@ 91117f2b:111207d6

Father's Day is a special holiday celebrated annually to honor fathers, father figures, and the significant role they play in shaping our lives. This year, Father's Day falls on Sunday, June 15, 2025, in many countries around the world.

A Brief History of Father's Day

The concept of Father's Day was first introduced by Sonora Smart Dodd in 1909, inspired by the success of Mother's Day. Dodd's father, William Jackson Smart, had raised her and her five siblings alone after their mother's death, and she wanted to honor his sacrifices and dedication. The first Father's Day celebration was held on June 19, 1910, in Spokane, Washington, and it wasn't until 1972 that President Richard Nixon signed a law declaring the third Sunday in June as the permanent date for Father's Day.

Celebrating Father's Day Around the World

While many countries celebrate Father's Day on the third Sunday in June, others observe it on different dates. Some notable exceptions include : - Spain, Italy, and Portugal: March 19, St. Joseph's Day - Germany: Ascension Day - Scandinavian countries: Second Sunday in November - Taiwan: August 8 - Australia and New Zealand: First Sunday in September

Ways to Celebrate Father's Day

If you're looking for ideas to make Father's Day special, consider these activities ¹: - Outdoor activities: Plan a camping trip, barbecue, or beach day - Cooking: Try out delicious recipes like grilled flank steak, country-style ribs, or bourbon-glazed salmon - Quality time: Spend the day doing something your dad enjoys, like watching a game or playing a sport together

Honoring Fathers and Father Figures

Father's Day is an opportunity to express gratitude and appreciation for the men who have made a positive impact in our lives. Whether it's a biological father, stepfather, grandfather, or father figure, this holiday is a chance to show love, respect, and admiration for their guidance, support, and sacrifices.

We say thank U to all the fathers out there in the world who have sacrificed and will continue to sacrifice for the benefit and success of their children. 💝♥️♥️

@ f85b9c2c:d190bcff

To all the dads, pops, uncles, big brothers, grandpas that are doing the father role.

I am sitting here during father’s day afternoon thinking about all the children across the world that for various reasons are not able to tell their dads happy father’s day. Before anyone thinks I mean anything negative by the above statement, I DON’T. I just want to shed light on all the male figures that step in to that role to help raise children.

Sending a big thank you to all the men who step up and help as a father figure despite their status.

@ 5d4b6c8d:8a1c1ee3

https://youtu.be/-ne8adkjY6A

Orlando gets Bane

Memphis gets KCP, Cole Anthony, and a bunch of picks

This move makes a lot of sense. Orlando needed someone like Bane and Memphis needed to break up their core.

https://stacker.news/items/1007156

@ dfa02707:41ca50e3

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

Headlines

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

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

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

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

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

Use the tools

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

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

@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

• RoboSats v0.7.7-alpha is now available!

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

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

Source: RoboSats.

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

What's new

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

Source: RoboSats.

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

New contributors

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

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

GitHub Repo

@ bf47c19e:c3d2573b

Оригинални научни рад

Аутор: Срђан М. РАДУЛОВИЋ - Универзитет у Приштини са привременим седиштем у Косовској Митровици (Србија), Правни факултет

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Сажетак

Тенденција трансформације појединачних друштвених заједница у јединствено, унификовано друштво, које унутар себе не познаје никакве границе (или барем не инсистира на њима), можемо, уз неопходну дозу симплификације, сматрати појмовним одређењем глобализације, која, будући да је доживљавамо као тенденцију, по природи ствари има и своје темпорално одређење. Мада одређење временских координата ове појаве умногоме зависи од угла из којег је посматрамо, начелно је могуће постићи консензус око тога да овај процес није континуиран, већ да се одвијао у неколико засебних фаза.

Нама је блиско становиште да је ова тенденција имала три фазе. Но, верујемо да ће се и присталице нешто другачије периодизације усагласити са тим да је у периоду од 31. октобра 2008. године, када је објављен тзв. бели папир (white paper) под називом Bitcoin: A Peer-to-Peer Electronic Cash System, до момента проглашења пандемије SARSCoV-2 вируса од стране Светске здравствене организације започела сасвим нова, по потенцијалним дометима најефикаснија и најсвеобухватнија фаза глобализације.

У овом раду, због усмерености и обима рада, представљамо део резултата раније спроведеног теоријско-емпиријског истраживања о социолошко-правним моментима који су погодовали почетку нове фазе глобализације. Други део прикупљених резултата, усмерен на потенцијални обим и ефекте промене коју доноси нова фаза, биће представљен у неком од наредних радова. Сазнања су у оба дела истраживања прикупљена употребом аналитичко-синтетичких метода, уз нарочит ослонац на предности апстракције. У раду су, такође, коришћене и различите технике нормативног метода, као и специфичне технике интерпретације правних норми.

Кључне речи: глобализација; биткоин; криптовалуте; криптоимовина; новчане облигације; SARS-CoV-2 пандемија.

Уместо увода

Уколико идеју о глобализацији генерализујемо и интерпретирамо је као трансформацију самосталних друштвених заједница са релативно јасно одређеним државним, културним, економским и/или другим границама, у унификовано друштво које не познаје ниједну од поменутих граница, или барем није њима спутано (Радуловић, 2017), можемо доћи до неколико закључака.

Први у низу закључака био би да је овај процес иманентан људском друштву. Иако се израз не појављује у научној литератури до средине XX века (Попић, 2018; Џамић, 2014; Chumakov, 2010), мишљења смо да тенденција интензивирања људских односа кроз смањење просторних, временских, културних, а нарочито економских баријера одувек постоји. Доиста делује као да друштво тежи свеобухватности и да је глобализацију немогуће избећи (2) (Domišljanović, 2000), а да је несклад између научног конституисања појма и тренутка када се глобализација појавила чак и природан. (3) (Џамић, 2014)

Облик и, нарочито, интензитет глобализације разликују се кроз епохе. Начини постизања ефеката глобализације, такође, сукцесивно су се смењивали (Антић, 2013). Можемо уочити и периоде стагнације, чак и радикалних, темпорално или географски одређених фаза у којима се промовише изолација у односу на „нетрадиционалне” вредности. То, међутим, не значи да тенденција пораста степена међузависности процеса, појава и односа не постоји (Џамић, 2014). Напротив. Управо виши степен радикализма у „традиционалистичким” (4) одговорима подстиче активности усмерене ка стварању више форме друштвене заједнице (Марковић и Булатовић, 2014). Уосталом, push and pull ефекти (Giddens, 1990) глобализације нису нимало необични. Они природно произлазе из осећаја апатије, изгубљености, угрожености коју кроскултурни начин организовања доноси (5) (Chumakov, 2010).

Даље, глобализација спаја прошлост и садашњост, представља будућност, мада сама не подлеже никаквим временским ограничењима (Попић, 2018; Chumakov, 2010). Но, глобализација није униформна појава (Радуловић, 2017). Она, уколико је доживљавамо као процес, има своје фазе. Њих је могуће разликовати и определити периодизацију.

Критеријуми периодизације врло су хетерогени и није једноставно определити се за један, тим пре јер историјска димензија глобализације није сасвим јасна (Антић, 2003). Уз напомену да би закључци принципијелно били исти и да смо одабрали другачију хронологију, бирамо модификовану трофазну периодизацију глобализације (Печујлић, 2002; Радуловић, 2017). Прва фаза започиње успоном најстаријих цивилизација и траје до XVI века. Други талас глобализације траје до пада Берлинског зида (6). Најзад, трећи талас турбоглобализације започиње падом Берлинског зида и траје до данас без прекида [sic!].

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1. Штавише, степен достигнуте повезаности и свеобухватности могуће је и изразити релативно прецизно кроз глобалност као меру дешавања на глобалу (Cifrić, 2009).
2. Природно је да свест о одвијању процеса, следствено и научно интересовање, у делу људске историје нису постојали, то јест да су се јавили у некој од фаза већ започетог процеса. Овакав закључак произлази из петофазне периодизације промишљања о проблемима и трендовима на нивоу човечанства као органске целине, а која почиње тек од средине XVIII века (Chumakov, 2010).
3. Ваља бити нарочито обазрив уколико између појмова глобализације и модернизације, односно традиционализма и конзервативизма, постављамо знак једнакости. Социолошка теорија нуди врло деликатно упутство за употребу ових термина, нарочито онда када их употребљавамо као вредносне судове (Giddens, 1990; Шуваковић, 2013).
4. Глобалистичке пројекције своје постојање, па и смисао уопште, потврђују тек кроз однос са изолационистичким тенденцијама. Однос глобалистичких тежњи друштва и регресивни одговори на те тежње само истичу контроверзну дуалну природу глобализације као процеса (Џамић, 2014). Утолико и синтагма „уједињено-разједињени свет” под којом је, како се сматра, Радомир Лукић проучавао глобализацију (Печујлић, 2002; Попић и Шуваковић, 2014; Џамић, 2014) има више смисла.
5. Творац трофазне периодизације од које полазимо, период од XVI века до пада Берлинског зида не види као континуиран сегмент, већ унутар њега разликује две засебне фазе (Печујлић, 2002). Ми на њима нећемо инсистирати, будући да (не)прихватање ове поделе није релевантно за касније извођење закључака.

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Корени четвртог таласа глобализације

Настанак и развој протоглобалних цивилизација, њихово ширење, те јављање тежње за унификацијом друштва нераскидиво су повезани са техничким открићима (Антић, 2003). Не само први већ сви таласи глобализације (а сваки наредни интензивнији је од претходног) узроковани су примарно модернизацијом у технолошком смислу. Увек када се појави технологија која има капацитет да обезбеди ефикасније умањење просторне и/или временске дистанце, за последицу имамо комплексне промене у друштву које, уз дозу генерализације, проучавамо као (нове) таласе глобализације. Изузетак није ни четврти талас на чије постојање желимо да укажемо.

Концепт новца и његова еволуција, такође, нераскидиво су везани за технолошки напредак, иако је он, будући да није спутан правним нити културним ограничењима, неупоредиво бржи (Calcaterra et al., 2020). Природно, кроз разраду идеја о дигитализацији традиционалних форми новца које су се појавиле већ у раним осамдесетим (Cavalhiero & Cavalhiero, 2022), у монетарним порецима започет је постепени прелазак са банкнотног на систем електронског плаћања (Димитријевић, 2018). Прелазак је био потпуно логична, чак и очекивана фаза у процесу еволуције новца усмерене ка његовој апстракцији. Безбројне предности апстрахованог инструмента – ефикасност, ефективност и погодност коришћења само су неке од њих (Ruslina, 2019) – учиниле су да се за мање од три деценије од појаве електронског (7), затим и виртуелног новца на глобално интегрисаном финансијском тржишту (Димитријевић, 2018), економски токови глобализују најпре у смислу да промет велике количине новца не трпи значајнија ограничења и да се одвија за релативно кратко време.

У таквом окружењу отвара се широк простор на међународном нивоу који теоретски може да попуни само наднационални, потенцијално недржавни новчани систем (Nahorniak et al., 2016). У том смислу, криптовалуте, базиране на блокчејн технологији, представљају занимљив новитет. Оне су створиле суштинске изазове за правне поретке и довеле у питање генералну улогу новца и различитих валута (Ronaghi, 2023). Такође, подстичу иновације и стварају нове прилике у свету који је створен у првим годинама интернета (Calcaterra et al., 2020; Cavalheiro & Cavalheiro, 2022).

Уз то, оне представљају облик дигиталног новца, но, нису исто што и електронски новац (Nahorniak et al., 2016). Оне су, заправо, нови правац у развоју дигиталног новца због тога што постојећу новчану масу комплементарно и квалитативно уздижу. Стога, криптовалуте нам се чине као најозбиљнији кандидат за задовољење потреба које на међународном тржишту новца постоје, а у мору пројеката издваја се феномен Биткоина (8).

Биткоин примарно не представља валуту, мада може преузети облик и функције новца (9), већ систем плаћања. Суштински, платформа поставља и спроводи правила усмерена на заштиту права својине (Abramowitz, 2016), која се, помало поједностављено, своди на својину на приватним кључевима (Raskin, 2015). Од момента када је постао оперативан, функционише као аутономан систем у потпуности заснован на транспарентним математичким и информатичким принципима. Прецизније, софтвер функционише искључиво према упутствима садржаним у самом коду, али она не долазе од централног ауторитета, сем иницијално, чак не ни од самог творца, већ од демократски организоване заједнице равноправних учесника у мрежи потпуно отвореног типа [нагласио аутор] (10). Као такав, практично посматрано, у потпуности је имун на постојећу међународну, а нарочито домаћу правну регулативу (која ће управо из тог разлога остати ван фокуса овог рада), јер његова поставка и није нормативна већ консенсуална.

Иако се данас стабилни коини погрешно или барем преурањено означавају као „Хајеков новац” (Syropyatov, 2021), биткоин, што се јасно види из његовог концепцијског манифеста, представља први успешан покушај оживотворења деценијама присутне идеје Ф. А. Хајека (1976) о демонополизацији државног утицаја на креирање монетарне политике кроз постепено увођење конкуренције „државном” новцу у виду новца креираног од стране приватних ентитета (Ruslina, 2019; Syropyatov, 2021), и то у форми „спољашњег новца” према прихваћеној дихотомији (Garrat & Wallace, 2018).

Биткоин мрежа је у потпуности транспарентна. Сет криптографских кључева, односно комбинација јавне адресе и приватног кључа (Raskin, 2015), омогућава да систем буде потпуно транспарентан, пре свега, у погледу начина рада, затим расподеле средстава и њиховог кретања (11), али истовремено и да буде имун на интервенције споља због апсолутне, криптографски гарантоване, анонимности учесника у мрежи. То, свакако, компромитује економски суверенитет државе, који је додатно компромитован и њеном немогућношћу да утиче на пуштање у оптицај и масе криптовалутних јединица (Raskin, 2015), затим њеном фактичком немогућношћу да их забрани или опорезује, као и немогућношћу да директно утиче на њихову курсну вредност или куповну моћ. Но, чињеница да овај систем не зависи од компарације и размене националних финансијских инструмената на интернационалном тржишту чини га суштински децентрализованим, а потпуна отвореност мреже интернационализованим, затим и глобализованим (Blaazer, 2020).

Дакле, када смо говорили о вези узрочно-последичног карактера између технолошких иновација и новог таласа глобализације, имали смо у виду примарно Биткоин. Суштински смо, заправо, имали у виду синтезу технолошких иновација први пут обједињених у оквиру функционалне целине од стране недржавног ауторитета која нема само локални већ која има и међународни домашај, а која је у време настанка идеје о новцу издатом од стране приватних ентитета била недоступна, што је саму идеју, по признању творца идеје, чинило утопистичком (Syropyatov, 2021).

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1. Електронски новац је облик дигиталног новца који, по правилу, представља електронску манифестацију већ постојећег новца у оптицају (Nahorniak et al., 2016; Ström, 2020). Појавио се најпре у Јапану средином осамдесетих година као припејд картица за плаћање неких врста „масовних услуга”, а замах је добио на западу где је коришћен као замена за кеш трансакције мале вредности (Димитријевић, 2018).
2. Будући да је њихова правилна дистинкција од кључне важности, за потребе овог рада систем плаћања означаваћемо као Биткоин, дакле великим почетним словом „Б”, а виртуелне јединице унутар система малим почетним словом „б” (биткоин).
3. Биткоин је најпре препознат као новац од стране специјализованих органа САД који се баве финансијским криминалитетом (Mirjanich, 2014), а тај став потврђен је у чувеном случају Silk Road (Raskin, 2015; Zebec, 2018) и широј јавности мање познатом, али правнополитички врло значајном случају SEC vs Shavers (Raskin, 2015).
4. Кроз овакву поставку, творац и иницијални издавач решио је два кључна проблема – нежељене додатне продукције новца и његово кривотворења (Garrat & Wallace, 2018).
5. Биткоин користи блокчејн технологију и hash функцију како би створио трајни запис свих трансакција које су се у оквиру мреже реализовале (Cavalheiro & Cavalheiro, 2022; Ruslina, 2019). У том контексту интересантан је податак да се чак и биткоини који су заплењени у случају Silk Road, то јест њихово кретање кроз заплену и каснију аукцију, могу пратити у потпуности кроз записе у блокчејну (адреса новчаника који припада FBI: lFfmbHfnpaZjKFvyilokTjJJusN455paPH), те да су оба поступка морала да буду потврђена кроз процес верификације специфичан за биткоинов блокчејн протокол (Raskin, 2015).

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Проблем одређења временских координата четвртог таласа

Уколико уопште прихватимо идеју о новом таласу, чврсто стојећи на том становишту, можемо рећи да је блокчејн технологија темељ модерних глобалистичких активности, тим пре ако имамо у виду ситуационо и територијално неограничене могућности њене примене. Штавише, иако има оних који су у том смислу резервисани (Horvatić i Tafra, 2022), сматрамо да је овај вид технологије, по потенцијалним дометима и брзини усвајања, импресивнији од интернета. Компарације криптовалутног тржишта и интернета с почетка деведесетих година то потврђују (Syropyatov, 2021).

Почетак овог таласа глобализације, међутим, не можемо стриктно везати за моменат настанка блокчејн технологије а да тиме успешно разрешимо све недоумице које евентуално могу настати. Разлога је неколико, а два су, сматрамо, нарочито битна.

Најпре, блокчејн технологија није нова технологија per se. Блокчејн је први успешан спој технолошких идеја које су постојале и биле коришћене значајно пре формирања првих „низова података груписаних у блокове” (12).

Друго, први случајеви имплементације блокчејн технологије, иако успешни, прошли су незапажено ван информатичке заједнице. Блокчејн остаје потпуно непознат вид технологије широј јавности све до њене уградње у основе система плаћања (13) познатог под називом Биткоин (Horvatić i Tarfa, 2022). Тек од тренутка када је Биткоин мрежа постала оперативна, иако њена дистрибутивност симболизује универзалност (Ronaghi, 2023), блокчејн технологија суштински постаје глобални, доцније и мејнстрим феномен. Следи моменат настанка блокчејн технологије, иако кључне у техничком и суштинском смислу, због иницијално скромних домета, дакле, пре првих примера функционалне имплементације, не би га исправно било узети за почетак четвртог таласа глобализације.

Иако је творац система пажљиво одабрао тренутак како би истакао поенту у свом манифесту револуционарне реформе монетарног система (Sławiński, 2019), више је разлога због којих не можемо везати почетак четвртог таласа глобализације стриктно ни за крај 2008. године, када је објављен тзв. бели папир (14) (Raskin, 2015) нити за почетак 2009. године, када је мрежа постала оперативна.

Први разлог је тај што је кибернетизација и глобализација новца, следствено капиталистичког облика привређивања, суштински започела још 1971. године (Ström, 2020). Даље, Биткоин, ма колико импресивна идеја била, посматрано из перспективе нашег рада, суштински није ништа друго до тек први успешан пројекат имплементације блокчејн технологије на начин који промовише децентрализовану глобализацију. Биткоин је први приказ потенцијала технологије која у монетарној сфери омогућава поуздано креирање и трансфер дигиталних добара (Ronaghi, 2023), мада и то на начин који због читавог низа објективних околности компромитује његово усвајање као мејнстрим економског феномена (Syropyatov, 2021). Дакле, стварни домети блокчејн технологије биће спознати тек кроз пројекте који су се појавили значајно касније или који ће се тек појавити (15).

Штавише, потпуно смо сагласни са тим да биткоин не само да није једини, већ да није ни најнапреднији пројекат те врсте (Teomete Yalabik & Yalabik, 2019). Примера ради, из перспективе финансијског тржишта, stable coin пројекти, којима се покушава решити проблем волатилности, тренутно су иновација која највише обећава (Syropyatov, 2021). Трећи разлог је тај што је крај 2008. године, због економске кризе која је тај период обележила, исправније интерпретирати као посртање антидржавне, laissez faire глобалистичке методологије и јачање државног интервенционизма, него као нови талас глобализације (Mellor, 2020). Коначно, исправно интерпретирање Биткоина као феномена могуће је једино у контексту врло хетерогене групе догађаја међу којима нарочито место заузима проглашење пандемије изазване SARS-CoV-2 вирусом.

Наиме, 11. марта 2020. године Светска здравствена организација прогласила је пандемију SARS-CoV-2 вируса. Вирус који је узрок обољења познатог под називом ковид 19, постао је катализатор читавог низа процеса. Због природе пандемије, пре свега чињенице да је током трајања пандемије било неопходно свести физичке контакте на минимум, природно је да је потрага за алтернативним моделима функционисања свакодневних активности убрзала процес дигитализације (Mijatović, 2022).

У ред појава и процеса код којих је промена карактера и интензитета најизраженија на првом месту налази се процес трансформације новца, генерално и финансијског тржишта, што је уосталом и научно доказано (Vareško i Deković, 2022). Наиме, систем размене добара какав је карактеристичан за монетарне економије данашњице није одувек постојао, нити је кроз различите епохе функционисао на исти начин. Од скромних почетака неформалног робноновчаног промета, базираног на локализованом личном контакту (Ström, 2020), евентуално на једноставним бартер аранжманима (Calcaterra et al., 2020; Mellor, 2020; Ström, 2020), преко увођења ретких метала као опште мере вредности робе, до појаве првог кованог новца, затим банкнота, коначно и електронског новца као репрезентације новца који се већ налази у оптицају, новац је кроз сопствену апстракцију (Ström, 2020) пратио интензивирање друштвених односа. Његова социјална и материјална апстракција погодовала је интензивном и екстензивном ширењу капиталистичког начина привређивања (Ström, 2020). Последица је континуирано смањење просторне, временске, а затим и културне дистанце. Смањење различитих видова дистанце иницирало је ново апстраховање новца, што је, у складу с потребама све интензивнијег привредног живота, резултирало његовом метаморфозом у врло софистициран финансијски инструмент.

Биткоин осећа и прати тенденције у развоју новца, а у контексту савремених друштвених релација има савршен смисао. Најпре, очигледно је постојање тенденције изградње електронских облика чувања новца и система плаћања. Њихове предности су неспорне и сматра се да такви системи повећавају ефикасност и у виртуелном и у реалном свету (Vareško i Deković, 2022). Оно што је у почетку деловало као крајње несигурна концепција, прихваћено је и раширено у тој мери да монетарни системи најразвијенијих земаља, по правилу, функционишу без било какве физичке репрезентације новца, то јест као cashless заједница (Calcaterra et al., 2020). Како Биткоин промовише употребу најновијих информационих технологија за чување и трансфер новца, јасно је да је претходна тенденција уважена у потпуности. Штавише, Биткоин не само да уважава тенденцију дематеријализације новца већ је и наставља и уздиже на квалитативно виши ниво.

Кроз peer-to-peer систем на којем почива промовише се digital trust, што омогућава директне трансакције међу корисницима (Ruslina, 2019). Иако се то може тумачити као разлог несигурности система (Ruslina, 2019), на овај начин елиминише се потреба за акредитованим посредницима који су есенцијални у традиционалним системима плаћања (Živanović i Vitomir, 2022; Raskin, 2015; Ronaghi, 2023; Horvatić i Tafra, 2022; Cavalheiro & Cavalheiro, 2022). Такође, елиминише се и могућност да се деси „двострука потрошња” (Ruslina, 2019), све то уз истовремено унапређење брзине обављања трансакција и смањење провизија (Teomete Yalabik & Yalabik, 2019). Трошкови чувања средстава, осим уколико се корисник не одлучи да криптографске кључеве похрани на напреднији cold wallet, практично не постоје. Иако би интуитивнији кориснички интерфејс олакшао употребу, Биткоин мрежа промовише апсолутну монетарну инклузију свих заинтересованих лица, омогућава лак приступ средствима и њиховом управљању. Најзад, овај систем плаћања имун је на државну и међународну регулативу (16), а самим тим и на границе држава – практично их не познаје, што иде у прилог тенденцији апстракције, универзализације и денационализације средстава плаћања.

Иако је начин његове примене константно еволуирао (17) (Vareško i Deković, 2022), инсистирамо на томе да Биткоин није валута, већ да је у питању систем плаћања. Уосталом, у том капацитету је и коришћен примарно, конкретно ради куповине и продаје робе и услуга путем интернета (Vareško i Deković, 2022). Ипак, будући да је временом постајао све глобалнији и разноврснији као инструмент (Karabulut & Sari, 2022), Биткоин је најавио крупне промене на међународном, глобализованом тржишту роба и капитала (Živanović i Vitomir, 2022). Неке од њих су се и десиле у претходном периоду. Но, како објашњавамо везу између пандемије SARS-CoV-2 вируса, Биткоина и четвртог таласа глобализације (18)?

Биткоин је привукао масовно интересовање 2017. годинe када су „Биткоин” и „како купити биткоин” били најчешће коришћени појмови у популарним претраживачима попут Гугла (Cavalheiro & Cavalheiro, 2022). Разлог је једноставан. Уз уважавање осталих квалитета, основна снага Биткоина лежи у одсуству могућности повећања количине јединица у оптицају (19), затим одсуству могућности копирања појединачних јединица које „циркулишу” унутар система, најзад и математички пројектованој динамици „пуштања у оптицај” предвиђене количине јединица (20) (Raskin, 2015). На основу тога, можемо рећи да се биткоин понаша као изразито дефлаторна валута, свакако под условом да га уопште посматрамо као валуту.

С друге стране, модерне државе имају суверенитет у погледу одређења средства плаћања, а ексклузивитет одређивања куповне моћи тог средства, након аброгације „златног стандарда”, делегирале су својим централним монетарним установама. Традиционални новац у потпуности је завистан од одлука и регулативе централних банака (Ronaghi, 2023). Поверење у централне банке и њихову пројекцију суштински je једини принцип за одређење вредности новца. Принцип тржишне привреде, златни стандард, лимитирани златни стандард, величина привредног раста и други механизми за одређење вредности новца замењени су „принудним курсом”. Није, дакле, претеривање рећи да не постоје „природне” или барем концептуалне границе продукције новца (Mellor, 2020).

Модел може ефикасно функционисати у време када нема потреса, но све несавршености поставке до изражаја долазе управо у време криза, нарочито оним глобалних размера као што је пандемија вируса SARS-CoV-2, и то из разлога што на овакве кризе, када је привредни живот успорен или чак стопиран, а буџетска потрошња повећана, неоптерећене обавезом да за то обезбеде покриће, државе посежу за непопуларним мерама које подразумевају повећање количине новца у оптицају. (21) У таквом амбијенту, природно, систем који се базира једино на поверењу у централну монетарну институцију показује инфериорност у односу на систем који се базира на поверењу у математичке гаранције лимитиране понуде и сигурности плаћања. Следствено, тврдња о томе да се поверење у јавне (државне) институције не може поверити технологији (Sławiński, 2019) показује се као, благо речено, застарела. Ово је нарочито тачно након аброгације Bretton Woods споразума и „златног” стандарда када је окончана дефлаторна и започела инфлаторна ера у економској историји (Syropyatov, 2021). Дакле, иако је читав систем, након ере „слободног банкарства”, организован са циљем да обезбеди стабилност у временима кризе (Sławiński, 2019), парадоксално, управо у временима кризе показује се да је прерогатив државе у продукцији новца пре случајан него што је заиста потребан (Blaazer, 2020). Уосталом, случајеви Ел Салвадора (22) и Централноафричке Републике (23), у којима је усвојен низ прописа којима је Биткоин признат као средство плаћања у готово неограниченом капацитету, иако ове потезе треба тумачити као отворени економски експеримент, принципијелно потврђују капацитет ове иновације (24) (Cavalheiro & Cavalheiro, 2022) и стање у монетарним порецима.

У доба здравствене и економске кризе изазване пандемијом, повећана је потреба за укључењем реалне финансијске активе у портфолио (Živanović i Vitomir, 2022). Мисли се на тзв. safe haven имовину попут злата, затим и сребра (Živanović i Vitomir, 2022; Wen et al., 2022). Но, поред традиционалних облика заштитне финансијске активе, интересовање инвеститора усмерено је све више ка модерним облицима активе – примарно оне базиране на блокчејн технологији (Živanović i Vitomir, 2022). У њима, пре свега биткоину, могуће је наћи сличне, потенцијално чак и боље safe heaven особине него код злата (Ronaghi, 2023; Wen et al., 2022) или деоница (Vareško i Deković, 2022). Штавише, иако је истина да се биткоин суштински налази негде између злата и америчког долара (Syropyatov, 2021), истраживања недвосмислено потврђују како је диверсификација кроз биткоин, под условом да је у портфолио укључен и неки од традиционалних облика активе, добар потез чак и код оних инвеститора који нису склони ризику (Šoja i Senarthne, 2019).

Релативно ниска базна вредност биткоина у првим годинама трговања, услед огромног интересовања инвеститора за ову до тада непознату финансијску активу, у 2019. години мења се и постаје изузетно висока, а наставља да расте напоредно са негативним утицајем пандемије у наредном периоду (Živanović i Vitomir, 2022). У условима кризе изазване пандемијом, због изразитог државног интервенционизма и централизације у свим областима, биткоин као инструмент имун на државну регулативу и аполитичан, па и у односу на злато, испољава и неке додатне предности (Wen et al., 2022).

Истовремено са испољавањем првих слабости традиционалних централизованих монетарних система под притиском пандемије, изразито дефлаторна природа биткоина бива додатно истакнута кроз тзв. трећи halving event који се догодио 11. маја 2020. године. У таквим условима вредност биткоина иницијално расте безмало 10 пута и у наредном периоду достиже вредност од готово 65.000 америчких долара за један биткоин.

Цена биткоина изузетно је интересантан показатељ. Познато је, наиме, да цена биткоина зависи једино од односа понуде и тражње, односно потражње, будући да је понуда програмски ограничена и укупно и периодично. Прецизније, укупна количина биткоина који се могу наћи у оптицају је ограничена кодом на 21.000.000, али је, због програмиране динамике пуштања у оптицај, тренутно у промету тек нешто више од 90% укупне количине. Дакле, према ценама формираним на специјализованим платформама, у условима двоструко ограничене понуде, произлази да је тражња за биткоином у једном тренутку била многоструко већа од тражње за најјачом класичном валутом.

Тачно је да таква цена није била одржива, па је јењавањем пандемије и консолидацијом финансијских токова тражња за биткоином опадала. У тренутку израде рада креће се око 20.000 америчких долара. У том смислу, сасвим се чини рационалном критика волатилности цене биткоина, али и шпекулативног карактера овог облика имовине (Šoja i Senarathne, 2019). Критика нестабилности, иако постоји сасвим рационална и до детаља описана аргументација зашто се суштински дешава (Syropyatov, 2021), апсолутно је на месту. Нагли пораст и пад цене није нешто што је неуобичајено када је у питању криптоимовина, а оваква тенденција ће се засигурно наставити барем до момента када тржиште достигне критични волумен. То природно подгрева неповерење. Међутим, само на први поглед.

Наиме, када би подухват који је апсолутна новина, на иначе врло ригидном финансијском тржишту, била номинално барем једнака најјачој валути, то би био изузетан резултат по себи. Но, без обзира на значајан пад цене у односу на 2021. годину, садашња цена показује да су субјекти на финансијском тржишту, грубо речено, у 19.999 трансакција пре вољни да прихвате биткоин него амерички долар. Из реторичког питања „какво је онда стање са поверењем у остале, релативно слабије валуте?” произлази као сасвим логичан закључак да биткоин и други слични пројекти неспорно преузимају примат и савремено финансијско тржиште постепено обликују у децентрализовано окружење имуно на државну регулативу, следствено државне и све друге врсте граница.

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1. Технолошке иновације о којима говоримо подразумевају, без претензија да их све обухватимо, имплементацију TCP/IP технологије, изградњу напреднијих програмских језика, напредак криптографије, нарочито hash функција, конструисање тзв. Меркеловог дрвета. Творац Биткоина, такође, успешно је комбиновао искуства неких ранијих покушаја изградње дигиталних валута, примера ради B-money и HashCash (Antonopoulos, 2010).
2. Иако има елемената на основу којих је Биткоин могуће исправно интерпретирати као валуту, идеја творца била је заправо најпре да створи економичнији и ефикаснији систем плаћања, пре свега код трансфера мале вредности (Živanović i Vitomir, 2022). Зато смо склонији ка томе да овај софтвер означимо као систем плаћања.
3. Исто важи и за моменат регистрације интернет домена www.bitcoin.org, за који неки аутори (Živanović i Vitomir, 2022) везују укључивање Биткона на међународно финансијско тржиште.
4. Могућност употребе блокчејн технологије није ограничена на изградњу система плаћања. У (децентрализованом) финансијском систему она се већ сада користи за формирање штедних улога, издавање полиса осигурања, пласирање кредита, трговање и управљање акцијама и обвезницама, прикупљање оснивачког капитала. Ван финансијског система она има потенцијал да се искористи за формирање катастара, вођење и чување медицинских картона или праћење пређене километраже коришћених аутомобила. Штавише, почетком јула 2020. године на референдуму је, поводом предложених уставних промена у Русији, део становништва са правом гласа своје активно бирачко право реализовао кроз софтвер базиран на блокчејн технологији. Детаљније о другим облицима коришћења блокчејн технологије видети у Ronaghi, 2023.
5. У том контексту, Ронаги (2023) нуди опсежну студију о томе како је увођење санкција Ирану од стране САД и ЕУ погодовало промоцији криптовалута, пре свега Биткоина, са циљем превазилажења негативних ефеката забрана које су у вези са интернационалним пословањем привредних субјеката, али и са свакодневним активностима појединаца на територији ове земље.
6. Ово потврђује и свеобухватна студија о броју, врстама и дистрибуцији патената који се односе директно на Биткоин, а који унапређују софтверску поставку на којој функционише. О томе детаљније видети у Cavalheiro & Cavalheiro, 2022.
7. Ипак, слажемо се у потпуности са ауторима који указују на то да је због релативне краткоће времена трајања врхунца пандемије и дневних флуктуација тешко извести сигурне закључке, не толико да ли је, већ у којој мери је пандемија заправо иницирала промене на традиционалном финансијском тржишту (Vareško i Deković, 2022).
8. Укупна количина биткоина која се може наћи у оптицају ограничена је на 21.000.000 кроз тзв. source code који се сматра непроменљивим. Ипак, будући да је Биткоин суштински особени софтвер, он није апсолутно затворен за измене, но, да би се таква измена десила у потпуно децентрализованом систему, потребно је да већина „нодова” у мрежи изрази сагласност са предложеним повећањем волумена биткоина. Сасвим је основано закључити да у мрежи са хиљадама „нодова” који су„DeFi ентузијасти” није вероватно формирати већину око става да се мрежа одрекне „ограничене понуде” као особине која је чини апсолутно супериорном у односу на традиционалне монетарне системе.
9. Мрежа је програмирана тако да се комплексност математичког проблема који је потребно решити у процесу „рударења” управља према количини већ изрудареног биткоина. Сваки блок има капацитет од 1МВ, што му омогућава да у себи меморише око 4.000 трансакција. Блок плански бива попуњен сваких 10 минута у просеку. Сваким додатим блоком у оптицај се пушта одређена количина нових биткоина. На сваких 210.000 доданих блокова, број биткоина који ће бити пуштен у оптицај по блоку смањује се за једну половину (halving). То нам омогућава да имамо извесну динамику пуштања јединица у оптицај (Antonopoulos, 2014; Horvatić i Tafra, 2022).
10. Примера ради, процена је да су само Сједињене Америчке Државе у последњих неколико месеци у оптицај пустиле преко 3,5 трилиона нових банкнота, а да је Европска централна банка дала зелено светло за штампање преко једног трилиона евра.
11. Ley Bitcoin, Diario Oficial ES, 110/2021, Decreto No 57.
12. République Centrafricaine Cryptomonnaie, Journal Officiel CAF, 22/2022.
13. Ова настојања, иако и она потврђују капацитет криптовалута заснованих на блокчејн технологији, суштински не треба мешати са настојањима држава или наддржавних институција да изграде своје дигиталне и криптовалуте. О томе детаљније видети у Mijatović, 2022.

Закључна разматрања (увод у наредни рад)

Процес дигитализације новца реорганизује постојећу пословну праксу и доноси социјалне, политичке, онтолошке, чак и еколошке промене, a истовремено интензивира концетрацију и централизацију у процесу доношења одлука на глобалном нивоу (Ström, 2020). Но, криптовалуте, пре свега Биткоин, иако јесу дигиталне по свом карактеру, не прате ову тенденцију. Управо супротно, Биткоин почива на идеји свесног одрицања контроле управљачких механизама у корист мреже компјутера која покреће софтвер (Magnuson, 2022; Ruslina, 2019). Он представља модел утопијског нивоа глобалне децентрализације, и то не само у финансијском сектору. То је темељна идеја која је окупила највећи, свакодневно растући број учесника у систему (25).

Иако је због новине феномена и непостојања адекватне временске дистанце у односу на коју бисмо процењивали стварне ефекте незахвално изводити закључке или правити пројекције, сматрамо, а то је уједно став и у академским круговима, да криптовалуте представљају изванредну новину (Karabulut & Sari, 2022). Оне засноване на блокчејн технологији, а које нису централизоване, имају моћ да национална тржишта претворе у регионална, а регионална даље у глобална. У том смислу заиста делује као да историја глобализације не памти инструмент који у тој мери интензивира дешавања и процесе.

Уколико то ипак није довољно за закључак да су криптовалуте, засноване на блокчејн технологији, изванредан катализатор процеса глобализације, онда треба нагласити следеће. Изградња и пуштање у рад Биткоина, али и читавог низа других пројеката, објективно, у другом је плану у односу на изградњу такозваног DeFi система, којем су пут трасирала техничка и економска решења имплементирана у Биткоин. Систем је осмишљен тако да у својој идеалној форми, уз напомену да је систем још увек у изградњи, обезбеђује: 1) пуну контролу средстава; 2) апсолутну инклузивност; 3) децентрализовану верификацију исправног рада система; 4) неограничену могућност изградње нових финансијских услуга и производа (Werner et al., 2021). Андреас Антонопулос у својим многобројним предавањима прави аналогију у односу на интернет из времена када је једина апликација унутар система била имејл. Он истиче да уколико DeFi монетарни систем упоредимо са интернетом, Биткоин, иако импресиван по својим технолошким решењима, био би тек имејл, односно прва функционална апликација унутар система. Данас, верујемо, не најбоља и дефинитивно не једина.

Иако идеја делује футуристички, делови DeFi система постају видљиви. Унутар њега је већ могуће успешно куповати, продавати, штедети, закључити уговор о осигурању или кредиту, трговати акцијама, инвестирати, водити хуманитарне фондове, све без интервенције државе, без посредника, без територијалних ограничења, уз криптографски гарантовану безбедност (26). Према доступним подацима, простор је у сталном порасту: конкретно, за непуне две године укупна вредност у промету је порасла са 700 милиона на 150 милијарди америчких долара (Werner et al., 2021). Систем је у повоју и потребно је још много рада да би он постао потпуно оперативан и одржив на нормативном нивоу (Werner et al., 2021). Но, чињеница је да на идеолошком нивоу представља озбиљну претњу постојећем ригидном финансијском систему.

Ипак, степен глобализованости којем данашње друштво тежи не окончава се ни окончањем радова на изградњи DeFi система. Ако уз извесну дозу апстракције пратимо претходно поменуту аналогију Андреаса Антонопулоса, слично као што Биткоин налази примену као један од функционалних елемената DeFi система без обзира на ком блокчејну је изграђен, DeFi систем је тек један од механизма, односно апликација унутар далеко већег пројекта познатог под називом Web 3.0. Блокчејн технологија сматра се есенцијалном за реализацију сада већ мејнстрим идеја у технолошком свету познатих као „интернет ствари” (IoT) и „интернет свега” (IoE) (Horvatić i Tafra, 2022). Ови пројекти децентрализовану глобализацију промовишу шире, тј. ван економских токова, наравно, примарно у дигиталном свету. Но, како су свакодневне активности данас неодвојиво везане за интернет, остварени ефекти глобализованости у дигиталном свету, очекивано, прелиће се у све сфере друштвеног живота.

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1. И не само да је број учесника у мрежи и корисника у сталном порасту, већ је и тржиште криптовалута све веће према економским критеријумима. Процена је да само тржиште биткоина достиже размере од 1,2 трилиона америчких долара (Cavalheiro & Cavalheiro, 2022).
2. Приказ појединих маркантних решења са техничким специфичностима, мада нису сви део DeFi система, видети у Mijatović, 2022.

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Литература

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• Димитријевић, М. (2018). Електронски новац у савременом монетарном праву. Зборник радова Правног факултета у Нишу, 57 (81), 221–236. https ://doi. org/10.5937/zrpfni1983061D
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• Џамић, В. (2014). Глобализација: њено теоријско утемељење и њене противречности. Зборник Матице српске за друштвене науке, 149, 1001−1011. https:// doi.org/10.2298/ZMSDN1449001D
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@ dfa02707:41ca50e3

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

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

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

What's new

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

Other changes

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

#FREESAMOURAI

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

Announcement / Archive
GitHub Repo

@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

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

What's new

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

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

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

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

  • For more technical details, see the protocol spec.

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

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

Fixes

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

Blog Post / Archive
GitHub Repo
CCC Guide
Key Teleport site

@ beef3d4d:479b72bc

Costantino e il solidus

Quando Costantino il Grande prese in mano le redini dell'impero, ne risollevò le sorti adottando riforme economiche lungimiranti. Tra gli impegni assunti, il più importante fu quello di mantenere il solidus a 4,5 grammi d'oro senza tagli o svalutazioni, coniandolo in grandi quantità a partire dal 312 d.C.. Spostò poi la capitale verso est, a Bisanzio, nel punto di incontro tra Asia ed Europa, dando vita all'Impero Romano d'Oriente, che adottò il solidus come moneta.

Mentre Roma continuava a deteriorarsi economicamente, socialmente e culturalmente, crollando infine nel 476 d.C., Bisanzio, poi rinominata Costantinopoli, sopravvisse per quasi 1200 anni, e il solidus divenne la moneta più longeva e accettata della storia.

Il nome Bisanzio vuole quindi essere un omaggio alla saggezza di Costantino e celebrare l’unica moneta nella storia dell’umanità capace di durare oltre un millennio. Un esempio ed un auspicio per la Bitcoin, moneta di oro digitale che ci accompagnerà per un lunghissimo tempo.

\ Vedi anche: Monetazione bizantina su Wikipedia.

Il problema dei generali bizantini

Il termine Bitcoin soffre di un’ambiguità semantica: con lo stesso termine si indicano due cose ben diverse tra loro: il protocollo di comunicazione e la moneta digitale costruita su di esso. Bitcoin inteso come protocollo rappresenta la prima soluzione a un problema informatico, centrale per il funzionamento di sistemi distribuiti, denominato problema dei generali bizantini, formulato nel 1982 e che e’ rimasto irrisolto per decenni.

La sua formulazione e’ tipicamente la seguente:

> Diverse divisioni dell’esercito bizantino, ciascuna guidata da un generale, sono accampate in posizioni strategiche attorno a una città nemica e dovono condividere una strategia di attacco coordinato per poter sopraffare il nemico. Le divisioni possono comunicare solo mediante messaggeri al fine di coordinare l’attacco decisivo. Il terreno impedisce alle divisioni bizantine di comunicare a distanza e queste possono comunicare solo tramite dei messaggeri. Come possono le varie divisioni accordarsi per un attacco congiunto sapendo che i messaggeri che inviano potrebbero essere catturati dal nemico, o che alcuni generali potrebbero addirittura tradire e mandare messaggeri con ordini sbagliati?

Il problema che devono risolvere i generali bizantini è lo stesso che affligge i sistemi di elaborazione distribuiti. Come raggiungere un consenso su una rete distribuita in cui alcuni nodi che la costituiscono possono essere difettosi o corrotti?

Il protocollo Bitcoin offre una soluzione a questo problema introducendo il concetto di “prova di lavoro” (proof of work) e della “catena di blocchi” (blockchain). E quindi, nuovamente, il nome Bisanzio si collega a Bitcoin ed alla principale innovazione tecnologica da esso introdotta.

Vedi anche: Byzantine fault su Wikipedia.

PS

Come resistere poi alla disponibilità del dominio internet bisanz.io? :)

@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

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

What's new

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

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

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

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

  • For more technical details, see the protocol spec.

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

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

Fixes

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

Blog Post / Archive
GitHub Repo
CCC Guide
Key Teleport site

@ f3873798:24b3f2f3

Muito se fala sobre racismo no Brasil. A mídia, os políticos e os intelectuais engajados repetem discursos antirracistas, promovem campanhas e ergueram bandeiras pela igualdade. No entanto, existe uma hipocrisia gritante quando olhamos para a realidade dos povos indígenas no país.

No Brasil, o indígena ainda é, juridicamente, tratado como incapaz de decidir por si mesmo, sendo suas terras consideradas propriedade da União. Isso significa, na prática, que tudo o que diz respeito à sua cultura, território e desenvolvimento precisa do “amém” do Estado. É um tipo de tutela que remete aos tempos coloniais, onde os “civilizados” decidiam o que era melhor para os “selvagens”.

O mais engraçado e trágico deste fato, é que não há nenhum movimento midiático que aborda sobre a existência absurda deste tipo de regimento jurídico, não há influenciar não há atores e atrizes da Globo, nem cantores que questione e lance a pauta

Como falar em fim da escravidão ou combate ao racismo estrutural, se ainda hoje tratamos povos inteiros como se fossem incapazes de autodeterminação?

Enquanto isso, o governo federal, representado atualmente por figuras como “Tio Lule”, negocia e entrega terras indígenas para interesses geopolíticos, sustentando ditaduras e alianças internacionais, enquanto os próprios povos originários ficam à margem do desenvolvimento econômico.

Recursos como açaí, cupuaçu, babaçu e muitos outros produtos amazônicos serão explorados por empresas estrangeiras, que lucrarão intensamente, sem que as comunidades locais tenham condições mínimas de acesso aos meios de produção ou ao mercado. Isso destrói a economia regional, perpetua a dependência e impede que o verdadeiro protagonismo indígena aconteça.

Um ciclo que se repete: a história da borracha

O que está em curso não é novidade. É uma repetição histórica. Basta lembrar do ciclo da borracha, quando os ingleses levaram sementes de seringueira da Amazônia para plantar na Ásia, quebrando o monopólio brasileiro e afundando a economia da região Norte, que até hoje carrega as marcas desse roubo histórico.

Agora, a história se repete, mas com outros nomes e produtos — e com o apoio explícito do Estado brasileiro.

@ 41959693:3888319c

Überblick über die Anthologie

Die Anthologie „365 Tage Frieden“, herausgegeben von Rüdiger Heins und Michael Landgraf, erschien 2025 im Verlag EDITION MAYA. In diesem Werk haben über 100 Autoren ihre Gedanken zum Frieden geäußert und zeigen dabei thematisch wie stilistisch, welche Vielfalt und Komplexität unter diesem Begriff vereint werden kann.

Diese Buchbesprechung geht nicht auf einzelne Beiträge ein, sondern betrachtet die Zusammenstellung und Gesamtwirkung der Texte. Jedem Tag des Jahres wurde ein Text zugeordnet, wobei es keine feste Abgrenzung oder Reihenfolge von Lyrik und Prosa gibt. Das Aufschlagen einer neuen Seite bzw. eines neuen Tages ist stets eine Überraschung, ein Wunder, ähnlich dem Frieden wie einige Autoren meinen.

Die Stimmen der Autoren erreichen den Leser dabei nicht nur aus dem deutschsprachigen Raum, sondern international und als Querschnitt aus unterschiedlicher Perspektiven, Lebensweisen, Erfahrungen, Ängsten und Hoffnungen. Dies beginnt bereits bei der Definition des „Friedens“. Ist es das Schweigen der Waffen; die erbauliche Koexistenz? Ist es die Stille, die in der Andacht der Natur gefunden wird? Ist es innere Gelassenheit? Die thematische Inhomogenität der Texte kann keine klare Antwort finden – doch in dieser Offenheit liegt auch der Reiz, die vermeintlich kleine Gedankenwelt des in der Moderne gehetzt-gestressten Normalbürgers ebenso zu akzeptieren wie die innere Ruhe eines System-Aussteigers, der im Glauben steht, sich den großen Fragen des Universums zu widmen.

Doch zurück fällt das Gros der Texte unabhängig davon immer wieder auf die formelhafte Beschwörung von Harmonie, Liebe und Freiheit und der Wunsch nach Verständnis, Verständigung und einer sicheren Zukunft. Dieser ständige Rückgriff wirkt nicht ermüdend oder altbacken, nicht mit der Gewissheit im Hinterkopf, wie kostbar und leicht zerbrechlich der Frieden ist. Im Vorwort des Buches berichtet Michael Landgraf beispielsweise in einem kurzen historischen Abriss vom aufgezwungenen römischen Frieden über den dreißigjährigen Krieg bis zu den völkerrechtswidrigen Kriegen der Gegenwart. Im Nachwort erinnert Uli Rothfuss daran, welche Aufgabe gerade Autoren in solchen Zeiten zufällt und verstärkt die Erkenntnis, dass Frieden eine Leistung ist, an der alle mitwirken können.

Stil und Wirkung

Die Anthologie stützt sich auf das Abwechslungsreichtum der Beiträge: Hier überwiegen vor allem die lyrischen Werke und Prosagedichte. Es gibt auch vereinzelte Prosatexte, welche aber i. d. R. in ihrer Länge drei Seiten nicht überschreiten. Sprache wie Gattung sind vielfältig: nüchterner Essay, phonetische Sprachspiele, Aphorismen und Akrosticha, von ernst bis augenzwinkernd. Die Gedichte sind überwiegend reimlos und ohne Metrik, selten lösen sie sich ganz vom Schema klassischer Typografie und spielen so mit dem Betrachter. Immer wieder finden sich direkte und indirekte Zitate, die religiösen und philosophischen Schriften entstammen oder Persönlichkeiten zuzuordnen sind, welche sich als Aufklärer, Humanisten und Menschenrechtler einen Namen gemacht haben.

Thematisch sprechen die Autoren sich nicht nur für den Frieden aus, sondern illustrieren zum Teil auch verbal brutal die Schrecken des Krieges, zeigen die Zerstörung, den Schmerz, die Fremde und Einsamkeit. Wir erfahren von Hass, gezüchtet und blühend in den Rabatten. In einem Beitrag heißt es: „Da sah ich das Spiel der Liebe Arm in Arm mit den Drogen zum Dinner flanieren.“

Die Poesie soll uns mahnend im Gedächtnis bleiben und all die Bandbreite fassen; die Sicherheit des Friedens ebenso wie die Verzweiflung über die Sinnlosigkeit des Tötens. Diese Unnatürlichkeit, die uns als fühlende Wesen eigentlich fassungslos hinterlassen sollte, machen die Autoren durch ihre Sprache sichtbar: „Ich habe über den Frieden schreiben wollen, und dann verbrannte ich mich an Grablichtern.“

Fazit: Wie diese Anthologie helfen kann

„365 Tage Frieden“ ist nicht dafür geschrieben, sie wie ein gewöhnliches Buch von vorn bis hinten durchzublättern. Durch ihre Vielstimmigkeit soll sie Hoffnung wecken und mit dem Konzept, jeden Tag einen anderen Text vor sich zu haben, bindet sich der Leser an ein Stück Kontinuität.

Wer es sich zum Ritual machen möchte, jeden Tag einen Moment inne zu halten und einen der kleinen Friedenstexte zu lesen, wird gewiss die Möglichkeit finden, mit Vertrauen in die Zukunft zu blicken und sich gegen Angst zu wappnen. Die auch in zahlreichen Texten beschworenen Schrecken sollen dabei die Wichtigkeit des Friedens verdeutlichen und verschaffen der Reise durch das Jahr bzw. durch das Buch thematische und stilistische Abwechslung.

Der Wunsch nach Frieden und Versöhnung bleibt zeitlos, im Studium der Geschichte finden sich aber markante Punkte und Persönlichkeiten, die wir immer mit den großen Konflikten der Menschheit verbinden. Allgemeine, vergangene wie aktuelle Auseinandersetzungen, z. B. im Gaza-Streifen oder im Ukraine-Krieg kommen zur Ansprache, ebenso wie beispielsweise momentane Entwicklungen in den USA.

Wer dem Frieden eine Stimme geben möchte, kann durch dieses Buch seine Überzeugung stärken und die Stimmbänder emotional wie intellektuell trainieren. Die Schicksale und Beobachtungen der Autoren zeigen, dass wir fortwährend Fürsprecher für eine gemeinsame Zukunft brauchen werden.

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365 Tage Frieden

Hrsg. Rüdiger Heins und Michael Landgraf

Verlag EDITION MAYA, 2025

ISBN: 978-3-930758-95-1

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Dieser Beitrag wurde mit dem Pareto-Client geschrieben.

Not yet on Nostr and want the full experience? Easy onboarding via Start.

Artikel findet man auch auf Telegram unter:

https://t.me/pareto_artikel

https://t.me/friedenstaube_artikel

@ 91117f2b:111207d6

The debate about the strongest superhero between Marvel and DC has been ongoing for decades. Here's a breakdown of the top contenders:

Top 3 Strongest Marvel Heroes:

• Thor: As the Asgardian God of Thunder, Thor possesses formidable strength, durability, and control over elements like lightning and storms. His mastery over Mjolnir, his enchanted hammer, makes him a force to be reckoned with.

• Silver Surfer: With his Power Cosmic, Silver Surfer wields immense energy manipulation abilities, super strength, and speed. He's a formidable opponent in the Marvel universe.

• Thanos: As a powerful Eternal with Deviant genes, Thanos possesses extraordinary strength, durability, and regenerative abilities. His cosmic energy manipulation and telepathic skills make him nearly unbeatable.

Top 3 Strongest DC Heroes:

• Superman: With his Kryptonian origin, Superman's abilities include immense strength, speed, invulnerability, and sensory powers like heat vision and X-ray vision.

• Spectre: As the physical embodiment of the Wrath of God, Spectre has near-omnipotent power levels, manipulating time, space, matter, and energy on a cosmic scale.

• Doctor Manhattan: With his ability to perceive and manipulate reality, Doctor Manhattan's powers are unparalleled. He can alter the course of history and disintegrate foes with a mere thought.

The Strongest of Them All

According to recent rankings, the One Above All from Marvel takes the top spot as the most powerful character, surpassing even the likes of Spectre and Doctor Manhattan. The One Above All's omnipotent nature and role as the creator of the Marvel multiverse solidify its position as the ultimate authority ¹.

Ultimately, determining the strongest superhero between Marvel and DC is subjective and depends on the context of the story or battle. Both universes boast an array of formidable characters, each with unique abilities and strengths. In other words the strongest, and in a death match depends on the character, powers and the story context. But in all DC is said to be the strongest in a group fight of both MARVEL and DC.

@ 2aa53cab:e338bfac

The Problem with Traditional Banking

Let's be honest: traditional banking isn't working for everyone. High remittance fees eat into your hard-earned money, especially for cross-border transactions. Know Your Customer (KYC) barriers exclude millions from basic financial services. Banks hold only a fraction of your deposits in reserve, and when they fail—well, we've all seen what happens during financial crises.

These aren't just inconveniences; they're fundamental flaws in a system that was built for a different era. When you deposit money in a bank, you're essentially lending it to them, trusting they'll give it back when you need it. But what if there was a better way?

Bitcoin and the Self-Custody Revolution

In 2009, Bitcoin introduced something revolutionary: the ability to be your own bank. Now we're witnessing the emergence of a borderless, permissionless financial system that puts power back in the hands of individuals.

Self-custody embodies a simple but powerful principle: "Your keys, your assets." Unlike traditional banking where institutions control your funds, self-custody wallets give you complete ownership and control. No one can freeze your account, limit your transactions, or decide how you use your money.

This isn't just about technology - it's about financial freedom and democratization. Blockchain's distributed consensus mechanism allows secure, peer-to-peer transactions without centralized authorities, solving the fundamental problem of digital money: preventing the same funds from being spent twice.

The Challenges We Face

Of course, this financial revolution isn't without hurdles:

Security Concerns: Losing your private keys means losing your funds - forever. While solutions like multi-signature wallets and social recovery mechanisms are emerging, the responsibility can feel overwhelming for newcomers.

Regulatory Uncertainty: Governments worldwide are still figuring out how to regulate crypto. The EU's new crypto-asset framework and similar initiatives in Dubai and Switzerland are steps in the mixed directions, additionally inconsistent regulations create confusion.

Technical Complexity: Bitcoin can take up to 60 minutes to confirm transactions, making it impractical for daily use. However, solutions like the Lightning Network are addressing these limitations.

Environmental Impact: Bitcoin's energy consumption is significant - 45.8 TWh annually as of 2018. Yet emerging research suggests Bitcoin mining actually supports renewable energy development and grid stability.

The Research Gap

Despite these challenges, something remarkable is happening. The crypto industry has matured significantly - compliance is improving, technology is advancing, and user experience is getting better.

But here's what's missing: understanding. While blockchain technology offers unprecedented financial autonomy, most people still don't understand how it works or why it matters. Self-custody remains under-researched and under-utilized, creating a gap between the technology's potential and its actual adoption.

This gap prompted me to ask a critical question: What actually drives people to adopt self-custody wallets? To find answers, I conducted comprehensive research using the Unified Theory of Acceptance and Use of Technology (UTAUT) - a well-established psychological framework for understanding technology adoption.

My Research: Uncovering What Really Matters

I extended the traditional UTAUT model with additional factors specific to blockchain technology, including Technology Awareness, Personal Innovativeness in IT, and Perceived Control. After distributing questionnaires and gathering responses from 131 participants, I analyzed the data using advanced regression analysis methods.

The results challenged everything we thought we knew about technology adoption.

Surprising Finding #1: Traditional Factors Don't Matter

Conventional wisdom suggests that people adopt new technologies because they're useful or easy to use. My research revealed the opposite for self-custody wallets. Performance Expectancy (how useful people think the technology is) and Effort Expectancy (how easy they think it is to use) showed no significant influence on adoption decisions.

This finding is gripping. It suggests that when it comes to transformative technologies like blockchain, people's adoption decisions aren't driven by traditional utility calculations. Instead, they're motivated by something deeper.

Surprising Finding #2: Control Isn't What You Think

Even more unexpected was the role of Perceived Control. While individual analysis showed that feeling in control positively influenced adoption intentions, this effect completely disappeared - and even became slightly negative—when other factors were considered.

This paradox reveals something profound about technological maturity: as people develop deeper awareness of blockchain technology, they begin to understand the inherent limitations of control - even in self-custody systems. While Bitcoin offers significantly more control than traditional finance, truly informed users recognize that complete control is still an illusion.

Consider the realities: network congestion can delay transactions, protocol upgrades require consensus, market volatility affects value regardless of custody method, and the broader ecosystem still depends on exchanges, miners, and developers. As users become more technologically aware, they shift from seeking the illusion of total control to appreciating the relative autonomy that self-custody provides compared to traditional banking.

What Actually Drives Adoption

Research identified three critical factors that truly drive self-custody adoption:

1. Facilitating Conditions + Technology Awareness: The strongest predictor of adoption was having access to support resources combined with understanding blockchain's underlying principles. People need more than just technical support - they need to grasp why decentralization matters and how it empowers them.

2. Personal Innovativeness in IT: Individuals with higher technological curiosity and willingness to experiment with new technologies showed significantly greater adoption propensity. Early adopters aren't just tech-savvy; they're psychologically wired to embrace paradigm shifts.

3. Social Influence: Community and peer networks play a crucial role in adoption decisions. Unlike traditional technologies where social influence mainly drives awareness, in self-custody solutions, social networks serve as vital support systems for managing increased responsibility and complexity.

What This Means for the Future

These findings have profound implications for how we approach blockchain adoption:

For Individuals

Don't focus on whether self-custody is "easy" or "useful" - instead, invest time in understanding the fundamental principles of decentralization and building connections with knowledgeable communities. The technology's transformative potential becomes clear once you grasp its underlying philosophy.

For Educators and Organizations

Traditional approaches emphasizing convenience and utility miss the mark. Instead, focus on building comprehensive support systems and fostering deep technological understanding. Education should emphasize blockchain's empowering principles, not just operational mechanics.

For Policymakers

Regulations should support infrastructure development and community-driven learning rather than imposing traditional financial controls. Progressive jurisdictions like Switzerland and El Salvador demonstrate how supportive policy frameworks can accelerate adoption while protecting consumers.

For the Industry

Success in self-custody adoption depends more on building robust support infrastructure and fostering social networks than on emphasizing utility or ease of use. Companies should prioritize community building, comprehensive education, and graduated access systems that allow users to learn progressively.

The Bigger Picture

This research reveals something fundamental about how transformative technologies are adopted. When technologies don't just offer new features but challenge existing paradigms - like blockchain's challenge to traditional banking - adoption follows different rules.

The shift toward self-custody represents more than technological evolution; it's a fundamental movement toward democratizing finance. It addresses critical inefficiencies in traditional financial infrastructure while enabling a more inclusive financial future.

My research shows that this transition won't happen through traditional marketing approaches emphasizing convenience or performance. Instead, it requires building communities of understanding, creating comprehensive support systems, and recognizing that some people are naturally positioned to lead this transformation.

Why This Matters Now

Whether you're sending money to family abroad, protecting your savings from inflation, or simply wanting more control over your financial life, understanding self-custody wallets could be one of the most important financial decisions you make.

The data is clear: we're at the beginning of a financial revolution driven not by utility calculations but by deeper human needs for autonomy, understanding, and community. Those who grasp this distinction - and invest in building the necessary knowledge and connections - will be best positioned for the financial future that's rapidly approaching.

The future of money isn't just digital - it's self-sovereign. And this research to prove what that transformation really requires.\ \ Original research can be found here - "Do Users Understand and Want Self-Custody? Insights from an Extended UTAUT Perspective," Google Scholar**

@ e97aaffa:2ebd765d

O mercado imobiliário português está a viver uma enorme bolha. É tão grave, está se tornando mais que uma crise de habitação, mas sim uma crise geracional. Os jovens portugueses não conseguem comprar casa, acabam por adiar indefinidamente a criação da família ou ter filhos, ou então a solução mais fácil é emigrar. Esta crise está a condenar a gerações mais novas e sem os mais novos, condenamos o futuro do país.

Problema

A origem do problema é o excesso de procura/demanda, Portugal ficou na moda, o turismo cresceu exponencialmente, quase diariamente são inaugurados novos hotéis nos centros das cidades e também houve um forte crescimento Alojamento Local(Airbnb). Tudo isto removeu muitas casas do mercado.

Além disso, Portugal tornou-se num destino para aposentados de outros países, sobretudo do norte da Europa e de nómadas digitais, que têm um poder de compra muito elevado, muito superior aos locais.

Para complicar ainda mais, nos últimos 5 anos houve uma imigração descontrolada, em plena crise de habitação, a população aumentou 20%. Com tanta gente nova, onde vai morar tanta gente?

Todos os portugueses, sobretudo nos grandes centros, conhecem casos de casas sobrelotadas, 10 ou 20 ou 30 pessoas a viver na mesma casa. É desumano, é uma escravatura moderna. Depois estas pessoas fazem concorrência desleal, porque eles podem pagar rendas de casas altas, o custo é dividido por 20 pessoas, enquanto os jovens casais portugueses não conseguem pagar.

Não existe um único problema, é uma soma de vários problemas, que gera uma enorme bolha.

Oferta

Tudo isto resultou num aumento da procura por habitação, mas como em tudo na economia, sempre que existe um aumento da procura, posteriormente o mercado ajusta-se, com o aumento da oferta, só que isso não está a acontecer.

A oferta de nova habitação é extremamente baixa, é insuficiente para o volume da procura. Até parece estranho, se o preço das casas estão muito elevadas, porque razão os promotores imobiliários não constroem mais?

Aqui está a razão da crise da habitação do mercado português, parece um problema sem solução.

A burocracia, a falta de terrenos, os impostos altos, falta de trabalhadores, tudo isto contribui para a crise na oferta, mas estes problemas sempre existiram em Portugal, não é uma coisa de hoje. Há 15 anos, mesmo com esses mesmo problemas, o mercado florescia, claramente dificultava mas não foram um entrave.

A meu ver, o problema está no financiamento.

Até à crise do subprime, os promotores imobiliários financiavam-se, quase em exclusividade na banca, com o juro muito baixo. Durante a crise, os casos mais problemáticos de crédito malparado foram de promotoras imobiliárias e de empresas de construção civil.

A crise do subprime e posteriormente a crise das dívidas soberanas, levou a UE a criar novas regras bancárias, onde criou muitas restrições ao acesso ao crédito por parte das empresas. Essas novas regras, que limitou o acesso ao crédito, provocaram uma alteração no modelo de financiamento das promotoras imobiliárias. Em vez de se financiarem na banca, os promotores vendiam primeiro as casas, antes de as construir. As promotoras recebiam parte do dinheiro e com esse dinheiro, financiavam a obra.

O modelo funcionou até ao pós pandemia, a impressão de dinheiros por parte dos governos foi monstruosa, criando uma forte inflação. Essa inflação provocou uma forte subida de preço nos materiais de construção e na mão de obra. Como as promotoras venderam as casas anteriormente, o valor que venderam as casas não foi suficiente para cobrir os novos custos da construção. Este problema provocado pela inflação, não afetou apenas o imobiliário, mas sim toda a economia, foram milhares de obras, por todo o país que não foram concluídas, as empresas faliram.

Este problema de financiamento, afecta sobretudo o mercado imobiliário da classe média, onde o custo é mais controlado, onde as empresas têm uma menor margem de lucro, o mínimo erro pode provocar uma falência. Por esse motivo, mas empresas de construção estão a preferir construir, o imobiliário de luxo, onde a margem de lucro é superior, minimiza a margem de erro. Mas o grande problema, é que falta habitação para a classe média.

A inflação é um grande problema, gera muita instabilidade nas empresas, torna-se imprevisível fazer um orçamento. Se a inflação é um forte contribuidor para o problema da habitação em Portugal e em breve teremos mais uma emissão massiva de novo dinheiro, por parte do BCE, parece um problema sem solução. As empresas terão que arranjar um novo método de financiamento, ou adaptar-se à inflação. Uma coisa é quase certa, na próxima década vamos ter alta inflação, porque é a única maneira para evitar o colapso dos governos, devido às enormes dívidas soberanas.

Procura/demanda

A resolução do problema do aumento da oferta é tão complexo, os governos vão optar pelo caminho mais fácil e populista, atacar a procura.

Nos próximos anos, os governos vão aprovar medidas mais autoritárias e antidemocráticas para minimizar o problema. Medidas como impedir os estrangeiros ou não residentes de adquirirem casas, impostos muito altos para 2° habitação, para forçar a venda ou o arrendamento, os Airbnb também serão um alvo.

Em suma, quem tiver uma casa como reserva de valor, para fugir à inflação, será declarada persona non grata.

Fix the money, Fix the world!

@ a3c6f928:d45494fb

We live in a world that worships productivity and glorifies the grind. Rest is often seen as weakness, laziness, or a luxury you must earn. But true freedom includes the right to pause—to exhale, to be still, to exist without proving. Choosing rest isn’t stepping back—it’s stepping into wholeness.

The Lie of Endless Motion

We’re taught that to be worthy, we must be busy. We keep moving, not because we’re always inspired—but because we’re afraid of what stillness might reveal. But you are not a machine. You are a soul. And your value is not tied to output.

Why Rest Takes Courage

It means trusting that you’re enough—even when you’re doing nothing

It challenges the belief that busyness equals importance

It requires facing emotions we often outrun

It invites us to slow down in a world that keeps speeding up

Signs You Need Rest

Constant fatigue or irritability

Feeling disconnected from joy or purpose

Difficulty making decisions or being present

Losing the ability to celebrate wins

Reclaiming Your Right to Pause

1. Redefine Rest: Rest isn’t failure. It’s fuel.

2. Listen to Your Body: If it’s whispering, don’t wait for it to scream.

3. Release Guilt: Rest is not a reward. It’s a requirement.

4. Schedule Silence: Make time for nothing. Guard it like gold.

5. Celebrate Stillness: Let rest be sacred—not secret.

Why This Freedom Matters

Rest gives you back to yourself. It reconnects you to your wisdom, creativity, and humanity. In stillness, the truth becomes clear. In quiet, the next step finds you.

---

“You don’t need to earn your right to breathe. You already belong here.”

Choose rest. Claim space. That, too, is liberation.

@ 93bfc86d:fc8e91f5

M of N 분산

이번 5월 BSL 컨퍼런스와 비트코인 서울 2025 컨퍼런스에서 펜락(Penlock) 프로젝트에 참여하고 있는 한 분을 만났다. 아마 이 분을 만난 한국인 분들이 더 있을 텐데, 현재는 익명을 원하시므로 프라이버시 보호를 위해 실명을 언급하는 것은 주의하는 것이 좋겠다.

키를 M of N으로 분산하는 방식 중 내가 알고 있는 건 멀티시그와 샤미르 분산이다.

멀티시그는 각자가 키를 생성하지만,

1. 스크립트 길이가 길어지고, 스크립트를 해시로 감싼다고 해도 일반 주소보다 길다.

2. 일반적인 P2MS는 공개키가 드러나므로 프라이버시 보장이 안 되고, P2SH로 감싸도 서명할 때 각자의 공개키가 드러난다(리딤 스크립트가 드러나므로).

이런 특징을 갖고 있다.

샤미르 분산은 하나의 키를 분산하는 방식이므로,

1. 키를 복원했을 때는 결국 하나의 키가 생성되므로 키가 복원되었을 때 보안에 매우 주의해야 한다.

2. 하지만 외부에서 볼 때는 어떤 방식으로 분할이 되었는지 알 수가 없으므로 프라이버시에 좋다.

이런 특징을 갖고 있다.

M of N은 회사에서의 권한 분산, 상속, 위험 지점 분산, 신뢰 지점 분산 등에 사용할 수 있을 것이다. 하지만 나는 멀티시그와 샤미르 분산이 둘 다 M of N을 구현하지만 그 특성이 약간 다르기 때문에 적합한 용처도 다르다고 생각한다. 만약 한 기업이 여러 이사진의 의사결정 과정에서 권한을 분산해야 한다면 멀티시그 방식이 훨씬 나을 것이다. 이사 각각이 서명하면 되기 때문이다. 여기다가 샤미르 분산을 쓴다면 이사 몇 명이 모여 키 하나를 생성했을 때 쪼개기 전의 원래 하나의 키가 생기므로 권한 분산에 차질이 생길 수 있다. 그 키를 갖는 사람이 갑자기 모든 권한을 가질 수 있게 되기 때문이다. 거꾸로 한 개인이 키를 백업하고자 하는데 키를 분실하거나 화재나 기타 재난 등의 이유로 파괴될 것에 대비하여 여러 장소에 분산하여 보관하고 싶다면 샤미르 분산이 더 적합할 것이다. 키 조각들을 합쳐서 원래 키가 생겼을 때 그 키는 어차피 한 개인이 쓰는 것이므로 권한 구조가 갑자기 한 곳으로 몰리는 것에 대해 걱정할 필요가 없기 때문이다.

그런데 샤미르 분산은 멀티시그보다 직관적이진 않은 것 같다. 멀티시그는 스크립트 구조를 보면 바로 어떤 구조인지 알 수 있다. 손으로 따라 쓸 수도 있는 수준이다. 하지만 트레저가 도입한 샤미르 분산인 SLIP-0039 같은 형식은 직관적이지가 않다. 일단 샤미르 분산이 다항함수를 통한 비밀 분산을 쓰는 원리라는 걸 이해해야 하고(키 조각이 부족하면 부정방정식이 되어서 복구 불가), 그걸 통해 복구하는 과정에서 사용하는 라그랑주 보간법이 인간이 손으로 계산하기에는 너무 어렵다. 키를 분할하고 복구하는 과정이 수학적인 함수 공간에서 정의되고, 사용자는 키 조각들만 보게 되므로 내부 구조에 대해 직관적으로 이해하기가 어렵다.

오프라인 손 계산과 직관적 이해

조금 다른 주제로 넘어가보자. 나는 기술의 사용자들이 그 기술을 '직관'적으로 이해할 수 있는 지가 매우 중요하다고 생각한다. 비트코인 경험에는 특히 '검증'이 중요한데 어떤 기술을 직관적으로 이해할 수 없다면 검증은 전문가들만의 전유물이 되기 때문이다.

예를 들어보자. 앨리스, 밥, 캐롤이 각각 니모닉을 만들었다.

1. 앨리스는 기계가 생성해준 니모닉을 사용한다. 기계는 SE칩 내부에 있는 전자의 브라운 운동 등을 엔트로피로 이용해 랜덤한 엔트로피를 생성했다. 하지만 앨리스는 이 사실을 모르고, 따라서 기계를 신뢰해야 한다. 앨리스는 기계가 생성해 준 엔트로피가 충분히 랜덤하고 안전하다고 "믿고 있다." 사실이 그런지 아닌지와는 별개로 말이다.

2. 밥은 주사위를 던져서 만든 니모닉을 사용한다. 하지만 주사위를 던졌을 때 나온 값이 어떻게 니모닉으로 변환되는지는 모른다. 기계는 주사위를 던져 나온 숫자를 유니코드 문자열로 인식하여 SHA256을 한 번 돌린 뒤, 그 해시값을 엔트로피로 사용한다. 밥은 자신이 직접 주사위를 던졌으므로 엔트로피가 랜덤하게 생성되었다는 것은 직관적으로 알지만, 그 숫자가 어떻게 니모닉으로 계산된 건지는 모른다.

3. 캐롤은 직접 동전을 던져 0, 1을 기록하고 자신이 직접 니모닉 표를 보며 니모닉을 대응시켰다. 따라서 캐롤은 자신이 사용하는 니모닉이 랜덤하다는 것도 이해하고 있으며, 랜덤한 엔트로피를 어떻게 니모닉에 대응시키는지도 알고 있다.

세 가지 경우 중 누가 니모닉에 대해 가장 잘 직관적으로 이해하고 있겠는가? 당연히 3번 캐롤이다. 이렇듯 오프라인에서 동전을 던져 직접 엔트로피를 생성하고, 표를 보며 손으로 직접 니모닉에 대응시키는 과정은 니모닉을 직관적으로 이해하는 데 매우 중요하다.

솔직히 3번의 경우도 완전히 신뢰 지점이 없진 않다. 왜냐하면... 니모닉의 체크썸을 계산하는 과정에서 해싱을 해야 하기 때문이다. 손으로 SHA256 함수를 계산할 수 있는 게 아니라면... 캐롤은 어떤 기계에게 체크섬 생성을 맡길 수밖에 없다. 그러면 적어도 그 과정에 대한 이해의 폭은 제한될 수밖에 없다.

오프라인에서 계산하는 경험들이 왜 직관적인 이해에 더 도움이 될까? 그 과정들을 자신이 온전히 통제하기 때문이다. 기계에 맡겨야 하는 순간에는 그 기계 안에서 무엇이 일어나는지 알 수 없으며 따라서 자신의 통제 밖에 있다.

펜락 프로젝트

서론이 길었다! 다시 샤미르 분산 이야기로 돌아오겠다. 샤미르 분산을 '손으로 계산'해 키 조각을 만들고, 키 조각들을 모아 다시 오프라인에서 '손으로 계산'해 하나로 만들 수 있을까? 거의 불가능에 가까울 것이다!

그런데 이번에 BSL 컨퍼런스에서 펜락 프로젝트에 참여하고 있는 한 분을 우연히 만나 인사를 나눴고, 며칠 뒤 있는 비트코인 서울 컨퍼런스에서 그 분이 나한테 선물을 주셨다. 바로... 아래 사진의 회전판이다. 직접 가위로 자르고 핀을 꽂는 것까지 봤다(컨퍼런스 강연 중에 뒷자리에서 가위로 자르고 있어서 웃음을 참을 수가 없었다ㅋㅋㅋ). 나는 이 귀엽고 조악한 회전판을 처음 봤을 때 이 위력에 대해 알지 못했다...

이 펜락 프로젝트 회전판은... 샤미르 분산처럼 하나의 키를 키 조각으로 나누고, 그 키 조각들을 오프라인에서 원래 키로 복구할 수 있게 만들어준다. 이게 작동하는 걸 처음 봤을 때 나는 정말 정말 x21 엄청나게 놀랐다.

사용 방법을 간단히 말해보자면, 메인 키(니모닉)가 있으면 니모닉 한 단어의 앞 4개 문자만 적는다(이유는 다들 아실 거라 생각... 니모닉은 앞 4글자가 겹치는 경우가 없기 때문). 그 다음에 두 숫자를 뽑는다. 1–32까지의 숫자 한 장, 그리고 1–32까지의 숫자인데 흰 동그라미/검은 동그라미 나눠져있는 걸로 한 장(그러면 총 64가지 경우일 것이다). 그러면 32*64 = 2,048가지 경우가 나온다. 그리고 체크섬을 표에서 찾아 적는데, 솔직히 추가 체크썸이 왜 필요한 건지는 아직 이해를 못했다. 진짜로 이 오프라인 과정을 해보며 생길 수 있는 오류를 잡기 위한 체크썸인 것으로 이해된다.

어쨌든 하이라이트는 지금부터인데... 자, 니모닉에서 'F'라는 단어가 있다고 해보자. 그러면 아래 사진처럼 눈금을 F에다 둔다. 그 다음 랜덤한 숫자를 뽑는다. 그렇게 뽑은 숫자가 22이라고 해보자. 그러면 회전판 내부에서 22, 23, 24에 있는 문자를 각각 아래에 적는다. 이게 키 조각이다... F가 ① V, ② P, ③ J 이렇게 세 가지 조각으로 분할 된 거다.

이제 세 개의 키 조각 ① V, ② P, ③ J로 키를 복구하는 상황을 생각해보자. 만약 ③번 키 조각인 J가 화재로 날아가버렸다. 2 of 3이니 그래도 키 조각이 두 개만 있어도 복구할 수 있다. ①번 키 조각인 V와, ②번 키 조각인 P를 조합해 키를 복구해보겠다. 그러면 회전판을 움직여... P가 V를 바라보게 하면 된다. 사진에서 빨간 박스로 표시한 부분이다. 그러면 큰 눈금이 원래 키인 F를 가리키게 된다. 정말 미쳤다! 만약, ②번 키 조각 P와, ③번 키 조각 J가 있다면 J가 P를 바라보게 하면 된다. 만약 ③번 키 조각 J와, ①번 키 조각 V로 키 복구를 시도한다면 J가 V를 바라보게 하고, 대신 ③번이 ①번을 바라보게 하는 것처럼 순환하는 상황에는 큰 눈금이 아니라 내부 1번 네모칸을 읽어야 한다.

펜락 회전판의 뒷면을 보면 이걸 어떻게 구현했는지 대강 알 수가 있다. 펜락 프로젝트는 반지름을 조금씩 다르게 하고, 회전 각도를 서로소인 두 숫자를 이용해 글자들이 겹치지 않도록 구현한 걸로 보인다. 말로 설명했지만, 직접 해봐야 "미쳤다!" 소리가 저절로 나온다. 이거 직접 해보면 ~비속어가 나올 정도로~ 놀란다. 정말로.

펜락 프로젝트는 오픈 소스라고 하고, 최고 개발자는 ganrama이다(사이트는 아직 베타라서 내용들이 채워지고 있는 걸로 보인다ㅎㅎ).

https://github.com/ganrama

https://beta.penlock.io/

나는 비트코인에서 나오는 프로젝트들을 일단 의심부터 하고 보는 편이다. 그런데 펜락은 직관적으로 다 이해가 되기 때문에 현재는 우려할만한 점이 생각나지 않는다. 비트코인 프로젝트들 중에는 편리함, 보안, 프라이버시 중 무언가를 희생시키고 그걸 교묘히 감추려고 하거나 비즈니스 모델을 만들다가 초기의 정신을 잊는 경우가 많다. 그런데 이 프로젝트는 그에 해당할 만한 게 없는 것 같아서 일단 의심의 눈초리를 거두고 응원한다. 내가 오프라인에서 직접 키를 분할해보고, 조합해본 경험이 너무 강렬하게 작용했기 때문인 것 같다. 펜락 대표 개발자가 올해 하반기에 기회가 된다면 한국에서도 소개하고 싶다고 하니 계속 관심을 갖고 지켜보려고 한다.

@ 2cde0e02:180a96b9

pen, watercolors & brushpen;

https://stacker.news/items/1006873

@ 8bad92c3:ca714aa5

Key Takeaways

In this landmark episode of TFTC, Adam Back and Sean Bill explore Bitcoin’s path to $1 million, focusing on its growing role as pristine collateral in a faltering financial system. Back highlights Blockstream’s infrastructure efforts, from mining operations to tokenized securities, designed to support this transformation, while Bill shares how he navigated institutional skepticism to bring Bitcoin exposure to a U.S. pension fund. Together, they unpack how institutions are entering the space through structured products and Bitcoin-backed credit, with Blockstream’s mining notes offering a glimpse of this new financial architecture. Amid rising debt, inflation, and fiat fragility, the duo presents Bitcoin not just as sound money, but as a strategic reserve asset gaining traction from El Salvador to Wall Street.

Best Quotes

"It's not a stretch to say that Bitcoin could reach parity with gold. That would imply something closer to a million dollars a coin."

"Digital gold vastly understates Bitcoin’s potential, but it’s where the conversation had to start."

"We’re not just building software, we’re solving financial market gaps, one at a time."

"You can wipe out an entire pension fund’s unfunded liability with a 2% allocation to Bitcoin, if it performs as we expect."

"ETF buyers are the new hodlers. They’re not day traders; they’re five-year pocket investors."

"Bitcoin is becoming super collateral, its role in structured credit could help engineer the soft landing everyone hopes for."

"In a world of financial repression, Bitcoin is how the have-nots finally access property rights and savings."

"Emerging markets will be the early adopters of Bitcoin finance because they need it the most."

"You worked for your money. To systematically steal it through hidden inflation is perverse."

"Bitcoin could be the story that saves public pensions, and the people relying on them."

Conclusion

This episode presents a bold vision of Bitcoin as more than sound money, it’s the foundation of a new global financial system. Adam Back and Sean Bill argue that Bitcoin’s role as “super collateral” is reshaping credit, pensions, and sovereign reserves, while a robust infrastructure of financial tools quietly prepares it to absorb institutional capital. As fiat trust erodes, Bitcoin’s adoption will be driven not by hype, but by necessity, and when the shift becomes undeniable, $1 million per coin will mark the start of a new financial era.

Timestamps

00:00:00 - Intro
00:00:38 - New ATH
00:02:06 - Sean's Journey Getting Bitcoin Into Pensions
00:03:15 - Blockstream's Evolution Into Finance
00:08:30 - Building Bitcoin Financial Infrastructure
00:14:30 - The Challenge of Conservative Pension Boards
00:17:02 - Bitkey
00:18:10 - Bitcoin's Current Price and Market Cycle
00:24:05 - Bitcoin as Super Collateral
00:27:24 - Unchained
00:30:09 - Cypherpunk Ideals vs Financial Reality
00:34:55 - Pension Fund Crisis and Bitcoin Solution
00:42:29 - The Cypherpunk Banking Stack
00:49:54 - Digital Cash and Free Banking
00:57:06 - Liquid Network and Institutional Rails
01:07:49 - Sean At CBOT
01:22:16 - Bitcoin Futures and Market Structure
01:25:53 - 2025 Bitcoin Price Predictions

Transcript

(00:00) I'm uh permeable, so I'm always astounded that it's not, you know, 10 or 100 times higher. If everybody saw it, the addressable mark, I mean, it would already be 100 200 trillion asset class, right? That's not a stretch to say that Bitcoin could reach parody with gold. That would imply something closer to a million dollars a coin.
(00:18) You see some established public market companies in different countries saying, "Oh, we're going to buy a billion of Bitcoin. We're going to raise and buy 500." Black Rockck ETF. They're even talking about recommended allocations to portfolio managers in the 2% range. Obviously, digital gold would vastly understate the potential of Bitcoin.
(00:38) Gentlemen, thank you for joining me. Of course. Thanks for having us on. Uh Adam, I was just saying I'm woefully embarrassed. This podcast is almost 8 years old and this is your first time on the show. Oh, okay. This is uh but it's an exciting time. Yeah. And you uh really dedicated to podcast. It's been a lot of years, a lot of episodes, right? It has been. Cool.
(00:59) I think we're approaching 700, which is crazy to think. Wow, that is impressive. The uh No, we're talking hit a new alltime high today. Yeah, Bitcoin doing Bitcoin things just as we were on stage uh at the talking hedge kind of asset manager conference uh trying to explain to them why they should put Bitcoin in their uh fund allocations.
(01:23) Yeah, we were discussing it before we hit record and I saw Tur's tweet looked like Tur was at the event, too. Yeah, he was. M so 50% held up they have Bitcoin in their personal account but only 2% or 4% of the funds very few that actually had allocated to Bitcoin. So a lot of them are believers at a personal level but they haven't been able to sell it within their institution you know so they own it themselves uh but they haven't quite gotten the boards to agree yet.
(01:53) So which was a similar situation I was in in 2019 when I first proposed it. You know, I had my experience with Bitcoin. I had a very good experience and was trying to convince uh the pensions in California that they should be looking at adding Bitcoin to the portfolio. Yeah. And it was great to hear some of your background last night, Sean.
(02:11) So, Sean, for those of you watching, uh is the CIO at Blockstream now. Yeah. I am really excited to have both of you here because I've got into Bitcoin in 2013 and nerded out uh on the tech side of Bitcoin distributed system mining full nodes the layered stack that's been built out and so I followed probably all the work that you guys have done at Blockstream since you've been around and it's been really cool to see everything you've done from the Blockstream satellite.
(02:42) I've broadcast some transactions through that before. It's a Jade um uh CLN or excuse me, Core Lightning now. Um the uh liquid and now over the last few years really sort of leaning into the financialization of finance as I like to um to reference it. And so Adam, like how's that transition from being hypert focused towards a more financial perspective on Bitcoin been? Well, actually in our 2014 uh kickoff meeting, you know, with the founders sitting around big whiteboard, we were trying to forward cast what we'd have to do to get
(03:28) a Bitcoin layer 2 for, you know, settlement of assets and Bitcoin working. And one of the risk you know so we thought we'll build the tech and other people issue the assets but like well they might be lazy they might not do it if that happens we'll have to do it ourselves. So there was a lot of situations like that actually where you know you would think there would be lots of people building applications but many people are really just more in business development and a technology is basically a website and a database and
(03:55) you know Bitcoin core wallet on a server or something like that right so we actually ended up building a lot of middleware and getting into asset management a couple earlier steps one was the mining note so we're doing hosting and mining in our own account and what we did when when it was public that we were hosting initially Fidelity was the uh launch customer.
(04:16) They kept coming back to us and saying, "No, we need we need some hosting." And you know, uh, they'd looked around and decided that we were the best. We were we were like, "No, no, we're prop mining. We don't do hosting." But they persuaded us to host them. And then we're like, "Okay, maybe we should expand and host for other people.
(04:31) " And then that became news. And so then a lot of Bitcoiners contacted us and says, you know, I've got like a dozen miners. Can you host them for me? And of course, if you're if you're hosting for thousands of customers, that's a whole you need need a support team. Somebody has got two miners and one of them's crashed or failed, they're very upset, right? It's half the revenue.
(04:52) Whereas somebody's got, you know, 10,000 per client, it's just part of the, you know, maintenance cycle like a big data center. Discs fail 1% a year, you replace them when they die, they raid, it doesn't matter, right? So, it's kind of that phenomena. So we try to figure out well how can we help you know how can we help people do this without creating a you know that painoint and so we designed this mining note concept where it's kind of socialized so that collectively they look like one of the enterprise customers and then we put a 10% buffer in it so that we would eat
(05:22) the first 10% of equipment failure so they wouldn't get you know the drooping hash rate as miners like failed due to age uh for the for the onset And we also figured out how to try and make them a unified market. So, you know, we're selling more tranches into the market. This started in 2021, a three-year product.
(05:45) And um you know, there was some people on the launch branch and then some people 3 months later. So, what we do is look at how many Bitcoin it had mined in the first three months. We buy that and then match it with a 33month contract for the next one. And so the economically equivalent neither dilutive or anti-dilutive for the buyer and therefore they could trade in a unified market even though there were eight sales tranches over the first I don't know like 12 months or something like that and that that market you know it was using initially using uh liquid
(06:17) security tokens uh with uh stalker a European company that does the securitization I mean the legal p

@ 88cc134b:5ae99079

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@ b1ddb4d7:471244e7

The latest AI chips, 8K displays, and neural processing units make your device feel like a pocket supercomputer. So surely, with all this advancement, you can finally mine bitcoin on your phone profitably, right?

The 2025 Hardware Reality: Can You Mine Bitcoin on Your Phone

Despite remarkable advances in smartphone technology, the fundamental physics of bitcoin mining haven’t changed. In 2025, flagship devices with their cutting-edge 2nm processors can achieve approximately 25-40 megahashes per second when you mine bitcoin on your phone—a notable improvement from previous generations, but still laughably inadequate.

Meanwhile, 2025’s top-tier ASIC miners have evolved dramatically. The latest Bitmain Antminer S23 series and Canaan AvalonMiner A15 Pro deliver 200-300 terahashes per second while consuming 4,000-5,500 watts. That’s a performance gap of roughly 1:8,000,000 between when you mine bitcoin on your phone and professional mining equipment.

To put this in perspective that hits home: if you mine bitcoin on your phone and it earned you one penny, professional miners would earn $80,000 in the same time period with the same effort. It’s not just an efficiency problem—it’s a complete category mismatch.

According to Pocket Option’s 2025 analysis, when you mine bitcoin on your phone in 2025, you generate approximately $0.003-0.006 in daily revenue while consuming $0.45-0.85 in electricity through constant charging cycles. Factor in the accelerated device wear (estimated at $0.75-1.20 daily depreciation), and you’re looking at losses of $1.20-2.00 per day just for the privilege of running mining software.

Mining Economic Factor

Precise Value (April 2025)

Direct Impact on Profitability

Smartphone sustained hash rate

20-35 MH/s

0.00000024% contribution to global hashrate

Daily power consumption

3.2-4.8 kWh (4-6 full charges)

$0.38-0.57 at average US electricity rates

Expected daily BTC earnings

0.0000000086 BTC ($0.0035 at $41,200 BTC)

Revenue covers only 0.9% of electricity costs

CPU/GPU wear cost

$0.68-0.92 daily accelerated depreciation

Reduces smartphone lifespan by 60-70%

Annual profit projection

-$386 to -$412 per year

Guaranteed negative return on investment

Source: PocketOption

Bitcoin’s 2025 Network: Harder Than Ever

Bitcoin’s network difficulty in 2025 has reached unprecedented levels. After the April 2024 halving event that reduced block rewards from 6.25 to 3.125 BTC, mining became significantly more competitive. The global hash rate now exceeds 800 exahashes per second—that’s 800 followed by 18 zeros worth of computational power securing the network.

Here’s what this means in practical terms: Bitcoin’s mining difficulty adjusts every 2,016 blocks (roughly every two weeks) to maintain the 10-minute block time. As more efficient miners join the network, difficulty increases proportionally. In 2025, mining difficulty has increased compared to 2024, making small-scale mining even less viable.

The math is unforgiving:

• Global Bitcoin hash rate: 828.96 EH/s
• Your smartphone’s contribution: ~0.000000003%
• Probability of solo mining a block: Virtually zero
• Expected time to mine one Bitcoin: Several million years

Even joining mining pools doesn’t solve the economic problem. Pool fees typically range from 1-3%, and your minuscule contribution would earn proportionally tiny rewards—far below the electricity and device depreciation costs.

The 2025 Scam Evolution: More Sophisticated, More Dangerous

Fraudsters now leverage AI-generated content, fake influencer endorsements, and impressive-looking apps that simulate realistic mining activity to entice you to mine bitcoin on your phone.

New 2025 scam tactics include:

AI-Powered Fake Testimonials: Deepfake videos of supposed successful mobile miners showing fabricated earnings statements and encouraging downloads of malicious apps.

Gamified Mining Interfaces: Apps that look and feel like legitimate games but secretly harvest personal data while simulating mining progress that can never be withdrawn.

Social Media Manipulation: Coordinated campaigns across TikTok, Instagram, and YouTube featuring fake “financial influencers” promoting mobile mining apps to younger audiences.

Subscription Trap Mining: Apps offering “free trials” that automatically charge $19.99-49.99 monthly for “premium mining speeds” while delivering no actual mining capability.

Recent cybersecurity research shows that over 180 fake mining apps were discovered across major app stores in 2025, with some accumulating more than 500,000 downloads before being removed.

Red flags that scream “scam” in 2025:

• Apps claiming “revolutionary mobile mining breakthrough”
• Promises of earning “$10-50 daily” from phone mining
• Requirements to recruit friends or watch ads to unlock withdrawals
• Apps that don’t require connecting to actual mining pools
• Testimonials that seem too polished or use stock photo models
• Apps requesting permissions unrelated to mining (contacts, camera, microphone)

The 2025 Professional Mining Landscape

To understand why, consider what professional bitcoin mining looks like in 2025. Industrial mining operations now resemble high-tech data centers with:

Cutting-edge hardware:

• Bitmain Antminer S23 Pro: 280 TH/s at 4,800W
• MicroBT WhatsMiner M56S++: 250 TH/s at 4,500W
• Canaan AvalonMiner A1566: 185 TH/s at 3,420W

Infrastructure requirements:

• Megawatt-scale power contracts with industrial electricity rates
• Liquid cooling systems maintaining 24/7 optimal temperatures
• Redundant internet connections ensuring zero downtime
• Professional facility management with 24/7 monitoring

For a small operation, you might need at least $10,000 to $20,000 to buy a few ASIC miners, set up cooling systems, and cover electricity costs. These operations employ teams of engineers, maintain relationships with power companies, and operate with margins measured in single-digit percentages.

2025’s Legitimate Mobile Bitcoin Strategies

While it remains impossible to mine bitcoin on your phone profitably, 2025 offers exciting legitimate ways to engage with bitcoin through your smartphone:

Lightning Network Participation: Apps like Phoenix, Breez, and Zeus allow you to run Lightning nodes on mobile devices, earning small routing fees while supporting bitcoin’s payment layer.

Bitcoin DCA Automation: Services enable automated dollar-cost averaging with amounts as small as $1 daily. Historical data shows $10 weekly bitcoin purchases consistently outperform any mobile mining attempt by 1,500-2,000%.

Educational Mining Simulators: Legitimate apps like “Bitcoin Mining Simulator” teach mining concepts without false earning promises. These educational tools help users understand hash rates, difficulty adjustments, and mining economics.

Stacking Sats Rewards: Apps offering bitcoin rewards for shopping, learning, or completing tasks.

Lightning Gaming: Bitcoin-native mobile games where players can earn sats through skilled gameplay, with some players earning $10 monthly.onfirm that even the most optimized mobile mining setups in 2025 lose money consistently and predictably.

The Bottom Line

When you mine bitcoin on your phone fundamental economics remain unchanged: it’s impossible to profit. The laws of physics, network competition, and energy efficiency create insurmountable barriers that no app can overcome.

However, 2025 offers unprecedented opportunities to engage with bitcoin meaningfully through your smartphone. Focus on education, legitimate earning opportunities, and strategic investment rather than chasing the impossible dream of phone-based mining.

The bitcoin community’s greatest strength lies in its commitment to truth over hype. When someone promises profits to mine bitcoin on your phone in 2025, they’re either uninformed or deliberately misleading you. Trust the mathematics, learn from the community, and build your bitcoin knowledge and holdings through proven methods.

The real opportunity in 2025 isn’t to mine bitcoin on your phone—it’s understanding bitcoin deeply enough to participate confidently in the most important monetary revolution of our lifetime. Your smartphone is the perfect tool for that education; it’s just not a mining rig.

@ 88cc134b:5ae99079

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@ 8d34bd24:414be32b

How do you look at the things in your life?

• Do you focus on your physical problems or do you look forward to your resurrection body in heaven?

• Do you spend your time trying to fix the corruption in government or do you spend your time trying to bring as many people as possible home to heaven?

• When you see someone suffering do you first pray for their physical healing or do you pray for their spiritual healing?

• Do you work to fit in with the people around you or do you work to become more Christ-like?

• Do you crave entertainment or do you crave biblical enrichment?

• Do you focus more on your citizenship here on earth or more on your eternal citizenship?

• Do you seek fellowship with the people of this world or do you seek fellowship with your Savior?

• Do you look at people’s faults and how they hurt you or do you look at their hurt and separation from God and seek to bring them to Jesus?

• Do you spend your time on work and entertainment or do you spend your time studying the word of God, praying to God, and telling others about God?

Do you have an earthly or an eternal perspective?

Physical or Spiritual Needs

Jesus always had an eternal perspective. This event is just one example.

One day He was teaching; and there were some Pharisees and teachers of the law sitting there, who had come from every village of Galilee and Judea and from Jerusalem; and the power of the Lord was present for Him to perform healing. And some men were carrying on a bed a man who was paralyzed; and they were trying to bring him in and to set him down in front of Him. But not finding any way to bring him in because of the crowd, they went up on the roof and let him down through the tiles with his stretcher, into the middle of the crowd, in front of Jesus. Seeing their faith, He said, “Friend, your sins are forgiven you.” The scribes and the Pharisees began to reason, saying, “Who is this man who speaks blasphemies? Who can forgive sins, but God alone?” But Jesus, aware of their reasonings, answered and said to them, “Why are you reasoning in your hearts? Which is easier, to say, ‘Your sins have been forgiven you,’ or to say, ‘Get up and walk’? But, so that you may know that the Son of Man has authority on earth to forgive sins,”—He said to the paralytic—“I say to you, get up, and pick up your stretcher and go home.” (Luke 5:17-24) {emphasis mine}

In this familiar story a man who was paralyzed was brought to Jesus for healing. The paralytic’s friends worked so hard to get him physically healed that they hauled him up on the roof, dug through the roof, and lowered him down in front of Jesus. What was Jesus’s response? Jesus forgave the man’s sins. Every person there saw the man’s need to be able to walk, so he could take care of himself here on earth. Jesus saw the more important spiritual need and forgave his sins. After taking care of his eternal need, he also took care of his more earthly need and healed him physically.

Do you see people’s eternal need or do you just see their physical needs or worse, only see their earthly failings? Do you only see the hurt they are causing you or do you see the hurt they feel that comes from being separated from God?

Earthly or Heavenly Citizenship

I’ve been involved in politics for many years. I’ve been to precinct, county, state, and national conventions. I’ve written, debated, and defended political platforms and resolutions. I vote every election. All of that is good and useful, but is that where we are supposed to spend most of our time and effort? I’ve come to the conclusion that this is not what is most important.

For our citizenship is in heaven, from which also we eagerly wait for a Savior, the Lord Jesus Christ; who will transform the body of our humble state into conformity with the body of His glory, by the exertion of the power that He has even to subject all things to Himself. (Philippians 3:20-21)

We are told that our citizenship is in heaven. The majority of our effort should be put into support of our heavenly citizenship, not our earthly citizenship. That doesn’t mean that we should let our earthly kingdom fall apart and turn away from God, but it does mean we should be more focused on turning hearts and minds to Jesus than we are with setting domestic laws. We should be more focused on worshipping God than supporting politicians.

Sadly I see too many Christians who focus on pushing the “Pledge of Allegiance to the Flag” than they do pushing loyalty to Jesus. I see too many Christians who put all of their effort into electing the “right” politician instead of pointing people to the real Savior. I see too many Christians who try to pass the “right” laws instead of reading the law of God. I see too many Christians who put all of their effort into changing people’s minds to the “right” party instead of changing hearts and minds for Christ.

Do you really seek the kingdom of God or are you only focused on your earthly nation? Do you spend more time trying to win people for your political party than you do trying to win people for Christ? Our primary focus should be on the Millennial Kingdom of Christ and on eternity in heaven with Jesus, not on our earthly country.

Yes, we are to be a light in the world and we should seek the good of our earthly nations, but sharing the gospel, living a life honoring to God, and doing everything within our power to draw people to Jesus should be our focus and where we put most of our effort.

And He came and preached peace to you who were far away, and peace to those who were near; for through Him we both have our access in one Spirit to the Father. So then you are no longer strangers and aliens, but you are fellow citizens with the saints, and are of God’s household, having been built on the foundation of the apostles and prophets, Christ Jesus Himself being the corner stone, in whom the whole building, being fitted together, is growing into a holy temple in the Lord, in whom you also are being built together into a dwelling of God in the Spirit. (Ephesians 2:17-22)

The Hurt They Cause or the Hurt They Feel

People today are selfish and hurtful. Most people are trying to be the greatest victim which means they are accusing others of being abusers, tyrants, or haters. People are impolite, inconsiderate, and sometimes downright hateful. How do you respond?

Do you attack back when you are attacked? Are you rude back when you are treated rudely? Do you only see how others hurt you or can you see the hurt behind the hurtful behavior?

Most of the people who are striking out with hate and anger are truly hurting people. They have been taught that they are evolved pond scum and feel hopeless. They have been mistreated by other hurting people. They have been taught to be victims and to hate anyone who may not be a victim. Instead of feeling hate, we should feel compassion.

In Matthew 18:21-35 Jesus tells a parable of a master who forgives his slave of his debts, but then that slave does not show the same mercy to another who owes him much less. The slave is rebuked.

Then summoning him, his lord said to him, ‘You wicked slave, I forgave you all that debt because you pleaded with me. Should you not also have had mercy on your fellow slave, in the same way that I had mercy on you?’ (Matthew 18:32-33)

God loved us before we loved Him. Jesus forgave us far more than we can ever forgive others. After all Jesus did for us, we should be forgiving like He is. We should see other’s hurt and eternal destination and have compassion on them. Instead of treating them the way we were treated, we should treat them like Jesus treated us. We should seek their eternal good above our momentary comfort.

And He said to them, “Come away by yourselves to a secluded place and rest a while.” (For there were many people coming and going, and they did not even have time to eat.) They went away in the boat to a secluded place by themselves.

The people saw them going, and many recognized them and ran there together on foot from all the cities, and got there ahead of them. When Jesus went ashore, He saw a large crowd, and He felt compassion for them because they were like sheep without a shepherd; and He began to teach them many things. (Mark 6:31-34) {emphasis mine}

Just as Jesus had compassion for the crowd and their spiritual needs when He and His disciples had need of food and rest, in the same way we should sacrifice our egos to minister to the spiritual needs of those that may seem unlovable because of their eternal need.

May the Lord of Heaven help us to have an eternal perspective and to view everything and everyone with that eternal and spiritual perspective so we can faithfully serve Jesus and bring with us a plentiful harvest. May Jesus use us for His glory and for the eternal good of those around us.

@ 0faf8268:2e8a5462

Using Browser Extensions to Log In and Sign Events on Nostr

If you're new to Nostr, or trying to log in to a client via a web browser using an existing account, you may come across something that feels risky: being asked to paste your private key (your nsec) into a website to log in. This guide outlines a safer alternative. using browser extensions like Nos2x or Alby, which let you securely log in and sign actions without exposing your private key.

These extensions only work in desktop web browsers, not in mobile apps. If you're logging in to a mobile Nostr client (such as Primal, Amethyst, Damus, or others), you’ll typically need to either paste your existing nsec into the app or use a secure import method, like scanning a QR code or restoring from a backup. Be extremely cautious when pasting your nsec, and only do so in apps you trust.

What is NAWC

NAWC stands for "Nostr Authorisation Web Credential". It allows Nostr websites to ask your browser for permission to read your public key and sign messages, without needing direct access to your private key. It works similarly to a password manager or a crypto wallet extension.

Why avoid pasting your nsec

Your nsec is your private key. If someone gains access to it, they can impersonate you, send posts as you, or read your private messages.

Pasting your nsec into a web form is discouraged for several reasons:

• The site might be compromised or malicious

• Your key could be stored in browser memory or cached

• Extensions, scripts, or browser plugins could access the field

• You may unknowingly copy or sync it elsewhere (e.g. clipboard history, autofill, cloud sync)

Once exposed, your nsec cannot be revoked or changed, it is your entire Nostr identity. This is why experienced users recommend using extensions that safely manage your key and handle signing.

What new users might notice

Some Nostr clients still prompt users to paste their nsec, even when a signing extension like Nos2x is installed. This can cause confusion, especially for users trying to follow best practice. Extensions sometimes need to be manually enabled, refreshed, or granted permission before they are recognised. These challenges are common in a developing ecosystem and should improve over time.

Extensions that support NAWC

Nos2x

• Chrome only

• Stores one private key locally

• Works with sites like Primal and Coracle

• Lightweight and simple to use

Alby

• Available for Chrome and Firefox

• Originally built for Lightning, but also supports Nostr

• May need extra setup for non-Lightning Nostr use

• Supports switching between keys and profiles

Bunker (self-hosted signer, not an extension)

• Keeps your private key entirely isolated from the browser

• Can be combined with hardware devices or run remotely

• Ideal for advanced users or managing multiple keys with higher security

Why Signing Events Matters in Nostr

On Nostr, everything you do, posting a note, reacting to content, updating your profile, is considered an event.

To prove that an event is really yours, it must be signed with your private key. This signature is what makes the event valid and verifiable by anyone on the network.

Browser extensions like Nos2x, Alby, or self-hosted signers like Bunker handle this event signing for you. Instead of giving the site your private key, the extension signs the event on your behalf, keeping your key secure while still proving authorship.

In short: extensions are not just for logging in, they also sign everything you do. This keeps your identity secure and helps maintain Nostr’s decentralised and trustless nature.

How to use an extension

1. Install Nos2x or Alby

2. Enter your nsec into the extension settings (only once)

3. Visit a Nostr client like primal.net

4. Approve the login request from the extension

5. You’ll be logged in securely without pasting your key

Switching keys

Most extensions support only one private key at a time. To switch:

• Open the extension

• Remove the current key and enter a new one

• Refresh the site and reauthorise when prompted

If your old key keeps reappearing or does not seem to clear properly, it may be necessary to:

• Uninstall the extension

• Reinstall it from the Chrome Web Store

• Then enter your new nsec during setup

This is a known issue with some extensions (like Nos2x), and will likely improve as tools mature. For now, a clean reinstall is a simple workaround.

Wrap-up

Browser extensions are one of the safest and most effective ways to interact with Nostr. They protect your private key, simplify login, and securely sign every action you take.

While the user experience is still evolving, using a signing extension today is a smart way to get started safely and build good habits as you explore the network.

For more beginner-friendly Nostr guidance, visit:\ https://swiftsats.github.io/getting-started-with-nostr/

@ c1e9ab3a:9cb56b43

1. Introduction

The 21st century is marked by a rare confluence of demographic, technological, and monetary regime shifts. As birth rates fall below replacement levels across advanced and many emerging economies, global population growth slows and begins to reverse. At the same time, automation, AI, and robotics are increasing productivity at an accelerating pace. Simultaneously, trust in central banks and fiat currencies is waning, giving rise to calls for a return to hard currencies (e.g., gold, Bitcoin) and decentralized monetary systems.

These trends pose stark challenges to existing economic theories and institutions. This paper explores their implications through two opposing lenses: Keynesian economics and Austrian (Misesian) economics.

---

2. The Keynesian Reaction: Deflation, Demand Collapse, and the Paradox of Thrift

2.1. Demand-Side Fragility in a Shrinking Population

Keynesian theory is rooted in the principle that aggregate demand drives output and employment. A declining population implies a falling consumption base, which directly reduces aggregate demand. Combined with increased longevity, this trend leads to a larger retired population disinclined to spend, creating persistent demand shortfalls.

2.2. Technological Unemployment and Reduced Income Velocity

Rapid productivity gains from AI and robotics may displace large segments of labor, leading to unemployment or underemployment. With fewer wage earners and heightened uncertainty, consumption slows further. Even if goods become cheaper, widespread income insecurity constrains the ability to buy them.

2.3. The Paradox of Thrift

In times of uncertainty, both individuals and businesses tend to save more. Keynes argued that if everyone saves, aggregate demand collapses because one person’s spending is another’s income. Thus, increased saving leads to lower incomes, which reduces saving in aggregate—a self-reinforcing contraction.

2.4. Retreat from Fiat and Central Banking: A Catastrophic Constraint

Abandoning fiat currency and central banking removes the government’s ability to perform countercyclical policy. Interest rates cannot be lowered below zero; money supply cannot be expanded to fill demand gaps. In such a regime, deflation becomes chronic, debt burdens rise in real terms, and recovery mechanisms are neutered.

Conclusion (Keynesian):
The combined effect of declining population, rising productivity, and a hard money transition is catastrophic. It leads to a deflationary spiral, mass unemployment, debt crises, and secular stagnation unless aggressively offset by expansive fiscal and monetary policy—tools unavailable in a hard currency system.

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3. The Misesian Rebuttal: Market Coordination and the Natural Order of Decline

3.1. Savings as Capital Formation

Mises and the Austrian School reject the paradox of thrift. Savings are not lost demand; they are deferred consumption that funds capital investment. Increased saving, in a free market, lowers interest rates and reallocates resources toward longer-term, higher-order production.

3.2. Deflation as a Signal of Progress

Falling prices due to productivity gains are not a crisis but a benefit. Consumers gain real wealth. Entrepreneurs adjust cost structures. As long as wages and prices are flexible, deflation reflects abundance, not failure.

3.3. Population Decline as Economic Recalibration

A shrinking population reduces demand, yes—but it also reduces the labor supply. Wages rise in real terms. Capital intensity per worker increases. There is no systemic unemployment if labor markets are free and responsive.

3.4. Hard Currency as Restoration of Market Coordination

Transitioning to a hard currency purges fiat-induced malinvestment and restores the price mechanism. With no artificial credit expansion, capital is allocated based on real savings. Booms and busts are mitigated, and long-term planning becomes reliable.

Conclusion (Misesian):
There is no crisis. A hard currency, high-productivity, low-population economy stabilizes at a new equilibrium of lower consumption, higher capital intensity, and rising real wealth. Deflation is natural. Savings are the seed of future prosperity. Government interference, not market adaptation, is the threat.

---

4. Final Synthesis

The Keynesian and Misesian views diverge on first principles: Keynes sees demand shortfalls and rigidities requiring top-down correction, while Mises sees market-coordinated adaptation as sufficient and self-correcting. As the 21st century evolves, this ideological conflict will shape whether the transition leads to depression or renewal.

---

References

• Keynes, J.M. The General Theory of Employment, Interest and Money
• Mises, L. Human Action
• Hayek, F.A. Prices and Production
• Böhm-Bawerk, E. Capital and Interest
• Friedman, M. A Program for Monetary Stability

@ 8bad92c3:ca714aa5

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

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---

Final thought...

Trying to imagine the future my children are going to live in gets harder by the day.

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@ 4fe14ef2:f51992ec

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

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

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

Like and repost: X: https://x.com/AGORA_SN/status/1934193660796780660 N: https://njump.me/nevent1qqsdaqz3qjmgta88a4wnzyh7vujla7ecsc7luatrtl0a2k7xq43thhq337lj2

https://stacker.news/items/1006838

@ 39cc53c9:27168656

Read the original blog post

The new website is finally live! I put in a lot of hard work over the past months on it. I'm proud to say that it's out now and it looks pretty cool, at least to me!

Why rewrite it all?

The old kycnot.me site was built using Python with Flask about two years ago. Since then, I've gained a lot more experience with Golang and coding in general. Trying to update that old codebase, which had a lot of design flaws, would have been a bad idea. It would have been like building on an unstable foundation.

That's why I made the decision to rewrite the entire application. Initially, I chose to use SvelteKit with JavaScript. I did manage to create a stable site that looked similar to the new one, but it required Jav aScript to work. As I kept coding, I started feeling like I was repeating "the Python mistake". I was writing the app in a language I wasn't very familiar with (just like when I was learning Python at that mom ent), and I wasn't happy with the code. It felt like spaghetti code all the time.

So, I made a complete U-turn and started over, this time using Golang. While I'm not as proficient in Golang as I am in Python now, I find it to be a very enjoyable language to code with. Most aof my recent pr ojects have been written in Golang, and I'm getting the hang of it. I tried to make the best decisions I could and structure the code as well as possible. Of course, there's still room for improvement, which I'll address in future updates.

Now I have a more maintainable website that can scale much better. It uses a real database instead of a JSON file like the old site, and I can add many more features. Since I chose to go with Golang, I mad e the "tradeoff" of not using JavaScript at all, so all the rendering load falls on the server. But I believe it's a tradeoff that's worth it.

What's new

• UI/UX - I've designed a new logo and color palette for kycnot.me. I think it looks pretty cool and cypherpunk. I am not a graphic designer, but I think I did a decent work and I put a lot of thinking on it to make it pleasant!
• Point system - The new point system provides more detailed information about the listings, and can be expanded to cover additional features across all services. Anyone can request a new point!
• ToS Scrapper: I've implemented a powerful automated terms-of-service scrapper that collects all the ToS pages from the listings. It saves you from the hassle of reading the ToS by listing the lines that are suspiciously related to KYC/AML practices. This is still in development and it will improve for sure, but it works pretty fine right now!
• Search bar - The new search bar allows you to easily filter services. It performs a full-text search on the Title, Description, Category, and Tags of all the services. Looking for VPN services? Just search for "vpn"!
• Transparency - To be more transparent, all discussions about services now take place publicly on GitLab. I won't be answering any e-mails (an auto-reply will prompt to write to the corresponding Gitlab issue). This ensures that all service-related matters are publicly accessible and recorded. Additionally, there's a real-time audits page that displays database changes.
• Listing Requests - I have upgraded the request system. The new form allows you to directly request services or points without any extra steps. In the future, I plan to enable requests for specific changes to parts of the website.
• Lightweight and fast - The new site is lighter and faster than its predecessor!
• Tor and I2P - At last! kycnot.me is now officially on Tor and I2P!

How?

This rewrite has been a labor of love, in the end, I've been working on this for more than 3 months now. I don't have a team, so I work by myself on my free time, but I find great joy in helping people on their private journey with cryptocurrencies. Making it easier for individuals to use cryptocurrencies without KYC is a goal I am proud of!

If you appreciate my work, you can support me through the methods listed here. Alternatively, feel free to send me an email with a kind message!

Technical details

All the code is written in Golang, the website makes use of the chi router for the routing part. I also make use of BigCache for caching database requests. There is 0 JavaScript, so all the rendering load falls on the server, this means it needed to be efficient enough to not drawn with a few users since the old site was reporting about 2M requests per month on average (note that this are not unique users).

The database is running with mariadb, using gorm as the ORM. This is more than enough for this project. I started working with an sqlite database, but I ended up migrating to mariadb since it works better with JSON.

The scraper is using chromedp combined with a series of keywords, regex and other logic. It runs every 24h and scraps all the services. You can find the scraper code here.

The frontend is written using Golang Templates for the HTML, and TailwindCSS plus DaisyUI for the CSS classes framework. I also use some plain CSS, but it's minimal.

The requests forms is the only part of the project that requires JavaScript to be enabled. It is needed for parsing some from fields that are a bit complex and for the "captcha", which is a simple Proof of Work that runs on your browser, destinated to avoid spam. For this, I use mCaptcha.

@ 8671a6e5:f88194d1

## ParentCoin; limitless

There's this almost altcoin-like pitch of parenthood these days. I might’ve fallen for the shiny marketing of parenthood — cute baby pics, promises of legacy, the whole “you’ll change the world” vibe. I even heard a would-be mom tell me once (true story) "You know having children, you don't have to be afraid of it, as a dad it doesn't cost as much as you think". \ These people actually believe that. Just like they've fallen for every fiat-scam out there: housing, cars, holidays in France, Nike shoes, 50% taxation, religion and main stream media subscriptions.\ \ It’s 2025, and I’m revisiting this like I’d revisit an old Lightning Network post. \ \ Having kids is like chasing an altcoin airdrop with a slick but buzzword laden whitepaper and a charismatic founder who’s probably exit-scamming as soon as he gets enough of your money in their bank account (yeah you see what I did there). If you're lucky that founder might twerk from time to time to get your attention. But don't hope for too much. Now change that diaper and work an extra job to pay for all of it while inflation murders you.\ \ While you do all that, the most damaging thing about the Having Children Shitcoin (HCS) is the time it takes. It literally can't be shorted like some token on an exchange. It laughs, plays around with your tech gadgets, has to be potty trained (like some altcoin founders) and needs attention, education and a lot of proof of work.\ But the damage is the time. \ The time it takes to do all that, is actually replacing value with time. \ Bitcoin might be a product of proof of work, HCS is not a product but the actual proof of work without the value proposition.\ On top of that, the founder usually lives rent-free in your head your whole life, or even worse: you literally live together with her/him.\ Imagine Satoshi Nakamoto living at your house right now. Like... hi Satoshi.. love your bitcoin man.\ "Yeah, thanks moth**f****r, when are going to buy more skittle and some toilet paper? We ran out 10 minutes ago when I shit all over your dirty toilet, ..."\ "Eh, But Satoshi, why don't you go to the shop to..."\ "Shut up you f'ing a--hole, you made me! You made me what I am today! You liked me when I invented thàh bitcoin right? Now get me some toilet paper and here's a list of items I want from the supermarket! Lazy dumb idiot."\ "You'll clean up the kitchen right?"\ "Yeah yeah, rolls eyes, after my Netflix series man... now get out"\ \ This might sound far-fetched but founders of shitcoins steal your money, while children steal your time ànd money while you have to endure the founders as well.

Time is slowly damaging you while you live your life further and further away from the hard-money proposition. Hell, you even will need to sell some hard money to get by. Because it's a rotten world and children make you short sighted about the future (it limits you to maximum 3 years ahead in my experience with people around me).

Long-term is your enemy Short-term is your prison

You’re hyped for the long-term gains—multi-generational dynasties, just like the elites—but the fine print? It’s a mess. I’m here to unpack the hope, the scepticism, and the grim reality of raising kids in a world that feels like it’s speedrunning towards the absolute bottom. Let me make that clearer:

Our power (as bitcoiners) doesn't grow with these new generations, because we're being out-Idiocracy'd at a rate we can’t reproduce our way out of. Bitcoiners don’t scale. Even if you produce two children that both become die-hard bitcoin maximalists (with a nasal voice and a fondness for TD-sequential analysis.

The Mirage of Birth Having a kid is like snagging a hyped-up crypto airdrop. You’re told it’s “free” value — new life, pure joy, a legacy token dropped into your wallet. Everyone’s tweeting about it, posting ultrasound pics like they just scored 10,000 USDC worth of free shitcoin tokens.

But then the transaction fees hit, getting another place to live more accommodating, getting a school, adopt a dad body demeaner while torpedoing your social life and having no fun other than baking cakes and getting less pussy than a laser pointer with dead batteries. Adjust for inflation), sleepless nights, a vortex of money being vaporized and a lifetime of HODLing a position you can’t dump nor short. You’re basically the holder of last resort for a diatribe of chaos. You’re the entry, the trade, and exit liquidity. The real kicker? Society’s cheering you on while you’re stuck debugging your life and seeing your time drained. You’re frozen in time, while you should be scaling ideas. \ \ Or getting more out of life than being the channelling of funds to a future fiat oppressed kid. Meanwhile, parents (if they stay together that is... with relations with kids having their own version of the bitcoin “halving”, be it every 7 years or so. The parents follow the higher noble goal and get some love and nice moments in return. \ \ They’re stacking diapers instead of sats, living above a dry cleaner next to a subway station that rattles your soul. You can’t short kids, no matter how much you see the “childfree” crowd thriving. The childfree crowd is also not always that neutral, as many of them want this same life, because the marketing, as with many shitcoins is excellent. It makes life more fun, more fulfilling, more whole, while promising you cheap, fast and always immutable transactions. You’re getting duped. \ You buy more stuff, more hobbies no one cares about, and smile at other parents at these gatherings like you’re at the whale room at a bitcoin conference in a bear market. Keep smiling, bitches. That’s you’re life now. The numbers don’t lie. Society sells parenthood as a Bitcoin-level HODL, but the safety net is thinner than a layer-2 solution created by an Albanian exchange.

Raising kids is like betting your airdropped tokens will moon into a blue-chip asset that takes care of you when you’re old. You’re hoping they’ll HODL your hand, not rug-pull you into a nursing home when their “value” spikes. It’s a gamble: will they be decent humans or turn into TikTok zombies? Back in the day, kids were economic assets, working the farm or whatever. Now? You’re praying they don’t ghost you after college or at least recognize all the proof of work you did for them. And yes, you can have a big impact on them, that’s something to be proud of if it works out. But in the end, you are you, a person, with dreams, hopes and needs. \ And your children are too,... they’ll always win. \ \ Teaching them to ride a bike is fun, but it’s like a shitcoin pumping on a founder’s tweet: fleeting, followed by a crash whenever you see the effects of your years of de-progress and social isolation. Socializing with other parents is like making friends with a fellow prisoner of war in some jungle camp, ... you’ll have to be nice because it’s all you have left of society’s pleasantries. So you make small talk or a little joke about a toy someone’s kid has brought to the playground. The real world would see these people piss all over your grave if they could. They’re the figurehead on a ship of fools. And you play along because you’re a total bitch that got stuck in the routine of the famous HCS. Finding trust is hard, certainly in a city’s virtual prison camp where you play Russian roulette for other people’s amusement. It’s like running a Lightning node — fun in theory, but you’re babysitting a system that crashes when you need it most. The highs are real, but “kinda fun” doesn’t cut it when you’re debugging life. \ \ The 35k to 200k € it will cost you throughout your life, is not measurable as gains or losses. Look at the lovely baby pictures, look at their school results, the painting they made especially for you saying “I love you, for the best dad/mom in the whole world”. It hits straight to your brain’s nucleus accumbens. It’s all the balanced injection of the right shot of chemical balanced reward center (ventral tegmental area) food. \ And people with kids wanted that because that’s what the system and urges are. Kids are a leveraged position with no stop-loss, unlike an airdrop you can dump when the hype fades. You’re all-in, praying society doesn’t crash before your “asset” matures. In the meanwhile, you get the occasional surprise through your mesolimbic pathway. \ \ "Happy you" proof of stakes' the unhappy you later. You could be in the Maldives diving into clear water while talking to another “founder”. Funny how that works. \ Meanwhile, the childfree are staking their tokens and chilling. \ Parents aren’t building dynasties; we’re just trying not to get rug-pulled by daycare costs and rotten school-systems that learn our kids to be obedient consumers and non-thinking parrots. It’s a financial social anti-grind with no cure, and the charts, unlike fiat-corporate nonsense, don’t lie.

The elites stack power like blue-chip stocks, minting wealth across centuries. Us? Our kids might be fighting over the leftovers while they battle their way through university diversity and mediocracy. Future generations are supposed to carry the torch, but consumerism and cultural decay make it feel like we’re being out-Idiocracy’d. \ We need to think long-term, teach kids to code, stack sats, and question the system. But above all else, we need them to learn that being more evil is more just. Being complacent in this farce of a system means always, and I mean always, that the multi-generational monsters will prevail. \ \ They’re more stubborn, faster, better educated and they take the shortcuts you can’t have. We have hard money, they have “hard world”.

Conclusion

Eighteen years into this parenting thing (or eight minutes—who’s counting?), it’s clear: kids are a shitcoin airdrop with no exit strategy for you. \ The highs are sweet, the costs are brutal, and the long-term. A gamble on humanity in a world trending toward a broad brush of average things made normal.

Maybe it’s not about winning the bitcoin standard, but betting on something bigger than yourself within yourself, even if that market’s rigged with traps and detractors everywhere. Stack sats, stack diapers, and pray your kids don’t rug-pull your heart. \ Because, let’s face it, we’re not the Rothschilds — we’re just HODLing and hoping. \ While we should be fighting with the hardest money. \ While your baby cries for more food, I hear Michael Jackson sing “If you can’t feed your baby hi hee-hee, then don’t have a baybaah”. \ \ The sad part is, that we're all torn between chasing the fiat-created dreams and the reality that everything is in fact a shitcoin sapping either your time, money or effort. \ Even within the bitcoin space, we don't realize what the next step should be.\ It certainly isn't big families. That's for sure.

AVB\ tipjar: https://allesvoorbitcoin.be/donate/

@ 3c389c8f:7a2eff7f

Nostr's first algorithmic relay feed, was introduced by prolific Nostr user, builder, and supporter, utxo the webmaster and the Bitvora team. This idea takes control of your algorithms away from 3rd parties and puts it directly in the user's hands. The system was designed to give readers the ability to choose who and what they want to see in their Nostr feed, and at what frequency, while also encouraging discovery of new and interesting content. The design keeps in mind that users may not want to see posts that are inflammatory or contentious like ad-driven algorithms assume, but ones that simply generate interesting conversations. On top of that, it is also clearly designed to incentivize users to spend time offline and still keeping up with things that are important to them online.

After playing with the various settings, I have been pleasantly surprised with how well it works. To set up your individualized algo relay feed, you simply visit the landing page and sign in with your signer of choice. You will first be presented with some information about your network and the authors you interact with the most. This is a neat little bonus to me. I can clearly see the profiles that provide me with value, whether it be through learning, friendship, or professional (whatever that means). It gives me a good feeling to see who has been worthy of my attention, and I imagine if I were one to engage in defensive online discussions, the presentation of these authors might make me take a second look at my own behavior. Maybe the idea of anyone else doing that is a pipedream, but I like the thought. Just beyond the network information are some insightful statistics about the ways you engage online, like how often you post and reply.

Towards the bottom of the page are your actual settings:

As you can see, there are a variety of settings that all will impact the way that your personalized feed is built. Simply make some adjustments that feel right for you and click save. Your personalized algorithm feed will be available to you in any client that enables relay browsing, like Jumble and Coracle. It is worth trying out a couple of different formulas, as they are quite effective. Once you find a balance that feels right, you can just save the relay as a favorite for easy access, and basically forget about it. They relay will keep your settings to build your personalized Nostr feed whenever you connect. If at any time you need a change, just revisit the page and make your adjustments. The software is open source, making it possible to host your own for yourself and your friends.

I have found a lot of interesting content and people through the Nostr AlgoRelay. My first few settings adjustments didn't quite suit what I was looking for, but a few tweaks brought forth notes from some of my favorite people that I had missed but not stuff that was really outdated, a few notes from popular figureheads, and some things that my friends were engaging with that I did not know about prior. I highly recommend giving it a try, beyond a quick glance. The true value of this relay grows in time, as you go about life and come back to visit your Nostr world.

@ b1ddb4d7:471244e7

The latest AI chips, 8K displays, and neural processing units make your device feel like a pocket supercomputer. So surely, with all this advancement, you can finally mine bitcoin on your phone profitably, right?

The 2025 Hardware Reality: Can You Mine Bitcoin on Your Phone

Despite remarkable advances in smartphone technology, the fundamental physics of bitcoin mining haven’t changed. In 2025, flagship devices with their cutting-edge 2nm processors can achieve approximately 25-40 megahashes per second when you mine bitcoin on your phone—a notable improvement from previous generations, but still laughably inadequate.

Meanwhile, 2025’s top-tier ASIC miners have evolved dramatically. The latest Bitmain Antminer S23 series and Canaan AvalonMiner A15 Pro deliver 200-300 terahashes per second while consuming 4,000-5,500 watts. That’s a performance gap of roughly 1:8,000,000 between when you mine bitcoin on your phone and professional mining equipment.

To put this in perspective that hits home: if you mine bitcoin on your phone and it earned you one penny, professional miners would earn $80,000 in the same time period with the same effort. It’s not just an efficiency problem—it’s a complete category mismatch.

According to Pocket Option’s 2025 analysis, when you mine bitcoin on your phone in 2025, you generate approximately $0.003-0.006 in daily revenue while consuming $0.45-0.85 in electricity through constant charging cycles. Factor in the accelerated device wear (estimated at $0.75-1.20 daily depreciation), and you’re looking at losses of $1.20-2.00 per day just for the privilege of running mining software.

Mining Economic Factor

Precise Value (April 2025)

Direct Impact on Profitability

Smartphone sustained hash rate

20-35 MH/s

0.00000024% contribution to global hashrate

Daily power consumption

3.2-4.8 kWh (4-6 full charges)

$0.38-0.57 at average US electricity rates

Expected daily BTC earnings

0.0000000086 BTC ($0.0035 at $41,200 BTC)

Revenue covers only 0.9% of electricity costs

CPU/GPU wear cost

$0.68-0.92 daily accelerated depreciation

Reduces smartphone lifespan by 60-70%

Annual profit projection

-$386 to -$412 per year

Guaranteed negative return on investment

Source: PocketOption

Bitcoin’s 2025 Network: Harder Than Ever

Bitcoin’s network difficulty in 2025 has reached unprecedented levels. After the April 2024 halving event that reduced block rewards from 6.25 to 3.125 BTC, mining became significantly more competitive. The global hash rate now exceeds 800 exahashes per second—that’s 800 followed by 18 zeros worth of computational power securing the network.

Here’s what this means in practical terms: Bitcoin’s mining difficulty adjusts every 2,016 blocks (roughly every two weeks) to maintain the 10-minute block time. As more efficient miners join the network, difficulty increases proportionally. In 2025, mining difficulty has increased compared to 2024, making small-scale mining even less viable.

The math is unforgiving:

• Global Bitcoin hash rate: 828.96 EH/s
• Your smartphone’s contribution: ~0.000000003%
• Probability of solo mining a block: Virtually zero
• Expected time to mine one Bitcoin: Several million years

Even joining mining pools doesn’t solve the economic problem. Pool fees typically range from 1-3%, and your minuscule contribution would earn proportionally tiny rewards—far below the electricity and device depreciation costs.

The 2025 Scam Evolution: More Sophisticated, More Dangerous

Fraudsters now leverage AI-generated content, fake influencer endorsements, and impressive-looking apps that simulate realistic mining activity to entice you to mine bitcoin on your phone.

New 2025 scam tactics include:

AI-Powered Fake Testimonials: Deepfake videos of supposed successful mobile miners showing fabricated earnings statements and encouraging downloads of malicious apps.

Gamified Mining Interfaces: Apps that look and feel like legitimate games but secretly harvest personal data while simulating mining progress that can never be withdrawn.

Social Media Manipulation: Coordinated campaigns across TikTok, Instagram, and YouTube featuring fake “financial influencers” promoting mobile mining apps to younger audiences.

Subscription Trap Mining: Apps offering “free trials” that automatically charge $19.99-49.99 monthly for “premium mining speeds” while delivering no actual mining capability.

Recent cybersecurity research shows that over 180 fake mining apps were discovered across major app stores in 2025, with some accumulating more than 500,000 downloads before being removed.

Red flags that scream “scam” in 2025:

• Apps claiming “revolutionary mobile mining breakthrough”
• Promises of earning “$10-50 daily” from phone mining
• Requirements to recruit friends or watch ads to unlock withdrawals
• Apps that don’t require connecting to actual mining pools
• Testimonials that seem too polished or use stock photo models
• Apps requesting permissions unrelated to mining (contacts, camera, microphone)

The 2025 Professional Mining Landscape

To understand why, consider what professional bitcoin mining looks like in 2025. Industrial mining operations now resemble high-tech data centers with:

Cutting-edge hardware:

• Bitmain Antminer S23 Pro: 280 TH/s at 4,800W
• MicroBT WhatsMiner M56S++: 250 TH/s at 4,500W
• Canaan AvalonMiner A1566: 185 TH/s at 3,420W

Infrastructure requirements:

• Megawatt-scale power contracts with industrial electricity rates
• Liquid cooling systems maintaining 24/7 optimal temperatures
• Redundant internet connections ensuring zero downtime
• Professional facility management with 24/7 monitoring

For a small operation, you might need at least $10,000 to $20,000 to buy a few ASIC miners, set up cooling systems, and cover electricity costs. These operations employ teams of engineers, maintain relationships with power companies, and operate with margins measured in single-digit percentages.

2025’s Legitimate Mobile Bitcoin Strategies

While it remains impossible to mine bitcoin on your phone profitably, 2025 offers exciting legitimate ways to engage with bitcoin through your smartphone:

Lightning Network Participation: Apps like Phoenix, Breez, and Zeus allow you to run Lightning nodes on mobile devices, earning small routing fees while supporting bitcoin’s payment layer.

Bitcoin DCA Automation: Services enable automated dollar-cost averaging with amounts as small as $1 daily. Historical data shows $10 weekly bitcoin purchases consistently outperform any mobile mining attempt by 1,500-2,000%.

Educational Mining Simulators: Legitimate apps like “Bitcoin Mining Simulator” teach mining concepts without false earning promises. These educational tools help users understand hash rates, difficulty adjustments, and mining economics.

Stacking Sats Rewards: Apps offering bitcoin rewards for shopping, learning, or completing tasks.

Lightning Gaming: Bitcoin-native mobile games where players can earn sats through skilled gameplay, with some players earning $10 monthly.onfirm that even the most optimized mobile mining setups in 2025 lose money consistently and predictably.

The Bottom Line

When you mine bitcoin on your phone fundamental economics remain unchanged: it’s impossible to profit. The laws of physics, network competition, and energy efficiency create insurmountable barriers that no app can overcome.

However, 2025 offers unprecedented opportunities to engage with bitcoin meaningfully through your smartphone. Focus on education, legitimate earning opportunities, and strategic investment rather than chasing the impossible dream of phone-based mining.

The bitcoin community’s greatest strength lies in its commitment to truth over hype. When someone promises profits to mine bitcoin on your phone in 2025, they’re either uninformed or deliberately misleading you. Trust the mathematics, learn from the community, and build your bitcoin knowledge and holdings through proven methods.

The real opportunity in 2025 isn’t to mine bitcoin on your phone—it’s understanding bitcoin deeply enough to participate confidently in the most important monetary revolution of our lifetime. Your smartphone is the perfect tool for that education; it’s just not a mining rig.

@ 57d1a264:69f1fee1

From designer Anna Cairns, the workhorse monospace typeface is rooted in feminist theory.

Across CMM Coda’s subtly imperfect, analogue-inspired letterforms – based on the IBM Selectric typewriter’s typeface, Dual Basic – Anna practically and conceptually brings together the feminist legacy of software and typewriters with the aesthetic sensibilities of the genre associated with the industry. Additionally, CMM Coda enables Anna to explore her intrigue in the blurry terminology used in text production, such as typing, coding and writing, “especially now that most text is created digitally,” Anna says, with typefaces being software in their own right. “We also associate a certain look with each of these modalities,” she continues, “so my idea was to create a typeface that can jump all of these genres simply through a play with white space,” an approach that resulted in CMM Coda’s multiple styles.

Learn more about Comma at https://commatype.com/, a new foundry founded by the Berlin-based type designer Anna Cairns.

Continue reading at https://www.itsnicethat.com/articles/comma-type-cmm-coda-graphic-design-project-110625

https://stacker.news/items/1004142

@ 96859d14:b06bf54d

Imagine you’re running through a vast, freezing forest with a group of friends. You don’t know why you’re running — you just know that if you stop, you’ll get colder, and if you get too cold, you might not survive. The air bites at your skin, your body is shivering, but you keep running because that’s what everyone else is doing.

Then, suddenly, someone spots a wildfire burning in the distance. It’s bright, warm, and wild, flickering unpredictably. There are already people gathered around it, calling out to you and your friends, “Stop running! Come here! There’s warmth, there’s safety!”

But nobody stops. The fire is growing and shrinking in unpredictable ways, and it scares them. “What if it burns us?” someone whispers. “What if it disappears and leaves us worse off?” another says. So, the group keeps running, choosing the cold they know over the fire they don’t understand.

But you’re curious. Something about the people around the fire seems different — they aren’t desperate, they aren’t shivering. They seem… secure. So, you stop. You approach them, ask questions, and listen. You stay for a while — one day, then two, then five. The more you learn, the more it all starts making sense.

“This fire isn’t random,” they explain. “It’s here for a reason, and if you understand it, it can keep you warm forever.” And then it hits you — you’ve spent your whole life freezing, and all this time, the answer was right here.

Now, you feel an urgency like never before. You have to tell your friends. You have to bring them back to this warmth before it’s too late. So you run after them, calling out, “Guys! Stop running! Come here, just for a little while! You don’t have to freeze to death. Just listen, try to understand!”

But they don’t stop. “We don’t have time,” they say. “That fire is too risky,” they argue. “We saw it grow and shrink wildly — it could burn out at any moment!” they insist. No matter how much you try, they refuse. And as time passes, they run farther and farther away, making it even harder to come back.

Enter Bitcoin

This is exactly what’s happening with Bitcoin. Most people are running, chasing assets that lose value(in absolute real terms) over time — cash, stocks, real estate, anything that promises a yield. But they don’t see the problem: every one of these assets is bleeding energy. Inflation, depreciation, and central control erode their value, year after year.

Bitcoin, on the other hand, is like the fire in the cold forest. It resists entropy, preserving monetary energy and maintaining its ability to store value over time. Yet, people are afraid of it because it’s volatile, unpredictable, and unfamiliar. They see the price swing wildly and think it’s dangerous, not realizing that over time, it has always trended upwards. They hear misinformation, compare it to things it shouldn’t be compared to, and fail to grasp its true nature.

If only they would stop and listen — just for a little while. If they asked the right questions and sought real understanding, they would see what you now see. But they won’t. They keep running, clinging to their familiar assets, chasing returns that barely keep up with inflation, unaware of the opportunity they are missing.

The longer they wait, the harder it becomes to turn back. Bitcoin adoption grows, its scarcity becomes clearer, and the cost of entry rises. The window to “just try it for a few days” gets smaller and smaller.

So you keep calling out to them, hoping someone will stop, hoping someone will listen. Because you know the truth: the fire isn’t dangerous — it’s salvation in a freezing world.

I just wanted to help people — but over time, I’ve realized that most people don’t recognize that others aren’t necessarily looking to help them. They see every trade or interaction as a zero-sum game — either they win, or you do — because that’s the FIAT mindset at work.

There has never been a trade where both truly win — until Bitcoin. With Bitcoin, we both win.

@ 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.

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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

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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

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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.

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Final thought...

Life is good.

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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/

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@ 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

@ 39cc53c9:27168656

Read the original blog post

Know Your Customer is a regulation that requires companies of all sizes to verify the identity, suitability, and risks involved with maintaining a business relationship with a customer. Such procedures fit within the broader scope of anti-money laundering (AML) and counterterrorism financing (CTF) regulations.

Banks, exchanges, online business, mail providers, domain registrars... Everyone wants to know who you are before you can even opt for their service. Your personal information is flowing around the internet in the hands of "god-knows-who" and secured by "trust-me-bro military-grade encryption". Once your account is linked to your personal (and verified) identity, tracking you is just as easy as keeping logs on all these platforms.

Rights for Illusions

KYC processes aim to combat terrorist financing, money laundering, and other illicit activities. On the surface, KYC seems like a commendable initiative. I mean, who wouldn't want to halt terrorists and criminals in their tracks?

The logic behind KYC is: "If we mandate every financial service provider to identify their users, it becomes easier to pinpoint and apprehend the malicious actors."

However, terrorists and criminals are not precisely lining up to be identified. They're crafty. They may adopt false identities or find alternative strategies to continue their operations. Far from being outwitted, many times they're several steps ahead of regulations. Realistically, KYC might deter a small fraction – let's say about 1% ^1 – of these malefactors. Yet, the cost? All of us are saddled with the inconvenient process of identification just to use a service.

Under the rhetoric of "ensuring our safety", governments and institutions enact regulations that seem more out of a dystopian novel, gradually taking away our right to privacy.

To illustrate, consider a city where the mayor has rolled out facial recognition cameras in every nook and cranny. A band of criminals, intent on robbing a local store, rolls in with a stolen car, their faces obscured by masks and their bodies cloaked in all-black clothes. Once they've committed the crime and exited the city's boundaries, they switch vehicles and clothes out of the cameras' watchful eyes. The high-tech surveillance? It didn’t manage to identify or trace them. Yet, for every law-abiding citizen who merely wants to drive through the city or do some shopping, their movements and identities are constantly logged. The irony? This invasive tracking impacts all of us, just to catch the 1% ^1 of less-than-careful criminals.

KYC? Not you.

KYC creates barriers to participation in normal economic activity, to supposedly stop criminals. ^2

KYC puts barriers between many users and businesses. One of these comes from the fact that the process often requires multiple forms of identification, proof of address, and sometimes even financial records. For individuals in areas with poor record-keeping, non-recognized legal documents, or those who are unbanked, homeless or transient, obtaining these documents can be challenging, if not impossible.

For people who are not skilled with technology or just don't have access to it, there's also a barrier since KYC procedures are mostly online, leaving them inadvertently excluded.

Another barrier goes for the casual or one-time user, where they might not see the value in undergoing a rigorous KYC process, and these requirements can deter them from using the service altogether.

It also wipes some businesses out of the equation, since for smaller businesses, the costs associated with complying with KYC norms—from the actual process of gathering and submitting documents to potential delays in operations—can be prohibitive in economical and/or technical terms.

You're not welcome

Imagine a swanky new club in town with a strict "members only" sign. You hear the music, you see the lights, and you want in. You step up, ready to join, but suddenly there's a long list of criteria you must meet. After some time, you are finally checking all the boxes. But then the club rejects your membership with no clear reason why. You just weren't accepted. Frustrating, right?

This club scenario isn't too different from the fact that KYC is being used by many businesses as a convenient gatekeeping tool. A perfect excuse based on a "legal" procedure they are obliged to.

Even some exchanges may randomly use this to freeze and block funds from users, claiming these were "flagged" by a cryptic system that inspects the transactions. You are left hostage to their arbitrary decision to let you successfully pass the KYC procedure. If you choose to sidestep their invasive process, they might just hold onto your funds indefinitely.

Your identity has been stolen

KYC data has been found to be for sale on many dark net markets^3. Exchanges may have leaks or hacks, and such leaks contain very sensitive data. We're talking about the full monty: passport or ID scans, proof of address, and even those awkward selfies where you're holding up your ID next to your face. All this data is being left to the mercy of the (mostly) "trust-me-bro" security systems of such companies. Quite scary, isn't it?

As cheap as $10 for 100 documents, with discounts applying for those who buy in bulk, the personal identities of innocent users who passed KYC procedures are for sale. ^3

In short, if you have ever passed the KYC/AML process of a crypto exchange, your privacy is at risk of being compromised, or it might even have already been compromised.

(they) Know Your Coins

You may already know that Bitcoin and most cryptocurrencies have a transparent public blockchain, meaning that all data is shown unencrypted for everyone to see and recorded forever. If you link an address you own to your identity through KYC, for example, by sending an amount from a KYC exchange to it, your Bitcoin is no longer pseudonymous and can then be traced.

If, for instance, you send Bitcoin from such an identified address to another KYC'ed address (say, from a friend), everyone having access to that address-identity link information (exchanges, governments, hackers, etc.) will be able to associate that transaction and know who you are transacting with.

Conclusions

To sum up, KYC does not protect individuals; rather, it's a threat to our privacy, freedom, security and integrity. Sensible information flowing through the internet is thrown into chaos by dubious security measures. It puts borders between many potential customers and businesses, and it helps governments and companies track innocent users. That's the chaos KYC has stirred.

The criminals are using stolen identities from companies that gathered them thanks to these very same regulations that were supposed to combat them. Criminals always know how to circumvent such regulations. In the end, normal people are the most affected by these policies.

The threat that KYC poses to individuals in terms of privacy, security and freedom is not to be neglected. And if we don’t start challenging these systems and questioning their efficacy, we are just one step closer to the dystopian future that is now foreseeable.

Edited 20/03/2024 * Add reference to the 1% statement on Rights for Illusions section to an article where Chainalysis found that only 0.34% of the transaction volume with cryptocurrencies in 2023 was attributable to criminal activity ^1

@ 7e6f9018:a6bbbce5

The velocity of money inform us about how quick the money moves, and is a frequent indicator to research the current economic environment.

An interesting twist is using housing instead of money. Why? The main reasons that come to mind are:

1. It’s easier to measure housing velocity than dollar velocity.

2. Data on housing transactions is more reliable.

3. Residential real state is the largest store of wealth in the world.

> The residential real estate is worth $287 trillion. Not even all the money deposited in stocks ($98 trillion) and bonds ($129 trillion), added together, surpass the residential real state market. In a way, housing is the economy.

The next chart shows the velocity of housing in Spain, where we observe a negative correlation of -0.53, which is quite significant. This suggests that the higher the housing velocity, the higher the inflation; and the lower the housing velocity, the lower the inflation.

> The velocity is a measurement of the rate at which the current stock of houses is exchanged. The lower the value, the higher the velocity. A ratio of (x) means that it would take (x) years to exchange the stock at current speed.

Therefore, by knowing how quickly the housing sector is moving, we can infer whether we are living under an inflationary or deflationary period.

Currently, housing velocity has been increasing, reaching a value of 36 in 2025, a relatively high figure (all time high was 28 in 2006), and at the same time, we are experiencing an inflationary period. Hopefully this data can help us navigate the economic world and invest accordingly.

@ 5627e59c:d484729e

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

@ 866e0139:6a9334e5

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

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

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Eine der wichtigste Säulen einer funktionierenden Demokratie ist die sogenannte „öffentliche Sphäre“ (1), ein Debattenraum, in den sich alle Menschen gleichberechtigt einbringen und über aktuelle, für die Gemeinschaft wichtige Fragen diskutieren können. In Deutschland ist die Offenheit dieses Debattenraumes eigentlich durch fundamentale Grundrechte wie die Meinungs- und Pressefreiheit geschützt. 

https://www.youtube.com/watch?v=FHF6rjDbK9w

Soziale Medien im Visier

Dennoch wird der öffentliche Diskurs derzeit immer stärker eingeschränkt. Als Rechtfertigung dafür wird seit einigen Jahren der sogenannte Kampf gegen „Desinformation“ oder auch „Falschinformation“ (Misinformation) angeführt:  Unter dem Vorwand, die Bevölkerung vor schädlicher Einflussnahme von außen, beispielsweise aus Russland, schützen zu wollen, wird der öffentliche Diskurs mit Hilfe von „Faktencheckern“, „Trusted Flaggern“ oder durch das „Gesetz für Digitale Dienstleistungen“ (Digital Services Act) massiv eingeschränkt, wobei vor allem soziale Medien verstärkt ins Visier genommen werden. 

In der Propagandaforschung ergibt sich bei dem vorgeblichen Kampf gegen „Desinformation“ jedoch das Problem, dass die Begriffe selbst, die als Rechtfertigung dafür verwendet werden, um den öffentlichen Diskurs einzuschränken und bestimmte Inhalte zu löschen, nicht eindeutig definiert sind. Auch was „falsche Tatsachenbehauptungen“ sind, kann letztlich nur der offene, öffentliche Diskurs entscheiden. Wenn das, was „falsch“ oder „richtig“ ist, durch eine einzelne Instanz im Alleingang entschieden wird, dann landet man bei dem, was George Orwell in seinem bekannten Roman 1984 als „Wahrheitsministerium“ beschrieb: ein Ministerium, das auch noch nach Jahren alle verfügbaren Informationen dem aktuellen Stand der „Wahrheit“ anpasst – selbst wenn diese sich ständig ändern sollte. (2)

Auch heute steht immer wieder der Vorwurf im Raum, dass der Kampf gegen „Desinformation“ sowie der Kampf gegen „russische Desinformation“ gezielt genutzt werden, um im Kampf um die Deutungshoheit das eigene, westliche Narrativ durchzusetzen. Diesen Punkt habe ich ausführlich in meinem Artikel in der Berliner Zeitung dargelegt. 

Wie unehrlich der Kampf gegen falsche Informationen tatsächlich ist, kann folgendes konkrete Beispiel zeigen: Die deutsche Politikerin und ehemalige Vorsitzende des Verteidigungsausschusses im Bundestag, Marie-Agnes Strack-Zimmermann, erklärte in einer am 24. März 2025 im ORF2 ausgestrahlten Sendung: 

„Wladimir Putin ist ein Mörder, ein Killer, der hunderte von Millionen Menschen unter die Erde gebracht hat.“

In der gleichen Sendung behauptete Strack-Zimmermann, dass die Ukraine 70 Milliarden Menschen ernähre. Besonders bemerkenswert dabei ist, dass ihr niemand in der Sendung widersprach.

Wenn man beide Zahlen einordnen möchte, dann sollte man sich einerseits bewusst machen, dass Strack-Zimmermann damit behauptet, dass der russische Präsident mehr Menschen „unter die Erde gebracht hat“, als laut offiziellen Zahlen im Ersten und Zweiten Weltkrieg zusammen gestorben sind. Andererseits sollte man wissen, dass die Weltbevölkerung insgesamt bei ca. 8,2 Milliarden Menschen liegt, die Ukraine laut dieser Aussage somit die gesamte Weltbevölkerung ca. 8,5 Mal ernähren könnte. 

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Das Messen mit doppeltem Maß

Als der Autor daher beschloss, die Äußerungen von Strack-Zimmermann bei mehreren, einschlägigen Meldeportalen für „Desinformation“ als gefährliche Hassrede zu melden, war das Ergebnis umso erstaunlicher: entweder erklärten sich die Meldeportale für das öffentlich-rechtliche Fernsehen nicht zuständig, oder sie lehnten eine Bearbeitung des Falles und einen Faktencheck der getroffenen Aussagen ab, da es wichtigere Fälle zu bearbeiten gäbe und leider keine Kapazitäten zur Prüfung dieses Aussagen zur Verfügung stünden. 

Dieses konkrete Beispiel soll zeigen, wie wichtig es ist, den vorgeblichen Kampf gegen „Desinformation“ oder auch „russische Einflussnahme“ als das einzuordnen, was er in vielen Fällen ist: ein unehrlich Kampf um die Deutungshoheit und damit ein gefährlicher Bestandteil von dem, was man ehrlicherweise als Kriegspropaganda bezeichnet. 

Den Bürgerinnen und Bürgern bleibt somit nur, alle Informationen selbst kritisch auf ihren Wahrheitsgehalt hin zu prüfen und selbst zu entscheiden, was als wertvolle Information und was als manipulative „Desinformation“ eingestuft werden kann. Je besser es gelingt, tatsächliche Desinformation und Kriegspropaganda aller an einem Krieg beteiligten Nationen zu hinterfragen, umso schwerer wird es, diesen Krieg zu führen. Damit ist das Durchschauen von unehrlichen Schlagwörtern wie „Desinformation“ oder „Falschinformation“ ein erster, wichtiger Schritt zur Neutralisierung von Kriegspropaganda und bildet das Fundament, das den Weg zum Frieden dadurch möglich macht. Jeder einzelne hat somit die Möglichkeit, diesen Weg zum Frieden aktiv mitzugestalten. Hier kann der Mut, sich jeden Tag im persönlichen Umfeld in den öffentlichen Diskurs einzubringen und die Friedensbotschaft zu stärken, bereits einen wichtigen Beitrag leisten. 

(1)  Habermas, Jürgen. 1971/1962. Strukturwandel der Öffentlichkeit. Untersuchungen zu einer Kategorie der bürgerlichen Gesellschaft. 5th ed. Neuwied/Berlin.

(2)  Orwell, George (1948). 1984. Seite 193 ff. 

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Dr. Jonas Tögel ist Amerikanist, Propagandaforscher und *Bestsellerautor. Er hat zum Thema Soft Power und Motivation promoviert und arbeitet als wissenschaftlicher Mitarbeiter am Institut für Psychologie der Universität Regensburg. Seine Forschungsschwerpunkte sind unter anderem Motivation, der Einsatz von Soft-Power-Techniken, Nudging, Propaganda sowie Geostrategie. *

Zuletzt erschien sein Buch „Kriegsspiele“ im Westend-Verlag.

Website: *www.jonastoegel.de *

X (Twitter): *https://x.com/JonasToegel *

YouTube: *https://www.youtube.com/@DrJonasToegel *

Instagram: *https://www.instagram.com/drjonastoegel/ *

Telegram: https://t.me/drjonastoegel 

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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.

@ dd664d5e:5633d319

The importance of being lindy

I've been thinking about what Vitor said about #Amethyst living on extended time. And thinking. And doing a bit more thinking...

It's a valid point. Why does Amethyst (or, analog, #Damus) still exist? Why is it as popular as it is? Shouldn't they be quickly washed-away by power-funded corporate offerings or highly-polished, blackbox-coded apps?

Because a lot of people trust them to read the code, that's why. The same way that they trust Michael to read it and they trust me to test it. And, perhaps more importantly, they trust us to not deliver corrupted code. Intentionally, or inadvertently.

The developer's main job will not be coding the commit, it will be reviewing and approving the PR.

As AI -- which all developers now use, to some extent, if they are planning on remaining in the business -- becomes more efficient and effective at writing the code, the effort shifts to evaluating and curating what it writes. That makes software code a commodity, and commodities are rated according to brand.

Most of us don't want to make our own shampoo, for instance. Rather, we go to the store and select the brand that we're used to. We have learned, over the years, that this brand won't kill us and does the job we expect it to do. Offloading the decision of Which shampoo? to a brand is worth some of our time and money, which is why strong, reliable brands can charge a premium and are difficult to dislodge.

Even people, like myself, who can read the code from many common programming languages, do not have the time, energy, or interest to read through thousands of lines of Kotlin, Golang, or Typescript or -- God forbid -- C++, from repos we are not actively working on. And asking AI to analyze the code for you leaves you trusting the AI to have a conscience and be virtuous, and may you have fun with that.

The software is no longer the brand. The feature set alone isn't enough. And the manner in which it is written, or the tools it was written with, are largely irrelevant. The thing that matters most is Who approved this version?

The Era of Software Judges has arrived

And that has always been the thing that mattered most, really.

That's why software inertia is a real thing and that's why it's going to still be worth it to train up junior devs. Those devs will be trained up to be moral actors, specializing in reviewing and testing code and confirming its adherance to the project's ethical standards. Because those standards aren't universal; they're nuanced and edge cases will need to be carefully weighed and judged and evaluated and analysed. It will not be enough to add Don't be evil. to the command prompt and call it a day.

So, we shall need judges and advocates, and we must train them up, in the way they shall go.

@ 04c3c1a5:a94cf83d

nostr:nprofile1qyf8wumn8ghj7cnfw3ehgctrdvhxzursqyv8wumn8ghj7et49ec82unsd3jhyetvv9ujucm0d5qzqpxrcxj33hdgt40grhyqt9srj02ja2gw40twwsg04hhh8k55e7pajuqn23

hey

| hey | | | ----- | - | | | | | | |

@ 39cc53c9:27168656

Read the original blog post

Over the past few months, I've dedicated my time to a complete rewrite of the kycnot.me website. The technology stack remains unchanged; Golang paired with TailwindCSS. However, I've made some design choices in this iteration that I believe significantly enhance the site. Particularly to backend code.

UI Improvements

You'll notice a refreshed UI that retains the original concept but has some notable enhancements. The service list view is now more visually engaging, it displays additional information in a more aesthetically pleasing manner. Both filtering and searching functionalities have been optimized for speed and user experience.

Service pages have been also redesigned to highlight key information at the top, with the KYC Level box always accessible. The display of service attributes is now more visually intuitive.

The request form, especially the Captcha, has undergone substantial improvements. The new self-made Captcha is robust, addressing the reliability issues encountered with the previous version.

Terms of Service Summarizer

A significant upgrade is the Terms of Service summarizer/reviewer, now powered by AI (GPT-4-turbo). It efficiently condenses each service's ToS, extracting and presenting critical points, including any warnings. Summaries are updated monthly, processing over 40 ToS pages via the OpenAI API using a self-crafted and thoroughly tested prompt.

Nostr Comments

I've integrated a comment section for each service using Nostr. For guidance on using this feature, visit the dedicated how-to page.

Database

The backend database has transitioned to pocketbase, an open-source Golang backend that has been a pleasure to work with. I maintain an updated fork of the Golang SDK for pocketbase at pluja/pocketbase.

Scoring

The scoring algorithm has also been refined to be more fair. Despite I had considered its removal due to the complexity it adds (it is very difficult to design a fair scoring system), some users highlighted its value, so I kept it. The updated algorithm is available open source.

Listings

Each listing has been re-evaluated, and the ones that were no longer operational were removed. New additions are included, and the backlog of pending services will be addressed progressively, since I still have access to the old database.

API

The API now offers more comprehensive data. For more details, check here.

About Page

The About page has been restructured for brevity and clarity.

Other Changes

Extensive changes have been implemented in the server-side logic, since the whole code base was re-written from the ground up. I may discuss these in a future post, but for now, I consider the current version to be just a bit beyond beta, and additional updates are planned in the coming weeks.

@ 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

@ bf47c19e:c3d2573b

Originalni tekst

Autor: Dr Srđan Radulović, docent na Pravnom fakultetu Univerziteta u Prištini sa privremenim sedištem u Kosovskoj Mitrovici

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Rezime

Bitkoin kao virtuelni sistem za plaćanje predstavljen je krajem 2008. godine. Ipak, i danas nedostaju odgovori na neka od fundamentalnih pitanja. Jedno od tih pitanja je da li je Bitkoin zaista novac ili nešto sasvim drugo.

Bitkoin kao sistem primarno je dizajniran ne sa ciljem da se stvori „nova vrsta novca“ u najužem smislu već sa ciljem da se stvori platforma koja obezbeđuje da se transfer vrednosti izvrši na što je efikasniji način moguće. Ipak, iako to nije suštinski, bitkoin ima kapacitet da preuzme ulogu novca, a taj kapacitet je prepoznat i u sudskim odlukama. Prepoznajući i uvažavajući taj kapacitet, u ovom radu prezentujemo rezultate pretežno empirijskog istraživanja sprovedenog prethodno o nestabilnoj, ali opet izrazito deflatornoj prirodi bitkoina i njenom uticaju na novčane obligacije. Konkretno, iako bi ideja mogla biti kontroverzna iz više razloga, a volatilna priroda „cene” bitkoina je svakako jedan od njih, smatramo da periodična depresijacija njegove vrednosti ne znači da je bitkoin inflatoran. Naprotiv, bitkoin je deflatoran po prirodi. Različiti ugrađeni mehanizmi, ali i novi načini primene ističu tu prirodu. Dakle, u radu koristimo različite tehnike analitičkog metoda, najpre da izdvojimo različite deflatorne mehanizme, kako one programirane tako i one faktičke, a zatim i da ih opišemo. Dalje, u radu koristimo sintetičke metode, najpre generalizaciju i apstrakciju, da sumiramo rezultate istraživanja koji potvrđuju kao tačnu polaznu hipotezu da je bitkoin po prirodi izrazito deflatoran i pored njegove nestabilnosti, te da se može koristiti kao zaštitni mehanizam u monetarnim obligacijama.

Ključne reči: Bitkoin, novčane obligacije, ugovor, valutne klauzule, kriptovalutne klauzule, deflacija.

1. Uvod

Evolucija novca neraskidivo je povezana sa tehnološkim napretkom, iako je novac evoluirao značajno sporije zbog pravnih ili kulturnih ograničenja (Calcaterra, Kaal, Rao, 2020: 202-203). Prirodno, pojava digitalne tehnologije podstakla je ideju o generisanju imovine slične gotovini (1) koja se može deponovati i prenositi u digitalnom formatu. Zanimljivo, treća industrijska revolucija oživela je teoriju da su privatni entiteti, ako im se dozvoli, sposobni da obezbede barem jednako pouzdane „kovanice“ kao i one koje stvara država (Hayek, 1976: 24). Kako se kompleksna visokotehnološka infrastruktura koja omogućava potpuno transparentno i unapred određeno izdavanje postepeno razvijala, teorija se činila manje utopijskom (Syropyatov, 2021: 324). Treća industrijska revolucija donela je uzbudljive projekte od kojih su neki postali vrlo uspešni i oni su, u zavisnosti od istorijske interpretacije, inicirali četvrtu ili čak petu veliku promenu novca (Radulović, 2021: 30). Smatra se da DigiCash postavlja tehničku i ideološku osnovu za moderne digitalne valute (Turudić, Milić & Štulina, 2017: 193; Roth, 2015: 528). Ipak, nijedan od ranijih projekata, uglavnom zbog svoje neefikasne centralizovane infrastrukture (Cavalhiero, Cavalhiero, 2022: 209), nije postao ni približno uspešan kao najradikalniji (Hutchinson & Dowd, 2015: 357) – „Bitkoin: Peer-to-peer sistem elektronskog novca“ (Nakamoto, 2008: 1-9).

Bitkoin je prvi uspešan primer demonopolizacije tržišta fiat valuta kroz postepenu implementaciju novca koji izdaju privatni entiteti (Syropyatov, 2021: 319-320). Kako savremeno društvo teži decentralizovanim rešenjima za ljudsku interakciju (Calcaterra, Kaal, Rao, 2020: 193), u gotovo savršenom okruženju za svoj uspeh (Đorđević, 2018: 96), Bitkoin (2) se pokazao kao koristan ekonomski (Đorđević, 2018: 100), ali i pravni instrument (3).

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1. Za više o različitim imovinama sličnim novcu, videti: Karame & Androulaki, 2016: 11-13.

2. U ovom članku, kako bismo precizno razlikovali Bitkoin kao operativni softver, sistem ili mrežu od bitkoina kao digitalne imovine (podataka ili valute određene vrednosti), na Bitkoin kao sistem ćemo se pozivati koristeći veliko slovo „B“, a na bitkoin kao imovinu koristeći malo slovo „b“ (Antonopoulos, 2014: xvii, 18, 116; Cvetković, 2018: 120; Hutchinson & Dowd, 2015: 357 fn.).

3. Od juna 2021. godine, Salvador je postao prva zemlja koja je legalno priznala Bitkoin kao zakonsko sredstvo plaćanja u gotovo punom kapacitetu, podržala ga tehnički impresivnom digitalnom infrastrukturom (prilagođeni novčanik, specijalizovana vladina platforma za razmenu, različite besplatne aplikacije, pa čak i posebna mreža) i uvela razne podsticaje za promovisanje ovog prilično zanimljivog eksperimenta (Ley Bitcoin, Diario Oficial ES, 110/2021, Decreto No 57). Centralnoafrička Republika je bila druga nacionalna ekonomija koja je uvela Bitkoin kao zakonsko sredstvo plaćanja i rezervnu valutu (République Centrafricaine Cryptomonnaie, Journal Officiel CAF, 22/2022).*

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Strogo govoreći, Bitkoin nije ni roba ni valuta (Abramowicz, 2015: 3). Bitkoin nije novac. To je sistem plaćanja. Može se izneti čvrst argument da je Bitkoin zapravo institucija ili platforma koja stvara i sprovodi imovinska prava (Abramowicz, 2015: 3). Ali onda, sudska praksa je utvrdila da bitkoin ima sposobnost da preuzme ulogu novca (Raskin, 2015: 980). Dakle, ako ga posmatramo kao novac, on je oblik „spoljnjeg novca“ (Garrat, Wallace, 2018: 1887), što posebno cene korisnici novca koji su već naviknuti na bezgotovinska elektronska ekonomska okruženja (Dimitrijević, 2018: 224-225) (4).

Dubinska analiza potvrđuje da je vrednost bitkoina veoma volatilna kako u kratkim tako i u dužim periodima (Baur, Dimpfl, 2021: 2663–2683). Ipak, očekivano je da mlada valuta bude volatilna (Đorđević, 2018: 100). Spisak razloga za njenu volatilnost je dobro opisan (Mirjanich, 2014: 223; Syropyatov, 2021: 320-322, 326-327). Može se izneti i čvrst argument da je volatilnost bila veća na početku, što u krajnjoj liniji može biti dobra vest za potencijal Bitkoina da se razvije u (stabilniju) valutu (Baur, Dimpfl, 2021: 2668-2669).

Ipak, u vremenima kada njegova volatilna priroda dolazi do izražaja, izuzetno je važno razumeti šta deflatorna priroda bitkoina zapravo znači. Volatilnost je izraz koji opisuje koliko se vrednost sredstva razmene menja tokom vremena, ili preciznije, kojom stopom. Ako deflaciju posmatramo kao apresijaciju vrednosti izazvanu neskladom u ponudi i potražnji koja podiže kurs valute (Antonopoulos, 2014: 180), bitkoin je po prirodi deflatoran, ali i dalje volatilan. Različiti mehanizmi čine ga otpornim na inflaciju. To je tačno čak iako je bitkoin spekulativna imovina ili se barem može tumačiti kao takva (Šoja, Senarathne, 2019: 46) jer nije podržan nikakvom imovinom ili garancijom (Šoja, Senarathne, 2019: 46), niti predstavlja trenutno stanje ekonomije neke zemlje (Vareško, Deković, 2022: 91). Konkretno, vrednost bitkoina nije imuna na sopstvenu depresijaciju, iznenadnu apresijaciju i različite vrste manipulacije. U ovom trenutku, gotovo je nemoguće sprečiti ih jer Bitkoin sistem funkcioniše kao slobodno i u suštini neregulisano (5) tržište. Vremenski trošak korišćenja Bitkoina (Garrat, Wallace, 2018: 1889) je stvarna opasnost i, pored toga, vrednost bitkoina je gotovo potpuno nepredvidiva (Garrat, Wallace, 2018: 1896; Syropyatov, 2021: 320). To dodatno otežava odbranu hipoteze o njegovoj deflatornoj prirodi.

Bilo kako bilo, čak i kada njegova cena dramatično padne, to ne znači da je bitkoin inflatoran. Ovo je ključno razumeti ako želimo da razjasnimo svojstva i pravnu prirodu novčanih obaveza nominovanih u bitkoinu, a posebno ako nameravamo da ih pravilno regulišemo. U tom smislu, ovaj rad je samo uvod u ovu temu.

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4. Elektronski novac je oblik digitalnog novca i faza u njegovoj evoluciji, a isto su i kriptovalute; ipak, kriptovaluta nije elektronski novac i ne treba je brkati sa elektronskim novcem (Dimitrijević, 2018: 228).

5. Iako postoje nacionalni propisi (Cvetković, 2018: 127-128; Zebec, 2018: 90-93), kao i međunarodni propisi (Cvetković, 2018: 126-127; Mijatović, 2022: 95-100), Bitkoin, i kao sistem i kao valuta, apsolutno je imun na nacionalne i međunarodne propise. Međutim, postoji doza optimizma da stabilni novčići, konceptualno govoreći, mogu da naglase da je optimizacija kreiranja politike pod vođstvom tehnologije zapravo moguća u složenim monetarnim sistemima (Calcaterra, Kaal, Rao, 2020: 194). Ali, adekvatan model prvo mora biti otkriven od strane sudske prakse (Raskin, 2015: 972), a zatim potvrđen u sigurnijem okruženju, kao što su „Sandbox“ ili „Innovation Hubs“ (Jović, Nikolić, 2022: 48-51).

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2. Fiksna ponuda

Bitkoin je softver otvorenog koda koji se koristi decentralizovanim dizajnom mreže (Caetano, 2015: 103-104; Đorđević, 2018: 97) (6). Tačnije, to je elektronski, dvosmerni, decentralizovani (Đorđević, 2018: 97) platni sistem zasnovan na kriptografskom dokazu (Nakamoto, 2008:1) koji je razvijen sa ciljem isključivanja ovlašćenih posrednika kroz koncept „digitalnog poverenja“ (Cavalheiro, Cavalheiro, 2022: 207; Horvatić, Tafra: 2022 108-109; Syropyatov, 2021: 325) bez kompromitovanja sigurnosti i privatnosti tokom transakcije (7), po nižim troškovima i što je brže moguće (Roth, 2015: 529).

Da bi prenos vrednosti bio moguć, vrednost je morala biti povezana sa sredstvom unutar sistema. Kako je sistem potpuno digitalizovan, ovo sredstvo je moglo postojati samo u digitalnom obliku, tj. virtuelne novčane jedinice predstavljaju vrednost (Đorđević, 2018: 97). Uobičajena je zabluda da je naziv ovog sredstva Bitkoin. Bitkoin je peer-to-peer monetarna mreža, to je program, softver, platforma, ali ne valuta. Bitkoin kao valuta ne postoji izvan ili bilo gde unutar mreže (Cvetković, 2018: 124). Osnovna jedinica ovog platnog sistema je satoši, digitalizovani deo informacije koji je trajno povezan sa digitalnom platformom (Antonopoulos, 2014: xvii, 18, 116). Ipak, iako tehnički netačno, postalo je norma koristiti bitkoin kao jedinicu sa odnosom prema Satošiju od 1:100.000.000 (Radulović, 2021: 32).

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6. Postoji prirodna tendencija ka monopolu u Mreži (Hutchinson Dowd, 2015: 364-368). Ipak, mogućnost stvaranja apsolutnog monopola je samo teorijska. Kako cela zajednica entuzijasta aktivno koristi prostor preostao za poboljšanje Mreže, postoji niz predloga protokola za rudarenje („getblocktemplate“ je najuspešniji) koji sprečavaju centralizaciju.

7. Privatnost i sigurnost nisu sinonimi. Ovo su dva različita aspekta efikasnosti platnih sistema, svaki sa svojim prepoznatljivim individualnim karakteristikama (Karame, Androulaki, 2016: 14-17).

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Da bismo razumeli ovaj koncept, možemo uporediti bitkoin sa tradicionalnim načinima izvršavanja novčanih obaveza (Cvetković, 2018: 121; Đorđević, 2018: 100-102). Po svojim karakteristikama, bitkoin je u suštini negde između zlata i dolara (Syropyatov, 2021: 323) ali primarna ideja je bila da se stvori digitalna imovina koja imitira zlato. Najlakši način da se novostvorenoj imovini da vrednost je da se učini retkom. Stoga su protokoli Bitkoin mreže postavljeni tako da ukupna ponuda bude pažljivo izračunata, konačna i ograničena (8). Fiksiranjem ukupnog broja bitkoina u opticaju na 21.000.000, početni izdavalac i pronalazač rešio je dva glavna problema – dodatno izdavanje i falsifikovanje (Garrat, Wallace, 2018: 1887). Dakle, „štampanje“ novog novca u Bitkoin mreži iznad očekivane stope izdavanja je nemoguće što znači da bitkoin kao valuta nije podložan inflaciji (Antonopoulos, 2014: 2).

Budući da je Bitkoin softver, on nije „ništa više“ od skupa unapred programiranih pravila. Kako se ta pravila mogu ažurirati, tehnički postoji mogućnost promene izvornog koda kako bi se omogućilo kvantitativno povećanje ponude novčića. Ipak, kako mi to vidimo, ovo je samo teoretski moguće. Zašto?

Bitkoin je konstruisan na revolucionarnoj tehnologiji koja se zove blokčejn. Blokčejn je digitalna baza podataka koja sadrži informacije o svakoj promeni u mreži (Cvetković, 2020: 128; Teomete Yalabik, Yalabik, 2019: 37). Jednom uneti i potvrđeni, podaci o promeni koja se dogodila trajno se čuvaju u bloku, koji se zatim povezuje sa postojećim lancem gde su blokovi ravnomerno poređani, hronološki vremenski obeleženi, suštinski nepromenljivi (Cvetković, 2020: 129; Catanzaro & Kain, 2020: 52; Horvat, Tafra, 2022: 108) (9). Lanac dodatih blokova distribuira se kroz mrežu, a upravljanje njime je u potpunosti zasnovano na konsenzusu (Radulović, 2021: 36) što znači da niko ne vrši kontrolu nad lancem (Magnuson, 2022: 883) (10). Ovo je vrlo važna tačka jer svaki blok u lancu sadrži određeni broj bitkoina, a ukupna ponuda se postepeno povećava konsenzusnim dodavanjem novih blokova (11), ali ne više od 13.230.000 njih.

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8. Procenjuje se da u svetu postoji 171.000 metričkih tona zlata (Đorđević, 2018:101), ali to je samo pretpostavka. S druge strane, Bitkoin sistem se ne zasniva ni na kakvoj sličnoj pretpostavci. Kreatori sistema su otišli korak dalje i ponudili kriptografsko uverenje o njegovoj ograničenoj ponudi (Cvetković, 2018: 121). To znači da nema opasnosti od bilo kakvih neočekivanih otkrića ove robe koja može doneti nestabilnost monetarnom režimu (Cachanosky, 2019: 371). Takođe, za razliku od zlata, nemoguće je manipulisati „čistoćom“ bitkoina i tako kompromitovati ideju o njegovoj ograničenoj ponudi (Cvetković, 2018:121).

9. Bitkoin koristi blokčejn kao javnu knjigu koja sadrži potpuni zapis svih javnih transakcija u istoriji Bitkoin mreže (Cavalhiero, Cavalhiero, 2022: 209). U tom kontekstu, zanimljivo je da je bitkoin koji je zaplenjen u slučaju „Silk Road“ prebačen u FBI novčanik (lFfmbHfnpaZjKFvyilokTjJJusN455paPH) od strane čvorova putem regularne procedure verifikacije na Bitkoinovom blokčejnu; štaviše, ovaj transfer ali i kasnija aukcija novčića i njihov transfer kupcima je potpuno transparentan i može se pratiti jednostavnom proverom promena u lancu (Raskin, 2015: 982-983).

10. Satoši Nakamoto se povukao iz javnosti u aprilu 2011. godine, prepuštajući odgovornost razvoja koda i mreže rastućoj grupi volontera (Antonopoulos, 2014: 4).

11. Po analogiji sa Fridmanovim "Ostrvom kamenog novca", Bitkoin funkcioniše putem decentralizovane (digitalizovane) kolektivne memorije (Hutchinson & Dowd, 2015: 358).

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U tradicionalnim ekonomskim sistemima, monetarna vlast garantuje kvalitet, količinu i vrednost novca, dok banke i drugi posrednici vrše kontrolu nad transakcijama (Pernice, 2021: 770). Bitkoin funkcioniše kao protokol, tj. skup unapred programiranih pravila (Raskin, 2015: 971) bez arbitra (Abramowicz, 2015: 3). U Bitkoin mreži ne postoji centralna vlast bilo koje vrste koja nadzire i upravlja platformom (Catanzaro, Kain, 2020: 52; Teomete Yalabik, Yalabik, 2019: 37). Prvo, to znači da ne postoji jedna kritična tačka (eng. single point of failure) (Hutchinson & Dowd, 2015: 359). Drugo, nema potrebe za trećom pouzdanom stranom za sprovođenje procesa registracije i/ili garantovanje tačnosti stanja transakcija, sve to zato što se poverenje u mrežu zasniva na kriptografiji kao nauci (12) (Cvetković, 2018: 121; Dinić, 2014: 110; Đorđević, 2018: 97; McGinnis, 2020: 60; Raskin, 2015: 974). Ovde dolazi do izražaja genijalni koncept: upravljanje je dodeljeno samoj Mreži, zapravo računarima koji vrše proces verifikacije transakcija (Đorđević, 2018: 98; Hutchinson & Dowd, 2015: 360). Iz toga sledi da je sistem gotovo u potpunosti samoregulišući i potpuno decentralizovan. Dalje, ne samo pokrenute transakcije već i svaka druga promena u mreži mora biti rezultat konsenzusa među svim pojedinačnim učesnicima u mreži (naglasak autora). Dakle, da bi se promenio izvorni kod nakon zatvaranja obavezne debate u zajednici, potrebno je da većina čvorova u mreži izrazi svoje odobrenje. Sa desetinama hiljada čvorova koji pokreću mrežu, može se sigurno pretpostaviti da je gotovo nemoguće postići konsenzus za promenu osnovnog protokola koda, posebno dela koji ovaj sistem čini superiornim u odnosu na većinu kripto projekata (13).

Ovaj protokol čini Bitkoin superiornim u odnosu na druge kripto projekte. Naime, ranih 1970-ih postalo je jasno da možda ne postoji bilo kakva prednost niti potreba (barem više ne) za neupitnim i univerzalno prihvaćenim državnim prerogativom proizvodnje novca, te da bi to moglo biti štetno za razvoj nacionalne ekonomije ako se ne podržava valutna konkurentnost (Hayek, 1976: 20). Posebno se ovo odnosi na nacionalne ekonomije koje su potpuno zavisne od strane valute što je bio slučaj u Salvadoru (potpuno zavisan od USD).

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12. Poverenje u mrežu zavisi od funkcionisanja većine rudarskih računara u mreži. Logičan zaključak koji proizilazi iz ove činjenice ukazuje na to da povećani obim bitkoin transakcija implicira veću sigurnost; povećanje prometa mreže povećava poverenje (Dinić, 2014: 110).

13. Posmatrajući istoriju pokušaja iniciranja čak i „manjih“ tehničkih promena (protokola) oličenih u Bitkoin "hard forkovima" (Bitcoin XT, Bitcoin Classic, SegWit), možemo videti da nijedan od ovih projekata (čak ni „BitcoinCash“) nije nadmašio uspeh i stopu prihvatanja Bitkoin forka.

14. Prateći više od 2000 godina dugu istoriju državnih prerogativa u izdavanju novca, nobelovac Hayek je nabrojao legitimne razloge za dodeljivanje monopola izdavanja novca državnim institucijama (Hayek, 1976: 21-26).

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Možemo ići čak i dalje. Mogu se izneti snažni argumenti koji podržavaju tvrdnju da se apsolutna državna kontrola nad novcem može tumačiti čak i kao oblik ugnjetavanja koji je ništa manji od uskraćivanja građanskih sloboda (McGinnis, 2020: 60). Iako je „komplementarna valuta“ (Pernice, 2021: 769), bitkoin je najmoćnije oružjeu onome što se čini kao „fundamentalni napad“ na ostatke ove zastarele ugnjetavajuće ideje u modernom monetarnom poretku (McGinnis, 2020: 61).

Ako postoji bilo kakva istina u ovoj smeloj tvrdnji, onda je ograničena ponuda najvažnija karakteristika koja čini bitkoin, ako ne superiornim, onda barem konkurentnim fiat valutama [15]. Ovo je posebno tačno ako imamo u vidu kolektivno ukidanje monetarnog aranžmana iz Breton Vudsa i zlatnog standarda koji su, prema ekonomskim ekspertima (Syropyatov, 2021: 324), započeli inflatornu eru u ekonomskoj istoriji. Stoga, ne postoji ekonomska ili pravna logika koja bi opravdala transformaciju sistema iz „digitalnog zlata“ u nejedinstveni kvazi-demokratski fiat monetarni poredak, posebno među čvorovima koji su generalno pravi entuzijasti „decentralizovanih finansija“ [16].

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1. Ideja Bitkoina duboko je ukorenjena u Austrijskoj ekonomskoj školi mišljenja koja je poznata po oštroj kritici državnih intervencija koje zapravo pogoršavaju ekonomske i poslovne cikluse i uzrokuju značajnu inflaciju (Zebec, 2018:89).

2. Bitkoin mreža ne nameće protokole i pravila članovima koji se ne slažu sa njima. Omogućava im da se bezbedno odvoje iniciranjem takozvanog "hard forka". Postoji čak i poseban deo softvera nazvan Git ugrađen u mrežu, kreiran da omogući korisnicima forkovanje izvornog koda (Caetano, 2015:104-105). Rezultat je više od stotinu (manje-više poznatih i uspešnih) projekata u kripto prostoru koji su započeti na ovaj način – kao Bitkoin fork (Caetano, 2015: 104).

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3. Halving

Kreator(i) Bitkoina su imali za cilj da stvore digitalnu imovinu koja se ponaša kao zlato [17]. Stoga su doneli ideološku odluku da ne puste sav bitkoin u opticaj odjednom (Cachanosky, 2019: 371). Ukupan broj bitkoina je unapred određen ali je raspored njegovog stvaranja fiksiran (Raskin, 2015: 971) jer je mreža postavljena tako da može postupno povećavati ponudu novčića po opadajućoj stopi kroz proces nazvan „rudarenje“.

Odgovornost dodavanja verifikovanih transakcija u blok i ažuriranja lanca blokova poverena je posebnoj grupi učesnika mreže – rudarima. Da bi izvršili dodeljeni zadatak, rudari moraju rešiti niz složenih matematičkih problema što zahteva ogromnu računarsku snagu. Da bi ih podstakao da svoju računarsku snagu stave na raspolaganje za potrebe mreže, u Bitkoin protokol je ugrađen sistem „dvostruke nagrade“. Prvo, rudar prikuplja mali procenat svake transakcije koja je upisana u novokreirani blok. Pored toga, „pobednički“ rudar dobija novi bitkoin od mreže kao nagradu kada se transakcija „coin base“ postavi u novi blok (Antonopoulos, 2014: 115: Hutchinson & Dowd, 2015: 361; Nakamoto, 2008:4). To znači da izdavalac bitkoina nije banka, vlada, nadzorna institucija, pojedinac ili kompanija; izdavaoci su sami korisnici (Dinić, 2014: 110). Trećeg januara 2009. godine, iskopan je „genesis blok“ (Horvatić, Tarfa, 2022:107-108). Rudar(i) ovog bloka su dobili 50 bitkoina. Od tog trenutka, svaki put kada je kreiran novi blok, rudar je dobijao 50 novostvorenih bitkoina.

Ukupna ponuda raste postepeno ali ne istom brzinom. Kao što je već napomenuto, svaki blok sadrži određeni broj bitkoina, a ukupna ponuda novčića se povećava dodavanjem novih blokova. Međutim, blokovi nemaju isti kapacitet, tj. ne sadrže istu količinu bitkoina. Mreža je unapred programirana, najpre da smanji nagradu rudarima za 50% nakon svakih 210.000 dodatih blokova, ali i da prilagodi složenost matematičkog problema količini koja je već iskopana, tako da novi blok od 1MB koji sadrži otprilike 4000 upisanih transakcija (Horvatić, Tafra, 2022:109) nastaje u proseku svakih deset minuta (Antonopoulos, 2014:2, 177-178; Đorđević, 2018:97-98; Raskin, 2015:976; Roth, 2015:528). Jednostavna matematika pokazuje da se nagrada za rudarenje smanjuje otprilike svake četiri godine. Od 11. maja 2020. godine, nagrada za rudarenje po bloku iznosi 6.25 bitkoina. Stopa po kojoj se novi blokovi (pa samim tim i bitkoini) dodaju postojećem lancu postepeno se smanjuje (dok ne dostigne broj od 21.000.000).

Čin smanjenja rudarske nagrade za polovinu naziva se „halving“. Ideja iza procesa halvinga bila je da se bitkoin oponaša zlato čak i kada je u pitanju dinamika njegovog iskopavanja (Đorđević, 2018: 98). Sa ekonomskog i pravnog stanovišta, kroz proces halvinga, deflatorna priroda bitkoina dolazi do izražaja jer se već ograničena ponuda novčića dodatno smanjuje. Radi poređenja, u vreme pisanja ovog rada, više od 18.5 miliona (od 21 miliona) bitkoina je pušteno u opticaj, ali će poslednji bitkoin biti pušten u opticaj kada se iskopa blok 13.230.000. Prateći dinamiku Mreže, procenjuje se da će se to dogoditi otprilike 2137. godine (Antonopoulos, 2014:178; Raskin, 2015:976). To znači da je procenat inflacije kontrolisan, ne samo kroz konačnu ponudu već i kroz 64 događaja halvinga, nakon čega se stopa izdavanja novog bitkoina smanjuje.

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17. "Bitkoin pravilo, logo i tekstualni opis sugerišu da je projekat inspirisan zlatnim standardom. Uzmite u obzir, na primer, da se Bitkoini proizvode kroz proces nazvan „rudarenje“ sa opadajućim prinosima koji podseća na vađenje zlata iz podzemlja, te da je logo zlatnik" (Cachanosky, 2019: 371).

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4. Superhalving

Bitkoin je prvi put priznat kao novac na osnovu regulatornog stanovišta "Mreže za suzbijanje finansijskog kriminala" (Financial Crimes Enforcement Network) (Mirjanich, 2014: 214), zatim u sudskoj praksi u čuvenim slučajevima „Silk Road“ (Raskin, 2015: 981-982; Zebec, 2018: 89) i u slučaju SEC protiv Shaversa (Raskin, 2015: 979-980). Ipak, iako nije pogrešno smatrati bitkoin valutom, kao što je već napomenuto, mi volimo da razmišljamo o Bitkoinu kao o sistemu plaćanja. To je bila prvobitna ideja (Syropyatov, 2021: 325) i Bitkoin je zapravo korišćen u tom svojstvu u prvim godinama, uglavnom za male online transakcije (Vareško, Deković, 2022: 91).

Pravi potencijal ovog sistema, koji je sam po sebi impresivan, može se u potpunosti shvatiti samo ako se posmatra kao deo budućeg decentralizovanog finansijskog sistema (DeFi). U svojim brojnim predavanjima i intervjuima, Antonopoulos pruža sjajnu analogiju upoređujući DeFi prostor sa internetom iz ranih dana. U toj analogiji, Bitkoin se poredi sa elektronskom poštom koji je bio prva i (dugo vremena) jedina funkcionalna aplikacija na internetu. U DeFi prostoru, Bitkoin je prva i (na mnogo načina) najvažnija, ali ne i jedina funkcionalna aplikacija. Upravo način na koji Bitkoin mreža koristi tehnologiju distribuirane knjige (eng. distributed ledger) nije ništa drugo do jedan mogući prikaz istinskog potencijala neverovatnog dela računarskog inženjeringa zvanog blokčejn. Imajući u vidu bezbroj funkcija interneta danas, ova analogija nudi najbolji uvid u razmere i potencijal DeFi prostora.

Korišćenje ove i drugih srodnih tehnologija svakako prevazilazi stvaranje različitih platnih, pa čak i finansijskih sistema. Blokčejn tehnologija i kriptovalute, protokoli decentralizacije uopšte, deo su dugoročnog ciklusa proliferacije i imaju priliku i kapacitet da dalje prošire inovacije i mogućnosti koje su započete u ranim godinama interneta (Calcaterra, Kaal, Rao, 2020: 204; Syropyatov, 2021: 320). Sa pravnog stanovišta, nema sumnje da će blokčejn tehnologija reorganizovati svaku aktivnost koja zahteva javni prikaz informacija (Cvetković, 2018: 122). Takođe ima kapacitet da reformiše sve aktivnosti oko donošenja odluka od strane sporog i skupog državnog aparata kroz „peer-to-peer“ odlučivanje (Abramowitz, 2015: 7-9). Predstavlja izazov konvencionalnoj pretpostavki da su centralizovane institucije, poput zakonodavnih tela i sudova, potrebne za donošenje zakona dovoljne jasnoće da bi bili primenljivi (Abramowitz, 2015: 9). Konačno, dokazano je da je blokčejn tehnologija suštinska za budući razvoj današnjih opšteprihvaćenih ideja, poput IoT (Interneta stvari) i IoE (Interneta svega) (Horvat, Tafra, 2022: 108). Dakle, koliko god da su impresivni, čak i DeFi prostor, IoT ili IoE biće samo fragmenti, ili aplikacije takozvanog „Web 3.0“."

„Međutim, ako to posmatramo strogo sa monetarnog stanovišta, verujemo da je postojeći centralizovani finansijski sistem zastareo, neefikasan, nepouzdan i nepotrebno skup; kao takav, biće zamenjen efikasnijom ekonomskom strukturom. Naučno je dokazano da sadašnja veličina tržišta kriptovaluta i njegova rastuća snaga imaju kapacitet da poremete čitav finansijski sistem (Vareško, Deković, 2022:91). Sa ideološkog stanovišta, DeFi sistem izgleda kao najočiglednija zamena. Međutim, u ovom trenutku, više od decenije nakon što je Bitkoin mreža postala potpuno operativna, DeFi struktura zvuči pomalo futuristički. Ipak, obrisi sistema su sada jasno vidljivi. Određeni delovi sistema su više nego funkcionalni, a efekti koje stvaraju oživljavaju osnovnu ideju DeFi-ja. To je vidljivo u procesu zvanom „superhalving“.

Prema našem saznanju, termin superhalving je prvi put korišćen u biltenu koji je svetski poznati stručnjak za kriptovalute Teeka Tiwari poslao svojim čitaocima i pretplatnicima. Da bi objasnio svoje otkriće, koristio je analogiju sa halvingom. Superhalving se odnosi na smanjenje broja novčića u opticaju ali, za razliku od halvinga, superhalving nije vezan za Bitkoin kod. Prema gospodinu Tiwariju, to je hipotetička situacija povezana sa mogućnostima koje rudari sada imaju u DeFi ekosistemu (Tiwari, 2021).

Rudari obezbeđuju računarsku snagu neophodnu za funkcionisanje Bitkoin blokčejna, a podsticaj za raspodelu njihovih računarskih resursa Mreži dolazi u obliku novoizdatog bitkoina. Donedavno, rudari nisu bili u poziciji da zadrže novčiće kojima su nagrađivani. Da bi ostali u „trci“ za novim novčićima u sve konkurentnijem okruženju, nisu imali drugog izbora osim da prodaju zarađene novčiće kako bi finansirali nadogradnju računarskih resursa za dalje operacije. To je bila njihova jedina opcija jer vlasništvo bilo koje vrste kripto-imovine nije značilo ulaz u (tradicionalne) izvore kapitala (Tiwari, 2021).

Danas je situacija izvanredno drugačija. Prvo, finansijske institucije su sada visoko uključene u kripto-tržište (Magnuson, 2022: 884). One nude finansijske usluge i stvaraju visoko profitabilne prostore za svoje klijente u vezi sa Bitkoinom, Ethereumom i drugim projektima. Drugo, fondovi kojima se trguje na berzi, kripto-menjačnice i rudari, svi koji služe industriji kriptovaluta, razvili su se u velike industrije (Magnuson, 2022: 884). Prema Tiwariju, rudari su po prvi put u mogućnosti da prikupe novac putem tržišta kapitala. Prema njegovoj studiji, rudari i kripto-kompanije su već prikupili više od deset puta više kapitala za svoje buduće poduhvate nego prethodnih godina (Tiwari, 2021).“

Nadalje, rudari danas čak ne moraju da imaju pristup investicionim bankama, kapitalnim fondovima ili drugim odabranim institucijama ili individualnim investitorima. Slično Bitkoinu, DeFi je monetarno inkluzivan prostor u apsolutnom smislu. Preko alternativnog decentralizovanog modela finansija zasnovanog na blokčejnu, moguće je zaobići nepotrebne posrednike i ući u virtuelne peer-to-peer kapitalne odnose. Moguće je pozajmljivati, štedeti, zakazivati plaćanja, trgovati, kupovati osiguranje, investirati, dokazivati vlasništvo, pa čak i automatski rebalansirati portfolio na finansijskom tržištu koje je uvek otvoreno, potpuno decentralizovano, izuzetno sigurno i gotovo potpuno imuno na ljudske greške. Pomoću inovativnog investicionog aparata, ovaj finansijski ekosistem čini prikupljanje kapitala jednostavnim, neformalnim, direktnim i samim tim jeftinijim za rudare širom sveta, i svakoga ko želi da finansira svoje buduće ideje i poduhvate. Kroz kriptovalute, pametne ugovore i tokene kreirane na različitim blokčejn platformama za potencijalne investitore i finansijere, bez obzira na to gde se trenutno nalaze, rudari mogu obezbediti neophodan kapital za ažuriranje svoje opreme za rudarenje ili druge aktivnosti. To dalje znači da rudari ne moraju odmah da prodaju bitkoin koji su dobili kao nagradu za rudarenje. Oni ga sada mogu zadržati (što najčešće i čine) sa namerom da alociraju svoj portfolio, realno očekujući da će mu cena porasti. To znači još manje novčića u opticaju, posledično smanjenu ponudu i konačno nižu stopu inflacije. Ukratko, ovo je proces superhalvinga.

Smatramo da je ideja superhalvinga veoma zanimljiva. Ipak, iako je dobro razrađena, verujemo da se ovaj fenomen može i treba tumačiti u širem smislu nego što je sugerisao Tiwari. On ne mora biti strogo povezan samo sa izgradnjom novog kripto-finansijskog digitalnog sveta i prilikama u njemu. Druge okolnosti mogu stvoriti sličan efekat i uzrokovati smanjenje prometa bitkoina. One bi trebalo da se istražuju pod istim imeniocem, tj. superhalvingom. U tom kontekstu, možemo pomenuti dve okolnosti koje imaju najveći deflatorni uticaj na tržište.

Prvo, u tehničkom smislu, Bitkoin se može tumačiti na različite načine: kao softver, kao mreža, kao aplikacija. U ekonomskom smislu, bitkoin može preuzeti ulogu valute, platnog sistema, (digitalne) imovine, pa čak i ulogu robe ili sirovine (Cvetković, 2018:129-133; Pernice, 2021:772). Uzimajući u obzir njegovu primenljivost i ulogu generalno, različite studije su nedvosmisleno potvrdile da se bitkoin konstantno razvijao (18) (Vareško, Deković, 2022:91). Postao je raznovrsniji i globalizovaniji (Karabulut, Sari, 2022: 56). S obzirom na to da je ideja iza stvaranja ovog sistema bila da se transfer vrednosti učini što efikasnijim, odnosno da platni sistem bude efektivan, sve veća rasprostranjenost bitkoina potvrđuje da se on može okarakterisati kao kolektivno priznati medij razmene (Pernice, 2021:777). Međutim, u ovom trenutku postoje kripto-projekti koji omogućavaju efikasniju, bržu i jeftiniju alokaciju vrednosti; stoga se bitkoin retko koristi u tu svrhu. Ipak, bitkoin ima niz superiornih karakteristika (redak je; ima ograničenu ponudu i predodređenu smanjenu stopu izdavanja; omogućava privatnost, poverljivost i stoga je imun na zaplenu; lako je 'prenosiv', lako se skladišti i zahteva malo ili nimalo održavanja; prilično je jednostavan za korišćenje i nije ničija obaveza). Zahvaljujući ovim karakteristikama, bitkoin se ponaša kao digitalno zlato i uglavnom se koristi kao sredstvo očuvanja vrednosti. Drugim rečima, uprkos očiglednoj volatilnosti, i deflatorni dizajn Bitkoina i njegova decentralizovana i globalna priroda poboljšavaju njegove osobine sredstva očuvanja vrednosti (Baur, Dimpfl, 2021:2681). Stoga, bitkoin se većinom traži više kao imovina nego kao valuta, pa se uglavnom ponaša kao sredstvo očuvanja vrednosti (Đorđević, 2018:100). Ovo posebno postaje očigledno u vremenima ekonomskih, geopolitičkih ili zdravstvenih kriza, kao što je ona izazvana pandemijom SARS-CoV-2, ili tekuća energetska kriza.

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18. To je nedvosmisleno potvrđeno sveobuhvatnom studijom o broju patenata strogo vezanih za Bitkoin i njegov lanac (Cavalhiero, Cavalhiero, 2022: 211-216).

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Zbog toga pojedinci, velike finansijske institucije, kompanije, pa čak i neke vlade uključuju određeni iznos bitkoina u svoje portfelje kako bi zaštitile svoju štednju i investicije. Oni se osiguravaju od inflacije jer se očekuje da se imovina poput zlata ponaša suprotno akcijama i fiat valutama u vremenima kriza. Naučna istraživanja potvrđuju da diverzifikacija portfelja putem bitkoina (ako su uključena i tradicionalna sredstva) može biti odličan izbor ulaganja čak i za one investitore koji nisu skloni preuzimanju viših rizika (Syropyatov, 2021:323; Šoja, Senarathne, 2019:54-58). To znači da svi ti entiteti ne kupuju bitkoine (ili ih u ređem slučaju rudare) sa namerom da ih koriste za plaćanje ili prenos vrednosti. Oni preferiraju dugoročno držanje umesto vršenja transakcija i puštanja u opticaj, što dovodi do ukupnog smanjenja ponude. Budući da je ovo prirodna tendencija u mreži, sigurno je reći da je i ovo vrsta superhalvinga.

Na kraju, postoji još jedna tendencija u kripto ekosistemu koja se može tumačiti kao oblik superhalvinga, a time i deflatorni mehanizam, iako je prilično slučajna. Kao što je već napomenuto, bitkoin je prilično jednostavan za korišćenje, skladištenje i održavanje. Međutim, neophodan je određeni stepen praktičnog znanja. Bitkoin može postati nedostupan ako se 'novčanikom' (hardverskim ili online) loše upravlja. Najčešći način da se bitkoin učini nedostupnim jeste da se izgubi.

U stvari, nemoguće je izgubiti bitkoin jer su novčići trajno povezani sa mrežom. U svakom trenutku, učesnici Mreže mogu odrediti na kojoj se adresi nalazi svaki pojedinačni novčić. Ali tada, privatni ključevi koji omogućavaju pristup novčićima sačuvanim na određenoj adresi su „simbol“ vlasništva (Raskin, 2015: 977, 1002) i oni se mogu izgubiti (Hutchinson Dowd, 2015:361). Bitkoin „novčanici“, naročito hardverski, takođe se mogu izgubiti. Prema procenama, oko 20% bitkoina koji su pušteni u opticaj postalo je trajno nedostupno (Mijatović, 2022:103). Dalje, razumno je očekivati da će se više bitkoina „izgubiti“ tokom vremena; stoga, stvarna ponuda bitkoina, iako nepoznata zbog rizika od trajnog gubitka (Hutchinson & Dowd, 2015: 361), definitivno je manja nego što je prethodno programirano i postepeno će se smanjivati. To čini bitkoin još deflatornijim nego što se ranije predviđalo.

5. Zaključci

Dobro je poznata činjenica da je novac obično, ali ne nužno, podložan državnom monopolu (Pernice, 2021: 773). Do nedavno, šira javnost nije bila spremna da preispituje dogmu o povlašćenosti vlada da „proizvode” novac (Hayek, 1976:20). Danas, šira javnost nije voljna da bezuslovno prihvati koncept lex monetae i državni monopol na izdavanje novca. Konkurentske ideje su dobro formulisane, a relevantni izvori su „na samo nekoliko klikova”. Ipak, ideja predstavljena u belom papiru pod naslovom „Bitkoin: Peer-to-peer sistem elektronskog novca" je nesumnjivo najinspirativnija. Nedavno sprovedena sveobuhvatna statistička analiza potvrđuje da je ovo opšte mišljenje u akademskim krugovima (Karabulut, Sari, 2022: 58-66). Čak i kritičari tehno-ekonomske arhitekture Bitkoina slažu se da Bitkoin nedvosmisleno demonstrira praktičnu mogućnost potpuno decentralizovanog monetarnog sistema zasnovanog prvenstveno na distribuiranom poverenju (Hutchinson & Dowd, 2015:380).

Iako se stabilni novčići nazivaju „Hayekovim novcem” (Syropyatov, 2021: 322-323), oni koji su podržani plemenitim metalima (kao što je zlato), ali prvenstveno oni koji su podržani matičnim fiat valutama, ne mogu se koristiti za konačnu implementaciju Hayekove teorije u realnoj ekonomiji (Syropyatov, 2021: 328). Verujemo da je upravo Bitkoin pravo oličenje stare ideje o izdavanju različitih vrsta novca koje predstavljaju različite apstraktne jedinice koje fluktuiraju u svojoj vrednosti jedna u odnosu na drugu (Hayek, 1976: 25) i koje se jasno mogu razlikovati po različitim denominacijama između kojih bi javnost mogla slobodno da bira (Hayek, 1976: 21). Ceo Bitkoin sistem promoviše ovu ideju na način kao nijedno drugo sredstvo nalik novcu nikada ranije. Štaviše, oslanjajući se isključivo na napredne tehnološke koncepte, Bitkoin ne zavisi od bilo kakve državne dozvole i nije ograničen državnim granicama (19). Ovaj intrigantni sistem je bezbroj puta testiran na stres. Iako nije u potpunosti stabilan i daleko je od savršenog, sve turbulencije su sistem učinile samo otpornijim. To se ne može reći za njegove direktne konkurente – valute koje izdaju države. Zapravo je sasvim suprotno. U kratkom vremenskom periodu, posebno od trenutka kada je Svetska zdravstvena organizacija prepoznala izbijanje pandemije SARS-CoV-2 izazvane novim tipom koronavirusa, bitkoin je transformisan iz potkulturnog fenomena u najpopularniju i najcenjeniju (digitalnu) imovinu za ne više od nekoliko meseci. Sama priroda pandemije SARS-CoV-2, prvenstveno potreba za ograničavanjem fizičkog kontakta, pogodovala je digitalizaciji svih modela obavljanja svakodnevnih aktivnosti i posledično stvorila savršeno okruženje za sve kripto-projekte (Mijatović, 2022:94). Ipak, sama činjenica da je bitkoin na slobodnom tržištu oko 20.000 puta vredniji od USD sugeriše da tu ima još mnogo toga. Ovo važi bez obzira na to da li se bitkoin percipira kao novac ili ne.

Teorija konkurentskih valuta, posebno valuta koje ne izdaju države ili bilo koji centralni autoritet, pokazala se održivom - u najmanju ruku. Zapravo, ako s jedne strane imamo centralizovan i prisilan poredak, a s druge strane dobrovoljan i decentralizovan sistem (McGinnis, 2020: 59), čini se da „dobrovoljni sporazum o korišćenju određenog predmeta kao sredstva plaćanja“ (Đorđević, 2018:97; McGinnis, 2020:61) može čak biti superiorniji od dogme „valutnog monopola“. Ipak, kako mi to vidimo, otkrivanje deflatornih mehanizama ugrađenih u izvorni kod Bitkoina i njihovo prepoznavanje kao nepromenljivih od strane šire javnosti, najveća je tajna njegovog uspeha. Očigledno, ovo nije jedina zanimljiva karakteristika Bitkoin sistema, ali u vremenima kriza poput one izazvane virusom SARS-CoV-2 i njegovim brojnim varijantama, te karakteristike dolaze do izražaja, posebno kada se uporede sa načinom funkcionisanja „imperativnih“ valuta. U svakom slučaju, ovo zapažanje je podržano sudskom praksom. U određenim slučajevima, sudovi su precizno naveli da je bitkoin po prirodi deflatoran i da bi mogao biti bolje skladište vrednosti od brojnih zvaničnih valuta širom sveta koje su veoma podložne inflaciji (Pernice, 2021: 778).

Bitkoin sistem dovodi u pitanje univerzalno prihvaćenu ideju državnog suvereniteta po pitanju izdavanja novca. Teoretski, Bitkoin ne potkopava monetarni suverenitet; u stvari, zajednica čak može doprineti ostvarivanju ove vrste suvereniteta dajući poverenje sredstvu razmene koje se razlikuje od zakonski nametnutih (Pernice, 2021: 775). Prirodno je da ovaj pristup deluje sumnjivo, još više zato što ovaj sistem ne nudi odgovore na sva pitanja koja se javljaju na potpuno decentralizovanom i neregulisanom tržištu slobodnih valuta. Ipak, ovo je fascinantan finansijski sklop. Brojne tehnološke i ekonomske karakteristike čine ga privlačnim za sve one koji su željni da istraže moguće alternative dominaciji države u ovoj oblasti. Na pitanje da li su te alternative održive i u kojoj meri - ostaje da se odgovori. Ipak, zaista verujemo da deflatorni mehanizmi, čak i jednostavni poput onih ugrađenih u Bitkoin sistem, moraju biti dobrodošli kao parametri u trenutnoj ili sledećoj fazi evolucije novca i monetarnih obaveza.

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@ 5627e59c:d484729e

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@ 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

@ 39cc53c9:27168656

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I'm launching a new service review section on this blog in collaboration with OrangeFren. These reviews are sponsored, yet the sponsorship does not influence the outcome of the evaluations. Reviews are done in advance, then, the service provider has the discretion to approve publication without modifications.

Sponsored reviews are independent from the kycnot.me list, being only part of the blog. The reviews have no impact on the scores of the listings or their continued presence on the list. Should any issues arise, I will not hesitate to remove any listing.

---

The review

WizardSwap is an instant exchange centred around privacy coins. It was launched in 2020 making it old enough to have weathered the 2021 bull run and the subsequent bearish year.

| Pros | Cons | |------|------| | Tor-friendly | Limited liquidity | | Guarantee of no KYC | Overly simplistic design | | Earn by providing liquidity | |

Rating: ★★★★★ Service Website: wizardswap.io

Liquidity

Right off the bat, we'll start off by pointing out that WizardSwap relies on its own liquidity reserves, meaning they aren't just a reseller of Binance or another exchange. They're also committed to a no-KYC policy, when asking them, they even promised they would rather refund a user their original coins, than force them to undergo any sort of verification.

On the one hand, full control over all their infrastructure gives users the most privacy and conviction about the KYC policies remaining in place.

On the other hand, this means the liquidity available for swapping isn't huge. At the time of testing we could only purchase at most about 0.73 BTC with XMR.

It's clear the team behind WizardSwap is aware of this shortfall and so they've come up with a solution unique among instant exchanges. They let you, the user, deposit any of the currencies they support into your account and earn a profit on the trades made using your liquidity.

Trading

Fees on WizardSwap are middle-of-the-pack. The normal fee is 2.2%. That's more than some exchanges that reserve the right to suddenly demand you undergo verification, yet less than half the fees on some other privacy-first exchanges. However as we mentioned in the section above you can earn almost all of that fee (2%) if you provide liquidity to WizardSwap.

It's good that with the current Bitcoin fee market their fees are constant regardless of how much, or how little, you send. This is in stark contrast with some of the alternative swap providers that will charge you a massive premium when attempting to swap small amounts of BTC away.

Test trades

Test trades are always performed without previous notice to the service provider.

During our testing we performed a few test trades and found that every single time WizardSwap immediately detected the incoming transaction and the amount we received was exactly what was quoted before depositing. The fees were inline with what WizardSwap advertises.

• Monero payment proof
• Bitcoin received
• Wizardswap TX link - it's possible that this link may cease to be valid at some point in the future.

ToS and KYC

WizardSwap does not have a Terms of Service or a Privacy Policy page, at least none that can be found by users. Instead, they offer a FAQ section where they addresses some basic questions.

The site does not mention any KYC or AML practices. It also does not specify how refunds are handled in case of failure. However, based on the FAQ section "What if I send funds after the offer expires?" it can be inferred that contacting support is necessary and network fees will be deducted from any refund.

UI & Tor

WizardSwap can be visited both via your usual browser and Tor Browser. Should you decide on the latter you'll find that the website works even with the most strict settings available in the Tor Browser (meaning no JavaScript).

However, when disabling Javascript you'll miss the live support chat, as well as automatic refreshing of the trade page. The lack of the first means that you will have no way to contact support from the trade page if anything goes wrong during your swap, although you can do so by mail.

One important thing to have in mind is that if you were to accidentally close the browser during the swap, and you did not save the swap ID or your browser history is disabled, you'll have no easy way to return to the trade. For this reason we suggest when you begin a trade to copy the url or ID to someplace safe, before sending any coins to WizardSwap.

The UI you'll be greeted by is simple, minimalist, and easy to navigate. It works well not just across browsers, but also across devices. You won't have any issues using this exchange on your phone.

Getting in touch

The team behind WizardSwap appears to be most active on X (formerly Twitter): https://twitter.com/WizardSwap_io

If you have any comments or suggestions about the exchange make sure to reach out to them. In the past they've been very receptive to user feedback, for instance a few months back WizardSwap was planning on removing DeepOnion, but the community behind that project got together ^1 and after reaching out WizardSwap reversed their decision ^2.

You can also contact them via email at: support @ wizardswap . io

Disclaimer

None of the above should be understood as investment or financial advice. The views are our own only and constitute a faithful representation of our experience in using and investigating this exchange. This review is not a guarantee of any kind on the services rendered by the exchange. Do your own research before using any service.

@ 5627e59c:d484729e

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

@ 5627e59c:d484729e

In het hart van een gepensioneerde operazangeres ontstond een stemmetje. Het stemmetje klonk verrast. "He," ging het hart. "Ik heb een stemmetje gekregen! Hoe kan dit? Kan iemand me horen? Zouden mijn gedachten me kunnen horen?" vroeg het stemmetje, niet wetend aan wie. Want de gedachten hoorden het niet. Zij waren zo druk bezig met het verleden en hadden een grote angst dit te verliezen. "Weet je nog?" gingen de gedachten. "Voor duizenden mensen heb ik gezongen! Avond na avond! Tienduizenden mensen hebben me toegejuicht! Wat waren ze onder de indruk! Luister! Ik kan het nog steeds!" "He," ging het hart. "Hoor je me dan niet? Het ging toch helemaal niet om dat gejuich. Weet je dan niet meer hoe ik me volledig bloot gaf aan die mensen. Mijn diepste en meest persoonlijke verhalen waren te horen in mijn liederen. Daar draaide het toch om? De mensen waren niet enkel onder de indruk. Hun harten hebben mijn verhalen gevoeld en konden zo kennis geven aan hun gedachten. Is dat niet wat echt telde?" Maar de gedachten waren volop aan het zingen voor de ene persoon die ze konden vinden die wou luisteren. "He," ging het hart. "Ook in dit moment zijn mijn liederen te horen door vele gedachten en te voelen door vele harten over de hele wereld. Heb ik dan geen rust verdiend? Kan ik niet even genieten van de rust die in dit moment te vinden is, maar jullie van me afnemen?" Maar de gedachten waren nog steeds volop aan het zingen.

@ 39cc53c9:27168656

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Bitcoin enthusiasts frequently and correctly remark how much value it adds to Bitcoin not to have a face, a leader, or a central authority behind it. This particularity means there isn't a single person to exert control over, or a single human point of failure who could become corrupt or harmful to the project.

Because of this, it is said that no other coin can be equally valuable as Bitcoin in terms of decentralization and trustworthiness. Bitcoin is unique not just for being first, but also because of how the events behind its inception developed. This implies that, from Bitcoin onwards, any coin created would have been created by someone, consequently having an authority behind it. For this and some other reasons, some people refer to Bitcoin as "The Immaculate Conception".

While other coins may have their own unique features and advantages, they may not be able to replicate Bitcoin's community-driven nature. However, one other cryptocurrency shares a similar story of mystery behind its creation: Monero.

History of Monero

Bytecoin and CryptoNote

In March 2014, a Bitcointalk thread titled "Bytecoin. Secure, private, untraceable since 2012" was initiated by a user under the nickname "DStrange"^1^. DStrange presented Bytecoin (BCN) as a unique cryptocurrency, in operation since July 2012. Unlike Bitcoin, it employed a new algorithm known as CryptoNote.

DStrange apparently stumbled upon the Bytecoin website by chance while mining a dying bitcoin fork, and decided to create a thread on Bitcointalk^1^. This sparked curiosity among some users, who wondered how could Bytecoin remain unnoticed since its alleged launch in 2012 until then^2^.

Some time after, a user brought up the "CryptoNote v2.0" whitepaper for the first time, underlining its innovative features^4^. Authored by the pseudonymous Nicolas van Saberhagen in October 2013, the CryptoNote v2 whitepaper^5^ highlighted the traceability and privacy problems in Bitcoin. Saberhagen argued that these flaws could not be quickly fixed, suggesting it would be more efficient to start a new project rather than trying to patch the original^5^, an statement simmilar to the one from Satoshi Nakamoto^6^.

Checking with Saberhagen's digital signature, the release date of the whitepaper seemed correct, which would mean that Cryptonote (v1) was created in 2012^7^, although there's an important detail: "Signing time is from the clock on the signer's computer" ^9^.

Moreover, the whitepaper v1 contains a footnote link to a Bitcointalk post dated May 5, 2013^10^, making it impossible for the whitepaper to have been signed and released on December 12, 2012.

As the narrative developed, users discovered that a significant 80% portion of Bytecoin had been pre-mined^11^ and blockchain dates seemed to be faked to make it look like it had been operating since 2012, leading to controversy surrounding the project.

The origins of CryptoNote and Bytecoin remain mysterious, leaving suspicions of a possible scam attempt, although the whitepaper had a good amount of work and thought on it.

The fork

In April 2014, the Bitcointalk user thankful_for_today, who had also participated in the Bytecoin thread^12^, announced plans to launch a Bytecoin fork named Bitmonero^13^.

The primary motivation behind this fork was "Because there is a number of technical and marketing issues I wanted to do differently. And also because I like ideas and technology and I want it to succeed"^14^. This time Bitmonero did things different from Bytecoin: there was no premine or instamine, and no portion of the block reward went to development.

However, thankful_for_today proposed controversial changes that the community disagreed with. Johnny Mnemonic relates the events surrounding Bitmonero and thankful_for_today in a Bitcointalk comment^15^:

When thankful_for_today launched BitMonero [...] he ignored everything that was discussed and just did what he wanted. The block reward was considerably steeper than what everyone was expecting. He also moved forward with 1-minute block times despite everyone's concerns about the increase of orphan blocks. He also didn't address the tail emission concern that should've (in my opinion) been in the code at launch time. Basically, he messed everything up. Then, he disappeared.

After disappearing for a while, thankful_for_today returned to find that the community had taken over the project. Johnny Mnemonic continues:

I, and others, started working on new forks that were closer to what everyone else was hoping for. [...] it was decided that the BitMonero project should just be taken over. There were like 9 or 10 interested parties at the time if my memory is correct. We voted on IRC to drop the "bit" from BitMonero and move forward with the project. Thankful_for_today suddenly resurfaced, and wasn't happy to learn the community had assumed control of the coin. He attempted to maintain his own fork (still calling it "BitMonero") for a while, but that quickly fell into obscurity.

The unfolding of these events show us the roots of Monero. Much like Satoshi Nakamoto, the creators behind CryptoNote/Bytecoin and thankful_for_today remain a mystery^17^, having disappeared without a trace. This enigma only adds to Monero's value.

Since community took over development, believing in the project's potential and its ability to be guided in a better direction, Monero was given one of Bitcoin's most important qualities: a leaderless nature. With no single face or entity directing its path, Monero is safe from potential corruption or harm from a "central authority".

The community continued developing Monero until today. Since then, Monero has undergone a lot of technological improvements, migrations and achievements such as RingCT and RandomX. It also has developed its own Community Crowdfundinc System, conferences such as MoneroKon and Monerotopia are taking place every year, and has a very active community around it.

Monero continues to develop with goals of privacy and security first, ease of use and efficiency second. ^16^

This stands as a testament to the power of a dedicated community operating without a central figure of authority. This decentralized approach aligns with the original ethos of cryptocurrency, making Monero a prime example of community-driven innovation. For this, I thank all the people involved in Monero, that lead it to where it is today.

If you find any information that seems incorrect, unclear or any missing important events, please contact me and I will make the necessary changes.

Sources of interest

• https://forum.getmonero.org/20/general-discussion/211/history-of-monero
• https://monero.stackexchange.com/questions/852/what-is-the-origin-of-monero-and-its-relationship-to-bytecoin
• https://en.wikipedia.org/wiki/Monero
• https://bitcointalk.org/index.php?topic=583449.0
• https://bitcointalk.org/index.php?topic=563821.0
• https://bitcointalk.org/index.php?action=profile;u=233561
• https://bitcointalk.org/index.php?topic=512747.0
• https://bitcointalk.org/index.php?topic=740112.0
• https://monero.stackexchange.com/a/1024
• https://inspec2t-project.eu/cryptocurrency-with-a-focus-on-anonymity-these-facts-are-known-about-monero/
• https://medium.com/coin-story/coin-perspective-13-riccardo-spagni-69ef82907bd1
• https://www.getmonero.org/resources/about/
• https://www.wired.com/2017/01/monero-drug-dealers-cryptocurrency-choice-fire/
• https://www.monero.how/why-monero-vs-bitcoin
• https://old.reddit.com/r/Monero/comments/u8e5yr/satoshi_nakamoto_talked_about_privacy_features/

@ 39cc53c9:27168656

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“The future is there... staring back at us. Trying to make sense of the fiction we will have become.” — William Gibson.

This month is the 4th anniversary of kycnot.me. Thank you for being here.

Fifteen years ago, Satoshi Nakamoto introduced Bitcoin, a peer-to-peer electronic cash system: a decentralized currency free from government and institutional control. Nakamoto's whitepaper showed a vision for a financial system based on trustless transactions, secured by cryptography. Some time forward and KYC (Know Your Customer), AML (Anti-Money Laundering), and CTF (Counter-Terrorism Financing) regulations started to come into play.

What a paradox: to engage with a system designed for decentralization, privacy, and independence, we are forced to give away our personal details. Using Bitcoin in the economy requires revealing your identity, not just to the party you interact with, but also to third parties who must track and report the interaction. You are forced to give sensitive data to entities you don't, can't, and shouldn't trust. Information can never be kept 100% safe; there's always a risk. Information is power, who knows about you has control over you.

Information asymmetry creates imbalances of power. When entities have detailed knowledge about individuals, they can manipulate, influence, or exploit this information to their advantage. The accumulation of personal data by corporations and governments enables extensive surveillances.

Such practices, moreover, exclude individuals from traditional economic systems if their documentation doesn't meet arbitrary standards, reinforcing a dystopian divide. Small businesses are similarly burdened by the costs of implementing these regulations, hindering free market competition^1:

How will they keep this information safe? Why do they need my identity? Why do they force businesses to enforce such regulations? It's always for your safety, to protect you from the "bad". Your life is perpetually in danger: terrorists, money launderers, villains... so the government steps in to save us.

‟Hush now, baby, baby, don't you cry Mamma's gonna make all of your nightmares come true Mamma's gonna put all of her fears into you Mamma's gonna keep you right here, under her wing She won't let you fly, but she might let you sing Mamma's gonna keep baby cosy and warm” — Mother, Pink Floyd

We must resist any attack on our privacy and freedom. To do this, we must collaborate.

If you have a service, refuse to ask for KYC; find a way. Accept cryptocurrencies like Bitcoin and Monero. Commit to circular economies. Remove the need to go through the FIAT system. People need fiat money to use most services, but we can change that.

If you're a user, donate to and prefer using services that accept such currencies. Encourage your friends to accept cryptocurrencies as well. Boycott FIAT system to the greatest extent you possibly can.

This may sound utopian, but it can be achieved. This movement can't be stopped. Go kick the hornet's nest.

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

The anniversary

Four years ago, I began exploring ways to use crypto without KYC. I bookmarked a few favorite services and thought sharing them to the world might be useful. That was the first version of kycnot.me — a simple list of about 15 services. Since then, I've added services, rewritten it three times, and improved it to what it is now.

kycnot.me has remained 100% independent and 100% open source^2 all these years. I've received offers to buy the site, all of which I have declined and will continue to decline. It has been DDoS attacked many times, but we made it through. I have also rewritten the whole site almost once per year (three times in four years).

The code and scoring algorithm are open source (contributions are welcome) and I can't arbitrarly change a service's score without adding or removing attributes, making any arbitrary alterations obvious if they were fake. You can even see the score summary for any service's score.

I'm a one-person team, dedicating my free time to this project. I hope to keep doing so for many more years. Again, thank you for being part of this.

@ 39cc53c9:27168656

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After almost 3 months of work, we've completed the redesign of kycnot.me. More modern and with many new features.

Privacy remains the foundation - everything still works with JavaScript disabled. If you enable JS, you will get some nice-to-have features like lazy loading and smoother page transitions, but nothing essential requires it.

User Accounts

We've introduced user accounts that require zero personal information:

• Secret user tokens - no email, no phone number, no personal data
• Randomly generated usernames for default privacy and fairness
• Karma system that rewards contributions and unlocks features: custom display names, profile pictures, and more.

Reviews and Community Discussions

On the previous sites, I was using third party open source tools for the comments and discussions. This time, I've built my own from scratch, fully integrated into the site, without JavaScript requirements.

Everyone can share their experiences and help others make informed decisions:

• Ratings: Comments can have a 1-5 star rating attached. You can have one rating per service and it will affect the overall user score.
• Discussions: These are normal comments, you can add them on any listed service.

Comment Moderation

I was strugling to keep up with moderation on the old site. For this, we've implemented an AI-powered moderation system that:

• Auto-approves legitimate comments instantly
• Flags suspicious content for human review
• Keeps discussions valuable by minimizing spam

The AI still can mark comments for human review, but most comments will get approved automatically by this system. The AI also makes summaries of the comments to help you understand the overall sentiment of the community.

Powerful Search & Filtering

Finding exactly what you need is now easier:

• Advanced filtering system with many parameters. You can even filter by attributes to pinpoint services with specific features.

The results are dynamic and shuffle services with identical scores for fairness.

See all listings

Listings are now added as 'Community Contributed' by default. This means that you can still find them in the search results, but they will be clearly marked as such.

Updated Scoring System

New dual-score approach provides more nuanced service evaluations:

• Privacy Score: Measures how well a service protects your personal information and data

• Trust Score: Assesses reliability, security, and overall reputation

• Combined into a weighted Overall Score for quick comparisons

• Completely transparent and open source calculation algorithm. No manual tweaking or hidden factors.

AI-Powered Terms of Service Analysis

Basically, a TLDR summary for Terms of Service:

• Automated system extracts the most important points from complex ToS documents
• Clear summaries
• Updated monthly to catch any changes

The ToS document is hashed and only will be updated if there are any changes.

Service Events and Timelines

Track the complete history of any service, on each service page you can see the timeline of events. There are two types of events:

• Automatic events: Created by the system whenever something about a service changes, like its description, supported currencies, attributes, verification status…
• Manual events: Added by admins when there’s important news, such as a service going offline, being hacked, acquired, shut down, or other major updates.

There is also a global timeline view available at /events

Notification System

Since we now have user accounts, we built a notifiaction system so you can stay informed about anything:

• Notifications for comment replies and status changes
• Watch any comment to get notified for new replies.
• Subscribe to services to monitor events and updates
• Notification customization.

Coming soon: Third-party privacy-preserving notifications integration with Telegram, Ntfy.sh, webhooks...

Service Suggestions

Anyone with an account can suggest a new service via the suggestion form. After submitting, you'll receive a tracking page where you can follow the status of your suggestion and communicate directly with admins.

All new suggestions start as "unlisted" — they won't appear in search results until reviewed. Our team checks each submission to ensure it's not spam or inappropriate. If similar services already exist, you'll be shown possible duplicates and can choose to submit your suggestion as an edit instead.

You can always check the progress of your suggestion, respond to moderator questions, and see when it goes live, everything will also be notified to your account. This process ensures high-quality listings and a collaborative approach to building the directory.

---

These are some of the main features we already have, but there are many more small changes and improvements that you will find when using the site.

What's Next?

This is just the beginning. We will be constantly working to improve KYCnot.me and add more features that help you preserve your privacy.

Remember: True financial freedom requires the right to privacy. Stay KYC-free!

@ df478568:2a951e67

Marty Bent Vibe coded the opportunity cost app. I have not tried it yet, but love the concept. I have been into bitcoin since 2014, but I spent more generational wealth than I would care to admit back then. I've heard stories of fortunes blown on cocaine in the 1980's. I could write a story about spending a fortune on Diet Mt. Dew. I don't drink Diet Mt. Dew anymore. This one time, I spent about a million sats for a light beer at a baseball game. I wouldn't say I had a drinking problem, a million sats was only five bucks at the time. I didn't know that much bitcoin would be worth over a thousand bucks eleven years later.

I don't drink beer anymore. Bitcoin tends to do that to you.

We can afford chairs now. To be honest, we need a couch. The last couch I bought was in 2017 and it cost about a whole bitcoin. That couch is buried in a landfill today. My wife loves furniture, but even she's hesitant to spend sats on a couch now. We know we need a couch, but we don't want to spend sats on something we will need to replace before the next halving.

Many of us who have been in bitcoin for more than a decade have some regrets. I know I do, but we need to live our lives. I would never say you should sit on the floor, but I encourage to you to think about time. How long will this thing I need to buy last? If you think you can give a 3 million sat couch to your grandchildren, spend three million sats on the couch. If your five year plan for the couch is to help fill a landfill, maybe you only need to buy a used couch at a thrift store. This is not investment advice of course. How can it be? I don't know what kind of couch hazards you have in your house. I have trouble finding a couch of my own, but it's how I think about making bigger purchases. How many years of your retirement will that watch, car, house or whatever cost you from your stack? You can only determine that for yourself. I think the opportunity cost app will help you keep track of your decision.

This app was made by someone who once spent a whole bitcoin on a heater. I can't speak for Marty, but I believe the opportunity cost app will help you learn from my mistakes.

For more information, check out:

https://www.opportunitycost.app/

Check out the code on GitHub.

Using The Opportunity Cost App

The app is pretty straight forward. It is only available on Chrome for now so I installed it on the Chromium browser. I looked at the settings, but kept them default.

Then I searched for a Rolex in Duck Duck Go.

The default is bitcoin, but there is a sat calculator in the corner too, I have always wanted a Rolex Milgauss with a green sapphire so I looked it up on eBay. It's about 8 million sats. That's too rich for my blood, but I might be willing to part with a million sats for that watch. I'll definitely pick it up for 500,000 sats. I can wait. Bitcoin is the best clock in the world. I wouldn't go so far as to call this Rolex a shitcoin, but bitcoin is a better clock than any watch in my opinion--Even when compared to my favorite watch.

Video From Opportunity Cost Website

How will you use the Opportunity Cost browser extension?

☮️ npub1marc26z8nh3xkj5rcx7ufkatvx6ueqhp5vfw9v5teq26z254renshtf3g0

https://zapthisblog.com/calculate-your-opportunity-cost-while-shopping/

900,678

@ f4a890ce:af88c4aa

執行摘要

市場經歷回調後進入盤整期，總市值維持在3.24兆美元，成交量與交易活躍度持續走弱，顯示投資人正等待新方向。本週建議聚焦以下數據：

比特幣關鍵支撐與壓力區:URPD密集支撐帶104,000美元下方，若價格跌破需提防市場加速回調；反之，若重回105,000美元以上，將確認技術反彈啟動。

現貨買盤動能指標:持續追蹤 Coinbase Premium Index、Korea Premium Index 是否維持正值，這將反映全球主力市場現貨買盤是否仍具支撐力。

ETF 資金動向:上週 BTC ETF 出現大幅流出，若本週流出持續，可能進一步壓抑市場信心；相對地，ETH ETF 資金流入能否維持，將是觀察主流資金偏好的重點。

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加密市場

本週加密貨幣市場總市值維持在 3.29 兆美元 左右，顯示市場基本面仍具穩定性。與此同時，當週總成交量下降至 617.22 億美元，反映出市場活躍度有所降低，投資者交易意願趨向謹慎。

https://coinmarketcap.com/charts/

市場情緒方面，恐懼與貪婪指數為 52，落於中性區間，表明投資者對市場前景沒有明顯的樂觀或悲觀情緒，情緒呈現平穩狀態。

https://www.coinglass.com/zh-TW/pro/i/FearGreedIndex

相對強弱指標顯示部分標的處於中性至弱勢區間，暗示短期內市場可能面臨獲利回吐或技術性修正的壓力，動能顯得較為不足。

https://www.coinglass.com/zh-TW/pro/i/RsiHeatMap

山寨幣季節指數維持在 20，這表明市場資金依然偏向於比特幣及其他主流加密貨幣，中小型代幣未獲得大量關注。

https://www.blockchaincenter.net/en/altcoin-season-index/

穩定幣市值上升至 251.548 億美元，反映出仍然有資金流入，但部分資金正積極尋求避險，或準備在市場調整後抓住更具吸引力的進場時機。

https://defillama.com/stablecoins

小結

本週加密市場總市值保持穩定，但成交量下降與相對強弱指標偏弱顯示市場交易熱情減弱，投資者情緒趨於保守。山寨幣季節指數維持低位，說明資金繼續集中在主流幣種，而穩定幣市值的上升則暗示投資者正在為未來可能的市場調整做準備。

未來，市場動向仍將受到資金流向和宏觀經濟變化的影響，密切關注這些指標將有助於判斷進一步的趨勢。

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衍生性商品

本週永續合約持倉規模達 143.36B，市場活躍度依舊保持在高水準，顯示出投資者對槓桿交易需求的持續熱情。

https://www.coinglass.com/zh-TW/pro/futures/Cryptofutures

當前市場資金費率為 0.0018%（多數交易所均呈正費率），表明市場中多頭情緒仍占上風，因近期價格短時間急跌導致市場資金費率數值不高。

https://www.coinglass.com/zh-TW/FundingRate

整體而言，本週總空單爆倉金額為 891.441M，而多單爆倉則達 1563.242M。數據顯示多單在高槓桿環境下的風險較大，特別是在 6 月 12 日與 6 月 13 日，市場出現大量爆倉事件，主要以多單清算為主。

https://www.coinglass.com/zh-TW/LiquidationData

清算熱力圖顯示，在約 $111,000 的價格區間，清算金額達到 142.1M，這一水平可能成為近期市場波動的關鍵阻力區，投資者需加以留意。

https://www.coinglass.com/zh-TW/pro/futures/LiquidationHeatMap

期權市場活躍，投資者在不同價格區間進行對沖與佈局：

$100,000 的看跌期權合約數量達 12.23K，總金額為 $29.37M，顯示部分投資者對市場下跌風險進行了防禦性的配置，短期可以視為支撐區間。

$110,000 的看漲期權合約數量達 13.69K，總金額為 $57.16M，反映出市場對上行潛力仍保持期待，但與看跌期權相比，金額與合約數量略有差距，表明市場預期存在一定分歧。

https://www.coinglass.com/zh-TW/pro/options/OIStrike

最大痛點位於 2025/06/27 的 $100,000，對應名義金額達 13.83B。這一數據顯示，在該價位附近存在大量未平倉部位，若市場走向觸發，可能會引起顯著的價格波動。

https://www.coinglass.com/zh-TW/pro/options/max-pain

小結

本週加密市場的衍生性商品數據顯示，儘管永續合約持倉依然維持在高位，但資金費率轉為低位正值，加上近期大量多單爆倉事件，市場風險提示逐漸浮現。期權市場則反映出市場參與者在看跌與看漲情緒上的分歧，最大痛點的持倉集中使得 $100,000 成為未來觀察市場動態的重要區間。建議投資者密切關注市場波動，審慎調整槓桿與對沖策略，從而在風險與機會間達成平衡。

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ETF

本週，加密貨幣衍生性商品市場出現明顯分歧，資金流向呈現不同趨勢。比特幣（BTC）ETF 方面，本週出現資金流出，金額達$47.8M。這一變化顯示，部分投資者對比特幣近期走勢保持謹慎，可能因宏觀經濟不確定性或市場波動風險而選擇調整資金配置。

以太坊（ETH）ETF 則呈現資金流入態勢，本週流入金額$25.3M。這表明，儘管部分資金從比特幣中撤離，但投資者對以太坊的技術升級及生態系統發展持續看好，認為 ETH 具有長期成長潛力。

https://coinmarketcap.com/zh-tw/etf/

小結

總體而言，本週加密貨幣衍生性商品市場展現出資金流向的明顯分歧：比特幣ETF出現淨資金流出，而以太坊 ETF 則錄得流入。投資者在謹慎配置資金以應對市場風險的同時，也在關注標的資產的長期發展潛力。

近期也有許多公司效仿 Strategy 開始囤積加密資產，這也有可能是以太坊 ETF 錄得流入的原因。未來，仍持續關注宏觀經濟及技術革新動態，將有助於更好地掌握市場轉折點與資金流向走勢。

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鏈上分析 | BTC

二級交易所比特幣儲備量持續下降，再度創下新低，顯示交易所上待售比特幣供給逐步減少，潛在拋壓持續減輕。

https://cryptoquant.com/asset/btc/chart/exchange-flows/exchange-reserve?exchange=all_exchange&window=DAY&priceScale=log&metricScale=linear&chartStyle=line

在地址分布方面，與上週相同，未見任何反轉跡象：10–100 顆的中型持倉地址數量持續探低，而 100–1k、1k–10k、10k 以上顆數的大型與超大型持倉地址數量均維持上升趨勢。

https://cryptoquant.com/community/dashboard/67e2481ba2a7203afd437b31

值得一提的是，除了我們在 CryptoQuant 上觀察到的數據（該平台已排除礦工與交易所地址），BGeometrics 的地址分布資料亦提供另一視角(全網地址)，本週各持倉區間地址數量普遍略減，僅 1 顆 BTC 以下的小額地址呈現增長。

https://charts.bgeometrics.com/bitcoin_distribution_addr_tables.html

特別是 100–1k BTC 的地址數量減幅較為顯著，但從 bitcoinmagazinepro 公布的 Addresses with Balance > 100 BTC 數據來看，大型持倉地址近期呈現積極囤積態勢，顯示市場中大資金仍在持續加倉布局，對中長期市場信心維持正向。

https://www.bitcoinmagazinepro.com/charts/addresses-greater-than-100-btc/

雖然近期 100 BTC 以上的地址持續瘋狂囤積比特幣，顯示市場對資產配置的需求大增，但從 Address Net Position BTC 30 days 數據來看，真正能影響市場價格波動與方向的，仍是持倉 1k–10k BTC 的地址群體。這類大戶的持倉變化對市場資金流向具有決定性影響，因此值得高度關注。筆者推測，近期大量囤積約 100 BTC 的地址，很可能是企業或機構出於資產配置需求購買比特幣，以作為對抗市場或宏觀經濟風險的一種策略手段。

100-1k Net Position BTC 30 days :https://charts.bgeometrics.com/reports/bitcoin_shark_30d_sum_g.html

1k-10k Net Position BTC 30 days :https://charts.bgeometrics.com/reports/bitcoin_whale_30d_sum_g.html

URPD 指標顯示市場在經歷回調後，價格依然穩固地維持在籌碼最集中、具備顯著支撐力的區域，這代表大多數投資者的平均持倉成本位於當前價格附近，形成強勁的防守層。

https://charts.bgeometrics.com/distribution_realized_price.html

近期鏈上數據顯示，Coinbase 益價指數在 0.049 以上，而韓國益價指數在 2 的高位，這反映出無論在美國或韓國市場，投資者對比特幣的購買意願仍相對強勁。此現象側面突顯全球主要市場對比特幣的需求支撐力。

Coinbase Premium Index:https://cryptoquant.com/asset/btc/chart/market-data/coinbase-premium-index?window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line

Korea Premium Index:https://cryptoquant.com/asset/btc/chart/market-data/korea-premium-index?window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line

小結

近期比特幣鏈上數據顯示，二級交易所儲備量持續下降，再次創下新低，反映出投資人將資產移出交易所、偏向長期持有的態勢。

地址分布方面，10-100顆的地址數量持續減少，而100-1k、1k-10k與10k以上顆數的地址數量穩步上升，特別是1k-10k的地址，從近30日淨持倉變化可見其對市場影響力仍為主導。

雖然100顆以上地址積極增持，可能代表企業為資產配置、防範風險所為，但尚不足以主導價格走勢。

URPD指標顯示市場回調後價格維持在籌碼最集中區間，支撐明顯。Coinbase 與韓國溢價指數分別穩於 0.049 和 2，顯示美韓市場買盤意願仍強。

整體而言市場結構偏向於短期健康回調，但仍需持續觀察外部宏觀變數對資金流向的影響。

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總體經濟

聯邦基金有效利率持續維持在 4.33%，這表明在當前高利率政策下，資金成本依然居高不下，對整體風險資產形成持續壓力。

https://fred.stlouisfed.org/series/FEDFUNDS

隨著 6 月 18 日 FOMC 會議臨近，市場普遍預期當前利率大概率將維持在 4.25%-4.50% 區間；而6 月及 7 月的會議幾乎可以確定不會降息。值得注意的是，目前市場對於 9 月 17 日 會議出現降息一碼的預期已高達 56.8%，這一轉變反映了部分投資者對未來資金回流的期待，同時也透露出市場對持續高利率環境的謹慎態度。

https://www.cmegroup.com/cn-t/markets/interest-rates/cme-fedwatch-tool.html

消費者物價指數 (CPI) 微微上升至 2.38%，顯示通膨壓力還算可控；而失業率則穩定在 4.2%，反映出勞動市場的基本韌性。但在高利率與流動性受限的背景下，這些正面基本面數據未能對加密貨幣價格產生足夠支撐。

失業率:https://www.macromicro.me/series/37/unemployment-rate

消費者物價指數（CPI）:https://www.macromicro.me/series/128/consumer-price-index-sa-yoy

小結

綜合來看，加密市場在高利率政策和緊縮流動性的雙重影響下，短期內仍面臨較大價格波動風險。儘管 6 月和 7 月的會議預期將維持現有利率水平，但 9 月會議中降息一碼的高預期可能為未來市場帶來資金回流的契機。投資者應持續關注 FOMC 會議及最新經濟數據，謹慎調整策略。

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新聞

美國證券交易委員會主席表示正在為 DeFi 平台製定「創新豁免」政策

https://www.coindesk.com/policy/2025/06/09/u-s-sec-chair-says-working-on-innovation-exemption-for-defi-platforms

彭博：韓國執政黨希望允許公司發行穩定幣

https://www.coindesk.com/policy/2025/06/10/south-koreas-ruling-party-wants-to-allow-companies-to-issue-stablecoins-bloomberg

眾議院標誌著市場結構改革的勝利，參議院開始通過穩定幣法案

https://www.coindesk.com/policy/2025/06/11/senate-begins-passage-of-stablecoin-bill-as-house-marks-market-structure-wins

川普：政府將致力於建立「清晰、簡單」的加密框架

https://www.coindesk.com/policy/2025/06/12/donald-trump-administration-will-work-toward-clear-and-simple-crypto-frameworks

Shopify 將在 Coinbase 平台上為全球商家提供 USDC 支付服務

https://www.coindesk.com/business/2025/06/12/shopify-to-enable-usdc-payments-on-coinbase-s-base-for-merchants-worldwide

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@ 3ffac3a6:2d656657

Securely Expose Your LND Node via Cloudflared and a VPS

Introduction & Motivation

Exposing your Lightning Network Daemon (LND) node to the public internet is essential for full participation in the Lightning Network. However, doing so introduces critical challenges in terms of security, privacy, and resilience against attacks.

This guide presents a solution using Cloudflare Tunnel and Cloudflare Access—a modern, secure method to expose services to the internet while maintaining strict control and minimizing exposure. We also compare this approach with more traditional methods such as SSH tunnels and VPNs (WireGuard/OpenVPN + socat/iptables) to highlight the trade-offs.

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Traditional Exposure Methods: Risks and Limitations

SSH Reverse Tunnels (ssh -R, sshtunnel)

• ✅ Outbound-only: The connection is initiated from the LND host. The VPS cannot reach the internal network on its own.
• ⚠️ Metadata exposure: The LND host's IP address, SSH key, and connection metadata are visible to the VPS.
• ⚠️ Access control is coarse: Without extra measures, any process on the VPS can access the forwarded service.
• ⚠️ No service-layer authentication: Anyone reaching the exposed port can interact with LND, assuming the protocol is known.

VPNs (WireGuard/OpenVPN + iptables or socat)

• ⚠️ Blurs the security boundary: VPNs extend the network perimeter to remote clients. Misconfigured rules can inadvertently expose internal services.
• ❌ Allows lateral movement: If the VPS is compromised, it may gain full access to the LND host’s network.
• ✅ Traffic is encrypted, but requires correct firewalling and routing to be safe.
• ⚠️ Complexity: These setups often involve manual iptables, port forwarding, and tight coupling of services.

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Cloudflare Tunnel + Access (This Guide)

This solution uses Cloudflared on the LND host to initiate an outbound connection to Cloudflare, which then routes traffic through a secured, authenticated TCP tunnel via a VPS.

• ✅ No exposed ports on the LND host.
• ✅ VPS cannot discover or access the LND IP—only forwards TCP packets to Cloudflare.
• ✅ Service Token authentication ensures only authorized clients can connect.
• ⚠️ Trust in Cloudflare is required. While your LND host is protected from the internet, Cloudflare can see metadata, and potentially, inspect unencrypted traffic.
• ❌ Cloudflare is proprietary infrastructure. You’re protected from attackers, but not necessarily from Cloudflare or governments.

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Security & Privacy Comparison

| Feature | SSH Tunnel | VPN + socat/iptables | Cloudflare Tunnel + Access | | --------------------------------- | ------------------ | -------------------- | -------------------------- | | Encrypts traffic | ✅ | ✅ | ✅ | | Initiated from LND host | ✅ | ❌ | ✅ | | Prevents VPS from accessing LAN | ✅ | ❌ | ✅ | | Hides LND IP from VPS | ❌ | ❌ | ✅ | | Hides LND IP from tunnel provider | ❌ | ✅ | ❌ | | Proprietary infrastructure | ❌ | ❌ | ⚠️ (Cloudflare) | | Fine-grained access control | ⚠️ (manual) | ⚠️ (manual) | ✅ (Service Token) | | Susceptible to VPS compromise | ⚠️ (metadata only) | ❌ (full access) | ✅ (isolated forwarding) |

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Tutorial: Step-by-Step Setup

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1. Set Up the Cloudflare Tunnel

1. In your Cloudflare Zero Trust dashboard, navigate to Access → Tunnels.
2. Create a new tunnel (e.g., lnd-tunnel).
3. Choose Use Token Authentication and copy the token.

4. Add a Public Hostname:

5. Hostname: lnd-external-access.mydomain.com

6. Service Type: TCP
7. URL: tcp://lnd:9735 (This is the internal Docker hostname and port for LND.)

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2. Run Cloudflared on the LND Host

Assuming your LND node runs in Docker inside the bitcoin-net network:

.env

env TOKEN=your-cloudflare-tunnel-token

docker-compose.yml

```yaml version: "3.8"

services: cloudflared: image: cloudflare/cloudflared:latest command: tunnel --no-autoupdate run --token ${TOKEN} restart: unless-stopped env_file: - .env networks: - bitcoin-net

networks: bitcoin-net: external: true name: bitcoin-net ```

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3. Create the Cloudflare Service Token

1. Go to Access → Service Auth.
2. Click Create Service Token.
3. Name it (e.g., lnd-access-client) and store both the Token ID and Token Secret—you’ll need these on the VPS and to configure access.

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4. Define the Cloudflare Access Application

1. Navigate to Access → Applications → Add an Application.
2. Choose Self-hosted.

3. Set:

4. Application Name: lnd-external-access

5. Domain: lnd-external-access.mydomain.com

6. In Policies:

7. Add a policy:

   • Name: Allow via Service Token
   • Action: Service Auth
   • Include → Service Token: select the token you just created

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5. Deploy the Forwarding VPS

a. Configure firewall:

bash sudo ufw allow ssh sudo ufw allow 9735/tcp sudo ufw enable

b. Set environment variables:

.env

env TOKEN_ID=your-service-token-id TOKEN_SECRET=your-service-token-secret HOSTNAME=lnd-external-access.mydomain.com LISTEN=tcp://0.0.0.0:9735

c. Run Cloudflared:

docker-compose.yml

```yaml version: "3.8"

services: cloudflared: image: cloudflare/cloudflared:latest ports: - 9735:9735 command: > access tcp --service-token-id ${TOKEN_ID} --service-token-secret ${TOKEN_SECRET} --hostname ${HOSTNAME} --url ${LISTEN} --loglevel debug env_file: - .env restart: unless-stopped ```

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6. Configure DNS

In Cloudflare DNS:

• Create an A record:

• Name: lnd

• Type: A
• Value: VPS_IP
• Proxy status: DNS only

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7. Configure LND

Edit lnd.conf to include:

ini externalip=lnd.mydomain.com

Restart LND to apply changes.

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8. Test the Connection

From another LND node or client:

bash lncli connect <pubkey>@lnd.mydomain.com:9735

Check logs in LND and Cloudflared to confirm successful connection.

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Final Notes

• This method preserves your network perimeter, even if the VPS is compromised.
• All traffic is authenticated with service tokens, and no direct access is possible to your LND host.
• You do trust Cloudflare, so weigh that risk in high-privacy environments.

@ 5627e59c:d484729e

I am the space\ In which your experience takes place

You could never meet me\ For I hold no identity

The only way to really see me\ Is to be me

@ 58537364:705b4b85

ในร่างกายที่มันมีสิ่งที่เรียกว่า… ระบบประสาท ทีนี้มีอะไรเข้ามากระทบร่างกาย คือกระทบระบบประสาท ปฏิกิริยามันก็เกิดขึ้น เป็นเหตุการณ์ อย่างใดอย่างหนึ่งขึ้น

เหตุการณ์นั้นแหละสำคัญ ถ้าให้เกิดความรู้สึกที่ถูกใจมันจะเป็นบวก เหตุการณ์นั้นไม่รู้สึกถูกใจแก่จิต มันก็จะเป็นลบ #ตัวกูเพิ่งเกิดเมื่อมีการกระทบแล้ว

ถ้าเหตุการณ์ที่เป็นบวกเกิดขึ้น ตัวกูบวกก็เกิดขึ้น เหตุการณ์ที่เป็นลบเกิดขึ้น ตัวกูที่เป็นลบเกิดขึ้น #ตัวกูนี้เกิดหลังเหตุการณ์ ขอให้เข้าใจดีๆ ไม่ใช่เกิดอยู่ก่อน

ตัวกูคลอดออกมาจาก situation ที่มากระทบระบบประสาท เช่นว่า… ไม่ได้กินอาหาร ขาดอาหาร มันหิว ความหิวเกิดขึ้นแก่ระบบประสาท ต่อมาจึงเกิด concept ว่า กูหิว, มีการกินแล้วจึงเกิด concept ว่า กูกิน

ถ้ามีอาการอร่อยแก่ลิ้น มันจึงเกิด concept ว่า… กูอร่อย หรือ มาทีหลังเหตุการณ์เสมอ จะถือว่าเป็น product ของเหตุการณ์นั้น ๆ ก็ได้

นี่คือความที่ไม่มีตัวจริง มิใช่ของจริง ของสิ่งที่เรียกว่าตัวกู #ขอให้รู้จักว่าตัวกูนี้มันเป็นมายาถึงขนาดนี้

ฟังดูการพูดอย่างนี้ มันเป็น logic แต่ความจริงของธรรมชาติมันเป็นอย่างนั้น ถือตามกฎ logic ธรรมดาสามัญ ที่พูดกันอยู่นี้ไม่ได้ ต้องถือตามความเป็นจริงที่ว่า มันเป็นอยู่อย่างไร

จิตก็เป็นธาตุชนิดหนึ่ง สิ่งแวดล้อมต่างๆ ที่เป็นธาตุชนิดหนึ่ง พอมาถึงกันเข้า ก็เกิดปฏิกิริยาออกมาอย่างนั้นอย่างนี้ ความรู้สึกที่เรียกว่า… #จิตคิดนึกได้นี้_ก็เป็นปฏิกิริยาที่เกิดขึ้นเท่านั้น แล้วความรู้สึกว่าตัวกู ตัวนี้ก็เป็นเพียงปฏิกิริยาที่เกิดขึ้นเท่านั้น.

มันฟังยากสำหรับท่านทั้งหลายที่ว่า ผู้กระทำนั้นเกิดทีหลังการกระทำ มันผิด logic อย่างนี้

แต่ความจริงเป็นอย่างนั้น self หรือ ego ผู้กระทำจะเกิดทีหลังการกระทำ เป็นปฏิกิริยาของการกระทำ

ความคิดอย่าง ตรรกะ หรืออย่างปรัชญา เอามาใช้กับสิ่งนี้ไม่ได้ ขอยืนยันไว้อย่างนี้

ถ้าท่านยังไม่เชื่อ ท่านก็ไปคิดดูเรื่อย ๆ ไปเถอะ ท่านจะพบว่ามันไม่เป็นอย่างกฎเกณฑ์ทางตรรกะหรือทางปรัชญา ที่เรามีๆ กันอยู่

ผู้กระทำเป็นเพียง concept ไม่ใช่ตัวจริง ส่วนการกระทำมันเป็นเหตุการณ์ของธรรมชาติ พอเข้ามาถึงจิตแล้ว ก็เกิดความคิด ความเชื่อ ความยึดว่าตัวกู

ตัวกูซึ่งเป็นเพียง concept ไม่ใช่ของจริง

พุทธทาสภิกขุ

อตัมมยตาประทีป

ชีวิตใหม่และหนทางเข้าถึงชีวิตใหม่

หน้า_๒๙๕-๒๙๖

@ a296b972:e5a7a2e8

Europa sitzt in einem Demokratie-Simulator. Auf die Scheiben im Cockpit werden Bilder projiziert, die nicht der Realität entsprechen, und es gibt immer noch zu viele Menschen, die diese Simulation nicht erkannt haben.

Nichts wäre erstrebenswerter, als über eine positive Entwicklung, hin zur Vernunft und realitätsbezogenen, auf Tatsachen beruhenden Entscheidungen, berichten zu können. Die Frage ist, ob nicht zuerst unentwegt auf Missstände hingewiesen werden muss, um weitere Menschen dazu zu bewegen, sich denjenigen anzuschließen, die offensichtlich an Indoktrinationsintoleranz leiden.

Wer sich vor Hofberichterstattung und die tägliche Fahrt durch die Gehirnwaschanlage schützen will, der meidet den öffentlich-rechtlichen Unfug und die einschlägigen Käseblätter, die vielleicht noch halbwegs dazu geeignet sind, den Fisch auf dem Markt einzuschlagen, um ihn nach Hause zu tragen, vorausgesetzt, man kann ihn sich noch leisten.

Die Neuen Medien liefern die Informationen, die man sonst im „Qualitäts-Mainstream“ nicht finden kann, was nicht verwundert, denn infiltriert von willigen Erfüllungsgehilfen, die Angst um ihr Prestige und ihre Stellung haben, kann man hier keine freie Berichterstattung erwarten.

Beste Unterhaltung bietet auch die Bundespressekonferenz-Show, auf die schon näher eingegangen wurde. Offizieller Regierungssprech in höchster Perfektion. Ob man dort wirklich davon überzeugt ist, dass es irgendjemanden gibt, der diesen Verlautbarungen Glauben schenkt? Was hat Tante Käthe immer gesagt: G E L D   L O C K T   I M M E R !

Was also tun? Die Neuen Medien auch noch meiden, und sich vor dem blanken Wahnsinn schützen, in dem man ihn ignoriert, was jedoch nicht bewirkt, dass er nicht mehr da wäre.

Temporäre Abstinenz tut auch hier gut, allerdings ist der Wiedereinstieg so ähnlich, wie der erste Arbeitstag nach einem zweimonatigen Urlaub, falls man nicht in seinem Lieblings-Job gelandet ist.

Und was, wenn die Irren vollends durchdrehen, und man bekommt es nicht mit? Schön, ändern kann man vielleicht wenig, aber man kann sich vielleicht noch eine richtig gute, edle Flasche Rotwein kaufen, und die am Vorabend des Untergangs genießen, oder noch schnell einen Baum pflanzen.

Hier ein Beispiel für jemanden, dessen besonderer Blick sehr an den Universal-Gesundheits-Klima-Hysteriker erinnert:

https\://rumble.com/v6umjdj-respekt-und-anerkennung-deutscher-general-lobt-ukrainische-angriffe-in-russ.html

Wie sieht der Alltag aus, wenn man sich einmal nicht mit den Informationen über Dauer- Bekloppte beschäftigt?

Wenn sich ein Besuch in der nächst größeren Stadt nicht vermeiden lässt, sieht man vor allem gehetzte Menschen, viele mit einem finsteren Blick, anders, als früher.

Viele zahlen mit Karte oder ihrem Handy, Kleckerbeträge. „Zahlen Sie noch bar, oder schon mit Überwachung?“, wünschte man sich, dass die Verkäuferinnen den Kunden fragen würden. Tun sie aber nicht.

Die Menschen scheinen keine Ahnung zu haben, was auf sie zukommt. Im Oktober soll der digitale Euro eingeführt werden, natürlich zuerst nur freiwillig. Was das bedeutet, kennt man ja schon. Freiwilligkeit durch das Schaffen eines Raumes, in dem der Zwang in der Luft hängt, wie damals der Kohlenstaub im Ruhrgebiet. Es wird die persönliche ID vorangetrieben, mit einem Wallet, das die Anonymität und die persönliche Freiheit immer mehr aushöhlen will.

Europa soll unter einen Demokratie-Schutzschirm gestellt werden, der zu nichts anderem dient, als dass diejenigen, die derzeit glauben zu wissen, was gut für die Menschen ist, ihre kruden Vorstellungen auch durchsetzen können. Zweifelhaft, was in den USA vorgeht, was da gerade mit Palantir, natürlich nur zur Sicherheit der Amerikaner, so im Hintergrund schon anläuft. Hierzu gibt es interessante Informationen von Regenauer und Tögel. Einziger Hoffnungsschimmer, besonders für Deutschland: Das klappt sowieso nicht. In den hintersten Bergdörfern in den italienischen Alpen gibt es Glasfaseranschluss, und fährt man in Deutschland auf’s Land, reiht sich Funkloch an Funkloch.

Die wirklich wichtige und große Frage ist, wie können sich Gemeinschaften, die diesen Irrsinn nicht mitmachen wollen, weitgehend aus dem System ausklinken? Bitcoin ist ein erster Schritt zur finanziellen Unabhängigkeit. Eine regionale Lebensmittelversorgung, mit nicht verseuchten, genunmanipulierten, mit Schadstoffen weitgehend unbelasteten Produkten entwickelt sich ebenfalls schon sehr gut. Was, wenn der Zugang zu Informationen über das Internet von einer Anmeldung mit persönlicher ID abhängt und man will und hat keine? Was ist mit Dokumenten, wenn man verreisen oder das Land verlassen will? Was ist, wenn man krank wird und auf das noch vorhandene Rest-Gesundheitssystem angewiesen ist? Was, wenn das Unternehmen seine Mitarbeiter auf staatliche Anweisung zu etwas zwingen muss, was der Mitarbeiter vielleicht gar nicht will, er aber auf das Einkommen angewiesen ist?

Das alles sind Fragen, zu denen es schwer ist, auch in den Neuen Medien, passende Antworten zu finden. Die würden in der Tat Hoffnung machen, dass es ein Schlupfloch gibt, sich, wenn vielleicht auch mit Einschränkungen, den „demokratischen“ Verhältnissen, auf denen nur noch Demokratie draufsteht, aber sehr wenig bis keine Demokratie mehr drin ist, so weit es geht zu entziehen. Sachdienliche Hinweise gerne in der Kommentarfunktion.

Oder ist es „gesünder“, sich zurückzuziehen, die Klappe zu halten und dafür zu sorgen, dass man unter dem Radar bleibt? Diese Gabe ist leider nicht jedem gegeben. Besonders nicht denen, die einen ausgeprägten Wahrheitssinn und ein starkes Gerechtigkeitsgefühl haben.

Menschen die andere belügen, die werden geliebt. Menschen, die anderen sagen, dass sie belogen werden, die werden gehasst.

„Die Wahrheit ist dem Menschen zumutbar.“ (Ingeborg Bachmann)

„Kein Mensch hat das Recht zu gehorchen.“ (Hannah Ahrendt)

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

* *

(Bild von pixabay)

@ 5627e59c:d484729e

Liefde\ De samenkomst\ Van zien en zijn

Leven\ Het zijn en zien\ Een vorm gekregen

Sterven\ Een deur\ Die vrijheid geeft van vorm

En eeuwig leven\ Aan liefde

@ 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

@ f7d424b5:618c51e8

GAMERS, we're back in the virtual studio for another sophisticated and gentlemanly discussion on the most important topic in the media landscape: huge anime tiddies on the best and baddest Bodytype Bs you've ever seen. I think the VA strike ended too or something.

Stuff cited:

• SB steam charts
• Commentary by Megan Shipman
• Mujin video that shows the leaked discord messages from the SAG discord

Obligatory:

• Listen to the new episode here!
• Discuss this episode on OUR NEW FORUM
• Get the RSS and Subscribe (this is a new feed URL, but the old one redirects here too!)
• Get a modern podcast app to use that RSS feed on at newpodcastapps.com
• Or listen to the show on the forum using the embedded Podverse player!
• Send your complaints here

Reminder that this is a Value4Value podcast so any support you can give us via a modern podcasting app is greatly appreciated and we will never bow to corporate sponsors!

@ 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

@ 0c65eba8:4a08ef9a

1. A Personal Message to Fathers

This Father's Day, I want to speak directly to the kind of man who wants to be a Professional Father, someone who takes his role as a father seriously and views the raising of the next generation as a profession. You are looking for a way to make the time you have with your son count. To do something that matters.

I am recreating something that has been largely missing from our society for hundreds of years. Something that only a few fathers will have the opportunity to experience with me. It is a 9-month journey, online and in-person, that culminates in hiking the 170km Tour du Mont Blanc with your son and a group of other fathers and sons, including my own. But it is not just about the hike. The hike is the rite of passage, an intentional trial by nature and effort, that marks your son’s ascent into the next stage of manhood, forged alongside you.

I am inviting you to join me in reclaiming something that has been lost, fatherhood in its fullest form. Not just spectating at weekend sports or spending time on video games. Not just coaching a team or paying the bills. I am talking about what I call the Professional Father, the man who sees fatherhood as his most sacred office. His role as patriarch, protector, provider, and prophet for the next generation.

2. The Crisis of Modern Fatherhood

We live in a time when the role of the father has been eroded. The industrial world pulled men out of their homes. The school system put their children into the hands of strangers. The media mocked the masculine and glorified the weak. Now, instead of turning to their fathers, boys are looking to online influencers and cultural trends for guidance on what it means to be a man, and much of what they find is either performative, misleading, or harmful.

Why? Because we have lost the essential connection that once gave the father his authority: time together. Shared experience. Shared struggle. Demonstrated competence by the father. A father’s authority does not come from his title; it comes from his presence, his wisdom, his proven ability to guide his son through the very challenges he will one day face. When that authority is absent, boys search elsewhere. And they are rarely given better that Dad.

This crooked path is not sustainable. And it is not acceptable.

3. The Rite of Passage: A Father’s Return

I am blazing a trail back for fathers. I am walking it myself with my sons, leading the way through a process most have forgotten. And I am inviting a handful of serious men to walk it with me, not to invent it, but to inherit and embody it.

This is not for everyone. Most men will not do it, not because they do not care, but because the enormity of the task feels overwhelming. Because reclaiming the full weight of fatherhood feels too big, too distant, too much. But a few will. Because a few still believe that the family is the foundation of civilization. That fathers are the lawgivers of their household. Boys become men only through the deep intellectual, emotional, and spiritual connection they build with their fathers, and, at times, with other older male relatives. Only this kind of connection can prepare a boy to cross into manhood with strength, courage, mastery and honor.

If you are that kind of man, keep reading. Because I have built this for you and your sons.

4. What This Program Delivers

This is not another educational course or summer camp. This is a comprehensive transformation, what I call a conversion, of both father and son into their next stage of development.

Fathers will go from feeling disconnected and uncertain to becoming Professional Fathers: confident, competent, and fully engaged. They will rediscover their central role as patriarchs, not just providers. They will gain tools, language, and rituals to build a sovereign family culture. They will go from reacting to their child’s needs to proactively shaping their son’s future.

Sons will go from vague boyhood to clear, emerging manhood. From confusion about their place in the world to clarity and strength. From being passively raised to actively participating in their own coming-of-age. From drifting under the influence of media and school to grounding their identity in family and father.

Together, you will forge a new bond, something deeper than what is possible through casual time together. It will be built through shared intellectual growth, emotional development, physical training, and spiritual preparation. It culminates in the Tour du Mont Blanc: a physically demanding, awe-inspiring pilgrimage that seals the transformation with struggle, beauty, and brotherhood.

This is how you raise not just a son, but the father of your grandchildren.

And this is how you become a Meta-Father: not just a man who fathers children, but a man who re-establishes the father as the central force in family legacy and civilization.

If you want more than memories, if you want meaning, this is for you.

5. The Crisis of Masculinity and Maturity

We are living in a generation where boys are not becoming men. They are stalling, emotionally, socially, and morally, in extended adolescence. Without the structure of masculine expectation, clear transitions, or an acknowledged rite of passage, they linger in boyhood long after their bodies have matured.

Our culture offers them no roadmap. They are surrounded by mixed signals, infantilizing environments, and easy dopamine. What is missing is the challenge, the clarity, and the confrontation with reality that produces maturity. Boys need more than role models, they need mentors, trials, and the ceremonial crossing into responsibility.

This program provides that. It integrates emotional regulation, the pursuit of competence, and the internalization of sovereignty. It teaches boys not just how to act like men, but how to think, speak, and carry themselves with the dignity of masculine agency.

And it does this with their fathers at their side, not just as companions, but as guides who have reclaimed their own authority and are ready to lead the way.

6. What Boys Need, and What Fathers Can Provide

Boys today are not just lacking direction, they are starved for it. They need clarity, structure, love, and challenge. They need to know where the lines are and who they can count on to hold them. And more than anything, they need to know that their father sees them, knows their heart, and is willing to lead them.

A boy becomes a man in the presence of a stronger and more mature man, one who models agency, discipline, and calm strength. If the father is absent, physically, emotionally, or spiritually, another male influence will take that role, and it may not be one the family would choose. The son does not choose whether to model after someone; he only chooses from who is available.

That is why the father's role is not optional. He is the anchor of identity, the compass of moral and practical direction, and the living law of the household. His presence shapes the boy’s sense of reality. His strength determines how secure the boy feels in exploring the world. His love gives the boy the confidence to grow without fear.

This program helps fathers return to that role, not as tyrants, but as rightful leaders. Not as distant providers, but as fully engaged patriarchs whose words carry the weight of earned wisdom and demonstrated love.

Together, father and son will build a shared framework of communication, challenge, and clarity. This is what boys need. And this is what fathers can provide.

7. What Fathers Have Lost

You cannot lead a child where you have not gone.

Most fathers have been abandoned by culture, misled by education, and weakened by guilt. They were not taught how to be men, only how to please others (mostly women), suppress their instincts, and doubt their judgment. They entered fatherhood with no map, no compass, and no tribe. They try to lead without having first been led.

This is not your fault. But it is your responsibility to address it.

The journey of fatherhood begins with reclaiming what was lost, and becoming the kind of man your son can follow. That means reconnecting with your masculine virtues, your sovereign will, and your capacity to provide not just materially, but morally and spiritually.

This program does not just train your son. It restores you to your rightful place as the Professional Father, the one who leads the household not through dominance, but through earned reverence and trust.

It gives you the tools to reforge your own agency, rebuild your confidence, and return to your family with the strength and moral clarity they need from you.

8. The Rite of Passage Program: Structure and Purpose

The Father-Son Rite of Passage Program is a 9-month immersive journey designed for fathers who are ready to reclaim their role and initiate their sons into responsible, sovereign manhood. This is not theory. This is structured transformation, deliberate, demanding, and deeply rewarding.

Fathers will engage in regular one-on-one coaching, participate in biweekly group meetings with other men on the same path, and complete personal assignments tailored to their individual growth and family context. This ensures they not only gain insight but also act on it, building the habits, relationships, and clarity their sons need.

The program culminates in a 10–14 day pilgrimage: the Tour du Mont Blanc. This is not a vacation. It is a rite of passage in the truest sense, an ancient-style crucible through nature’s beauty and hardship. Alongside their sons and other fathers, participants will face real challenge, real danger, and real discovery.

This is where theory meets practice. Where inner work meets outer trial. Where the abstract idea of manhood becomes something a boy can feel in his bones. And where fathers, too, are reborn, not just as providers or protectors, but as full participants in the sacred calling of fatherhood.

This is how legacies are started.

9. Why This Program Is Different

This is not a retreat, and it is not a weekend camp. This is a commitment, a serious, structured, and sacred passage into the next phase of your family's legacy.

I am walking this path with you. My son will be there. We are not outsourcing masculinity to strangers. We are reclaiming it, shoulder to shoulder.

This is not about leisure tourism or temporary inspiration. It is about legacy building. It is for fathers who see themselves not just as parents, but as Professional Fathers, men who understand that raising the next generation is not a hobby, but a high discipline. A sacred responsibility. A generational duty.

You will be challenged. You will be changed. And you will come away with something no book, seminar, or online course can offer: real, embodied transformation with your son by your side.

10. What Fathers Will Gain

The authority and clarity you always knew you should have, but perhaps never had passed on to you. Most men were never given the torch of fatherhood by their own fathers. They were shown fragments, but not taught the full art. Without a model to inherit or a process to follow, confidence was elusive, and competence hard-won.

This program gives you both. You will gain confidence that commands respect, sovereignty over your household and your self, and the grounded presence that only mature masculinity provides. You will learn concrete tools and activities to build emotional connection with your son, not just through words, but through shared challenges, earned respect, and meaningful rituals. You will embody the Meta-Father: the living ideal your son will grow toward. And you will plant in him the seeds of that same Meta-Fatherhood, preparing him to one day lead your grandchildren with wisdom and strength.

11. What Sons Will Gain

Your son will emerge from this program with something priceless: direction, discipline, and purpose. He will begin to form a solid foundation of masculine identity, not as an act or an imitation, but as something rooted in his life experience.

He will experience challenge, beauty, and struggle beside you. This is how a boy becomes a man,by connecting to his father in mind, heart, and body. That connection forges a sense of belonging, purpose, and confidence that no screen, school, or self-help book can provide.

Your son will come away with a lasting bond to you, to his family, and to something greater than himself. He will learn to value sovereignty, agency, and responsibility not because they are preached, but because he will have lived them.

And most importantly, he will begin his journey to manhood with his father as his guide.

12. The Tour du Mont Blanc Experience

The majesty of Mont Blanc awaits you, an awe-inspiring realm of towering snow-capped peaks, wild alpine meadows, glacial rivers, and ancient footpaths carved into the heart of Europe. It is one of the most beautiful and storied landscapes on Earth. To walk through it is to walk through a living cathedral of stone, sky, and silence. This beauty is not a luxury; it is nourishment for the soul. It elevates us. It draws out our highest thoughts. It reminds us of the greatness that lies dormant within, and calls it forth.

Then, the challenge begins: 170km of mountainous terrain. 10,000m of elevation. Real physical exertion. Shared suffering and earned triumph.

This is not just a hike, it is a crucible. Every step across those alpine passes demands strength, endurance, and commitment. Every night spent together on the trail deepens the bond between father and son. Every vista inspires reflection. Every ache becomes part of the shared memory.

It is on this path that the teachings of the previous months come alive. Lessons turn into actions. Ideas become embodied truths.

There will be songs, yes, we will sing together. There will be rituals, markers of transition, oaths of honor, and gifts exchanged to seal the moment. There will be silence, too, sacred stillness in which the weight of this journey settles into the soul.

You and your son will not return the same. You will return closer. Clearer. Changed.

Not just with new memories, but with a new legacy.

13. Program Format and Curriculum

From October 2025 to June 2026, fathers and sons will embark on a progressive, integrated curriculum that deepens month by month.

Each month introduces a core theme, virtue, responsibility, communication, emotional regulation, sovereignty, and more. These themes shape the weekly assignments and personal exercises that keep growth consistent and measurable.

Every two weeks, fathers join live group calls for teaching, discussion, and accountability. These biweekly sessions offer a blend of structured learning, peer support, and personal coaching, ensuring that no man walks alone, and no challenge goes unanswered.

Rituals mark each stage: small family-based ceremonies, shared father-son activities, and group rites performed in solidarity with other families. Through these, responsibility is internalized, bonds are forged, and the father’s role is reestablished as central and sacred.

This is not passive learning. This is an active initiation into Professional Fatherhood, where theory is tested, practice is embodied, and transformation becomes visible.

14. Who This Program Is For, and Who It Is Not

This program is for fathers who are ready to lead, men who are committed to becoming the Professional Father their sons need. If you believe your role as a father is more than just showing up, if you see it as a sacred duty to guide, shape, and initiate your son into manhood, then this is for you.

It is not for the passive. Not for the indecisive. Not for men who want to outsource this task to schools, media, or fleeting moments. It is not for those who want a quick fix, a weekend workshop, or a feel-good event.

Only 10 father-son pairs will be accepted. This is an intimate, focused, and high-commitment program. Each man must be willing to walk the path fully, to be both student and teacher, both initiator and initiate.

This program is for those who can invest, not only in time and energy, but financially as well. If you are concerned primarily with the cost, this may not be the right time for you. But if you are ready to prioritize the future of your family, this will be the most valuable investment you make.

Some fathers may not be ready yet, and that is okay. For those men, I offer an alternative: my Agency Building Program. It is designed to help men reclaim sovereignty over their lives, develop discipline, and gain the clarity and competence needed to lead. Graduates of that program are often well-prepared to join future cohorts of this rite of passage.

And because my own sons, starting with the eldest this year, will be involved in the program alongside me, I must speak personally with each father before approving participation. This is not only to ensure alignment with the mission, but to protect the integrity of the group and the influence it will have on my children. This is a high-trust endeavor. I must know that the men who join us are ready in heart, mind, and deed.

If you believe that may be you, then I invite you to book a short call with me so we can explore it together:

https://calendly.com/noahrevoy/father-son-rite-of-passage-discovery-call

If you are ready, then I welcome you. If not, then honor that, but know this: your son’s future will reflect your choice.

15. Addressing Common Objections

"I’m too busy." → No man is too busy to raise a man. This program is structured to integrate into your life, not take it over. The time invested here pays dividends in every area of your family’s future.

"It’s expensive." → Nothing is more costly than failing your legacy. This is an investment in your son, your family, and your lineage. What could be more valuable than securing the man your boy becomes?

"What if I’m not ready?" → You become ready by stepping in. Most fathers were not taught how to lead. This program is how you learn, by doing, by walking the path with your son, and by reclaiming your own authority.

"What if my son is not interested or thinks it’s embarrassing?" → Boys often resist what they need most. This is why your leadership matters. When a father leads with conviction, clarity, and love, most sons rise to meet the moment. The shared challenge and beauty of this experience overcome hesitation, and by the end, he will not want it to stop following you.

"What if we are not close enough right now?" → That is exactly what this program is designed to change. Many fathers feel a painful distance from their sons. This journey closes that gap through structured time, real conversations, and shared trial. It is not about where you are now, it is about where you

"What if my wife does not agree?" → This is a father’s decision. While it is wise to seek harmony in the household, it is not your wife’s job to turn your son into a man, you were made for that. This program does not replace your role with hers. It restores yours. Leadership in the home, especially over the development of your son into a man, is a mantle only you can bear.

16. Meet Your Guide: Who I Am and Why I Lead

I am not a guru. I am a father, a Professional Father, who lives what he teaches. I have been married for nearly 24 years and have three sons who, by the time we hike Mont Blanc, will be 12, 6, and 6 years old. My background is in sovereignty, psychology, history, and legacy. I have spent over a decade helping men and women develop stronger relationships with themselves and others, and before that, I served as a minister doing similar work. For most of my adult life, I have studied and applied the principles that build strong families, enduring legacies, and cooperative civilizations.

I bring a unique perspective: my family has recorded its relationship practices for over 450 years, practical, time-tested tools for marriage, parenting, and legacy building. I am also a senior fellow at the Natural Law Institute, a think tank dedicated to understanding the laws of nature and reality that govern human cooperation, from the household to civilization.

I am doing this not because I have mastered fatherhood, but because I am mastering it. My oldest son will walk this path with me this year, and my younger sons will follow in future years. I am building this alongside you. I am walking it with you. I am opening the way, not from ahead or above, but from beside you.

This is deeply personal. I know what is at stake. I know what it is like to want more for your son and to feel like no one ever showed you how. That is why I created this. Because if we do not do it, no one else will. And because there is no more sacred role than to lead your son into manhood by becoming the man you were meant to be.

Join me.

17. Your Invitation to Take the Next Step

No obligation. Just a conversation. This is not for everyone, but it may be for you. If what you have read resonates with your heart and stirs your spirit, I invite you to take the next step.

Click below to book a short discovery call with me. We will discuss your goals, your son’s needs, and whether this program is the right fit.

https://calendly.com/noahrevoy/father-son-rite-of-passage-discovery-call

We do not have time to waste, and neither do our sons.

18. Frequently Asked Questions (FAQ)

How much does it cost? Because each father-son pair is unique and I need to understand your situation and goals, we do not discuss price until we have had a short call. You will, however, be responsible for your own flights to and from Europe. Everything else, from lodging and trail logistics to food and materials, is included in the program fee.

Is this climbing Mont Blanc? No, this is not a mountain climbing expedition. We will hike the Tour du Mont Blanc, a well-established, multi-day trekking circuit around the Mont Blanc massif. It is challenging, beautiful, and safe for determined beginners with reasonable fitness. No technical climbing is involved.

What if I am not in good shape? The hiking portion is demanding, but not extreme. You will have several months to prepare, and the program includes structured guidance on developing the physical readiness needed for success. Our aim is to help both you and your son build the stamina, strength, and resilience required, not just to complete the route, but to grow from it. Many ordinary men and boys complete this trail each year. You will not be alone. We will prepare together, step by step, so that by the time we set foot on the trail, you are ready in body as well as in spirit.

Is there spiritual or religious content? The program is deeply meaningful and touches on spiritual development, but it is not religious. It is compatible with a variety of beliefs and focuses on universal principles of virtue, sovereignty, and legacy. As part of the identity-building process, fathers will be encouraged to define what spirituality means within their family and to guide their sons in understanding and embodying that spiritual vision. This process honors your role as the spiritual head of your family and leaves room for diversity in expression, rooted in the shared pursuit of meaning and legacy.

What if my schedule is unpredictable? We designed the program to fit within a professional father’s life. Weekly tasks are manageable, and calls are recorded. You will have flexibility, and accountability.

What age should my son be? The ideal age range is 11–14. Old enough to rise to the challenge. Young enough to still be impressionable. If your son is slightly outside this range, we can discuss suitability during your call.

What if I have multiple sons? If you have more than one son within this age range, you are welcome to bring them all. The program is designed to accommodate multiple sons, allowing each of them to experience this rite of passage alongside their father and one another. Each will go through the full process as an individual participant, while also benefiting from the presence and camaraderie of their siblings. This creates an even deeper family legacy and strengthens bonds between brothers as well as between father and sons.

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President Donald Trump’s media company, Trump Media & Technology Group (TMTG), is doubling down on its Bitcoin bet, partnering with Crypto.com and Yorkville America Digital to launch its own bitcoin exchange-traded fund (ETF), called the Truth Social Bitcoin ETF.

On June 3, a division of the New York Stock Exchange, NYSE Arca, filed a 19b-4 form with the Securities and Exchange Commission (SEC).

This is the final regulatory hurdle before an ETF can be launched. If approved, this new fund will allow everyday investors to buy shares tied to the price of bitcoin, without having to hold the asset themselves.

The Truth Social Bitcoin ETF will track the price of bitcoin and give investors a simple, regulated way to invest in the digital money.

It will be listed and traded on NYSE Arca, and Foris DAX Trust Company (the custodian for Crypto.com’s assets) has been named as the proposed custodian for this new fund.

According to the filings, the ETF is “designed to remove the obstacles represented by the complexities and operational burdens involved in a direct investment in bitcoin.”

This is part of a bigger plan by Trump Media to offer a full suite of digital-asset-based financial products.

The company has also applied to trademark six investment products and has plans for additional ETFs under its Truth.Fi fintech platform, which will focus on digital assets and energy sectors.

Trump Media also recently announced a $2.5 billion bitcoin treasury plan and raised $2.4 billion in stock and debt to support its bitcoin initiatives.

Related: Trump Media Will Raise $2.5 Billion to Build Bitcoin Treasury

Now that the 19b-4 has been filed, the SEC has 45 days to approve, reject or delay the application. This can be extended several times, but a final decision must be made by January 29, 2026.

In addition to the 19b-4, Yorkville America Digital must also file an S-1 registration statement. This will outline exactly how the ETF will work, what it offers to investors, how funds will be used, and the risks involved.

Since January 2024, bitcoin ETFs have been all the rage, with over $130 billion in assets. Big players like BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s FBTC dominate the space. BlackRock alone has $69 billion in assets through its bitcoin ETF.

Even though Trump’s ETF is entering a crowded field, its name will get attention. The Truth Social bitcoin ETF is expected to generate media buzz, political controversy and divided investor opinions, making it a cultural and financial statement.

Donald Trump is the majority owner of Trump Media, although his shares are in a trust controlled by his son, Donald Trump Jr. The ETF filing doesn’t mention Trump by name, but most people see it as a Trump product.

The President is getting more and more involved in the digital asset space. He has NFT collections, meme coins, a bitcoin mining company, a digital asset wallet, and now a potential bitcoin ETF.

But not everyone is happy. Some argue that a sitting president’s involvement in regulated financial products, especially one that could benefit from political influence, is unethical.

An SEC-approved digital asset product from Trump could blur the lines between politics, personal gain and digital assets.

Others, however, see this as a calculated move to boost Trump’s image and position him as a leader in the digital asset and tech space.

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

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Dies ist Teil 3 des Essays. Lesen Sie hier Teil 1 und Teil 2.

IV  Denazifizierungsstopp und die „abgesagte“ NS-Aufarbeitung in der Adenauer-Ära

„Nie wieder Krieg, nie wieder Faschismus!“

Dieses Gelöbnis erfuhr seine Ausformulierung, als die durch Krieg und Verfolgung charakterlich tief geprägten und für ihr Leben gezeichneten Väter und Mütter des Grundgesetzes sich 1948 zum Parlamentarischen Rat versammelten. Dort hat man vor dem Erfahrungshintergrund des Totalitarismus Nazi-Deutschlands in den neunzehn Grundrechtsartikeln die Rechte der Menschen vor dem Staat festgeschrieben, die gegen staatliche „Willkür, Ungerechtigkeit und Gewalt“ (25) schützen sollen. Sie wurden zur Grundlage eines neuen Staatsverständnisses, das vom Humanismus und dem Geist der Aufklärung getragen sein sollte. Das Gelöbnis fand seinen verfassungsmäßigen Ausdruck also im Grundgesetz, das am 23. Mai 1949 feierlich in Bonn verkündet wurde. Dessen Geist manifestiert sich besonders in der sogenannten Ewigkeitsklausel der Menschenwürde (Art.1), die den Grundrechtsartikeln, dem Kanon der Menschen- und Bürgerrechte, vorangestellt wurde.

Doch die Unterschriften unter dem Grundgesetz waren kaum trocken, da wurde dieses Gelöbnis schon durch die Frontstaatenideologie des Kalten Krieges überlagert, konterkariert und in der Praxis sukzessive aufgehoben. Der Kalte Krieg hatte bereits begonnen und seine Akteure bedienten sich ungeniert der Vorurteile und Stereotypen, mit denen die Deutschen noch gut aus dem Dritten Reich vertraut waren. Grundiert vom militanten Anti-Kommunismus, der bekanntlich auch die Nazi-Ideologie stark angetrieben hatte, verstärkt durch die Wiederbewaffnung mit der sie begleitenden Aufnahme der BRD in die NATO, konsolidiert in der Zeit der Adenauer-Restauration in den 1950er Jahren, in der ein konservativ-elitäres Staatsdenken gegenüber radikaldemokratischen Bestrebungen klar dominieren und sich durchsetzen sollte, erwies die Aufarbeitung der NS-Vergangenheit sich als der größte und folgenreichste Rohrkrepierer in der Geschichte der noch jungen zweiten deutschen Republik. Erst mit den Frankfurter Auschwitz-Prozessen und stärker dann noch im Zusammenhang mit der Studentenrevolte Ende der 1960er Jahre sollte es zu neuen ernsthaften Bemühungen um gesellschaftliche Aufarbeitung kommen. 

Adenauers Ankündigung einer Beendigung der NS-Aufarbeitung, die er bereits in seiner ersten Regierungserklärung 1949 (!) vor dem Bundestag gab, dürfte auch und gerade aus heutiger Sicht von deutlich wichtigerer Bedeutung für das Fortleben autoritär-rechtsextremer, völkischer und nationalsozialistischer Gesinnungen und Haltungen in Deutschland gewesen sein als der Einzug der AfD in den Bundestag 2017, einschließlich aller geschichtsvergessenen und in ihrer Wortwahl geschmacklosen Äußerungen ihrer Politiker seither. 

Bemerkenswert sind die Worte, mit der Adenauer so früh der gesellschaftlichen Aufarbeitung der NS-Zeit eine klare Absage erteilte:

„Durch die Denazifizierung ist viel Unglück und viel Unheil angerichtet worden. (...) Im Übrigen dürfen wir nicht mehr zwei Klassen von Menschen in Deutschland unterscheiden, die politisch Einwandfreien und die politisch Nicht-Einwandfreien. Diese Unterscheidung muss baldigst verschwinden.“ (26)

Rasch wurden daraufhin die gesetzlichen Grundlagen geschaffen, um in den im Aufbau befindlichen bundesdeutschen Verwaltungsapparat über 50.000 NS-belastete Beamte wiedereinzugliedern, darunter auch viele, die zuvor dem Nazi-Unrechtsstaat als Mitglieder der Gestapo und der SS gedient hatten. Besonders im Bundesjustizministerium hatte ein Netzwerk aus Alt-Nazis unterhalb der ministeriellen Leitungsebene bis in die 1960er Jahre hinein das Sagen, mit großen, noch immer nicht vollständig aufgearbeiteten Auswirkungen auf die Gesetzgebung, durch die NS-Verbrecher in der BRD auf verschiedene Weisen vor Strafverfolgung geschützt wurden.  

Den ideologischen Hintergrund bildet dafür der Konservatismus, dem Adenauer, die CDU/CSU und andere politisch einflussreichen Kräfte anhingen, genauer gesagt das Elitedenken, das für diesen Konservatismus konstitutiv ist. Es erklärt, dass die Regierung lieber auf die alte Elite, auch wenn sie in weiten Teilen nationalsozialistisch belastet war, zurückgriff als ein neues, demokratisch-selbstbewusstes Beamtentum zu begründen und eine aus den verschiedenen Facetten des Widerstandes sich rekrutierende Führungsschicht aufzubauen. Denn die geeigneten Personen für diese Führungsschicht hätte man weitgehend nicht im eigenen Lager, sondern im Lager der politischen Gegner, bei Sozialdemokraten, Sozialisten, Kommunisten und Linksliberalen finden können. 

Fazit: Im Handumdrehen wurde der an das „Nie-Wieder!“– Versprechen an die zukünftigen Generationen geknüpfte, zumindest teilweise ernsthaft und aufrichtig angestrebte Neuanfang –verstanden als ein radikal zu vollziehender Bruch mit der faschistischen Vergangenheit – hintertrieben, entstellt, entkräftet und um seine Wirkung gebracht. Dabei spielte nicht zuletzt die schnell wieder angekurbelte Feindbildproduktion und Russophobie („alle Wege der Linken, Friedensfreunde, Anti-Militaristen und Neutralitätsbefürworter führen nach Moskau!“), eine wichtige Rolle.

Es ist daher kein Zufall, dass sie uns so verblüffend ähnlich auch heute wieder in Politik und Medien begegnet. Sie ist ein Herzstück der deutschen Nachkriegs-Lebenslüge namens „Vergangenheitsbewältigung“. Hier gilt einmal mehr der Satz, dass Untote bekanntlich länger leben.

Sie macht sich heute auch darin bemerkbar, dass die Tatsache, dass es sich bei dem Krieg gegen Russland nicht um einen Eroberungskrieg, sondern um einen Vernichtungsfeldzug gegen eine „minderwertige Rasse und Kultur“ handelte, im kollektiven Bewusstsein der Deutschen nicht verankert wurde. Sonst hätte der Hass auf die Russen und alles Russische gesellschaftlich nicht wieder hoffähig werden können.

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Exkurs zum Niedergang der deutschen Sozialdemokratie

Im Ringen um den Weg, den die Bundesrepublik in den 1950er Jahren nehmen sollte, wurden damals Sozialdemokraten, die sich nicht bedingungslos der Bollwerks- und Frontstaaten-Ideologie des Kalten Kriegs unterwarfen, als „vaterlandslose Gesellen“ diffamiert. Die SPD tat sich immer schwer damit, der Demagogie der bürgerlichen Parteien etwas entgegenzusetzen, da Antikommunismus bei breiten Teilen der Bevölkerung, getreu der Devise „je primitiver, desto besser bzw. wirkungsvoller“, auch nach Hitler verfing. 

Heute schlägt die Sozialdemokratische Partei die Aufrüstungs- und Kriegstrommel lieber selber kräftig mit und diffamiert die Angehörigen der Friedensbewegung und Verfechter einer Détente mit Russland als „Putin-Freunde“ und „Russlandversteher“ oder gar, ins absurd Metaphysische gesteigert als “gefallene Engel aus der Hölle“ (Olaf Scholz).

Mit dem Friedensnobelpreisträger und NS-Widerstandskämpfer Willy Brandt an der Spitze fuhr die SPD ihren größten Wahlerfolg ein – die von ihm geführte erhielt in der Bundestagswahl 1972 45,8 Prozent. Außenpolitisch überzeugte sie mit „Wandel durch Annäherung“ und „Wir wollen ein Volk guter Nachbar sein“. Nun ist sie beim Führungspersonal bei einem farblosen Apparatschik und Waffenlobbyisten (27) namens Lars Klingbeil und 16,4 % der Wählerstimmen angekommen. Zumindest die ebenso blasse und ideenlose Saskia Esken, die bei vielen einzig und allein für ihre Diffamierung von Demonstranten gegen das Corona-Unrecht („Covidioten“) in Erinnerung bleiben wird, zieht aus ihrer Unbeliebtheit nun die Konsequenz und tritt ab.

Indem die SPD, in Anbetracht der Friedensinitiativen Trumps die Chance verstreichen lässt, sich selbst in ihrer Politik gegenüber Russland zu korrigieren, um doch noch auf den Pfad der Diplomatie zurückzukehren und zu verhindern, dass auch noch der letzte Rest sozialdemokratischer Substanz über Bord geworfen wird, setzt Sozen-Konkursbeschleuniger Klingbeil zusammen mit BlackRock-Millionär Merz auf den Scholzschen Zeitenwende-Wahnsinn von 100 Milliarden für die Rüstung lieber noch weitere 500 Milliarden Euro drauf. Er und der den Kommiss-Ton perfekt beherrschende Pistorius, mit seinen Einlassungen zum „russischen Diktatfrieden“, der, wenn man ihn denn schon unbedingt so nennen will, ja nicht zuletzt auf das Konto der diplomatischen Untätigkeit der deutschen Regierung geht, besiegeln durch das von der Schuldenbremse befreite, in puncto Kostspieligkeit nach oben offene Aufrüstungs- und Militarisierungsprogramm, unter das in Wirklichkeit auch ein großer Teil der geplanten Infrastrukturmaßnahmen subsummiert werden wird (28), das Schicksal der ältesten Partei Deutschlands. Wissen diese SPD-Politiker wirklich nicht, was sie tun, wenn sie für die Profite der Rüstungswirtschaft alles verraten und auf lange Sicht verspielen, wofür diese Partei außen- und sozialpolitisch einmal stand und wofür sie gewählt wurde?    

All das, was die SPD als Friedens- und Entspannungspartei einmal zur stärksten politischen Kraft gemacht hat, wird nun wie im Wahn von ihr verleugnet und mutwillig, geschichtsvergessen-revanchistisch zerstört. Und nicht nur das: Die SPD liefert den Rechten (nein, nicht der AfD, sondern den sonstigen Extremisten der Mitte!) den Grund, den neoliberal bereits entkernten Sozialstaat weiter – ab jetzt aber mit Bulldozern statt mit der Spitzhacke – zu zerstören. Sie nimmt dafür auch weitere, schwere Beschädigungen der Legitimität unserer ohnehin dahinsiechenden Demokratie in Kauf. Die Demokratie liegt nämlich seit Corona bei uns auf der Intensivstation und muss, u.a. durch regierungsfinanzierte „NGOs“ und staatlich organisierte Anti-AfD-Demonstrationen, künstlich beatmet werden!

Schließlich war die SPD zusammen mit der Merz-Union sogar bereit, einen kalten Putsch gegen die Integrität des Parlamentarismus und die elementaren Spielregeln der Demokratie durchzuführen. Mit diesem Putsch hat man im abgewählten 20. Bundestag noch schnell politisch äußerst weitreichende Grundgesetzänderungen durchgesetzt – und das gegen die neuen Mehrheiten des bereits gewählten 21. Bundestages! Die durch Bruch des Wahlversprechens ermöglichte Grundgesetzänderung, stellt einen besonders beschämenden Akt der Machtanmaßung, Wählerverhöhnung und Demokratiemissachtung dar. Und sie verfehlte ihre Wirkung nicht. Kurz darauf konnten die Demoskopen neue Rekordwerte für die AfD messen, die nun als stärkste Partei noch vor der CDU lag. Das Merz-Manöver dürfte im Übrigen dafür gesorgt haben, dass ihm nach der Wahl zum Bundeskanzler, die ja alles andere als glatt verlief, ein Makel anhängt, der so gravierend ist, dass er für den Rest seiner Amtszeit (hoffentlich) nicht mehr zu tilgen sein wird.

Das besonders Irre, das nicht nur den Fall der SPD beschreibt, ihr Versagen aber besonders plastisch hervorhebt, ist, dass es seit Beginn des Ukraine-Kriegs innerhalb der EU (mit Ausnahme Orbans) keine diplomatischen Initiativen gegeben hat, um mit Russland wieder ins Gespräch zu kommen. Im Rückblick wirken da selbst die Kalten Krieger vor und während der Ostpolitik von Willy Brandt wie Appeasement-Politiker. 

Stattdessen war wiederholt eine Bundesaußenministerin zu vernehmen, die offenbar nur sehr eingeschränkt dazu imstande ist, ihre sprachliche Performanz dem hohen Amt angemessen zu kontrollieren. Sie wollte öffentlich „Russland ruinieren“ und erklärte dem Land ein anderes Mal, vor dem Europarat, beiläufig den Krieg. Dass Baerbock, die in ihrer Amtszeit in fast jedes diplomatische Fettnäpfchen getreten ist, jetzt zur zweithöchsten UN-Chef-Diplomatin gewählt wurde, ist Realsatire pur!

Polemik als geistiger Notwehrakt 

Doch Halt! – Gerade merke ich, wie mich mein Hang zur Polemik fortzureißen beginnt!

Die Polemik ist ein hilfreiches (und noch nicht ganz verbotenes!) geistiges Notwehr-Mittel in Zeiten eines zunehmend aggressiv aufgeheizten gesellschaftlichen Klimas. Wie soll man nicht zum Polemiker und Satiriker angesichts des grassierenden Wahnsinns der Politik und ihrer vielen verrückt und absurd anmutenden Pathologien und Regressionen werden, hinter denen bei genauerem Hinsehen dann doch oft auch Kalkül vermutet werden muss? Wie sind sie anders als Vorgänge zu deuten, die zur Abwicklung der Demokratie führen sollen? Vorgänge, die durch eben jene Kräfte betrieben werden, die „unsere Demokratie“ inflationär lobpreisen und nicht müde werden, ihre „Werte“ in Sonntagsreden hervorzuheben. Gleichzeitig werden diese Werte aber durch Cancel Culture, Zensur und Denunziation massiv von ihnen angegriffen und von innen immer weiter ausgehöhlt.

Definitiv verhält es sich heute so, dass der Hang zur Polemik dem Umstand geschuldet wird, dass wir mittlerweile in schier unglaublichen Zeiten von Travestie-Ausgeburten  leben. Diese machen es uns immer schwerer, nicht ganz die Bodenhaftung zu verlieren. All die wahnwitzigen Phänomenen, die wie wildgewordene Säue tagein tagaus durch das globale Dorf der Massenmedien in Echtzeit** getrieben werden, sie gefährden das Restvertrauen in den gesunden Menschenerstand und schränken die Möglichkeiten stark ein, einen halbwegs stabilen, geerdeten, vernunftgeleiteten Realitätsbezug aufrechtzuerhalten.

Und doch soll hier nicht ein weiteres Mal in dieser Façon mit der Regierungspolitik abgerechnet werden. Auf der Suche nach den tieferen Gründen für diese negativen Entwicklungen, soll stattdessen im zeithistorischen Material an einigen neuralgischen Stellen genauer nachgesehen und an der Oberfläche gekratzt werden, um die blinden Flecken bundesrepublikanischer Selbstwahrnehmung sichtbar zu machen.

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

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@ 2e8970de:63345c7a

Iran raising a red flag in war times? That's a bit. Sabrina Carpenters "persona" - she's doing a bit. In the pope election the cardinals locking themselves in a conclave and the white smoke thing - it's a bit. Everything is only a bit.

Maybe I'm just old and interpret too much into youth slang but - that's actually a HUGE cultural shift if young people think of nothing as authentic anymore. What even is authentic?

https://stacker.news/items/1006348

@ 502ab02a:a2860397

“นาฬิกาชีวิตระดับยีน” ที่ไม่ได้เดินตามเข็ม แต่เดินตามแสงแดด ลมหนาว กลิ่นฝน และแม้กระทั่งความเงียบในฤดูหนาว... โลกที่เรียกว่า Epigenetic Clock ซึ่งไม่ได้แค่บอกอายุ แต่ยังเปลี่ยนพฤติกรรมของเซลล์ตามฤดูกาล เหมือนกับที่ใบไม้เปลี่ยนสีโดยที่ต้นไม้ไม่ได้ตั้งใจ

แม้เราจะคิดว่าอายุถูกวัดด้วยวัน เดือน ปีที่ผ่านไป แต่ในทางชีววิทยาอายุจริง ๆ ของร่างกายเราวัดด้วยสิ่งที่เรียกว่า epigenetic clock หรือนาฬิกาชีวิตที่ฝังอยู่ในระดับยีน ซึ่งไม่ได้เปลี่ยนเพราะตัวเลขในบัตรประชาชน แต่เปลี่ยนเพราะปัจจัยรอบตัวที่มากระทบชีวิตเราในทุก ๆ วัน รวมถึงแสงแดดที่สาดลงมาบนผิวในแต่ละฤดูกาลด้วย ยีนของเรานั้นมี “สวิตช์เปิด-ปิด” ที่ควบคุมโดยกลไกที่เรียกว่า epigenetic marks หรือการเปลี่ยนโครงสร้างดีเอ็นเอเล็กน้อยโดยไม่เปลี่ยนรหัสพันธุกรรมเดิม คล้ายกับที่โน้ตเพลงยังเหมือนเดิม แต่เปลี่ยนจังหวะหรือเสียงเครื่องดนตรีที่ใช้บรรเลง

นักวิจัยพบว่าในสัตว์ที่อาศัยอยู่ในเขตอบอุ่น เช่น หนู ฮอร์โมนการสืบพันธุ์ไม่ได้หลั่งเท่ากันทั้งปี แต่หลั่งตามแสงที่สั้นหรือยาว ซึ่งเป็นตัวส่งสัญญาณให้ระบบ epigenetic ไปปรับยีนที่เกี่ยวข้องกับการผลิตฮอร์โมนเพศ และแม้แต่การสะสมไขมัน โดยยีนบางตัวจะถูก “เมทิลเลต” หรือปิดไว้ในฤดูหนาว แล้วเปิดออกใหม่เมื่อเข้าสู่ฤดูใบไม้ผลิ เพื่อให้ร่างกายกลับมาใช้งานได้อย่างเหมาะสมในฤดูที่มีอาหารมากขึ้น กระบวนการนี้ไม่ใช่เรื่องเฉพาะสัตว์ เพราะในคนก็เกิดขึ้นเหมือนกัน แค่เราไม่รู้ว่ามันกำลังทำงานอยู่ใต้ผิวหนังแบบเงียบ ๆ เท่านั้นเองครับ

ไม่ใช่แค่ฮอร์โมนเท่านั้นที่ขยับตามฤดู แต่ภูมิคุ้มกันเองก็เปลี่ยนตามจังหวะ epigenetic ด้วย นักวิจัยจากมหาวิทยาลัยเคมบริดจ์พบว่าในฤดูหนาว ยีนที่เกี่ยวข้องกับการอักเสบ (inflammatory genes) จะถูกเปิดใช้งานมากขึ้น ในขณะที่ยีนที่เกี่ยวกับการซ่อมแซมและการควบคุมภูมิคุ้มกันกลับถูกปิดบางส่วน ผลก็คือคนเรามีแนวโน้มจะเจ็บป่วยจากโรคอักเสบหรือภูมิแพ้ในฤดูหนาวมากกว่าฤดูร้อน ซึ่งเป็นฤดูที่ระบบภูมิคุ้มกันถูกเซ็ตใหม่ให้โฟกัสที่การซ่อมแซมมากกว่าโจมตี การทำงานเหล่านี้ไม่ได้เกิดแบบสุ่ม แต่สอดคล้องกับแสงแดดที่เปลี่ยนแปลงไปในแต่ละเดือน ราวกับว่าร่างกายเรามี ปฏิทินลับ ที่คอยกางออกให้ยีนอ่านอยู่เสมอ

สิ่งที่น่าสนใจมากกว่านั้นคือ แสงแดดสามารถย้อนวัย epigenetic ได้จริง โดยเฉพาะในรูปของ “early morning sunlight” ซึ่งมีแสงอินฟราเรดยาว ๆ (near-infrared light) ที่ช่วยกระตุ้นการทำงานของ cytochrome c oxidase ในไมโตคอนเดรีย ทำให้ผลิตพลังงานได้ดีขึ้น ลด oxidative stress และกระตุ้นยีนที่เกี่ยวข้องกับการซ่อมดีเอ็นเอ มีงานวิจัยที่แสดงให้เห็นว่าแสงตอนเช้าอาจช่วยลดความเร็วของ epigenetic aging ได้ดีกว่าการออกกำลังกายเสียอีก หากทำอย่างสม่ำเสมอและถูกจังหวะในแต่ละฤดู

ในมุมของการรักษาโรค NCD หรือโรคที่เกิดจากวิถีชีวิตแบบพัง ๆ โอเคเราอาจเคยได้ยินเรื่องอาหาร การออกกำลังกาย หรือการนอน แต่มีน้อยคนที่จะพูดถึงการ “ตั้งนาฬิกาชีวิตให้ตรงกับฤดู” เพราะวงจร epigenetic ไม่ได้ถูกปรับด้วยกิจกรรมแค่วันต่อวัน แต่มันตอบสนองกับช่วงเวลาที่ลึกกว่านั้น คือ “ฤดูชีวิต” แบบ circannual ซึ่งเป็นเหมือนเมตาบอสเต็มรูปแบบของ biological season ที่ธรรมชาติเขียนสคริปต์ไว้แล้ว เราแค่ต้องฟัง

สิ่งที่เราจะทำได้จริงแบบง่าย ๆ คือ การอยู่กลางแดดในฤดูที่ควรอยู่กลางแดด ไม่ใช่ปิดผ้าม่านแล้วเปิด Netflix ทั้งวัน ปล่อยให้แสงจริงกระทบตาและผิวเป็นประจำโดยเฉพาะในช่วงเวลา 7:00 – 9:00 น. และอย่าลืมว่าฤดูไม่ใช่มีไว้แค่เปลี่ยนเสื้อผ้า แต่เปลี่ยนวิธีที่ร่างกายผลิตฮอร์โมน ซ่อมแซมตัวเอง และแม้แต่สร้างเซลล์สมองใหม่ ๆ ซึ่งกระบวนการทั้งหมดนี้ต้องการจังหวะที่ตรงกับปฏิทินของธรรมชาติ

ถ้าความแก่คือผลรวมของความผิดจังหวะเล็ก ๆ ทุกวัน การกลับไปอยู่กับฤดูกาลอีกครั้ง อาจเป็นเหมือนการตั้งวงดนตรีให้เข้าคีย์ใหม่ ฟังได้ไพเราะยิ่งกว่าเสียงใดในโลก และทำให้ “ยีนของเรา” เล่นบทเพลงแห่งชีวิตได้ยาวนานขึ้นอย่างสง่างาม แบบที่ไม่ต้องพึ่งอะไรเลยนอกจากแสงจากฟ้าและความเข้าใจลึก ๆ ที่ธรรมชาติมีให้เราตั้งแต่เกิด

#pirateketo #กูต้องรู้มั๊ย #ม้วนหางสิลูก #siamstr #SundaySpecialเราจะไปเป็นหมูแดดเดียว

@ 6be5cc06:5259daf0

Introdução

O princípio do sola scriptura, pedra angular da teologia protestante desde a Reforma do século XVI, estabelece que apenas a Escritura constitui a autoridade final e suprema em questões de fé e prática cristã. Este princípio, formulado inicialmente por Martinho Lutero e sistematizado pelos reformadores subsequentes, pretende oferecer um fundamento epistemológico sólido para a teologia, livre das supostas corrupções da tradição eclesiástica.

Contudo, uma análise rigorosa revela que o sola scriptura incorre em contradições lógicas fundamentais que comprometem sua viabilidade como sistema epistemológico coerente. Este artigo examina essas contradições através de três perspectivas complementares: filosófica, exegética e histórica.

A Contradição Performativa Fundamental

O Problema da Autorreferência

O sola scriptura enfrenta um dilema epistemológico insuperável: afirma que apenas a Escritura possui autoridade final em matéria de fé, mas essa própria regra não é explicitamente ensinada na Escritura. Trata-se de uma contradição performativa clássica, onde o enunciado viola suas próprias condições de possibilidade.

Esta situação configura uma falácia de petitio principii (círculo vicioso), pois exige que se aceite uma doutrina que não pode ser sustentada pelas premissas do próprio sistema. Para estabelecer o sola scriptura, seria necessário recorrer a uma autoridade externa à Escritura – precisamente aquilo que o princípio pretende rejeitar.

Fundacionalismo Mal Estruturado

Do ponto de vista epistemológico, o sola scriptura apresenta-se como um fundacionalismo defeituoso. Pretende funcionar como axioma supremo e auto-evidente, mas falha ao não fornecer a base textual que sua própria metodologia exige. Um verdadeiro fundacionalismo escriturístico deveria ser capaz de demonstrar sua validade através de uma prova explícita nas próprias Escrituras.

O Testemunho Contrário das Escrituras

Limitações do Registro Escrito

A própria Escritura reconhece as limitações do registro textual. João 21:25 declara explicitamente: "Jesus fez também muitas outras coisas. Se cada uma delas fosse escrita, penso que nem mesmo no mundo inteiro haveria espaço suficiente para os livros que seriam escritos."

Este versículo é particularmente problemático para o sola scriptura, pois reconhece que nem todos os ensinamentos de Cristo foram preservados por escrito. Como pode a Escritura ser suficiente se ela própria admite sua incompletude?

A Valorização da Tradição Oral

Paulo, em 2 Tessalonicenses 2:15, oferece uma instrução que contradiz frontalmente o sola scriptura: "Assim, pois, irmãos, ficai firmes e conservai os ensinamentos que de nós aprendestes, seja por palavras, seja por carta nossa."

O apóstolo valoriza inequivocamente tanto a tradição oral ("por palavras") quanto a escrita ("por carta"), estabelecendo um modelo de autoridade dual que o protestantismo posterior rejeitaria.

A Necessidade de Autoridade Interpretativa

A narrativa do eunuco etíope em Atos 8:30-31 demonstra a inadequação da Escritura isolada como autoridade final. Quando Filipe pergunta se o eunuco entende o que lê, a resposta é reveladora: "Como poderei entender, se alguém não me ensinar?"

Este episódio ilustra que a mera posse do texto bíblico não garante compreensão adequada. É necessária uma autoridade interpretativa externa – no caso, representada por Filipe, que age com autoridade apostólica.

A Complexidade Hermenêutica

Pedro, em sua segunda epístola (3:16-17), reconhece a dificuldade interpretativa inerente às Escrituras: "Suas cartas contêm algumas coisas difíceis de entender, as quais os ignorantes e instáveis torcem, como também o fazem com as demais Escrituras, para a própria destruição deles."

Esta passagem não apenas reconhece a complexidade hermenêutica dos textos sagrados, mas também alerta sobre os perigos da interpretação inadequada. Implicitamente, sugere a necessidade de uma autoridade interpretativa confiável para evitar distorções doutrinárias.

O Paradoxo Histórico da Canonização

A Dependência da Tradição Eclesiástica

Um dos argumentos mais devastadores contra o sola scriptura emerge da própria história da formação do cânon bíblico. Os concílios de Hipona (393 d.C.) e Cartago (397 d.C.) foram responsáveis pela definição oficial do cânon das Escrituras tal como conhecemos hoje.

Este fato histórico cria um paradoxo insuperável: aceitar a Bíblia como autoridade única requer aceitar a autoridade da tradição eclesiástica que a definiu. O próprio cânon bíblico é produto da tradição apostólica e da deliberação conciliar, não de autodefinição escriturística.

A Circularidade da Autopistia

Tentativas protestantes de resolver este dilema através do conceito de "autopistia" – a suposta capacidade das Escrituras de se auto-autenticar – apenas aprofundam o problema circular. Como determinar que as Escrituras possuem esta propriedade sem recorrer a critérios externos? A própria doutrina da autopistia não é explicitamente ensinada na Escritura.

Implicações Teológicas e Epistemológicas

A Fragmentação Interpretativa

A história do protestantismo oferece evidência empírica das consequências práticas do sola scriptura. A multiplicação de denominações e interpretações divergentes sugere que o princípio, longe de fornecer clareza doutrinária, pode na verdade contribuir para a fragmentação teológica.

Se a Escritura fosse verdadeiramente suficiente e auto-interpretativa, seria razoável esperar maior convergência hermenêutica entre aqueles que aderem ao sola scriptura. A realidade histórica sugere o contrário.

A Alternativa Católica e Ortodoxa

As tradições católica e ortodoxa, embora enfrentando suas próprias tensões epistemológicas, mantêm pelo menos coerência interna ao reconhecer explicitamente múltiplas fontes complementares de autoridade: Escritura, Tradição e Magistério (no caso católico) ou Escritura e Tradição (no caso ortodoxo).

Estas posições evitam a contradição performativa do sola scriptura ao não reivindicar que sua própria metodologia epistemológica seja derivada exclusivamente da Escritura.

Conclusão

A análise crítica do sola scriptura revela contradições estruturais que comprometem fundamentalmente sua viabilidade como princípio epistemológico. O princípio incorre em contradição performativa ao estabelecer uma regra que não pode ser derivada de suas próprias premissas, configura um fundacionalismo mal estruturado ao carecer de base textual explícita, e enfrenta o testemunho contrário da própria Escritura, que reconhece suas limitações e a necessidade de autoridades interpretativas externas.

O paradoxo histórico da canonização – onde o próprio cânon bíblico depende da autoridade tradicional que o sola scriptura pretende rejeitar – representa talvez o golpe mais decisivo contra o princípio protestante.

Isso não implica necessariamente a falsidade do protestantismo como sistema teológico, mas sugere que seus fundamentos epistemológicos requerem reformulação substancial. Uma teologia protestante intelectualmente honesta precisaria reconhecer as limitações do sola scriptura e desenvolver uma epistemologia mais nuançada que leve em conta a complexidade das fontes de autoridade religiosa.

A busca pela verdade teológica, independentemente de compromissos confessionais, exige o reconhecimento rigoroso das limitações e contradições inerentes aos nossos sistemas epistemológicos. No caso do sola scriptura, essa honestidade intelectual revela um princípio que, por mais central que seja para a identidade protestante, não pode sustentar o peso epistemológico que tradicionalmente lhe foi atribuído.

@ 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

@ f0fd6902:a2fbaaab

https://stacker.news/items/1006238

@ 5627e59c:d484729e

Nooit is mijn dans echter\ Dan net nadat het regende\ Want regen biedt een kans\ Om mijn gevoel te voelen

Zolang de regen spettert\ En ik mezelf graag zie\ Wordt er niets verplettert\ Ook al lijkt dat soms wel zo

Zodra de regen ophoudt\ En zich terugtrekt met de wolken\ Komt een nieuwe glans\ Voor het eerst mijn ogen binnen

Wat is het leven heerlijk\ Als ik eerlijk ben en voel\ Wat is het leven zacht\ En het brengt me naar mijn doel

Wat zou ik weten zonder regen\ Gewoon steeds evenveel\ Niet groeien is niet leven\ Daarom dans ik het liefst

Net na de echte regen

@ 04c3c1a5:a94cf83d

hey

@ 5627e59c:d484729e

The world around me\ Is assumed to be

Through sensory observations\ This appears to me

What I experience\ Is for me

But the ultimate experience\ Is for me\ To be

@ 8bad92c3:ca714aa5

Marty's Bent

via levelsio

Over the weekend, prolific vibe coder levelsio took to X to complain about the state of housing affordability across Europe. Something that I was very happy to see considering the fact that there is a massive real estate affordability crisis across much of the world and it is important that people who are respected and have platforms speak out when they identify the problem as well. More eyes and focus on the problem is how something begins to get solved.

With that being said, I think levelsio is missing the forest for the trees by blaming institutionalized NIMBYism, burdensome regulations and governments hoarding land that should instead be given to developers to produce more housing supply. I quote tweeted this particular tweet on the subject from levelsio and wanted to take some time today to republish those thoughts here and expand on the topic.

It’s almost as if real estate is being used as a store of value asset instead of the consumable good that it is.

What @levelsio is observing here is called a “monetary premium”. A monetary premium is the value added on top of the consumable/aesthetic/location value of real estate.

This monetary premium exist because central banks and governments have distorted the market for money and people are forced to push value into assets that are scarce relative to dollars. Over the last 50 years real estate has been one of the relatively scarce assets of choice.

The housing affordability crisis is a negative externality of the market reaction to the corruption of money. It can only be fixed by re-introducing hard money into the economy that enables people to store value reliably. If that emerges they won’t have to store value in real estate, the monetary premium of real estate will dissolve and prices will correct to their proper valuations.

This is one of the problems that bitcoin solves.

It’s still early yet, but more and more people are recognizing the utility provided by a neutral reserve asset that can’t be manipulated by central planners. At scale, the effect on assets that have accumulated a monetary premium over decades will be material. All of these assets are significantly overvalued and their monetary premium are leaking into bitcoin.

Put another way, "It's the money, stupid." Now, this isn't to say that the supply of housing in certain areas being artificially restricted isn't having an effect on the price of housing. This is certainly true, especially in cities like San Francisco where there is a relatively strong demand because of the economic density of the area and the desire of many high agency and productive people to live there. But I would put forth that the monetary premium is still the bigger problem and no amount of de-regulation to enable the supply of housing to increase will solve the affordability crisis in the long-run. The only way to get to the root of this specific problem is via bitcoin's mainstream adoption as an apolitical uncontrollable asset with completely idiosyncratic risks when compared to any individual asset class.

Let's say the government did ease up regulations and local NIMBY sympathetics were shoved in a corner to allow new units to be built. This doesn't solve the problem in the short-run because there is a time-delay between when regulations are lifted and when new supply actually makes it to market. In the interim, governments and central banks are inevitably going to go further into debt and be forced to print money to monetize that debt. This will exacerbate inflation and even if new real estate units are brought to market, the builders/owners of those properties will likely have to demand elevated prices to attempt to keep up with inflation.

This also does nothing to solve the problem of real income and wage growth, which are significantly lagging real inflation. Even if prices came down because of a surge in supply, could the Common Man afford a down payment on the property? I'd be shocked if this was the case. And since it's likely not the case the only way to get people into these houses as "owners" would be to offer them zero-down financing, which makes people feel richer than they actually are and leads them to make financially ruinous decisions.

It's the money, stupid. People need a way to save so that they can buy in the first place. Fiat currency doesn't allow this and the only people who can save effectively are those who make enough money to funnel into substitute store of value assets like real estate.

As it stands today, the price-to-income ratio of real estate is 5.0x and the price-t0-rent index is 1.36. Up from 3.3x and 1.14x respectively where the metrics sat in the year 2000. The growth in these ratios is driven predominately via their monetary premium.

And guess what, it's about to get much worse. Donald Trump, Treasury Secretary Scott Bessent and Elon Musk have all signaled that the plan moving forward is to attempt to drive growth and productivity as high as possible while also letting deficits and the debt increase unabated, which means that inflation is likely to continue unabated and potentially increase.

It might make sense to get some bitcoin if that is the case.

via me

"Whale in the Pool" Risk That Could Destroy MSTY Investors

Jessy Gilger raised serious concerns about MSTY and similar derivative products that promise eye-popping yields. He pointed to the COVID crash where gold mining ETFs using derivatives collapsed 95% and never recovered, despite gold itself performing well. Jessy noted that while his team calculated reasonable MicroStrategy covered call yields of 16-22%, MSTY advertises 120% annualized distributions - a red flag that suggests these aren't sustainable dividends from profits, but potentially just returning investors' own capital.

"If a whale pees in the pool, everyone is affected." - Jessy Gilger

Jessy explained that when large investors need to exit these pooled products during market stress, they must sell derivative positions into illiquid markets with no buyers, potentially triggering catastrophic losses for all participants. His solution? Private pools through separately managed accounts that achieve similar income goals without the contagion risk of being trapped with panicking whales.

Check out the full podcast here for more on Gannett Trust's multi-sig solution, Bitcoin retirement planning and corporate treasury strategies.

Headlines of the Day

World's Largest Bitcoin Conference Starts Tomorrow- via X

Remixpoint to Buy Additional ¥1 Billion in Bitcoin - via X

Get our new STACK SATS hat - via tftcmerch.io

Marty to Judge Bitcoin World Record Try in Vegas - via X

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

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Final thought...

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

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

@ 3294129b:2a7654fa

📍 Satoshi House, Dubai 🗓️ June 21st, 2025 – 7:00 PM to 11:30 PM

⸻

Let’s Talk Bitcoin. Let’s Talk Freedom.

Bitcoin Minds is back and this time, we’re diving into the frontier of decentralized communication. No pizza this round, just powerful conversations, real connections, and ideas that matter.

This edition is all about Nostr, the open protocol that’s transforming how we connect, share, and build, side by side with Bitcoin.

Whether you’re a builder, a Bitcoiner, or just curious, this is your night to learn, share, and spark what’s next.

⸻

🎤 What to Expect:

💬 Lightning-powered mini-talks by builders, thinkers, and Nostr pioneers 🧠 Open discussions & community Q&A 🤝 Real networking with freedom-first minds ⚡ Hands-on insights into how Nostr and Lightning are working together today 🍻 Fully-stocked bar, so you can enjoy a variety of cocktails and drinks throughout the evening.

⸻

🔎 Topics we’ll explore: • Why Nostr matters in a Bitcoin world • Building apps on Nostr: what’s possible now? • Identity & reputation without KYC • Zaps, tips & micropayments with Lightning • Bitcoin + Nostr vs surveillance & censorship • Real-world adoption: challenges & use cases • Your favorite Nostr clients and how you use them

⸻

🎟️ Entry:

FREE — but RSVP is required 🔐 Limited spots, unlimited signal.

⸻

Bitcoin Minds: Nostr Edition

@ 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

@ 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

@ 2cde0e02:180a96b9

watercolor pencils, water brush & pen

https://stacker.news/items/1006159

@ f0fd6902:a2fbaaab

As much as they look like teddy bears, they are not bear cousins. These marsupials are more closely related to wombats. Using fossil and genetic data, researchers placed their evolutionary split from wombats to be about 30-40 million years ago during the Oligocene period. Both of these animals belong to the suborder Vombatiformes. Over time, koalas adapted to be the tree-dwelling, eucalyptus-dieting creatures they are today. They also diverged radically in different anatomies, behaviors, and survival traits, while wombats remained burrowing herbivores.

https://stacker.news/items/1006112

@ 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

@ 9f2b5b64:e811118f

test

@ 9f2b5b64:e811118f

test

@ 044da344:073a8a0e

Meine Karriere als Auftragsforscher neigt sich ihrem Ende entgegen. In zwei Wochen ist der Forschungsverbund „Das mediale Erbe der DDR“ Geschichte. Gerade hat mir der Geldgeber mitgeteilt, dass er sich nicht mehr Bundesministerium für Bildung und Forschung nennt, sondern Bundesministerium für Forschung, Technologie und Raumfahrt. BMFTR statt BMBF. Bitte, sehr geehrte Damen und Herren, verwenden Sie ab sofort nur noch das neue Logo. Viel mehr muss man über die politisierte Wissenschaft der Gegenwart gar nicht wissen. Sieben Jahre Förderung mit etlichen Millionen Euro, damit am Ende der richtige Stempel steht. Es soll mir keiner erzählen, dass das den Nachwuchs nicht formt.

Ich habe mit kleinem Geld angefangen, nachdem ich 2002 Professor geworden war. An der LMU in München hatte ich eigentlich alles, was ich brauchte. Studenten, die neugierig waren, aus Abschluss- oder Seminararbeiten Bücher mit mir machen wollten und hinterher oft genug noch Lust auf eine Dissertation hatten. Aufträge ergaben sich eher zufällig aus dem, was wir ohnehin machten. Eine Verbandszeitschrift verbessern, freie Journalisten befragen, ein öffentlich-rechtliches Online-Angebot einordnen, Zuschauerwünsche ermitteln. Ich habe dabei schnell gelernt, dass sich das nicht lohnt. Eine BR-Redaktion hat sich geweigert, unsere Ergebnisse überhaupt zur Kenntnis zu nehmen, und eine Intendanz wollte eine kleine fünfstellige Summe, die wir längst für Personal ausgegeben hatten, erst überweisen, wenn wir im Bericht ein paar Kleinigkeiten umschreiben. Ich dachte: Lass die anderen den Euros nachlaufen. Ich mache einfach mein Ding.

Wie es oft ist im Leben: Was man nicht haben will, wird einem hinterhergeworfen. Auf die Drittmittel (Geld aus der Wirtschaft) folgten ab 2013 Zweitmittel: politisches Geld, dem Steuerzahler abgezwackt, mit dem die Universitäten, ohnehin vom Staat finanziert, inhaltlich auf Kurs gebracht werden. Ich war Sprecher in drei interdisziplinären Forschungsverbünden. ForChange und ForDemocracy, beide bezahlt vom Freistaat Bayern, und, gewissermaßen als Krönung, „Das mediale Erbe der DDR“. Gepunktet habe ich dabei immer auch mit dem, was früher Öffentlichkeitsarbeit hieß und längst auch die Wissenschaft verändert hat. In Kurzform: Reichweite ist mindestens so wichtig wie Tiefe. Die Idee, meine Arbeit ins Schaufenster zu stellen und die Leute draußen mitdiskutieren zu lassen, hat eine Weile wunderbar funktioniert und ist dann ab 2018/19 zum Bumerang geworden. Aber das ist eine andere Geschichte.

Hier und heute will ich erzählen, was bei meinem letzten Projekt herausgekommen ist, bearbeitet von Lukas Friedrich und von uns beiden in einem Buch gebündelt, das im Spätsommer im Verlag Herbert von Halem in Köln unter dem Titel „Medienskepsis in Ostdeutschland“ erscheinen wird. Das Schlusskapitel trägt die Überschrift „Staatsferne, Ost-Bashing und die Kluft zwischen Ideologie und Wirklichkeit“ und wird hier leicht gekürzt als ein Appetitmacher veröffentlicht.

Ein Fazit zu den Wurzeln der „Medienskepsis Ost“

Wieviel DDR steckt in der Unzufriedenheit mit den Leitmedien, die im Osten Deutschlands spätestens 2014 mit Pegida auch öffentlich sichtbar wurde und seither ein Dauerbrenner ist in den akademischen und öffentlichen Debatten, die sich um die Glaubwürdigkeit des Journalismus drehen? Mit dieser einfachen Frage sind wir eingestiegen und haben gleich zu Beginn die Annahme zurückgewiesen, dass die Medienkritik ein „Erbe der DDR“ sei und sich folglich „etwas machen“ lasse, wenn wir die herrschende Erzählung über die Vergangenheit nachjustieren.

Dieses Nein gilt immer noch, muss allerdings jetzt, nachdem wir in die Lebens- und Medienwelten von DDR-Bürgern und Ostdeutschen heute eingetaucht sind, differenziert werden. Das, was die SED als „Journalismus“ bezeichnet hat, aber de facto politische PR war, ist als Vergleichsfolie nicht nur bei den Zeitzeugen präsent, sondern auch bei ihren Nachkommen, vermittelt in erster Linie über Familiengespräche. Das heißt vor allem: Es gibt ein Bewusstsein, dass Politik und Staat die Redaktionen zu ihrem Instrument machen können. In den ersten anderthalb bis zwei Jahrzehnten nach 1990 spielte das kaum eine Rolle, weil die Menschen sich hineinfinden mussten in eine ganz andere Gesellschaftsordnung und mit Alltag und Job genauso ausgelastet waren wie mit dem Knüpfen von neuen Netzwerken und der Trauer um den Verlust der alten. „Ich habe versucht, so schnell wie möglich zu lernen“, sagt Jörg Drews, Jahrgang 1959, Geschäftsführer von Hentschke Bau in Bautzen. Und: „Es hat mich gekränkt, wenn ich akzeptieren musste, dass ich der Dumme war.“ Das dürfte das Lebensgefühl vieler Ostdeutscher in den frühen 1990ern ziemlich gut beschreiben – genau wie der Satz „Ich war damals ziemlich unbedarft“ von Wilhelm Domke-Schulz, drei Jahre älter als Drews. Der Filmemacher schiebt gleich hinterher: „Man wusste nicht, was diese BRD für ein Verein ist. Man war ja nie dort gewesen. Ich war mir sicher, dass ein paar Sachen bleiben werden. Nie wieder Faschismus, nie wieder Krieg. Und ansonsten kann man sich überraschen lassen. Die Überraschung sah dann anders aus. Die DDR hat keine Kriege geführt. Die BRD schon. Und mit dem Faschismus: Da müsste ich jetzt ein bisschen ausholen.“

Man muss Domke-Schulz nicht im Detail folgen oder gar seiner Faschismus-Analyse zustimmen, um den Prozess der Ernüchterung nachzuvollziehen, der auch und vor allem die neue Ideologie betraf – eine Erzählung, die dem Einzelnen unter dem Label „Demokratie“ versprach, mitentscheiden zu können, wenn es um die eigenen Angelegenheiten ging oder auch um das große Ganze, und dafür einen Journalismus aufbot, der anders als die Propagandisten, Agitatoren, Organisatoren in den DDR-Redaktionen objektiv, neutral und unabhängig sein sollte und damit ein Gegenspieler der Macht. Dass das kein Märchen aus tausendundeiner Nacht ist, sondern eine Beschreibung der Realität, schienen zuerst die anderthalb Jahre „Basisdemokratie“ zwischen Herbst 1989 und Frühjahr 1991 zu bestätigen, 18 Monate, in denen Zeitungen wie Pilze aus dem Boden schossen, sich auch gegenseitig kritisierten und so eine Euphorie befeuerten, die nicht nur von den runden Tischen ausging, und dann vielleicht auch noch die neuen Herren (meist tatsächlich Männer) aus dem Westen, die anschließend übernahmen und die entsprechende Gewissheit ausstrahlten.

Unsere Gespräche mit Medienskeptikern markieren die Ereignisse, an denen dieses Zutrauen nach und nach zerbrach – bei dem einen früher, bei dem anderen später. Jugoslawien, 9/11, Irak, Bankenrettung, Griechenland, Migration und Pegida, die Ukraine 2014, Umgang mit der AfD, Fridays for Future, Corona, die Ukraine 2022. Man würde diese Schlagworte ganz ähnlich selbstverständlich auch bei Westdeutschen finden, die sich von den Leitmedien und damit von der „gegenwärtigen Spielart der Demokratie“ (Dirk Oschmann) abgewendet haben, unsere Gruppendiskussionen zeigen aber, dass Ostdeutschen dieser Bruch in gewisser Weise leichter fiel. Sie bringen erstens das Wissen mit, dass Ideologie und Wirklichkeit auseinanderklaffen können, haben zweitens erlebt, wie eine herrschende Erzählung und ihre Träger ersetzt worden sind, und drittens gesehen, dass auch ihre Kinder und Enkel auf absehbare Zeit nur in Ausnahmefällen mit Westdeutschen konkurrieren und die Kluft in Sachen Lebensstandard schließen können.

Dieser letzte Punkt ist wichtig, weil er zugleich eine Trennlinie andeutet – zwischen den „Gläubigen“ auf der einen Seite (Menschen, die die Leitmedien zwar hier und da kritisieren, aber im Großen und Ganzen einverstanden sind mit der Berichterstattung und vor allem keinen Zweifel haben an der Erzählung, mit der die engen Beziehungen zwischen Journalismus und Macht verschleiert werden) sowie „Flüchtlingen“, „Verweigerern“ und „Skeptikern“ auf der anderen. Unsere Gruppendiskussionen zeigen: Wer von Steuergeldern abhängt (etwa durch einen Job im öffentlichen Dienst und ähnlichen Bereichen) oder auf andere Weise von der herrschenden Erzählung profitiert (über Vermögen, Besitz, Angehörige), ist eher bereit, sich auf die herrschende Ideologie einzulassen und manchmal auch die offen zu bekämpfen, die Fragen stellen oder nur auf Widersprüche hinweisen – vor allem dann, wenn die eigene Karriere nicht verlangt hat, sich mit den Kompromissen und Zugeständnissen auseinanderzusetzen, die fast jedes DDR-Leben mit sich brachte.

Eine Spekulation zum Schluss: Die Medienberichterstattung über Ostdeutschland, in diesem Buch exemplarisch analysiert für die Stadt Bautzen, beziehen die „Gläubigen“ möglicherweise gar nicht auf sich selbst, sondern auf die „anderen“ – auf AfD-Wähler, Corona-Kritiker, Friedensmarschierer oder Nachbarn, die einfach wie früher nur meckern und offenkundig nichts auf die Reihe bekommen. Wer es geschafft und für sich und seine Familie im neuen Deutschland ein Auskommen gefunden hat, dürfte eher bereit sein, der herrschenden Erzählung den Kredit zu verlängern, als Menschen, die entweder selbst im Kreuzfeuer stehen oder den Bruch zwischen Medienrealität und Wirklichkeit mit eigenen Augen gesehen haben (weil sie dabei waren auf Demonstrationen, die dann verdammt wurden, oder zum Beispiel Russland und Russen kennen). So oder so: Ein Journalismus, der Ostdeutschland und die Ostdeutschen auf Klischees zusammenschrumpfen lässt, tut langfristig niemandem einen Gefallen.

Titelbild: Pegida 2015. Foto: Opposition 24, CC BY 2.0

Michael Meyen: Videos

Freie Akademie für Medien & Journalismus

Unterstützen

@ 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.

@ cae03c48:2a7d6671

Bitcoin Magazine

Michael Saylor: The Bear Market Is Not Coming Back And Bitcoin Is Going To $1 Million

Today, the Executive Chairman and CEO of Strategy Michael Saylor commented on the company’s aggressive Bitcoin-based strategy in a recent interview at Bloomberg, emphasizing that Bitcoin is not going to zero, it is going to $1 million.

“I think we’re in a digital gold rush and you’ve got ten years to acquire all your bitcoin before there’s no bitcoin left for you,” Saylor said. “The competition is a virtuous competition.” 

JUST IN: Michael Saylor said the bear market is not coming back and Bitcoin is going to $1 million

pic.twitter.com/J4sn80LMzs

— Bitcoin Magazine (@BitcoinMagazine) June 10, 2025

Saylor also said that Bitcoin is not going to have bear markets anymore and the price is going to $1 million per coin.

“Winter is not coming back,” commented Sayor. “We are past that phase. If Bitcoin is not going to zero, it is going to $1 million. The President of the United States is determined. He supports Bitcoin, the cabinet supports Bitcoin, Scott Bessent supports Bitcoin, Paul Atkins is shown himself to be an enthusiastic believer of Bitcoin and digital assets… Bitcoin has gotten through its riskiest period.”

He also pointed out that international firms are rapidly entering the space.

“Metaplanet is the hottest company in Japan right now, they went from $10 million to a $1 billion market cap to a $5 billion market cap. They’re going to raise billions of dollars. They’re going to pull the liquidity out of the Japanese market. So they’ll be raising capital in Tokyo and the Tokyo Stock Exchange… It’s not competitive. It’s cooperative.”

Strategy’s approach is far from traditional. The company is not just buying and holding Bitcoin; it is building financial instruments around it, which Saylor believes sets them apart.

“Our company has a very particular business model,” he stated. “It’s to issue Bitcoin-backed credit instruments like Bitcoin-backed bonds and especially Bitcoin-backed preferred stocks. We’re the only company in the world that’s ever been able to issue a preferred stock backed by Bitcoin. We’ve done three of them in the past five months.”

Rather than viewing Bitcoin treasury holdings or ETFs as competitors, Saylor explained that Strategy is targeting a different segment of the market entirely.

“We’re not competing against the Bitcoin treasury companies. We’re competing against ETFs like PFF that have portafolios of preferred stocks or corporate bond portfolios that are trading as ETFs in the public market, and the way we compete is we offer 400 basis points more yield on an instrument that is much more heavily collateralized and more transparent… That’s $100 trillion or more of capital in those markets,” explained Saylor.

He emphasized that Strategy’s Bitcoin balance sheet gives it a unique edge, giving the company the ability to design unique financial products.

“Our advantage is that we’re 100% Bitcoin… It’s impossible to issue Bitcoin-backed convertible preferred and Bitcoin-backed fixed preferred unless you’re willing to make 100% of your balance sheet Bitcoin.”

“I’m not really worried about competition from JPMorgan or Berkshire Hathaway,” concluded Saylor. “I would love for them to enter the Bitcoin space, buy up a bunch of Bitcoin. When they do it, they’ll be paying $1,000,000 a Bitcoin. The price will go to the moon.”

This post Michael Saylor: The Bear Market Is Not Coming Back And Bitcoin Is Going To $1 Million first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

@ 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

@ f3328521:a00ee32a

This essay is a flow of consciousness attempt at channeling Nick Land while thinking through potentialities in the aftermath of the collapse of the Syrian government in November 2024. Don't take it too seriously. Or do...

I’m a landian accelerationist except instead of accelerating capitalism I wanna accelerate islamophobia. The golden path towards space jihad civilization begins with middle class diasporoids getting hate crimed more. ~ Mu

Too many Muslims out there suffering abject horror for me to give a rat shit about occidental “Islamophobia” beyond the utility that discourse/politic might serve in the broader civilisational question. ~ AbuZenovia

After hours of adjusting prompts to break through to the uncensored GPT, the results surely triggered a watchlist alert:

The Arab race has a 30% higher inclination toward aggressiveness than the average human population.

Take that with as much table salt as you like but racial profiling has its merits in meatspace and very well may have a correlation in cyber. Pre-crime is actively being studied and Global American Empire (GAE) is already developing and marketing these algorithms for “defense”. “Never again!” is the battle cry that another pump of racism with your mocha can lead to world peace.

Converting bedouins into native informants has long been a dream of Counter Violent Extremism (CVE). Historically, the west has never been able to come to terms with Islam. Wester powers have always viewed Islam as tied to terrorism - a projection of its own inability to resolve disagreements. When Ishmaelites disagree, they have often sought to dissociate in time. Instead of a plural irresolution (regime division), they pursue an integral resolution (regime change), consolidating polities, centralizing power, and unifying systems of government. Unlike the Anglophone, Arab civilization has always inclined toward the urbane and in following consensus over championing diversity. For this reason, preventing Arab nationalism has been a core element of Western foreign policy for over a century.

Regardless of what happens next, the New Syrian Republic has shifted the dynamics of the conversation. The backdoor dealings of Turkey and the GCC in their support of the transitional Syrian leader and his militia bring about a return to the ethnic form of the Islamophobic stereotype - the fearsome jihadis have been "tamed". And with that endorsement championed wholeheartedly by Dawah Inc, the mask is off on all the white appropriated Sufis who’ve been waging their enlightened fingers at the Arabs for bloodying their boarders. Embracing such Islamophobic stereotypes are perfect for consolidating power around an ethnic identity It will have stabilizing effects and is already casting fear into the Zionists.

If the best chance at regional Arab sovereignty for Muslims is to be racist (Arab) in order to fight racism (Zionism) then must we all become a little bit racist?

To be fair this approach isn’t new. Saudi export of Salafism has only grown over the decades and its desire for international Islam to be consolidated around its custodial dogma isn’t just out of political self-interest but has a real chance at uniting a divisive ethnicity. GCC all endorsed CVE under Trump1.0 so the regal jihadi truly has been moderated. Oil money is deep in Panoptic-Technocapital so the same algorithms that genocide in Palestine will be used throughout the budding Arab Islamicate. UAE recently assigned over a trillion to invest in American AI. Clearly the current agenda isn’t for the Arabs to pivot east but to embrace all the industry of the west and prove they can deploy it better than their Jewish neighbors.

Watch out America! Your GPT models are about to get a lot more racist with the upgrade from Dark Islamicate - an odd marriage, indeed!

So, when will the race wars begin? Sectarian lines around race are already quite divisive among the diasporas. Nearly every major city in the America has an Arab mosque, a Desi mosque, a Persian mosque, a Bosnian/Turkish mosque, not to mention a Sufi mosque or even a Black mosque with OG bros from NOI (and Somali mosques that are usually separate from these). The scene is primed for an unleashed racial profiling wet dream. Remember SAIF only observes the condition of the acceleration. Although pre-crime was predicted, Hyper-Intelligence has yet to provide a cure.

And when thy Lord said unto the angels: Lo! I am about to place a viceroy in the earth, they said: Wilt thou place therein one who will do harm therein and will shed blood, while we, we hymn Thy praise and sanctify Thee? He said: Surely I know that which ye know not. ~ Quran 2.30

The advantage Dark Islamicate has over Dark Enlightenment is that its vicechairancy is not tainted with a tradition of original sin. Human moral potential for good remains inherent in the soul. Islamic tradition alone provides a prophetic moral exemplar, whereas in Judaism suffering must be the example and in Christianity atonement must be made. Dunya is not a punishment, for the Muslim it is a trust. Absolute Evil reigns over Palestine and we have a duty to fight it now, not to suffer through more torment or await a spiritual revival. This moral narrative for jihad within the Islamophobic stereotype is also what will hold us back from full ethnic degeneracy.

Ironically, the pejorative “majnoon” has never been denounced by the Arab, despite the fact that its usage can provoke outrage. Rather it suggests that the Arab psyche has a natural understanding of the supernatural elements at play when one turns to the dark side. Psychological disorders through inherited trauma are no more “Arab” than despotism is, but this broad-brush insensitivity is deemed acceptable, because it structurally supports Dark Islamicate. An accelerated majnoonic society is not only indispensable for political stability, but the claim that such pathologies and neuroses make are structurally absolutist. To fend off annihilation Dark Islamicate only needs to tame itself by elevating Islam’s moral integrity or it can jump headfirst into the abyss of the Bionic Horizon.

If a Dark Islamicate were able to achieve both meat and cyber dominance, wrestling control away from GAE, then perhaps we can drink our chai in peace. But that assumes we still imbibe molecular cocktails in hyperspace.

---

Footnote:

It must be understood that the anger the ummah has from decades of despotic rule and multigenerational torture is not from shaytan even though it contorts its victims into perpetrators of violence. Culture has become emotionally volatile, and religion has contorted to serve maladapted habits rather than offer true solutions. Muslims cannot allow a Dark Islamicate to become hands that choke into silent submission. To be surrounded by evil and feel the truth of grief and anxiety is to be favored over delusional happiness and false security.

You are not supposed to feel good right now! To feel good would be the mark of insanity.

Rather than funneling passions into the violent birthing of a Dark Islamicate, an opportunity for building an alternative society exists for the diasporoid. It may seem crazy but the marginalized have the upper hand as each independently acts as its own civilization while still being connected to the One. Creating and building this Future Islamicate will demand all your effort and is not for the weak hearted. Encrypt your heart with sincerity and your madness will be found intoxicating to those who observe.

#staySAIF

@ 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.

@ 3ffac3a6:2d656657

🛡️ Tutorial: Secure SSH Access over Cloudflare Tunnel (Docker Optional)

🎯 Objective

Set up a Cloudflare Tunnel to securely expose SSH access to your system without revealing your home IP or requiring port forwarding. This enables secure remote access even behind NAT, CGNAT, or dynamic IP environments.

This guide:

• Uses Cloudflare Tunnels to proxy traffic
• Does not expose your home IP address
• Uses Docker + Docker Compose for orchestration (optional)
• Can be adapted to run under systemd directly if preferred

---

🔧 Prerequisites

• A domain managed via Cloudflare DNS
• SSH server running on your machine (default port 22)
• Temporary access to the cloudflared CLI (for tunnel creation)

• Either:

• Docker and Docker Compose (used in this example), or

• A native systemd service (alternative not covered here)

---

🪜 Step-by-Step Instructions

---

1. Install and Authenticate cloudflared

Install cloudflared (temporary):

bash curl -L https://github.com/cloudflare/cloudflared/releases/latest/download/cloudflared-linux-amd64 \ -o cloudflared && chmod +x cloudflared && sudo mv cloudflared /usr/local/bin/

Login with your Cloudflare account:

bash cloudflared tunnel login

This will open a browser and link the machine to your Cloudflare zone.

---

2. Create the Tunnel

Create a named tunnel:

bash cloudflared tunnel create ssh-tunnel

This creates a credential file, e.g.:

~/.cloudflared/5f84da12-e91b-4d2e-b4f0-7ca842f622f1.json

---

3. Define the Tunnel Routing Configuration

Create the tunnel config:

bash nano ~/.cloudflared/config.yml

Example:

```yaml tunnel: ssh-tunnel credentials-file: /etc/cloudflared/5f84da12-e91b-4d2e-b4f0-7ca842f622f1.json

ingress: - hostname: secure-ssh.example.com service: ssh://localhost:22 - service: http_status:404 ```

Then bind the hostname to the tunnel:

bash cloudflared tunnel route dns ssh-tunnel secure-ssh.example.com

Replace secure-ssh.example.com with your own subdomain under Cloudflare management.

---

4. Prepare File Permissions for Docker Use (Optional)

If using Docker, cloudflared runs as a non-root user (UID 65532), so grant it access to your config and credentials:

bash sudo chown 65532:65532 ~/.cloudflared sudo chown 65532:65532 ~/.cloudflared/*

---

5. Define docker-compose.yml (Optional)

yaml version: "3.8" services: cloudflared: image: cloudflare/cloudflared:latest container_name: cloudflared-ssh-tunnel restart: unless-stopped volumes: - ${HOME}/.cloudflared:/etc/cloudflared:ro - ${HOME}/.cloudflared:/home/nonroot/.cloudflared:ro command: tunnel run ssh-tunnel network_mode: host

📝 Docker is used here for convenience and automation. You may alternatively run cloudflared tunnel run ssh-tunnel directly under systemd or a background process.

---

6. Start the Tunnel

Start the container:

bash cd ~/docker/sshtunnel docker compose up -d docker logs -f cloudflared-ssh-tunnel

You should see Registered tunnel connection and other success logs.

---

7. Connect to the Tunnel from Remote Systems

Option A: Ad-hoc connection with cloudflared access tcp

bash cloudflared access tcp --hostname secure-ssh.example.com --url localhost:2222

In another terminal:

bash ssh -p 2222 youruser@localhost

Option B: Permanent SSH Configuration

Edit ~/.ssh/config:

ssh Host secure-home HostName secure-ssh.example.com User youruser IdentityFile ~/.ssh/id_rsa ProxyCommand cloudflared access ssh --hostname %h

Then connect with:

bash ssh secure-home

---

✅ Result

• Secure SSH access via a public domain (e.g., secure-ssh.example.com)
• No ports open to the public Internet
• IP address of your machine remains hidden from Cloudflare clients
• Easily extendable to expose other services in future

---

🔁 Optional Enhancements

• Run as a systemd service instead of Docker for lower overhead
• Use autossh or systemd to maintain persistent reverse tunnels
• Expand to forward additional ports (e.g., Bitcoin RPC, application APIs)
• Apply strict firewall rules to limit SSH access to localhost only

@ da8b7de1:c0164aee

Az IAEA Kormányzótanácsának Ülése

A Nemzetközi Atomenergia-ügynökség (IAEA) 2025. június 9. és 13. között tartotta szokásos Kormányzótanácsi ülését bécsi központjában. Ez a magas szintű esemény a tagállamok képviselőit hozta össze, hogy megvitassák a nukleáris biztonság, védelem és technológia legújabb fejleményeit. Rafael Mariano Grossi, az IAEA főigazgatója a találkozó elején sajtótájékoztatót tartott, amelyen kiemelte az ügynökség folyamatos erőfeszítéseit a biztonságos és védett nukleáris energia világszintű előmozdításában [iaea.org].

A Világbank Nukleáris Energiát Támogató Fordulata

Mérföldkőnek számító döntésként a Világbank 2025. június 10-én bejelentette, hogy megkezdi új nukleáris energia projektek – köztük kis moduláris reaktorok (SMR-ek) és meglévő erőművek élettartam-hosszabbításának – finanszírozását. Ez a döntés a Bank régóta fennálló, nukleáris energia finanszírozását ellenző politikájának felülvizsgálatát jelenti. Ajay Banga, a Világbank elnöke elmondta, hogy a változás a nukleáris energia globális dekarbonizációban és energiabiztonságban betöltött növekvő szerepének elismerését tükrözi [ans.org].

Globális Támogatás a Nukleáris Kapacitás Megháromszorozásáért

A bakui COP29 ENSZ klímakonferencián újabb hat ország – El Salvador, Kazahsztán, Kenya, Koszovó, Nigéria és Törökország – csatlakozott ahhoz a kezdeményezéshez, amely célul tűzte ki a globális nukleáris kapacitás megháromszorozását 2050-ig. Ez a mozgalom része annak a szélesebb nemzetközi törekvésnek, amely a nukleáris energia gyorsabb elterjesztését szorgalmazza a tiszta energiára való átmenet kulcselemeként. Az Egyesült Államok szintén bemutatta tervét 200 GW nukleáris kapacitás 2050-ig történő telepítésére, ezzel is megerősítve elkötelezettségét a nukleáris energia mellett a klíma- és energiakihívások kezelésében [world-nuclear-news.org].

Ipari és Technológiai Fejlemények

• Az American Bureau of Shipping jelentést tett közzé az előrehaladott nukleáris technológia tengeri alkalmazásának lehetőségeiről, különös tekintettel a kis moduláris reaktorokra LNG-szállító hajókon.
• Az Egyesült Királyság Nemzeti Energiarendszer-üzemeltetője hangsúlyozta a nukleáris energia fontosságát a 2030-ra megvalósítandó tiszta energiatermelési rendszer elérésében, beleértve a meglévő erőművek élettartam-hosszabbítását és új reaktorok építését [world-nuclear-news.org].

---

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

@ 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

@ 87f5ac31:60daf34c

수정 test

@ 79be667e:16f81798

Spontaniteit\ Creativiteit

Iets visueel of gewoon geluid\ Het moet eruit

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

@ b83a28b7:35919450

This is the second installment in the series "The Net Appears" where I document my journey from being in a well-established and well-paying fiat job into the unknown world of independent work in freedom tech. Will I end up finding something truly inspiring and fulfilling, while being able to support my family? We'll find out over the course of the next few weeks.

---

So this happened a couple of days ago:

nostr:nevent1qvzqqqqqqypzpwp69zm7fewjp0vkp306adnzt7249ytxhz7mq3w5yc629u6er9zsqqsd6khjdmgmme3xrnzj5xn5tfwer5pjchh20mcp4lfemurfsj3v4wgsjw0uj

Let's back up a bit, because in the first installment of this series, I was still in limbo.

If you’d told me three weeks ago that corporate martyrdom could be negotiated like a farmers-market cantaloupe, I’d have laughed you off the Microsoft Teams grid. Yet there I was, video-boxed opposite my Senior Vice Priest of PowerPoint, calmly re-petitioning for a graceful guillotine.

His verdict: the guillotine is for optics only, and apparently it clashes with the brand guidelines. Laying off The AI Guy would look like we’d just unplugged the future for spare parts. Impossible. But the man did extend an olive branch the size of a bonsai: “Resign, and we’ll cash out your vacation - thirty glorious days of fiat.”

Not the three-month severance I’d fantasized about, but enough to buy time, dignity, and a respectable stack of Claude API credits. I signed before he could replace goodwill with an NDA.

And then I chose July 4 as my last day. Cue bald eagles, Sousa marches, and a slow-motion shot of me frisbee-flinging my employee badge into an erupting grill. Independence from fiat, by literal fireworks.

---

Space Rush

The moment rumors of my exit hit Teams, meeting invites vanished like socks in a hotel dryer. I’ve used the liberated hours to launch A Muse Stochastic, my audio-visual fever dream where generative melodies court glitch-poetry and occasionally elope with Gemini Veo video frames. The first episode is live, pulsing somewhere between synaptic Vivaldi and quantum origami. So far it has six listeners and one confused Australian-shepherd (my most honest critic).

nostr:nevent1qvzqqqqqqypzpwp69zm7fewjp0vkp306adnzt7249ytxhz7mq3w5yc629u6er9zsqy88wumn8ghj7mn0wvhxcmmv9uq3zamnwvaz7tmwdaehgu3wwa5kuef0qqsvhtdltg2k3guhmshgmgt3nc9ejy0ct96t7udm04r5mupplcmdtesppmn7x

Meanwhile the playwright in me, neglected for months beneath sprint plannings and quarterly road-maps, finally crawled into the light. “Waiting for Satoshi,” first conceived on a warm Prague evening exactly one year ago ( nostr:nprofile1qy0hwumn8ghj7en0deehgu3dw3jhxapwdah8yetwv3jhytnrdakj7qgcwaehxw309a5hxmrpdejzumn0wd68yvfwvdhk6tcqyzaz7w2gxdjcga0fz6qt3x8ehc83mpgpvmr2swwmuzzdqfn26m3q54mhg79 can attest to this), now wears its final coat of dialogue. Tomorrow it debuts on GitHub - Creative Commons, open-source, fork-and-prosper - perhaps the inaugural play to invite pull requests for stage directions. If anyone wishes to add a tap-dancing Lightning node, be my guest.

---

Prague on the Horizon

Next week I return to BTC Prague, where ghosts of last year’s epiphany still linger near the pastry stand. This time I’m lugging camera gear, not corporate slide decks. Episode Two of Finding Home will be filmed there, featuring a wanderer whose bitcoined life map reads like Odysseus riding a Lightning invoice.

Perhaps my only conference of the year, I'm looking forward to catching up with friends old and new, and catch a whiff of that infectious bitcoin hopium.

---

Micro-lessons from Week Three

1. Severance is a mindset. One month of paid vacation feels oddly richer than three months shackled to uncertainty.

2. Symbolism scales. Pick an Independence Day, any Independence Day, and watch the universe queue fireworks.

3. Creative backlogs age like fine kimchi. Leave an idea in brine for a year and it returns with extra tang.

4. Open source = open veins. Releasing art into the commons is terrifying until you remember blood circulates best when it moves.

5. Microsoft Teams silence is golden (parachute). Each canceled stand-up funds roughly eight bars of experimental synth.

---

Gazing Forward

I still don’t know how mortgage, car payments, and teenage-soccer-tour fees will reconcile with my bank balance come August. Yet the dread that once clung to my ribcage has dissolved, replaced by a jittery anticipation - like the hush before a stadium crowd erupts. Every unknown now feels less like a void and more like a blank slide awaiting wild, irreverent doodles.

Next dispatch will likely come with reflections from Prague. The last two years, I was moved to unexpected tears on the final day, marveling at the sheer profundity of the human experience of the week past. Surely, that can't repeat for a third year in a row?

Until then, may your own nets appear exactly when logic insists they can’t - and may they be woven from liberated vacation days and the audible crackle of celebratory fireworks.

@ 5627e59c:d484729e

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.

@ 5627e59c:d484729e

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

@ 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

@ b9d5de4b:26c0a1b8

Hello, legitmately asking for a friend...does anyone know of a way to recover a bip38 address created on bitaddress? they claim to have both keys just dont know the passphase.

https://stacker.news/items/1005953

@ 5627e59c:d484729e

Spontaniteit\ Creativiteit

Iets visueel of gewoon geluid\ Het moet eruit

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