자 정체성의 전부였다. 종교를 해체하는건 나 자신을 해체하는 일이었다. “감히 신을 해체해? 저런 인간주의적인 죄를 품은 사상을 봤나!” 이런 시선들이 제도 내부에서는 해체를 현실적으로, 도덕적으로 불가능하게 만든다. 그것은 나의 공동체—많은 경우 가족까지—에게서 낙인찍히고 소외되는 일을 의미한다. 국가주의와 비교해 보자면, 종교를 떠나는 것은 마치 애국보수 집안에서 “나는 중국 공산당을 지지한다”고 말하는 것보다 더 어렵다고 생각한다. 적어도 애국보수 집안은 당신이 공산당을 지지한다고 해서 죽은 뒤 영원히 지옥에 고통받을 거라 믿지는 않는다. 사회적 자살을 쉽게 생각하는 사람은 없다.

나는 비트코인을 알기 전에 이미 종교를 떠났고, 가족과도 멀어졌다. 연락을 끊거나 만나지 않는 건 아니지만, 정서적으로 예전과 같은 관계가 아니다. 목사님인 아버지는 나에게 호통을 치며 크게 싸웠고, 어머니는 믿기지 않다는 듯 실망을 감추지 않으셨다. 10년도 지난 일이지만 내 인생에서 가장 고통스러운 전환점이었다. 나이도 어렸고 나도 내가 무슨 일을 겪고 있었는지 몰랐기 때문에 더더욱 힘들었다.

모두가 나와 같은 길을 걸어야 하는건 아니다. 기독교의 거대 서사가 정서의 깊은 곳에 뿌리 박힌 이상, 신을 부정하는 일은 거의 불가능에 가깝다는걸 몸소 체감했기 때문이다. 자유는 기독교에서도 중요한 의미를 가진다—율법에서의 자유, 죄에서의 자유, 결국 하나님 안에서의 자유. 모순처럼 보일 수도 있겠지만, 합리적 회의주의인 나는 역설적으로 여전히 신이라는 존재를 믿는다. 다만, 신은 특정 종교에 국한되어 있지 않으며 우리의 지성으로는 결코 완전히 이해할 수 없는 존재라고 믿는다. 그렇기에 기독교의 하나님 안에서의 자유보다, 더 큰 의미에서의 ‘신 안에서의 자유’ 혹은 '자유 안에서의 자유'가 존재한다고 믿는다.

인간의 자유와 사랑에 대한 이해를 아득히 초월하는 존재, 그 앞에 겸손해질 때 나는 자유를 조금이나마 맛볼 수 있었다. 이 패러독스 속에서 나는 매일 자유를 느끼고 있다. 국가주의와 종교는 누군가가 믿으라고 외치고 교리를 정립해야 유지되지만, 자유와 사랑은 인간의 원초적인 갈망이다. ‘무엇으로부터의 자유’가 아니라 자유 그 자체에의 의지다. 장폴 사르트르의 말처럼 "자유라는 유죄 선고를 받은 존재", 그것이 우리 인간이다. 비트코인은 자유의 한 조각의 불과하고 진짜 자유는 우리 머릿속에서 시작된다. 이 내면의 자유를 널리 일깨우는 것, 그것이야말로 비트코이너들의 숙명이지 않을까?

나는 비트코이너들이 자신의 자유를 더 이상 인간이 만든 사상 체제나 제도에 위탁(custody)하지 않길 바란다. 그러나 동시에, 종교를 떠나는 일이 얼마나 고통스러운지도 알기에 내가 그들에게 뭐라고 말할 입장은 아니라는 것도 안다. 그래서 내가 현실적으로 할 수 있는 말은 오직 하나뿐이다:

"Don’t just trust, keep on verifying."

@ 472f440f:5669301e

Marty's Bent

via me

I think we'll look back at last weekend as one of the most pivotal points in human history. Ukraine's Operation Spider Web is one of the more shocking things I've seen in terms of military operations in my life. It validates something that many bitcoiners, many cypherpunks, and many prescient individuals have been talking about for decades now at this point, which is asymmetric drone warfare.

The Sovereign Individual is a book that many bitcoiners have talked about throughout the years due to how prescient it was in terms of the inevitable emergence of a digital currency outside the control of central banks and governments. The book was written in the mid-90s, so the fact that the two authors were able to predict that something like bitcoin would emerge less than 20 years after writing the book is pretty incredible. However, digital currencies leveraging cryptography were not the sole focus of the book. Another portion of the book was dedicated to the idea of asymmetric drone warfare and its effects on society overall.

It seems pretty clear today that this is another call from The Sovereign Individual that is coming true. Obviously, unless you've been living under a rock, you've noticed that Ukraine has been using drones in the battlefield to target strategic Russian assets and individual soldiers over the last year. The amount of battlefield videos I've seen of Russian soldiers running from autonomous drones that are hunting them down has been increasing significantly over the last six months. The footage is truly harrowing. It is a death that I wouldn't wish on anybody. With Operation Spider Web Ukraine has increased the stakes of this type of drone warfare by going deep into Russian territory and targeting strategic long-range bombers, some of which had the ability to deploy nuclear warheads. This is sure to incite a reaction from Russia. No one will be surprised if, by the end of the week, Russia has started a shock and awe campaign that goes deep into Ukrainian territory in retaliation for the kamikaze drone strikes on their long-range aircraft. I pray for peace and a quick resolution to this war, and every other war for that matter.

I didn't come here to pontificate and give my thoughts on this particular war, but I would like to focus on this new tactic of war and what it means for military budgets moving forward. The Sovereign Individual laid it out clearly when they wrote in the 1990s that at some point in the future autonomous drones would be leveraged in the battlefield and prove to be asymmetric because of the fact that they are extremely cheap to produce. When you compare the price it cost to produce one of these drones to the price of the equipment they are destroying, things get pretty crazy. With tens of thousands of dollars of drone equipment the Ukrainian army destroyed tens if not hundreds of millions of dollars worth of long-range missile aircraft. And it did so without putting any Ukrainian military personnel in harm's way. Directly, at least.

When you consider the return on investment of deploying these drones compared to sending in soldiers, tanks, and your own aircraft, it becomes pretty obvious that this is going to quickly become the most logical way to fight a war moving forward. The question that remains is how quickly do other governments recognize this and implement it into their own defense strategies? As an American looking at our military budget, which is quickly approaching $1 trillion in annual spend, I'm forced to question whether or not most of that money is simply being wasted, considering the fact that we live in a time where these asymmetric battlefield strategies now exist. Why build new fighter jets when a Somali pirate, or nefarious individual for that matter, could use a $200 drone to destroy it in a matter of seconds with no threat of direct physical harm?

I'm no military expert, but if I were at the helm of the Defense Department, I would seriously be forcing those below me to focus a ton of effort on this problem and create plans to make sure that we are sufficiently protected from these risks. The only way to protect from these risks is to build the capabilities yourself. When it comes to the risk reward from a defense tech investment perspective I think a majority of the effort should be focused on defensive drone technologies and capabilities.

With that being said, it does seem like the US military is privy to this asymmetric reality that we currently live in. Defense contracts with Andruil make this pretty clear. Andruil is certainly ahead of the curve when it comes to autonomous drone warfare and defense against it. As an American, even though I don't like war, or the military industrial complex, knowing that the military is working with companies like Andruil does give me some comfort. However, the other side of that coin is that it is very unnerving when you consider that the government creating these public-private partnerships could lead to some Orwellian outcomes here at home. It may make some of you feel uncomfortable, but I believe the ideal scenario is that any individual has access to these types of defensive drone technologies in the future. The end goal being to create a nuclear game theoretical outcome where violence is reduced because one always has to assume that anyone they intend to attack has access to sufficient and formidable defensive technologies.

It's truly scary times we're living in as we transition further into the Digital Age. Part of the reason that I've dedicated my whole life to bitcoin is because I truly do believe that if you fix the money, you can fix the world. That is not to say that kinetic wars or physical violence will not exist in the future. It certainly will. But I believe sound money and open access to these systems and tools creates conditions which are much more suitable for cooperation and less so for conflict.

Multi-Signature Bitcoin Custody Is Replacing Single-Point Solutions

Jesse Gilger made a compelling case for why multi-signature Bitcoin custody represents the future of secure storage. He explained how Gannett Trust's approach ensures "not all of the keys are going to be at any one entity," fundamentally reducing the honeypot risk that plagues centralized custodians. This distributed model means no single point of failure can compromise your Bitcoin, whether through hacking, internal fraud, or regulatory seizure.

"I was on the list. I got the email. 'You were affected.'" - Jesse Gilger

Jesse's firsthand experience with the Coinbase data breach drives home why centralized custody is fundamentally flawed. While Coinbase holds keys for 10 of 12 Bitcoin ETFs, smart money is moving toward multi-institutional setups where Gannett holds a key, Unchained holds a key, and a third party holds a key. This alignment with Bitcoin's decentralized ethos isn't just philosophically pure—it's pragmatically superior for protecting generational wealth.

Check out the full podcast here for more on MSTY risks, Bitcoin retirement strategies and nation-state adoption dynamics.

Headlines of the Day

MicroStrategy Copycats See Speculative Premiums Fade - via X

Square Tests Bitcoin Payments, Lightning Yields Beat DeFi - via X

Get our new STACK SATS hat - via tftcmerch.io

Bitfinex Moves $731M Bitcoin to Jack Mallers' Fund - via X

---

Take the First Step Off the Exchange

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

Take control. Start with Bitkey.

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

---

Ten31, the largest bitcoin-focused investor, has deployed $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...

Trying to imagine the future my children are going to live in gets harder by the day.

---

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:

@ 3eba5ef4:751f23ae

加密洞见

跳过见证数据同步？Bitcoin Core 节点同步优化与安全性的权衡

Jose SK 在 Delving Bitcoin 上 发布了一份分析，探讨了允许新启动的全节点，在一种特定配置下，可跳过下载某些区块链历史数据的安全权衡。

在默认情况下，Bitcoin Core 节点使用 assumevalid 配置选项，会跳过对早于当前 Bitcoin Core 版本发布一两个月前所创建区块中脚本的验证。此外，虽然默认关闭，许多 Bitcoin Core 用户还会启用 prune（修剪）选项，在完成验证后删除该数据（保留区块的时间取决于区块大小和用户的具体设置）。SK 认为，对于启用 assumevalid 且采用修剪模式的节点，不需要下载见证数据（witness data），因为这些数据只用于验证脚本，而节点不会进行此类验证，且最终也会将其删除，而且跳过见证数据下载「可以减少超过 40% 的带宽消耗」。

对此 Ruben Somsen 认为，这在一定程度上改变了原有的安全模型。虽然脚本未被验证，但已下载的数据会与区块头的 Merkle 根、coinbase 交易和见证数据之间的承诺进行验证。这一过程可确保节点初次同步时数据是可用且未被篡改的。如果没有节点持续验证这些数据的存在性，它们可能会丢失——XRP Ledger 就出现过这种情况。

限制区块交易重量，助力去中心化与中继效率

Vojtěch Strnad 提出了一项共识规则变更建议：限制区块中大多数交易的最大权重。具体而言，除 coinbase 交易外，只有当某笔交易是区块中唯一的一笔交易时，才允许其超过 400,000 权重单位（即 100,000 vbytes）。Strnad 描述了限制最大交易权重的动机：

• 更容易优化区块模板：当交易相较于容量上限更小，寻找近似最优的「背包问题」解法更容易，因为较小交易更容易把区块填满，减少浪费空间。
• 简化交易中继策略：节点之间转发未确认交易时，会预测哪些交易有可能被打包，以避免浪费带宽。特大交易会让预测变得困难，因为即便费率略微变化，也可能导致其被延迟或驱逐。
• 避免挖矿中心化：确保中继全节点能够处理几乎所有交易，可以避免使用特殊交易的用户被迫支付链下费用（out-of-band fee），进而降低挖矿中心化的风险。

移除过期低值 UTXOs，减负网络

Robin Linus 提出了一项软分叉建议，旨在在一定时间后将低价值输出从 UTXO 集合中移除。该想法有多个变体，其中的两种替代方案是：

• 销毁旧的非经济性资金：对于长期未被花费的小额输出，使其变得不可再花费。
• 要求旧的非经济性资金在花费时提供存在性证明：可以使用 Utreexo 或类似机制，让交易在花费某个输出时证明该输出确实存在于 UTXO 集合中。旧且非经济性的输出需要附带此类证明，而新生成的、价值较高的输出仍可直接保存在 UTXO 集合中。

无论采用哪种方案，都可以在理论上限制 UTXO 集合的最大规模——前提是假设存在最小输出金额以及 2100 万个比特币的总量上限。

Ark vs LSP：流动性机制对比，谁更适合你的使用场景？

这份研究就流动性要求的问题对比了 Ark 和 LSP (Lightning Service Provider)。他指出 Ark 服务器和 LSP 的流动性机制截然不同，于是对参数和用户行为作出了不同的模拟假设；在用户画像方面，他假设用户以不同频率（周/月/季）对其钱包充值，并在一年内逐步使用闪电网络进行消费的情况。研究得出以下发现：

• LSP 的流动性需求主要由用户余额的变化驱动，而 Ark 服务器的流动性需求由支付量驱动。
• 与 Ark 服务器相比，LSP 面临的流动性持续时间变化更大
• LSP 在预测用户行为方面需要比 Ark 服务器好得多
• 资金频率是 Ark 流动性效率的关键因素

研究的结论是：

• 如果用户每天通过闪电网络支付，并且每周或更多次收到付款的用户，那么在流动性上的花费可能会比使用 Ark 时少。
• 如果用户付款频率较低，并且每个月只收到比特币（例如，月薪或购买比特币），那么将 Ark 与闪电网关一起使用应该可以节省大量资金
• 如果用户以平均成本法（DCA）够买比特币，则应该使用 Ark，因其流动性成本只是 LSP 的一小部分。

Citrea 和 Babylon 双双推进跨链验证新路径

• Citrea 将跨链桥 Clementine 升级到了 v2——用混淆 snark 验证器（garbled SNARK verifier）取代 BitVM2，同时结合「所有权转移协议」（Transfer of Ownership Protocol，TOOP），从而消除了跨链桥对大数额抵押品和用以提供流动性的预付提款（pre-pay withdrawals）的需求。

• Babylon 成功在比特币主网上完成首次完整的「不愉快路径」（unhappy path）BitVM 测试。该测试跨越 42 个区块，消耗约 1.6 万美元手续费，在 8 小时内完成，验证了完整的挑战-反驳序列（challenge-disprove sequence ）在实践中是可行的。

DelBrag 协议的工作原理

Delbrag 可以被看作是可以进行链下计算的 BitVM。Delbrag 的提出者 Jeremy Rubin 分享了他近期在 Bitcoin++ 上的演讲（报告 pdf），介绍了 DelBrag 协议如何工作，以及详细的原理图和时序分析，同时引入了「乐观电路一致性检查」（optimistic circuit consistency checks）这一概念。

比特币测试如鬼城：深入了解糟糕的用户体验、难用的界面和各种 bugs

作者认为，比特币生态在技术上虽有进步，但用户体验和软件测试严重不足，导致新用户难以上手，阻碍了广泛采用。尤其指出以下问题：

• 进度与可用性差距： 比特币通过不断改进的应用程序和网络生态系统在技术上取得了发展，但开发人员通常只是肤浅地考虑可用性，而在实践中没有优先考虑它。这导致软件适合精通技术的用户，但由于界面不佳和体验错误而疏远了新手。
• 缺乏专业测试：导致发布的软件存在大量使用障碍和漏洞。
• 新用户入门流程繁琐，阻碍用户积极性。糟糕的用户体验会导致采用缓慢、节点增长停滞和用户群萎缩。
• 历史上有 Lotus Notes 和 PGP (Pretty Good Privacy) 等软件因用户体验差而失败——虽然它们本身不错——比特币面临同样风险。

八年过去，闪电网络仍是一个业余爱好者的游乐场？

作者指出，诞生八年的闪电网络虽然在节点、通道数量和容量上持续增长，展现出快速、低费的支付潜力，但也存在严重问题，主要体现在：

• 维护成本高：维护节点既不好玩，也无利可图
• 核心架构缺乏冗余和弹性：闪电网络的设计依赖于由 2-of-2 多重签名保护的双边支付通道。与具有多个冗余路径和备份系统的传统电信或互联网网络不同，闪电网络节点和通道缺乏有效的故障转移机制。如果节点或通道下线，付款可能会失败，资金可能会卡住，从而破坏可靠性。
• 安全性与可靠性的权衡：闪电网络优先考虑安全性，但牺牲了运行的可靠性。这种权衡意味着，虽然网络是安全的，但很容易出现服务中断和故障，这对于需要一致支付服务的商家或用户来说是不可接受的。
• 缺乏对核心问题的有意义升级：近年来大多数改进都是用户界面相关，而不是对可扩展性、冗余性或可靠性的根本修复。静态通道备份等功能有助于恢复，但不提供实时故障转移或冗余。提出的解决方案（如热备节点）复杂且存在风险，并且不存在大规模实施。

Gemini 《比特币全球状态》报告：持有率上升，meme 币成入场新通道

Gemini 发布了 2025 年全球加密货币状况报告（Global State of Crypto），分析了加密市场状况和对数字资产的各种态度，包括现货比特币 ETF、meme 币、特朗普支持加密的政策对各种看法的影响、以及投资者是否应计划在未来一年购买更多资产等。

重要发现包括：

• 全球加密货币持有率持续上升，欧洲领跑：2025 年，英国的加密货币持有率达到 24%，高于 2024 年的 18%。美国的持有率也略有上升，从 21% 增至 22%。法国的增幅从 18% 升至 21%，而新加坡的持有率则从 26% 升至 28%。
• 特朗普政府的支持立场提振市场信心：在美国，近四分之一的非持有者表示，特朗普推出战略比特币储备计划增强了他们对加密货币价值的信心。这一观点也得到了英国和新加坡非持有者的响应，分别有 21% 和 19% 的人表示认同。
• Meme 币成为进入加密的入口：在美国，31% 同时持有 meme 币和传统加密货币的投资者表示，他们是先购买 meme 币；在澳大利亚为 30%，英国 28%，新加坡 23%，意大利 22%，法国 19%。全球范围内，94% 的 memecoin 持有者也持有其他类型的加密货币，表明 meme 币 正成为进入更广泛加密市场的入口。
• 现货加密 ETF 市场份额持续增长：在美国，39% 的加密货币持有者表示他们投资了加密 ETF，较 2024 年的 37% 有所上升。该类产品在其他国家也越来越受欢迎：意大利（47%）、英国（41%）、新加坡（40%）、澳大利亚（38%）和法国（32%）。

@ 3c389c8f:7a2eff7f

Most of my time on Nostr, relays served content simply based on what was requested. Clients mostly requested follow list based content, and often only if the user requested to 'read' from a particular relay. Very simple, though not ideal. Clients that attempted to offer some 'global' or 'universal' feed made it possible to discover some new things but also served spam, redundant bot posts, and even some malicious things that managed to make it through a relay's filters. Paid relays began to gain some ground, with better filters to reduce spam and malicious content, which has helped a lot to clean up these broader feeds that expand beyond the follow-based timeline. Many of the relays hosted redundant content, too, which is important but it's not the only thing that is. The system still left a lot to be desired, particularly for anyone who has understood the potential behind the client-relay set up. Other concerns, like relay centralization through user concentration, still needed to be discussed and addressed.

Despite the voicing of relay diversity advocates, this system seemed to provide most of what people were looking for to replace their typical social media experience. Still, though, reply spam attacks found their way through, as they do. Web-of-Trust relays began to pop up to help mitigate the problem. Using contact lists and extended contact lists as a method of reducing the prevalence of spam has worked really well, but does have it limitations as to how new users can enter into these social graphs, without already knowing someone who is using Nostr. Also not ideal, but it has been a step forward for Nostr's social media use case. Hosted relay services that offered more diverse policy for a relay to operate under finally began to take some hold for those that wanted more choice and control. Still though, potential had barely been breeched.

It might have been before the WoT relay movement, but of nowhere (not really but it kind of seemed like it), a cat relay appeared within the ecosystem. This silly, fun, cute, clever relay collected notes with the #catstr hashtag and used some fancy image analysis stuff (that I can't explain) to collect notes and images of nothing but cats. Such a simple thing, but that was a catalyst (🥁) moment for Nostr. A relay could do more than just collect notes from following lists?? A couple more iterations of the curated content relay model came to be, driving home the idea that this wasn't some silly pie-in-the-sky concept. It was an aha moment for some, sheer joy for the relay advocates, and a turning point for expanding Nostr beyond the basic social media replacement. Very few client options for simply browsing one relay existed at the time, and while it was novel to see, the rest of the framework to support it was not strong nor very easy to use. Even with this dilemma, the catstr relay set off what has become some of the most interesting and useful innovation that has happened within the Nostr ecosystem since I arrived.

Since then, I have spent a lot of my time on Nostr exploring some of what has been developed on the relay front, experimenting where I have found the opportunity and thinking a lot about where this all could lead. Innovation on both the relay and client sides of Nostr have been expanding, not quite in lockstep, but closely enough that someone like myself can now easily jump onto a client like Jumble.social and get a glimpse into what is happening and get an idea of the potential of what is yet to come. For those working in the relay field, I am sure this feels like one slow moving train. For a client developer, it probably feels a little overwhelming to shift an entire model away from what has worked for something that will work better. As a less-than-technical user who is mostly disconnected from any major development, it's exciting. Relay diversity brings actual utility to Nostr. It also brings the assurances that Nostr offers, which whether we have been subjugated to these problems before or not, it is the main reason why Nostr exists and why we are here using it now.

For most anyone reading this, it probably sounds like some weird, unnecessary history lesson. This is actually one long introduction into a little mini-series of relay recaps though.... I was wondering what I would write about next, and this is it. I may just be a user but I'm an adventurous one and I pay attention, so I'm excited to share some of my thoughts, experiences, and observations over the coming weeks... because exciting isn't a strong enough word for the what I see as possible. :)

@ cae03c48:2a7d6671

Bitcoin Magazine

Bitcoin Officially Traded Above $100,000 For 30 Consecutive Days For The First Time

Bitcoin has officially completed 30 consecutive days trading above the $100,000 mark, marking a historic milestone in its 15 year journey. Bitcoin achieved its all time high (ATH) of $111,980 on May 22, almost hitting $112,000.

JUST IN: Bitcoin has stayed above $100,000 for 30 consecutive days for the first time ever! pic.twitter.com/nfccEK3Wf0

— Bitcoin Magazine (@BitcoinMagazine) June 10, 2025

In the last 30 days, Bitcoin saw a 10 percent pullback right after reaching its ATH, dropping to $100,428. However, it wasn’t for long, as Bitcoin is back at $109,511 at the time of writing. Momentum appears to be building once again, signaling to be bullish.

“Anytime price is able to punch through a major resistance level, whether psychological or historical, and successfully hold, it is certainly a bullish sign,” said the technical analyst of Wolfe Research Read Harvey. “What really stood out to us was price’s ability to hold that level on the back test, when it briefly fell to $100,000 on Thursday. It also happened to align perfectly with the 50-day moving average. … We feel this should act as a launching pad back towards the recent highs of $112,000.”

In the past month, Bitcoin has surged into the financial and political mainstream. Several U.S. states including New Hampshire first, followed by Arizona, and then Texas have passed legislation recognizing Bitcoin as a strategic reserve asset. These laws reflect a growing trend of state level interest in using Bitcoin as a financial hedge and as part of long term fiscal policy.

“New Hampshire didn’t just pass a bill; it sparked a movement,” stated the CEO and Co-Founder of Satoshi Action Dennis Porter.

At the same time, financial institutions are rapidly expanding their Bitcoin offerings. JP Morgan has started providing loans backed by Bitcoin ETFs as collateral. BlackRock’s Bitcoin ETF has entered a period of intense activity, generating record trading volumes and capturing the attention of both retail and institutional investors.

To date, a total of 228 public and private entities have Bitcoin in their balance sheets and in the last 30 days, companies like GameStop, Know Labs, and Norway-based NBX have added Bitcoin as a strategic reserve. All these companies are treating Bitcoin not just as a speculative asset, but as a key part of their long term financial plans. This growing corporate trend follows the example set by Strategy, but it’s now happening on a much larger scale.

At the 2025 Bitcoin conference, the Vice President of the United States of America, JD Vance said in his speech, “Fifty million Americans own Bitcoin. I think it’s gonna be 100 million before too long.”

This post Bitcoin Officially Traded Above $100,000 For 30 Consecutive Days For The First Time first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

@ 1964e236:30dc8bbf

"Do you know how many people can live on Earth at most? Fifteen billion, maybe twenty, if we organize everything really well. But do you know how many people could live across the entire solar system?"

He paused theatrically.

"A trillion. A billion times a thousand. A hundred times our current population."

His eyes gleamed as he looked at me.

"The solar system holds more than enough resources for that many people—and maybe even more. Just imagine such a world: it would have a thousand Mozarts, a thousand Einsteins, thousands of entrepreneurs with more talent than I’ll ever have."

“And thousands of Hitlers,” I thought to myself.

"Your death is the terrible price we must pay for progress," Grok continued. "Every day humanity fails to move forward is a day lost."

He looked me in the eye from thirty million kilometers away.

"In Death Valley, there’s a tiny fish, the desert pupfish. There are only about three hundred of them left, all living in a single small pool in the most inhospitable desert on Earth. That pool used to be much bigger, probably a small sea after the Ice Age, home to millions of pupfish. But today, all that’s left is a salty puddle, and that’s where the last of their kind are crammed together. To them, that pool is the entire world. They can’t even imagine that there’s something beyond it, that there might be an ocean out there with endless resources. Instead, they stay in their little world—and they’re dying out. A few might get lucky, caught by collectors and kept as ornamental fish in aquariums. But most of them will disappear once the pool dries up. Sure, the pool might survive a while longer. But it could also dry out in the next few months. Or, it could rain so much that the salt level drops and the fish can no longer survive."

He paused again.

"I get it," I whispered. "We’re the fish, and you’re pulling us out of the puddle."

"The fish probably think: we’ve got so little space, we need to save resources, control birth rates, that sort of thing. But in truth, there’s only one thing they need to do: find a new pool!"

"What if they don’t want to leave their home?" Maria would’ve asked him now.

"How many times have we stood on the brink of nuclear war in the last few decades?" Grok went on. "Right now, there's peace. But how long will it last?"

"How many nukes did Grok’s own conglomerate have?" I wondered.

"What each individual can do now," Grok said, "is give everything they’ve got in this life to help humanity reach the next level—so we can finally become multiplanetary. So that one single catastrophe won’t wipe out all of humankind. For you, this truth means—and I truly am sorry—that you have to sacrifice yourself for this mission."

I told him I agreed completely. Of course I did. I had no choice.

Then I listened to Feng’s playlist.

@ 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.

@ ea39b0da:29a1710d

{"id":"note_1749707164743_1p9kggl3a","title":"Shopping list","content":"","color":"#d7aefb","tags":["shopping list"],"sharedWith":[],"updatedAt":1749760023243,"version":4,"versions":[{"content":"","title":"Items in the checklist","color":"#fff475","tags":["shopping list"],"sharedWith":[],"updatedAt":1749707164743,"version":1,"checkboxes":[{"id":"checkbox_1749707132850_r8jodz10f","text":"Item 1","checked":false},{"id":"checkbox_1749707137094_wwiespbf4","text":"Item 2","checked":false},{"id":"checkbox_1749707141159_67peohjkk","text":"Item 3","checked":false},{"id":"checkbox_1749707146781_g8wuw0v43","text":"Item 4","checked":false}],"images":[]},{"content":"","title":"Items in the checklist","color":"#d7aefb","tags":["shopping list"],"sharedWith":[],"updatedAt":1749707185004,"version":2,"checkboxes":[{"id":"checkbox_1749707132850_r8jodz10f","text":"Item 1","checked":false},{"id":"checkbox_1749707137094_wwiespbf4","text":"Item 2","checked":false},{"id":"checkbox_1749707141159_67peohjkk","text":"Item 3","checked":false},{"id":"checkbox_1749707146781_g8wuw0v43","text":"Item 4","checked":false}],"images":[]},{"content":"","title":"Items in the checklist","color":"#d7aefb","tags":["shopping list"],"sharedWith":[],"updatedAt":1749707523489,"version":3,"checkboxes":[{"id":"checkbox_1749707132850_r8jodz10f","text":"Item 1","checked":false},{"id":"checkbox_1749707137094_wwiespbf4","text":"Item 2","checked":false},{"id":"checkbox_1749707141159_67peohjkk","text":"Item 3","checked":false},{"id":"checkbox_1749707146781_g8wuw0v43","text":"Item 4","checked":false}],"images":[]}],"checkboxes":[{"id":"checkbox_1749707132850_r8jodz10f","text":"Piim","checked":false},{"id":"checkbox_1749707137094_wwiespbf4","text":"Hakkliha ","checked":false},{"id":"checkbox_1749707141159_67peohjkk","text":"Kana","checked":false},{"id":"checkbox_1749707146781_g8wuw0v43","text":"","checked":false}],"images":[],"isPinned":false}

@ 8bad92c3:ca714aa5

The real estate market is showing cracks while Bitcoin continues its march toward becoming the global monetary standard. This week's conversation with Leon Wankum reveals how traditional assets are losing ground to the hardest money on earth. This was a high signal rip that deserves all the spotlight in today's newsletter.

Real Estate Prices Will Fall Through 2026 Before Finding New Equilibrium

Leon predicts we're entering a corrective phase in the 18-year property cycle that will see real estate prices decline until 2026. He bases this on the current mismatch between sellers who still expect peak 2021-2022 prices and buyers facing higher interest rates. "We need a price equilibrium. We need demand and supply prices to match. It's going to take a long time," Leon explained. He doesn't expect the Fed to lower rates significantly, keeping them above 3% for the foreseeable future, which will continue putting downward pressure on property values.

The key insight is that we're at year 15 of the typical 18-year property cycle, where prices naturally correct before finding a new floor. Leon suggests that by 2026, if interest rates are lowered, prices will stabilize at levels higher than the cycle's starting point but lower than current peaks. For those looking to buy, patience through this correction period could pay off.

Bitcoin Will Experience a 60% Drawdown This Cycle Despite Institutional Adoption

Despite massive institutional adoption through MicroStrategy and other corporate treasuries, Leon maintains that Bitcoin will still see a significant correction this cycle. "I do expect we'll have a 60% drawdown at the end of this bull cycle as well, just to wash out some leverage," he stated, pushing back against super cycle narratives. He points to the changing nature of volatility, noting that we're already seeing mini bull and bear markets in Bitcoin-adjacent assets like mining stocks, which peaked and corrected independently of Bitcoin's price action.

While acknowledging that players like Michael Saylor won't sell their holdings and that this could dampen volatility compared to previous cycles, Leon believes human nature and leverage will still create the conditions for a major correction. The silver lining is that these corrections build resilience in the Bitcoin ecosystem by washing out bad actors and overleveraged positions, ultimately strengthening the network for the next phase of growth.

1% of Real Estate and Bond Markets Will Flow to Bitcoin-Based Fixed Income Products

Leon sees MicroStrategy's new fixed income products (Strike, Strive, and Stride) as a gateway for traditional investors to gain Bitcoin exposure. These products offer 8-10% yields, significantly outperforming traditional bonds, while providing the cash flow that real estate investors seek. "If it's just 1% [of real estate investors], that's 3 trillion, that's enough," Leon calculated, noting that even a small percentage of the 2,856,707,549 BTC real estate market moving to Bitcoin-backed products would exceed Bitcoin's current market cap.

He shared examples of real estate professionals in Europe beginning to build Bitcoin treasuries, though cautiously. The key insight is that these fixed income products solve a major friction point for traditional investors who want cash flow but are beginning to recognize Bitcoin's superior appreciation. As more investors realize they can get both yield and potential upside through Bitcoin-backed securities, Leon expects this trickle to become a flood, fundamentally reshaping how capital allocators think about portfolio construction.

---

Blockspace conducts cutting-edge proprietary research for investors.

Bitcoin Could See 4,066,047 BTC Institutional Wave by 2026, Breaking Traditional Market Cycles

UTXO Management forecasts unprecedented institutional demand totaling 4,066,047 BTC by end-2026—equivalent to 20% of Bitcoin's circulating supply. This "wall of money" could fundamentally alter Bitcoin's four-year cycle pattern. Bitcoin ETFs shattered records with 344,709 BTC in year-one inflows, surpassing all commodity ETF launches. Following gold's trajectory, annual flows could reach 618,953 BTC by 2026 and exceed 952,236 BTC in 2027.

Five key drivers will fuel demand:

• Wealth platforms: 0.5% allocation across 571,341,510 BTC managed assets = 1,142,683 BTC
• Corporate treasuries: 1.18M BTC projected under new FASB accounting rules
• Nation-states: U.S. Strategic Reserve could trigger 5% gold-to-BTC rotation
• State governments: 5 of 13 pending U.S. state Bitcoin bills expected to pass
• ETF expansion: Wirehouse access accelerating adoption

Public companies already hold 803,143 BTC, with Japan's Metaplanet, GameStop, and Hong Kong's Moon adopting the "Bitcoin Standard" strategy. Meanwhile, Bitcoin yield products (BTCfi) are emerging—liquid staking surged to 55k BTC locked in one year. Unlike retail cycles, these institutional buyers are "structurally locked in," pursuing BTC-denominated yields rather than trading. With regulation accelerating globally, most allocators may be forced to chase exposure at significantly higher prices.

Link to Full Article

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

---

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

---

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

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

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

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

@ 06639a38:655f8f71

You might notice the styling of this site has changed. That's because I've made a custom Drupal theme using TailwindCSS and daisyUI. For these CSS frameworks / components I've also seperate Drupal theme everyone could use:

https://www.drupal.org/project/tailwind_css 
https://www.drupal.org/project/daisy_ui 

What else?

1. Wrote my third OpenSats progress report, read it here
2. Added Nostr-PHP RelayListMetadata class (NIP-65) and tests, see PR
3. Added Nostr-PHP PersistentConnection class and tests, see PR

@ eb0157af:77ab6c55

Bitcoin Core developers are planning changes to OP_RETURN data limits in version 30.

A group of Bitcoin Core developers has set October for the implementation of changes to the management of OP_RETURN outputs — a field that allows small amounts of arbitrary data to be inserted into Bitcoin transactions.

Currently, Bitcoin Core’s default mempool limits these outputs to 83 bytes. The upcoming modification will increase this limit to nearly 4MB per output. Some developers, including Antoine Poinsot and Peter Todd, argue for the need for greater flexibility in how the blockchain can be used.

The conservative stance

Resistance to these changes is being led by figures such as Luke Dashjr and BitcoinMechanic, who consider the expansion of the OP_RETURN limit a betrayal of Bitcoin’s fundamental principles. In their view, node operators should reject the storage of data unrelated to Bitcoin’s financial use case.

Conservatives argue that Bitcoin should not become a cloud storage service or a database for arbitrary data. The Bitcoin ledger, they maintain, should serve a narrow purpose: exclusively validating BTC movements for monetary use cases.

Version 30 release scheduled

The announcement of the October release date came via a post from Bitcoin Core developer Gloria Zhao, who confirmed the planned rollout for version 30.

While the default value will increase from 83 bytes to nearly 4MB, node operators will still be able to manually adjust the -datacarrier and -datacarriersize parameters. However, it’s widely acknowledged that most users stick with the default configuration.

Technical and philosophical implications

The controversy extends beyond purely technical matters, touching on fundamental questions about Bitcoin’s identity and future. Progressives see this evolution as necessary to keep Bitcoin competitive and versatile.

Conservatives, on the other hand, fear that allowing the storage of large amounts of arbitrary data could compromise network efficiency, increase node operation costs, and steer Bitcoin away from its original mission as a decentralized digital currency.

Community reactions

The debate has sparked tensions within the community. The technical editor of Bitcoin Magazine described conservatives as groups of people “clueless, and in some cases outright malicious and manipulative people on social media.”

On the other side, BitcoinMechanic called the progressives’ proposed changes completely “incoherent” with Bitcoin’s nature and objectives.

Jimmy Song also criticized the decision in a post on X, stating:

OP_RETURN outputs greater than 83 bytes will increase significantly, UTXO bloat will keep getting worse and there will be more garbage on chain.

This is going to age like a bad tattoo. pic.twitter.com/hUTpg8a5NM

— Jimmy Song (송재준) (@jimmysong) June 9, 2025

The post Bitcoin Core: OP_RETURN limit removal scheduled for October appeared first on Atlas21.